NYSE : PGR
The Progressive Corporation — Financial statements
Financials · Insurance - Property & Casualty · United States
Last price 231.28 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 134.03B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Premiums & Annuity Revenue | 85.50B | 81.66B | 70.80B | 58.66B | 49.24B | 44.37B |
| Total Interest & Dividend Income | 3.87B | 3.55B | 2.80B | 1.87B | 1.24B | 835.40M |
| Gain (Loss) on Sale of Investments | 571.00M | 727.00M | 264.00M | 353.00M | -1.91B | 1.51B |
| Other Revenue | 1.76B | 1.70B | 1.48B | 1.20B | 1.02B | 963.20M |
| Total Revenue | 91.70B | 87.64B | 75.34B | 62.08B | 49.59B | 47.68B |
| Policy Benefits | 57.41B | 53.96B | 49.06B | 45.66B | 38.12B | 33.63B |
| Policy Acquisition & Underwriting Costs | 18.45B | 17.43B | 14.85B | 10.91B | 9.78B | 9.37B |
| Other Operating Expenses | 839.00M | 1.75B | 446.00M | 349.00M | 297.00M | 252.80M |
| Total Operating Expenses | 76.69B | 73.14B | 64.35B | 56.91B | 48.20B | 43.25B |
| Operating Income | 15.01B | 14.50B | 10.99B | 5.17B | 1.39B | 4.43B |
| Interest Expense | -314.00M | -278.00M | -279.00M | -268.00M | -244.00M | -218.60M |
| EBT Excluding Unusual Items | 14.69B | 14.22B | 10.71B | 4.90B | 1.15B | 4.21B |
| Impairment of Goodwill | -225.00M | |||||
| Pretax Income | 14.69B | 14.22B | 10.71B | 4.90B | 922.00M | 4.21B |
| Income Tax Expense | 3.07B | 2.92B | 2.23B | 1.00B | 200.00M | 859.10M |
| Earnings From Continuing Ops. | 11.62B | 11.31B | 8.48B | 3.90B | 722.00M | 3.35B |
| Net Income | 11.62B | 11.31B | 8.48B | 3.90B | 722.00M | 3.35B |
| Preferred Dividends & Other Adjustments | 17.00M | 38.00M | 27.00M | 26.90M | ||
| Net Income to Common | 11.62B | 11.31B | 8.46B | 3.87B | 695.00M | 3.32B |
| Shares Outstanding (Basic) | 583.90M | 586.30M | 585.50M | 584.90M | 584.40M | 584.50M |
| Shares Outstanding (Diluted) | 585.48M | 588.10M | 587.70M | 587.50M | 587.10M | 587.10M |
| EPS (Basic) | 19.90 | 19.29 | 14.45 | 6.61 | 1.19 | 5.69 |
| EPS (Diluted) | 19.85 | 19.23 | 14.40 | 6.58 | 1.18 | 5.66 |
| Free Cash Flow | 17.20B | 14.83B | 10.39B | 6.56B | 7.52B | |
| Free Cash Flow Per Share | 29.25 | 25.24 | 17.69 | 11.17 | 12.81 | |
| Dividend Per Share | 0.10 | 0.40 | 0.40 | 0.40 | 0.40 | 0.40 |
| Operating Margin | 16.37% | 16.55% | 14.59% | 8.33% | 2.80% | 9.29% |
| Profit Margin | 12.67% | 12.90% | 11.23% | 6.23% | 1.40% | 6.97% |
| Free Cash Flow Margin | 19.63% | 19.69% | 16.74% | 13.22% | 15.77% | |
| EBITDA | 15.34B | 14.81B | 11.28B | 5.46B | 1.70B | 4.77B |
| EBITDA Margin | 16.72% | 16.90% | 14.97% | 8.79% | 3.42% | 10.00% |
| D&A For EBITDA | 329.00M | 313.00M | 284.00M | 285.00M | 306.00M | 337.40M |
| EBIT | 15.01B | 14.50B | 10.99B | 5.17B | 1.39B | 4.43B |
| EBIT Margin | 16.37% | 16.55% | 14.59% | 8.33% | 2.80% | 9.29% |
| Effective Tax Rate | 20.90% | 20.50% | 20.84% | 20.41% | 21.69% | 20.41% |
| Revenue as Reported | 91.73B | 87.67B | 75.37B | 62.11B | 49.61B | 47.70B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Investments in Debt Securities | 92.25B | 82.87B | 75.33B | 60.38B | 46.47B | 43.69B |
| Investments in Equity & Preferred Securities | 4.83B | 4.50B | 4.30B | 3.83B | 4.22B | 6.88B |
| Other Investments | 2.12B | 10.01B | 615.00M | 1.79B | 2.86B | 942.60M |
| Total Investments | 99.20B | 97.37B | 80.25B | 66.00B | 53.55B | 51.51B |
| Cash & Equivalents | 125.00M | 143.00M | 85.00M | 203.50M | 187.10M | |
| Reinsurance Recoverable | 3.88B | 4.08B | 4.76B | 5.09B | 5.83B | 4.98B |
| Other Receivables | 17.34B | 16.03B | 14.96B | 12.40B | 10.70B | 10.14B |
| Deferred Policy Acquisition Cost | 2.30B | 2.04B | 1.96B | 1.69B | 1.54B | 1.36B |
| Property, Plant & Equipment | 982.00M | 983.00M | 1.05B | 1.16B | 1.31B | |
| Goodwill | 228.00M | 227.90M | 452.70M | |||
| Other Intangible Assets | 117.30M | |||||
| Restricted Cash | 13.00M | 11.00M | 15.00M | 17.40M | 15.00M | |
| Other Current Assets | 197.00M | 349.00M | 327.00M | 344.20M | 468.40M | |
| Long-Term Deferred Tax Assets | 786.00M | 996.00M | 976.00M | 1.17B | 16.30M | |
| Long-Term Deferred Charges | 88.00M | 63.40M | 47.70M | |||
| Other Long-Term Assets | 5.04B | 1.40B | 1.32B | 742.00M | 646.20M | 525.80M |
| Total Assets | 127.74B | 123.04B | 105.75B | 88.69B | 75.47B | 71.13B |
| Accounts Payable | 9.05B | 8.82B | 7.25B | 6.51B | 5.52B | 5.74B |
| Unpaid Claims | 46.79B | 43.31B | 39.06B | 34.39B | 30.36B | 26.16B |
| Unearned Premiums | 27.87B | 25.22B | 23.86B | 20.13B | 17.29B | 15.62B |
| Current Portion of Leases | 90.00M | |||||
| Current Income Taxes Payable | 28.00M | 26.00M | 312.00M | 10.90M | ||
| Long-Term Debt | 8.39B | 6.90B | 6.89B | 6.89B | 6.39B | 4.90B |
| Long-Term Leases | 115.00M | 196.00M | 177.00M | 180.90M | ||
| Long-Term Deferred Tax Liabilities | 1.00M | 154.40M | ||||
| Other Current Liabilities | 8.03B | 2.75B | ||||
| Other Long-Term Liabilities | 1.16B | 200.00M | 125.00M | 143.40M | ||
| Total Liabilities | 93.26B | 92.72B | 80.15B | 68.41B | 59.57B | 52.90B |
| Preferred Stock, Redeemable | 494.00M | 493.90M | 493.90M | |||
| Common Stock | 34.48B | 586.00M | 586.00M | 585.00M | 584.90M | 584.40M |
| Additional Paid-In Capital | 2.31B | 2.15B | 2.01B | 1.89B | 1.77B | |
| Retained Earnings | 27.33B | 24.28B | 18.80B | 15.72B | 15.34B | |
| Comprehensive Income & Other | 103.00M | -1.42B | -1.62B | -2.80B | 40.70M | |
| Total Common Equity | 34.48B | 30.32B | 25.59B | 19.78B | 15.40B | 17.74B |
| Shareholders' Equity | 34.48B | 30.32B | 25.59B | 20.28B | 15.89B | 18.23B |
| Total Liabilities & Equity | 127.74B | 123.04B | 105.75B | 88.69B | 75.47B | 71.13B |
| Filing Date Shares Outstanding | 579.50M | 585.91M | 586.21M | 585.68M | 585.34M | 584.85M |
| Total Common Shares Outstanding | 579.50M | 586.10M | 585.80M | 585.30M | 584.90M | 584.40M |
| Total Debt | 8.39B | 7.10B | 7.09B | 7.07B | 6.39B | 5.08B |
| Net Cash (Debt) | -8.39B | -6.98B | -6.95B | -6.98B | -6.18B | -4.89B |
| Net Cash Per Share | -14.33 | -11.86 | -11.82 | -11.88 | -10.53 | -8.33 |
| Book Value Per Share | 59.51 | 51.74 | 43.69 | 33.80 | 26.32 | 30.35 |
| Tangible Book Value | 34.48B | 30.32B | 25.59B | 19.55B | 15.17B | 17.17B |
| Tangible Book Value Per Share | 59.51 | 51.74 | 43.69 | 33.41 | 25.93 | 29.38 |
| Land | 41.00M | 52.00M | 103.00M | 123.10M | 154.10M | |
| Buildings | 543.00M | 576.00M | 733.00M | 844.10M | 904.50M | |
| Machinery | 308.00M | 370.00M | 353.00M | 318.10M | 261.30M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 11.31B | 8.48B | 3.90B | 722.00M | 3.35B | |
| Depreciation & Amortization | 313.00M | 284.00M | 285.00M | 306.00M | 337.40M | |
| Gain (Loss) on Sale of Assets | 16.00M | 13.00M | 36.00M | -1.00M | -3.60M | |
| Gain (Loss) on Sale of Investments | -851.00M | -294.00M | -312.00M | 1.89B | -1.38B | |
| Stock-Based Compensation | 132.00M | 122.00M | 121.00M | 123.00M | 100.70M | |
| Change in Accounts Receivable | -993.00M | -2.41B | -1.54B | -1.02B | -1.15B | |
| Reinsurance Recoverable | 682.00M | 329.00M | 738.00M | -852.00M | -508.70M | |
| Change in Accounts Payable | 1.56B | 1.24B | 700.00M | 199.00M | 399.70M | |
| Change in Unearned Revenue | 1.36B | 3.72B | 2.84B | 1.68B | 2.11B | |
| Change in Income Taxes | -200.00M | -358.00M | 181.00M | -515.00M | -86.00M | |
| Change in Insurance Reserves / Liabilities | 4.25B | 4.67B | 4.03B | 4.20B | 4.75B | |
| Change in Other Net Operating Assets | 54.00M | -400.00M | -195.00M | 88.00M | -48.80M | |
| Operating Cash Flow | 17.55B | 15.12B | 10.64B | 6.85B | 7.76B | |
| Capital Expenditures | -348.00M | -285.00M | -252.00M | -292.00M | -243.50M | |
| Sale of Property, Plant & Equipment | 80.00M | 77.00M | 47.00M | 35.00M | 66.20M | |
| Cash Acquisitions | -313.20M | |||||
| Investment in Securities | -14.33B | -13.71B | -10.63B | -7.52B | -2.68B | |
| Other Investing Activities | 75.00M | 171.00M | -11.00M | -178.00M | 47.90M | |
| Investing Cash Flow | -14.53B | -13.75B | -10.84B | -7.96B | -3.12B | |
| Long-Term Debt Issued | 496.00M | 1.49B | ||||
| Total Debt Repaid | -520.00M | |||||
| Net Debt Issued (Repaid) | 496.00M | 1.49B | -520.00M | |||
| Repurchases of Common Stock | -166.00M | -134.00M | -141.00M | -99.00M | -223.00M | |
| Repurchases of Preferred Stock | -500.00M | |||||
| Common Dividends Paid | -2.87B | -674.00M | -234.00M | -234.00M | -3.75B | |
| Preferred Dividends Paid | -8.00M | -43.00M | -27.00M | -26.80M | ||
| Total Dividends Paid | -2.87B | -682.00M | -277.00M | -261.00M | -3.77B | |
| Financing Cash Flow | -3.04B | -1.32B | 78.00M | 1.13B | -4.52B | |
| Net Cash Flow | -16.00M | 54.00M | -121.00M | 19.00M | 125.60M | |
| Free Cash Flow | 17.20B | 14.83B | 10.39B | 6.56B | 7.52B | |
| Free Cash Flow Margin | 19.63% | 19.69% | 16.74% | 13.22% | 15.77% | |
| Free Cash Flow Per Share | 29.25 | 25.24 | 17.69 | 11.17 | 12.81 | |
| Levered Free Cash Flow | 11.83B | 17.33B | 11.51B | 3.31B | 10.72B | |
| Unlevered Free Cash Flow | 12.01B | 17.50B | 11.68B | 3.46B | 10.86B | |
| Cash Interest Paid | 276.00M | 276.00M | 265.00M | 229.00M | 224.00M | |
| Cash Income Tax Paid | 3.11B | 2.58B | 821.00M | 719.00M | 842.40M | |
| Change in Working Capital | 6.63B | 6.51B | 6.61B | 3.59B | 5.36B |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 133.49B | 133.53B | 140.37B | 93.17B | 75.89B | 60.06B |
| Enterprise Value | 141.88B | 140.26B | 147.12B | 100.43B | 82.42B | 65.18B |
| PE Ratio | 11.60 | 11.81 | 16.59 | 24.11 | 109.19 | 18.07 |
| PS Ratio | 1.46 | 1.52 | 1.86 | 1.50 | 1.53 | 1.26 |
| PB Ratio | 3.89 | 4.40 | 5.49 | 4.59 | 4.78 | 3.29 |
| P/FCF Ratio | 8.40 | 7.76 | 9.46 | 8.97 | 11.57 | 7.99 |
| P/OCF Ratio | 8.20 | 7.61 | 9.28 | 8.75 | 11.08 | 7.74 |
| EV/Sales Ratio | 1.55 | 1.60 | 1.95 | 1.62 | 1.66 | 1.37 |
| EV/EBITDA Ratio | 9.29 | 9.47 | 13.05 | 18.40 | 48.57 | 13.68 |
| EV/EBIT Ratio | 9.49 | 9.67 | 13.38 | 19.42 | 59.25 | 14.72 |
| EV/FCF Ratio | 8.93 | 8.15 | 9.92 | 9.66 | 12.57 | 8.67 |
| Debt / Equity Ratio | 0.24 | 0.23 | 0.28 | 0.35 | 0.40 | 0.28 |
| Debt / EBITDA Ratio | 0.54 | 0.48 | 0.62 | 1.27 | 3.76 | 1.05 |
| Debt / FCF Ratio | 0.41 | 0.48 | 0.68 | 0.97 | 0.68 | |
| Net Debt / Equity Ratio | 0.24 | 0.23 | 0.27 | 0.34 | 0.39 | 0.27 |
| Net Debt / EBITDA Ratio | 0.55 | 0.47 | 0.62 | 1.28 | 3.65 | 1.03 |
| Net Debt / FCF Ratio | 0.41 | 0.47 | 0.67 | 0.94 | 0.65 | |
| Quick Ratio | 0.23 | 0.30 | 0.21 | 0.23 | 0.25 | 0.23 |
| Current Ratio | 0.28 | 0.36 | 0.29 | 0.32 | 0.38 | 0.35 |
| Asset Turnover | 0.74 | 0.77 | 0.78 | 0.76 | 0.68 | 0.70 |
| Return on Equity (ROE) | 33.24% | 40.45% | 36.98% | 21.58% | 4.23% | 19.00% |
| Return on Assets (ROA) | 7.52% | 7.92% | 7.07% | 3.94% | 1.19% | 4.09% |
| Return on Invested Capital (ROIC) | 27.74% | 32.89% | 28.99% | 16.59% | 4.78% | 15.35% |
| Earnings Yield | 8.62% | 8.47% | 6.04% | 4.19% | 0.95% | 5.58% |
| FCF Yield | 11.90% | 12.88% | 10.57% | 11.15% | 8.64% | 12.52% |
| Dividend Yield | 0.17% | 0.18% | 0.17% | 0.25% | 0.31% | 0.39% |
| Payout Ratio | 2.02% | 25.39% | 8.04% | 7.10% | 36.15% | 112.61% |
| Buyback Yield / Dilution | 0.43% | -0.07% | -0.03% | -0.07% | 0.02% | 0.08% |
| Total Shareholder Return | 0.60% | 0.11% | 0.13% | 0.18% | 0.33% | 0.47% |