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Financials · PGR

Progressive Corporation (PGR) financials

For the twelve months ended Sep 30, 2026, Progressive Corporation reported $91.73B of revenue and $11.62B of net income.

Revenue, TTM
$91.73B
Revenue growth, YoY
+7.7%
Net income, TTM
$11.62B
Net income growth, YoY
+8.5%
Net margin
12.7%
Free cash flow, TTM
$15.22B
EPS, diluted, TTM
$19.85
EPS growth, YoY
+8.9%
Cash
$156.00M
Total debt
$8.39B
P/E
11.75
P/S
1.49
Market cap
$136.60B
Annual revenue$87.67B
FY2016FY2025
Annual net income$11.31B
FY2016FY2025
Annual free cash flow$17.20B
FY2016FY2025

PGR revenue and earnings growth

PGR revenueQ3 2026$23.19B

Quarter YoY
+3.0%
QoQ
-1.8%
FY YoY
+16.3%
5Y CAGR
+15.5%
10Y CAGR
+15.4%

PGR revenue was $23.19B in fiscal Q3 2026 (ended Sep 30, 2026), up 3.0% from a year earlier and down 1.8% from the prior quarter. For the full fiscal 2025 it was $87.67B, up 16.3% from fiscal 2024. Compound annual growth was +15.5% over 5 years and +15.4% over 10 years. It rose in each of the last 10 fiscal years. Fiscal 2025 is the highest of the 15 fiscal years on file.

PGR net incomeQ3 2026$2.54B

Quarter YoY
-2.8%
QoQ
-23.2%
FY YoY
+33.3%
5Y CAGR
+14.7%
10Y CAGR
+24.5%

PGR net income was $2.54B in fiscal Q3 2026 (ended Sep 30, 2026), down 2.8% from a year earlier and down 23.2% from the prior quarter. For the full fiscal 2025 it was $11.31B, up 33.3% from fiscal 2024. Compound annual growth was +14.7% over 5 years and +24.5% over 10 years. It rose in 7 of the last 10 fiscal years. Fiscal 2025 is the highest of the 15 fiscal years on file.

PGR EPSQ3 2026$4.37

Quarter YoY
-1.8%
QoQ
-22.9%
FY YoY
+33.5%
5Y CAGR
+14.8%
10Y CAGR
+24.5%

PGR diluted EPS was $4.37 in fiscal Q3 2026 (ended Sep 30, 2026), down 1.8% from a year earlier and down 22.9% from the prior quarter. For the full fiscal 2025 it was $19.23, up 33.5% from fiscal 2024. Compound annual growth was +14.8% over 5 years and +24.5% over 10 years.

PGR free cash flowQ3 2026$4.40B

Quarter YoY
-14.2%
QoQ
+26.9%
FY YoY
+15.9%
5Y CAGR
+20.8%
10Y CAGR
+23.0%

PGR free cash flow was $4.40B in fiscal Q3 2026 (ended Sep 30, 2026), down 14.2% from a year earlier and up 26.9% from the prior quarter. For the full fiscal 2025 it was $17.20B, up 15.9% from fiscal 2024. Compound annual growth was +20.8% over 5 years and +23.0% over 10 years. It rose in 8 of the last 10 fiscal years. Fiscal 2025 is the highest of the 15 fiscal years on file.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue$87.67B$75.37B$62.11B$49.61B$47.70B$42.66B$39.02B$31.98B$26.84B$23.44B
Pre-tax income$14.22B$10.71B$4.90B$922.00M$4.21B$7.17B$5.16B$3.16B$2.14B$1.47B
Income tax$2.92B$2.23B$1.00B$200.00M$859.10M$1.47B$1.18B$542.60M$540.80M$413.50M
Net income$11.31B$8.48B$3.90B$722.00M$3.35B$5.70B$3.97B$2.62B$1.59B$1.03B
EPS, basic$19.29$14.45$6.61$1.19$5.69$9.71$6.75$4.45$2.74$1.77
EPS, diluted$19.23$14.40$6.58$1.18$5.66$9.66$6.72$4.42$2.72$1.76
Diluted shares588.1M587.7M587.5M587.1M587.1M587.6M587.2M586.7M585.7M585.0M

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Cash and equivalents$138.00M$154.00M$100.00M$221.00M$202.00M$76.50M$227.40M$75.00M$275.30M$226.40M
Short-term investments$10.01B$615.00M$1.79B$2.86B$942.60M$5.22B$1.80B$1.80B$2.87B$3.57B
Goodwill-$228.00M$228.00M$227.90M$452.70M$452.70M$452.70M$452.70M$452.70M$449.40M
Total assets$123.04B$105.75B$88.69B$75.47B$71.13B$64.10B$54.91B$46.58B$38.70B$33.43B
Short-term debt$0$0$0$0$0$500.00M----
Total debt$6.90B$6.89B$6.89B$6.39B$4.90B$5.40B$4.41B$4.40B$3.31B$3.15B
Total liabilities$92.72B$80.15B$68.41B$59.57B$52.90B$47.06B$41.01B$35.54B$28.91B$24.99B
Shareholders' equity$30.32B$25.59B$20.28B$15.89B$18.23B$17.04B$13.67B$10.82B$9.28B$7.96B

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Operating cash flow$17.55B$15.12B$10.64B$6.85B$7.76B$6.91B$6.26B$6.28B$3.76B$2.73B
Capital expenditures$348.00M$285.00M$252.00M$292.00M$243.50M$223.50M$363.50M$266.00M$155.70M$215.00M
Free cash flow$17.20B$14.83B$10.39B$6.56B$7.52B$6.68B$5.90B$6.02B$3.60B$2.52B
Investing cash flow-$14.53B-$13.75B-$10.84B-$7.96B-$3.12B-$6.12B-$4.34B-$7.03B-$3.41B-$2.48B
Financing cash flow-$3.04B-$1.32B$78.00M$1.13B-$4.52B-$938.80M-$1.77B$549.80M-$300.90M-$250.40M
Dividends paid$2.87B$674.00M$234.00M$234.00M$3.75B$1.55B$1.64B$654.90M$395.40M$519.00M
Share repurchases---------$192.50M

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue growth, YoY16.3%21.4%25.2%4.0%11.8%9.3%22.0%19.2%14.5%12.4%
Net income growth, YoY33.3%117.3%440.6%-78.5%-41.3%43.7%51.8%64.3%54.4%-18.7%
EPS growth, YoY33.5%118.8%457.6%-79.2%-41.4%43.8%52.0%62.5%54.5%-18.1%
Net margin12.9%11.3%6.3%1.5%7.0%13.4%10.2%8.2%5.9%4.4%
Free cash flow margin19.6%19.7%16.7%13.2%15.8%15.7%15.1%18.8%13.4%10.7%
Return on equity37.3%33.1%19.2%4.5%18.4%33.5%29.0%24.2%17.1%13.0%
Return on assets9.2%8.0%4.4%1.0%4.7%8.9%7.2%5.6%4.1%3.1%
Debt to equity0.230.270.340.400.270.320.320.410.360.40

Source: XBRL data Progressive Corporation files with the SEC, latest filing dated Nov 2, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

PGR peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
PGR$91.73B+7.7%$11.62B12.7%$136.60B
TRV$48.92B+1.1%$8.33B17.0%$82.64B
ALL$70.23B+5.1%$11.61B16.5%$66.23B
HIG$29.87B+9.2%$4.61B15.4%$36.76B
ERIE$4.12B+2.0%$576.14M14.0%$12.69B
MCY$6.14B+5.4%$642.78M10.5%$4.79B

PGR FAQ

8 questions
  • What is PGR revenue?
    Progressive Corporation (PGR) reported $91.73B of revenue for the twelve months ended Sep 30, 2026. That is up 7.7% from the year before. Revenue for fiscal 2025 was $87.67B.
  • Is PGR profitable?
    Yes. Progressive Corporation earned $11.62B in net income for the twelve months ended Sep 30, 2026, a net margin of 12.7%.
  • How much cash and debt does PGR have?
    Progressive Corporation reported $156.00M in cash and cash equivalents and $8.39B of debt on its most recent balance sheet in SEC filings.
  • How fast is PGR revenue growing?
    Progressive Corporation's revenue changed +16.3% in fiscal 2025, to $87.67B. Its compound annual growth rate was +15.5% over 5 years and +15.4% over 10 years.
  • What is PGR free cash flow?
    Progressive Corporation generated $15.22B of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of $15.66B less capital expenditures.
  • What is PGR earnings per share?
    Diluted earnings per share were $19.85 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did PGR last report financial results?
    The latest statements here come from Progressive Corporation's 10-Q filed on Nov 2, 2026, covering the period ended Sep 30, 2026.
  • Where does this PGR financial data come from?
    Quantisnow builds these statements from the structured XBRL data Progressive Corporation files with the SEC. It is provided for information only and is not investment advice.