Progressive Corporation (PGR) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 12, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 3, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the PGR SEC filings page.
Progressive Corporation (PGR) reported $91.1B in revenue over the twelve months to Jun 30, 2026, up 10.5% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Rapid revenue growth is converting into disproportionate earnings and cash, while debt-to-equity remains above 3.0x.
From FY2022 to FY2025, net margin expanded from1.5% to12.9% , showing a sharp improvement in profitability. In FY2025, operating cash flow of$17.5B exceeded net income of$11.3B , indicating that the earnings improvement was being realized in cash rather than arising mainly from non-cash accounting effects.
Revenue rose from
Liabilities grew from
Financial Health Signals
Scored against insurers for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Progressive Corporation's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Loss Ratio measures the claims an insurer paid out against the premiums it earned, so a lower ratio leaves more of every premium dollar with the company. Progressive Corporation scores 34/100 on it among other insurers.
Progressive Corporation reported revenue of $87.7B in fiscal year 2025, against $75.4B in fiscal year 2024. Premium Growth ranks insurers on the three-year path of the premiums they write rather than on total revenue, and Progressive Corporation scores 77/100 among other insurers.
Progressive Corporation funded 24.6% of its assets with shareholders' equity at the end of fiscal year 2025, holding $30.3B of equity against $123.0B of assets. Capital ranks insurers on that cushion, and Progressive Corporation scores 49/100 among other insurers.
Not available for Progressive Corporation, and counted as zero in the overall score.
Combined Ratio puts claims and running costs together against premiums earned, and a figure under 100% means the underwriting made money before any investment income was counted. Progressive Corporation scores 74/100 on it among other insurers.
Progressive Corporation reported net income of $11.3B in fiscal year 2025, against $8.5B in fiscal year 2024. Stability ranks insurers on how steady net income has been across five years, and Progressive Corporation scores 49/100 among other insurers.
Progressive Corporation passes 5 of 6 computable financial strength tests (3 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), all 1 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Progressive Corporation generates $1.55 in operating cash flow ($17.5B OCF vs $11.3B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Progressive Corporation generated $23.6B in revenue in Q2 2026. This represents an increase of 7.3% from the same quarter a year earlier. Against the prior quarter it is up 6.4%.
Progressive Corporation reported $3.3B in net income in Q2 2026. This represents an increase of 4.3% from the same quarter a year earlier. Against the prior quarter it is up 17.5%.
Progressive Corporation earned $5.67 per diluted share (EPS) in Q2 2026. This represents an increase of 5.0% from the same quarter a year earlier. Against the prior quarter it is up 18.1%.
Not reported for Q2 2026.
Cash & Balance Sheet
Progressive Corporation generated $3.5B in free cash flow in Q2 2026, representing cash available after capex. This represents a decrease of 11.9% from the same quarter a year earlier. Against the prior quarter it is down 19.4%.
Progressive Corporation held $193.0M in cash as of Q2 2026; long-term debt is not reported for that period.
Progressive Corporation paid $0.10 per share in dividends in Q2 2026. That is unchanged from the same quarter a year earlier. It is unchanged from the prior quarter.
Margins & Returns
Progressive Corporation's net profit margin was 14.0% in Q2 2026, showing the share of revenue converted to profit. This is down 0.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.3 percentage points.
Progressive Corporation's ROE was 9.6% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 0.1 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.8 percentage points.
Not reported for Q2 2026.
Not reported for Q2 2026.
Capital Allocation
Progressive Corporation invested $138.0M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 35.3% from the same quarter a year earlier. Against the prior quarter it is up 119.0%.
Not reported for Q2 2026.
Not reported for Q2 2026.
PGR Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $23.6B+7.3% | $22.2B+8.7% | $22.7B+12.2% | $22.5B+14.2% | $22.0B+21.3% | $20.4B+18.4% | $20.3B+20.0% | $19.7B+26.7% |
| Interest Expense | $88.0M+27.5% | $70.0M0.0% | $69.0M-1.4% | $70.0M0.0% | $69.0M0.0% | $70.0M0.0% | $70.0M+1.0% | $70.0M+0.4% |
| Income Tax | $898.0M+11.3% | $748.0M+11.8% | $731.0M+19.6% | $708.0M+15.7% | $807.0M+101.2% | $669.0M+9.9% | $611.0M+18.6% | $612.0M+111.8% |
| Net Income | $3.3B+4.3% | $2.8B+9.8% | $3.0B+25.3% | $2.6B+12.0% | $3.2B+117.6% | $2.6B+10.1% | $2.4B+18.5% | $2.3B+108.2% |
| EPS (Basic) | $5.68+4.8% | $4.81+9.8% | $5.04+25.4% | $4.46+12.1% | $5.42+117.7% | $4.38+10.9% | $4.02+18.9% | $3.98+109.5% |
| EPS (Diluted) | $5.67+5.0% | $4.80+9.8% | $5.02+25.2% | $4.45+12.1% | $5.40+117.7% | $4.37+10.9% | $4.01+19.0% | $3.97+110.1% |
| Diluted Shares (Avg) | 584M-0.6% | 587M-0.1% | N/A | 588M+0.1% | 588M+0.1% | 588M+0.1% | N/A | 588M0.0% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA.
PGR Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $124.9B+8.2% | $122.2B+9.7% | $123.0B+16.4% | $121.5B+15.5% | $115.5B+18.0% | $111.4B+18.4% | $105.7B+19.2% | $105.2B+22.8% |
| Cash & Equivalents | $193.0M+43.0% | $179.0M-13.5% | $138.0M-10.4% | $185.0M+25.9% | $135.0M+32.4% | $207.0M+23.2% | $154.0M+54.0% | $147.0M+6.2% |
| Short-Term Investments | $2.0B-5.9% | $2.1B-18.1% | $10.0B+1526.8% | $1.5B+100.1% | $2.1B+186.9% | $2.6B+95.6% | $615.0M-65.6% | $757.0M-57.8% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | $228.0M0.0% | N/A |
| Total Liabilities | $90.6B+9.3% | $90.2B+9.4% | $92.7B+15.7% | $86.1B+10.3% | $82.9B+11.2% | $82.5B+14.0% | $80.2B+17.2% | $78.0B+14.3% |
| Total Equity | $34.3B+5.3% | $32.0B+10.7% | $30.3B+18.5% | $35.4B+30.5% | $32.6B+39.7% | $29.0B+32.7% | $25.6B+26.2% | $27.2B+56.1% |
| Retained Earnings | $32.3B+7.8% | $29.6B+10.8% | $27.3B+12.5% | $32.4B+31.7% | $29.9B+33.5% | $26.7B+27.2% | $24.3B+29.2% | $24.6B+41.7% |
Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Current Liabilities, Non-Current Liabilities, Long-Term Debt.
PGR Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $3.6B-10.7% | $4.4B-15.1% | $3.2B+5.4% | $5.2B+12.7% | $4.0B+23.7% | $5.1B+21.4% | $3.0B+23.4% | $4.6B+34.8% |
| Depreciation & Amortization | $82.0M+3.8% | $75.0M+7.1% | $83.0M+9.2% | $81.0M+15.7% | $79.0M+16.2% | $70.0M0.0% | $76.0M+0.3% | $70.0M-5.8% |
| Capital Expenditures | $138.0M+35.3% | $63.0M+6.8% | $121.0M+10.0% | $66.0M+15.8% | $102.0M+50.0% | $59.0M+18.0% | $110.0M+34.0% | $57.0M+57.0% |
| Free Cash Flow | $3.5B-11.9% | $4.3B-15.3% | $3.0B+5.2% | $5.1B+12.7% | $3.9B+23.1% | $5.1B+21.5% | $2.9B+23.1% | $4.6B+34.5% |
| Investing Cash Flow | -$2.9B+27.7% | $2.6B+212.6% | -$3.1B-5.3% | -$5.0B-14.2% | -$4.0B-23.8% | -$2.3B+25.1% | -$2.9B-25.4% | -$4.4B-31.9% |
| Financing Cash Flow | -$672.0M-833.3% | -$7.0B-153.3% | -$118.0M-100.0% | -$98.0M+31.9% | -$72.0M-2.9% | -$2.7B-163.6% | -$59.0M+54.5% | -$144.0M-32.7% |
| Dividends Paid | $58.0M-1.7% | $8.0B+195.8% | $59.0M0.0% | $58.0M0.0% | $59.0M0.0% | $2.7B+441.2% | $59.0M+0.9% | $58.0M-0.9% |
Not reported in any period shown, so not listed: Stock-Based Compensation, Share Buybacks.
PGR Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Net Margin | 14.0%-0.4pp | 12.7%+0.1pp | 13.0%+1.4pp | 11.6%-0.2pp | 14.4%+6.4pp | 12.6%-0.9pp | 11.6%-0.2pp | 11.8%+4.6pp |
| Return on Equity | 9.6%-0.1pp | 8.8%-0.1pp | 9.7%+0.5pp | 7.4%-1.2pp | 9.7%+3.5pp | 8.9%-1.8pp | 9.2%-0.6pp | 8.6%+2.1pp |
| Return on Assets | 2.6%-0.1pp | 2.3%0.0pp | 2.4%+0.2pp | 2.1%-0.1pp | 2.8%+1.3pp | 2.3%-0.2pp | 2.2%0.0pp | 2.2%+0.9pp |
| Debt-to-Equity | 2.64+0.1x | 2.810.0x | 3.06-0.1x | 2.43-0.4x | 2.54-0.7x | 2.85-0.5x | 3.13-0.2x | 2.87-1.1x |
| Asset Turnover | 0.190.0x | 0.180.0x | 0.180.0x | 0.190.0x | 0.190.0x | 0.180.0x | 0.190.0x | 0.190.0x |
| FCF Margin | 14.7%-3.2pp | 19.4%-5.5pp | 13.4%-0.9pp | 22.8%-0.3pp | 17.9%+0.3pp | 24.9%+0.6pp | 14.3%+0.4pp | 23.1%+1.3pp |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Progressive Corporation PGR | FY2025 | $87.7B | $11.3B | 12.9% | $126.5B | 47/100 |
| Chubb Limited CB | FY2025 | $59.4B | $10.3B | 17.4% | $130.7B | 59/100 |
| The Allstate Corporation ALL | FY2025 | $67.7B | $10.2B | 15.0% | $63.7B | 23/100 |
| The Travelers Companies, Inc. TRV | FY2025 | $48.8B | $6.3B | 12.9% | $76.7B | 46/100 |
| The Hartford Insurance Group, Inc. HIG | FY2025 | $28.4B | $3.8B | 13.5% | $37.1B | 36/100 |
| Cincinnati Financial Corp CINF | FY2025 | $12.6B | $2.4B | 18.9% | $26.0B | 40/100 |
Where Progressive Corporation Ranks
Frequently Asked Questions
What is Progressive Corporation's annual revenue?
Progressive Corporation (PGR) reported $87.7B in total revenue for fiscal year 2025. This represents a 16.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Progressive Corporation's revenue growing?
Progressive Corporation (PGR) revenue grew by 16.3% year-over-year, from $75.4B to $87.7B in fiscal year 2025.
Is Progressive Corporation profitable?
Yes, Progressive Corporation (PGR) reported a net income of $11.3B in fiscal year 2025, with a net profit margin of 12.9%.
What is Progressive Corporation's net profit margin?
Progressive Corporation (PGR) had a net profit margin of 12.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Progressive Corporation pay dividends?
Yes, Progressive Corporation (PGR) paid $13.90 per share in dividends during fiscal year 2025.
What is Progressive Corporation's return on equity (ROE)?
Progressive Corporation (PGR) has a return on equity of 37.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Progressive Corporation's free cash flow?
Progressive Corporation (PGR) generated $17.2B in free cash flow during fiscal year 2025. This represents a 15.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Progressive Corporation's operating cash flow?
Progressive Corporation (PGR) generated $17.5B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Progressive Corporation's total assets?
Progressive Corporation (PGR) had $123.0B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Progressive Corporation's capital expenditures?
Progressive Corporation (PGR) invested $348.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Progressive Corporation's debt-to-equity ratio?
Progressive Corporation (PGR) had a debt-to-equity ratio of 3.06 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Progressive Corporation's return on assets (ROA)?
Progressive Corporation (PGR) had a return on assets of 9.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Progressive Corporation's P/E ratio?
Progressive Corporation (PGR) trades at 10.8x earnings, its market capitalization divided by net income of $11.7B net income, trailing 12 months to June 30, 2026. The market capitalization is $126.5B as of Sep 12, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Progressive Corporation's price-to-sales ratio?
Progressive Corporation (PGR) trades at 1.4x sales, its market capitalization divided by revenue of $91.1B revenue, trailing 12 months to June 30, 2026. The market capitalization is $126.5B as of Sep 12, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Progressive Corporation's Piotroski F-Score?
Progressive Corporation (PGR) has a Piotroski F-Score of 5 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Progressive Corporation's earnings high quality?
Progressive Corporation (PGR) has an earnings quality ratio of 1.55x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Progressive Corporation?
Progressive Corporation (PGR) scores 47 out of 100 on our Financial Health Score, indicating moderate standing within its insurers peer group. The score is a 0-100 composite of six dimensions (Loss Ratio, Premium Growth, Capital, Investment Yield, Combined Ratio, Stability), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.