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Progressive (PGR) Financials

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$242.06 +0.06 (+0.02%)
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Annual Income Statements for Progressive

Annual Income Statements for Progressive

This table shows Progressive's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 1,281 1,268 1,031 1,592 2,594 3,943 5,678 3,324 695 3,865 8,463
Consolidated Net Income / (Loss)		 1,281 1,301 1,057 1,598 2,621 3,980 5,705 3,351 722 3,903 8,480
Net Income / (Loss) Continuing Operations		 1,281 1,301 1,057 1,598 2,621 3,980 5,922 3,351 722 3,903 8,480
Total Pre-Tax Income 		1,907 1,912 1,471 2,139 3,164 5,160 7,173 4,210 922 4,904 10,713
Total Revenue		 19,279 20,718 23,299 26,686 31,813 38,833 42,658 47,483 49,367 61,841 75,093
Net Interest Income / (Expense)		 -117 -136 -141 -153 -167 -190 -217 -219 -244 -268 -279
Total Interest Income		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Interest Expense		 117 136 141 153 167 190 217 219 244 268 279
Long-Term Debt Interest Expense		 117 136 141 153 167 190 217 219 244 268 279
Total Non-Interest Income		 19,396 20,854 23,440 26,839 31,979 39,022 42,658 47,702 49,611 62,109 75,372
Service Charges on Deposit Accounts		 56 86 103 127 159 195 226 271 300 310 413
Other Service Charges		 309 302 333 371 472 564 604 692 722 889 1,064
Net Realized & Unrealized Capital Gains on Investments		 224 112 51 49 -406 1,029 1,630 1,514 -1,912 353 264
Premiums Earned		 18,399 19,899 22,474 25,730 30,933 36,192 39,262 44,369 49,241 58,665 70,799
Other Non-Interest Income		 408 455 479 563 821 1,042 937 856 1,260 1,892 2,832
Total Non-Interest Expense		 17,380 18,806 21,830 24,547 28,649 33,672 35,268 43,273 48,445 56,937 64,380
Property & Liability Insurance Claims		 13,306 14,342 16,880 18,808 21,721 25,471 25,122 33,628 38,123 45,655 49,060
Insurance Policy Acquisition Costs		 2,467 2,712 2,972 3,481 4,196 4,975 5,570 5,655 5,859 6,242 9,462
Other Operating Expenses		 78 100 114 133 158 204 1,303 278 321 375 475
Amortization Expense		 1,524 1,652 1,864 2,125 2,574 3,023 3,273 3,713 3,917 4,665 5,383
Impairment Charge		 - - - - - - 0.00 0.00 225 0.00 0.00
Income Tax Expense		 626 611 414 541 543 1,180 1,469 859 200 1,001 2,233
Preferred Stock Dividends Declared		 - - 0.00 0.00 21 27 27 27 27 38 17
Basic Earnings per Share		 $2.17 $2.16 $1.77 $2.74 $4.45 $6.75 $9.71 $5.69 $1.19 $6.61 $14.45
Weighted Average Basic Shares Outstanding		 590.60M 585.50M 581.70M 580.80M 582.40M 583.80M 584.90M 584.50M 584.40M 584.90M 585.50M
Diluted Earnings per Share		 $2.15 $2.15 $1.76 $2.72 $4.42 $6.72 $9.66 $5.66 $1.18 $6.58 $14.40
Weighted Average Diluted Shares Outstanding		 594.80M 589.20M 585M 585.70M 586.70M 587.20M 587.60M 587.10M 587.10M 587.50M 587.70M
Weighted Average Basic & Diluted Shares Outstanding		 590.30M 586.90M 582.50M 581.10M 582.90M 585.25M 585.75M 584.85M 585.34M 585.68M 586.21M
Cash Dividends to Common per Share		 - - $0.68 $1.12 $2.51 $2.65 $4.90 $1.90 $0.40 $1.15 $4.90

Quarterly Income Statements for Progressive

This table shows Progressive's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Net Income / (Loss) Attributable to Common Shareholders		 820 441 336 1,111 1,978 2,314 1,459 2,333 2,357 2,567 3,175
Consolidated Net Income / (Loss)		 827 448 345 1,121 1,988 2,331 1,459 2,333 2,357 2,567 3,175
Net Income / (Loss) Continuing Operations		 827 448 345 1,121 1,988 2,331 1,459 2,333 2,357 2,567 3,175
Total Pre-Tax Income 		1,025 554 436 1,410 2,504 2,940 1,860 2,945 2,968 3,236 3,982
Total Revenue		 13,407 14,240 15,288 15,491 16,822 17,173 18,065 19,649 20,206 20,339 21,935
Net Interest Income / (Expense)		 -64 -63 -66 -70 -69 -70 -69 -70 -70 -70 -69
Total Interest Income		 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00 0.00
Total Interest Expense		 64 63 66 70 69 70 69 70 70 70 69
Long-Term Debt Interest Expense		 64 63 66 70 69 70 69 70 70 70 69
Total Non-Interest Income		 13,470 14,303 15,354 15,561 16,892 17,243 18,134 19,719 20,276 20,409 22,004
Service Charges on Deposit Accounts		 70 73 81 81 75 84 107 117 105 111 133
Other Service Charges		 190 206 227 224 232 236 260 278 290 287 303
Net Realized & Unrealized Capital Gains on Investments		 -79 74 129 -147 297 156 -127 287 -53 -212 387
Premiums Earned		 12,891 13,533 14,464 14,894 15,773 16,149 17,209 18,297 19,144 19,409 20,310
Other Non-Interest Income		 398 417 452 508 515 618 685 740 790 814 871
Total Non-Interest Expense		 12,381 13,686 14,852 14,081 14,319 14,233 16,205 16,704 17,238 17,103 17,953
Property & Liability Insurance Claims		 9,825 10,624 12,170 11,388 11,473 10,972 12,595 12,510 12,983 12,804 13,605
Insurance Policy Acquisition Costs		 1,425 1,858 1,432 1,421 1,532 1,931 2,180 2,670 2,681 2,719 2,689
Other Operating Expenses		 82 88 97 99 92 98 122 134 122 124 148
Amortization Expense		 1,049 1,116 1,154 1,173 1,222 1,232 1,308 1,390 1,453 1,456 1,511
Nonoperating Income / (Expense), net		 - - - - - - - - - 1.00 19
Income Tax Expense		 198 107 90 289 515 609 401 611 611 669 807
Preferred Stock Dividends Declared		 6.90 7.30 9.50 10 11 17 0.00 0.00 - 0.00 0.00
Basic Earnings per Share		 $1.40 $0.75 $0.57 $1.90 $3.39 $3.95 $2.49 $3.98 $4.03 $4.38 $5.42
Weighted Average Basic Shares Outstanding		 584.40M 584.90M 584.90M 584.80M 584.90M 585.40M 585.40M 585.60M 585.50M 586M 586.20M
Diluted Earnings per Share		 $1.40 $0.75 $0.57 $1.89 $3.37 $3.94 $2.48 $3.97 $4.01 $4.37 $5.40
Weighted Average Diluted Shares Outstanding		 587.10M 587M 587M 587.50M 587.50M 587.30M 587.40M 587.60M 587.70M 587.70M 587.80M
Weighted Average Basic & Diluted Shares Outstanding		 585.34M 585.37M 585.33M 585.04M 585.68M 585.70M 585.67M 585.81M 586.21M 586.22M 586.21M
Cash Dividends to Common per Share		 - $0.10 $0.10 $0.10 - $0.10 $0.10 $0.10 - $0.10 $0.10

Annual Cash Flow Statements for Progressive

This table details how cash moves in and out of Progressive's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 33 116 2.00 49 -200 152 -151 126 19 -121 54
Net Cash From Operating Activities		 1,726 2,293 2,733 3,757 6,285 6,262 6,906 7,762 6,849 10,643 15,119
Net Cash From Continuing Operating Activities		 1,726 2,293 2,733 3,757 6,285 6,262 6,906 7,762 6,849 10,643 15,119
Net Income / (Loss) Continuing Operations		 1,281 1,301 1,057 1,598 2,621 3,980 5,705 3,351 722 3,903 8,480
Consolidated Net Income / (Loss)		 1,281 1,301 1,057 1,598 2,621 3,980 5,705 3,351 722 3,903 8,480
Depreciation Expense		 97 104 137 170 190 240 275 280 306 285 284
Amortization Expense		 78 145 139 152 106 100 158 188 -25 41 -30
Non-Cash Adjustments to Reconcile Net Income		 -163 -44 44 54 694 -928 -1,528 -1,412 2,259 -196 -129
Changes in Operating Assets and Liabilities, net		 432 787 1,355 1,782 2,673 2,870 2,296 5,355 3,587 6,610 6,514
Net Cash From Investing Activities		 -837 -1,924 -2,481 -3,407 -7,035 -4,338 -6,118 -3,120 -7,956 -10,842 -13,749
Net Cash From Continuing Investing Activities		 -837 -1,924 -2,481 -3,407 -7,035 -4,338 -6,118 -3,120 -7,956 -10,842 -13,749
Purchase of Property, Leasehold Improvements and Equipment		 -108 -131 -215 -156 -266 -364 -224 -244 -292 -252 -285
Purchase of Investment Securities		 -9,213 -10,690 -13,410 -14,862 -21,692 -29,114 -36,382 -29,660 -28,536 -24,707 -46,729
Sale of Property, Leasehold Improvements and Equipment		 5.90 11 6.20 15 9.40 53 22 66 35 47 77
Sale and/or Maturity of Investments		 8,509 8,907 11,087 11,629 14,902 25,080 30,382 26,670 21,015 14,081 33,017
Other Investing Activities, net		 -30 -21 51 -34 12 6.00 84 48 -178 -11 171
Net Cash From Financing Activities		 -855 -253 -250 -301 550 -1,771 -939 -4,516 1,126 78 -1,316
Net Cash From Continuing Financing Activities		 -855 -253 -250 -301 550 -1,771 -939 -4,516 1,126 78 -1,316
Issuance of Debt		 345 382 496 841 1,134 0.00 986 0.00 1,486 496 0.00
Repurchase of Preferred Equity		 - - - - - - - - 0.00 0.00 -500
Repurchase of Common Equity		 -271 -209 -193 -63 -79 -91 -112 -156 -22 -46 -13
Payment of Dividends		 -893 -404 -519 -395 -668 -1,670 -1,578 -3,773 -261 -277 -682
Other Financing Activities, Net		 13 17 9.20 0.50 -294 -9.60 -236 -67 -77 -95 -121

Quarterly Cash Flow Statements for Progressive

This table details how cash moves in and out of Progressive's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Net Change in Cash & Equivalents		 -144 68 -109 -41 -39 68 -66 45 6.60 53 -72
Net Cash From Operating Activities		 930 2,450 2,337 3,420 2,437 4,235 3,266 4,611 3,007 5,143 4,040
Net Cash From Continuing Operating Activities		 930 2,450 2,337 3,420 2,437 4,235 3,266 4,611 3,007 5,143 4,040
Net Income / (Loss) Continuing Operations		 827 448 345 1,121 1,988 2,331 1,459 2,333 2,357 2,567 3,175
Consolidated Net Income / (Loss)		 827 448 345 1,121 1,988 2,331 1,459 2,333 2,357 2,567 3,175
Depreciation Expense		 79 68 73 71 73 70 68 71 76 70 79
Amortization Expense		 -52 -5.00 -0.50 -2.10 49 -7.00 -13 -3.40 -6.50 -21 -34
Non-Cash Adjustments to Reconcile Net Income		 120 -39 -109 209 -256 -141 159 -251 104 231 -357
Changes in Operating Assets and Liabilities, net		 -43 1,978 2,029 2,020 583 1,982 1,593 2,461 478 2,296 1,177
Net Cash From Investing Activities		 -995 -2,277 -2,867 -3,352 -2,346 -3,124 -3,263 -4,421 -2,941 -2,341 -4,040
Net Cash From Continuing Investing Activities		 -995 -2,277 -2,867 -3,352 -2,346 -3,124 -3,263 -4,421 -2,941 -2,341 -4,040
Purchase of Property, Leasehold Improvements and Equipment		 -47 -43 -90 -36 -82 -50 -68 -57 -110 -59 -102
Purchase of Investment Securities		 -6,470 -5,777 -5,202 -6,869 -6,860 -12,841 -10,637 -11,398 -11,853 -19,374 -8,496
Sale of Property, Leasehold Improvements and Equipment		 19 4.30 25 6.20 12 3.00 42 19 13 13 39
Sale and/or Maturity of Investments		 5,613 3,481 2,175 3,628 4,797 9,702 7,342 6,621 9,353 16,907 4,513
Other Investing Activities, net		 -109 57 225 -81 -213 62 58 394 -343 172 6.00
Net Cash From Financing Activities		 -79 -105 421 -109 -130 -1,043 -70 -144 -59 -2,749 -72
Net Cash From Continuing Financing Activities		 -79 -105 421 -109 -130 -1,043 -70 -144 -59 -2,749 -72
Payment of Dividends		 -59 -72 -68 -69 -68 -506 -59 -59 -59 -2,695 -59
Other Financing Activities, Net		 -0.80 - - -19 -43 - - -83 -0.30 -54 -1.00

Annual Balance Sheets for Progressive

This table presents Progressive's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Total Assets		 25,788 29,819 33,428 275 46,575 54,911 64,098 71,132 75,465 88,691 105,745
Cash and Due from Banks		 108 224 212 - 75 226 77 187 204 85 143
Restricted Cash		 - 0.30 15 275 - 1.20 0.00 15 17 15 11
Time Deposits Placed and Other Short-Term Investments		 - - - - - - - - 2,862 1,790 615
Trading Account Securities		 3,320 18,765 19,910 - 31,772 34,149 42,312 50,572 50,687 64,209 79,635
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accrued Investment Income		 87 102 104 - 191 181 176 182 283 438 594
Premises and Equipment, Net		 961 1,037 1,177 - 1,132 1,214 1,106 1,137 1,034 881 790
Unearned Premiums Asset		 3,623 4,187 4,680 - 6,807 11,513 12,548 14,838 16,545 17,302 19,483
Deferred Acquisition Cost		 457 564 651 - 952 1,057 1,237 1,356 1,544 1,687 1,961
Other Assets		 3,669 3,997 5,797 - 4,900 5,889 6,019 2,277 2,290 2,284 2,513
Total Liabilities & Shareholders' Equity		 25,788 29,819 33,428 14,873 46,575 54,911 64,098 71,132 75,465 88,691 105,745
Total Liabilities		 18,859 22,065 24,987 13,087 35,539 41,012 47,060 52,901 59,574 68,414 80,154
Other Short-Term Payables		 2,298 - - - 5,047 - 7,650 6,069 5,533 7,002 10,346
Long-Term Debt		 2,165 2,708 3,148 - 4,405 4,407 5,396 4,899 6,388 6,889 6,893
Claims and Claim Expense		 8,857 10,039 11,368 13,087 15,401 18,105 20,266 26,164 30,359 34,389 39,057
Unearned Premiums Liability		 5,440 6,622 7,468 - 10,687 12,389 13,438 15,616 17,294 20,134 23,858
Total Equity & Noncontrolling Interests		 6,929 7,289 7,957 1,282 10,822 13,673 17,039 18,232 15,891 20,277 25,591
Total Preferred & Common Equity		 6,929 7,289 7,957 9,285 10,822 13,673 17,039 18,232 15,891 20,277 25,591
Total Common Equity		 6,929 7,289 7,957 1,282 10,328 13,179 16,560 17,753 15,412 19,797 25,605
Common Stock		 1,772 1,802 1,883 - 2,062 2,158 2,258 2,357 2,478 2,598 2,731
Retained Earnings		 4,133 4,687 5,140 - 8,387 10,680 13,355 15,340 15,721 18,801 24,283
Accumulated Other Comprehensive Income / (Loss)		 1,023 800 933 1,282 -121 342 947 56 -2,788 -1,602 -1,409

Quarterly Balance Sheets for Progressive

This table presents Progressive's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Total Assets		 75,465 80,407 82,945 85,653 88,691 94,128 97,893 105,203 105,745 111,409 115,480
Cash and Due from Banks		 204 274 164 124 85 155 90 136 143 195 125
Restricted Cash		 17 15 16 15 15 13 12 11 11 12 10
Time Deposits Placed and Other Short-Term Investments		 2,862 2,524 1,494 1,795 1,790 1,327 733 757 615 2,595 2,103
Trading Account Securities		 50,687 54,162 57,771 60,075 64,209 67,711 71,623 78,643 79,635 81,069 86,507
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accrued Investment Income		 283 300 354 378 438 464 564 560 594 584 636
Premises and Equipment, Net		 1,034 949 989 920 881 756 713 689 790 854 820
Unearned Premiums Asset		 16,545 18,297 18,033 17,974 17,302 19,406 19,717 20,241 19,483 21,566 20,866
Deferred Acquisition Cost		 1,544 1,627 1,686 1,732 1,687 1,818 1,938 2,032 1,961 2,068 2,110
Other Assets		 2,290 2,260 2,438 2,640 2,284 2,478 2,503 2,134 1,559 2,466 2,303
Total Liabilities & Shareholders' Equity		 75,465 80,407 82,945 85,653 88,691 94,128 97,893 105,203 105,745 111,409 115,480
Total Liabilities		 59,574 63,539 66,234 68,257 68,414 72,317 74,553 78,043 80,154 82,455 82,876
Other Short-Term Payables		 5,533 6,279 6,524 7,031 7,002 7,689 7,376 8,317 10,346 9,127 8,492
Long-Term Debt		 6,388 6,389 6,887 6,888 6,889 6,890 6,891 6,892 6,893 6,894 6,895
Claims and Claim Expense		 30,359 31,026 32,753 33,577 34,389 34,831 36,605 38,062 39,057 39,822 41,154
Unearned Premiums Liability		 17,294 19,844 20,070 20,762 20,134 22,907 23,681 24,773 23,858 26,612 26,335
Total Equity & Noncontrolling Interests		 15,891 16,868 16,711 17,395 20,277 21,811 23,340 27,159 25,591 28,954 32,604
Total Preferred & Common Equity		 15,891 16,868 16,711 17,395 20,277 21,811 23,340 27,159 25,591 28,954 32,604
Total Common Equity		 15,412 16,389 16,232 16,916 19,797 21,825 23,354 27,173 25,591 28,968 32,617
Common Stock		 2,478 2,493 2,521 2,563 2,598 2,615 2,646 2,682 2,731 2,746 2,778
Retained Earnings		 15,721 16,080 16,350 17,381 18,801 21,020 22,410 24,632 24,283 26,732 29,921
Accumulated Other Comprehensive Income / (Loss)		 -2,788 -2,184 -2,640 -3,028 -1,602 -1,810 -1,702 -141 -1,423 -510 -82

Annual Metrics And Ratios for Progressive

This table displays calculated financial ratios and metrics derived from Progressive's official financial filings.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 6.79% 7.46% 12.46% 14.54% 19.21% 22.07% 9.85% 11.31% 3.97% 25.27% 21.43%
EBITDA Growth		 6.11% 4.13% -19.19% 40.98% 40.59% 58.94% 42.24% -40.21% -74.28% 334.75% 109.69%
EBIT Growth		 10.44% 0.64% -23.15% 45.59% 47.91% 63.11% 43.21% -43.03% -78.10% 431.89% 118.45%
NOPAT Growth		 9.92% 1.52% -18.71% 51.16% 64.01% 51.85% 43.33% -41.26% -78.45% 440.58% 117.27%
Net Income Growth		 9.92% 1.52% -18.71% 51.16% 64.01% 51.85% 43.33% -41.26% -78.45% 440.58% 117.27%
EPS Growth		 11.40% 0.00% -18.14% 54.55% 62.50% 52.04% 43.75% -41.41% -79.15% 457.63% 118.85%
Operating Cash Flow Growth		 -9.17% 32.88% 19.18% 37.48% 67.29% -0.37% 10.28% 12.40% -11.76% 55.39% 42.06%
Free Cash Flow Firm Growth		 209.38% -100.41% -1.75% 37,454.45% -198.59% 104.35% 41.29% 68.50% -40.75% -162.53% 421.44%
Invested Capital Growth		 -62.74% 15.05% 10.77% -210.55% 220.53% 18.55% 22.55% 3.10% -3.68% 21.93% 19.58%
Revenue Q/Q Growth		 2.99% 1.05% 3.21% 3.86% 3.49% 8.23% 1.11% 1.85% 2.00% 5.85% 4.72%
EBITDA Q/Q Growth		 5.48% 0.09% 1.75% 6.80% -6.84% 32.95% 7.70% -19.21% -18.65% 41.86% 3.85%
EBIT Q/Q Growth		 6.31% -1.26% 1.52% 7.83% -7.30% 34.92% 7.97% -21.00% -16.24% 43.16% 4.62%
NOPAT Q/Q Growth		 5.82% -1.54% 4.78% 12.87% -10.90% 25.74% 11.97% -17.73% -15.79% 42.39% 4.55%
Net Income Q/Q Growth		 5.82% -1.54% 4.78% 12.87% -10.90% 25.74% 11.97% -17.73% -15.79% 42.39% 4.55%
EPS Q/Q Growth		 6.44% -2.71% 5.39% 13.81% -10.89% 25.61% 12.20% -17.97% -15.71% 42.73% 4.65%
Operating Cash Flow Q/Q Growth		 -4.63% 2.89% 13.47% 2.09% 9.58% 0.72% 6.46% -12.37% 7.50% 16.50% 3.92%
Free Cash Flow Firm Q/Q Growth		 1,715.35% 65.59% 25.08% 69,788.98% -24,464.83% 219.94% 331.73% -35.23% -50.06% -160.03% 290.84%
Invested Capital Q/Q Growth		 -0.07% -1.48% -1.13% -197.80% -3.11% -2.38% -4.46% -1.39% 5.27% 11.87% -4.60%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 10.76% 10.43% 7.49% 9.22% 10.88% 14.16% 18.34% 9.85% 2.44% 8.46% 14.60%
EBIT Margin		 9.85% 9.23% 6.31% 8.02% 9.94% 13.29% 17.32% 8.87% 1.87% 7.93% 14.27%
Profit (Net Income) Margin		 6.64% 6.28% 4.54% 5.99% 8.24% 10.25% 13.37% 7.06% 1.46% 6.31% 11.29%
Tax Burden Percent		 67.16% 68.03% 71.88% 74.72% 82.85% 77.13% 79.53% 79.59% 78.31% 79.59% 79.16%
Interest Burden Percent		 100.42% 100.00% 100.11% 100.00% 100.00% 100.00% 97.06% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 32.84% 31.97% 28.12% 25.28% 17.15% 22.87% 20.47% 20.41% 21.69% 20.41% 20.84%
Return on Invested Capital (ROIC)		 7.65% 13.30% 9.59% 0.00% 199.35% 23.59% 28.00% 14.71% 3.18% 15.79% 28.43%
ROIC Less NNEP Spread (ROIC-NNEP)		 7.65% 13.30% 9.59% 0.00% 199.35% 23.59% 28.00% 14.71% 3.18% 15.79% 28.43%
Return on Net Nonoperating Assets (RNNOA)		 12.81% 4.41% 3.47% 0.00% -158.46% 8.34% 8.87% 4.29% 1.05% 5.80% 8.54%
Return on Equity (ROE)		 20.46% 17.71% 13.06% 31.25% 40.88% 31.92% 36.88% 19.00% 4.23% 21.58% 36.98%
Cash Return on Invested Capital (CROIC)		 99.08% -0.70% -0.63% 0.00% -166.00% 6.61% 7.74% 11.65% 6.93% -3.98% 10.60%
Operating Return on Assets (OROA)		 7.57% 6.88% 4.65% 12.69% 13.51% 10.17% 12.42% 6.23% 1.26% 5.97% 11.02%
Return on Assets (ROA)		 5.10% 4.68% 3.34% 9.48% 11.19% 7.84% 9.59% 4.96% 0.99% 4.76% 8.72%
Return on Common Equity (ROCE)		 20.46% 17.15% 12.29% 28.24% 37.02% 30.09% 35.45% 18.49% 4.11% 21.01% 36.59%
Return on Equity Simple (ROE_SIMPLE)		 18.49% 17.84% 13.29% 17.21% 24.22% 29.11% 33.48% 18.38% 4.54% 19.25% 33.14%
Net Operating Profit after Tax (NOPAT)		 1,281 1,301 1,057 1,598 2,621 3,980 5,705 3,351 722 3,903 8,480
NOPAT Margin		 6.64% 6.28% 4.54% 5.99% 8.24% 10.25% 13.37% 7.06% 1.46% 6.31% 11.29%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 90.15% 90.77% 93.69% 91.98% 90.06% 86.71% 82.68% 91.13% 98.13% 92.07% 85.73%
Earnings before Interest and Taxes (EBIT)		 1,900 1,912 1,469 2,139 3,164 5,160 7,390 4,210 922 4,904 10,713
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 2,075 2,161 1,746 2,461 3,460 5,500 7,823 4,678 1,203 5,230 10,967
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.79 2.04 2.13 21.43 2.92 2.87 3.23 3.34 4.79 4.59 5.38
Price to Tangible Book Value (P/TBV)		 1.79 2.34 2.40 21.43 3.14 3.02 3.36 3.45 4.79 4.59 5.38
Price to Revenue (P/Rev)		 0.64 0.72 0.73 1.03 0.95 0.97 1.26 1.25 1.49 1.47 1.83
Price to Earnings (P/E)		 9.67 11.73 16.47 17.25 11.62 9.59 9.43 17.84 106.14 23.51 16.27
Dividend Yield		 4.76% 2.70% 3.04% 1.44% 2.18% 4.35% 0.44% 1.87% 1.51% 0.26% 0.49%
Earnings Yield		 10.34% 8.52% 6.07% 5.80% 8.61% 10.43% 10.60% 5.60% 0.94% 4.25% 6.15%
Enterprise Value to Invested Capital (EV/IC)		 1.59 1.70 1.76 0.00 2.28 2.33 2.65 2.79 3.48 3.55 4.43
Enterprise Value to Revenue (EV/Rev)		 0.75 0.86 0.87 1.04 1.11 1.10 1.39 1.36 1.57 1.56 1.92
Enterprise Value to EBITDA (EV/EBITDA)		 6.96 8.25 11.67 11.25 10.16 7.76 7.59 13.79 64.48 18.42 13.12
Enterprise Value to EBIT (EV/EBIT)		 7.60 9.32 13.87 12.95 11.12 8.27 8.04 15.32 84.13 19.65 13.43
Enterprise Value to NOPAT (EV/NOPAT)		 11.27 13.70 19.28 17.33 13.42 10.73 10.41 19.25 107.43 24.68 16.96
Enterprise Value to Operating Cash Flow (EV/OCF)		 8.37 7.77 7.46 7.37 5.60 6.82 8.60 8.31 11.33 9.05 9.51
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.87 0.00 0.00 1.07 0.00 38.28 37.68 24.29 49.31 0.00 45.49
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.31 0.35 0.37 0.00 0.40 0.32 0.32 0.27 0.40 0.34 0.27
Long-Term Debt to Equity		 0.31 0.35 0.37 0.00 0.40 0.32 0.32 0.27 0.40 0.34 0.27
Financial Leverage		 1.68 0.33 0.36 -1.12 -0.79 0.35 0.32 0.29 0.33 0.37 0.30
Leverage Ratio		 4.01 3.79 3.91 3.30 3.65 4.07 3.85 3.83 4.30 4.54 4.24
Compound Leverage Factor		 4.03 3.79 3.91 3.30 3.65 4.07 3.73 3.83 4.30 4.54 4.24
Debt to Total Capital		 23.81% 25.88% 27.17% 0.00% 28.53% 24.07% 24.05% 21.18% 28.67% 25.36% 21.22%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 23.81% 25.88% 27.17% 0.00% 28.53% 24.07% 24.05% 21.18% 28.67% 25.36% 21.22%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 3.20% 2.70% 2.20% 2.14% 2.22% 1.82% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 4.44% 4.17% 28.20% 1.39% 1.23% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 76.19% 69.67% 68.66% 71.80% 66.89% 71.99% 73.82% 76.75% 69.17% 72.87% 78.78%
Debt to EBITDA		 1.04 1.25 1.80 0.00 1.27 0.80 0.69 1.05 5.31 1.32 0.63
Net Debt to EBITDA		 0.99 1.15 1.67 0.00 1.25 0.76 0.68 1.00 2.75 0.96 0.56
Long-Term Debt to EBITDA		 1.04 1.25 1.80 0.00 1.27 0.80 0.69 1.05 5.31 1.32 0.63
Debt to NOPAT		 1.69 2.08 2.98 0.00 1.68 1.11 0.95 1.46 8.85 1.77 0.81
Net Debt to NOPAT		 1.61 1.91 2.76 0.00 1.65 1.05 0.93 1.40 4.58 1.28 0.72
Long-Term Debt to NOPAT		 1.69 2.08 2.98 0.00 1.68 1.11 0.95 1.46 8.85 1.77 0.81
Noncontrolling Interest Sharing Ratio		 0.00% 3.17% 5.86% 9.66% 9.45% 5.73% 3.87% 2.71% 2.81% 2.65% 1.05%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 16,596 -68 -70 25,999 -25,632 1,115 1,576 2,655 1,573 -984 3,162
Operating Cash Flow to CapEx		 1,688.45% 1,909.16% 1,308.76% 2,675.78% 2,449.26% 2,018.57% 3,425.40% 4,377.72% 2,664.98% 5,191.71% 7,268.75%
Free Cash Flow to Firm to Interest Expense		 141.97 -0.50 -0.49 169.82 -153.94 5.88 7.26 12.15 6.45 -3.67 11.33
Operating Cash Flow to Interest Expense		 14.76 16.86 19.39 24.54 37.75 33.01 31.82 35.51 28.07 39.71 54.19
Operating Cash Flow Less CapEx to Interest Expense		 13.89 15.98 17.91 23.62 36.21 31.37 30.89 34.70 27.02 38.95 53.44
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.77 0.75 0.74 1.58 1.36 0.77 0.72 0.70 0.67 0.75 0.77
Fixed Asset Turnover		 20.07 20.74 21.04 0.00 0.00 33.11 36.78 42.33 45.47 64.59 89.88
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 9,093 10,462 11,589 -12,812 15,441 18,306 22,435 23,130 22,279 27,166 32,484
Invested Capital Turnover		 1.15 2.12 2.11 -43.65 24.20 2.30 2.09 2.08 2.17 2.50 2.52
Increase / (Decrease) in Invested Capital		 -15,315 1,369 1,127 -24,401 28,253 2,865 4,129 696 -851 4,887 5,318
Enterprise Value (EV)		 14,442 17,819 20,382 27,700 35,169 42,699 59,380 64,506 77,568 96,340 143,841
Market Capitalization		 12,385 14,870 16,976 27,472 30,130 37,800 53,567 59,316 73,768 90,847 137,717
Book Value per Share		 $11.76 $12.47 $13.70 $2.20 $17.71 $22.54 $28.28 $30.34 $26.34 $33.84 $43.68
Tangible Book Value per Share		 $11.74 $10.86 $12.18 $2.20 $16.43 $21.38 $27.21 $29.37 $26.34 $33.84 $43.68
Total Capital		 9,093 10,462 11,589 1,786 15,441 18,306 22,435 23,130 22,279 27,166 32,484
Total Debt		 2,165 2,708 3,148 0.00 4,405 4,407 5,396 4,899 6,388 6,889 6,893
Total Long-Term Debt		 2,165 2,708 3,148 0.00 4,405 4,407 5,396 4,899 6,388 6,889 6,893
Net Debt		 2,056 2,484 2,922 -275 4,330 4,180 5,320 4,697 3,306 4,999 6,124
Capital Expenditures (CapEx)		 102 120 209 140 257 310 202 177 257 205 208
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Obligations (NNO)		 2,165 2,708 3,148 -14,598 4,405 4,407 5,396 4,899 6,388 6,889 6,893
Total Depreciation and Amortization (D&A)		 175 249 277 322 297 339 433 468 281 326 254
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $2.17 $2.16 $1.77 $2.74 $4.45 $6.75 $9.71 $5.69 $1.19 $6.61 $14.45
Adjusted Weighted Average Basic Shares Outstanding		 590.60M 585.50M 581.70M 580.80M 582.40M 583.80M 584.90M 584.50M 584.40M 584.90M 585.50M
Adjusted Diluted Earnings per Share		 $2.15 $2.15 $1.76 $2.72 $4.42 $6.72 $9.66 $5.66 $1.18 $6.58 $14.40
Adjusted Weighted Average Diluted Shares Outstanding		 594.80M 589.20M 585M 585.70M 586.70M 587.20M 587.60M 587.10M 587.10M 587.50M 587.70M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $6.75 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 588.93M 584.33M 580.80M 582.28M 583.90M 585.25M 585.75M 584.85M 585.34M 585.68M 586.21M
Normalized Net Operating Profit after Tax (NOPAT)		 1,284 1,301 1,057 1,598 2,621 3,980 5,705 3,351 898 3,903 8,480
Normalized NOPAT Margin		 6.66% 6.28% 4.54% 5.99% 8.24% 10.25% 13.37% 7.06% 1.82% 6.31% 11.29%
Pre Tax Income Margin		 9.89% 9.23% 6.31% 8.02% 9.94% 13.29% 16.82% 8.87% 1.87% 7.93% 14.27%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 16.25 14.06 10.43 13.97 19.00 27.20 34.06 19.26 3.78 18.30 38.40
NOPAT to Interest Expense		 10.96 9.56 7.50 10.44 15.74 20.98 26.29 15.33 2.96 14.56 30.39
EBIT Less CapEx to Interest Expense		 15.37 13.17 8.94 13.05 17.46 25.57 33.13 18.45 2.73 17.53 37.65
NOPAT Less CapEx to Interest Expense		 10.08 8.68 6.02 9.52 14.20 19.35 25.36 14.52 1.91 13.80 29.65
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 69.68% 31.03% 49.09% 24.74% 25.50% 41.96% 27.66% 112.61% 36.15% 7.10% 8.04%
Augmented Payout Ratio		 90.87% 47.07% 67.30% 28.65% 28.52% 44.25% 29.61% 117.26% 39.20% 8.28% 8.20%

Quarterly Metrics And Ratios for Progressive

This table displays calculated financial ratios and metrics derived from Progressive's official financial filings.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 7.77% 20.81% 33.45% 21.81% 25.48% 20.60% 18.16% 26.84% 20.12% 18.44% 21.42%
EBITDA Growth		 -20.78% 22.77% 192.38% 646.47% 149.65% 386.25% 277.24% 103.59% 15.69% 9.39% 110.29%
EBIT Growth		 -14.84% 42.08% 168.52% 889.61% 144.22% 430.29% 326.99% 108.82% 18.54% 10.07% 114.09%
NOPAT Growth		 -14.07% 42.69% 177.60% 803.55% 140.46% 420.52% 322.32% 108.10% 18.51% 10.09% 116.58%
Net Income Growth		 -14.07% 42.69% 163.62% 803.55% 140.46% 420.52% 322.32% 108.10% 18.51% 10.12% 117.61%
EPS Growth		 -13.58% 44.23% 160.64% 845.00% 140.71% 425.33% 335.09% 110.05% 18.99% 10.91% 117.74%
Operating Cash Flow Growth		 105.66% -2.11% 68.18% 68.67% 162.10% 72.91% 39.74% 34.83% 23.40% 21.44% 23.66%
Free Cash Flow Firm Growth		 529.41% 467.93% -176.36% -182.67% -272.72% -596.32% -326.52% -272.11% -2.18% -47.18% -18.05%
Invested Capital Growth		 -3.68% -0.76% 7.07% 14.74% 21.93% 23.40% 28.11% 40.23% 19.58% 24.90% 30.66%
Revenue Q/Q Growth		 5.42% 6.21% 7.36% 1.33% 8.60% 2.09% 5.19% 8.77% 2.84% 0.66% 7.85%
EBITDA Q/Q Growth		 430.58% -42.94% -17.75% 191.35% 77.45% 14.60% -36.19% 57.24% 0.83% 8.16% 22.59%
EBIT Q/Q Growth		 619.44% -45.93% -21.41% 223.66% 77.54% 17.86% -36.72% 58.29% 0.78% 9.03% 23.05%
NOPAT Q/Q Growth		 566.32% -45.80% -22.88% 224.64% 77.33% 17.29% -37.43% 59.96% 0.99% 8.90% 23.13%
Net Income Q/Q Growth		 566.32% -45.80% -22.88% 224.64% 77.33% 17.29% -37.43% 59.96% 0.99% 8.93% 23.69%
EPS Q/Q Growth		 600.00% -46.43% -24.00% 231.58% 78.31% 16.91% -37.06% 60.08% 1.01% 8.98% 23.57%
Operating Cash Flow Q/Q Growth		 -54.14% 163.50% -4.59% 46.32% -28.73% 73.77% -22.89% 41.18% -34.77% 71.02% -21.45%
Free Cash Flow Firm Q/Q Growth		 -30.57% -62.62% -293.49% -64.69% -45.06% -7.36% -66.28% -43.68% 60.17% -54.68% -33.34%
Invested Capital Q/Q Growth		 5.27% 4.39% 1.46% 2.90% 11.87% 5.65% 5.33% 12.64% -4.60% 10.36% 10.18%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 7.84% 4.34% 3.32% 9.55% 15.61% 17.48% 10.60% 15.33% 15.03% 16.15% 18.36%
EBIT Margin		 7.65% 3.89% 2.85% 9.10% 14.88% 17.12% 10.30% 14.99% 14.69% 15.91% 18.15%
Profit (Net Income) Margin		 6.17% 3.15% 2.26% 7.24% 11.82% 13.58% 8.07% 11.88% 11.66% 12.62% 14.47%
Tax Burden Percent		 80.66% 80.79% 79.27% 79.51% 79.42% 79.30% 78.41% 79.24% 79.40% 79.33% 79.73%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 19.34% 19.21% 20.73% 20.49% 20.58% 20.70% 21.59% 20.76% 20.60% 20.67% 20.27%
Return on Invested Capital (ROIC)		 13.41% 6.98% 5.51% 18.61% 29.57% 33.85% 20.27% 29.20% 29.36% 30.59% 33.93%
ROIC Less NNEP Spread (ROIC-NNEP)		 13.41% 6.98% 5.51% 18.61% 29.57% 33.85% 20.27% 29.20% 29.36% 30.61% 34.15%
Return on Net Nonoperating Assets (RNNOA)		 4.44% 2.63% 2.26% 7.68% 10.85% 11.62% 6.97% 9.03% 8.82% 8.31% 8.42%
Return on Equity (ROE)		 17.85% 9.61% 7.77% 26.29% 40.42% 45.47% 27.24% 38.23% 38.19% 38.90% 42.35%
Cash Return on Invested Capital (CROIC)		 6.93% 4.43% 0.81% -1.66% -3.98% 1.32% 0.99% -5.68% 10.60% 4.86% 3.34%
Operating Return on Assets (OROA)		 5.15% 2.61% 2.03% 6.60% 11.21% 12.71% 7.69% 11.26% 11.35% 12.12% 13.98%
Return on Assets (ROA)		 4.15% 2.11% 1.61% 5.25% 8.91% 10.08% 6.03% 8.92% 9.01% 9.61% 11.14%
Return on Common Equity (ROCE)		 17.35% 9.33% 7.54% 25.51% 39.35% 44.92% 26.92% 37.83% 37.79% 38.93% 42.37%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 5.07% 10.43% 15.76% 0.00% 26.53% 29.56% 29.87% 0.00% 30.10% 32.00%
Net Operating Profit after Tax (NOPAT)		 827 448 345 1,121 1,988 2,331 1,459 2,333 2,357 2,566 3,160
NOPAT Margin		 6.17% 3.15% 2.26% 7.24% 11.82% 13.58% 8.07% 11.88% 11.66% 12.62% 14.41%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -0.01% -0.22%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 92.35% 96.11% 97.15% 90.90% 85.12% 82.88% 89.70% 85.01% 85.31% 84.09% 81.85%
Earnings before Interest and Taxes (EBIT)		 1,025 554 436 1,410 2,504 2,940 1,860 2,945 2,968 3,236 3,982
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1,052 617 508 1,480 2,625 3,002 1,916 3,012 3,037 3,285 4,027
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 4.79 5.07 4.74 4.79 4.59 5.54 5.21 5.47 5.38 5.73 4.79
Price to Tangible Book Value (P/TBV)		 4.79 5.07 4.74 4.79 4.59 5.54 5.21 5.47 5.38 5.73 4.79
Price to Revenue (P/Rev)		 1.49 1.60 1.38 1.39 1.47 1.87 1.80 2.07 1.83 2.12 1.90
Price to Earnings (P/E)		 106.14 100.31 44.89 29.91 23.51 21.06 17.72 18.38 16.27 19.03 14.99
Dividend Yield		 1.51% 0.28% 0.30% 0.29% 0.26% 0.51% 0.51% 0.45% 0.49% 1.77% 1.84%
Earnings Yield		 0.94% 1.00% 2.23% 3.34% 4.25% 4.75% 5.64% 5.44% 6.15% 5.26% 6.67%
Enterprise Value to Invested Capital (EV/IC)		 3.48 3.75 3.50 3.56 3.55 4.40 4.22 4.54 4.43 4.74 4.08
Enterprise Value to Revenue (EV/Rev)		 1.57 1.68 1.48 1.48 1.56 1.95 1.89 2.16 1.92 2.17 1.96
Enterprise Value to EBITDA (EV/EBITDA)		 64.48 64.64 34.35 23.44 18.42 16.57 14.14 14.63 13.12 15.11 12.05
Enterprise Value to EBIT (EV/EBIT)		 84.13 80.21 38.29 25.22 19.65 17.35 14.66 15.09 13.43 15.44 12.26
Enterprise Value to NOPAT (EV/NOPAT)		 107.43 101.85 47.38 31.53 24.68 21.83 18.50 19.05 16.96 19.50 15.44
Enterprise Value to Operating Cash Flow (EV/OCF)		 11.33 12.82 10.67 9.46 9.05 10.16 9.56 10.62 9.51 10.60 9.59
Enterprise Value to Free Cash Flow (EV/FCFF)		 49.31 84.22 446.10 0.00 0.00 368.59 480.08 0.00 45.49 108.31 138.35
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.40 0.38 0.41 0.40 0.34 0.32 0.30 0.25 0.27 0.24 0.21
Long-Term Debt to Equity		 0.40 0.38 0.41 0.40 0.34 0.32 0.30 0.25 0.27 0.24 0.21
Financial Leverage		 0.33 0.38 0.41 0.41 0.37 0.34 0.34 0.31 0.30 0.27 0.25
Leverage Ratio		 4.30 4.55 4.82 5.01 4.54 4.51 4.52 4.28 4.24 4.05 3.81
Compound Leverage Factor		 4.30 4.55 4.82 5.01 4.54 4.51 4.52 4.28 4.24 4.05 3.81
Debt to Total Capital		 28.67% 27.47% 29.18% 28.36% 25.36% 24.01% 22.79% 20.24% 21.22% 19.23% 17.46%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 28.67% 27.47% 29.18% 28.36% 25.36% 24.01% 22.79% 20.24% 21.22% 19.23% 17.46%
Preferred Equity to Total Capital		 2.22% 2.12% 2.09% 2.03% 1.82% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 69.17% 70.47% 68.78% 69.66% 72.87% 76.04% 77.25% 79.80% 78.78% 80.81% 82.58%
Debt to EBITDA		 5.31 4.74 2.86 1.87 1.32 0.90 0.76 0.65 0.63 0.61 0.52
Net Debt to EBITDA		 2.75 2.65 2.17 1.34 0.96 0.71 0.67 0.57 0.56 0.36 0.35
Long-Term Debt to EBITDA		 5.31 4.74 2.86 1.87 1.32 0.90 0.76 0.65 0.63 0.61 0.52
Debt to NOPAT		 8.85 7.47 3.95 2.51 1.77 1.19 1.00 0.85 0.81 0.79 0.66
Net Debt to NOPAT		 4.58 4.18 2.99 1.81 1.28 0.93 0.88 0.74 0.72 0.47 0.45
Long-Term Debt to NOPAT		 8.85 7.47 3.95 2.51 1.77 1.19 1.00 0.85 0.81 0.79 0.66
Noncontrolling Interest Sharing Ratio		 2.81% 2.87% 2.96% 2.98% 2.65% 1.20% 1.16% 1.05% 1.05% -0.06% -0.05%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 1,678 627 -1,213 -1,998 -2,898 -3,112 -5,175 -7,435 -2,962 -4,581 -6,108
Operating Cash Flow to CapEx		 3,320.71% 6,296.92% 3,546.28% 11,360.47% 3,476.46% 9,069.38% 12,757.03% 12,132.89% 3,078.10% 11,180.43% 6,412.70%
Free Cash Flow to Firm to Interest Expense		 26.38 9.91 -18.47 -28.67 -41.82 -44.71 -74.35 -106.36 -42.37 -65.44 -88.52
Operating Cash Flow to Interest Expense		 14.62 38.70 35.57 49.06 35.17 60.85 46.92 65.96 43.02 73.47 58.55
Operating Cash Flow Less CapEx to Interest Expense		 14.18 38.08 34.57 48.63 34.15 60.18 46.55 65.41 41.63 72.81 57.64
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.67 0.67 0.71 0.73 0.75 0.74 0.75 0.75 0.77 0.76 0.77
Fixed Asset Turnover		 45.47 50.47 52.66 58.81 64.59 75.97 79.35 89.16 89.88 97.22 107.15
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 22,279 23,258 23,598 24,283 27,166 28,701 30,231 34,051 32,484 35,848 39,499
Invested Capital Turnover		 2.17 2.22 2.44 2.57 2.50 2.49 2.51 2.46 2.52 2.42 2.36
Increase / (Decrease) in Invested Capital		 -851 -179 1,559 3,119 4,887 5,443 6,633 9,768 5,318 7,147 9,268
Enterprise Value (EV)		 77,568 87,131 82,617 86,410 96,340 126,278 127,653 154,549 143,841 169,936 161,036
Market Capitalization		 73,768 83,060 76,910 80,962 90,847 120,883 121,598 148,560 137,717 165,844 156,379
Book Value per Share		 $26.34 $28.00 $27.73 $28.90 $33.84 $37.28 $39.87 $46.40 $43.68 $49.42 $55.64
Tangible Book Value per Share		 $26.34 $28.00 $27.73 $28.90 $33.84 $37.28 $39.87 $46.40 $43.68 $49.42 $55.64
Total Capital		 22,279 23,258 23,598 24,283 27,166 28,701 30,231 34,051 32,484 35,848 39,499
Total Debt		 6,388 6,389 6,887 6,888 6,889 6,890 6,891 6,892 6,893 6,894 6,895
Total Long-Term Debt		 6,388 6,389 6,887 6,888 6,889 6,890 6,891 6,892 6,893 6,894 6,895
Net Debt		 3,306 3,577 5,213 4,954 4,999 5,395 6,056 5,988 6,124 4,092 4,657
Capital Expenditures (CapEx)		 28 39 66 30 70 47 26 38 98 46 63
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.79 -15
Net Nonoperating Obligations (NNO)		 6,388 6,389 6,887 6,888 6,889 6,890 6,891 6,892 6,893 6,894 6,895
Total Depreciation and Amortization (D&A)		 26 63 72 69 122 62 55 67 69 49 45
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.40 $0.75 $0.57 $1.90 $3.39 $3.95 $2.49 $3.98 $4.03 $4.38 $5.42
Adjusted Weighted Average Basic Shares Outstanding		 584.40M 584.90M 584.90M 584.80M 584.90M 585.40M 585.40M 585.60M 585.50M 586M 586.20M
Adjusted Diluted Earnings per Share		 $1.40 $0.75 $0.57 $1.89 $3.37 $3.94 $2.48 $3.97 $4.01 $4.37 $5.40
Adjusted Weighted Average Diluted Shares Outstanding		 587.10M 587M 587M 587.50M 587.50M 587.30M 587.40M 587.60M 587.70M 587.70M 587.80M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 585.34M 585.37M 585.33M 585.04M 585.68M 585.70M 585.67M 585.81M 586.21M 586.22M 586.21M
Normalized Net Operating Profit after Tax (NOPAT)		 827 448 345 1,121 1,988 2,331 1,459 2,333 2,357 2,566 3,160
Normalized NOPAT Margin		 6.17% 3.15% 2.26% 7.24% 11.82% 13.58% 8.07% 11.88% 11.66% 12.62% 14.41%
Pre Tax Income Margin		 7.65% 3.89% 2.85% 9.10% 14.88% 17.12% 10.30% 14.99% 14.69% 15.91% 18.15%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 16.12 8.76 6.63 20.23 36.13 42.24 26.73 42.13 42.46 46.23 57.71
NOPAT to Interest Expense		 13.00 7.08 5.26 16.09 28.69 33.50 20.96 33.38 33.71 36.66 45.79
EBIT Less CapEx to Interest Expense		 15.68 8.14 5.63 19.80 35.12 41.57 26.36 41.59 41.06 45.57 56.80
NOPAT Less CapEx to Interest Expense		 12.56 6.46 4.25 15.66 27.68 32.83 20.59 32.84 32.31 36.00 44.88
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 36.15% 30.49% 15.50% 9.75% 7.10% 12.30% 10.18% 8.53% 8.04% 32.94% 27.52%
Augmented Payout Ratio		 39.20% 33.56% 17.19% 11.48% 8.28% 13.16% 10.88% 8.91% 8.20% 32.94% 27.66%

Financials Breakdown Chart

Key Financial Trends

Progressive (NYSE: PGR) has demonstrated steady financial growth and operational stability over the last several years, with results from 2022 through Q2 2025 highlighting important trends and key financial metrics.

Income and Earnings:

  • Net income has increased consistently, from $820 million in Q4 2022 to $3.175 billion in Q2 2025, indicating improving profitability.
  • Diluted earnings per share rose from $1.40 in Q4 2022 to $5.40 in Q2 2025, reflecting strong earnings growth and effective share management.
  • Premiums earned have steadily increased from approximately $12.9 billion in Q4 2022 to $20.3 billion in Q2 2025, showing growth in the company's insurance revenue base.
  • Net interest expense remains stable around $69 million per quarter, indicating consistent debt servicing costs.
  • Net realized and unrealized capital gains on investments have fluctuated, with some quarters showing losses (e.g., -$127 million in Q2 2024), adding volatility to income.

Expenses:

  • Property & Liability insurance claims expenses have increased over time, from $9.8 billion in Q4 2022 to $13.6 billion in Q2 2025, which could pressure margins if not controlled.
  • Insurance policy acquisition costs have trended upwards, reaching $2.68 billion in Q2 2025 from $1.43 billion in Q4 2022, indicating increased costs related to acquiring business.
  • Other operating expenses and amortization expenses have grown but at a manageable pace consistent with growth in operations.

Cash Flow and Capital Allocation:

  • Net cash from operating activities has grown substantially from about $930 million in Q4 2022 to over $4 billion in Q2 2025, demonstrating robust cash generation ability.
  • Progressive has invested heavily in investment securities, with significant purchases (e.g., $8.5 billion in Q2 2025), impacting cash flow but potentially aiming to boost returns.
  • Dividend payments have risen over time and are a steady cash outflow, reaching approximately $59 million in Q2 2025; share repurchases also impact cash but at variable levels.

Balance Sheet Strength:

  • Total assets have increased steadily from $75.5 billion in Q4 2022 to $115.5 billion by Q2 2025, evidencing the company’s growth and expanded investment portfolio.
  • Common equity has grown from $15.4 billion in Q4 2022 to $32.6 billion in Q2 2025, reflecting strong retained earnings and capitalization.
  • Long-term debt has remained relatively stable around $6.4-$6.9 billion, showing controlled leverage.

Summary:

  • Progressive's earnings and revenue growth over the past few years suggest effective business execution and expansion.
  • Strong cash flow generation provides flexibility for investment and shareholder returns.
  • Rising insurance claims and acquisition costs could pressure profitability if not managed carefully.
  • Investment gains volatility and large investment securities purchases add variable elements to cash flow and income.
  • Solid balance sheet growth with increasing equity and stable debt indicates financial strength.

Overall, Progressive shows positive growth momentum with increasing profitability and solid financial positioning, though investors should monitor expense trends and investment volatility as potential risk factors.

09/19/25 12:55 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Progressive's Financials

When does Progressive's fiscal year end?

According to the most recent income statement we have on file, Progressive's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Progressive's net income changed over the last 10 years?

Progressive's net income appears to be on an upward trend, with a most recent value of $8.48 billion in 2024, rising from $1.28 billion in 2014. The previous period was $3.90 billion in 2023. View Progressive's forecast to see where analysts expect Progressive to go next.

How has Progressive's revenue changed over the last 10 years?

Over the last 10 years, Progressive's total revenue changed from $19.28 billion in 2014 to $75.09 billion in 2024, a change of 289.5%.

How much debt does Progressive have?

Progressive's total liabilities were at $80.15 billion at the end of 2024, a 17.2% increase from 2023, and a 325.0% increase since 2014.

How much cash does Progressive have?

In the past 10 years, Progressive's cash and equivalents has ranged from $0.00 in 2017 to $226.20 million in 2019, and is currently $143 million as of their latest financial filing in 2024.

How has Progressive's book value per share changed over the last 10 years?

Over the last 10 years, Progressive's book value per share changed from 11.76 in 2014 to 43.68 in 2024, a change of 271.5%.


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This page (NYSE:PGR) was last updated on 9/19/2025 by MarketBeat.com Staff
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