Progressive (PGR) Financials

$285.37 -2.87 (-1.00%)

As of 05/20/2025 03:58 PM Eastern

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

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

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	2,567	2,357	2,333	1,459	2,314	1,978	1,111	336	441	820	117
Consolidated Net Income / (Loss)	2,567	2,357	2,333	1,459	2,331	1,988	1,121	345	448	827	124
Net Income / (Loss) Continuing Operations	2,567	2,357	2,333	1,459	2,331	1,988	1,121	345	448	827	124
Total Pre-Tax Income	3,236	2,968	2,945	1,860	2,940	2,504	1,410	436	554	1,025	143
Total Revenue	20,339	20,206	19,649	18,065	17,173	16,822	15,491	15,288	14,240	13,407	12,717
Net Interest Income / (Expense)	-70	-70	-70	-70	-70	-69	-70	-66	-63	-64	-63
Total Interest Income	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Interest Expense	70	70	70	70	70	69	70	66	63	64	63
Long-Term Debt Interest Expense	70	70	70	70	70	69	70	66	63	64	63
Total Non-Interest Income	20,409	20,276	19,719	18,134	17,243	16,892	15,561	15,354	14,303	13,470	12,780
Service Charges on Deposit Accounts	111	105	117	106	84	75	81	81	73	70	83
Other Service Charges	287	290	278	260	237	232	224	227	206	190	181
Net Realized & Unrealized Capital Gains on Investments	-212	-53	287	-126	156	297	-147	129	74	-79	-214
Premiums Earned	19,409	19,144	18,297	17,210	16,149	15,773	14,894	14,464	13,533	12,891	12,399
Other Non-Interest Income	814	790	740	685	618	515	508	452	417	398	331
Total Non-Interest Expense	17,103	17,238	16,704	16,204	14,233	14,319	14,081	14,852	13,686	12,381	12,575
Property & Liability Insurance Claims	12,804	12,983	12,510	12,595	10,972	11,473	11,388	12,170	10,624	9,825	10,019
Insurance Policy Acquisition Costs	2,719	2,681	2,670	2,180	1,931	1,532	1,421	1,432	1,858	1,425	1,496
Other Operating Expenses	124	122	134	122	98	92	99	97	88	82	89
Amortization Expense	1,456	1,453	1,390	1,308	1,232	1,222	1,173	1,154	1,116	1,049	971
Nonoperating Income / (Expense), net	1.00	-	-	-	-	-	-	-	-	-	-
Income Tax Expense	669	611	611	402	609	515	289	90	107	198	18
Preferred Stock Dividends Declared	0.00	-	0.00	0.00	17	11	10	9.50	7.30	6.90	6.70
Basic Earnings per Share	$4.38	$4.03	$3.98	$2.49	$3.95	$3.39	$1.90	$0.57	$0.75	$1.40	$0.20
Weighted Average Basic Shares Outstanding	586M	585.50M	585.60M	585.40M	585.40M	584.90M	584.80M	584.90M	584.90M	584.40M	584.50M
Diluted Earnings per Share	$4.37	$4.01	$3.97	$2.48	$3.94	$3.37	$1.89	$0.57	$0.75	$1.40	$0.20
Weighted Average Diluted Shares Outstanding	587.70M	587.70M	587.60M	587.40M	587.30M	587.50M	587.50M	587M	587M	587.10M	587.10M
Weighted Average Basic & Diluted Shares Outstanding	586.22M	586.21M	585.81M	585.67M	585.70M	585.68M	585.04M	585.33M	585.37M	585.34M	585.07M
Cash Dividends to Common per Share	$0.10	-	$0.10	$0.10	$0.10	-	$0.10	$0.10	$0.10	-	$0.10

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

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	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	53	6.60	45	-66	68	-39	-41	-109	68	-144	125
Net Cash From Operating Activities	5,143	3,007	4,611	3,266	4,235	2,437	3,420	2,337	2,450	930	2,027
Net Cash From Continuing Operating Activities	5,143	3,007	4,611	3,266	4,235	2,437	3,420	2,337	2,450	930	2,027
Net Income / (Loss) Continuing Operations	2,567	2,357	2,333	1,459	2,331	1,988	1,121	345	448	827	124
Consolidated Net Income / (Loss)	2,567	2,357	2,333	1,459	2,331	1,988	1,121	345	448	827	124
Depreciation Expense	70	76	71	68	70	73	71	73	68	79	78
Amortization Expense	-21	-6.50	-3.40	-13	-7.50	49	-2.10	-0.50	-5.00	-52	-22
Non-Cash Adjustments to Reconcile Net Income	231	104	-251	159	-141	-256	209	-109	-39	120	246
Changes in Operating Assets and Liabilities, net	2,296	478	2,461	1,593	1,982	583	2,020	2,029	1,978	-43	1,602
Net Cash From Investing Activities	-2,341	-2,941	-4,421	-3,263	-3,124	-2,346	-3,352	-2,867	-2,277	-995	-1,782
Net Cash From Continuing Investing Activities	-2,341	-2,941	-4,421	-3,263	-3,124	-2,346	-3,352	-2,867	-2,277	-995	-1,782
Purchase of Property, Leasehold Improvements and Equipment	-59	-110	-57	-68	-50	-82	-36	-90	-43	-47	-108
Purchase of Investment Securities	-19,374	-11,853	-11,398	-10,637	-12,841	-6,860	-6,869	-5,202	-5,777	-6,470	-3,977
Sale of Property, Leasehold Improvements and Equipment	13	13	19	42	3.50	12	6.20	25	4.30	19	4.40
Sale and/or Maturity of Investments	16,907	9,353	6,621	7,342	9,702	4,797	3,628	2,175	3,481	5,613	2,225
Other Investing Activities, net	172	-343	394	58	62	-213	-81	225	57	-109	75
Net Cash From Financing Activities	-2,749	-59	-144	-70	-1,043	-130	-109	421	-105	-79	-121
Net Cash From Continuing Financing Activities	-2,749	-59	-144	-70	-1,043	-130	-109	421	-105	-79	-121
Repurchase of Preferred Equity	0.00	-	-	-	-500	-	-	-	0.00	-	-
Payment of Dividends	-2,695	-59	-59	-59	-506	-68	-69	-68	-72	-59	-72
Other Financing Activities, Net	-54	-0.30	-83	-	-	-43	-19	-	-	-0.80	-47

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	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	105,745	88,691	75,465	71,132	64,098	54,911	46,575	275	33,428	29,819
Cash and Due from Banks	143	85	204	187	77	226	75	-	212	224
Restricted Cash	11	15	17	15	0.00	1.20	-	275	15	0.30
Time Deposits Placed and Other Short-Term Investments	615	1,790	2,862	-	-	-	-	-	-	-
Trading Account Securities	79,635	64,209	50,687	50,572	42,312	34,149	31,772	-	19,910	18,765
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
Accrued Investment Income	594	438	283	182	176	181	191	-	104	102
Premises and Equipment, Net	790	881	1,034	1,137	1,106	1,214	1,132	-	1,177	1,037
Unearned Premiums Asset	19,483	17,302	16,545	14,838	12,548	11,513	6,807	-	4,680	4,187
Deferred Acquisition Cost	1,961	1,687	1,544	1,356	1,237	1,057	952	-	651	564
Other Assets	1,559	2,284	2,290	2,277	6,019	5,889	4,900	-	5,797	3,997
Total Liabilities & Shareholders' Equity	105,745	88,691	75,465	71,132	64,098	54,911	46,575	14,873	33,428	29,819
Total Liabilities	80,154	68,414	59,574	52,901	47,060	41,012	35,539	13,087	24,987	22,065
Other Short-Term Payables	10,346	7,002	5,533	6,069	7,650	-	5,047	-	-	-
Long-Term Debt	6,893	6,889	6,388	4,899	5,396	4,407	4,405	-	3,148	2,708
Claims and Claim Expense	39,057	34,389	30,359	26,164	20,266	18,105	15,401	13,087	11,368	10,039
Unearned Premiums Liability	23,858	20,134	17,294	15,616	13,438	12,389	10,687	-	7,468	6,622
Total Equity & Noncontrolling Interests	25,591	20,277	15,891	18,232	17,039	13,673	10,822	1,282	7,957	7,289
Total Preferred & Common Equity	25,591	20,277	15,891	18,232	17,039	13,673	10,822	9,285	7,957	7,289
Preferred Stock	0.00	494	494	494	494	494	494	-	-	-
Total Common Equity	25,591	19,797	15,412	17,753	16,560	13,179	10,328	1,282	7,957	7,289
Common Stock	2,731	2,598	2,478	2,357	2,258	2,158	2,062	-	1,883	1,802
Retained Earnings	24,283	18,801	15,721	15,340	13,355	10,680	8,387	-	5,140	4,687
Accumulated Other Comprehensive Income / (Loss)	-1,423	-1,602	-2,788	56	947	342	-121	1,282	933	800

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	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Total Assets	111,409	105,745	105,203	97,893	94,128	88,691	85,653	82,945	80,407	75,465	75,524
Cash and Due from Banks	195	143	136	90	155	85	124	164	274	204	351
Restricted Cash	12	11	11	12	13	15	15	16	15	17	14
Time Deposits Placed and Other Short-Term Investments	2,595	615	757	733	1,327	1,790	1,795	1,494	2,524	2,862	4,238
Trading Account Securities	81,069	79,635	78,643	71,622	67,711	64,209	60,075	57,771	54,162	50,687	48,093
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	584	594	560	564	464	438	378	354	300	283	217
Premises and Equipment, Net	854	790	689	714	756	881	920	989	949	1,034	1,067
Unearned Premiums Asset	21,566	19,483	20,241	19,717	19,406	17,302	17,974	18,033	18,297	16,545	17,542
Deferred Acquisition Cost	2,068	1,961	2,032	1,938	1,818	1,687	1,732	1,686	1,627	1,544	1,585
Other Assets	2,466	1,559	2,134	2,503	2,478	2,284	2,640	2,438	2,260	2,290	2,097
Total Liabilities & Shareholders' Equity	111,409	105,745	105,203	97,893	94,128	88,691	85,653	82,945	80,407	75,465	75,524
Total Liabilities	82,455	80,154	78,043	74,553	72,317	68,414	68,257	66,234	63,539	59,574	60,748
Other Short-Term Payables	9,127	10,346	8,317	7,376	7,689	7,002	7,031	6,524	6,279	5,533	5,932
Long-Term Debt	6,894	6,893	6,892	6,891	6,890	6,889	6,888	6,887	6,389	6,388	6,387
Claims and Claim Expense	39,822	39,057	38,062	36,605	34,831	34,389	33,577	32,753	31,026	30,359	30,632
Unearned Premiums Liability	26,612	23,858	24,773	23,680	22,907	20,134	20,762	20,070	19,844	17,294	17,797
Total Equity & Noncontrolling Interests	28,954	25,591	27,159	23,340	21,811	20,277	17,395	16,711	16,868	15,891	14,776
Total Preferred & Common Equity	28,954	25,591	27,159	23,340	21,811	20,277	17,395	16,711	16,868	15,891	14,776
Total Common Equity	28,968	25,591	27,173	23,354	21,825	19,797	16,916	16,232	16,389	15,412	14,297
Common Stock	2,746	2,731	2,682	2,646	2,614	2,598	2,563	2,521	2,493	2,478	2,425
Retained Earnings	26,732	24,283	24,632	22,410	21,021	18,801	17,381	16,350	16,080	15,721	14,988
Accumulated Other Comprehensive Income / (Loss)	-510	-1,423	-141	-1,702	-1,810	-1,602	-3,028	-2,640	-2,184	-2,788	-3,115

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

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

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

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	18.44%	20.12%	26.84%	18.16%	20.60%	25.48%	21.81%	33.45%	20.81%	7.77%	7.73%
EBITDA Growth	9.39%	15.69%	103.59%	277.24%	386.25%	149.65%	646.47%	192.38%	22.77%	-20.78%	-24.70%
EBIT Growth	10.07%	18.54%	108.82%	326.99%	430.29%	144.22%	889.61%	168.52%	42.08%	-14.84%	2.52%
NOPAT Growth	10.09%	18.51%	108.10%	322.32%	420.52%	140.46%	803.55%	177.60%	42.69%	-14.07%	4.73%
Net Income Growth	10.12%	18.51%	108.10%	322.32%	420.52%	140.46%	803.55%	163.62%	42.69%	-14.07%	4.73%
EPS Growth	10.91%	18.99%	110.05%	335.09%	425.33%	140.71%	845.00%	160.64%	44.23%	-13.58%	5.26%
Operating Cash Flow Growth	21.44%	23.40%	34.83%	39.74%	72.91%	162.10%	68.67%	68.18%	-2.11%	105.66%	-14.50%
Free Cash Flow Firm Growth	-47.18%	-2.18%	-272.11%	-326.52%	-596.32%	-272.72%	-182.67%	-176.36%	467.93%	529.41%	1,569.06%
Invested Capital Growth	24.90%	19.58%	40.23%	28.11%	23.40%	21.93%	14.74%	7.07%	-0.76%	-3.68%	-9.77%
Revenue Q/Q Growth	0.66%	2.84%	8.77%	5.19%	2.09%	8.60%	1.33%	7.36%	6.21%	5.42%	11.01%
EBITDA Q/Q Growth	8.16%	0.83%	57.24%	-36.19%	14.60%	77.45%	191.35%	-17.75%	-42.94%	430.58%	136.06%
EBIT Q/Q Growth	9.03%	0.78%	58.29%	-36.72%	17.86%	77.54%	223.66%	-21.41%	-45.93%	619.44%	122.41%
NOPAT Q/Q Growth	8.90%	0.99%	59.96%	-37.43%	17.29%	77.33%	224.64%	-22.88%	-45.80%	566.32%	127.88%
Net Income Q/Q Growth	8.93%	0.99%	59.96%	-37.43%	17.29%	77.33%	224.64%	-22.88%	-45.80%	566.32%	122.86%
EPS Q/Q Growth	8.98%	1.01%	60.08%	-37.06%	16.91%	78.31%	231.58%	-24.00%	-46.43%	600.00%	121.28%
Operating Cash Flow Q/Q Growth	71.02%	-34.77%	41.18%	-22.89%	73.77%	-28.73%	46.32%	-4.59%	163.50%	-54.14%	45.89%
Free Cash Flow Firm Q/Q Growth	-54.68%	60.17%	-43.68%	-66.28%	-7.36%	-45.06%	-64.69%	-293.49%	-62.62%	-30.57%	52.12%
Invested Capital Q/Q Growth	10.36%	-4.60%	12.64%	5.33%	5.65%	11.87%	2.90%	1.46%	4.39%	5.27%	-3.97%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	16.15%	15.03%	15.33%	10.60%	17.48%	15.61%	9.55%	3.32%	4.34%	7.84%	1.56%
EBIT Margin	15.91%	14.69%	14.99%	10.30%	17.12%	14.88%	9.10%	2.85%	3.89%	7.65%	1.12%
Profit (Net Income) Margin	12.62%	11.66%	11.88%	8.07%	13.58%	11.82%	7.24%	2.26%	3.15%	6.17%	0.98%
Tax Burden Percent	79.33%	79.40%	79.24%	78.41%	79.30%	79.42%	79.51%	79.27%	80.79%	80.66%	87.09%
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	20.67%	20.60%	20.76%	21.59%	20.70%	20.58%	20.49%	20.73%	19.21%	19.34%	12.91%
Return on Invested Capital (ROIC)	30.59%	29.36%	29.20%	20.27%	33.85%	29.57%	18.61%	5.51%	6.98%	13.41%	2.12%
ROIC Less NNEP Spread (ROIC-NNEP)	30.61%	29.36%	29.20%	20.27%	33.85%	29.57%	18.61%	5.51%	6.98%	13.41%	2.12%
Return on Net Nonoperating Assets (RNNOA)	8.31%	8.82%	9.03%	6.97%	11.62%	10.85%	7.68%	2.26%	2.63%	4.44%	0.72%
Return on Equity (ROE)	38.90%	38.19%	38.23%	27.24%	45.47%	40.42%	26.29%	7.77%	9.61%	17.85%	2.83%
Cash Return on Invested Capital (CROIC)	4.86%	10.60%	-5.68%	0.99%	1.32%	-3.98%	-1.66%	0.81%	4.43%	6.93%	14.12%
Operating Return on Assets (OROA)	12.12%	11.35%	11.26%	7.69%	12.71%	11.21%	6.60%	2.03%	2.61%	5.15%	0.73%
Return on Assets (ROA)	9.61%	9.01%	8.92%	6.03%	10.08%	8.91%	5.25%	1.61%	2.11%	4.15%	0.64%
Return on Common Equity (ROCE)	38.93%	37.79%	37.83%	26.92%	44.92%	39.35%	25.51%	7.54%	9.33%	17.35%	2.75%
Return on Equity Simple (ROE_SIMPLE)	30.10%	0.00%	29.87%	29.56%	26.53%	0.00%	15.76%	10.43%	5.07%	0.00%	5.80%
Net Operating Profit after Tax (NOPAT)	2,566	2,357	2,333	1,459	2,331	1,988	1,121	345	448	827	124
NOPAT Margin	12.62%	11.66%	11.88%	8.07%	13.58%	11.82%	7.24%	2.26%	3.15%	6.17%	0.98%
Net Nonoperating Expense Percent (NNEP)	-0.01%	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	84.09%	85.31%	85.01%	89.70%	82.88%	85.12%	90.90%	97.15%	96.11%	92.35%	98.88%
Earnings before Interest and Taxes (EBIT)	3,236	2,968	2,945	1,860	2,940	2,504	1,410	436	554	1,025	143
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	3,285	3,037	3,012	1,916	3,002	2,625	1,480	508	617	1,052	198
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.73	5.38	5.47	5.21	5.54	4.59	4.79	4.74	5.07	4.79	4.71
Price to Tangible Book Value (P/TBV)	5.73	5.38	5.47	5.21	5.54	4.59	4.79	4.74	5.07	4.79	4.82
Price to Revenue (P/Rev)	2.12	1.83	2.07	1.80	1.87	1.47	1.39	1.38	1.60	1.49	1.39
Price to Earnings (P/E)	19.03	16.27	18.38	17.72	21.06	23.51	29.91	44.89	100.31	106.14	81.05
Dividend Yield	1.77%	0.49%	0.45%	0.51%	0.51%	0.26%	0.29%	0.30%	0.28%	1.51%	1.65%
Earnings Yield	5.26%	6.15%	5.44%	5.64%	4.75%	4.25%	3.34%	2.23%	1.00%	0.94%	1.23%
Enterprise Value to Invested Capital (EV/IC)	4.74	4.43	4.54	4.22	4.40	3.55	3.56	3.50	3.75	3.48	3.29
Enterprise Value to Revenue (EV/Rev)	2.17	1.92	2.16	1.89	1.95	1.56	1.48	1.48	1.68	1.57	1.44
Enterprise Value to EBITDA (EV/EBITDA)	15.11	13.12	14.63	14.14	16.57	18.42	23.44	34.35	64.64	64.48	47.06
Enterprise Value to EBIT (EV/EBIT)	15.44	13.43	15.09	14.66	17.35	19.65	25.22	38.29	80.21	84.13	63.23
Enterprise Value to NOPAT (EV/NOPAT)	19.50	16.96	19.05	18.50	21.83	24.68	31.53	47.38	101.85	107.43	81.17
Enterprise Value to Operating Cash Flow (EV/OCF)	10.60	9.51	10.62	9.56	10.16	9.05	9.46	10.67	12.82	11.33	10.92
Enterprise Value to Free Cash Flow (EV/FCFF)	108.31	45.49	0.00	480.08	368.59	0.00	0.00	446.10	84.22	49.31	22.09
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.24	0.27	0.25	0.30	0.32	0.34	0.40	0.41	0.38	0.40	0.43
Long-Term Debt to Equity	0.24	0.27	0.25	0.30	0.32	0.34	0.40	0.41	0.38	0.40	0.43
Financial Leverage	0.27	0.30	0.31	0.34	0.34	0.37	0.41	0.41	0.38	0.33	0.34
Leverage Ratio	4.05	4.24	4.28	4.52	4.51	4.54	5.01	4.82	4.55	4.30	4.44
Compound Leverage Factor	4.05	4.24	4.28	4.52	4.51	4.54	5.01	4.82	4.55	4.30	4.44
Debt to Total Capital	19.23%	21.22%	20.24%	22.79%	24.01%	25.36%	28.36%	29.18%	27.47%	28.67%	30.18%
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	19.23%	21.22%	20.24%	22.79%	24.01%	25.36%	28.36%	29.18%	27.47%	28.67%	30.18%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	1.82%	2.03%	2.09%	2.12%	2.22%	2.33%
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	80.81%	78.78%	79.80%	77.25%	76.04%	72.87%	69.66%	68.78%	70.47%	69.17%	67.55%
Debt to EBITDA	0.61	0.63	0.65	0.76	0.90	1.32	1.87	2.86	4.74	5.31	4.32
Net Debt to EBITDA	0.36	0.56	0.57	0.67	0.71	0.96	1.34	2.17	2.65	2.75	1.21
Long-Term Debt to EBITDA	0.61	0.63	0.65	0.76	0.90	1.32	1.87	2.86	4.74	5.31	4.32
Debt to NOPAT	0.79	0.81	0.85	1.00	1.19	1.77	2.51	3.95	7.47	8.85	7.45
Net Debt to NOPAT	0.47	0.72	0.74	0.88	0.93	1.28	1.81	2.99	4.18	4.58	2.08
Long-Term Debt to NOPAT	0.79	0.81	0.85	1.00	1.19	1.77	2.51	3.95	7.47	8.85	7.45
Noncontrolling Interest Sharing Ratio	-0.06%	1.05%	1.05%	1.16%	1.20%	2.65%	2.98%	2.96%	2.87%	2.81%	2.87%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-4,581	-2,962	-7,435	-5,175	-3,112	-2,898	-1,998	-1,213	627	1,678	2,417
Operating Cash Flow to CapEx	11,180.43%	3,078.10%	12,132.89%	12,757.03%	9,069.38%	3,476.46%	11,360.47%	3,546.28%	6,296.92%	3,320.71%	1,951.20%
Free Cash Flow to Firm to Interest Expense	-65.44	-42.37	-106.36	-74.35	-44.71	-41.82	-28.67	-18.47	9.91	26.38	38.30
Operating Cash Flow to Interest Expense	73.47	43.02	65.96	46.92	60.85	35.17	49.06	35.57	38.70	14.62	32.13
Operating Cash Flow Less CapEx to Interest Expense	72.81	41.63	65.41	46.55	60.18	34.15	48.63	34.57	38.08	14.18	30.48
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.76	0.77	0.75	0.75	0.74	0.75	0.73	0.71	0.67	0.67	0.65
Fixed Asset Turnover	97.22	89.88	89.16	79.35	75.97	64.59	58.81	52.66	50.47	45.47	43.45
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	35,848	32,484	34,051	30,231	28,701	27,166	24,283	23,598	23,258	22,279	21,164
Invested Capital Turnover	2.42	2.52	2.46	2.51	2.49	2.50	2.57	2.44	2.22	2.17	2.17
Increase / (Decrease) in Invested Capital	7,147	5,318	9,768	6,633	5,443	4,887	3,119	1,559	-179	-851	-2,293
Enterprise Value (EV)	169,936	143,841	154,549	127,653	126,278	96,340	86,410	82,617	87,131	77,568	69,594
Market Capitalization	165,844	137,717	148,560	121,598	120,883	90,847	80,962	76,910	83,060	73,768	67,316
Book Value per Share	$49.42	$43.68	$46.40	$39.87	$37.28	$33.84	$28.90	$27.73	$28.00	$26.34	$24.44
Tangible Book Value per Share	$49.42	$43.68	$46.40	$39.87	$37.28	$33.84	$28.90	$27.73	$28.00	$26.34	$23.90
Total Capital	35,848	32,484	34,051	30,231	28,701	27,166	24,283	23,598	23,258	22,279	21,164
Total Debt	6,894	6,893	6,892	6,891	6,890	6,889	6,888	6,887	6,389	6,388	6,387
Total Long-Term Debt	6,894	6,893	6,892	6,891	6,890	6,889	6,888	6,887	6,389	6,388	6,387
Net Debt	4,092	6,124	5,988	6,056	5,395	4,999	4,954	5,213	3,577	3,306	1,785
Capital Expenditures (CapEx)	46	98	38	26	47	70	30	66	39	28	104
Net Nonoperating Expense (NNE)	-0.79	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	6,894	6,893	6,892	6,891	6,890	6,889	6,888	6,887	6,389	6,388	6,387
Total Depreciation and Amortization (D&A)	49	69	67	55	62	122	69	72	63	26	56
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$4.38	$4.03	$3.98	$2.49	$3.95	$3.39	$1.90	$0.57	$0.75	$1.40	$0.20
Adjusted Weighted Average Basic Shares Outstanding	586M	585.50M	585.60M	585.40M	585.40M	584.90M	584.80M	584.90M	584.90M	584.40M	584.50M
Adjusted Diluted Earnings per Share	$4.37	$4.01	$3.97	$2.48	$3.94	$3.37	$1.89	$0.57	$0.75	$1.40	$0.20
Adjusted Weighted Average Diluted Shares Outstanding	587.70M	587.70M	587.60M	587.40M	587.30M	587.50M	587.50M	587M	587M	587.10M	587.10M
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	586.22M	586.21M	585.81M	585.67M	585.70M	585.68M	585.04M	585.33M	585.37M	585.34M	585.07M
Normalized Net Operating Profit after Tax (NOPAT)	2,566	2,357	2,333	1,459	2,331	1,988	1,121	345	448	827	124
Normalized NOPAT Margin	12.62%	11.66%	11.88%	8.07%	13.58%	11.82%	7.24%	2.26%	3.15%	6.17%	0.98%
Pre Tax Income Margin	15.91%	14.69%	14.99%	10.30%	17.12%	14.88%	9.10%	2.85%	3.89%	7.65%	1.12%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	46.23	42.46	42.13	26.73	42.24	36.13	20.23	6.63	8.76	16.12	2.26
NOPAT to Interest Expense	36.66	33.71	33.38	20.96	33.50	28.69	16.09	5.26	7.08	13.00	1.97
EBIT Less CapEx to Interest Expense	45.57	41.06	41.59	26.36	41.57	35.12	19.80	5.63	8.14	15.68	0.61
NOPAT Less CapEx to Interest Expense	36.00	32.31	32.84	20.59	32.83	27.68	15.66	4.25	6.46	12.56	0.32
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	32.94%	8.04%	8.53%	10.18%	12.30%	7.10%	9.75%	15.50%	30.49%	36.15%	132.65%
Augmented Payout Ratio	32.94%	8.20%	8.91%	10.88%	13.16%	8.28%	11.48%	17.19%	33.56%	39.20%	139.40%

Frequently Asked Questions About Progressive's Financials

When does Progressive's financial year end?

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

How has Progressive's net income changed over the last 9 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 $1.30 billion in 2015. The previous period was $3.90 billion in 2023. Find out what analysts predict for Progressive in the coming months.

How has Progressive revenue changed over the last 9 years?

Over the last 9 years, Progressive's total revenue changed from $20.72 billion in 2015 to $75.09 billion in 2024, a change of 262.5%.

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 263.3% increase since 2015.

How much cash does Progressive have?

In the past 9 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 9 years?

Over the last 9 years, Progressive's book value per share changed from 12.47 in 2015 to 43.68 in 2024, a change of 250.3%.

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This page (NYSE:PGR) was last updated on 5/21/2025 by MarketBeat.com Staff

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Progressive (PGR) Financials

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