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.
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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% |
Key Financial Trends
Over the past four years, Progressive (NYSE: PGR) has demonstrated consistent financial growth and operational stability. Here are the key takeaways from the analysis of its quarterly financial statements from Q1 2022 through Q2 2025:
- Strong and Growing Net Income: Net income has increased steadily from $820 million in Q4 2022 to $3.18 billion in Q2 2025, showing strong profitability growth.
- Increasing Earnings per Share (EPS): Basic EPS rose from $1.40 in Q4 2022 to $5.42 in Q2 2025, reflecting higher profitability and effective share management.
- Consistent Premium Earnings Growth: Premiums earned grew from around $12.9 billion in Q4 2022 to over $20 billion in recent quarters, underpinning revenue expansion.
- Stable Dividend Payments: Progressive maintained a steady dividend payout, with cash dividends at $0.10 per share each quarter, supporting shareholder returns.
- Robust Operating Cash Flow: Net cash provided by operating activities increased from approximately $930 million in Q4 2022 to over $4 billion in Q2 2025, indicating strong cash generation capacity.
- Moderate Capital Expenditures: Capital expenditures for property, leasehold improvements, and equipment remained modest relative to cash flows, supporting operational needs without excessive cash drain.
- Strong Balance Sheet Growth: Total assets increased from approximately $75.5 billion in Q4 2022 to $115.5 billion in Q2 2025, reflecting business expansion and asset accumulation.
- Stable Debt Levels: Long-term debt has hovered around $6.3 to $6.9 billion, showing stable leverage but reaching a slight increase in recent quarters.
- Non-Cash Adjustments Volatility: Non-cash adjustments to reconcile net income fluctuate quarter-to-quarter, reflecting accounting and investment valuation effects requiring attention for cash flow quality assessment.
- Fluctuating Investment Activities: Net cash used in investing activities remains negative, with high purchases of investment securities partly offset by sales, indicating active but cash-consuming portfolio management.
Summary: Progressive's financials over the analyzed period show a robust improvement in profitability, earnings per share, and cash flow from operations, alongside sustained premium revenue growth. The company manages a growing asset base and stable capital structure while continuously returning dividends. However, active investment activities lead to negative investing cash flow, which investors should monitor. Overall, the trend indicates solid financial health and operational effectiveness suitable for value-seeking investors focused on insurance and financial services sectors.
08/29/25 08:22 PM ETAI Generated. May Contain Errors.