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Progressive (PGR) Financials

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$195.75 +3.08 (+1.60%)
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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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 1,268 1,031 1,592 2,594 3,943 5,678 3,324 695 3,865 8,463 11,308
Consolidated Net Income / (Loss)		 1,301 1,057 1,598 2,621 3,980 5,705 3,351 722 3,903 8,480 11,308
Net Income / (Loss) Continuing Operations		 1,301 1,057 1,598 2,621 3,980 5,922 3,351 722 3,903 8,480 11,308
Total Pre-Tax Income 		1,912 1,471 2,139 3,164 5,160 7,173 4,210 922 4,904 10,713 14,223
Total Revenue		 20,718 23,299 26,686 31,813 38,833 42,658 47,483 49,367 61,841 75,093 87,393
Net Interest Income / (Expense)		 -136 -141 -153 -167 -190 -217 -219 -244 -268 -279 -278
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		 136 141 153 167 190 217 219 244 268 279 278
Long-Term Debt Interest Expense		 136 141 153 167 190 217 219 244 268 279 278
Total Non-Interest Income		 20,854 23,440 26,839 31,979 39,022 42,658 47,702 49,611 62,109 75,372 87,671
Service Charges on Deposit Accounts		 86 103 127 159 195 226 271 300 310 413 504
Other Service Charges		 302 333 371 472 564 604 692 722 889 1,064 1,196
Net Realized & Unrealized Capital Gains on Investments		 112 51 49 -406 1,029 1,630 1,514 -1,912 353 264 727
Premiums Earned		 19,899 22,474 25,730 30,933 36,192 39,262 44,369 49,241 58,665 70,799 81,661
Other Non-Interest Income		 455 479 563 821 1,042 937 856 1,260 1,892 2,832 3,583
Total Non-Interest Expense		 18,806 21,830 24,547 28,649 33,672 35,268 43,273 48,445 56,946 64,380 73,170
Property & Liability Insurance Claims		 14,342 16,880 18,808 21,721 25,471 25,122 33,628 38,123 45,655 49,060 53,959
Insurance Policy Acquisition Costs		 2,712 2,972 3,481 4,196 4,975 5,570 5,655 5,859 6,242 9,462 11,329
Other Operating Expenses		 100 114 133 158 204 1,303 278 321 384 475 1,786
Amortization Expense		 1,652 1,864 2,125 2,574 3,023 3,273 3,713 3,917 4,665 5,383 6,096
Income Tax Expense		 611 414 541 543 1,180 1,469 859 200 1,001 2,233 2,915
Preferred Stock Dividends Declared		 - 0.00 0.00 21 27 27 27 27 38 17 0.00
Basic Earnings per Share		 $2.16 $1.77 $2.74 $4.45 $6.75 $9.71 $5.69 $1.19 $6.61 $14.45 $19.29
Weighted Average Basic Shares Outstanding		 585.50M 581.70M 580.80M 582.40M 583.80M 584.90M 584.50M 584.40M 584.90M 585.50M 586.30M
Diluted Earnings per Share		 $2.15 $1.76 $2.72 $4.42 $6.72 $9.66 $5.66 $1.18 $6.58 $14.40 $19.23
Weighted Average Diluted Shares Outstanding		 589.20M 585M 585.70M 586.70M 587.20M 587.60M 587.10M 587.10M 587.50M 587.70M 588.10M
Weighted Average Basic & Diluted Shares Outstanding		 586.90M 582.50M 581.10M 582.90M 585.25M 585.75M 584.85M 585.34M 585.68M 586.21M 585.91M
Cash Dividends to Common per Share		 - $0.68 $1.12 $2.51 $2.65 $4.90 $1.90 $0.40 $1.15 $4.90 $13.90

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 1,111 1,978 2,314 1,459 2,334 2,357 2,567 3,175 2,615 2,951 2,818
Consolidated Net Income / (Loss)		 1,121 1,988 2,331 1,459 2,334 2,357 2,567 3,175 2,615 2,951 2,818
Net Income / (Loss) Continuing Operations		 1,121 1,988 2,331 1,459 2,334 2,357 2,567 3,175 2,615 2,951 2,818
Total Pre-Tax Income 		1,410 2,504 2,940 1,860 2,946 2,968 3,236 3,982 3,323 3,682 3,566
Total Revenue		 15,491 16,822 17,173 18,065 19,649 20,206 20,339 21,935 22,442 22,677 22,118
Net Interest Income / (Expense)		 -70 -69 -70 -69 -70 -70 -70 -69 -70 -69 -70
Total Interest Income		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Interest Expense		 70 69 70 69 70 70 70 69 70 69 70
Long-Term Debt Interest Expense		 70 69 70 69 70 70 70 69 70 69 70
Total Non-Interest Income		 15,561 16,892 17,243 18,134 19,719 20,276 20,409 22,004 22,512 22,746 22,188
Service Charges on Deposit Accounts		 81 75 84 107 117 105 111 133 138 122 126
Other Service Charges		 224 232 236 260 278 290 287 303 306 300 297
Net Realized & Unrealized Capital Gains on Investments		 -147 297 156 -127 288 -53 -212 387 295 257 -120
Premiums Earned		 14,894 15,773 16,149 17,209 18,297 19,144 19,409 20,310 20,849 21,093 20,968
Other Non-Interest Income		 508 515 618 685 739 790 814 871 924 974 917
Total Non-Interest Expense		 14,081 14,319 14,233 16,205 16,703 17,238 17,103 17,953 19,119 18,995 18,552
Property & Liability Insurance Claims		 11,388 11,473 10,972 12,595 12,510 12,983 12,804 13,605 13,445 14,105 13,827
Insurance Policy Acquisition Costs		 1,421 1,532 1,931 2,180 2,670 2,681 2,719 2,689 3,015 2,906 3,048
Other Operating Expenses		 99 92 98 122 133 122 124 148 1,104 410 139
Amortization Expense		 1,173 1,222 1,232 1,308 1,390 1,453 1,456 1,511 1,555 1,574 1,538
Income Tax Expense		 289 515 609 401 612 611 669 807 708 731 748
Basic Earnings per Share		 $1.90 $3.39 $3.95 $2.49 $3.98 $4.03 $4.38 $5.42 $4.46 $5.03 $4.81
Weighted Average Basic Shares Outstanding		 584.80M 584.90M 585.40M 585.40M 585.60M 585.50M 586M 586.20M 586.50M 586.30M 585.60M
Diluted Earnings per Share		 $1.89 $3.37 $3.94 $2.48 $3.97 $4.01 $4.37 $5.40 $4.45 $5.01 $4.80
Weighted Average Diluted Shares Outstanding		 587.50M 587.50M 587.30M 587.40M 587.60M 587.70M 587.70M 587.80M 588.20M 588.10M 586.90M
Weighted Average Basic & Diluted Shares Outstanding		 585.04M 585.68M 585.70M 585.67M 585.81M 586.21M 586.22M 586.21M 586.40M 585.91M 584.34M
Cash Dividends to Common per Share		 $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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Net Change in Cash & Equivalents		 116 2.00 49 -200 152 -151 126 19 -121 54 -16
Net Cash From Operating Activities		 2,293 2,733 3,757 6,285 6,262 6,906 7,762 6,849 10,643 15,119 17,548
Net Cash From Continuing Operating Activities		 2,293 2,733 3,757 6,285 6,262 6,906 7,762 6,849 10,643 15,119 17,548
Net Income / (Loss) Continuing Operations		 1,301 1,057 1,598 2,621 3,980 5,705 3,351 722 3,903 8,480 11,308
Consolidated Net Income / (Loss)		 1,301 1,057 1,598 2,621 3,980 5,705 3,351 722 3,903 8,480 11,308
Depreciation Expense		 104 137 170 190 240 275 280 306 285 284 313
Amortization Expense		 145 139 152 106 100 158 188 -25 41 -30 -124
Non-Cash Adjustments to Reconcile Net Income		 -44 44 54 694 -928 -1,528 -1,412 2,259 -196 -129 -579
Changes in Operating Assets and Liabilities, net		 787 1,355 1,782 2,673 2,870 2,296 5,355 3,587 6,610 6,514 6,630
Net Cash From Investing Activities		 -1,924 -2,481 -3,407 -7,035 -4,338 -6,118 -3,120 -7,956 -10,842 -13,749 -14,527
Net Cash From Continuing Investing Activities		 -1,924 -2,481 -3,407 -7,035 -4,338 -6,118 -3,120 -7,956 -10,842 -13,749 -14,527
Purchase of Property, Leasehold Improvements and Equipment		 -131 -215 -156 -266 -364 -224 -244 -292 -252 -285 -348
Purchase of Investment Securities		 -10,690 -13,410 -14,862 -21,692 -29,114 -36,382 -29,660 -28,536 -24,707 -46,729 -59,094
Sale of Property, Leasehold Improvements and Equipment		 11 6.20 15 9.40 53 22 66 35 47 77 80
Sale and/or Maturity of Investments		 8,907 11,087 11,629 14,902 25,080 30,382 26,670 21,015 14,081 33,017 44,760
Other Investing Activities, net		 -21 51 -34 12 6.00 84 48 -178 -11 171 75
Net Cash From Financing Activities		 -253 -250 -301 550 -1,771 -939 -4,516 1,126 78 -1,316 -3,037
Net Cash From Continuing Financing Activities		 -253 -250 -301 550 -1,771 -939 -4,516 1,126 78 -1,316 -3,037
Issuance of Debt		 382 496 841 1,134 0.00 986 0.00 1,486 496 0.00 0.00
Repurchase of Preferred Equity		 - - - - - - - 0.00 0.00 -500 0.00
Repurchase of Common Equity		 -209 -193 -63 -79 -91 -112 -156 -22 -46 -13 -74
Payment of Dividends		 -404 -519 -395 -668 -1,670 -1,578 -3,773 -261 -277 -682 -2,871
Other Financing Activities, Net		 17 9.20 0.50 -294 -9.60 -236 -67 -77 -95 -121 -92

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -41 -39 68 -66 45 6.60 53 -72 50 -47 41
Net Cash From Operating Activities		 3,420 2,437 4,235 3,266 4,611 3,007 5,143 4,040 5,195 3,170 4,367
Net Cash From Continuing Operating Activities		 3,420 2,437 4,235 3,266 4,611 3,007 5,143 4,040 5,195 3,170 4,367
Net Income / (Loss) Continuing Operations		 1,121 1,988 2,331 1,459 2,333 2,357 2,567 3,175 2,615 2,951 2,818
Consolidated Net Income / (Loss)		 1,121 1,988 2,331 1,459 2,333 2,357 2,567 3,175 2,615 2,951 2,818
Depreciation Expense		 71 73 70 68 71 76 70 79 81 83 75
Amortization Expense		 -2.10 49 -7.00 -13 -3.40 -6.50 -21 -34 -26 -43 -47
Non-Cash Adjustments to Reconcile Net Income		 209 -256 -141 159 -251 104 231 -357 -252 -201 139
Changes in Operating Assets and Liabilities, net		 2,020 583 1,982 1,593 2,461 478 2,296 1,177 2,777 380 1,382
Net Cash From Investing Activities		 -3,352 -2,346 -3,124 -3,263 -4,421 -2,941 -2,341 -4,040 -5,047 -3,099 2,637
Net Cash From Continuing Investing Activities		 -3,352 -2,346 -3,124 -3,263 -4,421 -2,941 -2,341 -4,040 -5,047 -3,099 2,637
Purchase of Property, Leasehold Improvements and Equipment		 -36 -82 -50 -68 -57 -110 -59 -102 -66 -121 -63
Purchase of Investment Securities		 -6,869 -6,860 -12,841 -10,637 -11,398 -11,853 -19,374 -8,496 -8,010 -23,214 -11,429
Sale of Property, Leasehold Improvements and Equipment		 6.20 12 3.00 42 19 13 13 39 18 10 14
Sale and/or Maturity of Investments		 3,628 4,797 9,702 7,342 6,621 9,353 16,907 4,513 2,791 20,549 13,872
Other Investing Activities, net		 -81 -213 62 58 394 -343 172 6.00 220 -323 243
Net Cash From Financing Activities		 -109 -130 -1,043 -70 -144 -59 -2,749 -72 -98 -118 -6,963
Net Cash From Continuing Financing Activities		 -109 -130 -1,043 -70 -144 -59 -2,749 -72 -98 -118 -6,963
Issuance of Debt		 - -0.30 - - - - 0.00 - - - 1,487
Repurchase of Common Equity		 -20 -19 -37 27 -3.00 0.10 0.00 - -3.00 -59 -435
Payment of Dividends		 -69 -68 -506 -59 -59 -59 -2,695 -59 -58 -59 -7,972
Other Financing Activities, Net		 -19 -43 - - -83 -0.30 -54 -1.00 -37 - -43

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Total Assets		 29,819 33,428 275 46,575 54,911 64,098 71,132 75,465 88,691 105,745 123,039
Cash and Due from Banks		 224 212 - 75 226 77 187 204 85 143 125
Restricted Cash		 0.30 15 275 - 1.20 0.00 15 17 15 11 13
Time Deposits Placed and Other Short-Term Investments		 - - - - - - - 2,862 1,790 615 10,005
Trading Account Securities		 18,765 19,910 - 31,772 34,149 42,312 50,572 50,687 64,209 79,635 87,368
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		 102 104 - 191 181 176 182 283 438 594 670
Premises and Equipment, Net		 1,037 1,177 - 1,132 1,214 1,106 1,137 1,034 881 790 783
Unearned Premiums Asset		 4,187 4,680 - 6,807 11,513 12,548 14,838 16,545 17,302 19,483 19,642
Deferred Acquisition Cost		 564 651 - 952 1,057 1,237 1,356 1,544 1,687 1,961 2,044
Other Assets		 3,997 5,797 - 4,900 5,889 6,019 2,277 2,290 2,284 2,513 2,389
Total Liabilities & Shareholders' Equity		 29,819 33,428 14,873 46,575 54,911 64,098 71,132 75,465 88,691 105,745 123,039
Total Liabilities		 22,065 24,987 13,087 35,539 41,012 47,060 52,901 59,574 68,414 80,154 92,716
Other Short-Term Payables		 - - - 5,047 - 7,650 6,069 5,533 7,002 7,651 9,318
Long-Term Debt		 2,708 3,148 - 4,405 4,407 5,396 4,899 6,388 6,889 6,893 6,897
Claims and Claim Expense		 10,039 11,368 13,087 15,401 18,105 20,266 26,164 30,359 34,389 39,057 43,310
Unearned Premiums Liability		 6,622 7,468 - 10,687 12,389 13,438 15,616 17,294 20,134 23,858 25,219
Other Long-Term Liabilities		 2,696 3,002 - 0.00 6,110 310 153 - - 2,695 7,972
Total Equity & Noncontrolling Interests		 7,289 7,957 1,282 10,822 13,673 17,039 18,232 15,891 20,277 25,591 30,323
Total Preferred & Common Equity		 7,289 7,957 9,285 10,822 13,673 17,039 18,232 15,891 20,277 25,591 30,323
Total Common Equity		 7,289 7,957 1,282 10,328 13,179 16,560 17,753 15,412 19,797 25,605 30,336
Common Stock		 1,802 1,883 - 2,062 2,158 2,258 2,357 2,478 2,598 2,731 2,893
Retained Earnings		 4,687 5,140 - 8,387 10,680 13,355 15,340 15,721 18,801 24,283 27,327
Accumulated Other Comprehensive Income / (Loss)		 800 933 1,282 -121 342 947 56 -2,788 -1,602 -1,409 116

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 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 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 9/30/2025 3/31/2026
Total Assets		 82,945 85,653 88,691 94,128 97,893 105,203 105,745 111,409 115,480 121,535 122,209
Cash and Due from Banks		 164 124 85 155 90 136 143 195 125 173 162
Restricted Cash		 16 15 15 13 12 11 11 12 10 12 17
Time Deposits Placed and Other Short-Term Investments		 1,494 1,795 1,790 1,327 733 757 615 2,595 2,103 1,515 2,126
Trading Account Securities		 57,771 60,075 64,209 67,711 71,623 78,643 79,635 81,069 86,507 92,994 92,005
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		 354 378 438 464 564 560 594 584 636 691 685
Premises and Equipment, Net		 989 920 881 756 713 689 790 854 820 790 792
Unearned Premiums Asset		 18,033 17,974 17,302 19,406 19,717 20,240 19,483 21,566 20,866 20,841 21,815
Deferred Acquisition Cost		 1,686 1,732 1,687 1,818 1,938 2,032 1,961 2,068 2,110 2,164 2,131
Other Assets		 2,438 2,640 2,284 2,478 2,503 2,135 1,559 2,466 2,303 2,355 2,476
Total Liabilities & Shareholders' Equity		 82,945 85,653 88,691 94,128 97,893 105,203 105,745 111,409 115,480 121,535 122,209
Total Liabilities		 66,234 68,257 68,414 72,317 74,553 78,044 80,154 82,455 82,876 86,090 90,170
Other Short-Term Payables		 6,524 7,031 7,002 7,689 7,376 8,318 10,346 9,068 8,492 10,267 9,456
Long-Term Debt		 6,887 6,888 6,889 6,890 6,891 6,892 6,893 6,894 6,895 6,896 8,386
Claims and Claim Expense		 32,753 33,577 34,389 34,831 36,605 38,062 39,057 39,822 41,154 42,105 44,377
Unearned Premiums Liability		 20,070 20,762 20,134 22,907 23,681 24,772 23,858 26,612 26,335 26,822 27,893
Other Long-Term Liabilities		 - - - - - - - 59 - - 58
Total Equity & Noncontrolling Interests		 16,711 17,395 20,277 21,811 23,340 27,159 25,591 28,954 32,604 35,445 32,039
Total Preferred & Common Equity		 16,711 17,395 20,277 21,811 23,340 27,159 25,591 28,954 32,604 35,445 32,039
Total Common Equity		 16,232 16,916 19,797 21,825 23,354 27,173 25,591 28,968 32,617 35,458 32,052
Common Stock		 2,521 2,563 2,598 2,615 2,646 2,682 2,731 2,746 2,778 2,819 2,898
Retained Earnings		 16,350 17,381 18,801 21,020 22,410 24,632 24,283 26,732 29,921 32,437 29,612
Accumulated Other Comprehensive Income / (Loss)		 -2,640 -3,028 -1,602 -1,810 -1,702 -141 -1,423 -510 -82 202 -458

Annual Metrics And Ratios for Progressive

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

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
DEI Shares Outstanding		 - - - - - - - - - - 586,397,236.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 586,397,236.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 19.28
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 7.46% 12.46% 14.54% 19.21% 22.07% 9.85% 11.31% 3.97% 25.27% 21.43% 16.38%
EBITDA Growth		 4.13% -19.19% 40.98% 40.59% 58.94% 42.24% -40.21% -74.28% 334.75% 109.69% 31.41%
EBIT Growth		 0.64% -23.15% 45.59% 47.91% 63.11% 43.21% -43.03% -78.10% 431.89% 118.45% 32.76%
NOPAT Growth		 1.52% -18.71% 51.16% 64.01% 51.85% 43.33% -41.26% -78.45% 440.58% 117.27% 33.35%
Net Income Growth		 1.52% -18.71% 51.16% 64.01% 51.85% 43.33% -41.26% -78.45% 440.58% 117.27% 33.35%
EPS Growth		 0.00% -18.14% 54.55% 62.50% 52.04% 43.75% -41.41% -79.15% 457.63% 118.85% 33.54%
Operating Cash Flow Growth		 32.88% 19.18% 37.48% 67.29% -0.37% 10.28% 12.40% -11.76% 55.39% 42.06% 16.07%
Free Cash Flow Firm Growth		 -100.41% -1.75% 37,454.45% -198.59% 104.35% 41.29% 68.50% -40.75% -162.53% 421.44% 107.84%
Invested Capital Growth		 15.05% 10.77% -210.55% 220.53% 18.55% 22.55% 3.10% -3.68% 21.93% 19.58% 14.58%
Revenue Q/Q Growth		 1.05% 3.21% 3.86% 3.49% 8.23% 1.11% 1.85% 2.00% 5.85% 4.72% 2.91%
EBITDA Q/Q Growth		 0.09% 1.75% 6.80% -6.84% 32.95% 7.70% -19.21% -18.65% 41.86% 3.85% 4.99%
EBIT Q/Q Growth		 -1.26% 1.52% 7.83% -7.30% 34.92% 7.97% -21.00% -16.24% 43.16% 4.62% 5.29%
NOPAT Q/Q Growth		 -1.54% 4.78% 12.87% -10.90% 25.74% 11.97% -17.73% -15.79% 42.39% 4.55% 5.55%
Net Income Q/Q Growth		 -1.54% 4.78% 12.87% -10.90% 25.74% 11.97% -17.73% -15.79% 42.39% 4.55% 5.55%
EPS Q/Q Growth		 -2.71% 5.39% 13.81% -10.89% 25.61% 12.20% -17.97% -15.71% 42.73% 4.65% 5.49%
Operating Cash Flow Q/Q Growth		 2.89% 13.47% 2.09% 9.58% 0.72% 6.46% -12.37% 7.50% 16.50% 3.92% 0.93%
Free Cash Flow Firm Q/Q Growth		 65.59% 25.08% 69,788.98% -24,464.83% 219.94% 331.73% -35.23% -50.06% -160.03% 290.84% 171.23%
Invested Capital Q/Q Growth		 -1.48% -1.13% -197.80% -3.11% -2.38% -4.46% -1.39% 5.27% 11.87% -4.60% -12.09%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 10.43% 7.49% 9.22% 10.88% 14.16% 18.34% 9.85% 2.44% 8.46% 14.60% 16.49%
EBIT Margin		 9.23% 6.31% 8.02% 9.94% 13.29% 17.32% 8.87% 1.87% 7.93% 14.27% 16.27%
Profit (Net Income) Margin		 6.28% 4.54% 5.99% 8.24% 10.25% 13.37% 7.06% 1.46% 6.31% 11.29% 12.94%
Tax Burden Percent		 68.03% 71.88% 74.72% 82.85% 77.13% 79.53% 79.59% 78.31% 79.59% 79.16% 79.51%
Interest Burden Percent		 100.00% 100.11% 100.00% 100.00% 100.00% 97.06% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 31.97% 28.12% 25.28% 17.15% 22.87% 20.47% 20.41% 21.69% 20.41% 20.84% 20.50%
Return on Invested Capital (ROIC)		 13.30% 9.59% 0.00% 199.35% 23.59% 28.00% 14.71% 3.18% 15.79% 28.43% 32.45%
ROIC Less NNEP Spread (ROIC-NNEP)		 13.30% 9.59% 0.00% 199.35% 23.59% 28.00% 14.71% 3.18% 15.79% 28.43% 32.45%
Return on Net Nonoperating Assets (RNNOA)		 4.41% 3.47% 0.00% -158.46% 8.34% 8.87% 4.29% 1.05% 5.80% 8.54% 8.00%
Return on Equity (ROE)		 17.71% 13.06% 31.25% 40.88% 31.92% 36.88% 19.00% 4.23% 21.58% 36.98% 40.45%
Cash Return on Invested Capital (CROIC)		 -0.70% -0.63% 0.00% -166.00% 6.61% 7.74% 11.65% 6.93% -3.98% 10.60% 18.86%
Operating Return on Assets (OROA)		 6.88% 4.65% 12.69% 13.51% 10.17% 12.42% 6.23% 1.26% 5.97% 11.02% 12.43%
Return on Assets (ROA)		 4.68% 3.34% 9.48% 11.19% 7.84% 9.59% 4.96% 0.99% 4.76% 8.72% 9.89%
Return on Common Equity (ROCE)		 17.15% 12.29% 28.24% 37.02% 30.09% 35.45% 18.49% 4.11% 21.01% 36.59% 40.47%
Return on Equity Simple (ROE_SIMPLE)		 17.84% 13.29% 17.21% 24.22% 29.11% 33.48% 18.38% 4.54% 19.25% 33.14% 37.29%
Net Operating Profit after Tax (NOPAT)		 1,301 1,057 1,598 2,621 3,980 5,705 3,351 722 3,903 8,480 11,308
NOPAT Margin		 6.28% 4.54% 5.99% 8.24% 10.25% 13.37% 7.06% 1.46% 6.31% 11.29% 12.94%
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		 90.77% 93.69% 91.98% 90.06% 86.71% 82.68% 91.13% 98.13% 92.07% 85.73% 83.73%
Earnings before Interest and Taxes (EBIT)		 1,912 1,469 2,139 3,164 5,160 7,390 4,210 922 4,904 10,713 14,223
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 2,161 1,746 2,461 3,460 5,500 7,823 4,678 1,203 5,230 10,967 14,412
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.04 2.13 21.43 2.92 2.87 3.23 3.34 4.79 4.59 5.38 4.14
Price to Tangible Book Value (P/TBV)		 2.34 2.40 21.43 3.14 3.02 3.36 3.45 4.79 4.59 5.38 4.14
Price to Revenue (P/Rev)		 0.72 0.73 1.03 0.95 0.97 1.26 1.25 1.49 1.47 1.83 1.44
Price to Earnings (P/E)		 11.73 16.47 17.25 11.62 9.59 9.43 17.84 106.14 23.51 16.27 11.10
Dividend Yield		 2.70% 3.04% 1.44% 2.18% 4.35% 0.44% 1.87% 1.51% 0.26% 0.49% 2.29%
Earnings Yield		 8.52% 6.07% 5.80% 8.61% 10.43% 10.60% 5.60% 0.94% 4.25% 6.15% 9.01%
Enterprise Value to Invested Capital (EV/IC)		 1.70 1.76 0.00 2.28 2.33 2.65 2.79 3.48 3.55 4.43 3.29
Enterprise Value to Revenue (EV/Rev)		 0.86 0.87 1.04 1.11 1.10 1.39 1.36 1.57 1.56 1.92 1.40
Enterprise Value to EBITDA (EV/EBITDA)		 8.25 11.67 11.25 10.16 7.76 7.59 13.79 64.48 18.42 13.12 8.49
Enterprise Value to EBIT (EV/EBIT)		 9.32 13.87 12.95 11.12 8.27 8.04 15.32 84.13 19.65 13.43 8.60
Enterprise Value to NOPAT (EV/NOPAT)		 13.70 19.28 17.33 13.42 10.73 10.41 19.25 107.43 24.68 16.96 10.82
Enterprise Value to Operating Cash Flow (EV/OCF)		 7.77 7.46 7.37 5.60 6.82 8.60 8.31 11.33 9.05 9.51 6.97
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 1.07 0.00 38.28 37.68 24.29 49.31 0.00 45.49 18.61
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.35 0.37 0.00 0.40 0.32 0.32 0.27 0.40 0.34 0.27 0.23
Long-Term Debt to Equity		 0.35 0.37 0.00 0.40 0.32 0.32 0.27 0.40 0.34 0.27 0.23
Financial Leverage		 0.33 0.36 -1.12 -0.79 0.35 0.32 0.29 0.33 0.37 0.30 0.25
Leverage Ratio		 3.79 3.91 3.30 3.65 4.07 3.85 3.83 4.30 4.54 4.24 4.09
Compound Leverage Factor		 3.79 3.91 3.30 3.65 4.07 3.73 3.83 4.30 4.54 4.24 4.09
Debt to Total Capital		 25.88% 27.17% 0.00% 28.53% 24.07% 24.05% 21.18% 28.67% 25.36% 21.22% 18.53%
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		 25.88% 27.17% 0.00% 28.53% 24.07% 24.05% 21.18% 28.67% 25.36% 21.22% 18.53%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 3.20% 2.70% 2.20% 2.14% 2.22% 1.82% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 4.44% 4.17% 28.20% 1.39% 1.23% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 69.67% 68.66% 71.80% 66.89% 71.99% 73.82% 76.75% 69.17% 72.87% 78.78% 81.50%
Debt to EBITDA		 1.25 1.80 0.00 1.27 0.80 0.69 1.05 5.31 1.32 0.63 0.48
Net Debt to EBITDA		 1.15 1.67 0.00 1.25 0.76 0.68 1.00 2.75 0.96 0.56 -0.23
Long-Term Debt to EBITDA		 1.25 1.80 0.00 1.27 0.80 0.69 1.05 5.31 1.32 0.63 0.48
Debt to NOPAT		 2.08 2.98 0.00 1.68 1.11 0.95 1.46 8.85 1.77 0.81 0.61
Net Debt to NOPAT		 1.91 2.76 0.00 1.65 1.05 0.93 1.40 4.58 1.28 0.72 -0.29
Long-Term Debt to NOPAT		 2.08 2.98 0.00 1.68 1.11 0.95 1.46 8.85 1.77 0.81 0.61
Noncontrolling Interest Sharing Ratio		 3.17% 5.86% 9.66% 9.45% 5.73% 3.87% 2.71% 2.81% 2.65% 1.05% -0.05%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -68 -70 25,999 -25,632 1,115 1,576 2,655 1,573 -984 3,162 6,572
Operating Cash Flow to CapEx		 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% 6,547.76%
Free Cash Flow to Firm to Interest Expense		 -0.50 -0.49 169.82 -153.94 5.88 7.26 12.15 6.45 -3.67 11.33 23.64
Operating Cash Flow to Interest Expense		 16.86 19.39 24.54 37.75 33.01 31.82 35.51 28.07 39.71 54.19 63.12
Operating Cash Flow Less CapEx to Interest Expense		 15.98 17.91 23.62 36.21 31.37 30.89 34.70 27.02 38.95 53.44 62.16
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.75 0.74 1.58 1.36 0.77 0.72 0.70 0.67 0.75 0.77 0.76
Fixed Asset Turnover		 20.74 21.04 0.00 0.00 33.11 36.78 42.33 45.47 64.59 89.88 111.12
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 10,462 11,589 -12,812 15,441 18,306 22,435 23,130 22,279 27,166 32,484 37,220
Invested Capital Turnover		 2.12 2.11 -43.65 24.20 2.30 2.09 2.08 2.17 2.50 2.52 2.51
Increase / (Decrease) in Invested Capital		 1,369 1,127 -24,401 28,253 2,865 4,129 696 -851 4,887 5,318 4,736
Enterprise Value (EV)		 17,819 20,382 27,700 35,169 42,699 59,380 64,506 77,568 96,340 143,841 122,317
Market Capitalization		 14,870 16,976 27,472 30,130 37,800 53,567 59,316 73,768 90,847 137,717 125,563
Book Value per Share		 $12.47 $13.70 $2.20 $17.71 $22.54 $28.28 $30.34 $26.34 $33.84 $43.68 $51.73
Tangible Book Value per Share		 $10.86 $12.18 $2.20 $16.43 $21.38 $27.21 $29.37 $26.34 $33.84 $43.68 $51.73
Total Capital		 10,462 11,589 1,786 15,441 18,306 22,435 23,130 22,279 27,166 32,484 37,220
Total Debt		 2,708 3,148 0.00 4,405 4,407 5,396 4,899 6,388 6,889 6,893 6,897
Total Long-Term Debt		 2,708 3,148 0.00 4,405 4,407 5,396 4,899 6,388 6,889 6,893 6,897
Net Debt		 2,484 2,922 -275 4,330 4,180 5,320 4,697 3,306 4,999 6,124 -3,246
Capital Expenditures (CapEx)		 120 209 140 257 310 202 177 257 205 208 268
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)		 2,708 3,148 -14,598 4,405 4,407 5,396 4,899 6,388 6,889 6,893 6,897
Total Depreciation and Amortization (D&A)		 249 277 322 297 339 433 468 281 326 254 189
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $2.16 $1.77 $2.74 $4.45 $6.75 $9.71 $5.69 $1.19 $6.61 $14.45 $19.29
Adjusted Weighted Average Basic Shares Outstanding		 585.50M 581.70M 580.80M 582.40M 583.80M 584.90M 584.50M 584.40M 584.90M 585.50M 586.30M
Adjusted Diluted Earnings per Share		 $2.15 $1.76 $2.72 $4.42 $6.72 $9.66 $5.66 $1.18 $6.58 $14.40 $19.23
Adjusted Weighted Average Diluted Shares Outstanding		 589.20M 585M 585.70M 586.70M 587.20M 587.60M 587.10M 587.10M 587.50M 587.70M 588.10M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $6.75 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 584.33M 580.80M 582.28M 583.90M 585.25M 585.75M 584.85M 585.34M 585.68M 586.21M 585.91M
Normalized Net Operating Profit after Tax (NOPAT)		 1,301 1,057 1,598 2,621 3,980 5,705 3,351 898 3,903 8,480 11,308
Normalized NOPAT Margin		 6.28% 4.54% 5.99% 8.24% 10.25% 13.37% 7.06% 1.82% 6.31% 11.29% 12.94%
Pre Tax Income Margin		 9.23% 6.31% 8.02% 9.94% 13.29% 16.82% 8.87% 1.87% 7.93% 14.27% 16.27%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 14.06 10.43 13.97 19.00 27.20 34.06 19.26 3.78 18.30 38.40 51.16
NOPAT to Interest Expense		 9.56 7.50 10.44 15.74 20.98 26.29 15.33 2.96 14.56 30.39 40.68
EBIT Less CapEx to Interest Expense		 13.17 8.94 13.05 17.46 25.57 33.13 18.45 2.73 17.53 37.65 50.20
NOPAT Less CapEx to Interest Expense		 8.68 6.02 9.52 14.20 19.35 25.36 14.52 1.91 13.80 29.65 39.71
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 31.03% 49.09% 24.74% 25.50% 41.96% 27.66% 112.61% 36.15% 7.10% 8.04% 25.39%
Augmented Payout Ratio		 47.07% 67.30% 28.65% 28.52% 44.25% 29.61% 117.26% 39.20% 8.28% 8.20% 26.04%

Quarterly Metrics And Ratios for Progressive

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - 586,397,236.00 585,906,353.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 586,397,236.00 585,906,353.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 5.03 4.81
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 21.81% 25.48% 20.60% 18.16% 26.84% 20.12% 18.44% 21.42% 14.21% 12.23% 8.75%
EBITDA Growth		 646.47% 149.65% 386.25% 277.24% 103.59% 15.69% 9.39% 110.29% 12.15% 22.56% 9.41%
EBIT Growth		 889.61% 144.22% 430.29% 326.99% 108.82% 18.54% 10.07% 114.09% 12.80% 24.10% 10.20%
NOPAT Growth		 803.55% 140.46% 420.52% 322.32% 108.10% 18.51% 10.09% 116.58% 11.63% 25.25% 9.81%
Net Income Growth		 803.55% 140.46% 420.52% 322.32% 108.10% 18.51% 10.12% 117.61% 12.04% 25.25% 9.78%
EPS Growth		 845.00% 140.71% 425.33% 335.09% 110.05% 18.99% 10.91% 117.74% 12.09% 24.94% 9.84%
Operating Cash Flow Growth		 68.67% 162.10% 72.91% 39.74% 34.83% 23.40% 21.44% 23.66% 12.71% 5.39% -15.09%
Free Cash Flow Firm Growth		 -182.67% -272.72% -596.32% -326.52% -272.11% -2.18% -47.18% -18.05% 23.54% 39.74% 61.60%
Invested Capital Growth		 14.74% 21.93% 23.40% 28.11% 40.23% 19.58% 24.90% 30.66% 24.35% 14.58% 12.77%
Revenue Q/Q Growth		 1.33% 8.60% 2.09% 5.19% 8.77% 2.84% 0.66% 7.85% 2.31% 1.05% -2.47%
EBITDA Q/Q Growth		 191.35% 77.45% 14.60% -36.19% 57.24% 0.83% 8.16% 22.59% -16.12% 10.18% -3.44%
EBIT Q/Q Growth		 223.66% 77.54% 17.86% -36.72% 58.29% 0.78% 9.03% 23.05% -16.55% 10.80% -3.15%
NOPAT Q/Q Growth		 224.64% 77.33% 17.29% -37.43% 59.96% 0.99% 8.90% 23.13% -17.54% 13.26% -4.51%
Net Income Q/Q Growth		 224.64% 77.33% 17.29% -37.43% 59.96% 0.99% 8.93% 23.69% -17.64% 12.85% -4.51%
EPS Q/Q Growth		 231.58% 78.31% 16.91% -37.06% 60.08% 1.01% 8.98% 23.57% -17.59% 12.58% -4.19%
Operating Cash Flow Q/Q Growth		 46.32% -28.73% 73.77% -22.89% 41.18% -34.77% 71.02% -21.45% 28.59% -38.98% 37.76%
Free Cash Flow Firm Q/Q Growth		 -64.69% -45.06% -7.36% -66.28% -43.68% 60.17% -54.68% -33.34% 6.94% 68.60% 1.46%
Invested Capital Q/Q Growth		 2.90% 11.87% 5.65% 5.33% 12.64% -4.60% 10.36% 10.18% 7.20% -12.09% 8.61%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 9.55% 15.61% 17.48% 10.60% 15.33% 15.03% 16.15% 18.36% 15.05% 16.41% 16.25%
EBIT Margin		 9.10% 14.88% 17.12% 10.30% 14.99% 14.69% 15.91% 18.15% 14.81% 16.24% 16.12%
Profit (Net Income) Margin		 7.24% 11.82% 13.58% 8.07% 11.88% 11.66% 12.62% 14.47% 11.65% 13.01% 12.74%
Tax Burden Percent		 79.51% 79.42% 79.30% 78.41% 79.24% 79.40% 79.33% 79.73% 78.69% 80.15% 79.02%
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		 20.49% 20.58% 20.70% 21.59% 20.76% 20.60% 20.67% 20.27% 21.31% 19.85% 20.98%
Return on Invested Capital (ROIC)		 18.61% 29.57% 33.85% 20.27% 29.20% 29.36% 30.59% 33.93% 25.81% 32.63% 29.79%
ROIC Less NNEP Spread (ROIC-NNEP)		 18.61% 29.57% 33.85% 20.27% 29.20% 29.36% 30.61% 34.15% 25.95% 32.63% 29.79%
Return on Net Nonoperating Assets (RNNOA)		 7.68% 10.85% 11.62% 6.97% 9.03% 8.82% 8.31% 8.42% 5.72% 8.05% 7.46%
Return on Equity (ROE)		 26.29% 40.42% 45.47% 27.24% 38.23% 38.19% 38.90% 42.35% 31.53% 40.68% 37.25%
Cash Return on Invested Capital (CROIC)		 -1.66% -3.98% 1.32% 0.99% -5.68% 10.60% 4.86% 3.34% 6.34% 18.86% 18.31%
Operating Return on Assets (OROA)		 6.60% 11.21% 12.71% 7.69% 11.26% 11.35% 12.12% 13.98% 11.09% 12.40% 12.31%
Return on Assets (ROA)		 5.25% 8.91% 10.08% 6.03% 8.92% 9.01% 9.61% 11.14% 8.73% 9.94% 9.73%
Return on Common Equity (ROCE)		 25.51% 39.35% 44.92% 26.92% 37.83% 37.79% 38.93% 42.37% 31.54% 40.70% 37.27%
Return on Equity Simple (ROE_SIMPLE)		 15.76% 0.00% 26.53% 29.56% 29.87% 0.00% 30.10% 32.00% 30.22% 0.00% 36.08%
Net Operating Profit after Tax (NOPAT)		 1,121 1,988 2,331 1,459 2,333 2,357 2,566 3,160 2,606 2,951 2,818
NOPAT Margin		 7.24% 11.82% 13.58% 8.07% 11.88% 11.66% 12.62% 14.41% 11.61% 13.01% 12.74%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -0.01% -0.22% -0.14% 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		 90.90% 85.12% 82.88% 89.70% 85.01% 85.31% 84.09% 81.85% 85.19% 83.76% 83.88%
Earnings before Interest and Taxes (EBIT)		 1,410 2,504 2,940 1,860 2,945 2,968 3,236 3,982 3,323 3,682 3,566
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1,480 2,625 3,002 1,916 3,012 3,037 3,285 4,027 3,378 3,722 3,594
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 4.79 4.59 5.54 5.21 5.47 5.38 5.73 4.79 4.08 4.14 3.62
Price to Tangible Book Value (P/TBV)		 4.79 4.59 5.54 5.21 5.47 5.38 5.73 4.79 4.08 4.14 3.62
Price to Revenue (P/Rev)		 1.39 1.47 1.87 1.80 2.07 1.83 2.12 1.90 1.70 1.44 1.30
Price to Earnings (P/E)		 29.91 23.51 21.06 17.72 18.38 16.27 19.03 14.99 13.51 11.10 10.04
Dividend Yield		 0.29% 0.26% 0.51% 0.51% 0.45% 0.49% 1.77% 1.84% 1.99% 2.29% 9.34%
Earnings Yield		 3.34% 4.25% 4.75% 5.64% 5.44% 6.15% 5.26% 6.67% 7.40% 9.01% 9.96%
Enterprise Value to Invested Capital (EV/IC)		 3.56 3.55 4.40 4.22 4.54 4.43 4.74 4.08 3.54 3.29 3.02
Enterprise Value to Revenue (EV/Rev)		 1.48 1.56 1.95 1.89 2.16 1.92 2.17 1.96 1.77 1.40 1.37
Enterprise Value to EBITDA (EV/EBITDA)		 23.44 18.42 16.57 14.14 14.63 13.12 15.11 12.05 10.92 8.49 8.30
Enterprise Value to EBIT (EV/EBIT)		 25.22 19.65 17.35 14.66 15.09 13.43 15.44 12.26 11.10 8.60 8.39
Enterprise Value to NOPAT (EV/NOPAT)		 31.53 24.68 21.83 18.50 19.05 16.96 19.50 15.44 13.99 10.82 10.57
Enterprise Value to Operating Cash Flow (EV/OCF)		 9.46 9.05 10.16 9.56 10.62 9.51 10.60 9.59 8.62 6.97 7.28
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 368.59 480.08 0.00 45.49 108.31 138.35 61.87 18.61 17.50
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.40 0.34 0.32 0.30 0.25 0.27 0.24 0.21 0.19 0.23 0.26
Long-Term Debt to Equity		 0.40 0.34 0.32 0.30 0.25 0.27 0.24 0.21 0.19 0.23 0.26
Financial Leverage		 0.41 0.37 0.34 0.34 0.31 0.30 0.27 0.25 0.22 0.25 0.25
Leverage Ratio		 5.01 4.54 4.51 4.52 4.28 4.24 4.05 3.81 3.62 4.09 3.83
Compound Leverage Factor		 5.01 4.54 4.51 4.52 4.28 4.24 4.05 3.81 3.62 4.09 3.83
Debt to Total Capital		 28.36% 25.36% 24.01% 22.79% 20.24% 21.22% 19.23% 17.46% 16.29% 18.53% 20.74%
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		 28.36% 25.36% 24.01% 22.79% 20.24% 21.22% 19.23% 17.46% 16.29% 18.53% 20.74%
Preferred Equity to Total Capital		 2.03% 1.82% 0.00% 0.00% 0.00% 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		 69.66% 72.87% 76.04% 77.25% 79.80% 78.78% 80.81% 82.58% 83.74% 81.50% 79.29%
Debt to EBITDA		 1.87 1.32 0.90 0.76 0.65 0.63 0.61 0.52 0.50 0.48 0.57
Net Debt to EBITDA		 1.34 0.96 0.71 0.67 0.57 0.56 0.36 0.35 0.38 -0.23 0.41
Long-Term Debt to EBITDA		 1.87 1.32 0.90 0.76 0.65 0.63 0.61 0.52 0.50 0.48 0.57
Debt to NOPAT		 2.51 1.77 1.19 1.00 0.85 0.81 0.79 0.66 0.64 0.61 0.73
Net Debt to NOPAT		 1.81 1.28 0.93 0.88 0.74 0.72 0.47 0.45 0.49 -0.29 0.53
Long-Term Debt to NOPAT		 2.51 1.77 1.19 1.00 0.85 0.81 0.79 0.66 0.64 0.61 0.73
Noncontrolling Interest Sharing Ratio		 2.98% 2.65% 1.20% 1.16% 1.05% 1.05% -0.06% -0.05% -0.04% -0.05% -0.04%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -1,998 -2,898 -3,112 -5,175 -7,435 -2,962 -4,581 -6,108 -5,684 -1,785 -1,759
Operating Cash Flow to CapEx		 11,360.47% 3,476.46% 9,069.38% 12,757.03% 12,132.89% 3,078.10% 11,180.43% 6,412.70% 10,822.92% 2,855.86% 8,912.24%
Free Cash Flow to Firm to Interest Expense		 -28.67 -41.82 -44.71 -74.35 -106.36 -42.37 -65.44 -88.52 -81.21 -25.87 -25.13
Operating Cash Flow to Interest Expense		 49.06 35.17 60.85 46.92 65.96 43.02 73.47 58.55 74.21 45.94 62.39
Operating Cash Flow Less CapEx to Interest Expense		 48.63 34.15 60.18 46.55 65.41 41.63 72.81 57.64 73.53 44.33 61.69
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.73 0.75 0.74 0.75 0.75 0.77 0.76 0.77 0.75 0.76 0.76
Fixed Asset Turnover		 58.81 64.59 75.97 79.35 89.16 89.88 97.22 107.15 114.84 111.12 108.35
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 24,283 27,166 28,701 30,231 34,051 32,484 35,848 39,499 42,341 37,220 40,425
Invested Capital Turnover		 2.57 2.50 2.49 2.51 2.46 2.52 2.42 2.36 2.22 2.51 2.34
Increase / (Decrease) in Invested Capital		 3,119 4,887 5,443 6,633 9,768 5,318 7,147 9,268 8,290 4,736 4,577
Enterprise Value (EV)		 86,410 96,340 126,278 127,653 154,549 143,841 169,936 161,036 149,901 122,317 122,171
Market Capitalization		 80,962 90,847 120,883 121,598 148,560 137,717 165,844 156,379 144,705 125,563 116,090
Book Value per Share		 $28.90 $33.84 $37.28 $39.87 $46.40 $43.68 $49.42 $55.64 $60.49 $51.73 $54.71
Tangible Book Value per Share		 $28.90 $33.84 $37.28 $39.87 $46.40 $43.68 $49.42 $55.64 $60.49 $51.73 $54.71
Total Capital		 24,283 27,166 28,701 30,231 34,051 32,484 35,848 39,499 42,341 37,220 40,425
Total Debt		 6,888 6,889 6,890 6,891 6,892 6,893 6,894 6,895 6,896 6,897 8,386
Total Long-Term Debt		 6,888 6,889 6,890 6,891 6,892 6,893 6,894 6,895 6,896 6,897 8,386
Net Debt		 4,954 4,999 5,395 6,056 5,988 6,124 4,092 4,657 5,196 -3,246 6,081
Capital Expenditures (CapEx)		 30 70 47 26 38 98 46 63 48 111 49
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00 0.00 0.00 0.00 -0.79 -15 -9.44 0.00 0.00
Net Nonoperating Obligations (NNO)		 6,888 6,889 6,890 6,891 6,892 6,893 6,894 6,895 6,896 6,897 8,386
Total Depreciation and Amortization (D&A)		 69 122 62 55 67 69 49 45 55 40 28
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.90 $3.39 $3.95 $2.49 $3.98 $4.03 $4.38 $5.42 $4.46 $5.03 $4.81
Adjusted Weighted Average Basic Shares Outstanding		 584.80M 584.90M 585.40M 585.40M 585.60M 585.50M 586M 586.20M 586.50M 586.30M 585.60M
Adjusted Diluted Earnings per Share		 $1.89 $3.37 $3.94 $2.48 $3.97 $4.01 $4.37 $5.40 $4.45 $5.01 $4.80
Adjusted Weighted Average Diluted Shares Outstanding		 587.50M 587.50M 587.30M 587.40M 587.60M 587.70M 587.70M 587.80M 588.20M 588.10M 586.90M
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		 585.04M 585.68M 585.70M 585.67M 585.81M 586.21M 586.22M 586.21M 586.40M 585.91M 584.34M
Normalized Net Operating Profit after Tax (NOPAT)		 1,121 1,988 2,331 1,459 2,333 2,357 2,566 3,160 2,606 2,951 2,818
Normalized NOPAT Margin		 7.24% 11.82% 13.58% 8.07% 11.88% 11.66% 12.62% 14.41% 11.61% 13.01% 12.74%
Pre Tax Income Margin		 9.10% 14.88% 17.12% 10.30% 14.99% 14.69% 15.91% 18.15% 14.81% 16.24% 16.12%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 20.23 36.13 42.24 26.73 42.13 42.46 46.23 57.71 47.47 53.36 50.94
NOPAT to Interest Expense		 16.09 28.69 33.50 20.96 33.38 33.71 36.66 45.79 37.22 42.77 40.26
EBIT Less CapEx to Interest Expense		 19.80 35.12 41.57 26.36 41.59 41.06 45.57 56.80 46.79 51.75 50.24
NOPAT Less CapEx to Interest Expense		 15.66 27.68 32.83 20.59 32.84 32.31 36.00 44.88 36.54 41.16 39.56
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 9.75% 7.10% 12.30% 10.18% 8.53% 8.04% 32.94% 27.52% 26.80% 25.39% 70.49%
Augmented Payout Ratio		 11.48% 8.28% 13.16% 10.88% 8.91% 8.20% 32.94% 27.66% 26.94% 26.04% 74.89%

Financials Breakdown Chart

Key Financial Trends

Progressive’s latest quarter shows strong underwriting-driven earnings, solid operating cash flow, and a much larger balance sheet than a year ago, but with continued pressure from claims costs and a sizable investment portfolio that can add volatility to results.

  • Q1 2026 net income rose to $2.82 billion from $2.62 billion in Q3 2025 and $2.36 billion in Q4 2025, showing continued earnings strength.
  • Operating cash flow was very strong at $4.37 billion in Q1 2026, up from $3.17 billion in Q4 2025 and $5.20 billion in Q3 2025, indicating healthy cash generation.
  • Premiums earned increased to $20.97 billion in Q1 2026 from $19.41 billion in Q1 2025, supporting top-line growth.
  • Total assets climbed to $122.2 billion in Q1 2026 from $105.7 billion at year-end 2024, reflecting major balance sheet expansion.
  • Common equity improved to $32.1 billion in Q1 2026, up from $25.6 billion at year-end 2024, which strengthens the capital base.
  • Retained earnings rose to $29.6 billion in Q1 2026 from $24.3 billion in Q4 2024, showing ongoing profit accumulation.
  • Basic EPS was $4.81 in Q1 2026, versus $4.46 in Q3 2025 and $4.03 in Q4 2025, suggesting improved per-share profitability.
  • Investment securities remain a huge part of the balance sheet, with $92.0 billion in trading account securities in Q1 2026, so market swings could meaningfully affect results.
  • The company continues to carry modest long-term debt of $8.39 billion, which appears manageable relative to equity but still adds financial leverage.
  • Cash and equivalents were only $162 million at Q1 2026, but Progressive also held large short-term investments and a very liquid securities portfolio, so headline cash is not the full liquidity picture.
  • Claims and claim expense remained very large at $44.4 billion in Q1 2026, highlighting that underwriting costs are still the key risk to margins.
  • Total non-interest expense increased to $18.55 billion in Q1 2026 from $17.10 billion in Q1 2025, suggesting expense pressure is still present.
  • Net realized and unrealized capital gains turned negative at -$120 million in Q1 2026, after a positive $257 million in Q4 2025, showing investment income can be volatile.
  • Financing cash flow was deeply negative at -$6.96 billion in Q1 2026 due mainly to $7.97 billion of dividend payments, which limits cash buildup.
  • AOCI remained negative at -$458 million in Q1 2026, indicating some continued mark-to-market pressure in equity.

Bottom line: Progressive continues to look fundamentally strong, with rising earnings, excellent operating cash flow, and a growing capital base. The main things investors should watch are claims severity, underwriting expense growth, and volatility in the investment portfolio, since those can quickly affect margins and reported results.

06/03/26 07:54 AM ETAI Generated. May Contain Errors.

Progressive Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Progressive's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Progressive's net income appears to be on an upward trend, with a most recent value of $11.31 billion in 2025, rising from $1.30 billion in 2015. The previous period was $8.48 billion in 2024. Check out Progressive's forecast to explore projected trends and price targets.

Over the last 10 years, Progressive's total revenue changed from $20.72 billion in 2015 to $87.39 billion in 2025, a change of 321.8%.

Progressive's total liabilities were at $92.72 billion at the end of 2025, a 15.7% increase from 2024, and a 320.2% increase since 2015.

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 $125 million as of their latest financial filing in 2025.

Over the last 10 years, Progressive's book value per share changed from 12.47 in 2015 to 51.73 in 2025, a change of 314.9%.


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Financial statements for NYSE:PGR last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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