Business Description
The Progressive Corporation is a leading American insurance company headquartered in Mayfield Village, Ohio. The company primarily provides personal and commercial auto insurance, ranking as the second-largest auto insurer in the United States. In addition to vehicle coverage, Progressive offers residential property, general liability, and other specialty property-casualty insurance products through independent agencies and direct-to-consumer channels.
Financial Statements
In thousands, USD
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Premiums Earned | 81,661,000 | 70,799,000 | 58,665,000 | 49,241,000 |
| Investment Income | 3,583,000 | 2,832,000 | 1,892,000 | 1,260,000 |
| Net Gains on Investments | 727,000 | 264,000 | 353,000 | (1,912,000) |
| Total Other Revenues | 1,700,000 | 1,477,000 | 1,199,000 | 1,022,000 |
| Total Revenues | 87,671,000 | 75,372,000 | 62,109,000 | 49,611,000 |
| Insurance Benefits & Claims | 53,959,000 | 49,060,000 | 45,655,000 | 38,123,000 |
| Policy Amortization Costs | 6,096,000 | 5,383,000 | 4,665,000 | 3,917,000 |
| Investment Expense | 34,000 | 29,000 | 26,000 | 24,000 |
| Other Operating Expenses | 13,081,000 | 9,908,000 | 6,591,000 | 6,381,000 |
| Operating Profit | 14,501,000 | 10,992,000 | 5,172,000 | 1,166,000 |
| Interest Expense | (278,000) | (279,000) | (268,000) | (244,000) |
| Total Non-Operating Income | (278,000) | (279,000) | (268,000) | (244,000) |
| Income Before Provision for Income Taxes | 14,223,000 | 10,713,000 | 4,904,000 | 922,000 |
| Provision for Income Taxes | 2,915,000 | 2,233,000 | 1,001,000 | 200,000 |
| Consolidated Net Income | 11,308,000 | 8,480,000 | 3,903,000 | 722,000 |
| Net Income Attributable to Preferred Dividends | 0 | 17,000 | 38,000 | 27,000 |
| Net Income Attributable to Common Shareholders | 11,308,000 | 8,463,000 | 3,865,000 | 695,000 |
| Basic EPS | 19.29 | 14.45 | 6.61 | 1.19 |
| Diluted EPS | 19.23 | 14.40 | 6.58 | 1.18 |
| Basic Weighted Average Shares Outstanding | 586,300 | 585,500 | 584,900 | 584,400 |
| Diluted Weighted Average Shares Outstanding | 588,100 | 587,700 | 587,500 | 587,100 |
| Shares Outstanding | 585,681 | 585,800 | 585,300 | 584,900 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Debt Securities | 92,871,000 | 75,947,000 | 62,168,000 | 49,513,600 |
| Equity and Preferred Securities | 4,502,000 | 4,303,000 | 3,831,000 | 4,034,700 |
| Total Investments | 97,373,000 | 80,250,000 | 65,999,000 | 53,548,300 |
| Cash and Cash Equivalents | 138,000 | 154,000 | 100,000 | 220,900 |
| Reinsurance Contract Assets | 4,280,000 | 5,114,000 | 5,344,000 | 6,127,600 |
| Deferred Acquisition Costs | 2,044,000 | 1,961,000 | 1,687,000 | 1,544,400 |
| Other Receivables | 16,032,000 | 14,963,000 | 12,396,000 | 10,699,400 |
| Net Property, Plant & Equipment | 783,000 | 790,000 | 881,000 | 1,034,000 |
| Other Assets | 2,389,000 | 2,513,000 | 2,284,000 | 2,290,400 |
| Total Assets | 123,039,000 | 105,745,000 | 88,691,000 | 75,465,000 |
| Unearned Premiums | 25,219,000 | 23,858,000 | 20,134,000 | 17,293,600 |
| Claims Reserves | 43,310,000 | 39,057,000 | 34,389,000 | 30,359,300 |
| Accounts Payable | 9,318,000 | 7,651,000 | 7,002,000 | 5,532,800 |
| Total Debt | 6,897,000 | 6,893,000 | 6,889,000 | 6,388,300 |
| Other Liabilities | 7,972,000 | 2,695,000 | — | — |
| Total Liabilities | 92,716,000 | 80,154,000 | 68,414,000 | 59,574,000 |
| Preferred Stock | — | — | 494,000 | 493,900 |
| Common Stock | 586,000 | 586,000 | 585,000 | 584,900 |
| Additional Paid-in Capital | 2,307,000 | 2,145,000 | 2,013,000 | 1,893,000 |
| Accumulated Other Comprehensive Income | 103,000 | (1,423,000) | (1,616,000) | (2,802,000) |
| Retained Earnings | 27,327,000 | 24,283,000 | 18,801,000 | 15,721,200 |
| Total Common Shareholders' Equity | 30,323,000 | 25,591,000 | 20,277,000 | 15,891,000 |
| Total Shareholders' Equity | 30,323,000 | 25,591,000 | 20,277,000 | 15,891,000 |
| Total Liabilities and Shareholders' Equity | 123,039,000 | 105,745,000 | 88,691,000 | 75,465,000 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Income | 11,308,000 | 8,480,000 | 3,903,000 | 722,000 |
| Depreciation & Amortization | 313,000 | 284,000 | 285,000 | 306,000 |
| Share-Based Compensation Expense | 132,000 | 122,000 | 121,000 | 123,000 |
| Other Adjustments | (835,000) | (281,000) | (276,000) | 2,111,000 |
| Changes in Receivables | (993,000) | (2,411,000) | (1,541,000) | (1,017,000) |
| Changes in Reinsurance Contract Assets | 834,000 | 230,000 | 784,000 | (690,000) |
| Changes in Deferred Acquisition Costs | (83,000) | (274,000) | (143,000) | (189,000) |
| Changes in Accounts Payable | 1,556,000 | 1,236,000 | 700,000 | 199,000 |
| Changes in Unearned Premiums | 1,361,000 | 3,724,000 | 2,840,000 | 1,678,000 |
| Changes in Claims Reserves | 4,253,000 | 4,668,000 | 4,030,000 | 4,195,000 |
| Changes in Income Taxes Payable | (200,000) | (358,000) | 181,000 | (515,000) |
| Changes in Other Operating Activities | (98,000) | (241,000) | (301,000) | (74,000) |
| Cash from Operating Activities | 17,548,000 | 15,119,000 | 10,643,000 | 6,849,000 |
| Capital Expenditure | (348,000) | (285,000) | (252,000) | (292,000) |
| Proceeds from Sale of Property, Plant & Equipment | 80,000 | 77,000 | 47,000 | 35,000 |
| Purchases of Investments | (49,812,000) | (47,946,000) | (25,863,000) | (26,668,000) |
| Proceeds from Sale of Investments | 44,760,000 | 33,017,000 | 14,081,000 | 21,015,000 |
| Other Investing Activities | (9,207,000) | 1,388,000 | 1,145,000 | (2,046,000) |
| Cash from Investing Activities | (14,527,000) | (13,749,000) | (10,842,000) | (7,956,000) |
| Issuance of Long-Term Debt | 0 | 0 | 496,000 | 1,486,000 |
| Net Issuance / (Repayments) of Long-Term Debt | 0 | 0 | 496,000 | 1,486,000 |
| Repurchases of Common Shares | (166,000) | (134,000) | (141,000) | (99,000) |
| Net Issuance / (Repurchases) of Common Shares | (166,000) | (134,000) | (141,000) | (99,000) |
| Repurchases of Preferred Shares | 0 | (500,000) | 0 | 0 |
| Net Issuance / (Repurchases) of Preferred Shares | 0 | (500,000) | 0 | 0 |
| Common Share Dividends Paid | (2,871,000) | (674,000) | (234,000) | (234,000) |
| Preferred Share Dividends Paid | 0 | (8,000) | (43,000) | (27,000) |
| Cash from Financing Activities | (3,037,000) | (1,316,000) | 78,000 | 1,126,000 |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | (16,000) | 54,000 | (121,000) | 19,000 |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $133.37B |
| P/E | 11.84x |
| P/S | 1.63x |
| Return on Equity | 40.4% |
| Return on Invested Capital | 10.9% |
| Dividend Yield | 2.2% |
| Free Cash Flow Margin | 19.6% |
Margins
Gross margin
—
Operating margin
16.5%
Net margin
12.9%
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q2 2026 | $23.61B | +7.3% | 18.2% | $4.30B |
| Q1 2026 | $22.19B | +8.7% | 16.4% | $3.64B |
| Q4 2025 | $22.75B | +12.2% | 16.5% | $3.75B |
| Q3 2025 | $22.51B | +14.2% | 15.1% | $3.39B |
| Q2 2025 | $22.00B | — | 18.4% | $4.05B |
| Q1 2025 | $20.41B | — | 16.2% | $3.31B |
| Q4 2024 | $20.28B | — | 15.0% | $3.04B |
| Q3 2024 | $19.72B | — | 15.3% | $3.02B |
More on The Progressive Corporation
Figures compiled from public company filings.
See how Top Bucket AI works for your firm
Request DemoTop Bucket AI Research
Stay ahead of private markets
Research and market intelligence for private-markets professionals.
✓
You're subscribed.
Thanks for signing up.