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 2025FY 2024FY 2023FY 2022
Net Premiums Earned81,661,00070,799,00058,665,00049,241,000
Investment Income3,583,0002,832,0001,892,0001,260,000
Net Gains on Investments727,000264,000353,000(1,912,000)
Total Other Revenues1,700,0001,477,0001,199,0001,022,000
Total Revenues87,671,00075,372,00062,109,00049,611,000
Insurance Benefits & Claims53,959,00049,060,00045,655,00038,123,000
Policy Amortization Costs6,096,0005,383,0004,665,0003,917,000
Investment Expense34,00029,00026,00024,000
Other Operating Expenses13,081,0009,908,0006,591,0006,381,000
Operating Profit14,501,00010,992,0005,172,0001,166,000
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 Taxes14,223,00010,713,0004,904,000922,000
Provision for Income Taxes2,915,0002,233,0001,001,000200,000
Consolidated Net Income11,308,0008,480,0003,903,000722,000
Net Income Attributable to Preferred Dividends017,00038,00027,000
Net Income Attributable to Common Shareholders11,308,0008,463,0003,865,000695,000
Basic EPS19.2914.456.611.19
Diluted EPS19.2314.406.581.18
Basic Weighted Average Shares Outstanding586,300585,500584,900584,400
Diluted Weighted Average Shares Outstanding588,100587,700587,500587,100
Shares Outstanding585,681585,800585,300584,900
FY 2025FY 2024FY 2023FY 2022
Debt Securities92,871,00075,947,00062,168,00049,513,600
Equity and Preferred Securities4,502,0004,303,0003,831,0004,034,700
Total Investments97,373,00080,250,00065,999,00053,548,300
Cash and Cash Equivalents138,000154,000100,000220,900
Reinsurance Contract Assets4,280,0005,114,0005,344,0006,127,600
Deferred Acquisition Costs2,044,0001,961,0001,687,0001,544,400
Other Receivables16,032,00014,963,00012,396,00010,699,400
Net Property, Plant & Equipment783,000790,000881,0001,034,000
Other Assets2,389,0002,513,0002,284,0002,290,400
Total Assets123,039,000105,745,00088,691,00075,465,000
Unearned Premiums25,219,00023,858,00020,134,00017,293,600
Claims Reserves43,310,00039,057,00034,389,00030,359,300
Accounts Payable9,318,0007,651,0007,002,0005,532,800
Total Debt6,897,0006,893,0006,889,0006,388,300
Other Liabilities7,972,0002,695,000
Total Liabilities92,716,00080,154,00068,414,00059,574,000
Preferred Stock494,000493,900
Common Stock586,000586,000585,000584,900
Additional Paid-in Capital2,307,0002,145,0002,013,0001,893,000
Accumulated Other Comprehensive Income103,000(1,423,000)(1,616,000)(2,802,000)
Retained Earnings27,327,00024,283,00018,801,00015,721,200
Total Common Shareholders' Equity30,323,00025,591,00020,277,00015,891,000
Total Shareholders' Equity30,323,00025,591,00020,277,00015,891,000
Total Liabilities and Shareholders' Equity123,039,000105,745,00088,691,00075,465,000
FY 2025FY 2024FY 2023FY 2022
Net Income11,308,0008,480,0003,903,000722,000
Depreciation & Amortization313,000284,000285,000306,000
Share-Based Compensation Expense132,000122,000121,000123,000
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 Assets834,000230,000784,000(690,000)
Changes in Deferred Acquisition Costs(83,000)(274,000)(143,000)(189,000)
Changes in Accounts Payable1,556,0001,236,000700,000199,000
Changes in Unearned Premiums1,361,0003,724,0002,840,0001,678,000
Changes in Claims Reserves4,253,0004,668,0004,030,0004,195,000
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 Activities17,548,00015,119,00010,643,0006,849,000
Capital Expenditure(348,000)(285,000)(252,000)(292,000)
Proceeds from Sale of Property, Plant & Equipment80,00077,00047,00035,000
Purchases of Investments(49,812,000)(47,946,000)(25,863,000)(26,668,000)
Proceeds from Sale of Investments44,760,00033,017,00014,081,00021,015,000
Other Investing Activities(9,207,000)1,388,0001,145,000(2,046,000)
Cash from Investing Activities(14,527,000)(13,749,000)(10,842,000)(7,956,000)
Issuance of Long-Term Debt00496,0001,486,000
Net Issuance / (Repayments) of Long-Term Debt00496,0001,486,000
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 Shares0(500,000)00
Net Issuance / (Repurchases) of Preferred Shares0(500,000)00
Common Share Dividends Paid(2,871,000)(674,000)(234,000)(234,000)
Preferred Share Dividends Paid0(8,000)(43,000)(27,000)
Cash from Financing Activities(3,037,000)(1,316,000)78,0001,126,000
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash(16,000)54,000(121,000)19,000

Key Metrics & Ratios

MetricValue
Market Cap$133.37B
P/E11.84x
P/S1.63x
Return on Equity40.4%
Return on Invested Capital10.9%
Dividend Yield2.2%
Free Cash Flow Margin19.6%

Margins

Gross margin
Operating margin
16.5%
Net margin
12.9%

Quarterly Trend

QuarterRevenueYoY growthOperating marginOperating 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.

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