FirmAtlas
Company handbook · PGR · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
PGR · CIK 80661 · LATEST FILING: 10-Q JUN '26 · FILED AUG 3, 2026
PROGRESSIVE CORP/OH/
$218.49
+4.74 (+2.22%)
Close, Oct 16, 2026 · 52-week $189–239
Progressive sells car insurance to people and businesses in the U.S. It also insures homes and renters, motorcycles, boats and RVs, and sells business insurance, mostly to small businesses.
Business
- CustomersDrivers, home owners, renters and small businesses in every U.S. state; sold through independent insurance agents and directly to customers
Last fiscal year
PROGRESSIVE CORP/OH/ reported revenue of $87.7B for the year ended Dec 31, 2025 (FY25), up 16.3% from FY24. Net income was $11.3B. Source: 10-K filed Mar 2, 2026.
Market cap
$128.5B
P/E
11.0
P/B
3.7
Div yield
6.36%
Op. ROE
37.8%
Combined ratio
87.4%
Revenue 1Y
16.3%/yr
EPS 1Y
33.5%/yr
Shares 1Y
+0.1%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOTricia Griffith
HQMayfield Village, OH
AuditorPricewaterhouseCoopers LLP
Year endsDecember
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
20.9%
19.1%
11.6%
−1.5%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the earnings went · FY24–FY25
$19.8B net income
Dividends
$3.5B
17.9%
Buybacks
$87M
0.4%
Retained
$16.2B
81.6%
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Gross premiums written
75,893
84,208+11.0%
—
Net premiums written
74,424
83,174+11.8%
—
Net premiums earned
70,799
81,661+15.3%
—
Net investment income
3,067
4,276+39.4%
—
Total revenue
75,372
87,671+16.3%
91,055
YoY
+16.3%
Losses & loss adjustment expenses
49,060
53,959+10.0%
—
Policy acquisition costs
5,383
6,096+13.2%
—
Underwriting & admin expenses
9,462
11,329+19.7%
—
Pre-tax income
10,713
14,223+32.8%
—
Net income
8,480
11,308+33.3%
11,695
YoY
+33.3%
EPS (diluted, $)
14.40
19.23+33.5%
19.94
YoY
+33.5%
Balance sheet
Total assets
105,745
123,039+16.4%
124,925
Cash & short-term investments
769
10,143+1219.0%
—
Investments
80,250
97,373+21.3%
—
Other assets
24,726
15,523−37.2%
—
Total liabilities
80,154
92,716+15.7%
90,592
Loss & LAE reserves
39,057
43,310+10.9%
—
Unearned premiums
23,858
25,219+5.7%
—
Other liabilities
17,239
24,187+40.3%
—
Shareholders’ equity
25,591
30,323+18.5%
34,333
Shares outstanding (M)
588
588+0.1%
—
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
15,119
17,548+16.1%
16,339
Net income
8,480
11,308+33.3%
—
Depreciation & amortization
284
313+10.2%
—
Stock-based compensation
122
132+8.2%
—
Working capital & other
6,233
5,795−7.0%
—
Cash from investing
(13,749)
(14,527)n/m
—
Capex
(285)
(348)n/m
—
PP&E sold
77
80+3.9%
—
Investments bought
(47,778)
(49,625)n/m
—
Investments sold / matured
7,006
8,518+21.6%
—
Other investing
27,231
26,848−1.4%
—
Cash from financing
(1,316)
(3,037)n/m
—
Debt raised
0
0n/m
—
Dividends
(674)
(2,871)n/m
—
Buybacks
(13)
(74)n/m
—
Other financing
(629)
(92)n/m
—
Net change in cash
54
(16)−129.6%
—
Free cash flow (OCF − capex)
14,834
17,200+15.9%
15,951
Where the earnings went
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
22,512
22,746
22,188
23,609
vs year-ago quarter
Net income
2,615
2,951
2,818
3,311
vs year-ago quarter
Net margin
11.6%
13.0%
12.7%
14.0%
EPS (diluted, $)
4.45
5.02
4.80
5.67
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
121,535
123,039
122,209
124,925
Cash & equivalents
185
10,143
179
193
Total debt
0
0
—
—
Shareholders’ equity
35,445
30,323
32,039
34,333
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
5,195
3,170
4,367
3,607
Capex
66
121
63
138
Free cash flow
5,129
3,049
4,304
3,469
vs year-ago quarter