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PGR PROGRESSIVE CORP

NYSEFinancialsFire, Marine & Casualty InsuranceMayfield Village, OHFY ends December 31

Profitable 5/5: Fiscal years with net income above zero, out of the last five reported.FY2025 10-K filed Mar 2, 2026

FY2025 at a glance

Fundamentals from SEC filings, not quotes
Revenue
$87.7BYoYup 16.32%ended Dec 31, 2025
Net income
$11.3B12.9% margin
Diluted EPS
$19.23YoYup 33.54%
Free cash flow
$17.2B19.6% margin
Cash
$138M
Total debt
—Not meaningful for financial companies
About PROGRESSIVE CORP

Overview

PROGRESSIVE CORP (PGR) is listed on NYSE; the SEC classifies it under "Fire, Marine & Casualty Insurance".

For fiscal 2025 (ended Dec 31, 2025) it reported revenue of $87.67B, up 16.3% from fiscal 2024.

Net income was $11.31B, a net margin of 12.9%.

At fiscal year end it had total assets of $123.04B and stockholders' equity of $30.32B (24.6% of assets).

Financial company (SIC 6000–6799): gross margin, current ratio, debt figures, interest coverage, the F-Score and Z'' are not meaningful for bank and insurer balance sheets, so they are left blank.

Fiscal years shown
FY2016–FY2025 (10 years)
Latest 10-K
Mar 2, 2026
Latest filing
10-QNov 2, 2026
FY2016–FY2025 · annual 10-K

Charts

Revenue and net income

Revenue and net income, fiscal years FY2016 to FY2025.
PeriodRevenueNet incomeNet margin
FY2016$23.4B$1.03B4.4%
FY2017$26.8B$1.59B5.9%
FY2018$32B$2.62B8.2%
FY2019$39B$3.97B10.2%
FY2020$42.7B$5.7B13.4%
FY2021$47.7B$3.35B7.0%
FY2022$49.6B$722M1.5%
FY2023$62.1B$3.9B6.3%
FY2024$75.4B$8.48B11.3%
FY2025$87.7B$11.3B12.9%

Diluted EPS

Diluted EPS, fiscal years FY2016 to FY2025.
PeriodEPS (diluted)
FY2016$1.76
FY2017$2.72
FY2018$4.42
FY2019$6.72
FY2020$9.66
FY2021$5.66
FY2022$1.18
FY2023$6.58
FY2024$14.40
FY2025$19.23

Free cash flow vs net income

Free cash flow vs net income, fiscal years FY2016 to FY2025.
PeriodFree cash flowNet income
FY2016$2.49B$1.03B
FY2017$3.6B$1.59B
FY2018$6.02B$2.62B
FY2019$5.9B$3.97B
FY2020$6.68B$5.7B
FY2021$7.52B$3.35B
FY2022$6.56B$722M
FY2023$10.4B$3.9B
FY2024$14.8B$8.48B
FY2025$17.2B$11.3B

Diluted shares

Diluted shares, fiscal years FY2016 to FY2025.
PeriodDiluted shares (weighted)
FY2016585M
FY2017586M
FY2018587M
FY2019587M
FY2020588M
FY2021587M
FY2022587M
FY2023588M
FY2024588M
FY2025588M

Cash vs total debt

Cash vs total debt, fiscal years FY2016 to FY2025.
PeriodCash & equivalents
FY2016—
FY2017$275M
FY2018$75M
FY2019$227M
FY2020$76.5M
FY2021$202M
FY2022$221M
FY2023$99.6M
FY2024$154M
FY2025$138M

Total debt: Not meaningful for financial companies

Each bar is one fiscal year as reported in its 10-K; bars below the zero line are negative and gaps are years not reported. Per-share figures are as reported, not adjusted for stock splits; comparisons across a likely split are left blank.

FY2025 · 5-year trend

Ratios

Profitability

Gross marginNot meaningful for financial companies
—
Net margin
12.9%
FCF margin
19.6%
Return on equity
40.4%
Return on assets
9.9%

Growth

Growth. Compound annual growth: (end ÷ start)^(1 ÷ years) − 1, both ends positive.
Metric1y3y CAGR5y CAGR9y CAGR
Revenueup 16.32%up 20.90%up 15.50%up 15.79%
EPS (diluted)up 33.54%up 153.53%up 14.76%up 30.43%
Free cash flowup 15.95%up 37.92%up 20.82%up 23.97%
Change in share count
+0.07%

Financial strength

Current ratioNot meaningful for financial companies
—
Debt / equityNot meaningful for financial companies
—
Liabilities / assets
75.4%
Net debtNot meaningful for financial companies
—
Interest coverageNot meaningful for financial companies
—
Equity / assets
24.6%

Shareholder returns

Dividends per share
$13.90
Dividends paid
$2.87B
Payout ratio
25.4%
Stock comp. / revenue
0.2%

Financial company (SIC 6000–6799): gross margin, current ratio, debt figures, interest coverage, the F-Score and Z'' are not meaningful for bank and insurer balance sheets, so they are left blank.

Piotroski F-Score · Altman Z''-Score

Quality screens

Piotroski F-Score

Not meaningful for financial companies.

Altman Z''-Score

Not meaningful for financial companies.

Screening heuristic, not a recommendation. Financial company (SIC 6000–6799): gross margin, current ratio, debt figures, interest coverage, the F-Score and Z'' are not meaningful for bank and insurer balance sheets, so they are left blank.

Last 10 fiscal years · newest first

Financial statements

USD millions, except per-share figures (USD). Share counts in millions.

Income statement

Income statement. USD millions, except per-share figures (USD). Share counts in millions.
MetricFY2025Dec 31, 2025FY2024Dec 31, 2024FY2023Dec 31, 2023FY2022Dec 31, 2022FY2021Dec 31, 2021FY2020Dec 31, 2020FY2019Dec 31, 2019FY2018Dec 31, 2018FY2017Dec 31, 2017FY2016Dec 31, 2016
Revenue87,67175,37262,10949,61147,70242,65839,02231,97926,83923,441
YoY (Revenue)+16.32%+21.36%+25.19%+4.00%+11.82%+9.32%+22.02%+19.15%+14.49%—
Interest expense278279268244219217190167153141
Pretax income14,22310,7134,9049224,2107,1735,1603,1642,1391,471
Income tax2,9152,2331,0012018591,4691,180543541414
Net income11,3088,4803,9027223,3515,7053,9702,6151,5921,031
YoY (Net income)+33.35%+117.30%+440.87%-78.47%-41.26%+43.68%+51.81%+64.26%+54.43%—
EPS (basic)19.2914.456.611.195.699.716.754.452.741.77
EPS (diluted)19.2314.406.581.185.669.666.724.422.721.76
YoY (EPS (diluted))+33.54%+118.84%+457.63%-79.15%-41.41%+43.75%+52.04%+62.50%+54.55%—
Diluted shares (weighted)588588588587587588587587586585

Balance sheet

Balance sheet. USD millions, except per-share figures (USD). Share counts in millions.
MetricFY2025Dec 31, 2025FY2024Dec 31, 2024FY2023Dec 31, 2023FY2022Dec 31, 2022FY2021Dec 31, 2021FY2020Dec 31, 2020FY2019Dec 31, 2019FY2018Dec 31, 2018FY2017Dec 31, 2017FY2016Dec 31, 2016
Cash & equivalents13815499.622120276.522775275—
Goodwill—228228228453453453453453449
Intangible assets———86.3117171228295367433
Total assets123,039105,74588,69175,46571,13264,09854,89546,57538,70133,428
Short-term debt00000—————
Total liabilities92,71680,15468,41459,57452,90147,06040,99735,53928,91324,987
Retained earnings27,32724,28318,80115,72115,34013,35510,6808,3876,0325,140
Stockholders' equity30,32325,59120,27715,89118,23217,03913,67310,8229,2857,957
Shares outstanding586586586585585586585584582581

Cash flow

Cash flow. USD millions, except per-share figures (USD). Share counts in millions.
MetricFY2025Dec 31, 2025FY2024Dec 31, 2024FY2023Dec 31, 2023FY2022Dec 31, 2022FY2021Dec 31, 2021FY2020Dec 31, 2020FY2019Dec 31, 2019FY2018Dec 31, 2018FY2017Dec 31, 2017FY2016Dec 31, 2016
Operating cash flow17,54815,11910,6436,8497,7626,9066,2626,2853,7572,702
Capital expenditures348285252292244224364266156215
Free cash flow17,20014,83410,3916,5577,5186,6825,8986,0193,6012,487
YoY (Free cash flow)+15.95%+42.75%+58.48%-12.79%+12.51%+13.29%-2.01%+67.14%+44.80%—
Stock-based compensation132—————————
Share repurchases—————————193
Dividends paid2,8716742342343,7471,5511,643655395519
Dividends per share13.904.901.150.401.904.902.652.51——
Key financials (annual, 10-K)

Values as reported in each fiscal year's Form 10-K (XBRL data on SEC EDGAR); growth and ratios are computed from those values. Revenue is the total revenue figure the company tagged (omitted when the only figure tagged is evidently partial, e.g. below net income); growth is only shown between consecutive ~12-month fiscal years reported with the same revenue measure. Per-share figures and share counts are as reported and not adjusted for later stock splits. — = not reported.

FY2025 · per diluted weighted share

Per share and valuation context

EPS (diluted)
$19.23
Revenue per share
$149.07
FCF per share
$29.25
Book value per share
$51.56
Tangible book per share
$51.56
Cash per share
$0.23
Dividends per share
$13.90
Public floatas of Jun 30, 2025
$156B

Price ratios need a live quote. This page shows no stock prices. Per-share figures are as reported, not adjusted for stock splits; comparisons across a likely split are left blank.

Price ratio calculator

Type a share price to compute ratios from the latest 10-K figures. Nothing is stored or sent. (FY2025)

Market capPrice × diluted weighted shares
—
P/EPrice ÷ diluted EPS
—
P/BPrice ÷ book value per share
—
P/SPrice ÷ revenue per share
—
P/FCFPrice ÷ FCF per share
—
Dividend yieldDividends per share ÷ price
—
SEC EDGAR

Filing timeline

  1. 10-QNew
    Quarterly report· Sep 30, 2026(SEC EDGAR)
  2. 8-K
    Current report· Oct 14, 2026(SEC EDGAR)
    • 2.02Results of operations
    • 9.01Financial statements and exhibits
  3. 8-K
    Current report· Sep 18, 2026(SEC EDGAR)
    • 7.01Regulation FD disclosure
    • 9.01Financial statements and exhibits
  4. 8-K
    Current report· Aug 19, 2026(SEC EDGAR)
    • 7.01Regulation FD disclosure
    • 9.01Financial statements and exhibits
  5. 8-K
    Current report· Aug 7, 2026(SEC EDGAR)
    • 7.01Regulation FD disclosure
    • 9.01Financial statements and exhibits
  6. 10-Q
    Quarterly report· Jun 30, 2026(SEC EDGAR)
  7. 8-K
    Current report· Jul 15, 2026(SEC EDGAR)
    • 2.02Results of operations
    • 9.01Financial statements and exhibits
  8. 8-K
    Current report· Jun 11, 2026(SEC EDGAR)
    • 5.02Officer or director changes
    • 7.01Regulation FD disclosure
    • 9.01Financial statements and exhibits
  9. 8-K
    Current report· May 20, 2026(SEC EDGAR)
    • 7.01Regulation FD disclosure
    • 9.01Financial statements and exhibits
  10. 8-K
    Current report· May 8, 2026(SEC EDGAR)
    • 5.02Officer or director changes
    • 5.07Shareholder vote results
    • 7.01Regulation FD disclosure
    • 9.01Financial statements and exhibits
All filings on SEC EDGAR
SIC 6331 · Fire, Marine & Casualty Insurance

Peers (same SIC code)

Peers (same SIC code)
TickerRevenue (FY)YoYNet marginROEF-Score5y revenue
BRK-BBERKSHIRE HATHAWAY INC$371B—18.0%———
PGRPROGRESSIVE CORP (This company)$87.7Bup 16.32%12.9%40.4%—
CBChubb Ltd$59.4Bup 6.54%17.4%15.0%—
TKOMYTOKIO MARINE HOLDINGS, INC.——————
Peer median$215Bup 6.54%17.7%15.0%——

Companies with the same 4-digit SIC code, ordered by latest revenue. The median excludes this company. — = not reported or not computable.

Frequently asked questions

What does PROGRESSIVE CORP do?

The SEC classifies PROGRESSIVE CORP under Standard Industrial Classification (SIC) code 6331, "Fire, Marine & Casualty Insurance". It is headquartered in Mayfield Village, OH. It is incorporated in OH. In fiscal 2025 it reported revenue of $87.67B and net income of $11.31B in its annual 10-K report.

What was PROGRESSIVE CORP's revenue in 2025?

PROGRESSIVE CORP reported revenue of $87.67B for fiscal 2025, which ended Dec 31, 2025, up 16.3% from $75.37B in fiscal 2024, according to its annual 10-K report filed with the SEC on Mar 2, 2026.

What was PROGRESSIVE CORP's net income in 2025?

PROGRESSIVE CORP reported net income of $11.31B for fiscal 2025, a net margin of 12.9% of revenue.

Where is PROGRESSIVE CORP listed?

According to the SEC, PROGRESSIVE CORP's ticker PGR is listed on NYSE.

When does PROGRESSIVE CORP's fiscal year end?

According to the SEC, PROGRESSIVE CORP's fiscal year ends on December 31; its latest reported fiscal year (2025) ended Dec 31, 2025.

Source: SEC EDGAR · Last updated:

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Not investment advice: This page shows financial data that companies reported to the US Securities and Exchange Commission, for information only. It is not investment advice or a recommendation to buy or sell any security, and it shows no stock prices. Data may be incomplete, restated or out of date — check the original filings on SEC EDGAR before making decisions.