The Progressive Corporation

PGR · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$133,489	$140,366	$93,227	$75,880	$59,989	$57,785	$42,305	$35,257	$32,913	$20,746	$18,584	$15,940	$16,337	$12,730	$12,336	$13,072	$11,996	$9,893	$13,611	$18,754	$23,001	$18,062	$18,124	$10,871	$10,997	$7,589	$5,328	$12,276	$8,631	$5,101	$3,753	$2,677	$3,011	$1,935	$1,446	$1,245	$1,088	$643	$885	$867	$460
Enterprise value	$130,243	$146,490	$98,226	$79,186	$63,743	$57,887	$45,182	$37,793	$33,077	$20,114	$18,897	$15,848	$16,851	$12,624	$13,071	$13,781	$12,934	$10,912	$15,397	$19,352	$23,507	$17,950	$18,954	$11,775	$11,854	$8,142	$6,133	$12,592	$8,975	$5,702	$4,110	$3,060	$3,249	$2,504	$2,090	$1,885	$1,734	$1,122	$1,102	$967	$619
P/E (TTM) at period end	11.80×	16.59×	24.12×	109.18×	18.05×	10.18×	10.73×	13.59×	20.67×	20.12×	14.66×	12.44×	14.02×	14.11×	12.15×	12.24×	11.34×	–	11.51×	11.38×	16.50×	10.96×	14.44×	16.29×	26.73×	164.63×	18.05×	26.88×	21.58×	16.26×	14.98×	9.76×	11.26×	12.58×	43.95×	13.33×	13.95×	5.95×	9.69×	15.67×	18.05×
P/S (TTM) at period end	1.52×	1.86×	1.50×	1.53×	1.26×	1.35×	1.08×	1.10×	1.23×	0.89×	0.89×	0.82×	0.90×	0.75×	0.78×	0.86×	0.82×	0.77×	0.93×	1.27×	1.61×	1.31×	1.52×	1.17×	1.47×	1.12×	0.87×	2.32×	1.87×	1.47×	1.25×	1.11×	1.54×	1.11×	0.97×	9.10×	0.78×	0.48×	0.88×	1.18×	0.94×
P/B at period end	4.40×	5.48×	4.60×	4.78×	3.29×	3.39×	3.09×	3.26×	3.54×	2.61×	2.55×	2.30×	2.64×	2.12×	2.12×	2.16×	2.09×	2.35×	2.76×	2.74×	3.77×	3.50×	3.60×	2.89×	3.38×	2.64×	1.94×	4.80×	4.04×	3.04×	2.54×	2.32×	3.02×	3.08×	3.10×	3.05×	2.50×	1.54×	2.24×	2.78×	3.89×
EV / EBITDA (TTM)	8.79×	12.99×	18.00×	53.79×	13.54×	7.55×	8.37×	10.74×	13.44×	11.50×	8.78×	7.47×	8.69×	8.21×	7.65×	7.76×	7.87×	–	8.43×	7.63×	10.93×	6.54×	9.73×	11.05×	17.73×	74.43×	12.67×	17.56×	14.59×	12.25×	11.22×	7.67×	8.35×	1.97×	2.09×	–	1.63×	–	–	–	–
EV / Sales (TTM)	1.49×	1.94×	1.58×	1.60×	1.34×	1.36×	1.16×	1.18×	1.23×	0.86×	0.91×	0.82×	0.93×	0.74×	0.83×	0.91×	0.89×	0.85×	1.05×	1.31×	1.64×	1.30×	1.59×	1.27×	1.58×	1.20×	1.00×	2.38×	1.95×	1.64×	1.36×	1.27×	1.66×	1.44×	1.40×	13.79×	1.24×	0.83×	1.10×	1.32×	1.26×
Returns
Return on equity	37.3%	33.1%	19.1%	4.4%	18.2%	33.3%	28.8%	24.0%	17.1%	13.0%	17.4%	18.5%	18.8%	15.0%	17.5%	17.7%	18.4%	(1.7%)	24.0%	24.1%	22.8%	32.0%	25.0%	17.7%	12.7%	1.6%	10.7%	17.9%	18.7%	18.7%	17.0%	23.8%	26.8%	24.5%	7.1%	22.9%	17.9%	25.9%	23.1%	17.8%	21.5%
Return on invested capital	31.1%	26.9%	15.2%	4.1%	15.4%	26.3%	21.7%	18.2%	13.9%	10.6%	14.3%	15.1%	15.6%	12.5%	13.7%	14.7%	13.6%	(1.1%)	16.6%	20.5%	18.9%	25.7%	19.3%	12.7%	9.5%	0.9%	7.8%	13.8%	13.8%	12.9%	11.7%	15.1%	18.2%	81.5%	87.4%	8.4%	87.7%	121.4%	137.3%	137.0%	173.9%
Dividend yield	2.2%	0.5%	0.3%	0.3%	6.2%	2.7%	3.9%	1.9%	1.2%	2.5%	2.2%	5.6%	1.1%	6.7%	2.1%	5.8%	–	1.0%	10.3%	0.1%	0.1%	0.1%	0.1%	0.2%	0.2%	0.3%	0.4%	0.1%	0.2%	0.4%	0.6%	0.9%	0.8%	1.1%	1.2%	0.9%	1.1%	–	–	–	–
Financial health
Current ratio	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	2.24×	2.87×	2.42×	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Debt / equity	0.23×	0.27×	0.34×	0.40×	0.27×	0.35×	0.36×	–	–	0.40×	0.37×	0.31×	0.30×	0.37×	0.51×	0.32×	0.38×	0.52×	0.44×	0.17×	0.21×	0.25×	0.30×	0.40×	0.34×	0.26×	0.38×	0.30×	0.36×	0.46×	0.46×	0.59×	0.48×	0.90×	1.38×	1.57×	1.48×	1.15×	0.55×	0.32×	1.34×
Effective tax rate	20.5%	20.8%	20.4%	21.7%	20.4%	20.5%	22.9%	17.2%	25.3%	28.1%	32.0%	32.8%	32.2%	31.5%	31.7%	31.7%	32.1%	68.5%	30.2%	32.3%	32.3%	32.7%	32.5%	32.0%	30.0%	(45.0%)	28.4%	30.9%	30.9%	29.0%	27.6%	27.8%	28.4%	21.9%	–	(9.2%)	9.4%	18.1%	15.1%	22.2%	(4.5%)
Share count
Diluted shares outstanding	588	588	588	587	587	588	587	587	586	585	589	595	604	608	637	663	672	674	718	774	799	865	882	893	901	892	895	896	904	916	928	917	896	901	964	943	1,017	1,056	1,044	1,006	806

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$91,725	$87,671	$75,372	$62,109	$49,611	$47,702	$42,658	$39,022	$31,979	$26,839	$23,441	$20,854	$19,391	$18,171	$17,084	$15,775	$15,216	$14,564	$12,840	$14,687	$14,786	$14,303	$13,782	$11,892	$9,294	$7,488	$6,771	$6,124	$5,292	$4,608	$3,478	$3,012	$2,415	$1,955	$1,739	$1,493	$137	$1,393	$1,345	$1,000	$732	$491
Cost of revenue	–	–	–	–	–	–	–	($28,494)	–	–	–	–	–	–	–	–	–	–	($11,373)	($11,326)	($12,240)	($12,125)	($11,212)	($9,900)	($8,205)	($6,816)	($6,627)	($5,585)	($4,532)	($3,911)	($2,927)	($2,571)	($1,940)	($1,491)	($446)	($476)	–	($297)	–	–	–	–
Gross profit	–	–	–	–	–	–	–	$10,504	–	–	–	–	–	–	–	–	–	–	$1,467	$3,361	$2,547	$2,178	$2,570	$1,992	$1,090	$672	$144	$539	$760	$697	$551	$441	$476	$464	$1,293	$1,017	–	$1,096	–	–	–	–
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	–	($11,329)	($9,462)	($6,242)	($5,859)	($5,655)	($5,570)	($4,975)	($4,196)	($3,481)	($2,972)	($2,712)	($2,467)	($2,351)	($2,206)	($2,088)	($1,740)	($19)	($20)	($20)	($24)	($25)	($25)	($26)	($22)	($20)	($21)	($41)	($31)	($44)	($42)	($30)	($32)	($37)	–	–	–	–	–	–	–	–
Total operating expenses	–	–	–	–	–	–	–	($5,344)	–	–	–	–	–	–	–	–	–	–	($1,689)	($1,668)	($114)	($119)	($120)	($133)	($108)	($85)	($112)	($127)	($99)	($118)	($110)	($95)	($96)	($91)	($44)	($48)	–	($49)	–	–	–	–
Total costs and expenses	($77,393)	($73,170)	($64,380)	($56,937)	($48,445)	($43,273)	($35,268)	($33,862)	($28,649)	($24,547)	($21,830)	($18,806)	($17,367)	($16,333)	($15,641)	($14,155)	($13,523)	($13,007)	($13,062)	($12,994)	($12,353)	($12,244)	($11,331)	($10,032)	($8,313)	($6,901)	($6,739)	($5,712)	($4,631)	($4,030)	($3,037)	($2,666)	($2,036)	($1,582)	($490)	($524)	($48)	($346)	($16)	($11)	($6)	($9)
Operating income	$14,332	$14,501	$10,992	$5,172	$1,166	$4,429	$7,390	$5,160	$3,330	$2,292	$1,612	$2,048	$2,024	$1,838	$1,443	$1,620	$1,692	$1,557	($222)	$1,693	$2,433	$2,059	$2,451	$1,860	$981	$588	$32	$412	$661	$578	$442	$346	$380	$373	$1,249	$970	$88	$1,047	$1,329	$989	$726	$482
Earnings
EBITDA	–	$14,814	$11,276	$5,457	$1,472	$4,708	$7,665	$5,400	$3,520	$2,462	$1,749	$2,151	$2,121	$1,940	$1,538	$1,708	$1,775	$1,644	($89)	$1,826	$2,537	$2,151	$2,743	$1,949	$1,065	$669	$109	$484	$717	$615	$466	$366	$399	$389	$1,273	$998	–	$1,064	–	–	–	–
Interest income	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($314)	($278)	($279)	($268)	($244)	($219)	($217)	($190)	($166)	($153)	($141)	($136)	($117)	($118)	($124)	($133)	($134)	($139)	($137)	($109)	($77)	($83)	($81)	($96)	($75)	($52)	($78)	($76)	($61)	($65)	($62)	($57)	($55)	($40)	($44)	($48)	($48)	($49)	($16)	($11)	($6)	($9)
Pre-tax income	$14,693	$14,223	$10,713	$4,904	$922	$4,210	$7,173	$5,160	$3,164	$2,139	$1,471	$1,912	$1,907	$1,720	$1,318	$1,487	$1,565	$1,557	($222)	$1,693	$2,433	$2,059	$2,451	$1,860	$981	$588	$32	$412	$661	$578	$442	$346	$380	$373	$179	$970	$86	$86	$132	$108	$71	$24
Income tax expense	($3,071)	($2,915)	($2,233)	($1,001)	($200)	($859)	($1,469)	($1,180)	($543)	($541)	($414)	($611)	($626)	($555)	($415)	($472)	($497)	($499)	$152	($510)	($786)	($665)	($802)	($604)	($314)	($176)	$14	($117)	($204)	($178)	($128)	($95)	($106)	($106)	($39)	–	$8	($8)	($24)	($16)	($16)	$1
Net income	$11,622	$11,308	$8,480	$3,903	$722	$3,351	$5,705	$3,970	$2,615	$1,592	$1,031	$1,268	$1,281	$1,165	$902	$1,016	$1,068	$1,058	($70)	$1,182	$1,648	$1,394	$1,649	$1,255	$667	$411	$46	$295	$457	$400	$314	$250	$274	$267	$154	$33	$93	$78	$108	$91	$55	$26
Per share
Diluted EPS (GAAP)	$19.86	$19.23	$14.40	$6.58	$1.18	$5.66	$9.66	$6.72	$4.42	$2.72	$1.76	$2.15	$2.15	$1.93	$1.48	$1.59	$1.61	$1.57	($0.10)	$1.65	$2.10	$1.74	$1.91	$1.42	$0.75	$0.46	$0.0517	$0.33	$0.51	$0.44	$0.34	$0.27	$0.30	$0.30	$0.17	$0.0341	$0.0991	$0.11	$0.10	$0.0874	$0.0549	$0.0316
Basic EPS (GAAP)	$19.90	$19.29	$14.45	$6.61	$1.19	$5.69	$9.71	$6.75	$4.45	$2.74	$1.77	$2.16	$2.17	$1.95	$1.50	$1.61	$1.62	$1.59	($0.10)	$1.66	$2.13	$1.77	$1.94	$1.45	$0.76	$0.47	$0.0525	$0.34	$0.53	$0.46	$0.35	$0.27	$0.30	$0.30	$0.19	$0.0341	$0.11	$0.0767	$0.11	$0.0874	$0.0549	$0.0316
Basic shares outstanding	585	586	586	585	584	584	585	584	582	581	582	586	591	599	603	632	658	667	668	710	774	788	852	867	876	884	878	875	870	864	909	922	917	893	796	964	877	1,017	1,007	1,044	1,006	806
Margins
Gross margin	–	–	–	–	–	–	–	26.9%	–	–	–	–	–	–	–	–	–	–	11.4%	22.9%	17.2%	15.2%	18.7%	16.8%	11.7%	9.0%	2.1%	8.8%	14.4%	15.1%	15.8%	14.7%	19.7%	23.7%	74.4%	68.1%	–	78.7%	–	–	–	–
Operating margin	15.6%	16.5%	14.6%	8.3%	2.4%	9.3%	17.3%	13.2%	10.4%	8.5%	6.9%	9.8%	10.4%	10.1%	8.4%	10.3%	11.1%	10.7%	(1.7%)	11.5%	16.5%	14.4%	17.8%	15.6%	10.6%	7.8%	0.5%	6.7%	12.5%	12.6%	12.7%	11.5%	15.7%	19.1%	71.8%	64.9%	64.6%	75.2%	98.8%	98.9%	99.2%	98.2%
Net margin	12.7%	12.9%	11.3%	6.3%	1.5%	7.0%	13.4%	10.2%	8.2%	5.9%	4.4%	6.1%	6.6%	6.4%	5.3%	6.4%	7.0%	7.3%	(0.5%)	8.1%	11.1%	9.7%	12.0%	10.6%	7.2%	5.5%	0.7%	4.8%	8.6%	8.7%	9.0%	8.3%	11.4%	13.7%	8.8%	2.2%	68.3%	5.6%	8.0%	9.1%	7.6%	5.2%

Analyst consensus

Hold42 analysts

Bearish · 4 · Hold · 22 · Bullish · 16

Earnings history

	EPS	Estimate
Q4 2024	$4.08	$3.57	Beat
Q1 2025	$4.65	$4.79	Miss
Q2 2025	$4.88	$4.43	Beat
Q3 2025	$4.05	$4.99	Miss
Q4 2025	$4.67	$4.44	Beat
Q1 2026	$4.81	$4.85	Miss
Q2 2026	$4.85	$4.64	Beat
Q3 2026	$4.66	$4.35	Beat

Peers

Company overview

IPO dateMar 17, 1980

CEOSusan Patricia Griffith

Employees70,053

SectorFinancial Services

IndustryInsurance - Property & Casualty

CountryUS

ExchangeNew York Stock Exchange

Websitewww.progressive.com

The Progressive Corporation, an insurance holding company, offers a comprehensive range of insurance products and associated services across the United States. Its portfolio includes personal and commercial vehicle coverage, residential and commercial property protection, general liability, and various other specialized property-casualty insurance options. The company's operations are structured into three main divisions: Personal Lines, Commercial Lines, and Property. Within the Personal Lines segment, Progressive provides coverage for individual automobiles and recreational vehicles. Offerings range from standard personal auto policies to specialized options for motorcycles, all-terrain vehicles (ATVs), RVs, watercraft, snowmobiles, and similar forms of personal transport. The Commercial Lines division focuses on providing primary liability and physical damage insurance for business vehicles, alongside general liability and property insurance tailored for commercial applications. This segment insures a diverse array of vehicles, including cars, vans, pickup trucks, and dump trucks for small businesses; tractors, trailers, and straight trucks for regional freight, expedited shipping, and long-haul transport companies; heavy-duty vehicles like dump trucks, log trucks, and garbage trucks used in industries such as construction, logging, and mining; and tow trucks and wreckers for towing and service stations, as well as various non-fleet taxis and premium car services. The Property segment offers residential insurance solutions for homeowners, other property owners, and renters. Its portfolio further extends to include personal umbrella policies and both primary and excess flood insurance. Beyond underwriting, the company facilitates policy issuance and claims adjusting. It also serves as an agent for various additional insurance products, such as homeowner general liability and workers' compensation, and provides reinsurance services. Progressive's products are distributed through independent insurance agencies, as well as directly to consumers via its online platforms (including mobile access) and telephone channels. Established in 1937, The Progressive Corporation maintains its headquarters in Mayfield, Ohio.

Athenic provides research and information tools for educational purposes only and is not a registered investment adviser or broker-dealer. Nothing on this page is investment advice or a recommendation to buy or sell any security. Market data may be delayed. Past performance is not indicative of future results. Investing involves risk, including the possible loss of principal.