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Progressive

PGR NYSE Property & Casualty Insurance Financials FY2016–FY2025

Progressive's revenue rose 16.3% to $87.7 billion in fiscal 2025. Its net margin was 12.9%, up from 11.2% a year earlier. Free cash flow was $17.2 billion, up 15.9%. It paid out $2.9 billion in dividends and buybacks, 17% of free cash flow.

Last close · Oct 23, 2026

$228.07

0.7%
Value it Compare
Revenue Total sales reported in the income statement.
$87.7B
16.3% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
$11.3B
33.3%
Free cash flow Cash from operations minus capital spending.
$17.2B
15.9%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
39.2%
8.7 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$133.2B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
11.4x
On $19.94 EPS (TTM)

About these figures. Debt is the total of Progressive's long-term and short-term debt as its filings tag it.

What Progressive does

No business description yet.

Legal name
PROGRESSIVE CORP/OH/
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0000080661-26-000086
0000080661

Revenue and margins

Progressive had $87.7B of revenue in fiscal 2025, up 16.3% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 30.4% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $17.2B in fiscal 2025, 19.6% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Progressive returned $2.9B to shareholders in fiscal 2025, 17% of free cash flow. The diluted share count rose 0.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Progressive yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $3.2B and divides by 588.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 11.4x · peers 9.7x · sector 13.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably Progressive can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.1B$3.1B$1.9B$769M$10.1B
Debt incl. finance leases $4.9B$6.4B$6.9B$6.9B$6.9B
Net debt / EBITDA 0.8x2.2x0.9x0.5x−0.2x
Debt / equity 0.3x0.4x0.3x0.3x0.2x
Interest coverage 20.3x4.8x19.3x39.4x52.2x
Total assets $71.1B$75.5B$88.7B$105.7B$123.0B
Total liabilities $52.9B$59.6B$68.4B$80.2B$92.7B
Shareholders' equity $18.2B$15.9B$20.3B$25.6B$30.3B
Net debt (− = net cash) $3.8B$3.3B$5.0B$6.1B−$3.2B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$25.0M

8 insiders

Of sales under plans

94%

$23.4M

DateInsiderTradeSharesPriceValueFiling
Sep 24, 2026 Steven BrozChief Information Officer Sold plan 1,225 $204.29 $0.3M Form 4
Sep 1, 2026 Susan Patricia GriffithPresident and CEO, Director Sold plan 37,338 $219.50 $8.2M Form 4
Aug 20, 2026 Steven BrozChief Information Officer Sold plan 1,225 $219.40 $0.3M Form 4
Aug 13, 2026 Lori A NiederstChief Personal Lines Officer Sold plan 7,339 $209.29 $1.5M Form 4
Jul 28, 2026 Andrew J QuiggVP and Chief Financial Officer Sold plan 3,499 $220.00 $0.8M Form 4
Jul 27, 2026 John Jo MurphyClaims President Sold plan 8,124 $212.70 $1.7M Form 4
Jul 27, 2026 Jonathan S. BauerChief Investment Officer Sold plan 2,242 $212.71 $0.5M Form 4
Jul 27, 2026 Karen BailoCommercial Lines President Sold plan 8,452 $212.71 $1.8M Form 4
Jul 27, 2026 Susan Patricia GriffithPresident and CEO, Director Sold plan 37,338 $212.71 $7.9M Form 4
Jul 23, 2026 Steven BrozChief Information Officer Sold plan 1,156 $205.17 $0.2M Form 4
Jun 24, 2026 Jeffrey D KellyDirector Sold 7,000 $216.33 $1.5M Form 4
Jun 22, 2026 Steven BrozChief Information Officer Sold plan 1,157 $204.76 $0.2M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✓
Current ratio rose — — —
Share count didn't rise ✕ ✕ ✕
Gross margin rose — — —
Revenue rose relative to assets ✓ ✓ ✕
F-score — / 9— / 9— / 9
Accruals ratio −8.2%−6.8%−5.5%
Altman Z'' ———

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Progressive PGR $133.2B 16.3% — 19.6% 39.2% 11.4x —
Allstate ALL $65.6B 5.6% — 14.6% 37.3% 5.1x — Compare →
Chubb CB $140.1B 6.5% — — 13.6% 12.6x — Compare →
Travelers Companies TRV $83.9B 5.2% — — 20.1% 10.5x — Compare →
Hartford HIG $37.8B 6.9% — 20.3% 22.6% 8.8x — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $23.4B $26.8B $32.0B $39.0B $42.7B $47.7B $49.6B $62.1B $75.4B $87.7B
Interest expense $141M $153M $167M $190M $217M $219M $244M $268M $279M $278M
Pretax income $1.5B $2.1B $3.2B $5.2B $7.2B $4.2B $922M $4.9B $10.7B $14.2B
Income tax $414M $541M $543M $1.2B $1.5B $859M $200M $1.0B $2.2B $2.9B
Net income $1.0B $1.6B $2.6B $4.0B $5.7B $3.4B $722M $3.9B $8.5B $11.3B
Diluted EPS $1.76 $2.72 $4.42 $6.72 $9.66 $5.66 $1.18 $6.58 $14.40 $19.23
Diluted shares 0.59B 0.59B 0.59B 0.59B 0.59B 0.59B 0.59B 0.59B 0.59B 0.59B
Cash flow
Cash from operations $2.7B $3.8B $6.3B $6.3B $6.9B $7.8B $6.8B $10.6B $15.1B $17.5B
Capital expenditure $215M $156M $266M $364M $224M $244M $292M $252M $285M $348M
Free cash flow $2.5B $3.6B $6.0B $5.9B $6.7B $7.5B $6.6B $10.4B $14.8B $17.2B
Depreciation and amortization $200M $236M $262M $306M $332M $337M $337M $299M $284M $313M
Stock-based compensation — — — — — — — $121M $122M $132M
Acquisitions $0.0M $18.1M $0.0M $0.0M $0.0M $313M $0.0M $0.0M $0.0M $0.0M
Share buybacks $193M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $519M $395M $655M $1.6B $1.6B $3.7B $234M $234M $674M $2.9B
Dividends and buybacks $712M $395M $655M $1.6B $1.6B $3.7B $234M $234M $674M $2.9B
Balance sheet
Cash and short-term investments $3.8B $3.1B $1.9B $2.0B $5.3B $1.1B $3.1B $1.9B $769M $10.1B
Total debt $3.1B $3.3B $4.4B $4.4B $5.4B $4.9B $6.4B $6.9B $6.9B $6.9B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $1.2B $1.1B $1.1B $1.2B $1.1B $1.1B $1.0B $881M $790M $783M
Total assets $33.4B $38.7B $46.6B $54.9B $64.1B $71.1B $75.5B $88.7B $105.7B $123.0B
Total liabilities $25.0B $28.9B $35.5B $41.0B $47.1B $52.9B $59.6B $68.4B $80.2B $92.7B
Shareholders' equity $8.0B $9.3B $10.8B $13.7B $17.0B $18.2B $15.9B $20.3B $25.6B $30.3B
Margins
EBITDA margin 7.7% 9.4% 11.2% 14.5% 18.1% 10.0% 3.0% 8.8% 15.0% 16.9%
Net margin 4.4% 5.9% 8.2% 10.2% 13.4% 7.0% 1.5% 6.3% 11.3% 12.9%
FCF margin 10.7% 13.4% 18.8% 15.1% 15.7% 15.8% 13.2% 16.7% 19.7% 19.6%
Returns
Return on capital 15.5% 20.4% 24.2% 28.1% 35.4% 18.0% 4.4% 18.5% 30.5% 39.2%
Return on equity 13.5% 18.5% 26.0% 32.4% 37.2% 19.0% 4.2% 21.6% 37.0% 40.5%
Return on assets 3.3% 4.4% 6.1% 7.8% 9.6% 5.0% 1.0% 4.8% 8.7% 9.9%
Growth
Revenue growth 12.4% 14.5% 19.2% 22.0% 9.3% 11.8% 4.0% 25.2% 21.4% 16.3%
Net income growth −18.7% 54.4% 64.3% 51.8% 43.7% −41.3% −78.5% 440.6% 117.3% 33.4%
EPS growth −18.1% 54.6% 62.5% 52.0% 43.8% −41.4% −79.2% 457.6% 118.8% 33.5%
FCF growth 16.4% 43.0% 67.1% −2.0% 13.3% 12.5% −12.8% 58.5% 42.8% 16.0%
Share count change −0.7% 0.1% 0.2% 0.1% 0.1% −0.1% 0.0% 0.1% 0.0% 0.1%
Financial health
Net debt / EBITDA −0.4x 0.1x 0.7x 0.4x 0.0x 0.8x 2.2x 0.9x 0.5x −0.2x
Debt / equity 0.4x 0.4x 0.4x 0.3x 0.3x 0.3x 0.4x 0.3x 0.3x 0.2x
Interest coverage 11.4x 15.0x 20.0x 28.2x 34.1x 20.3x 4.8x 19.3x 39.4x 52.2x
Capital allocation
Capex / revenue 0.9% 0.6% 0.8% 0.9% 0.5% 0.5% 0.6% 0.4% 0.4% 0.4%
Stock comp / revenue — — — — — — — 0.2% 0.2% 0.2%
Payouts / FCF 28.3% 11.0% 10.9% 27.9% 23.2% 49.8% 3.6% 2.3% 4.5% 16.7%
Quality scores
Accruals ratio −5.4% −6.0% −8.6% −4.5% −2.0% −6.5% −8.4% −8.2% −6.8% −5.5%

Source: SEC EDGAR XBRL filings (CIK 0000080661). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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