Progressive Corp/Oh/
PGR · NYSEFire, Marine & Casualty Insurance · Fiscal year ends Dec 31
Progressive Corp/Oh/ reported revenue of $87.7B in the fiscal year ended Dec 2025, up 16.3% from the year before. Net income was $11.3B. Operating cash flow of $17.5B less capital expenditure of $348M left free cash flow of $17.2B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $47.7B | $49.6B | $62.1B | $75.4B | $87.7B |
| Interest expense | $219M | $244M | $268M | $279M | $278M |
| Pre-tax income | $4.2B | $922M | $4.9B | $10.7B | $14.2B |
| Income tax | $859M | $200M | $1B | $2.2B | $2.9B |
| Net income | $3.4B | $722M | $3.9B | $8.5B | $11.3B |
| Diluted EPS | 5.66 | 1.18 | 6.58 | 14.40 | 19.23 |
| Diluted shares | 587M | 587M | 588M | 588M | 588M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $202M | $221M | $100M | $154M | $138M |
| Net PP&E | $1.1B | $1B | $881M | $790M | $783M |
| Goodwill | $453M | $228M | $228M | $228M | – |
| Total assets | $71.1B | $75.5B | $88.7B | $106B | $123B |
| Short-term debt | $0 | $0 | $0 | $0 | $0 |
| Total liabilities | $52.9B | $59.6B | $68.4B | $80.2B | $92.7B |
| Shareholders' equity | $18.2B | $15.9B | $20.3B | $25.6B | $30.3B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $7.8B | $6.8B | $10.6B | $15.1B | $17.5B |
| Capital expenditure | $244M | $292M | $252M | $285M | $348M |
| Free cash flow | $7.5B | $6.6B | $10.4B | $14.8B | $17.2B |
| Depreciation & amortisation | $280M | $306M | $285M | $284M | $313M |
| Stock-based compensation | – | – | $121M | $122M | $132M |
| Acquisitions | $313M | $0 | $0 | – | – |
| Dividends paid | $3.7B | $234M | $234M | $674M | $2.9B |
| Dividend per share | 1.90 | 0.40 | 1.15 | 4.90 | 13.90 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 4.0% | 25.2% | 21.4% | 16.3% |
| EPS growth (YoY) | – | −79.2% | 457.6% | 118.8% | 33.5% |
| Net margin | 7.0% | 1.5% | 6.3% | 11.3% | 12.9% |
| Return on equityBlank when equity is negative | 18.4% | 4.5% | 19.2% | 33.1% | 37.3% |
| Free cash flow margin | 15.8% | 13.2% | 16.7% | 19.7% | 19.6% |
| Cash conversion (CFO ÷ net income) | 2.32x | 9.49x | 2.73x | 1.78x | 1.55x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.