Detailed financial statements for The Progressive Corporation (PGR): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
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.
Analysis Summary
The Progressive Corporation reported revenue of $87.64B in the most recent fiscal year, growing at a 5-year CAGR of 15.5%. Net income reached $11.31B, with a 14.7% 5-year CAGR.
Trailing-twelve-month margins: gross margin 26.9%, operating margin 16.2%, net margin 12.8%. Free cash flow grew at 20.8% CAGR over 5 years.
At the current price of $212.62, PGR trades at a P/E of 10.55 and an ROE of 46.04%. Market capitalisation stands at $123.6B, placing it among large-cap names.
Balance sheet quality for PGR: current ratio of 0.6, net cash position of $12.94B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $17.20B represents 152% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $23.42B | $26.82B | $31.95B | $39.00B | $42.64B | $47.68B | $49.59B | $62.08B | $75.34B | $87.64B |
| Cost of Revenue | $18.74B | $20.93B | $24.29B | $28.49B | $28.39B | $37.34B | $42.04B | $50.32B | $54.44B | $61.81B |
| Gross Profit | $4.67B | $5.88B | $7.66B | $10.50B | $14.24B | $10.34B | $7.55B | $11.76B | $20.90B | $25.83B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $92.0M | $109.5M | $134.1M | $178.9M | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Expenses | $3.20B | $3.74B | $4.50B | $5.34B | $7.07B | $6.13B | $6.62B | $6.86B | $10.19B | $11.61B |
| Operating Income | $1.47B | $2.14B | $3.16B | $5.16B | $7.17B | $4.21B | $922.0M | $4.90B | $10.71B | $14.22B |
| EBITDA | $1.81B | $2.53B | $3.59B | $5.66B | $7.72B | $4.77B | $1.47B | $5.46B | $11.28B | $14.81B |
| Interest Expense | $140.9M | $153.1M | $166.5M | $189.7M | $217.0M | $218.6M | $244.0M | $268.0M | $279.0M | $278.0M |
| Pre-tax Income | $1.47B | $2.14B | $3.16B | $5.16B | $7.17B | $4.21B | $922.0M | $4.90B | $10.71B | $14.22B |
| Income Tax | $413.5M | $540.8M | $542.6M | $1.18B | $1.47B | $859.1M | $200.0M | $1.00B | $2.23B | $2.92B |
| Net Income | $1.03B | $1.59B | $2.62B | $3.97B | $5.70B | $3.35B | $722.0M | $3.90B | $8.48B | $11.31B |
| EPS | $1.77 | $2.74 | $4.49 | $6.75 | $9.71 | $5.69 | $1.19 | $6.61 | $14.45 | $19.29 |
| EPS (Diluted) | $1.76 | $2.72 | $4.46 | $6.72 | $9.66 | $5.66 | $1.18 | $6.58 | $14.40 | $19.23 |
| Shares Outstanding (Diluted) | $585.0M | $585.7M | $586.7M | $587.2M | $587.6M | $587.1M | $587.1M | $587.5M | $587.7M | $588.2M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $22.51B | $22.74B | $22.18B | $23.62B |
| Gross Profit | $3.55B | $6.66B | $8.35B | $5.94B |
| Operating Income | $3.32B | $3.68B | $3.57B | $4.21B |
| EBITDA | $3.47B | $3.83B | $3.71B | $4.38B |
| Net Income | $2.62B | $2.95B | $2.82B | $3.31B |
| EPS | $4.45 | $5.04 | $4.81 | $5.68 |
| EPS (Diluted) | $4.45 | $5.02 | $4.80 | $5.67 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $211.5M | $265.0M | $69.5M | $226.2M | $76.5M | $187.1M | $203.5M | $85.0M | $143.0M | $125.0M |
| Short-term Investments | $19.82B | $23.07B | $29.91B | $34.91B | $42.03B | $44.82B | $49.51B | $62.17B | $75.95B | $19.71B |
| Receivables | $4.51B | $5.42B | $6.50B | $10.89B | $12.18B | $14.38B | $16.25B | $17.05B | $19.13B | $20.11B |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $24.71B | $28.96B | $36.78B | $46.65B | $54.65B | $59.84B | $66.26B | $79.56B | $23.32B | $40.16B |
| Property, Plant & Equipment | $1.18B | $1.12B | $1.13B | $1.21B | $1.11B | $1.14B | $1.03B | $881.0M | $790.0M | $783.0M |
| Goodwill | $449.4M | $452.7M | $452.7M | $452.7M | $452.7M | $452.7M | $227.9M | $228.0M | $228.0M | 0 |
| Intangible Assets | $432.8M | $366.6M | $294.6M | $228.3M | $171.4M | $117.3M | $86.3M | $1.69B | $1.96B | $2.04B |
| Total Assets | $33.43B | $38.70B | $46.58B | $54.91B | $64.10B | $71.13B | $75.47B | $88.69B | $105.75B | $123.04B |
| Accounts Payable | $2.50B | $3.48B | $5.05B | $4.62B | $4.96B | $6.07B | $5.53B | 0 | 0 | 0 |
| Short-term Debt | 0 | $3.27B | $499.1M | $499.4M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $2.50B | $6.75B | $5.55B | $5.12B | $4.96B | $6.07B | $5.53B | $54.52B | $62.91B | $68.53B |
| Long-term Debt | $3.15B | $37.1M | $3.91B | $4.41B | $5.40B | $4.90B | $6.39B | $6.89B | $6.89B | $6.90B |
| Total Liabilities | $25.47B | $29.42B | $35.75B | $41.24B | $47.06B | $52.90B | $59.57B | $68.41B | $80.15B | $92.72B |
| Retained Earnings | $5.14B | $6.03B | $8.39B | $10.68B | $13.35B | $15.34B | $15.72B | $18.80B | $24.28B | $27.33B |
| Total Equity | $7.96B | $9.28B | $10.82B | $13.67B | $17.04B | $18.23B | $15.89B | $20.28B | $25.59B | $30.32B |
| Total Debt | $3.15B | $3.31B | $4.40B | $4.91B | $5.40B | $4.90B | $6.39B | $6.89B | $6.89B | $6.90B |
| Net Debt | -$16.88B | -$20.03B | -$25.57B | -$30.23B | -$36.71B | -$40.10B | -$43.33B | -$55.36B | -$69.20B | -$12.94B |
| Working Capital | $22.21B | $22.21B | $31.24B | $41.53B | $49.70B | $53.77B | $60.73B | $25.03B | -$39.59B | -$28.37B |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $125.0M | $162.0M | $178.0M | 0 |
| Total Assets | $123.04B | $122.21B | $124.92B | $127.83B |
| Total Liabilities | $92.72B | $90.17B | $90.59B | $92.47B |
| Total Equity | $30.32B | $32.04B | $34.33B | $4.91B |
| Total Debt | $6.90B | $8.39B | $8.39B | $8.39B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $1.06B | $1.60B | $2.62B | $3.98B | $5.70B | $3.35B | $721.5M | $3.90B | $8.48B | $11.31B |
| Depreciation & Amortization | $199.5M | $236.1M | $262.4M | $306.1M | $331.8M | $337.4M | $336.6M | $299.7M | $284.0M | $313.0M |
| Stock-based Compensation | $85.2M | $95.4M | $77.2M | $90.2M | $89.4M | $100.7M | $122.7M | $121.3M | $122.0M | $132.0M |
| Change in Working Capital | $1.32B | $1.78B | $2.85B | $2.87B | $2.30B | $5.36B | $3.56B | $6.60B | $6.51B | $6.63B |
| Operating Cash Flow | $2.70B | $3.76B | $6.28B | $6.26B | $6.91B | $7.76B | $6.85B | $10.64B | $15.12B | $17.55B |
| Capital Expenditure | -$215.0M | -$155.7M | -$266.0M | -$363.5M | -$223.5M | -$243.5M | -$292.0M | -$252.0M | -$285.0M | -$348.0M |
| Acquisitions | $6.2M | -$18.1M | -$296.9M | $53.3M | $21.9M | -$313.2M | $35.1M | 0 | 0 | $80.0M |
| Stock Repurchased | -$192.5M | -$62.5M | -$79.0M | -$91.3M | -$111.6M | -$223.0M | -$99.0M | -$140.7M | -$634.0M | -$166.0M |
| Dividends Paid | -$519.0M | -$395.4M | -$668.4M | -$1.67B | -$1.58B | -$3.77B | -$260.8M | -$277.6M | -$682.0M | -$2.87B |
| Free Cash Flow | $2.49B | $3.60B | $6.02B | $5.90B | $6.68B | $7.52B | $6.56B | $10.39B | $14.83B | $17.20B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $5.20B | $3.17B | $4.37B | $3.61B |
| Capital Expenditure | -$66.0M | -$121.0M | -$63.0M | -$138.0M |
| Free Cash Flow | $5.13B | $3.05B | $4.30B | $3.47B |
| Dividends Paid | -$58.0M | -$59.0M | -$7.97B | -$58.0M |
| Stock-based Compensation | $42.0M | $42.0M | $16.0M | $36.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +14.5% | +19.2% | +22.0% | +9.3% | +11.8% | +4.0% | +25.2% | +21.4% | +16.3% | |
| Net Income Growth (YoY) | +54.4% | +64.3% | +51.8% | +43.7% | -41.3% | -78.5% | +440.6% | +117.3% | +33.3% | |
| EPS Growth (YoY) | +54.8% | +63.9% | +50.3% | +43.9% | -41.4% | -79.1% | +455.5% | +118.6% | +33.5% | |
| Shares Change (YoY) | +0.1% | +0.2% | +0.1% | +0.1% | -0.1% | +0.0% | +0.1% | +0.0% | +0.1% | |
| FCF Growth (YoY) | +44.8% | +67.1% | -2.0% | +13.3% | +12.5% | -12.8% | +58.5% | +42.8% | +15.9% | |
| Gross Margin | 20.0% | 21.9% | 24.0% | 26.9% | 33.4% | 21.7% | 15.2% | 18.9% | 27.7% | 29.5% |
| Operating Margin | 6.3% | 8.0% | 9.9% | 13.2% | 16.8% | 8.8% | 1.9% | 7.9% | 14.2% | 16.2% |
| 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 | 10.6% | 13.4% | 18.8% | 15.1% | 15.7% | 15.8% | 13.2% | 16.7% | 19.7% | 19.6% |
| Effective Tax Rate | 28.1% | 25.3% | 17.2% | 22.9% | 20.5% | 20.4% | 21.7% | 20.4% | 20.8% | 20.5% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $4.25 | $6.15 | $10.26 | $10.04 | $11.37 | $12.81 | $11.17 | $17.69 | $25.24 | $29.24 |
| Dividends Per Share | $0.89 | $0.68 | $1.14 | $2.84 | $2.69 | $6.43 | $0.44 | $0.47 | $1.16 | $4.88 |
| Shares Outstanding (Basic) | $581.7M | $580.8M | $582.4M | $583.8M | $584.9M | $584.5M | $584.4M | $584.9M | $585.5M | $586.3M |
What to look at in Insurance
Insurers earn in 2 ways: underwriting well (combined ratio) and investing the float. Buffett built Berkshire that way.
- Op Margin 5y (Combined Ratio proxy) — Combined ratio proxy when our data does not include it. ≥10% 5y average = underwriting discipline (CR <100%)
- Book Value / Share growth — How Buffett measures Berkshire. The real value shareholders accumulate
- Debt / Equity — Leveraged insurers fail fast under catastrophes
- P/B (Price / Book) — Insurers are valued by book multiple. Here it is crossed with ROE (quality × valuation)
- Dividend growth streak — Consecutive years raising dividend per share — solid insurers stack decades
Profitability
| Return on Equity | 46.04% |
| Return on Invested Capital | 21.72% |
| Return on Assets | 9.15% |
| Gross Margin | 26.91% |
| Operating Margin | 16.23% |
| Net Margin | 12.85% |
Financial Health
| Debt / Equity | 1.71 |
| Current Ratio | 1.60 |
| Piotroski F-Score | 8 |
| Altman Z-Score | 1.99 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 20.06 | 20.55 | 13.44 | 10.72 | 10.18 | 18.04 | 109.00 | 24.10 | 16.58 | 11.81 |
| P/B | 2.60 | 3.52 | 3.25 | 3.09 | 3.39 | 3.29 | 4.77 | 4.59 | 5.48 | 4.40 |
| P/S | 0.88 | 1.22 | 1.10 | 1.08 | 1.36 | 1.26 | 1.53 | 1.50 | 1.86 | 1.52 |
| Gross Margin | 20.0% | 21.9% | 24.0% | 26.9% | 33.4% | 21.7% | 15.2% | 18.9% | 27.7% | 29.5% |
| Operating Margin | 6.3% | 8.0% | 9.9% | 13.2% | 16.8% | 8.8% | 1.9% | 7.9% | 14.2% | 16.2% |
| Net Margin | 4.4% | 5.9% | 8.2% | 10.2% | 13.4% | 7.0% | 1.5% | 6.3% | 11.3% | 12.9% |
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