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The Progressive Corporation

PGR Financial Insurance Property & Casualty

The Progressive Corporation’s revenue for fiscal 2025 (year ended December 2025) was $87.7 billion, up 16.3% from fiscal 2024.

Revenue
+3.02%
EPS
−1.80%
Free cash flow
−14.3%
Total debt
+21.7%

Quarter to September 2026, against a year earlier

233.12 1.70 −0.72%
Market cap
$135.1B
P/E
11.7×
Fwd P/E
12.4×
Dividend yield
5.96%
F-score
6/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by products and services Fiscal 2023

  • Underwriting operations
  • Other, not broken out

Every year since 2008 →

Insider Decisions last twelve months

Sold, $m 29.56
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 1 2 2 3 1 — 4 6 2 2 1 —
Insider Ownership 0.53%

Capital & Financial Ratios $m

Size
Market Cap 135,100.00
Revenue ttm 91,735.00
Net income ttm 11,622.00
Free cash flow ttm 15,279.00
Net debt Q 8,233.00
Valuation
P/E 11.71
Forward P/E 12.40
Price / sales 1.48
Forward P/S Powerpack
Price / FCF 8.86
Price / book 3.93
Financial health
Current ratio Q 0.25
Debt / equity Q 0.24
Interest coverage Q 40.06
Growth
Revenue growth Q +3.02% (above 0%: growing)
Operating income growth Q −1.75% (below 0%: shrinking)
EPS, this year +1.68%
EPS, next year A −11.83% (below 0%: weak)
Revenue, next year A +32.43% (at or above 10%: strong)
EPS, past 5 yrs +14.76%
EPS, next 5 yrs A −3.88% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 19.11%
10-year low 10-year high
P/S against its own 10 years 72.72%
10-year low 10-year high
P/B against its own 10 years 63.84%
10-year low 10-year high

Dividends raised 3 years running

Yield
5.96%
Annual rate
13.90
Payout ratio
70.0%
Growth, 2018–26
+36.9%/yr
  1. 1.12 ’18
  2. 2.81 ’19 +150
  3. 0.30 ’20 −89
  4. 6.40 ’21 +2033
  5. 0.40 ’22 −94
  6. 0.40 ’23 +0
  7. 1.15 ’24 +187
  8. 9.40 ’25 +717
  9. 13.90 ’26 +48
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 100 154 138 156
Receivables 17,052 19,134 19,445 21,212
Inventory — — — —
Other — — — —
17,152 19,288 19,583 21,368
2023 2024 2025 Q'26
Payables 61,525 73,261 85,819 84,870
ST’ Debt — — — —
Other — — — —
61,525 73,261 85,819 84,870

Compound Annual Growth %

10y 5y 3y
Sales 15.44% 15.50% 20.90%
Cash Flow 22.57% 20.51% 36.84%
Earnings 24.46% 14.77% 153.40%
Book Value 15.32% 12.22% 24.03%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 4.46 Actual 4.60

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 4.44 4.67 Beat by 0.23
Q1 FY26 4.84 4.96 Beat by 0.12
Q2 FY26 4.70 4.85 Beat by 0.15
Q3 FY26 4.46 4.60 Beat by 0.14
Q4 FY26 4.02 — Reports 27 January 2027

EPS $

Mar Jun Sep Dec Year
’26 4.80 5.67 4.37 — —
’25 4.37 5.40 4.45 5.02 19.23
’24 3.94 2.48 3.97 4.01 14.40
’23 0.75 0.57 1.89 3.37 6.58
’22 0.52 (0.94) 0.20 1.40 1.18
’21 2.51 1.34 0.19 1.63 5.66
’20 1.17 3.04 2.59 2.85 9.66
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 22,188 23,609 23,192 — —
’25 20,409 22,004 22,512 22,746 87,671
’24 17,243 18,134 19,719 20,276 75,372
’23 14,303 15,354 15,561 16,892 62,109
’22 11,842 11,519 12,780 13,470 49,611
’21 11,445 11,906 11,859 12,492 47,702
’20 9,323 10,972 10,947 11,416 42,658
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 4,367 3,607 4,518 — —
’25 5,143 4,040 5,195 3,170 17,548
’24 4,235 3,267 4,609 3,008 15,119
’23 2,450 2,337 3,420 2,437 10,643
’22 2,502 1,390 2,027 930 6,849
’21 2,615 2,324 2,371 452 7,762
’20 1,626 2,253 1,480 1,547 6,906
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 4,318 3,490 4,412 — —
’25 5,097 3,977 5,147 3,059 17,280
’24 4,188 3,241 4,572 2,910 14,911
’23 2,411 2,271 3,389 2,367 10,438
’22 2,436 1,331 1,923 902 6,592
’21 2,572 2,280 2,333 400 7,584
’20 1,567 2,206 1,423 1,509 6,704
Fiscal quarters ending in the months shown.

Valuation

The price implies the dividend a share growing 3.3% a year for ten years. It grew 21.7% a year over the last ten.

Implied
3.3%
10 years, reported
21.7%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 23,441 26,839 31,979 39,022 42,658 47,702 49,611 62,109 75,372 87,671 91,735 +15.8% 116,107 122,289 129,300 +13.8%
Gross margin, % 7.36 9.04 10.91 14.23 17.85 9.87 3.45 8.93 15.21 17.18 17.01 +9.8 pt
EBT 1,471 2,139 3,164 5,160 7,173 4,210 922 4,904 10,713 14,223 14,693 +28.7%
EBT margin, % 6.27 7.97 9.89 13.22 16.82 8.83 1.86 7.90 14.21 16.22 16.02 +10.0 pt
Net income 1,057 1,598 2,621 3,980 5,705 3,351 722 3,903 8,480 11,308 11,622 +30.1%
Per share, $
Per share, $ Revenue 40.30 46.21 54.91 66.84 72.93 81.61 84.89 106.19 128.73 149.53 157.92 +15.7%
Earnings 1.77 2.74 4.45 6.75 9.71 5.69 1.19 6.61 14.45 19.29 19.90 +30.4%
Cash flow 4.70 6.47 10.79 10.73 11.81 13.28 11.72 18.20 25.82 29.93 26.96 +22.8%
Capex (0.36) (0.24) (0.44) (0.53) (0.34) (0.30) (0.44) (0.35) (0.36) (0.46) (0.66) +2.7%
Free cash flow 4.34 6.23 10.35 10.19 11.46 12.98 11.28 17.85 25.47 29.47 26.30 +23.7%
Book value 13.68 15.99 18.58 23.42 29.13 31.19 27.19 34.67 43.71 51.72 59.36 +15.9%
Shares, m 582 581 582 584 585 585 584 585 586 586 584 +0.1%
Valuation, ×
Valuation, × P/E 20.07 20.35 13.56 10.72 10.19 18.04 109.36 24.49 16.59 11.81 11.71 25.5
P/S 0.88 1.20 1.10 1.08 1.36 1.26 1.53 1.52 1.86 1.52 1.48 1.3
P/B 2.60 3.46 3.40 3.21 3.50 3.38 4.94 4.78 5.48 4.40 3.93 3.9
EV/Sales 1.01 1.31 1.23 1.19 1.48 1.36 1.66 1.63 1.95 1.60 — 1.4
EV/FCF 9.35 9.73 6.55 7.80 9.42 8.53 12.47 9.71 9.86 8.12 — 9.2
Cash, $m
Cash, $m Operating cash flow 2,733 3,757 6,285 6,262 6,906 7,762 6,849 10,643 15,119 17,548 15,662 +23.0%
Capex (209) (140) (257) (310) (202) (177) (257) (205) (208) (268) (383) +2.8%
Free cash flow 2,524 3,616 6,028 5,951 6,704 7,584 6,592 10,438 14,911 17,280 15,279 +23.8%
Balance, $m
Balance, $m Working capital (15,107) (17,500) (21,866) (25,373) (29,098) (33,267) (36,716) (44,373) (53,973) (66,236) (63,502) +17.8%
Net debt 2,922 3,031 4,330 4,180 5,320 4,697 6,167 6,789 6,739 6,759 8,233 +9.8%
Shareholders’ equity 7,957 9,285 10,822 13,673 17,039 18,232 15,891 20,277 25,591 30,323 34,485 +16.0%
Returns, %
Returns, % ROA 3.26 4.41 6.08 7.77 9.54 4.92 0.95 4.71 8.71 9.89 9.32 +6.6 pt
ROIC 9.92 12.31 14.39 19.44 21.29 12.83 4.21 12.81 22.17 25.39 22.84 +15.5 pt
ROE 13.52 18.47 26.45 33.55 38.20 19.39 4.19 21.97 37.30 40.45 33.24 +26.9 pt
People
People Employees 31,721 33,656 37,346 41,571 43,326 49,000 55,100 61,400 66,308 70,053 — +9.2%
Revenue/emp, $m 0.74 0.80 0.86 0.94 0.98 0.97 0.90 1.01 1.14 1.25 — +6.0%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

The Progressive Corporation is an insurance holding company. Its insurance subsidiaries sell property-casualty coverage: insurance that pays for losses involving vehicles, homes, businesses, injuries or property damage, subject to policy terms. It operates throughout the United States.

Its main business is personal vehicle insurance, especially personal auto coverage. It also sells insurance for motorcycles, RVs, watercraft and other recreational vehicles, plus homeowners, renters, manufactured-home, umbrella and flood coverage. The company writes commercial auto insurance for businesses, including contractors, transportation operators, tow businesses and fleets. Other commercial offerings include general liability, commercial property and workers’ compensation coverage, primarily for transportation businesses.

Where the money comes from and where it goes Fiscal 2023

Fiscal 2023: revenue by products and services, and margins
Underwriting operations 58,664 94.45%
Other, not broken out 3,444 5.55%
Gross margin 8.93%
Operating margin 8.93%
Pre-tax margin 7.90%

Revenue by segment since 2008

The Progressive Corporation vs peers in Insurance Property & Casualty (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
CB Chubb Limited $142.0B 12.9× 13.0× +0.29% (above 0%: growing) +3.55% (above 0%: growing) +66.83% (above 0%: growing) 27.50% 22.33% Compare
PGR The Progressive Corporation $135.1B 11.7× 12.4× +3.02% (above 0%: growing) −1.80% (below 0%: shrinking) −14.28% (below 0%: shrinking) 15.03% 15.03%
TRV The Travelers Companies, Inc. $82.6B 10.4× 10.9× −0.47% (below 0%: shrinking) +9.92% (above 0%: growing) −7.92% (below 0%: shrinking) 47.74% 20.04% Compare
ALL The Allstate Corporation $67.4B 6.0× 6.9× +0.54% (above 0%: growing) −42.32% (below 0%: shrinking) +14.99% (above 0%: growing) 0.00% 0.00% Compare
CINF Cincinnati Financial Corporation $28.9B 10.9× 11.6× −18.22% (below 0%: shrinking) −58.41% (below 0%: shrinking) −29.04% (below 0%: shrinking) 18.81% 18.54% Compare
WRB W.R. Berkley Corporation $28.6B 16.2× 15.1× −0.78% (below 0%: shrinking) −10.85% (below 0%: shrinking) −31.31% (below 0%: shrinking) 46.55% 16.21% Compare
MKL Markel Group Inc. $23.9B 13.8× 12.3× −11.22% (below 0%: shrinking) −69.36% (below 0%: shrinking) −27.15% (below 0%: shrinking) 46.51% 9.88% Compare
L Loews Corporation $22.5B 15.2× 16.0× +1.88% (above 0%: growing) −35.20% (below 0%: shrinking) −9.55% (below 0%: shrinking) 50.68% 10.65% Compare
AIZ Assurant, Inc. $15.1B 14.2× 14.0× +9.22% (above 0%: growing) +6.97% (above 0%: growing) +99.03% (above 0%: growing) 77.83% 10.73% Compare
Median of peers $28.8B 13.3× 12.7× −0.09% −23.02% −8.74% 46.53% 13.47%

All 46 Insurance Property & Casualty stocks →

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 87.36%
Held by the ten largest 42.47%
Holder Shares Stake Change
Vanguard 56.11m 9.65% +151.16k
BlackRock 48.05m 8.26% −4.27m
Capital Group 46.94m 8.07% +1.12m
State Street 26.53m 4.56% +656.25k
Geode Capital Management 17.01m 2.93% +753.13k
Bank of America 12.28m 2.11% −595.18k
Fidelity (FMR) 11.21m 1.93% +3.38m
JPMorgan Chase 10.30m 1.77% −1.83m
Morgan Stanley 9.31m 1.60% +465.35k
AllianceBernstein 9.18m 1.58% −986.88k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 23 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 17.71m 25.77m 254.12
2024 16.38m 61.14m 261.98
2023 15.64m 49.00m 173.05
2022 12.75m 48.47m 140.52
2021 14.46m 26.40m 110.82

Ownership

Directors and executive officers, together less than 1%
The Vanguard Group, Inc. 8.80%
BlackRock, Inc. and subsidiaries50 Hudson YardsNew York, NY 7.20%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

The Progressive Corporation (PGR) Latest News

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23 Sep

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PGR metrics, ten years each

stockrow.com/PGR · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com