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. In the quarter to September 2026, revenue fell 3.61%, EPS grew 4.80%, free cash flow fell 12.3% and total debt rose 21.7%, each against the same quarter a year earlier. Member of the S&P 500; revenue growth for ten consecutive years, operating cash flow growth for three.
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The Progressive Corporation (PGR) Gross margin
The Progressive Corporation's gross margin over the twelve months to 30 September 2026 was 37.5%, up 20.3 percentage points from fiscal 2025 (17.2%). Over the past ten years it has ranged from 3.45% (fiscal 2022) to 17.9% (fiscal 2020); the current reading is higher than 91% of that period. That is below the Insurance Property & Casualty industry median of 41.2% and below the Financial sector median of 69.9%.
Gross margin, annual
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Annual newest first
| Period | Gross margin | Change (points) |
|---|---|---|
| FY2025 | 17.2% | 1.97 |
| FY2024 | 15.2% | 6.28 |
| FY2023 | 8.93% | 5.48 |
| FY2022 | 3.45% | (6.42) |
| FY2021 | 9.87% | (7.98) |
| FY2020 | 17.9% | 3.62 |
| FY2019 | 14.2% | 3.32 |
| FY2018 | 10.9% | 1.87 |
| FY2017 | 9.04% | 1.68 |
| FY2016 | 7.36% | (2.94) |
Quarterly newest first
| Period | Gross margin | Change (points) |
|---|---|---|
| Sep 2026 | 100.0% | 81.10 |
| Jun 2026 | 18.9% | 1.89 |
| Mar 2026 | 17.0% | (0.08) |
| Dec 2025 | 17.1% | 1.33 |
| 43 more quarters | Free account |
Against its own ten years
Gross margin against peers
| Company | Gross margin |
|---|---|
| AIZ Assurant, Inc. compare | 78.1% |
| L Loews Corporation compare | 54.4% |
| MKL Markel Group Inc. compare | 51.9% |
| TRV The Travelers Companies, Inc. compare | 49.5% |
| ALL The Allstate Corporation compare | 49.1% |
| WRB W.R. Berkley Corporation compare | 47.6% |
| PGR The Progressive Corporation | 37.5% |
| CB Chubb Limited compare | 31.0% |
| CINF Cincinnati Financial Corporation compare | 30.4% |
| Insurance Property & Casualty industry median | 41.2% |
| Financial sector median | 69.9% |
| Market median | 46.2% |
What Gross margin is
Gross Margin tells an investor how much of each sale a company keeps after paying the direct costs of making or buying what it sells.
Gross Profit ÷ Revenue
More on PGR
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- The full statement