Saturday 17 October 2026 Export PGR’s income statement to Excel — free account

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.

218.49 4.74 +2.22%

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Market cap: $124.2B
P/E: 10.9×
Fwd P/E: 12.6×
Dividend yield: 6.36%
F-score: 6/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Insider Decisions trades per month

Total sells 31.03

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	3	1	2	2	3	1	—	4	6	2	2	—

Insider Ownership 0.59%

Capital & Financial Ratios $m

Market Cap 124,210.00

Revenue 90,242.00

Net Income 11,695.00

Free Cash Flow 16,014.00

Net Debt 8,389.00

Current Ratio 0.28

Debt/Equity 0.24

P/E ratio 10.94

Fwd P/E 12.60

P/S ratio 1.41

P/B ratio 3.71

Past 5Y EPS Growth 14.76%

This Y EPS Growth 1.47%

Next Y EPS Growth (11.89%)

Next Y revenue growth 31.45%

Next 5Y EPS Growth (3.93%)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 14.74%

10-year low 10-year high

P/S against its own 10 years 67.67%

10-year low 10-year high

P/B against its own 10 years 56.47%

10-year low 10-year high

Dividends

Payout Ratio 0.70

Annual Dividend Rate 13.90

Annual Dividend Yield 6.36%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	13.90	13.60 0.10 0.10 0.10
2025	14.80	4.50 4.60 0.10 0.10 0.10
2024	1.15	0.85 0.10 0.10 0.10
2023	0.40	0.10 0.10 0.10 0.10
2022	0.40	0.10 0.10 0.10 0.10
2021	6.40	4.60 0.10 0.10 0.10 1.50
2020	0.30	2.25 0.10 0.10 0.10
2019	2.81	2.51 0.10 0.10 0.10
2018	1.12	1.12
2017	0.68	0.68
2016	0.89	0.89

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	100	154	138	—
Receivables	17,052	19,134	19,445	21,212
Inventory	—	—	—	—
Other	—	—	—	—
	17,152	19,288	19,583	21,212

	2023	2024	2025	Q'26
Payables	61,525	73,261	85,819	74,659
ST’ Debt	—	—	—	—
Other	—	—	—	—
	61,525	73,261	85,819	74,659

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%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	22,188	23,609	21,699	—	—
’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	—	—	—
’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	—	—	—
’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.

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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	29.32	35.23	50.79	58.10	62.18	84.89	100.81	111.41	159.34	199.90	Analyst estimates 2026–2028 Powerpack
	High	35.95	57.18	73.69	84.96	102.05	107.59	134.50	165.57	270.62	292.99
People
People	Employees	31,721	33,656	37,346	41,571	43,326	49,000	55,100	61,400	66,308	70,053
	Revenue/emp, $m	0.74	0.80	0.86	0.94	0.98	0.97	0.90	1.01	1.14	1.25
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
	Gross margin, %	7.36	9.04	10.91	14.23	17.85	9.87	3.45	8.93	15.21	17.18
	EBT	1,471	2,139	3,164	5,160	7,173	4,210	922	4,904	10,713	14,223
	EBT margin, %	6.27	7.97	9.89	13.22	16.82	8.83	1.86	7.90	14.21	16.22
	Net income	1,057	1,598	2,621	3,980	5,705	3,351	722	3,903	8,480	11,308
	Depreciation	277	322	297	339	433	468	281	326	254	189
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
	Earnings	1.77	2.74	4.45	6.75	9.71	5.69	1.19	6.61	14.45	19.29
	Cash flow	4.70	6.47	10.79	10.73	11.81	13.28	11.72	18.20	25.82	29.93
	Capex	(0.36)	(0.24)	(0.44)	(0.53)	(0.34)	(0.30)	(0.44)	(0.35)	(0.36)	(0.46)
	Free cash flow	4.34	6.23	10.35	10.19	11.46	12.98	11.28	17.85	25.47	29.47
	Book value	13.68	15.99	18.58	23.42	29.13	31.19	27.19	34.67	43.71	51.72
	Shares, m	582	581	582	584	585	585	584	585	586	586
Valuation, ×
Valuation, ×	P/E	20.07	20.35	13.56	10.72	10.19	18.04	109.36	24.49	16.59	11.81
	P/S	0.88	1.20	1.10	1.08	1.36	1.26	1.53	1.52	1.86	1.52
	P/B	2.60	3.46	3.40	3.21	3.50	3.38	4.94	4.78	5.48	4.40
	EV/Sales	1.01	1.31	1.23	1.19	1.48	1.36	1.66	1.63	1.95	1.60
	EV/FCF	9.35	9.73	6.55	7.80	9.42	8.53	12.47	9.71	9.86	8.12
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
	Capex	(209)	(140)	(257)	(310)	(202)	(177)	(257)	(205)	(208)	(268)
	Free cash flow	2,524	3,616	6,028	5,951	6,704	7,584	6,592	10,438	14,911	17,280
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)
	Total debt	3,148	3,306	4,405	4,407	5,396	4,899	6,388	6,889	6,893	6,897
	Net debt	2,922	3,031	4,330	4,180	5,320	4,697	6,167	6,789	6,739	6,759
	Shareholders’ equity	7,957	9,285	10,822	13,673	17,039	18,232	15,891	20,277	25,591	30,323
Returns, %
Returns, %	ROA	3.26	4.41	6.08	7.77	9.54	4.92	0.95	4.71	8.71	9.89
	ROIC	9.92	12.31	14.39	19.44	21.29	12.83	4.21	12.81	22.17	25.39
	ROE	13.52	18.47	26.45	33.55	38.20	19.39	4.19	21.97	37.30	40.45

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 15 Oct 2026

Charts ten years each

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	$136.1B	12.6×	12.5×	+6.61% (above 0%: growing)	−0.67% (below 0%: shrinking)	+5.04% (above 0%: growing)	30.84%	24.23%	Compare
PGR The Progressive Corporation	$124.2B	10.9×	12.6×	−3.61% (below 0%: shrinking)	+4.80% (above 0%: growing)	−12.25% (below 0%: shrinking)	100.00%	100.00%
TRV The Travelers Companies, Inc.	$80.1B	10.3×	10.8×	+0.31% (above 0%: growing)	+57.01% (above 0%: growing)	−18.13% (below 0%: shrinking)	51.27%	23.70%	Compare
ALL The Allstate Corporation	$60.6B	4.9×	8.0×	+11.80% (above 0%: growing)	+61.07% (above 0%: growing)	+38.26% (above 0%: growing)	46.58%	22.83%	Compare
WRB W.R. Berkley Corporation	$27.5B	15.3×	14.2×	+1.23% (above 0%: growing)	+14.85% (above 0%: growing)	+6.14% (above 0%: growing)	47.24%	16.33%	Compare
CINF Cincinnati Financial Corporation	$25.7B	8.0×	19.7×	+31.59% (above 0%: growing)	+85.84% (above 0%: growing)	−5.29% (below 0%: shrinking)	37.46%	37.20%	Compare
MKL Markel Group Inc.	$22.6B	10.1×	12.8×	+12.67% (above 0%: growing)	+86.91% (above 0%: growing)	−15.25% (below 0%: shrinking)	62.92%	30.09%	Compare
L Loews Corporation	$22.2B	13.5×	16.0×	+3.93% (above 0%: growing)	+15.51% (above 0%: growing)	−18.81% (below 0%: shrinking)	54.18%	15.10%	Compare
AIZ Assurant, Inc.	$13.9B	13.4×	12.9×	+9.37% (above 0%: growing)	+30.00% (above 0%: growing)	+99.03% (above 0%: growing)	78.34%	11.73%	Compare
Median of peers	$26.6B	11.4×	12.9×	+7.99%	+43.51%	−0.13%	49.26%	23.27%

All 45 Insurance Property & Casualty stocks →

The Progressive Corporation (PGR) key facts

Strength: The Progressive Corporation’s revenue for fiscal 2025 (year ended December 2025) was $87.7 billion, up 16.3% from fiscal 2024.
Strength: Net income was $11.3 billion, or $19.29 per share (basic), a net margin of 12.9%.
The Progressive Corporation (PGR) is an Insurance Property & Casualty company in the Financial sector, listed on the New York Stock Exchange.
As of October 16, 2026, PGR traded at $218.49, a market capitalization of $124.2 billion.
At that price the stock trades at 10.9× trailing-twelve-month earnings and 1.4× sales; its P/E is higher than 15% of its own readings over the past ten years.
The Progressive Corporation pays an annual dividend of $13.90 per share, a yield of 6.36%, with a payout ratio of 70.0%.
Return on equity was 40.5% and debt-to-equity 0.24.
Its Piotroski F-score is 6 out of 9 for fiscal 2025.