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PGRThe Progressive Corporation
$204.87$120.1B
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PGR logoThe Progressive Corporation(PGR)Earnings, Financials & Key Ratios

PGR•NYSE•Insurance & Managed Care
14.2× P/E·Price updated Jun 19, 2026
SectorFinancial ServicesIndustryProperty & Casualty InsuranceSub-IndustryPersonal auto and homeowners insurers
AboutThe Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property. The Personal Lines segment writes insurance for personal autos and recreational vehicles (RV). This segment's products include personal auto insurance; and special lines products, including insurance for motorcycles, ATVs, RVs, watercrafts, snowmobiles, and related products. The Commercial Lines segment provides auto-related primary liability and physical damage insurance, and business-related general liability and property insurance for autos, vans, pick-up trucks, and dump trucks used by small businesses; tractors, trailers, and straight trucks primarily used by regional general freight and expeditor-type businesses, and long-haul operators; dump trucks, log trucks, and garbage trucks used by dirt, sand and gravel, logging, and coal-type businesses; and tow trucks and wreckers used in towing services and gas/service station businesses; as well as non-fleet and airport taxis, and black-car services. The Property segment writes residential property insurance for homeowners, other property owners, and renters, as well as offers personal umbrella insurance, and primary and excess flood insurance. The company also offers policy issuance and claims adjusting services; and acts as an agent to homeowner general liability, workers' compensation insurance, and other products. In addition, it provides reinsurance services. The company sells its products through independent insurance agencies, as well as directly on Internet through mobile devices, and over the phone. The Progressive Corporation was founded in 1937 and is headquartered in Mayfield, Ohio.Show more
  • Revenue$75.34B+21.4%
  • Combined Ratio85.78%-6.9%
  • Net Income$8.48B+117.3%
  • Return on Equity36.98%+71.3%
  • Medical Cost Ratio72.26%-10.8%
  • Operating Margin14.22%+80.0%
  • Net Margin11.26%+79.0%
  • ROA8.72%+83.4%
  • Equity / Assets24.2%+5.9%

PGR Key Insights

The Progressive Corporation (PGR) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Profitable underwriting: 85.8% combined ratio
  • ✓Excellent 3Y average ROE of 20.9%
  • ✓Strong 5Y profit CAGR of 16.4%
  • ✓Strong Piotroski F-Score: 7/9

✗Weaknesses

No significant weaknesses identified

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

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PGR Price & Volume

The Progressive Corporation (PGR) stock price & volume — 10-year historical chart

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PGR Growth Metrics

The Progressive Corporation (PGR) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years14.54%
5 Years14.08%
3 Years16.48%
TTM18.37%

Profit CAGR

10 Years20.8%
5 Years16.39%
3 Years36.27%
TTM32.08%

EPS CAGR

10 Years20.95%
5 Years16.47%
3 Years36.52%
TTM32.49%

Return on Capital

10 Years7.76%
5 Years7.66%
3 Years6.12%
Last Year11.02%

PGR Recent Earnings

The Progressive Corporation (PGR) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 8/12 qtrs (67%)●Beat Revenue 6/12 qtrs (50%)
Q2 2026Latest
Apr 15, 2026
Metric
Actual
Est
EPS
$4.96+2.3%
$4.85
Rev
$23.6B+2.9%
$23.0B
Q1 2026
Jan 28, 2026
Metric
Actual
Est
EPS
$4.67+5.2%
$4.44
Rev
$19.5B-3.9%
$20.3B
Q4 2025
Oct 15, 2025
Metric
Actual
Est
EPS
$4.05-18.8%
$4.99
Rev
$21.4B-1.9%
$21.8B
Q3 2025
Jul 16, 2025
Metric
Actual
Est
EPS
$4.88+10.2%
$4.43
Rev
$20.1B-1.9%
$20.5B
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 15, 2026
$4.96vs $4.85+2.3%
$23.6Bvs $23.0B+2.9%
Q1 2026Jan 28, 2026
$4.67vs $4.44+5.2%
$19.5Bvs $20.3B-3.9%
Q4 2025Oct 15, 2025
$4.05vs $4.99-18.8%
$21.4Bvs $21.8B-1.9%
Q3 2025Jul 16, 2025
$4.88vs $4.43+10.2%
$20.1Bvs $20.5B-1.9%
Based on last 12 quarters of dataView full earnings history →

PGR Peer Comparison

The Progressive Corporation (PGR) competitors in Personal auto and homeowners insurers — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
Institutional Holdings
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
ALL logoALLThe Allstate CorporationDirect Competitor56.93B221.175.794.64%18.09%42.74%0.24
TRV logoTRVThe Travelers Companies, Inc.Direct Competitor66.56B307.8111.225.17%12.88%19.12%0.28
HIG logoHIGThe Hartford Financial Services Group, Inc.Direct Competitor35.27B128.259.637.1%14.13%22.01%0.23
ERIE logoERIEErie Indemnity CompanyDirect Competitor10.21B221.1420.827.17%13.2%25.03%
KMPR logoKMPRKemper CorporationDirect Competitor1.47B25.0310.933.62%0.89%1.53%0.38
MKL logoMKLMarkel CorporationProduct Competitor23.11B1847.1610.92-0.96%10.7%9.56%0.23
WRB logoWRBW. R. Berkley CorporationProduct Competitor25.16B67.1815.107.82%12.1%18.86%0.29
CNA logoCNACNA Financial CorporationProduct Competitor12.04B44.529.495.1%8.95%11.94%0.26

Compare PGR vs Peers

The Progressive Corporation (PGR) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs ALL

Most directly comparable listed peer for PGR.

Scale Benchmark

vs GOOG

Larger-name benchmark to compare PGR against a more recognizable public peer.

Peer Set

Compare Top 5

vs ALL, TRV, HIG, ERIE

PGR Income Statement

The Progressive Corporation (PGR) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
MetricDec'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24TTM
Revenue
23.42B26.82B31.95B39B42.64B47.68B49.59B62.08B75.34B85.18B
Revenue Growth %
12.41%14.51%19.16%22.04%9.33%11.82%4.01%25.2%21.36%18.37%
Medical Costs & Claims
18.74B20.93B24.29B28.49B28.39B37.34B42.04B50.32B54.44B62.78B
Medical Cost Ratio %
80.04%78.06%76.03%73.07%66.6%78.32%84.78%81.05%72.26%73.7%
Gross Profit
4.67B▲ 0%
5.88B▲ 25.9%
7.66B▲ 30.2%
10.5B▲ 37.1%
14.24B▲ 35.6%
10.34B▼ 27.4%
7.55B▼ 27.0%
11.76B▲ 55.9%
20.9B▲ 77.7%
22.4B▲ 0%
Gross Margin %
19.96%21.94%23.97%26.93%33.4%21.68%15.22%18.95%27.74%26.3%
Gross Profit Growth %
-3.39%25.87%30.2%37.13%35.6%-27.43%-26.98%55.86%77.68%-
Operating Expenses
3.2B3.74B4.5B5.34B7.07B6.13B6.63B6.86B10.19B8.89B
OpEx / Revenue %
13.68%13.96%14.07%13.7%16.58%12.85%13.36%11.05%13.52%10.44%
Depreciation & Amortization
199.5M236.1M262.4M306.1M331.8M337.4M306M285M284M305.8M
Combined Ratio %
93.72%92.02%90.1%86.77%83.18%91.17%98.14%92.1%85.78%84.14%
Operating Income
1.47B▲ 0%
2.14B▲ 45.4%
3.16B▲ 47.9%
5.16B▲ 63.1%
7.17B▲ 39.0%
4.21B▼ 41.3%
922M▼ 78.1%
4.9B▲ 431.9%
10.71B▲ 118.5%
13.51B▲ 0%
Operating Margin %
6.28%7.98%9.9%13.23%16.82%8.83%1.86%7.9%14.22%15.86%
Operating Income Growth %
-23.06%45.43%47.91%63.11%39.01%-41.31%-78.1%431.89%118.45%-
EBITDA
1.67B2.38B3.43B5.47B7.5B4.55B1.23B5.19B11B13.81B
EBITDA Margin %
7.13%8.86%10.72%14.02%17.6%9.54%2.48%8.36%14.6%16.22%
Interest Expense
140.9M153.1M166.5M189.7M217M218.6M244M268M279M278.9M
Non-Operating Income
-140.9M-153.1M-166.5M-189.7M-217M-218.6M-244M-268M-279M-278.9M
Pretax Income
1.47B▲ 0%
2.14B▲ 45.4%
3.16B▲ 47.9%
5.16B▲ 63.1%
7.17B▲ 39.0%
4.21B▼ 41.3%
922M▼ 78.1%
4.9B▲ 431.9%
10.71B▲ 118.5%
13.51B▲ 0%
Pretax Margin %
6.28%7.98%9.9%13.23%16.82%8.83%1.86%7.9%14.22%15.86%
Income Tax
413.5M540.8M542.6M1.18B1.47B859.1M200M1B2.23B2.8B
Effective Tax Rate %
28.12%25.28%17.15%22.87%20.47%20.41%21.69%20.41%20.84%20.69%
Net Income
1.03B▲ 0%
1.59B▲ 54.4%
2.62B▲ 64.3%
3.97B▲ 51.8%
5.7B▲ 43.7%
3.35B▼ 41.3%
722M▼ 78.5%
3.9B▲ 440.6%
8.48B▲ 117.3%
10.71B▲ 0%
Net Margin %
4.4%5.94%8.18%10.18%13.38%7.03%1.46%6.29%11.26%12.58%
Net Income Growth %
-18.67%54.43%64.26%51.81%43.68%-41.26%-78.45%440.58%117.27%32.08%
EPS (Diluted)
1.76▲ 0%
2.72▲ 54.5%
4.46▲ 64.0%
6.72▲ 50.7%
9.66▲ 43.8%
5.66▼ 41.4%
1.18▼ 79.2%
6.58▲ 457.6%
14.40▲ 118.8%
18.21▲ 0%
EPS Growth %
-18.14%54.55%63.97%50.67%43.75%-41.41%-79.15%457.63%118.84%32.49%
EPS (Basic)
1.772.744.496.759.715.691.196.6114.45-
Diluted Shares Outstanding
585M585.7M586.7M587.2M587.6M587.1M587.1M587.5M587.7M588.2M

PGR Balance Sheet

The Progressive Corporation (PGR) balance sheet — assets, liabilities & shareholders' equity

MetricDec'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24TTM
Total Assets
33.43B38.7B46.58B54.91B64.1B71.13B75.47B88.69B105.75B121.53B
Asset Growth %
12.1%15.78%20.35%17.9%16.73%10.97%6.09%17.53%19.23%71.08%
Total Investment Assets
0000096.33B103.06B128.17B156.2B4M
Long-Term Investments
-19.82B-23.07B-29.91B-34.91B-42.03B51.51B53.55B66B80.25B336.38B
Short-Term Investments
19.82B23.07B29.91B34.91B42.03B44.82B49.51B62.17B75.95B10.18B
Total Current Assets
24.71B28.96B36.78B46.65B54.65B59.84B66.26B79.56B23.32B31.2B
Cash & Equivalents
211.5M265M69.5M226.2M76.5M187.1M203.5M85M143M173M
Receivables
4.51B5.42B6.5B10.89B12.18B14.38B16.25B17.05B19.13B81.62B
Other Current Assets
00000000-72.25B0
Goodwill & Intangibles
882.2M819.3M747.3M681M624.1M570M314.2M1.92B2.19B8.53B
Goodwill
449.4M452.7M452.7M452.7M452.7M452.7M227.9M228M228M0
Intangible Assets
432.8M366.6M294.6M228.3M171.4M117.3M86.3M1.69B1.96B2.16B
PP&E (Net)
1.18B1.12B1.13B1.21B1.11B1.14B1.03B881M790M790M
Other Assets
26.48B30.87B37.78B41.28B49.74B-41.93B-45.69B-59.66B-804M-7.13B
Total Liabilities
25.47B29.42B35.75B41.24B47.06B52.9B59.57B68.41B80.15B86.09B
Total Debt
3.15B3.31B4.4B4.91B5.4B4.9B6.39B6.89B6.89B6.9B
Net Debt
2.94B3.04B4.34B4.68B5.32B4.71B6.18B6.8B6.75B6.72B
Long-Term Debt
3.15B37.1M3.91B4.41B5.4B4.9B6.39B6.89B6.89B6.9B
Short-Term Debt
03.27B499.1M499.4M000000
Total Current Liabilities
2.5B6.75B5.55B5.12B4.96B6.07B5.53B000
Accounts Payable
2.5B3.48B5.05B4.62B4.96B6.07B5.53B000
Deferred Revenue
0000000000
Other Current Liabilities
0000000000
Deferred Taxes
1000K1000K01000K1000K1000K0000
Other Liabilities
19.72B22.49B26.3B31.6B36.4B41.78B47.65B61.52B73.26B79.19B
Total Equity
7.96B▲ 0%
9.28B▲ 16.7%
10.82B▲ 16.6%
13.67B▲ 26.3%
17.04B▲ 24.6%
18.23B▲ 7.0%
15.89B▼ 12.8%
20.28B▲ 27.6%
25.59B▲ 26.2%
35.45B▲ 0%
Equity Growth %
9.16%16.69%16.55%26.35%24.61%7%-12.84%27.6%26.21%129.15%
Shareholders Equity
7.96B9.28B10.82B13.67B17.04B18.23B15.89B20.28B25.59B35.45B
Minority Interest
0000000000
Retained Earnings
5.14B6.03B8.39B10.68B13.35B15.34B15.72B18.8B24.28B32.44B
Common Stock
579.9M581.7M583.2M584.6M585.2M584.4M584.9M585M586M586M
Accumulated OCI
933.4M1.28B-120.9M341.7M931.7M40.7M-2.8B-1.62B-1.42B189M
Return on Equity (ROE)
13.52%18.47%26.01%32.42%37.15%19%4.23%21.58%36.98%30.23%
Return on Assets (ROA)
3.26%4.41%6.13%7.82%9.59%4.96%0.98%4.76%8.72%8.82%
Equity / Assets
23.8%23.99%23.24%24.9%26.58%25.63%21.06%22.86%24.2%29.16%
Debt / Equity
0.40x0.36x0.41x0.36x0.32x0.27x0.40x0.34x0.27x0.19x
Book Value per Share
13.6015.8518.4523.2929.0031.0527.0734.5143.5460.26
Tangible BV per Share
12.0914.4517.1722.1327.9330.0826.5331.2539.8256.58

PGR Cash Flow Statement

The Progressive Corporation (PGR) cash flow — operating, investing & free cash flow history

MetricDec'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24TTM
Cash from Operations
2.7B3.76B6.28B6.26B6.91B7.76B6.85B10.64B15.12B17.39B
Operating CF Growth %
17.84%39.04%67.29%-0.37%10.28%12.4%-11.76%55.4%42.05%81.2%
Operating CF / Revenue %
11.54%14.01%19.67%16.06%16.2%16.28%13.81%17.14%20.07%20.41%
Net Income
1.06B1.6B2.62B3.98B5.7B3.35B721.5M3.9B8.48B10.71B
Depreciation & Amortization
199.5M236.1M262.4M306.1M331.8M337.4M336.6M299.7M284M305.8M
Stock-Based Compensation
85.2M95.4M77.2M90.2M89.4M100.7M122.7M121.3M122M126.2M
Deferred Taxes
37.2M43.8M-5.7M0000000
Other Non-Cash Items
-1.6M1M477.6M-984.9M-1.52B-1.38B2.11B-275.5M-281M-487.9M
Working Capital Changes
1.32B1.78B2.85B2.87B2.3B5.36B3.56B6.6B6.51B6.73B
Cash from Investing
-2.46B-3.41B-7.33B-4.34B-6.12B-3.12B-7.96B-10.84B-13.75B-14.37B
Capital Expenditures
-215M-155.7M-266M-363.5M-223.5M-243.5M-292M-252M-285M-337.2M
Acquisitions
6.2M-18.1M-296.9M53.3M21.9M-313.2M35.1M000
Purchase of Investments
-12.04B-14.84B-21.69B-29.15B-36.38B-34.02B-28.54B-25.86B-47.95B-47.88B
Sale/Maturity of Investments
1000K1000K1000K1000K1000K1000K1000K1000K1000K4M
Other Investing
59.4M-18.3M21.1M6M83.6M114.1M-177.8M36M248M137.4M
Cash from Financing
-250.4M-300.9M549.8M-1.77B-938.8M-4.52B1.13B78M-1.32B-2.98B
Dividends Paid
-519M-395.4M-668.4M-1.67B-1.58B-3.77B-260.8M-277.6M-682M-2.87B
Share Repurchases
-192.5M-62.5M-79M-91.3M-111.6M-223M-99M-140.7M-634M-107.2M
Stock Issued
00000000500M0
Debt Issuance (Net)
1000K1000K1000K01000K-1000K1000K1000K00
Other Financing
9.2M500K-293.6M-9.6M-235.7M00000
Net Change in Cash
-12.6M▲ 0%
48.9M▲ 488.1%
-200.3M▼ 509.6%
152.4M▲ 176.1%
-150.9M▼ 199.0%
125.6M▲ 183.2%
18.8M▼ 85.0%
-121.3M▼ 745.2%
54M▲ 144.5%
38M▲ 0%
Exchange Rate Effect
400K-300K0000000400K
Cash at Beginning
224.1M226.4M275.3M75M227.4M76.5M202.1M220.9M100M135M
Cash at End
211.5M275.3M75M227.4M76.5M202.1M220.9M99.6M154M185M
Free Cash Flow
2.49B▲ 0%
3.6B▲ 44.8%
6.02B▲ 67.1%
5.9B▼ 2.0%
6.68B▲ 13.3%
7.52B▲ 12.5%
6.56B▼ 12.8%
10.39B▲ 58.5%
14.83B▲ 42.8%
17.05B▲ 0%
FCF Growth %
15.02%44.8%67.14%-2.01%13.29%12.51%-12.79%58.48%42.75%19.28%
FCF Margin %
10.62%13.43%18.84%15.12%15.67%15.77%13.22%16.74%19.69%20.02%
FCF per Share
4.256.1510.2610.0411.3712.8111.1717.6925.2428.98

PGR Key Ratios

The Progressive Corporation (PGR) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201620172018201920202021202220232024TTM
Combined Ratio
93.72%92.02%90.1%86.77%83.18%91.17%98.14%92.1%85.78%84.14%
Medical Cost Ratio
80.04%78.06%76.03%73.07%66.6%78.32%84.78%81.05%72.26%73.7%
Return on Equity (ROE)
13.52%18.47%26.01%32.42%37.15%19%4.23%21.58%36.98%30.23%
Return on Assets (ROA)
3.26%4.41%6.13%7.82%9.59%4.96%0.98%4.76%8.72%8.82%
Equity / Assets
23.8%23.99%23.24%24.9%26.58%25.63%21.06%22.86%24.2%29.16%
Book Value / Share
13.615.8518.4523.292931.0527.0734.5143.5460.26
Debt / Equity
0.40x0.36x0.41x0.36x0.32x0.27x0.40x0.34x0.27x0.19x
Revenue Growth
12.41%14.51%19.16%22.04%9.33%11.82%4.01%25.2%21.36%18.37%
Related:PGR Dividend History·PGR Revenue History·PGR Price History·PGR P/E History·PGR Financial Ratios·PGR Institutional Holders

PGR SEC Filings & Documents

The Progressive Corporation (PGR) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Apr 15, 2026·SEC

Material company update

Mar 26, 2026·SEC

Material company update

Mar 18, 2026·SEC

10-K Annual Reports

1
FY 2026

Mar 2, 2026·SEC

10-Q Quarterly Reports

3
FY 2025

Nov 3, 2025·SEC

FY 2025

Aug 4, 2025·SEC

FY 2025

May 5, 2025·SEC

PGR Frequently Asked Questions

The Progressive Corporation (PGR) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

The Progressive Corporation (PGR) grew revenue by 21.4% over the past year. This is strong growth.

Yes, The Progressive Corporation (PGR) is profitable, generating $10.71B in net income for fiscal year 2024 (11.3% net margin).

Dividend & Returns

Yes, The Progressive Corporation (PGR) pays a dividend with a yield of 0.56%. This makes it attractive for income-focused investors.

The Progressive Corporation (PGR) has a return on equity (ROE) of 37.0%. This is excellent, indicating efficient use of shareholder capital.

Industry Metrics

The Progressive Corporation (PGR) has a combined ratio of 85.8%. A ratio below 100% indicates underwriting profitability.

What if you invested $1,000 in PGR back in 1995?

Total return calculator · dividends reinvested · 31+ years of data

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How much would $100/month in PGR be worth today?

Dollar cost averaging calculator · DCA vs lump sum

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