Progressive maintains strong underwriting discipline, consistently achieving a combined ratio well below its 96% target, most recently reaching 83.9% in 2026Q1 despite an 8.7% year-over-year revenue growth rate.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 89.42B | 87.64B | 75.34B | 62.08B | 49.59B | 47.68B | 42.64B | 39B | 31.95B | 26.82B | 23.42B | 20.83B | 19.38B | 18.16B | 17.07B | 15.76B | 15.2B | 14.56B | 12.84B | 14.69B | 14.79B | 14.3B | 13.78B | 11.89B | 9.29B | 7.49B | 6.77B | 6.12B | 5.29B | 4.61B | 3.48B |
| Revenue Growth % | 13.91% | 16.32% | 21.36% | 25.2% | 4.01% | 11.82% | 9.33% | 22.04% | 19.16% | 14.51% | 12.41% | 7.51% | 6.72% | 6.36% | 8.31% | 3.71% | 4.35% | 13.42% | -12.57% | -0.67% | 3.38% | 3.78% | 15.89% | 27.95% | 24.12% | 10.59% | 10.56% | 15.72% | 14.85% | 32.48% | 15.49% |
| Medical Costs & Claims | 63.99B | 61.81B | 54.44B | 50.32B | 42.04B | 37.34B | 28.39B | 28.49B | 24.29B | 20.93B | 18.74B | 15.99B | 14.83B | 13.92B | 13.38B | 12.03B | 11.49B | 11.27B | 11.37B | 11.33B | 12.24B | 12.13B | 11.21B | 9.9B | 8.2B | 6.82B | 6.63B | 5.59B | 4.53B | 3.91B | 2.93B |
| Medical Cost Ratio % | 71.56% | 70.53% | 72.26% | 81.05% | 84.78% | 78.32% | 66.6% | 73.07% | 76.03% | 78.06% | 80.04% | 76.78% | 76.53% | 76.69% | 78.41% | 76.35% | 75.61% | 77.38% | 88.57% | 77.12% | 82.78% | 84.77% | 81.35% | 83.25% | 88.28% | 91.02% | 97.87% | 91.2% | 85.63% | 84.88% | 84.15% |
| Gross Profit | 25.44B | 25.83B | 20.9B | 11.76B | 7.55B | 10.34B | 14.24B | 10.5B | 7.66B | 5.88B | 4.67B | 4.84B | 4.55B | 4.23B | 3.69B | 3.73B | 3.71B | 3.29B | 1.47B | 3.36B | 2.55B | 2.18B | 2.57B | 1.99B | 1.09B | 672.3M | 144.3M | 539M | 760.4M | 696.9M | 551.2M |
| Gross Margin % | 28.44% | 29.47% | 27.74% | 18.95% | 15.22% | 21.68% | 33.4% | 26.93% | 23.97% | 21.94% | 19.96% | 23.22% | 23.47% | 23.31% | 21.59% | 23.65% | 24.39% | 22.62% | 11.43% | 22.88% | 17.22% | 15.23% | 18.65% | 16.75% | 11.72% | 8.98% | 2.13% | 8.8% | 14.37% | 15.12% | 15.85% |
| Gross Profit Growth % | - | 23.59% | 77.68% | 55.86% | -26.98% | -27.43% | 35.6% | 37.13% | 30.2% | 25.87% | -3.39% | 6.4% | 7.44% | 14.83% | -1.11% | 0.57% | 12.5% | 124.55% | -56.35% | 31.96% | 16.92% | -15.26% | 29.02% | 82.87% | 62.06% | 365.9% | -73.23% | -29.12% | 9.11% | 26.43% | 24.9% |
| Operating Expenses | 10.88B | 11.61B | 10.19B | 6.86B | 6.63B | 6.13B | 7.07B | 5.34B | 4.5B | 3.74B | 3.2B | 2.93B | 2.64B | 2.51B | 2.37B | 2.24B | 2.14B | 1.74B | 1.69B | 1.67B | 113.6M | 119.3M | 119.7M | 132.7M | 108.1M | 84.7M | 112.5M | 126.8M | 99.3M | 118.4M | 109.5M |
| OpEx / Revenue % | 12.17% | 13.24% | 13.52% | 11.05% | 13.36% | 12.85% | 16.58% | 13.7% | 14.07% | 13.96% | 13.68% | 14.05% | 13.62% | 13.84% | 13.87% | 14.21% | 14.09% | 11.93% | 13.16% | 11.36% | 0.77% | 0.83% | 0.87% | 1.12% | 1.16% | 1.13% | 1.66% | 2.07% | 1.88% | 2.57% | 3.15% |
| Depreciation & Amortization | 318M | 313M | 284M | 285M | 306M | 337.4M | 331.8M | 306.1M | 262.4M | 236.1M | 199.5M | 150.5M | 97.1M | 101.3M | 94.4M | 88.5M | 83.1M | 127.6M | 133.6M | 133.4M | 103.4M | 92.4M | 292.1M | 89.3M | 83.9M | 81M | 77.6M | 71.8M | 56.1M | 36.6M | 23.8M |
| Combined Ratio % | 83.73% | 83.77% | 85.78% | 92.1% | 98.14% | 91.17% | 83.18% | 86.77% | 90.1% | 92.02% | 93.72% | 90.82% | 90.16% | 90.53% | 92.28% | 90.57% | 89.7% | 89.31% | 101.73% | 88.47% | 83.54% | 85.61% | 82.22% | 84.36% | 89.44% | 92.15% | 99.53% | 93.27% | 87.51% | 87.45% | 87.3% |
| Operating Income | 14.55B | 14.22B | 10.71B | 4.9B | 922M | 4.21B | 7.17B | 5.16B | 3.16B | 2.14B | 1.47B | 1.91B | 1.91B | 1.72B | 1.32B | 1.49B | 1.57B | 1.56B | -222.3M | 1.69B | 2.43B | 2.06B | 2.45B | 1.86B | 981.4M | 587.6M | 31.8M | 412.2M | 661.1M | 578.5M | 441.7M |
| Operating Margin % | 16.27% | 16.23% | 14.22% | 7.9% | 1.86% | 8.83% | 16.82% | 13.23% | 9.9% | 7.98% | 6.28% | 9.18% | 9.84% | 9.47% | 7.72% | 9.43% | 10.3% | 10.69% | -1.73% | 11.53% | 16.46% | 14.39% | 17.78% | 15.64% | 10.56% | 7.85% | 0.47% | 6.73% | 12.49% | 12.55% | 12.7% |
| Operating Income Growth % | - | 32.76% | 118.45% | 431.89% | -78.1% | -41.31% | 39.01% | 63.11% | 47.91% | 45.43% | -23.06% | 0.22% | 10.9% | 30.53% | -11.39% | -5% | 0.53% | 800.36% | -113.13% | -30.42% | 18.18% | -15.99% | 31.78% | 89.49% | 67.02% | 1747.8% | -92.29% | -37.65% | 14.28% | 30.97% | 27.7% |
| EBITDA | 14.87B | 14.54B | 11B | 5.19B | 1.23B | 4.55B | 7.5B | 5.47B | 3.43B | 2.38B | 1.67B | 2.06B | 2B | 1.82B | 1.41B | 1.58B | 1.65B | 1.68B | -88.7M | 1.83B | 2.54B | 2.15B | 2.74B | 1.95B | 1.07B | 668.6M | 109.4M | 484M | 717.2M | 615.1M | 465.5M |
| EBITDA Margin % | 16.63% | 16.59% | 14.6% | 8.36% | 2.48% | 9.54% | 17.6% | 14.02% | 10.72% | 8.86% | 7.13% | 9.9% | 10.34% | 10.03% | 8.27% | 10% | 10.85% | 11.57% | -0.69% | 12.44% | 17.15% | 15.04% | 19.9% | 16.39% | 11.46% | 8.93% | 1.62% | 7.9% | 13.55% | 13.35% | 13.38% |
| Interest Expense | 278M | 278M | 279M | 268M | 244M | 218.6M | 217M | 189.7M | 166.5M | 153.1M | 140.9M | 136M | 116.9M | 118.2M | 123.8M | 132.7M | 133.5M | 139M | 136.7M | 108.6M | 77.3M | 82.6M | 80.8M | 95.5M | 74.6M | 52.2M | 77.8M | 76.4M | 61.1M | 64.6M | 61.5M |
| Non-Operating Income | -278M | -278M | -279M | -268M | -244M | -218.6M | -217M | -189.7M | -166.5M | -153.1M | -140.9M | -136M | -116.9M | -118.2M | -123.8M | -132.7M | -133.5M | -139M | -136.7M | -108.6M | -77.3M | -82.6M | -80.8M | -95.5M | -74.6M | -52.2M | -77.8M | -76.4M | -61.1M | -64.6M | -61.5M |
| Pretax Income | 14.55B | 14.22B | 10.71B | 4.9B | 922M | 4.21B | 7.17B | 5.16B | 3.16B | 2.14B | 1.47B | 1.91B | 1.91B | 1.72B | 1.32B | 1.49B | 1.57B | 1.56B | -222.3M | 1.69B | 2.43B | 2.06B | 2.45B | 1.86B | 981.4M | 587.6M | 31.8M | 412.2M | 661.1M | 578.5M | 441.7M |
| Pretax Margin % | 16.27% | 16.23% | 14.22% | 7.9% | 1.86% | 8.83% | 16.82% | 13.23% | 9.9% | 7.98% | 6.28% | 9.18% | 9.84% | 9.47% | 7.72% | 9.43% | 10.3% | 10.69% | -1.73% | 11.53% | 16.46% | 14.39% | 17.78% | 15.64% | 10.56% | 7.85% | 0.47% | 6.73% | 12.49% | 12.55% | 12.7% |
| Income Tax | 2.99B | 2.92B | 2.23B | 1B | 200M | 859.1M | 1.47B | 1.18B | 542.6M | 540.8M | 413.5M | 611.1M | 626.4M | 554.6M | 415.4M | 471.5M | 496.9M | 499.4M | -152.3M | 510.5M | 785.7M | 665M | 802.1M | 604.3M | 314.1M | 176.2M | -14.3M | 117M | 204.4M | 178.5M | 128M |
| Effective Tax Rate % | 20.57% | 20.49% | 20.84% | 20.41% | 21.69% | 20.41% | 20.47% | 22.87% | 17.15% | 25.28% | 28.12% | 31.97% | 32.84% | 32.24% | 31.52% | 31.71% | 31.75% | 32.08% | 68.51% | 30.15% | 32.29% | 32.3% | 32.73% | 32.49% | 32.01% | 29.99% | -44.97% | 28.38% | 30.92% | 30.86% | 28.98% |
| Net Income | 11.56B | 11.31B | 8.48B | 3.9B | 722M | 3.35B | 5.7B | 3.97B | 2.62B | 1.59B | 1.03B | 1.27B | 1.28B | 1.17B | 902.3M | 1.02B | 1.07B | 1.06B | -70M | 1.18B | 1.65B | 1.39B | 1.65B | 1.26B | 667.3M | 411.4M | 46.1M | 295.2M | 456.7M | 400M | 313.7M |
| Net Margin % | 12.93% | 12.9% | 11.26% | 6.29% | 1.46% | 7.03% | 13.38% | 10.18% | 8.18% | 5.94% | 4.4% | 6.08% | 6.61% | 6.42% | 5.29% | 6.44% | 7.03% | 7.26% | -0.55% | 8.05% | 11.14% | 9.75% | 11.96% | 10.56% | 7.18% | 5.49% | 0.68% | 4.82% | 8.63% | 8.68% | 9.02% |
| Net Income Growth % | 32.62% | 33.35% | 117.27% | 440.58% | -78.45% | -41.26% | 43.68% | 51.81% | 64.26% | 54.43% | -18.67% | -1.05% | 9.92% | 29.16% | -11.15% | -4.94% | 1.02% | 1610.71% | -105.92% | -28.22% | 18.19% | -15.45% | 31.33% | 88.13% | 62.2% | 792.41% | -84.38% | -35.36% | 14.17% | 27.51% | 25.23% |
| EPS (Diluted) | 19.70 | 19.23 | 14.40 | 6.58 | 1.18 | 5.66 | 9.66 | 6.72 | 4.46 | 2.72 | 1.76 | 2.15 | 2.15 | 1.93 | 1.48 | 1.59 | 1.61 | 1.57 | -0.10 | 1.65 | 2.10 | 1.74 | 1.91 | 1.42 | 0.75 | 0.46 | 0.05 | 0.33 | 0.51 | 0.44 | 0.34 |
| EPS Growth % | 32.64% | 33.54% | 118.84% | 457.63% | -79.15% | -41.41% | 43.75% | 50.67% | 63.97% | 54.55% | -18.14% | 0% | 11.4% | 30.41% | -6.92% | -1.24% | 2.55% | 1670% | -106.06% | -21.43% | 20.69% | -8.9% | 34.51% | 89.33% | 63.04% | 789.75% | -84.33% | -35.29% | 15.91% | 29.41% | 25.93% |
| EPS (Basic) | - | 19.29 | 14.45 | 6.61 | 1.19 | 5.69 | 9.71 | 6.75 | 4.49 | 2.74 | 1.77 | 2.16 | 2.17 | 1.95 | 1.50 | 1.61 | 1.62 | 1.59 | -0.10 | 1.66 | 2.13 | 1.77 | 1.94 | 1.45 | 0.76 | 0.47 | 0.05 | 0.34 | 0.53 | 0.46 | 0.35 |
| Diluted Shares Outstanding | 586.9M | 588.2M | 587.7M | 587.5M | 587.1M | 587.1M | 587.6M | 587.2M | 586.7M | 585.7M | 585M | 589.2M | 594.8M | 603.6M | 607.8M | 636.9M | 663.3M | 666.8M | 673.9M | 718.5M | 774.3M | 799.3M | 864.8M | 882M | 892.8M | 900.8M | 891.6M | 895.2M | 896.4M | 903.6M | 915.91M |
Loss severity and regulatory volatility
According to the provided quarterly data, Progressive has maintained a consistent revenue expansion, with the most recent figures showing an 8.7% year-over-year growth rate, suggesting that the company is successfully navigating a competitive pricing environment while continuing to capture market share in its core segments.
The company's ability to sustain top-line growth while implementing necessary rate increases indicates a strong competitive position and high customer retention. Investors should monitor whether this growth trajectory persists as the broader industry attempts to catch up with Progressive's proprietary telematics-driven pricing models.
As reported in the financial statements, Progressive has consistently maintained a combined ratio well below the 96% internal target, with a notable 83.9% ratio in 2026Q1, which underscores the company's exceptional ability to manage loss ratios even during periods of significant inflationary pressure.
The consistent underwriting profit suggests that Progressive's risk segmentation engine remains highly effective at identifying and pricing preferred risks. This performance appears to provide a significant buffer against the volatility inherent in the P&C insurance sector, distinguishing the firm from peers with less sophisticated actuarial capabilities.
Based on the quarterly loss ratio fluctuations, ranging from 62.3% to 84.2% over the last ten periods, it appears that Progressive manages its loss reserves with a high degree of discipline, likely avoiding the reliance on prior-year reserve releases to artificially inflate current period net income.
The volatility observed in the loss ratio suggests that the company is transparently reflecting current accident-year experience rather than masking underlying trends. Analysts should continue to scrutinize the relationship between incurred losses and reported earnings to ensure that reserve adequacy remains a priority over short-term margin expansion.
While current underwriting margins appear robust, the 2025Q3 loss ratio spike to 84.2% warrants further investigation, as it may indicate that rising vehicle repair complexity and social inflation are beginning to challenge the company's ability to maintain its historical underwriting efficiency in the long term.
The sensitivity of the loss ratio to external inflationary factors suggests that Progressive is not entirely immune to the rising costs of automotive technology and labor. Investors should remain cautious, as any sustained increase in claim severity could compress margins faster than the company can secure regulatory approval for offsetting rate adjustments.
Quick answers to the most common questions about buying PGR stock.
For fiscal year 2025, The Progressive Corporation (PGR) reported total revenue of $87.64B. This represents a 2419.5% increase compared to $3.48B in 1996.
The Progressive Corporation (PGR) is profitable, generating $11.31B in net income for the fiscal year ending 2025 with a net profit margin of 12.9%.
The Progressive Corporation (PGR) reported an operating income of $14.22B, resulting in an operating profit margin of 16.2%. This margin reflects the operational efficiency of the business before interest and taxes.
The Progressive Corporation (PGR) generated $25.83B in gross profit for the year, representing a gross profit margin of 29.5%. This demonstrates the company's core pricing power and production efficiency.