Progressive Corporation (PGR) financials
NYSE · Financial Services · Insurance - Property & Casualty · 70,053 employees · CEO Susan Patricia Griffith
- Price
- $231.28 +0.48%
- Market cap
- $134B
- Enterprise value
- $143B
- Last report
- Q3 '26 filed 2026-10-14
- Next report
- 2027-01-27
Revenue (TTM)$91.7B+7.7% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)16.0%+0.2 pp vs a year agoOperating income $14.7B
Net income (TTM)$11.6B+8.5% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$10.8B-36.5% vs a year agoCapex $322M
Diluted EPS (TTM)$19.86+8.9% vs a year agoSum of the last 4 quarters
Net cash-$6.26B-281.0% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $134B EV $143B
- Revenue
- $91.7B Trailing 12 months
- Revenue growth
- 0% FY2026 consensus
- Profit margin
- 12.7% Net income / revenue, TTM
- P/E
- 11.6× Forward 12.6× (FY2026)
- P/S
- 1.5× Price / sales, TTM
- EV / EBITDA
- 9.4× TTM
- Free cash flow
- $10.8B Trailing 12 months
- Net income
- $11.6B Trailing 12 months
- Revenue estimate
- $87.9B FY2026 consensus
- Earnings
- 2027-01-27
- Dividend
- $13.90 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Revenue growth slowing: 3.0% year on yearQ3 '26 revenue $23.2B, against an average of 10.6% over the four quarters before.
- Operating margin 16.0% (TTM), +0.2 pp on a year agoOperating income grew 8.8% while revenue grew 7.7%.
- Capex 0.4% of revenue (a year ago 0.4%)$322M invested in the last 4 quarters (-4.5% on a year earlier). Free cash flow $10.8B = 93.1% of net income.
- Returned $9.24B to shareholders = 85.4% of free cash flowBuybacks $1.15B (a year earlier $107M), dividends $8.09B, stock-based pay $42M (TTM).
- Diluted share count down 1.0% in a year582M diluted shares in Q3 '26, 588M a year earlier.
- Net debt $6.26BCash + short-term investments $2.13B, debt incl. leases $8.39B; a year ago net cash $3.46B.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $23.2B | $22.5B | +3.0% |
| Gross margin | 100.0% | 15.8% | +84.2 pp |
| Operating income | $3.24B | $3.32B | -2.6% |
| Operating margin | 14.0% | 14.8% | -0.8 pp |
| Net income | $2.54B | $2.62B | -2.8% |
| Diluted EPS | $4.37 | $4.45 | -1.8% |
| Operating cash flow | $0 | $5.2B | -100.0% |
| Capex | $0 | $66M | -100.0% |
| Free cash flow | $0 | $5.13B | -100.0% |
| R&D | $0 | $0 | – |
| Stock-based compensation | -$52M | $42M | -223.8% |
Revenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q1 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Personal Lines Segment | $18.7B | +10.0% | 87.8% | $73.5B | -6.8% | |
| Commercial Lines Segment | $2.6B | -4.9% | 12.2% | $10.9B | -20.7% |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $11.1B
- Capex
- -$322M
- Buybacks
- -$1.15B
- Dividends
- -$8.09B
- Acquisitions
- $0
- Net debt issued
- $1.49B
- Stock-based compensation
- $42M
- Free cash flow
- $10.8B
- Returned to shareholders / FCF
- 85.4%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 11.6× | 35.9× | 11.8× – 109.0× |
| EV / EBITDA | 9.4× | 22.0× | 9.5× – 55.7× |
| EV / Sales | 1.6× | 1.6× | 1.4× – 2.0× |
| Price / FCF | 12.4× | 9.1× | 7.8× – 11.6× |
| Price / Book | 3.9× | 4.5× | 3.3× – 5.5× |
| FCF yield | 8.1% | 11.2% | 8.6% – 12.9% |
| Return on invested capital | 27.1% | 11.6% | 1.0% – 20.7% |
| Return on equity | 35.4% | 22.5% | 4.5% – 37.3% |
Analysts
Consensus target $223.23 (-3.5%)
range $196.00 – $245.00 · rating Hold
Strong buy0
Buy16
Hold22
Sell4
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $87.9B | +0.3% | $18.38 | -4.4% | 12.6× | 15 |
| FY2027 | $91.6B | +4.2% | $16.20 | -11.9% | 14.3× | 16 |
| FY2028 | $96.7B | +5.6% | $16.04 | -1.0% | 14.4× | 10 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 271 figures The Progressive Corporation tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable and Accrued Liabilities | $9.18B | $8.43B | +8.8% | $9.32B | $7.65B | +21.8% |
| Accretion (Amortization) of Discounts and Premiums, Investments | $32M | $34M | -5.9% | $124M | $30M | +313.3% |
| Accrued Income Taxes | $700M2026-03-31 | $838M | -16.5% | $28M | $26M | +7.7% |
| Accrued Investment Income Receivable | $728M | $636M | +14.5% | $670M | $594M | +12.8% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $1.38B | $1.37B | +0.9% | $1.46B | $1.46B | -0.1% |
| Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | -$2M | -$1M | -100.0% | -$1M | -$1M | 0.0% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$847M | -$95M | -791.6% | $103M | -$1.42B | +107.2% |
| Additional Paid in Capital, Common Stock | $2.34B | $2.19B | +6.7% | $2.31B | $2.15B | +7.6% |
| Advertising Expense | – | – | – | $5.13B | $4B | +28.2% |
| AOCI before Tax, Attributable to Parent | -$1.07B | -$128M | -737.5% | $130M | -$1.81B | +107.2% |
| AOCI Tax, Attributable to Parent | -$225M | -$33M | -581.8% | $27M | -$386M | +107.0% |
| AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax | -$13M | -$13M | 0.0% | -$13M | -$14M | +7.1% |
| AOCI, Debt Securities, Available-for-sale, Adjustment, after Tax | -$832M | -$81M | -927.2% | $117M | -$1.41B | +108.3% |
| Assets | $125B | $115B | +8.2% | $123B | $106B | +16.4% |
| Benefits, Losses and Expenses | $19.4B | $18B | +7.6% | $73.4B | $64.7B | +13.6% |
| Cash | $178M | $125M | +42.4% | $125M | $143M | -12.6% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $193M | $135M | +43.0% | $138M | $154M | -10.4% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $14M | -$72M | +119.4% | -$16M | $54M | -129.6% |
| Ceded Premiums Earned | – | – | – | $1.19B | $1.37B | -13.4% |
| Ceded Premiums Written | – | – | – | $1.03B | $1.47B | -29.6% |
| Common Stock, Dividends, Per Share, Declared | $0.10 | $0.10 | 0.0% | $13.90 | $4.90 | +183.7% |
| Common Stock, Par or Stated Value Per Share | $1.00 | $1.00 | 0.0% | $1.00 | $1.00 | 0.0% |
| Common Stock, Shares Authorized | 900M | 900M | 0.0% | 900M | 900M | 0.0% |
| Common Stock, Shares, Issued | 798M | 798M | 0.0% | 798M | 798M | 0.0% |
| Common Stock, Value, Outstanding | $581M | $586M | -0.9% | $586M | $586M | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $2.94B | $3.6B | -18.6% | $12.8B | $8.67B | +48.0% |
| Current Federal Tax Expense (Benefit) | – | – | – | $3.04B | $2.25B | +35.4% |
| Current Federal, State and Local, Tax Expense (Benefit) | – | – | – | $3.12B | $2.31B | +35.2% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $75M | $58M | +29.3% |
| Current Year Claims and Claims Adjustment Expense | $15.1B | $13.9B | +8.5% | $55.4B | $49.5B | +11.9% |
| Debt and Equity Securities, Gain (Loss) | $604M | $387M | +56.1% | $727M | $264M | +175.4% |
| Debt and Equity Securities, Realized Gain (Loss) | $16M | $19M | -15.8% | $248M | -$414M | +159.9% |
| Debt and Equity Securities, Unrealized Gain (Loss) | $588M | $368M | +59.8% | $480M | $679M | -29.3% |
| Debt Instrument, Basis Spread on Variable Rate | 1.0% | – | – | – | – | – |
| Debt Securities, Available-for-sale | $92.4B | $84.4B | +9.5% | $92.9B | $75.9B | +22.3% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $177M | $889M | -80.1% | $901M | $145M | +521.4% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $1.23B | $999M | +23.1% | $753M | $1.94B | -61.1% |
| Debt Securities, Available-for-sale, Allowance for Credit Loss | $0 | $0 | – | $0 | $0 | – |
| Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | $0 | $0 | – | $0 | $0 | – |
| Debt Securities, Available-for-sale, Allowance for Credit Loss, Writeoff | $0 | $0 | – | $0 | $0 | – |
| Debt Securities, Available-for-sale, Amortized Cost | $93.5B | $84.5B | +10.6% | $92.7B | $77.7B | +19.3% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $11.3B | $15.9B | -29.3% | $13.2B | $18.3B | -27.9% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $696M | $966M | -28.0% | $686M | $1.45B | -52.7% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 436 security | 611 security | -28.6% | 514 security | 731 security | -29.7% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $50.9B | $5.45B | +834.3% | $15.4B | $35.5B | -56.6% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $534M | $33M | +1,518.2% | $67M | $485M | -86.2% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | 788 security | 157 security | +401.9% | 182 security | 342 security | -46.8% |
| Debt Securities, Available-for-sale, Realized Gain | $60M | $27M | +122.2% | $327M | $79M | +313.9% |
| Debt Securities, Available-for-sale, Realized Gain (Loss) | $1M | $18M | -94.4% | $157M | -$441M | +135.6% |
| Debt Securities, Available-for-sale, Realized Loss | $59M | $9M | +555.6% | $170M | $520M | -67.3% |
| Debt Securities, Available-for-sale, Unrealized Loss Position | $62.2B | $21.4B | +190.6% | $28.6B | $53.8B | -46.9% |
| Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $1.23B | $999M | +23.1% | $753M | $1.94B | -61.1% |
| Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 1,224 security | 768 security | +59.4% | 696 security | 1,073 security | -35.1% |
| Debt, Long-term and Short-term, Combined Amount | $8.39B | $6.9B | +21.6% | $6.9B | $6.89B | +0.1% |
| Deferred Compensation Plan Assets | $196M2025-12-31 | $293M | -33.1% | $196M | $293M | -33.1% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$199M | -$70M | -184.3% |
| Deferred Federal, State and Local, Tax Expense (Benefit) | – | – | – | -$202M | -$72M | -180.6% |
| Deferred Income Tax Assets, Net | $681M | $633M | +7.6% | – | – | – |
| Deferred Policy Acquisition Cost | $2.21B | $2.11B | +4.8% | $2.04B | $1.96B | +4.2% |
| Deferred Policy Acquisition Costs, Amortization Expense | $1.57B | $1.51B | +3.7% | $6.1B | $5.38B | +13.2% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30
Data as of 2026-11-01