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PGR

The Progressive Corporation

PGR

The Progressive Corporation • NYSE
$228.79 ▼ -0.16% (-0.36)
Market Cap $134.14 B
52w High $292.99
52w Low $199.90
Dividend Yield 4.90%
P/E 12.56
Volume 1.25M
Outstanding Shares 586.31M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $22.512B ▲ $224M ▼ $2.615B ▼ 11.616% ▼ $4.45 ▼ $3.393B ▼
Q2-2025 $21.995B ▲ $2.897B ▼ $3.175B ▲ 14.435% ▲ $5.42 ▲ $4.13B ▲
Q1-2025 $20.402B ▲ $2.906B ▲ $2.567B ▲ 12.582% ▲ $4.38 ▲ $3.376B ▲
Q4-2024 $20.267B ▲ $2.864B ▼ $2.357B ▲ 11.627% ▼ $4.02 ▲ $3.114B ▲
Q3-2024 $19.712B $2.866B $2.333B 11.838% $3.98 $3.085B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $10.356B ▼ $121.535B ▲ $86.09B ▲ $35.445B ▲
Q2-2025 $10.775B ▼ $115.48B ▲ $82.876B ▲ $32.604B ▲
Q1-2025 $11.276B ▼ $111.409B ▲ $82.455B ▲ $28.954B ▲
Q4-2024 $76.09B ▲ $105.745B ▲ $80.154B ▲ $25.591B ▼
Q3-2024 $8.745B $105.203B $78.043B $27.159B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $3.175B ▲ $4.04B ▼ $-4.04B ▼ $-72M ▲ $-72M ▼ $3.938B ▼
Q1-2025 $2.567B ▲ $5.143B ▲ $-2.341B ▲ $-2.749B ▼ $53M ▲ $5.084B ▲
Q4-2024 $2.357B ▲ $3.007B ▼ $-2.941B ▲ $-59.3M ▲ $7M ▼ $2.897B ▼
Q3-2024 $2.333B ▲ $4.611B ▲ $-4.421B ▼ $-144.4M ▼ $45.3M ▲ $4.554B ▲
Q2-2024 $1.459B $3.266B $-3.263B $-69.3M $-66.3M $3.198B

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Commercial Lines Segment
Commercial Lines Segment
 $5.59Bn ▲$2.74Bn ▼$2.81Bn ▲$2.79Bn ▼
Personal Lines Segment
Personal Lines Segment
 $33.30Bn ▲$16.96Bn ▼$17.81Bn ▲$18.36Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Progressive’s income statement shows a company that went through a soft patch and then bounced back very strongly. Revenue has climbed steadily for several years, helped by policy growth and pricing. Profitability dipped meaningfully a couple of years ago, likely from higher claims costs and pressure on underwriting margins, but has since recovered sharply. The most recent year stands out as particularly strong, with much healthier profits and earnings per share than earlier in the period. Overall, the trend is toward a larger business that has regained its ability to turn written premiums into solid bottom‑line results, though insurance remains inherently cyclical and sensitive to claims inflation and catastrophe events.

Balance Sheet

Balance Sheet The balance sheet looks progressively stronger. Total assets and shareholder equity have grown over time, which suggests Progressive has been retaining earnings and building capital. Debt is present but has not grown aggressively relative to the size of the company, indicating a measured use of leverage. The reported cash balance is small, but for an insurer that mainly holds investments rather than idle cash, this is typical. Overall, Progressive appears well-capitalized for an insurance carrier, with a cushion to absorb shocks, though it remains exposed to investment market swings and large loss events like any property and casualty insurer.

Cash Flow

Cash Flow Cash generation has been a clear bright spot. Operating cash flow has risen consistently over the five‑year period, reflecting both business growth and improved profitability after the weaker year in the middle of the period. Capital spending needs are modest, so most of that cash turns into free cash flow that can be used for claims, investments, dividends, or buybacks. This pattern points to a business model that converts its written premiums into cash efficiently. The main risks to cash flow would be periods of unusually high claims or poor investment returns, but the underlying trend is positive and strengthening.

Competitive Edge

Competitive Edge Progressive holds a strong competitive position in personal lines insurance, especially auto. It combines a well-known consumer brand with a direct-to-consumer model that keeps distribution costs relatively low. Its long-running focus on data and analytics, including telematics and usage-based insurance, gives it an informational advantage in pricing risk and selecting customers. This can support better underwriting results over the cycle. At the same time, the market is highly competitive, with many large carriers pushing telematics, digital tools, and heavy advertising. Maintaining its edge in cost efficiency, data quality, and customer experience will be crucial as rivals try to catch up.

Innovation and R&D

Innovation and R&D Innovation is a defining feature for Progressive. It has been an early mover in telematics through its Snapshot program, building a very large dataset on driving behavior that feeds into more precise pricing. The company increasingly leans on artificial intelligence and machine learning across underwriting, claims, marketing, and customer service, aiming to make decisions faster and more accurate while lowering operating costs. Tools like “Name Your Price” and HomeQuote Explorer make shopping easier and more transparent, supporting customer acquisition. Beyond the core business, the Level20 incubator and related ventures are exploring new digital insurance and financial services ideas. The upside is continued differentiation and new revenue streams; the risk is execution and ensuring these projects create real value, not just experimentation for its own sake.

Summary

Progressive today looks like a large, data-driven insurer that has worked through a tough profitability period and come out stronger. Revenue and cash flow trends are favorable, profits have rebounded sharply, and the balance sheet has been reinforced over time. Its moat rests on cost efficiency, brand strength, and especially its use of data and technology in pricing and claims. Future performance will depend on how well it manages claim inflation, weather and catastrophe risk, regulatory scrutiny on pricing, and intense competition from other major insurers and insurtechs. If it can sustain its innovation culture and underwriting discipline, it is positioned to remain a leading player in personal and small commercial insurance, with room to grow in home and bundled offerings.

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