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Stocks · Financials · Fire, Marine & Casualty Insurance

Progressive Corporation

PGR Clue Score70
United States Fiscal year ends December CIK 0000080661
$217.43 -0.59% Close, 9 Oct 2026
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Price $217.43 +138.41% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueNet income
Fiscal year 2016Revenue23.44Net income1.03EPS, diluted1.76Fiscal year 2017Revenue26.84 +14.5%Net income1.59 +54.4%EPS, diluted2.72 +54.5%Fiscal year 2018Revenue31.98 +19.2%Net income2.62 +64.3%EPS, diluted4.42 +62.5%Fiscal year 2019Revenue39.02 +22.0%Net income3.97 +51.8%EPS, diluted6.72 +52.0%Fiscal year 2020Revenue42.66 +9.3%Net income5.70 +43.7%EPS, diluted9.66 +43.8%Fiscal year 2021Revenue47.70 +11.8%Net income3.35 −41.3%EPS, diluted5.66 −41.4%Fiscal year 2022Revenue49.61 +4.0%Net income0.72 −78.5%EPS, diluted1.18 −79.2%Fiscal year 2023Revenue62.11 +25.2%Net income3.90 +440.6%EPS, diluted6.58 +457.6%Fiscal year 2024Revenue75.37 +21.4%Net income8.48 +117.3%EPS, diluted14.40 +118.8%Fiscal year 2025Revenue87.67 +16.3%Net income11.31 +33.3%EPS, diluted19.23 +33.5%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 23.44 26.84 31.98 39.02 42.66 47.70 49.61 62.11 75.37 87.67
Growth +14.5% +19.2% +22.0% +9.3% +11.8% +4.0% +25.2% +21.4% +16.3%
Net income 1.03 1.59 2.62 3.97 5.70 3.35 0.72 3.90 8.48 11.31
Growth +54.4% +64.3% +51.8% +43.7% −41.3% −78.5% +440.6% +117.3% +33.3%
EPS, diluted 1.76 2.72 4.42 6.72 9.66 5.66 1.18 6.58 14.40 19.23
Growth +54.5% +62.5% +52.0% +43.8% −41.4% −79.2% +457.6% +118.8% +33.5%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Net margin
Fiscal year 2016Net margin4.4%Free cash flow margin10.7%Fiscal year 2017Net margin5.9%Free cash flow margin13.4%Fiscal year 2018Net margin8.2%Free cash flow margin18.8%Fiscal year 2019Net margin10.2%Free cash flow margin15.1%Fiscal year 2020Net margin13.4%Free cash flow margin15.7%Fiscal year 2021Net margin7.0%Free cash flow margin15.8%Fiscal year 2022Net margin1.5%Free cash flow margin13.2%Fiscal year 2023Net margin6.3%Free cash flow margin16.7%Fiscal year 2024Net margin11.3%Free cash flow margin19.7%Fiscal year 2025Net margin12.9%Free cash flow margin19.6%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Net margin 4.4% 5.9% 8.2% 10.2% 13.4% 7.0% 1.5% 6.3% 11.3% 12.9%
Free cash flow margin 10.7% 13.4% 18.8% 15.1% 15.7% 15.8% 13.2% 16.7% 19.7% 19.6%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow2.73Capital expenditure−0.22Free cash flow2.52Buybacks−0.19Dividends paid−0.52Fiscal year 2017Operating cash flow3.76Capital expenditure−0.16Free cash flow3.60 +43.0%Dividends paid−0.40Fiscal year 2018Operating cash flow6.28Capital expenditure−0.27Free cash flow6.02 +67.1%Dividends paid−0.65Fiscal year 2019Operating cash flow6.26Capital expenditure−0.36Free cash flow5.90 −2.0%Dividends paid−1.64Fiscal year 2020Operating cash flow6.91Capital expenditure−0.22Free cash flow6.68 +13.3%Dividends paid−1.55Fiscal year 2021Operating cash flow7.76Capital expenditure−0.24Free cash flow7.52 +12.5%Dividends paid−3.75Fiscal year 2022Operating cash flow6.85Capital expenditure−0.29Free cash flow6.56 −12.8%Dividends paid−0.23Fiscal year 2023Operating cash flow10.64Capital expenditure−0.25Free cash flow10.39 +58.5%Dividends paid−0.23Fiscal year 2024Operating cash flow15.12Capital expenditure−0.29Free cash flow14.83 +42.8%Dividends paid−0.67Fiscal year 2025Operating cash flow17.55Capital expenditure−0.35Free cash flow17.20 +15.9%Dividends paid−2.87
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 2.73 3.76 6.28 6.26 6.91 7.76 6.85 10.64 15.12 17.55
Capital expenditure −0.22 −0.16 −0.27 −0.36 −0.22 −0.24 −0.29 −0.25 −0.29 −0.35
Free cash flow 2.52 3.60 6.02 5.90 6.68 7.52 6.56 10.39 14.83 17.20
Growth +43.0% +67.1% −2.0% +13.3% +12.5% −12.8% +58.5% +42.8% +15.9%
Buybacks −0.19 n/a n/a n/a n/a n/a n/a n/a n/a n/a
Dividends paid −0.52 −0.40 −0.65 −1.64 −1.55 −3.75 −0.23 −0.23 −0.67 −2.87

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash0.23Shareholders’ equity7.96Fiscal year 2017Cash0.28Shareholders’ equity9.28Fiscal year 2018Cash0.08Shareholders’ equity10.82Fiscal year 2019Cash0.23Shareholders’ equity13.67Fiscal year 2020Cash0.08Total debt0.50Net cash (debt)−0.42Shareholders’ equity17.04Debt to equity0.03Fiscal year 2021Cash0.20Total debt0.00Net cash (debt)0.20Shareholders’ equity18.23Debt to equity0.00Fiscal year 2022Cash0.22Total debt0.00Net cash (debt)0.22Shareholders’ equity15.89Debt to equity0.00Fiscal year 2023Cash0.10Total debt0.00Net cash (debt)0.10Shareholders’ equity20.28Debt to equity0.00Fiscal year 2024Cash0.15Total debt0.00Net cash (debt)0.15Shareholders’ equity25.59Debt to equity0.00Fiscal year 2025Cash0.14Total debt0.00Net cash (debt)0.14Shareholders’ equity30.32Debt to equity0.00
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.23 0.28 0.08 0.23 0.08 0.20 0.22 0.10 0.15 0.14
Total debt n/a n/a n/a n/a 0.50 0.00 0.00 0.00 0.00 0.00
Net cash (debt) n/a n/a n/a n/a −0.42 0.20 0.22 0.10 0.15 0.14
Shareholders’ equity 7.96 9.28 10.82 13.67 17.04 18.23 15.89 20.28 25.59 30.32
Debt to equity n/a n/a n/a n/a 0.03 0.00 0.00 0.00 0.00 0.00

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
6.3% 8.0% 9.9% 13.2% 16.8% 8.8% 1.9% 7.9% 14.2% 16.2%
4.4% 5.9% 8.2% 10.2% 13.4% 7.0% 1.5% 6.3% 11.3% 12.9%
10.7% 13.4% 18.8% 15.1% 15.7% 15.8% 13.2% 16.7% 19.7% 19.6%
Spending
0.9% 0.6% 0.8% 0.9% 0.5% 0.5% 0.6% 0.4% 0.4% 0.4%
28.1% 25.3% 17.2% 22.9% 20.5% 20.4% 21.7% 20.4% 20.8% 20.5%
Returns
13.0% 17.1% 24.2% 29.0% 33.5% 18.4% 4.5% 19.2% 33.1% 37.3%
3.1% 4.1% 5.6% 7.2% 8.9% 4.7% 1.0% 4.4% 8.0% 9.2%
Balance and payout
n/a n/a n/a n/a 0.03 0.00 0.00 0.00 0.00 0.00
74.7% 74.7% 76.3% 74.7% 73.4% 74.4% 78.9% 77.1% 75.8% 75.4%
50.3% 24.8% 25.0% 41.4% 27.2% 111.8% 32.4% 6.0% 7.9% 25.4%
28.3% 11.0% 10.9% 27.9% 23.2% 49.8% 3.6% 2.3% 4.5% 16.7%