Progressive Corp (PGR) Financial Statements
Industry: Fire, Marine & Casualty Insurance
In fiscal 2025, Progressive reported revenue of $87.67B, up 16.3% from $75.37B the year before. Net income was $11.31B (a 12.9% net margin), or $19.23 per diluted share. Gross margin was 38.5% and operating margin was 38.5%. Operating activities generated $17.55B of cash, leaving $17.20B of free cash flow. At fiscal year end, Progressive held $123.04B in total assets against $92.72B in total liabilities.
Open the full interactive Progressive financials → Quarterly statements, key ratios, valuation history and price charts.
Progressive Key Stats
| Share Price | $222.88 |
|---|---|
| Market Cap | $130.21B |
| P/E Ratio | 11.6 |
| Revenue YoY Growth | +16.3% |
| 52-Week Range | $190.22 – $234.37 |
| Shares Outstanding | 583.0 million (basic, 2026 Q2) |
Progressive Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $42.66B | $47.70B | $49.61B | $62.11B | $75.37B | $87.67B |
| Cost of Goods Sold | $0 | $0 | $0 | $0 | $49.06B | $53.96B |
| Gross Profit | $42.66B | $47.70B | $49.61B | $62.11B | $26.31B | $33.71B |
| Operating Income | $42.66B | $47.70B | $49.61B | $62.11B | $26.31B | $33.71B |
| Pre-Tax Income | $7.17B | $4.21B | $922.1M | $4.90B | $10.71B | $14.22B |
| Income Tax | $1.47B | $859.1M | $200.6M | $1.00B | $2.23B | $2.92B |
| Net Income | $5.70B | $3.35B | $721.5M | $3.90B | $8.48B | $11.31B |
| Diluted EPS | $9.66 | $5.66 | $1.18 | $6.58 | $14.40 | $19.23 |
Progressive Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $22.51B | $22.75B | $22.19B | $23.61B |
| Net Income | $2.62B | $2.95B | $2.82B | $3.31B |
| Diluted EPS | $4.45 | $5.02 | $4.80 | $5.67 |
Progressive Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Total Assets | $64.10B | $71.13B | $75.47B | $88.69B | $105.75B | $123.04B |
| Total Long-Term Debt | $5.40B | $4.90B | $6.39B | $6.89B | $6.89B | $6.90B |
| Total Liabilities | $47.06B | $52.90B | $59.57B | $68.41B | $80.15B | $92.72B |
| Shareholders' Equity | $17.04B | $18.23B | $15.89B | $20.28B | $25.59B | $30.32B |
Progressive Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $6.91B | $7.76B | $6.85B | $10.64B | $15.12B | $17.55B |
| Cash From Investing | -$6.12B | -$3.12B | -$7.96B | -$10.84B | -$13.75B | -$14.53B |
| Cash From Financing | -$938.8M | -$4.52B | $1.13B | $78.0M | -$1.32B | -$3.04B |
| Free Cash Flow | $6.68B | $7.52B | $6.56B | $10.39B | $14.83B | $17.20B |
Figures from Progressive's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Progressive financials page for every line item.
Progressive Company Profile
| Ticker | PGR |
|---|---|
| Exchange | NYSE |
| Industry | Fire, Marine & Casualty Insurance |
| Headquarters | Mayfield Village, Ohio |
| Incorporated in | Ohio |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0000080661 |
Frequently Asked Questions
What was Progressive's revenue in fiscal 2025?
Progressive (PGR) reported revenue of $87.67B for fiscal 2025.
What is Progressive's annual revenue history?
Progressive's annual revenue by fiscal year: 2020: $42.66B; 2021: $47.70B; 2022: $49.61B; 2023: $62.11B; 2024: $75.37B; 2025: $87.67B.
What was Progressive's net income in fiscal 2025?
Progressive reported net income of $11.31B for fiscal 2025.
What was Progressive's earnings per share (EPS) in fiscal 2025?
Progressive's diluted EPS was $19.23 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Progressive generate in fiscal 2025?
Progressive generated $17.20B of free cash flow in fiscal 2025.
What was Progressive's revenue last quarter?
In its most recent reported quarter (2026 Q2), Progressive reported revenue of $23.61B.
How much debt does Progressive have?
Progressive reported $6.90B of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Progressive are outstanding?
Progressive reported a weighted average of 583.0 million basic shares outstanding in 2026 Q2.
What is Progressive's market cap?
Based on its latest closing price, Progressive (PGR) has a market capitalization of about $130.21B.
When does Progressive's fiscal year end?
Progressive's fiscal year end, as registered with the SEC, is December 31.
Where is Progressive headquartered?
Progressive lists its business address in Mayfield Village, Ohio in its SEC filings.