PGR (The Progressive Corporation) Stock Financials & Earnings | Market Cap Arena

PGR (The Progressive Corporation) Stock Financials & Earnings | Market Cap Arena

PGRThe Progressive Corporation

Mkt Cap$122B

Financial Services·Insurance - Property & Casualty·🇺🇸 United States·NYSE

Revenue (TTM)$79.9B

Net Income (TTM)$10.2B

EPS (TTM)$17.27

Free Cash Flow (TTM)$17.0B

Gross Margin30.8%

Op. Margin16.1%

Net Margin12.7%

FCF Margin21.3%

P/S Ratio (TTM)1.5x

P/E Ratio (TTM)12.0x

YoY Rev Growth+6.1%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$14.3B	$2.6B	$554M
Q2 23	$15.3B	$2.0B	$436M
Q3 23	$15.6B	$3.0B	$1.4B
Q4 23	$16.9B	$4.2B	$2.5B
Q1 24	$17.2B	$5.0B	$2.9B
Q2 24	$18.1B	$4.2B	$1.9B
Q3 24	$19.7B	$5.8B	$2.9B
Q4 24	$20.3B	$5.8B	$3.0B
Q1 25	$20.4B	$6.1B	$3.2B
Q2 25	$22.0B	$6.9B	$4.0B
Q3 25	$22.5B	$3.5B	$3.3B
Q4 25	$15.0B	$8.0B	$2.3B

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	2.3x	142.7x
Q2 23	2.2x	70.0x
Q3 23	2.1x	44.5x
Q4 23	2.0x	31.3x
Q1 24	1.9x	21.1x
Q2 24	1.8x	17.7x
Q3 24	1.7x	15.1x
Q4 24	1.6x	14.4x
Q1 25	1.6x	14.0x
Q2 25	1.5x	11.7x
Q3 25	1.4x	11.4x
Q4 25	1.5x	12.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 22	$930M	$883M
Q1 23	$2.4B	$2.4B
Q2 23	$2.3B	$2.2B
Q3 23	$3.4B	$3.4B
Q4 23	$2.4B	$2.4B
Q1 24	$4.2B	$4.2B
Q2 24	$3.3B	$3.2B
Q3 24	$4.6B	$4.6B
Q4 24	$3.0B	$2.9B
Q1 25	$5.1B	$5.1B
Q2 25	$4.0B	$3.9B
Q3 25	$5.2B	$5.1B

Capital Expenditures

CapEx

Quarter	CapEx
Q4 22	$47M
Q1 23	$43M
Q2 23	$90M
Q3 23	$36M
Q4 23	$82M
Q1 24	$50M
Q2 24	$68M
Q3 24	$57M
Q4 24	$110M
Q1 25	$59M
Q2 25	$102M
Q3 25	$66M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+20.8%	+20.1%
Q2 23	+33.3%	+22.7%
Q3 23	+21.8%	+12.0%
Q4 23	+25.4%	+15.6%
Q1 24	+20.6%	+4.0%
Q2 24	+18.1%	+9.1%
Q3 24	+26.7%	+18.6%
Q4 24	+20.0%	+20.3%
Q1 25	+18.4%	+20.1%
Q2 25	+21.3%	+10.7%
Q3 25	+14.2%	+14.4%
Q4 25	-26.0%	-26.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 22	$53M	0.4%
Q1 23	$16M	0.1%
Q2 23	$28M	0.2%
Q3 23	$43M	0.3%
Q4 23	$35M	0.2%
Q1 24	$17M	0.1%
Q2 24	$32M	0.2%
Q3 24	$37M	0.2%
Q4 24	$36M	0.2%
Q1 25	$16M	0.1%
Q2 25	$32M	0.1%
Q3 25	$42M	0.2%

OpEx Breakdown

Quarter

Revenue Segments

Quarter	Commercial Lines Segment	Personal Lines Segment	Property Segment
Q3 23	$2.5B	$11.8B	$632M
Q1 25	$2.7B	$17.0B	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$274M	$52.8B	$53.1B
Q2 23	$164M	$55.6B	$55.7B
Q3 23	$124M	$58.4B	$58.5B
Q4 23	$85M	$62.2B	$62.3B
Q1 24	$155M	$8.4B	$8.6B
Q2 24	$90M	$8.3B	$8.4B
Q3 24	$136M	$8.6B	$8.7B
Q4 24	$143M	$75.9B	$76.1B
Q1 25	$195M	$11.1B	$11.3B
Q2 25	$125M	$10.7B	$10.8B
Q3 25	$173M	$10.2B	$10.4B
Q4 25	$0	$92.8B	$92.8B

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	587M	-0.0%
Q2 23	587M	+0.0%
Q3 23	588M	+0.1%
Q4 23	588M	+0.0%
Q1 24	587M	-0.0%
Q2 24	587M	+0.0%
Q3 24	588M	+0.0%
Q4 24	588M	+0.0%
Q1 25	588M	+0.0%
Q2 25	588M	+0.0%
Q3 25	588M	+0.1%
Q4 25	588M	+0.0%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	$731K	27K
FY 15	$729K	29K
FY 16	$738K	32K
FY 17	$797K	34K
FY 18	$856K	37K
FY 19	$938K	42K
FY 20	$984K	43K
FY 21	$973K	49K
FY 22	$900K	55K
FY 23	$1M	61K
FY 24	$1M	66K
FY 25	$1M	66K