PGR

MKT CAP:$118B

The Progressive Corporation

Market Cap

$118B

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

Financials·Insurance·🇺🇸·NYSE

Stock Price

$201.76-$10.36 (-4.88%)

Apr 24, 2026

Company Details

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, general liability, and other specialty property-casualty insurance products and related services...

CEO

Susan Patricia Griffith

IPO Date

Mar 17, 1980

Website

www.progressive.com

Key Metrics TTM

Revenue

$89.4B

+13.9% YoY

Net Income

$11.6B

EPS (Diluted)

$19.67

Free Cash Flow

$17.2B

Revenue / Share

$152.37

Gross Margin

28.4%

Operating Margin

16.3%

Net Margin

12.9%

FCF Margin

19.2%

P/S

1.3x

P/E

10.2x

Earnings Reports

Q1 2026

Apr 15, 2026

NEW

$22.2B+8.7%EPS $4.80

FY 2025

Mar 2, 2026

$87.6B+16.3%EPS $19.23

Q4 2025

Mar 2, 2026

$22.7B+12.2%EPS $5.02

Q3 2025

Nov 3, 2025

$22.5B+14.2%EPS $4.45

Q2 2025

Aug 4, 2025

$22.0B+21.3%EPS $5.40

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$11.5B	$1.2B	-$636M
Q3 22	$12.8B	$1.8B	$143M
Q4 22	$13.5B	$2.6B	$1.0B
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	$22.7B	$6.7B	$3.7B
Q1 26	$22.2B	$8.4B	$3.6B

Valuation

Quarter	P/S	P/E
Q2 22	1.4x	80.0x
Q3 22	1.4x	82.2x
Q4 22	1.6x	107.0x
Q1 23	1.6x	99.2x
Q2 23	1.4x	44.5x
Q3 23	1.4x	29.7x
Q4 23	1.6x	24.8x
Q1 24	1.9x	21.2x
Q2 24	1.8x	17.8x
Q3 24	2.1x	18.3x
Q4 24	1.9x	16.5x
Q1 25	2.1x	19.0x
Q2 25	1.9x	15.0x
Q3 25	1.7x	13.4x
Q4 25	1.5x	11.9x
Q1 26	1.3x	10.2x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$2.5B	$2.4B
Q2 22	$1.4B	$1.3B
Q3 22	$2.0B	$1.9B
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
Q4 25	$3.2B	$3.0B

Capital Expenditures

Quarter	CapEx
Q1 22	$73M
Q2 22	$64M
Q3 22	$108M
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
Q4 25	$121M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	-3.2%	+11.5%
Q3 22	+7.8%	+7.8%
Q4 22	+7.8%	+10.3%
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	+12.2%	+10.2%
Q1 26	+8.7%	+8.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$17M	0.1%
Q2 22	$26M	0.2%
Q3 22	$26M	0.2%
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%
Q4 25	-$48M	-0.2%

OpEx Breakdown

Quarter

Revenue Segments

Quarter	Commercial Lines Segment	Personal Lines Segment	Property Segment
Q3 22	$2.3B	$9.5B	$561M
Q4 22	$2.3B	$10.0B	$580M
Q3 23	$2.5B	$11.8B	$632M
Q1 25	$2.7B	$17.0B	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$226M	$47.8B	$48.0B
Q3 22	$351M	$48.4B	$48.8B
Q4 22	$204M	$49.5B	$49.7B
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	$125M	$19.7B	$19.8B
Q1 26	$0	$90.0B	$90.0B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	587M	+0.0%	-0.1%
Q3 22	587M	+0.1%	0.0%
Q4 22	587M	0.0%	+0.4%
Q1 23	587M	-0.0%	+0.1%
Q2 23	587M	0.0%	+0.1%
Q3 23	588M	+0.1%	+0.1%
Q4 23	588M	0.0%	+0.1%
Q1 24	587M	-0.0%	+0.1%
Q2 24	587M	+0.0%	+0.1%
Q3 24	588M	+0.0%	+0.0%
Q4 24	588M	+0.0%	+0.0%
Q1 25	588M	+0.0%	+0.1%
Q2 25	588M	+0.0%	+0.1%
Q3 25	588M	+0.1%	+0.1%
Q4 25	588M	0.0%	+0.1%
Q1 26	587M	-0.2%	-0.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$235.0K	49K
Q3 22	$260.7K	49K
Q4 22	$244.3K	55K
Q1 23	$259.5K	55K
Q2 23	$278.5K	55K
Q3 23	$282.3K	55K
Q4 23	$275.0K	61K
Q1 24	$280.7K	61K
Q2 24	$295.2K	61K
Q3 24	$321.0K	61K
Q4 24	$305.7K	66K
Q1 25	$307.7K	66K
Q2 25	$331.7K	66K
Q3 25	$339.5K	66K
Q4 25	$324.8K	70K
Q1 26	$316.9K	70K

Revenue / Employee