PGR FY 2023 Earnings Report — The Progressive Corporation Revenue & Financial Results | Market Cap Arena

The Progressive CorporationPGR

FY 2023 Earnings

Reported February 26, 2024

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2023	Prior Q	FY 2022	QoQ Change	YoY Change
Revenue	$62.1B	—	$49.6B	—	25.2%
Op. Income	$4.9B	—	$922M	—	431.9%
Gross Margin	18.9%	—	15.2%	—	3.7pp
Net Margin	6.3%	—	1.5%	—	4.8pp
EPS (Diluted)	$6.58	—	$1.18	—	457.6%
Free Cash Flow	$10.4B	—	$6.6B	—	58.5%

Revenue Flow

Item	Amount
REVENUE	$62.1B
Cost of Revenue	$50.3B
GROSS PROFIT	$11.8B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$6.9B
Operating Expenses	$6.9B
Cost & Expenses	$57.2B
OPERATING INCOME	$4.9B
Interest Income	$0
Interest Expense	$268M
Other Income/Expenses	$0
INCOME BEFORE TAX	$4.9B
Income Tax Expense	$1.0B
Net Income from Continuing Ops	$3.9B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$3.9B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$3.9B
D&A	$285M
EBIT	$5.2B
EBITDA	$5.5B
EPS	$7
EPS Diluted	$7

Income Statement

Item	Amount
REVENUE	$62.1B
Cost of Revenue	$50.3B
GROSS PROFIT	$11.8B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$6.9B
Operating Expenses	$6.9B
Cost & Expenses	$57.2B
OPERATING INCOME	$4.9B
Interest Income	$0
Interest Expense	$268M
Other Income/Expenses	$0
INCOME BEFORE TAX	$4.9B
Income Tax Expense	$1.0B
Net Income from Continuing Ops	$3.9B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$3.9B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$3.9B
D&A	$285M
EBIT	$5.2B
EBITDA	$5.5B
EPS	$7
EPS Diluted	$7

Cash Flow Statement

Item	Amount
Net Income	$3.9B
Depreciation & Amortization	$300M
Stock-Based Compensation	$121M
Deferred Income Tax	$0
Other Non-Cash Items	-$276M
Change in Working Capital	$6.6B
OPERATING CASH FLOW	$10.6B
Capital Expenditure	-$252M
Acquisitions (Net)	$0
Purchases of Investments	-$25.9B
Sales/Maturities of Investments	$15.2B
Other Investing Activities	$36M
NET CASH FROM INVESTING	-$10.8B
Net Debt Issuance	$496M
Common Stock Repurchased	-$141M
Common Dividends Paid	-$234M
Other Financing Activities	$0
NET CASH FROM FINANCING	$78M
FREE CASH FLOW	$10.4B
Net Change in Cash	-$121M

Balance Sheet

Item	Amount
Cash & Equivalents	$85M
Short-Term Investments	$62.2B
Net Receivables	$17.1B
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$79.6B
PP&E (Net)	$881M
Goodwill	$228M
Intangible Assets	$1.7B
Long-Term Investments	$66.0B
Tax Assets	$0
Other Non-Current Assets	-$59.7B
TOTAL NON-CURRENT ASSETS	$9.1B
TOTAL ASSETS	$88.7B
Account Payables	$0
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	$0
TOTAL CURRENT LIABILITIES	$0
Long-Term Debt	$6.9B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$61.5B
TOTAL NON-CURRENT LIABILITIES	$68.4B
TOTAL LIABILITIES	$68.4B
Common Stock	$585M
Additional Paid-In Capital	$2.0B
Retained Earnings	$18.8B
Treasury Stock	$0
Accum. Other Comp. Income	-$1.6B
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$20.3B
Minority Interest	$0
TOTAL EQUITY	$20.3B
TOTAL LIABILITIES & EQUITY	$88.7B
Total Debt	$6.9B
Net Debt	$6.8B