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NYSE · Financials

PROGRESSIVE CORP/OH/ (PGR)

As-reported financials and SEC filings for PROGRESSIVE CORP/OH/. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About PROGRESSIVE CORP/OH/

Progressive Corporation is an insurance holding company that provides personal and commercial auto insurance, residential property insurance, and coverage for motorcycles, watercraft, and other recreational vehicles. It also offers business-related general liability, commercial property insurance, workers’ compensation primarily for the transportation industry, and other specialty property-casualty insurance. Progressive serves customers across the United States through both agency and direct channels, including independent insurance agencies and online or phone sales.

Snapshot

Revenue
$87.67B
Revenue growth (YoY)
16.3%
Net income
$11.31B
Diluted EPS
$19.23
Gross margin
Operating margin
Net margin
12.9%
FCF margin
19.6%
ROE
37.3%
net income / fiscal-year-end equity
P/E
10.8×
trailing when available, otherwise FY EPS
Market cap
$125.63B
Long-term debt / equity
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at Progressive Corp/oh/

  • Revenue grew 16.3% to $87.7B in FY2025, slower than the 21.4% the year before.
  • Most recent quarter Q2 FY2026: revenue $23.6B, up 7.3% from Q2 FY2025.
  • Free cash flow was $17.2B in FY2025, 19.6% of revenue.
  • Net income rose 33.3% to $11.3B in FY2025.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where Progressive Corp/oh/’s fundamentals sit among the 88 insurance companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Net margin12.9%
58th percentile of 82
FCF margin19.6%
61st percentile of 55
Revenue growth (YoY)+16.3%
63rd percentile of 88
ROE37.3%
96th percentile of 73
P/E10.8×
49th percentile of 72
Short interest2.60d
22nd percentile of 87

Progressive Corp/oh/’s return on equity of 37.3% ranks in the 96th percentile of the 73 insurance companies reporting it.

No reported insider purchases (code P) in the last 90 days; 11 insider sales totaling $24.7M. For context, about 14% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among industry peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 5 of the superinvestors we track (plus 6 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).

Conviction investors
5
+6 quant / multi-strat
Initiated / added
5
0 new, 5 added
Reduced / exited
5
4 trimmed, 1 exited
Combined position
$1.68B
reported long value
InvestorAs ofPosition valueSharesChange
Two Sigma InvestmentsquantQ2 2026$662.0M3.0MReduced
AQR Capital ManagementquantQ2 2026$315.7M1.4MReduced
Markel GroupQ2 2026$164.7M753.8KHeld
Citadel AdvisorsquantQ2 2026$157.1M719.1KAdded
Giverny CapitalQ2 2026$118.5M542.3KAdded
Renaissance TechnologiesquantQ2 2026$82.0M375.2KReduced
D. E. ShawquantQ2 2026$60.2M275.6KReduced
Millennium ManagementquantQ2 2026$57.0M261.1KAdded
Gotham Asset ManagementQ2 2026$36.2M165.5KAdded
Wedgewood PartnersQ2 2026$23.2M106.3KAdded
Soros Fund ManagementQ2 2026$2.1M9.5KHeld

No longer held by: Viking Global Investors (as of Q2 2026)

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
0
code P
Bought (90d)
code P value
Sells (90d)
11
$24.7M
Reported activity
Net selling
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-09-01
filed 2026-09-02
Griffith Susan PatriciaPresident and CEOSell37.3K$219.50$8.2M
2026-08-20
filed 2026-08-24
Broz StevenChief Information OfficerSell1.2K$219.40$269K
2026-08-13
filed 2026-08-17
Niederst Lori AChief Personal Lines OfficerSell7.3K$209.29$1.5M
2026-07-28
filed 2026-07-29
Quigg Andrew JVP and Chief Financial OfficerSell3.5K$220.00$770K
2026-07-27
filed 2026-07-28
Griffith Susan PatriciaPresident and CEOSell37.3K$212.71$7.9M
2026-07-27
filed 2026-07-28
Bailo KarenCommercial Lines PresidentSell8.5K$212.71$1.8M
2026-07-27
filed 2026-07-28
Murphy John JoClaims PresidentSell8.1K$212.70$1.7M
2026-07-27
filed 2026-07-28
Bauer Jonathan S.Chief Investment OfficerSell2.2K$212.71$477K
2026-07-23
filed 2026-07-27
Broz StevenChief Information OfficerSell1.2K$205.17$237K
2026-06-24
filed 2026-06-25
KELLY JEFFREY DDirectorSell7.0K$216.33$1.5M
2026-06-22
filed 2026-06-23
Broz StevenChief Information OfficerSell1.2K$204.76$237K
2026-06-05
filed 2026-06-08
Murphy John JoClaims PresidentSell5.9K$200.00$1.2M

Reported non-derivative purchases and sales (codes P/S) — which may be open-market or private; excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
6.0M
settled 2026-08-31
Change vs prior
+1.0%
vs previous settlement
Days to cover
2.60
at avg daily volume
Avg daily volume
2.3M
FINRA reported
SettlementShares shortChangeDays to cover
2026-08-316.0M+1.0%2.60
2026-08-146.0M-25.9%2.80
2026-07-318.1M-16.0%2.72
2026-07-159.6M+23.3%2.99
2026-06-307.8M+2.0%1.68
2026-06-157.6M+7.7%2.64
2026-05-297.1M+2.0%1.97
2026-05-157.0M-2.1%2.62

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$87.67B$75.37B$62.11B$49.61B$47.70B
Gross profit
Operating income
Net income$11.31B$8.48B$3.90B$722.0M$3.35B
Diluted EPS$19.23$14.40$6.58$1.18$5.66

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Balance sheet (as reported)

 FY2025FY2024FY2023FY2022FY2021
Cash and equivalents$138.0M$154.0M$100.0M$221.0M$202.0M
Current assets
Total assets$123.04B$105.75B$88.69B$75.47B$71.13B
Current liabilities
Long-term debt
Total liabilities$92.72B$80.15B$68.41B$59.57B$52.90B
Total equity$30.32B$25.59B$20.28B$15.89B$18.23B

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$17.55B$15.12B$10.64B$6.85B$7.76B
Capital expenditure$348.0M$285.0M$252.0M$292.0M$243.5M
Free cash flow$17.20B$14.83B$10.39B$6.56B$7.52B

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Quarterly trend (as reported)

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q2 FY2026$23.61B7.3%$3.31B$5.67
Q1 FY2026$22.19B8.7%$2.82B$4.80
Q4 FY2025$22.75B12.2%$2.95B$5.02
Q3 FY2025$22.51B14.2%$2.62B$4.45
Q2 FY2025$22.00B21.3%$3.17B$5.40
Q1 FY2025$20.41B18.4%$2.57B$4.37
Q4 FY2024$20.28B20.0%$2.36B$4.01
Q3 FY2024$19.72B26.7%$2.33B$3.97

Latest 8 reported quarters, from company XBRL filings on SEC EDGAR.

Company facts

ExchangeNYSE
SectorFinancials
SIC industryFire, Marine & Casualty Insurance
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ2 FY2026 (ended June 30, 2026)
Oldest indexed filing2022
SEC CIK80661

Selected SEC filings

10-K2026-03-02
View on EDGAR →
10-K2025-03-03
View on EDGAR →
10-Q2026-08-03
View on EDGAR →
10-Q2026-05-04
View on EDGAR →
10-Q2025-11-03
View on EDGAR →
10-Q2025-08-04
View on EDGAR →
8-K2026-08-19
View on EDGAR →
8-K2026-08-10
View on EDGAR →

Largest insurance peers

All insurance stocksAll Financials companies →

PGR head to head

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.