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PROGRESSIVE CORP/OH/ (PGR)

As-reported financials and recent SEC filings for PROGRESSIVE CORP/OH/, latest fiscal period FY2025. 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%
P/E (TTM)
10.8×
Market cap
$125.44B
Debt / equity

Fundamentals are from SEC filings. P/E and market cap are derived from recent market prices, refreshed on a rolling basis (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 Q1 FY2026: revenue $22.2B, up 8.7% from Q1 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/E (TTM)10.8×
41st percentile of 71
Short interest2.99d
27th 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 open-market insider buys in the last 90 days; 5 insider sales totaling $3.4M. For context, about 16% of companies in the universe saw any open-market insider buying 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 6 of the superinvestors we track (plus 6 quant / multi-strat books), based on each investor’s most recent 13F (latest Q1 2026).

Conviction investors
6
+6 quant / multi-strat
Initiated / added
6
2 new, 4 added
Reduced / exited
7
5 trimmed, 2 exited
Combined position
$2.10B
reported long value
InvestorAs ofPosition valueSharesChange
Two Sigma InvestmentsquantQ1 2026$699.4M3.5MAdded
AQR Capital ManagementquantQ1 2026$476.8M2.4MAdded
Viking Global InvestorsQ1 2026$320.5M1.6MAdded
Markel GroupQ1 2026$149.4M753.8KHeld
Renaissance TechnologiesquantQ1 2026$111.0M559.8KAdded
Giverny CapitalQ1 2026$104.7M528.4KReduced
D. E. ShawquantQ1 2026$89.0M449.0KReduced
Citadel AdvisorsquantQ1 2026$88.9M448.7KReduced
Gotham Asset ManagementQ1 2026$27.6M139.5KReduced
Wedgewood PartnersQ1 2026$16.5M83.4KNew
Millennium ManagementquantQ1 2026$10.3M51.9KReduced
Soros Fund ManagementQ1 2026$1.9M9.5KNew

No longer held by: Point72 Asset Management (as of Q1 2026), Third Point (as of Q1 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
open-market
Bought (90d)
open-market value
Sells (90d)
5
$3.4M
Signal
Net selling
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
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
2026-06-05
filed 2026-06-08
Broz StevenChief Information OfficerSell1.2K$200.00$231K
2026-04-16
filed 2026-04-17
Johnson Devin CDirectorSell980$203.10$199K

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
9.6M
settled 2026-07-15
Change vs prior
+23.3%
vs previous settlement
Days to cover
2.99
at avg daily volume
Avg daily volume
3.2M
FINRA reported
SettlementShares shortChangeDays to cover
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
2026-04-307.1M-10.8%2.98
2026-04-158.0M+9.3%2.82
2026-03-317.3M+10.1%2.19

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 methodology.

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 methodology.

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 methodology.

Quarterly trend (as reported)

QuarterRevenueRevenue YoYNet incomeDiluted EPS
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
Q2 FY2024$18.13B18.1%$1.46B$2.48

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

Company facts

ExchangeNYSE
SectorFinancials
SIC industryFire, Marine & Casualty Insurance
Fiscal year endDecember 31
Latest fiscal periodFY2025
SEC filings since2022
SEC CIK80661

Recent SEC filings

10-K2026-03-02
View on EDGAR →
10-K2025-03-03
View on EDGAR →
10-Q2026-05-04
View on EDGAR →
10-Q2025-11-03
View on EDGAR →
10-Q2025-08-04
View on EDGAR →
10-Q2025-05-05
View on EDGAR →
8-K2026-07-15
View on EDGAR →
8-K2026-06-17
View on EDGAR →

Largest insurance peers

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