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NYSE · Financials

Progressive Corp. (PGR)

As-reported financials and SEC filings for Progressive Corp. 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.

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
11.6×
trailing when available, otherwise FY EPS
Market cap
$132.37B
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

  • 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’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/E11.6×
54th percentile of 69
Short interest1.86d
22nd percentile of 87

Progressive’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; 9 insider sales totaling $23.0M. For context, about 15% 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)
9
$23.0M
Reported activity
Net selling
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-09-24
filed 2026-09-28
Steven BrozChief Information OfficerSell1.2K$204.29$250K
2026-09-01
filed 2026-09-02
Susan Patricia GriffithPresident and CEOSell37.3K$219.50$8.2M
2026-08-20
filed 2026-08-24
Steven BrozChief Information OfficerSell1.2K$219.40$269K
2026-08-13
filed 2026-08-17
Lori A. NiederstChief Personal Lines OfficerSell7.3K$209.29$1.5M
2026-07-28
filed 2026-07-29
Andrew J. QuiggVP and Chief Financial OfficerSell3.5K$220.00$770K
2026-07-27
filed 2026-07-28
Susan Patricia GriffithPresident and CEOSell37.3K$212.71$7.9M
2026-07-27
filed 2026-07-28
Karen BailoCommercial Lines PresidentSell8.5K$212.71$1.8M
2026-07-27
filed 2026-07-28
John Jo MurphyClaims PresidentSell8.1K$212.70$1.7M
2026-07-27
filed 2026-07-28
Jonathan S. BauerChief Investment OfficerSell2.2K$212.71$477K
2026-07-23
filed 2026-07-27
Steven BrozChief Information OfficerSell1.2K$205.17$237K
2026-06-24
filed 2026-06-25
Jeffrey D. KellyDirectorSell7.0K$216.33$1.5M
2026-06-22
filed 2026-06-23
Steven BrozChief Information OfficerSell1.2K$204.76$237K

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
6.8M
settled 2026-09-30
Change vs prior
+8.8%
vs previous settlement
Days to cover
1.86
at avg daily volume
Avg daily volume
3.7M
FINRA reported
SettlementShares shortChangeDays to cover
2026-09-306.8M+8.8%1.86
2026-09-156.3M+3.7%3.39
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

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—————
Pre-tax income$14.22B$10.71B$4.90B$922.0M$4.21B
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 (free cash flow is operating cash flow minus capital expenditures, which can differ from a company’s own definition); “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Diluted EPS includes discontinued operations where a company reports them. Cash & Equivalents excludes short-term investments and may include restricted cash where that is the figure the company tags. 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 (free cash flow is operating cash flow minus capital expenditures, which can differ from a company’s own definition); “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Diluted EPS includes discontinued operations where a company reports them. Cash & Equivalents excludes short-term investments and may include restricted cash where that is the figure the company tags. 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

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures (free cash flow is operating cash flow minus capital expenditures, which can differ from a company’s own definition); “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Diluted EPS includes discontinued operations where a company reports them. Cash & Equivalents excludes short-term investments and may include restricted cash where that is the figure the company tags. Full details: where the numbers come from.

Quarterly trend

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q2 FY2026$23.61B7.3%$3.31B$5.67
Q1 FY2026$22.19B8.7%$2.82B$4.80
Q4 FY202512.2%
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 FY202420.0%
Q3 FY2024$19.72B26.7%$2.33B$3.97

Latest 8 quarters, from company XBRL filings on SEC EDGAR. A dotted underline marks a fourth-quarter figure we calculated from the full year and the first nine months. Revenue YoY is our calculation too: each quarter against the same quarter a year earlier.

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-K2026-10-14
View on EDGAR →
8-K2026-09-18
View on EDGAR →

Largest insurance peers

All insurance stocks →All 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.