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PGRProgressive Corporation

Financials · Property & Casualty Insurance · NYSE

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FY2025 at a glance

Sales up 16.3%, free cash flow up to $17.2B

XBRL, from each 10-K

RevenueStatements ↓

$87.7B

from $75.4B in FY2024

FY2016FY2025

Net incomeStatements ↓

$11.3B

from $8.5B in FY2024

FY2016FY2025

Free cash flowStatements ↓

$17.2B

from $14.8B in FY2024

FY2016FY2025

EPS (diluted)Statements ↓

$19.23

from $14.40 in FY2024

FY2016FY2025

Total debtStatements ↓

$6.9B

from $6.9B in FY2024

FY2016FY2025

Price and key numbers

The latest figures

All key numbers (35, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	19.85	Sales (ttm)	91.7B	Net income (ttm)	11.6B	Sales growth	+16.3%	EPS growth	+33.5%	Sales Q/Q	+3.0%
Free cash flow	15.2B	Gross margin	-	Oper. margin	-	Net margin	12.7%	FCF margin	16.6%	ROE	33.7%
ROA	9.1%	R&D / sales	-	Dividend	13.90	Debt/Eq	0.24	Curr. ratio	-	Cash	156.0M
Op. cash flow (ttm)	15.7B	Net debt	8.2B	Payout ratio	72.3%	Tax rate	20.5%	Stock pay / sales	0.2%	Shares out.	579.4M
Shares Y/Y	+0.1%	Book / share	59.52	Cash / share	0.27	Sales / share	158.34	Asset turnover	0.72	Sales 3Y CAGR	+20.9%
Sales 5Y CAGR	+15.5%	EPS 3Y CAGR	+153%	EPS 5Y CAGR	+14.8%	Employees	70,000	Sales / employee	1.3M

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024

Revenue growth slowed to +16.3%+21.4% → +16.3% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗

What management wrote about it → · Every company →

PGR against Financials peers

Ten years, side by side → · All 76 →

PGRPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 76 companies, the better end on the right. Hover a dot for the company.

Sales growth

+16.3%13th of 76 · median +7.2%

Net margin

12.7%59th of 76 · median 20.4%

Return on equity

33.7%9th of 74 · median 16.7%

Free cash flow margin

16.6%36th of 49 · median 21.5%

Debt / equity (less is better)

0.2411th of 62 · median 0.70

PGR and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
PGR Progressive Corporation	$91.7B	+16.3%	-	12.7%	33.7%	16.6%	0.24
WFC Wells Fargo	$87.2B	+1.7%	-	26.3%	13.1%	-	1.26
C Citigroup	$85.2B	+5.6%	-	16.8%	6.7%	-87.0%	1.58
MET MetLife	$82.6B	+8.6%	-	6.2%	23.1%	-	0.66
MS Morgan Stanley	$80.2B	+14.4%	-	25.5%	17.5%	-	3.23
AXP American Express	$77.6B	+9.5%	-	15.8%	34.2%	17.9%	1.67

Profitability

2 of 3

!
Net margin below the peer median12.7% vs 20.4%
✓
Return on equity above 15%33.7%
✓
A profit in every one of 10 years

Net margin, FY2016 to FY2025: 4.4% → 12.9%

Cash and shareholders

1 of 2

!
Share count up over 5 years+0.1%
✓
Dividend per share up over 5 years$4.90 → $13.90

Free cash flow, FY2016 to FY2025: 2.5B → 17.2B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$7.0B of principal due, schedule of Dec 31, 2025

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2016 to FY2025

Revenue 87.7B Net income 11.3B

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

PGR's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue87.7B

Net income11.3B

Free cash flow17.2B

EPS (diluted)19.23

Dividend per share13.90

Diluted shares588.1M

Income statement

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	23.4B	26.8B	32.0B	39.0B	42.7B	47.7B	49.6B	62.1B	75.4B	87.7B
Interest expense	140.9M	153.1M	166.5M	189.7M	217.0M	218.6M	244.0M	268.0M	279.0M	278.0M
Pretax income	1.5B	2.1B	3.2B	5.2B	7.2B	4.2B	922.0M	4.9B	10.7B	14.2B
Income tax	413.5M	540.8M	542.6M	1.2B	1.5B	859.1M	200.0M	1.0B	2.2B	2.9B
Net income	1.0B	1.6B	2.6B	4.0B	5.7B	3.4B	722.0M	3.9B	8.5B	11.3B
EPS (diluted)	1.76	2.72	4.42	6.72	9.66	5.66	1.18	6.58	14.40	19.23
Diluted shares	585.0M	585.7M	586.7M	587.2M	587.6M	587.1M	587.1M	587.5M	587.7M	588.1M
Depreciation & amortization	137.4M	169.9M	190.4M	239.8M	274.9M	279.7M	306.0M	285.0M	284.0M	313.0M
Net margin	4.4%	5.9%	8.2%	10.2%	13.4%	7.0%	1.5%	6.3%	11.3%	12.9%
Revenue growth	-	+14.5%	+19.2%	+22.0%	+9.3%	+11.8%	+4.0%	+25.2%	+21.4%	+16.3%
EPS growth	-	+54.5%	+62.5%	+52.0%	+43.8%	-41.4%	-79.2%	+458%	+119%	+33.5%

Balance sheet

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash	226.4M	275.3M	75.0M	227.4M	76.5M	202.0M	221.0M	100.0M	154.0M	138.0M
Short-term investments	3.6B	2.9B	1.8B	1.8B	5.2B	942.6M	2.9B	1.8B	615.0M	10.0B
Property & equipment	1.2B	1.1B	1.1B	1.2B	1.1B	1.1B	1.0B	881.0M	790.0M	783.0M
Goodwill	449.4M	452.7M	452.7M	452.7M	452.7M	452.7M	227.9M	228.0M	228.0M	-
Total assets	33.4B	38.7B	46.6B	54.9B	64.1B	71.1B	75.5B	88.7B	105.7B	123.0B
Total debt	3.1B	3.3B	4.4B	4.4B	5.4B	4.9B	6.4B	6.9B	6.9B	6.9B
Total liabilities	25.0B	28.9B	35.5B	41.0B	47.1B	52.9B	59.6B	68.4B	80.2B	92.7B
Shareholders' equity	8.0B	9.3B	10.8B	13.7B	17.0B	18.2B	15.9B	20.3B	25.6B	30.3B
Retained earnings	5.1B	6.0B	8.4B	10.7B	13.4B	15.3B	15.7B	18.8B	24.3B	27.3B

Cash flow

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	2.7B	3.8B	6.3B	6.3B	6.9B	7.8B	6.8B	10.6B	15.1B	17.5B
Capital spending	215.0M	155.7M	266.0M	363.5M	223.5M	243.5M	292.0M	252.0M	285.0M	348.0M
Free cash flow	2.5B	3.6B	6.0B	5.9B	6.7B	7.5B	6.6B	10.4B	14.8B	17.2B
Stock-based pay (added back)	-	-	-	-	-	-	-	121.0M	122.0M	132.0M
Dividends paid	519.0M	395.4M	654.9M	1.6B	1.6B	3.7B	234.0M	234.0M	674.0M	2.9B
Buybacks	192.5M	-	-	-	-	-	-	-	-	-
Acquisitions	0	18.1M	0	0	0	313.2M	0	0	-	-
Debt raised	495.6M	841.1M	1.1B	0	986.3M	0	1.5B	496.0M	0	0
Debt repaid	25.5M	49.0M	37.1M	0	0	500.0M	0	0	-	-
Investing cash flow	-2.5B	-3.4B	-7.0B	-4.3B	-6.1B	-3.1B	-8.0B	-10.8B	-13.7B	-14.5B
Financing cash flow	-250.4M	-300.9M	549.8M	-1.8B	-938.8M	-4.5B	1.1B	78.0M	-1.3B	-3.0B
Dividend per share	0.68	1.12	2.51	2.65	4.90	1.90	0.40	1.15	4.90	13.90

Stock-based pay and leases

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Stock-based pay (expense)	-	-	-	-	-	-	-	121.0M	122.0M	132.0M
Stock-based pay / revenue	-	-	-	-	-	-	-	0.2%	0.2%	0.2%
Operating lease cash paid	-	-	-	84.0M	86.5M	88.6M	83.0M	77.0M	84.0M	91.0M
Right-of-use assets	-	-	-	188.2M	165.5M	172.6M	130.5M	173.0M	193.0M	199.0M
Operating lease liabilities	-	-	-	201.5M	179.0M	180.9M	137.2M	177.0M	196.0M	205.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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