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MARKETS / NYSE / Financials / Insurance / PGR
NYSE · FIRE, MARINE & CASUALTY INSURANCE · LARGE CAP

Progressive Corp. PGR

19 fiscal years on record · USD · FY2025 reported · SEC filings only
3 YEARS OF DIVIDEND GROWTH
$87.7B
▲ 16.3% YoY
$11.3B
▲ 33.3% YoY
$17.2B
▲ 15.9% YoY

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

Progressive underwrites personal and commercial auto insurance, personal residential property insurance, and insurance for motorcycles, watercraft, and other recreational vehicles through its insurance subsidiaries. It also offers business-related general liability and commercial property insurance predominantly for small businesses, workers' compensation insurance primarily for the transportation industry, and other specialty property-casualty insurance and related services. The company operates throughout the United States. At year-end 2025, it had net premiums written of $83.2 billion. As of December 31, 2025, it had about 70,000 employees. Its Personal Lines products are sold through both the agency and direct channels. Personal auto customers in both channels can seek to improve their rates based on their personal driving behavior through Snapshot, the company's usage-based insurance program. Its investment portfolio, which had a fair value of $97.4 billion at December 31, 2025, consists of fixed-maturity securities, short-term investments, and equity securities.

Written from the business description in PROGRESSIVE CORP/OH/'s annual report to the U.S. Securities and Exchange Commission, filed 2 March 2026. Every sentence was checked against that document before publication.

Growth

USD 87.7B
Revenue, FY2025 · full 19-year series below
Revenue $B Net income $B
FY2025 · Revenue 87.7 · Net income 11.3
40B80B
2007201020132016201920222025
Compound annual growth
+20.9%
+15.5%
+15.4%
+12.4%
+150.2%
+14.7%
+24.5%
+17.0%
+153.5%
+14.8%
+24.5%
+18.0%
+226.3%
+23.2%
+130.6%
+13.1%
+16.7%
+7.3%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +15.5% a year over the five years to FY2025 — but profit grew slower: net income at +14.7%, earnings per share at +14.8%.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

13 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 16.2% · Net 12.9%
5%10%15%
200720162025
ROE
FY2025 · ROE 40.4%
20%40%
200720162025
Three returns, three denominators.
Return on capital employedNot available: we don't have total assets or current liabilities for this period.
Gross margin·
Operating margin16.2%
Net margin12.9%
EBITDAUSD 14.5B

Each USD of equity produced 40 cents of profit this year.

Cash & shareholders

USD 2.9B
returned in FY2025 · dividends + net buybacks
Free cash flow $B
FY2025 · FCF 17.2
10B20B
200720162025
Net buybacks $B Dividends $B
FY2025 · Dividends 2.9 · Net buybacks ·
2B3BDividendsNet buybacks
2007201020132016201920222025
Dividends paidUSD 2.9B
Net buybacks·
Share of profit25.4%
Consecutive raises3 years

USD 2.9B in dividends — 25% of the year's profit went back to shareholders.

Total assetsUSD 123.0B
EquityUSD 30.3B
CashUSD 138.0M
Gross debtUSD 0.00
Net debtUSD -138.0M

The company holds more cash than debt.

The 19-year record

19 fiscal years
Every figure from documents filed with the SEC · USD
row low → row highnegative—not applicable◌not available in our data
PGR, 19-year financial record
Metric 2025202420232022202120202019201820172016201520142013201220112010200920082007
Revenue $B87.775.462.149.647.742.739.032.026.823.420.919.418.217.115.815.214.612.814.7
Operating income $B14.210.74.90.94.27.25.2◌◌◌◌◌◌◌◌◌◌◌◌
EBITDA $B14.511.05.21.24.57.45.4◌◌◌◌◌◌◌◌◌◌◌◌
Income tax $B2.92.21.00.20.91.51.20.50.50.40.60.60.60.40.50.50.5−0.20.5
Net income $B11.38.53.90.73.45.74.02.61.61.01.31.31.20.91.01.11.1−0.11.2
Free cash flow $B17.214.810.46.67.56.75.96.03.62.52.21.61.81.61.41.61.41.51.7
EPS, diluted $19.2314.406.581.185.669.666.724.422.721.762.152.151.931.481.591.611.57−0.101.65
Dividend / sh $13.904.901.150.401.904.902.652.511.120.68◌◌◌◌◌◌◌◌◌
Payout %25863211227412525503270159526710−140119
ROE %40.437.021.64.219.037.132.426.018.513.517.819.519.115.317.118.121.2−1.524.0

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

Compare

This company against its peers

Progressive Corp.vsUnitedHealth Group Inc.Same industry: Fire, Marine & Casualty InsuranceProgressive Corp.vsBerkshire Hathaway Inc.Same industry: Fire, Marine & Casualty InsuranceProgressive Corp.vsCigna GroupSame industry: Fire, Marine & Casualty InsuranceProgressive Corp.vsElevance Health, Inc.Same industry: Fire, Marine & Casualty InsuranceProgressive Corp.vsCentene Corp.Same industry: Fire, Marine & Casualty InsuranceProgressive Corp.vsHumana Inc.Same industry: Fire, Marine & Casualty InsuranceProgressive Corp.vsMetLife Inc.Same industry: Fire, Marine & Casualty Insurance
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Provenance

Company facts, as filed

How we verify · 0 failures in 56 reconciliationsAUDITED

Reconciled in 19 of the 19 fiscal years we could check. One check was skipped: the balance sheet is not tagged before 2008.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivityFire, Marine & Casualty Insurance
Listed onNYSE
Incorporated inOhio
Fiscal year endsDecember 31
Data on record since2007

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