PGRNYSEFire, Marine & Casualty InsuranceFiscal year ends December 31
PROGRESSIVE CORP/OH/
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 3, 2026
$219.11+0.62 (+0.28%)
Close on Oct 19, 2026
- Market cap
- $128.00B
- P/E (TTM)
- 11.0
- Dividend yield
- 6.34%
Margins
Share of revenue, fiscal years 2011 to 2025
Net margin
12.9%−0.5 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +16.3% | +20.9% | +15.5% | +15.4% | |
| Net income | +33.3% | +150.2% | +14.7% | +24.5% | |
| EPS, diluted | +33.5% | +153.5% | +14.8% | +24.5% | |
| Free cash flow | +15.9% | +37.9% | +20.8% | +23.0% | |
| Dividend per share | +183.7% | +226.3% | +23.2% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 13.5% | 37.1% | 40.4% | |
| Return on assets | 3.3% | 9.6% | 9.9% | |
| Capex to revenue | 0.9% | 0.5% | 0.4% | |
| Diluted shares | 585M | 588M | 588M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Progressive generated $57.92B from operations and spent $9.18B on capital expenditure, dividends and share buybacks. 15% of that went back into the business.
Generated
$57.92B
Used
$9.18B
Capital expenditure$1.42B15%Dividends$7.76B85%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin12.9%
×Asset turnover0.77×
×Equity multiplier4.09×
=Return on equity, FY202540.4%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 12.9% | 0.77× | 4.09× | 40.4% |
| FY2024 | 11.3% | 0.78× | 4.24× | 37.0% |
| FY2023 | 6.3% | 0.76× | 4.54× | 21.6% |
| FY2022 | 1.5% | 0.68× | 4.30× | 4.2% |
| FY2021 | 7.0% | 0.71× | 3.83× | 19.0% |
| FY2020 | 13.4% | 0.72× | 3.88× | 37.1% |
| FY2019 | 10.2% | 0.77× | 4.14× | 32.4% |
| FY2018 | 8.2% | 0.75× | 4.24× | 26.0% |
| FY2017 | 5.9% | 0.74× | 4.18× | 18.5% |
| FY2016 | 4.4% | 0.74× | 4.15× | 13.5% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 6 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$11.31B
- Cash generatingOperating cash flow above zero$17.55B
- Return on assets improvedROA up on the prior year9.6% → 10.7%
- Earnings backed by cashOperating cash flow above net income$17.55B vs $11.31B
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose– → –
- No dilutionShare count did not rise588M → 588M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.85 → 0.83