Progressive (PGR) financial statements
Progressive reported revenue of $87.7B in fiscal 2025, up 15.8% a year over 9 years.
Net income was $11.3B and the operating margin 16.2%, against 6.3% in 2016.
Free cash flow was $17.2B, and the company returned $2.9B in dividends.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Progressive's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $23.4B | $26.8B | $32.0B | $39.0B | $42.7B | $47.7B | $49.6B | $62.1B | $75.4B | $87.7B |
| Operating income | $1.5B | $2.1B | $3.2B | $5.2B | $7.2B | $4.2B | $922M | $4.9B | $10.7B | $14.2B |
| Interest expense | $141M | $153M | $166M | $190M | $217M | $219M | $244M | $268M | $279M | $278M |
| Pre-tax income | $1.5B | $2.1B | $3.2B | $5.2B | $7.2B | $4.2B | $922M | $4.9B | $10.7B | $14.2B |
| Income tax | $414M | $541M | $543M | $1.2B | $1.5B | $859M | $200M | $1.0B | $2.2B | $2.9B |
| Net income | $1.0B | $1.6B | $2.6B | $4.0B | $5.7B | $3.4B | $722M | $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 | 585M | 586M | 587M | 587M | 588M | 587M | 587M | 588M | 588M | 588M |
| Operating margin | 6.3% | 8.0% | 9.9% | 13.2% | 16.8% | 8.8% | 1.9% | 7.9% | 14.2% | 16.2% |
| Net margin | 4.4% | 5.9% | 8.2% | 10.2% | 13.4% | 7.0% | 1.5% | 6.3% | 11.3% | 12.9% |
Balance sheet
Fiscal years, from Progressive's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $3.8B | $3.1B | $1.9B | $2.0B | $5.3B | $1.1B | $3.1B | $1.9B | $758M | $10.1B |
| Receivables | $4.5B | $5.4B | $6.5B | $7.5B | $8.2B | $9.4B | $10.4B | $12.0B | $14.4B | $15.4B |
| Property, plant and equipment | $1.2B | $1.1B | $1.1B | $1.2B | $1.1B | $1.1B | $1.0B | $881M | $790M | $783M |
| Goodwill | $449M | $453M | $453M | $453M | $453M | $453M | $228M | $228M | $228M | — |
| Total assets | $33.4B | $38.7B | $46.6B | $54.9B | $64.1B | $71.1B | $75.5B | $88.7B | $105.7B | $123.0B |
| 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 |
| Net debt | -$212M | -$265M | -$70M | -$226M | $424M | -$187M | -$204M | -$85M | -$143M | -$125M |
Cash flow
Fiscal years, from Progressive's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | $215M | $156M | $266M | $364M | $224M | $244M | $292M | $252M | $285M | $348M |
| 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 compensation | — | — | — | — | — | — | — | $121M | $122M | $132M |
| Dividends paid | $519M | $395M | $655M | $1.6B | $1.6B | $3.7B | $234M | $234M | $674M | $2.9B |
| Share buybacks (net) | -$192M | — | — | — | — | — | — | — | — | — |
| Net borrowing | $470M | $792M | $1.1B | $0 | $986M | -$500M | $1.5B | $496M | $0 | $0 |
| Free cash flow margin | 10.7% | 13.4% | 18.8% | 15.1% | 15.7% | 15.8% | 13.2% | 16.7% | 19.7% | 19.6% |
| Dividends per share | $0.89 | $0.68 | $1.12 | $2.80 | $2.64 | $6.38 | $0.40 | $0.40 | $1.15 | $4.88 |
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Open PGR in InvestinglyQuestions
What was Progressive's revenue in 2025?
$87.7B in fiscal 2025, from its 10-K filing.
How much free cash flow does Progressive generate?
$17.2B in fiscal 2025 (operating cash flow minus capital spending).
From Progressive's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.