Progressive Corporation

Financials Property & Casualty Insurance Mayfield Village, Ohio Last filing Mar 2, 2026 · FY2025

                    Revenue
                    FY2025
                
$3.6B
                    3y CAGR +41.7%
                    
                    P91
                    
                    +26.5%
                    
                    Net income
                    FY2025
                
$11.3B
                    Net margin +315.6%
                    
                    P96
                    
                    +33.3%
                    
                    Total assets
                    FY2025
                
$123.0B
                    ROA +9.2%
                    
                    P88
                    
                    +16.4%
                    
                    Operating cash flow
                    FY2025
                
$17.5B
                    FCF margin +480.0%
                    
                    P96
                    
                    +16.1%

19 yrs · FY2007–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s revenue.

Balance Sheet

Assets, liabilities, and equity

18 accounts · 10 years

Total assets $123.0B

Total liabilities $92.7B

Shareholders equity $30.3B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	3.9%	5.4%	5.3%	17.5%	23.5%	8.2%	21.8%	9.1%	48.9%	47.3%
Short Term Investments	279.2%	21.7%	94.6%	227.1%	109.5%	557.2%	172.6%	218.9%	509.6%	746.1%
Other Current Assets	45.8%	55.0%	71.3%	67.0%	154.9%	85.4%	73.7%	44.5%	73.3%	70.9%
Property,Plant and Equipment	21.9%	27.9%	46.6%	82.1%	132.1%	118.1%	116.5%	137.9%	198.8%	245.8%
Intangible Assets	0.0%	0.0%	0.0%	6.8%	13.6%	18.3%	21.9%	35.9%	65.1%	90.4%
Long Term Investments	279.2%	21.7%	94.6%	227.1%	109.5%	557.2%	172.6%	218.9%	509.6%	746.1%
Other Noncurrent Assets	45.8%	55.0%	71.3%	67.0%	154.9%	85.4%	73.7%	44.5%	73.3%	70.9%
Total Assets	3434.0%	3733.9%	4687.7%	5989.3%	8262.6%	6843.7%	5268.3%	5676.4%	6872.9%	6980.1%
Liabilities
Current Portion of Long Term Debt	0.0%	0.0%	0.0%	0.0%	0.0%	—	—	—	—	—
Total Current Liabilities	2587.7%	2830.3%	3615.9%	4728.1%	6144.8%	5024.5%	3934.4%	4331.3%	5134.6%	5217.5%
Long Term Debt	192.5%	243.4%	364.1%	507.0%	569.0%	576.1%	422.9%	536.9%	587.2%	657.4%
Total Liabilities	2587.7%	2830.3%	3615.9%	4728.1%	6144.8%	5024.5%	3934.4%	4331.3%	5134.6%	5217.5%
Equity
Common Stock	16.4%	20.7%	30.9%	46.4%	67.9%	62.5%	56.1%	71.1%	103.3%	121.1%
Additional Paid In Capital	64.4%	75.7%	106.4%	150.2%	205.9%	178.6%	151.0%	180.3%	246.7%	272.2%
Retained Earnings	762.7%	857.5%	993.7%	1247.7%	1781.8%	1425.9%	1024.9%	1022.1%	1071.2%	1073.4%
Accumulated Other Comprehensive Income	2.9%	-50.2%	-85.4%	-222.4%	4.7%	99.5%	32.8%	-14.7%	227.7%	194.9%
Total Stockholders Equity	846.3%	903.6%	1071.7%	1261.2%	2117.7%	1819.2%	1312.2%	1318.9%	1648.9%	1661.5%
Total Liabilitiesand Equity	3434.0%	3733.9%	4687.7%	5989.3%	8262.6%	6843.7%	5268.3%	5676.4%	6872.9%	6980.1%

Income Statement

Revenue, expense, and profitability

13 accounts · 10 years

Revenue $3.6B

Operating income $11.3B

Net income $11.3B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Share Based Compensation	3.7%	4.3%	6.4%	—	—	—	—	—	—	—
Other Income Expense Operating Income	315.6%	299.4%	206.3%	57.3%	389.2%	609.1%	381.0%	318.7%	282.8%	215.3%
Other Income Expense Interest Income	119.3%	108.3%	117.3%	-53.7%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Other Income Expense Interest Expense	7.8%	9.9%	14.2%	19.4%	25.4%	23.2%	18.2%	20.3%	27.2%	29.4%
Other Income Expense Income Before Tax	397.0%	378.3%	259.2%	73.2%	489.0%	765.9%	495.2%	385.6%	379.8%	307.1%
Income Tax Income Tax Expense	81.4%	78.8%	52.9%	15.9%	99.8%	156.8%	113.3%	66.1%	96.0%	86.3%
net Income net Income	315.6%	299.4%	206.3%	57.3%	389.2%	609.1%	381.0%	318.7%	282.8%	215.3%
net Income Comprehensive Income	358.2%	306.2%	269.0%	-168.3%	285.7%	671.8%	425.4%	307.1%	344.7%	243.1%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	16.4%	20.7%	30.9%	46.4%	67.9%	62.4%	56.0%	71.0%	103.1%	121.5%
Earnings Per Share Weighted Average Shares Diluted	16.4%	20.8%	31.1%	46.6%	68.2%	62.7%	56.4%	71.5%	104.0%	122.2%

Cash Flow Statement

Operating, investing, and financing flows

15 accounts · 10 years

Operating cash flow $17.5B

Investing cash flow $-14.5B

Financing cash flow $-3.0B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	315.6%	299.4%	206.3%	57.3%	389.2%	609.1%	381.0%	318.7%	282.8%	215.3%
Operating Activities Depreciation and Amortization	8.7%	10.0%	15.1%	24.3%	32.5%	29.4%	23.0%	23.2%	30.2%	28.7%
Operating Activities Stock Based Compensation	3.7%	4.3%	6.4%	—	—	—	—	—	—	—
Operating Activities Changes In Operating Assets and Liabilities	2.7%	10.6%	12.7%	5.9%	-3.0%	0.3%	25.0%	7.0%	23.9%	18.8%
Operating Activities net Cash From Operating Activities	489.8%	533.9%	562.5%	543.6%	901.6%	737.3%	600.9%	766.0%	667.2%	570.6%
Investing Activities Capital Expenditures	9.7%	10.1%	13.3%	23.2%	28.3%	23.9%	34.9%	32.4%	27.7%	44.9%
Investing Activities Purchases of Investments	1385.0%	1687.1%	1362.4%	2104.0%	3853.8%	3420.6%	2760.6%	2578.1%	2590.6%	2424.4%
Investing Activities Proceeds From Sale of Investments	237.7%	247.4%	263.7%	427.0%	814.7%	759.1%	589.8%	—	—	—
Investing Activities Other Investing Activities	259.1%	-43.0%	-61.1%	148.3%	-505.9%	362.3%	-3.0%	-136.1%	-129.2%	283.4%
Investing Activities net Cash From Investing Activities	-405.4%	-485.5%	-573.0%	-631.4%	-362.4%	-653.2%	-416.3%	-857.4%	-605.0%	-518.0%
Financing Activities Dividends Paid	80.1%	23.8%	12.4%	18.6%	435.2%	165.6%	157.7%	79.8%	70.2%	108.4%
Financing Activities net Cash From Financing Activities	-84.8%	-46.5%	4.1%	89.4%	-524.6%	-100.2%	-170.0%	67.0%	-53.4%	-52.3%
Cash Reconciliation net Change In Cash	-0.4%	1.9%	-6.4%	1.5%	14.6%	-16.1%	14.6%	-24.4%	8.7%	0.4%
Cash Reconciliation Cash At Beginning of Period	3.9%	5.4%	5.3%	17.5%	23.5%	8.2%	21.8%	9.1%	48.9%	47.3%
Cash Reconciliation Cash At End of Period	3.9%	5.4%	5.3%	17.5%	23.5%	8.2%	21.8%	9.1%	48.9%	47.3%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	+315.6%	+299.4%	+206.3%	+57.3%	+389.2%	+609.1%	+381.0%	+318.7%	+282.8%	+215.3%
Net margin	+315.6%	+299.4%	+206.3%	+57.3%	+389.2%	+609.1%	+381.0%	+318.7%	+282.8%	+215.3%
FCF margin	+480.0%	+523.8%	+549.2%	+520.4%	+873.3%	+713.4%	+566.0%	+733.6%	+639.5%	+525.7%
Growth
Revenue CAGR (3y)	+41.7%	+48.7%	+26.4%	+6.5%	+1.6%	+18.5%	+29.6%	+21.8%	+11.3%	+4.3%
Returns
ROE	+37.3%	+33.1%	+19.2%	+4.5%	+18.4%	+33.5%	+29.0%	+24.2%	+17.1%	+13.0%
ROA	+9.2%	+8.0%	+4.4%	+1.0%	+4.7%	+8.9%	+7.2%	+5.6%	+4.1%	+3.1%
ROIC	+24.2%	+20.8%	+11.5%	+2.6%	+11.6%	+20.3%	+17.2%	+14.3%	+9.7%	+6.8%
Liquidity
Current ratio	—	—	—	—	—	—	—	—	—	—
Quick ratio	—	—	—	—	—	—	—	—	—	—
Leverage
D/E	3.06x	3.13x	3.37x	3.75x	2.90x	2.76x	3.00x	3.28x	3.11x	3.14x
Interest coverage	40.68x	30.39x	14.56x	2.96x	15.33x	26.29x	20.93x	15.71x	10.40x	7.32x
Efficiency
Asset turnover	0.03x	0.03x	0.02x	0.02x	0.01x	0.01x	0.02x	0.02x	0.01x	0.01x
Cash conversion cycle	—	—	—	—	—	—	—	—	—	—

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Progressive Corporation

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