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

Year-over-year change per cell; first column has no prior.

Balance Sheet

Assets, liabilities, and equity

18 accounts · 5 years

Total assets $123.0B

Total liabilities $92.7B

Shareholders equity $30.3B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	-10.4%	+54.0%	-54.8%	+9.4%	—
Short Term Investments	+1526.8%	-65.6%	-37.5%	+203.6%	—
Other Current Assets	+5.3%	+15.6%	+59.6%	-36.7%	—
Property,Plant and Equipment	-0.9%	-10.3%	-14.8%	-9.1%	—
Intangible Assets	—	—	-100.0%	-26.4%	—
Long Term Investments	+1526.8%	-65.6%	-37.5%	+203.6%	—
Other Noncurrent Assets	+5.3%	+15.6%	+59.6%	-36.7%	—
Total Assets	+16.4%	+19.2%	+17.5%	+6.1%	—
Liabilities
Current Portion of Long Term Debt	—	—	—	—	—
Total Current Liabilities	+15.7%	+17.2%	+14.8%	+12.6%	—
Long Term Debt	+0.1%	+0.1%	+7.8%	+30.4%	—
Total Liabilities	+15.7%	+17.2%	+14.8%	+12.6%	—
Equity
Common Stock	+0.0%	+0.1%	+0.1%	+0.1%	—
Additional Paid In Capital	+7.6%	+6.6%	+6.3%	+6.8%	—
Retained Earnings	+12.5%	+29.2%	+19.6%	+2.5%	—
Accumulated Other Comprehensive Income	+107.2%	+11.9%	+42.3%	-6984.5%	—
Total Stockholders Equity	+18.5%	+26.2%	+27.6%	-12.8%	—
Total Liabilitiesand Equity	+16.4%	+19.2%	+17.5%	+6.1%	—

Income Statement

Revenue, expense, and profitability

13 accounts · 5 years

Revenue $3.6B

Operating income $11.3B

Net income $11.3B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	+26.5%	+49.7%	+50.2%	+46.4%	—
Expenses Share Based Compensation	+8.2%	+0.8%	—	—	—
Other Income Expense Operating Income	+33.3%	+117.3%	+440.6%	-78.5%	—
Other Income Expense Interest Income	+39.4%	+38.2%	+428.3%	-178.5%	—
Other Income Expense Interest Expense	-0.4%	+4.1%	+9.8%	+11.6%	—
Other Income Expense Income Before Tax	+32.8%	+118.5%	+431.9%	-78.1%	—
Income Tax Income Tax Expense	+30.5%	+123.1%	+400.5%	-76.7%	—
net Income net Income	+33.3%	+117.3%	+440.6%	-78.5%	—
net Income Comprehensive Income	+48.0%	+70.4%	+339.9%	-186.2%	—
Earnings Per Share Basic Eps	+33.5%	+118.6%	+455.5%	-79.1%	—
Earnings Per Share Diluted Eps	+33.5%	+118.8%	+457.6%	-79.2%	—
Earnings Per Share Weighted Average Shares Basic	+0.1%	+0.1%	+0.1%	-0.0%	—
Earnings Per Share Weighted Average Shares Diluted	+0.1%	+0.0%	+0.1%	+0.0%	—

Cash Flow Statement

Operating, investing, and financing flows

15 accounts · 5 years

Operating cash flow $17.5B

Investing cash flow $-14.5B

Financing cash flow $-3.0B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	+33.3%	+117.3%	+440.6%	-78.5%	—
Operating Activities Depreciation and Amortization	+10.2%	-0.4%	-6.9%	+9.4%	—
Operating Activities Stock Based Compensation	+8.2%	+0.8%	—	—	—
Operating Activities Changes In Operating Assets and Liabilities	-67.4%	+24.9%	+225.7%	+383.5%	—
Operating Activities net Cash From Operating Activities	+16.1%	+42.1%	+55.4%	-11.8%	—
Investing Activities Capital Expenditures	+22.1%	+13.1%	-13.7%	+19.9%	—
Investing Activities Purchases of Investments	+3.9%	+85.4%	-2.8%	-20.1%	—
Investing Activities Proceeds From Sale of Investments	+21.6%	+40.4%	-7.2%	-23.3%	—
Investing Activities Other Investing Activities	+862.7%	-5.3%	-161.9%	+142.9%	—
Investing Activities net Cash From Investing Activities	-5.7%	-26.8%	-36.3%	-155.0%	—
Financing Activities Dividends Paid	+326.0%	+188.0%	+0.0%	-93.8%	—
Financing Activities net Cash From Financing Activities	-130.8%	-1787.2%	-93.1%	+124.9%	—
Cash Reconciliation net Change In Cash	-129.6%	+144.6%	-736.8%	-84.9%	—
Cash Reconciliation Cash At Beginning of Period	-10.4%	+54.0%	-54.8%	+9.4%	—
Cash Reconciliation Cash At End of Period	-10.4%	+54.0%	-54.8%	+9.4%	—

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	—	—	—	—	—
Operating margin	+315.6%	+299.4%	+206.3%	+57.3%	+389.2%
Net margin	+315.6%	+299.4%	+206.3%	+57.3%	+389.2%
FCF margin	+480.0%	+523.8%	+549.2%	+520.4%	+873.3%
Growth
Revenue CAGR (3y)	+41.7%	+48.7%	+26.4%	+6.5%	+1.6%
Returns
ROE	+37.3%	+33.1%	+19.2%	+4.5%	+18.4%
ROA	+9.2%	+8.0%	+4.4%	+1.0%	+4.7%
ROIC	+24.2%	+20.8%	+11.5%	+2.6%	+11.6%
Liquidity
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—
Leverage
D/E	3.06x	3.13x	3.37x	3.75x	2.90x
Interest coverage	40.68x	30.39x	14.56x	2.96x	15.33x
Efficiency
Asset turnover	0.03x	0.03x	0.02x	0.02x	0.01x
Cash conversion cycle	—	—	—	—	—

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Progressive Corporation

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