PROGRESSIVE CORP/OH/ financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data PROGRESSIVE CORP/OH/ files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	23,441	26,839	31,979	39,022	42,658	47,702	49,611	62,109	75,372	87,671
Interest expense	141	153	167	190	217	219	244	268	279	278
Pre-tax income	1,471	2,139	3,164	5,160	7,173	4,210	922	4,904	10,713	14,223
Income tax	414	541	543	1,180	1,469	859	200	1,001	2,233	2,915
Net income to minority interests	26.2	5.9	5.7	9.7	0	0
Net income	1,031	1,592	2,615	3,970	5,705	3,351	722	3,903	8,480	11,308
EPS, basic	1.77	2.74	4.45	6.75	9.71	5.69	1.19	6.61	14.45	19.29
EPS, diluted	1.76	2.72	4.42	6.72	9.66	5.66	1.18	6.58	14.40	19.23
Shares, basic (weighted)	582	581	582	584	585	585	584	585	586	586
Shares, diluted (weighted)	585	586	587	587	588	587	587	588	588	588
Dividend per share	0.68	1.12	2.51	2.65	4.90	1.90	0.40	1.15	4.90	13.90

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	226	275	75	227	76.5	202	221	100	154	138
Short-term investments	3,573	2,869	1,796	1,799	5,219	943	2,862	1,790	615	10,005
Property, plant and equipment	1,177	1,120	1,132	1,214	1,106	1,137	1,034	881	790	783
Lease right-of-use assets				188	166	173	131	173	193	199
Goodwill	449	453	453	453	453	453	228	228	228
Intangible assets	433	367	295	228	171	117	86.3
Total assets	33,428	38,701	46,575	54,911	64,098	71,132	75,465	88,691	105,745	123,039
Short-term debt					500	0	0	0	0	0
Total liabilities	24,987	28,913	35,539	41,012	47,060	52,901	59,574	68,414	80,154	92,716
Total debt					500	0	0	0	0	0
Paid-in capital	1,303	1,389	1,479	1,573	1,673	1,773	1,893	2,013	2,145	2,307
Retained earnings	5,140	6,032	8,387	10,680	13,355	15,340	15,721	18,801	24,283	27,327
Other comprehensive income	933	1,282	-121	344	932	41	-2,802	-1,616	-1,423	103
Shareholders' equity	7,957	9,285	10,822	13,673	17,039	18,232	15,891	20,277	25,591	30,323
Total equity	7,957	9,285	10,822	13,673	17,039	18,232	15,891	20,277	25,591	30,323
Total liabilities and equity	33,428	38,701	46,575	54,911	64,098	71,132	75,465	88,691	105,745	123,039

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	1,057	1,598	2,621	3,980	5,705	3,351	722	3,903	8,480	11,308
Depreciation and amortization	137	170	190	240	275	280	306	285	284	313
Stock-based compensation								121	122	132
Change in payables	309	400	747	612	329	400	199	700	1,236	1,556
Cash from operations	2,733	3,757	6,285	6,262	6,906	7,762	6,849	10,643	15,119	17,548
Capital expenditures	-215	-156	-266	-364	-224	-244	-292	-252	-285	-348
Acquisitions	0	-18.1	0	0	0	-313	0	0
Purchases of investments	-11,611	-14,588	-21,153	-28,765	-32,038	-33,178	-26,510	-25,777	-47,778	-49,625
Sales and maturities of investments	5,695	5,383	7,836	6,146	7,109	7,014	5,380	4,990	7,006	8,518
Cash from investing	-2,481	-3,407	-7,035	-4,338	-6,118	-3,120	-7,956	-10,842	-13,749	-14,527
Debt issued	496	841	1,134	0	986	0	1,486	496	0	0
Debt repaid	-25.5	-49	-37.1	0	0	-500	0	0
Stock issued	0	0.5	3.3	1.6	7.3	0	0
Share buybacks	-193
Dividends paid	-519	-395	-655	-1,643	-1,551	-3,747	-234	-234	-674	-2,871
Cash from financing	-250	-301	550	-1,771	-939	-4,516	1,126	78	-1,316	-3,037
Exchange rate effect	0.4	-0.3	0	0
Net change in cash	2	48.9	-200	152	-151	126	19	-121	54	-16
Free cash flow	2,518	3,601	6,019	5,898	6,682	7,518	6,557	10,391	14,834	17,200
Interest paid	139	146	154	185	206	224	229	265	276	276
Income taxes paid	459	716	703	954	1,446	842	719	821	2,585	3,107

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $205.50 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	16.2%	Pre-tax income / revenue.
Net margin	12.8%	Net income / revenue.
FCF margin	17.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	17.9%	Cash from operations / revenue.
Effective tax rate	20.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	34.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	9.4%	Net income / average total assets.
Capex / revenue	0.4%	Capital expenditures / revenue.
D&A / revenue	0.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	16.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	20.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	15.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	33.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	150.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	14.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	33.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	153.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	14.8%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	16.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	36.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	20.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	15.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	37.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	20.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	183.7%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	226.3%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	23.2%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	18.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	24.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	12.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	16.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	17.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	13.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	72.5%	Total liabilities / total assets.
Tangible book value	$34.33B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.73x	Revenue / average total assets.
Fixed asset turnover	98.8x	Revenue / average property, plant and equipment.
FCF conversion	136.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	2.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$20.02	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$155.86	Revenue / diluted weighted shares.
FCF per share	$27.30	Free cash flow / diluted weighted shares.
Operating cash flow per share	$27.97	Cash from operations / diluted weighted shares.
Book value per share	$58.77	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$58.77	Tangible book value / shares outstanding.
Cash per share	$3.72	(Cash + short-term investments) / shares outstanding.
Payout ratio	69.7%	Dividends paid / net income, when net income is positive.
Dividends / FCF	51.1%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$119.47B	Share price x shares outstanding.
Enterprise value	$117.30B	Market cap + total debt - cash - short-term investments.
P/E	10.2x	Market cap / net income. Only when net income is positive.
P/S	1.31x	Market cap / revenue.
P/B	3.48x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	3.48x	Market cap / tangible book value, when positive.
P/FCF	7.49x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	7.31x	Market cap / cash from operations, when positive.
EV/Sales	1.29x	Enterprise value / revenue.
EV/FCF	7.35x	Enterprise value / free cash flow, when both are positive.
FCF yield	13.4%	Free cash flow / market cap.
Earnings yield	9.8%	Net income / market cap (the inverse of P/E).
Dividend yield	6.8%	Dividends paid over the period / market cap.
Shareholder yield	6.8%	(Dividends paid + share buybacks) / market cap.
PEG	0.07x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was PROGRESSIVE CORP/OH/'s revenue in fiscal 2025?

PROGRESSIVE CORP/OH/ reported revenue of $87.67B for fiscal 2025, 16.3% higher than the year before.

Was PROGRESSIVE CORP/OH/ profitable in fiscal 2025?

Yes. Net income was $11.31B, a net margin of 12.9%.

How much free cash flow did PROGRESSIVE CORP/OH/ generate in fiscal 2025?

Cash from operations of $17.55B minus capital expenditures of $348.0M left free cash flow of $17.20B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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