PGR Financials Progressive Corporation

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Nov 3, 2026, 05:13 UTC Overview →

Growth & profitability

Revenue has grown 15.5% per year over the past 5 years.
Net income has grown slower than revenue (14.7% vs 15.5% per year).
Free cash flow has grown 20.8% per year over the past 5 years.

Financial health

Total debt ($6.9B) exceeds cash ($138M); net debt is $6.8B.
Total debt has grown slower than revenue (5.0% vs 15.5% per year).

Shareholder returns

Dividends have been paid for 10 consecutive years, consuming 25.4% of earnings and 16.7% of free cash flow.
The dividend has grown 13.1% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2025	$87.7B	$11.3B	0.0%	0.0%	37.3%	9.2%	$17.2B	$6.9B	$138M
2024	$75.4B	$8.5B	0.0%	0.0%	33.1%	8.0%	$14.8B	$6.9B	$154M
2023	$62.1B	$3.9B	0.0%	0.0%	19.2%	4.4%	$10.4B	$6.9B	$100M
2022	$49.6B	$722M	0.0%	0.0%	4.5%	1.0%	$6.6B	$6.4B	$221M
2021	$47.7B	$3.4B	0.0%	0.0%	18.4%	4.7%	$7.5B	$4.9B	$202M
2020	$42.7B	$5.7B	0.0%	0.0%	33.5%	8.9%	$6.7B	$5.4B	$77M
2019	$39.0B	$4.0B	0.0%	0.0%	29.0%	7.2%	$5.9B	$4.4B	$227M
2018	$32.0B	$2.6B	0.0%	0.0%	24.2%	5.6%	$6.0B	$4.4B	$75M
2017	$26.8B	$1.6B	0.0%	0.0%	17.1%	4.1%	$3.6B	$3.3B	$275M
2016	$23.4B	$1.0B	0.0%	0.0%	13.0%	3.1%	$2.5B	$3.1B	$226M
2015	$20.9B	$1.3B	0.0%	0.0%	17.4%	4.3%	$2.2B	$2.7B	$224M
2014	$19.4B	$1.3B	0.0%	0.0%	18.5%	5.0%	$1.6B	$2.2B	$108M
2013	$18.2B	$1.2B	0.0%	0.0%	18.8%	4.8%	$1.8B	$1.9B	—
2012	$17.1B	$902M	0.0%	0.0%	15.0%	4.0%	$1.6B	$2.1B	—
2011	$15.8B	$1.0B	0.0%	0.0%	17.5%	4.6%	$1.4B	$2.4B	—

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Sep '26	$23.2B	$2.5B	0.0%	0.0%	7.4%	2.0%	$4.4B	$8.4B	$156M
Jun '26	$23.6B	$3.3B	0.0%	0.0%	9.6%	2.7%	$3.5B	$8.4B	$193M
Mar '26	$22.2B	$2.8B	0.0%	0.0%	8.8%	2.3%	$4.3B	$8.4B	$179M
Dec '25	$22.7B	$3.0B	0.0%	0.0%	9.7%	2.4%	$3.0B	$6.9B	$138M
Sep '25	$22.5B	$2.6B	0.0%	0.0%	7.4%	2.2%	$5.1B	$6.9B	$185M
Jun '25	$22.0B	$3.2B	0.0%	0.0%	9.7%	2.7%	$3.9B	$6.9B	$135M
Mar '25	$20.4B	$2.6B	0.0%	0.0%	8.9%	2.3%	$5.1B	$6.9B	$207M
Dec '24	$20.3B	$2.4B	0.0%	0.0%	9.2%	2.2%	$2.9B	$6.9B	$154M
Sep '24	$19.7B	$2.3B	0.0%	0.0%	8.6%	2.2%	$4.6B	$6.9B	$147M
Jun '24	$18.1B	$1.5B	0.0%	0.0%	6.3%	1.5%	$3.2B	$6.9B	$102M
Mar '24	$17.2B	$2.3B	0.0%	0.0%	10.7%	2.5%	$4.2B	$6.9B	$168M
Dec '23	$16.9B	$2.0B	0.0%	0.0%	9.8%	2.2%	$2.4B	$6.9B	$100M
Sep '23	$15.6B	$1.1B	0.0%	0.0%	6.4%	1.3%	$3.4B	$6.9B	$138M
Jun '23	$15.4B	$345M	0.0%	0.0%	2.1%	0.4%	$2.2B	$6.9B	$180M
Mar '23	$14.3B	$448M	0.0%	0.0%	2.7%	0.6%	$2.4B	$6.4B	$289M
Dec '22	$13.5B	$826M	0.0%	0.0%	5.2%	1.1%	$883M	$6.4B	$221M
Sep '22	$12.8B	$124M	0.0%	0.0%	0.8%	0.2%	$1.9B	$6.4B	$365M
Jun '22	$11.5B	-$543M	0.0%	0.0%	-3.5%	-0.7%	$1.3B	$6.4B	$241M
Mar '22	$11.8B	$314M	0.0%	0.0%	1.8%	0.4%	$2.4B	$6.4B	$287M
Dec '21	$12.5B	$962M	0.0%	0.0%	5.3%	1.4%	$397M	$4.9B	$202M

Valuation over time

How the market has priced PGR against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has fallen from 114.8× (Mar '23) to 12.0× (Nov '26).
The price-to-sales ratio has fallen from 1.7× (Mar '23) to 1.5× (Nov '26).
The dividend yield has risen from 0.3% (Mar '23) to 2.1% (Nov '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is PGR growing its revenue and profit?

Over the past 5 years, Progressive Corporation's revenue has grown 15.5% per year, and net income grown 14.7% per year. These are computed facts, not advice.

How much debt does PGR have?

As of FY2025, Progressive Corporation reported $6.9B of total debt against $138M of cash.

What is PGR's profit margin?

In FY2025, gross margin was —, operating margin —, and net margin 12.9%.

What is PGR's P/E ratio?

Progressive Corporation's P/E (TTM) is 11.67 as of the 2026-11-02 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the PGR stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 12.0× as of Nov '26) can differ. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.