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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 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
$0 $44B $88B 2011 2013 2015 2017 2019 2021 2023 2025
RevenueNet income
Margins (gross / operating / net)
0% 7% 13% 2011 2013 2015 2017 2019 2021 2023 2025
GrossOperatingNet
Free cash flow (CFO − capex)
$0 $9B $17B 2011 2013 2015 2017 2019 2021 2023 2025
Free cash flow
Cash vs total debt
$0 $3B $7B 2011 2013 2015 2017 2019 2021 2023 2025
CashTotal debt
Cash flow: operating / investing / financing
-$15B $2B $18B $0 2011 2013 2015 2017 2019 2021 2023 2025
OperatingInvestingFinancing

Key annual figures

FYRevenueNet incomeGross MOp MFCFTotal debtCash
2025 $87.7B $11.3B 0.0% 0.0% $17.2B $6.9B $138M
2024 $75.4B $8.5B 0.0% 0.0% $14.8B $6.9B $154M
2023 $62.1B $3.9B 0.0% 0.0% $10.4B $6.9B $100M
2022 $49.6B $722M 0.0% 0.0% $6.6B $6.4B $221M
2021 $47.7B $3.4B 0.0% 0.0% $7.5B $4.9B $202M
2020 $42.7B $5.7B 0.0% 0.0% $6.7B $5.4B $77M
2019 $39.0B $4.0B 0.0% 0.0% $5.9B $4.4B $227M
2018 $32.0B $2.6B 0.0% 0.0% $6.0B $4.4B $75M
2017 $26.8B $1.6B 0.0% 0.0% $3.6B $3.3B $275M
2016 $23.4B $1.0B 0.0% 0.0% $2.5B $3.1B $226M
2015 $20.9B $1.3B 0.0% 0.0% $2.2B $2.7B $224M
2014 $19.4B $1.3B 0.0% 0.0% $1.6B $2.2B $108M
2013 $18.2B $1.2B 0.0% 0.0% $1.8B $1.9B —
2012 $17.1B $902M 0.0% 0.0% $1.6B $2.1B —
2011 $15.8B $1.0B 0.0% 0.0% $1.4B $2.4B —

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.

Price / earnings (P/E)
0.0 66.4 132.8 Mar '23 Aug '23 Jan '24 Jun '24 Nov '24 Apr '25 Sep '25 Feb '26
P/E
Price / sales (P/S)
0.0 1.3 2.5 Mar '23 Aug '23 Jan '24 Jun '24 Nov '24 Apr '25 Sep '25 Feb '26
P/S
Dividend yield (%)
0.0 1.3 2.6 Mar '23 Aug '23 Jan '24 Jun '24 Nov '24 Apr '25 Sep '25 Feb '26
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?

As of Jun '26, Progressive Corporation traded at a price-to-earnings ratio of about 11.1× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. 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), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.