Major US insurer known for personal auto, commercial auto, property, and specialty insurance sold through direct and agency channels.MoreShow less
Profile & Fundamentals
Progressive (PGR.NYSE) Profile & Fundamentals
Review Progressive reported earnings, valuation, balance sheet and ownership, with source tables and separate AI assessments.
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Company and Market Context
Progressive: Company Profile & Ownership
The Progressive Corporation operates as an insurance company in the United States. It writes insurance for personal autos and special lines products, including motorcycles, RVs, and watercraft; and personal residential property insurance for homeowners and renters. The company also writes auto-related liability and physical damage insurance for comprising dump trucks, log trucks, garbage trucks, tractors, trailers, straight trucks, tow trucks and wreckers, vans, pick-up trucks, and autos; business-related general liability and commercial property insurance for small businesses; and workers' compensation insurance for the transportation industry. In addition, it offers other specialty property-casualty insurance and provides related services; personal property reinsurance products; and involved in investment activities. It sells its products through independent insurance agencies, as well as online and over the phone. The Progressive Corporation was founded in 1937 and is headquartered in Mayfield, Ohio.
Company profile record
Progressive Corp
Common Stock · Financials · Property & Casualty Insurance
Company
- Company / asset
- Progressive Corp
- Security type
- Common Stock
- Sector
- Financials
- Industry
- Property & Casualty Insurance
- HQ
- 🇺🇸 United States
- Head office
- 300 North Commons Blvd., Mayfield, OH, United States, 44143
Leadership & scale
- Chief executive
- Ms. Susan Patricia Griffith
- CEO year born
- 1964
- Full-time employees
- 70.1K
- Fiscal year end
- December
- IPO date
- 1986-07-09
Fundamentals snapshot
- Market Cap
- USD 134.9B
- P/E
- 11.6x
- Revenue (Q3 26)
- USD 23.2B
- Profit (Q3 26)
- USD 2.5B
- Dividend Yield
- 4.2%
- Revenue (FY 25)
- USD 87.6B
- Shares in public float
- 577.1M
- Insider ownership
- 0.24%
Reporting & identifiers
- Symbol
- PGR.NYSE
- Listing
- 🇺🇸 United States | Dividend Tax: 30%
- Ticker Currency
- USD
- Income Statement Currency
- USD
- Balance Sheet Currency
- USD
- Cash Flow Currency
- USD
- EPS Currency
- USD
- Contract Type
- SPOT
- ISIN
- US7433151039
- Asset ID
- equity_d7aa340b-cc07-5c11-bd9d-f3ff398cf5c2
Progressive: Ownership
Shares Outstanding
Latest: 582.2M | Max: 588.2M | Min: 582.0M
Latest reported ownership snapshot
Float Shares
99.13%
577.1M latest reported shares
Insider Ownership
0.24%
Latest reported insider stake
Short Float
0.01%
Latest reported short interest / float
Top Holders
Source tablesView ownership tables
Shares Outstanding
Annual reported shares outstanding; up to 10 reporting dates.
Scroll the table to see every column.
| Reporting date | Shares outstanding |
|---|---|
| 2017-01-01 | 582,000,000 |
| 2018-01-01 | 583,500,000 |
| 2019-01-01 | 584,700,000 |
| 2020-01-01 | 585,200,000 |
| 2021-01-01 | 584,700,000 |
| 2022-01-01 | 587,100,000 |
| 2023-01-01 | 587,500,000 |
| 2024-01-01 | 587,650,000 |
| 2025-01-01 | 588,200,000 |
| 2026-01-01 | 582,200,000 |
Top Holders
Available reported ownership records.
Scroll the table to see every column.
| Holder | Shares | Ownership | Reported date |
|---|---|---|---|
| BlackRock Inc | 48,048,848 | 8.29% | 2026-06-30 |
| Vanguard Capital Management, LLC | 38,148,192 | 6.58% | 2026-06-30 |
| Capital Research Global Investors | 26,549,107 | 4.58% | 2026-06-30 |
| State Street Corp | 26,526,959 | 4.58% | 2026-06-30 |
| Vanguard MStar Total Stk Mkt Idx Invest | 18,523,675 | 3.2% | 2026-09-30 |
| Geode Capital Management, LLC | 17,009,978 | 2.94% | 2026-06-30 |
| Vanguard 500 Index Investor | 15,267,130 | 2.64% | 2026-09-30 |
| Capital World Investors | 12,490,946 | 2.16% | 2026-06-30 |
| Bank of America Corp | 12,278,975 | 2.12% | 2026-06-30 |
| Vanguard Portfolio Management, LLC | 11,686,468 | 2.02% | 2026-06-30 |
| FMR Inc | 11,213,445 | 1.94% | 2026-06-30 |
| JPMorgan Chase & Co | 10,295,927 | 1.78% | 2026-06-30 |
| Morgan Stanley - Brokerage Accounts | 9,313,526 | 1.61% | 2026-06-30 |
| AllianceBernstein L.P. | 9,178,776 | 1.58% | 2026-06-30 |
| NORGES BANK | 8,647,114 | 1.49% | 2026-06-30 |
Progressive: Earnings, Profitability & Valuation
Latest Financials Filed On
Earnings & Revenue
Earnings and Revenue Trajectory
AI Review
Progressive experienced rapid financial growth over recent years, with trailing revenue reaching $91.0 billion and net income climbing to $11.70 billion by mid-2026. This extraordinary surge was driven by early, aggressive rate increases following pandemic inflation, which restored underwriting profitability ahead of the wider insurance sector. However, recent monthly reports through August 2026 show year-over-year net income falling 22% as monthly combined ratios widened to 89.3%. Rather than indicating business deterioration, this shift reflects deliberate rate cuts across 30 states to attract new policyholders. While underwriting profit per customer is normalizing, over $15.9 billion in trailing free cash flow and rising bond interest from customer premiums keep overall earnings exceptionally strong.
Progressive experienced rapid financial growth over recent years, with trailing revenue reaching $91.0 billion and net income climbing to $11.70 billion by mid-2026. This extraordinary surge was driven by early, aggressive rate increases following pandemic inflation, which restored underwriting profitability ahead of the wider insurance sector. However, recent monthly reports through August 2026 show year-over-year net income falling 22% as monthly combined ratios widened to 89.3%. Rather than indicating business deterioration, this shift reflects deliberate rate cuts across 30 states to attract new policyholders. While underwriting profit per customer is normalizing, over $15.9 billion in trailing free cash flow and rising bond interest from customer premiums keep overall earnings exceptionally strong.
Revenue, Net Income, and Free Cash Flow
Latest: USD 87.6B | Max: USD 87.6B | Min: USD 722.0M
Valuation
P/E Ratio (TTM)iPublished valuation snapshots use the earnings basis recorded with each observation. Source tables retain that basis.
Latest: 12x
Profitability & Margins
Margins and Operating Efficiency
AI Review
Profitability margins expanded dramatically from a trough in 2022 to a peak operating margin of 16.23% in 2025, driven by an exceptional combined ratio of 87.4% and an extraordinary 37% return on equity. Early price increases allowed the company to outrun vehicle replacement costs and generate industry-leading underwriting margins. Margins are now undergoing expected cyclical compression as competitors re-enter the market and car repair tariffs lift claim severities. Management historically targets a 96% combined ratio ceiling to maximize customer growth, meaning operating margins will naturally settle into single digits. Nevertheless, strong interest income from its bond portfolio provides a durable cushion that ensures overall profitability remains far above peer averages.
Profitability margins expanded dramatically from a trough in 2022 to a peak operating margin of 16.23% in 2025, driven by an exceptional combined ratio of 87.4% and an extraordinary 37% return on equity. Early price increases allowed the company to outrun vehicle replacement costs and generate industry-leading underwriting margins. Margins are now undergoing expected cyclical compression as competitors re-enter the market and car repair tariffs lift claim severities. Management historically targets a 96% combined ratio ceiling to maximize customer growth, meaning operating margins will naturally settle into single digits. Nevertheless, strong interest income from its bond portfolio provides a durable cushion that ensures overall profitability remains far above peer averages.
Profitability Margins
Latest: 29.5% | Max: 33.4% | Min: 1.5%
Latest Profitability Ratios as of 2025-12-31
Gross Margin
29.5%
Gross profit / revenue
Operating Margin
16.2%
Operating income / revenue
Net Margin
12.9%
Net income / revenue
FCF Margin
19.6%
Free cash flow / revenue
Source tablesView earnings, profitability & valuation tables
Revenue, Net Income, and Free Cash Flow
Annual reported results, using the source statement's recorded USD conversion. Up to 10 reporting periods; missing values are not estimated.
Scroll the table to see every column.
| Period end | Revenue (USD) | Net income (USD) | Free cash flow (USD) |
|---|---|---|---|
| 2016-12-31 | 23,417,400,000 | 1,031,000,000 | 2,486,900,000 |
| 2017-12-31 | 26,816,100,000 | 1,592,200,000 | 3,601,100,000 |
| 2018-12-31 | 31,954,700,000 | 2,615,300,000 | 6,018,800,000 |
| 2019-12-31 | 38,997,700,000 | 3,970,300,000 | 5,898,100,000 |
| 2020-12-31 | 42,638,100,000 | 5,704,600,000 | 6,682,100,000 |
| 2021-12-31 | 47,676,500,000 | 3,350,900,000 | 7,518,200,000 |
| 2022-12-31 | 49,587,000,000 | 722,000,000 | 6,556,800,000 |
| 2023-12-31 | 62,083,000,000 | 3,903,000,000 | 10,391,300,000 |
| 2024-12-31 | 75,343,000,000 | 8,480,000,000 | 14,834,000,000 |
| 2025-12-31 | 87,637,000,000 | 11,308,000,000 | 17,200,000,000 |
Published P/E Ratio
Published valuation snapshots retain each observation's earnings basis.
Scroll the table to see every column.
| Period end | P/E (times earnings) | Earnings basis |
|---|---|---|
| 2025-12-31 | 11.8 | Trailing four quarters |
| 2024-12-31 | 16.6 | Trailing four quarters |
| 2023-12-31 | 24 | Trailing four quarters |
| 2022-12-31 | 105.5 | Annual net income |
| 2021-12-31 | 17.9 | Annual net income |
Profitability Margins
Matching annual reporting dates. Values are percentages.
Scroll the table to see every column.
| Period end | Gross margin (%) | Operating margin (%) | Net margin (%) | Free cash flow margin (%) |
|---|---|---|---|---|
| 2016-12-31 | 19.96 | 6.28 | 4.4 | 10.62 |
| 2017-12-31 | 21.94 | 7.98 | 5.94 | 13.43 |
| 2018-12-31 | 23.97 | 9.9 | 8.18 | 18.84 |
| 2019-12-31 | 26.93 | 13.23 | 10.18 | 15.12 |
| 2020-12-31 | 33.4 | 16.82 | 13.38 | 15.67 |
| 2021-12-31 | 21.68 | 8.83 | 7.03 | 15.77 |
| 2022-12-31 | 15.22 | 1.86 | 1.46 | 13.22 |
| 2023-12-31 | 18.95 | 7.9 | 6.29 | 16.74 |
| 2024-12-31 | 27.74 | 14.22 | 11.26 | 19.69 |
| 2025-12-31 | 29.47 | 16.23 | 12.9 | 19.63 |
Public data excerpt created by iPulse AI and published by Future Edge Group FZE. Snapshot retrieved 2026-11-10.
Use is subject to the iPulse AI Terms of Service and applicable source rights. Missing inputs are not estimated. Full access includes the remaining records, research and interactive tools.
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