PGR financial statements

The full income statement, balance sheet, and cash-flow statement for Progressive Corporation (PGR), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2024-06 585.7M2024-09 585.8M2024-12 586.2M2025-03 586.2M2025-06 586.2M2025-09 586.4M2025-12 585.9M2026-03 584.3M2026-06 581.4M-0.7% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	87.7B YoY+16.3%	75.4B YoY+21.4%	62.1B YoY+25.2%	49.6B YoY+4.0%	47.7B YoY+11.8%
Amortization of intangibles	—	—	14.2M YoY-54.2%	31.0M YoY-46.3%	57.7M YoY+1.4%
Interest expense	278M YoY-0.4%	279M YoY+4.1%	268M YoY+9.8%	244M YoY+11.6%	219M YoY+0.7%
Interest & investment income	3.58B YoY+26.5%	2.83B YoY+49.7%	1.89B YoY+50.2%	1.26B YoY+46.4%	861M YoY-8.1%
Gain (loss) on equity securities	553M YoY-14.3%	645M YoY+18.6%	544M YoY+143.8%	-1.24B YoY-196.8%	1.28B YoY+71.1%
Pre-tax income	14.2B YoY+32.8%	10.7B YoY+118.5%	4.90B YoY+431.9%	922M YoY-78.1%	4.21B YoY-41.3%
Income tax	2.92B YoY+30.5%	2.23B YoY+123.1%	1.00B YoY+400.5%	200M YoY-76.7%	859M YoY-41.5%
	11.3B YoY+33.3%	8.48B YoY+117.3%	3.90B YoY+440.6%	722M YoY-78.5%	3.35B YoY-41.3%
Net income to non-controlling interest	—	—	—	—	0.00
Net income to common	11.3B YoY+33.6%	8.46B YoY+119.0%	3.87B YoY+456.1%	695M YoY-79.1%	3.32B YoY-41.5%
	$19.23 YoY+33.5%	$14.40 YoY+118.8%	$6.58 YoY+457.6%	$1.18 YoY-79.2%	$5.66 YoY-41.4%
EPS (basic)	$19.29 YoY+33.5%	$14.45 YoY+118.6%	$6.61 YoY+455.5%	$1.19 YoY-79.1%	$5.69 YoY-41.4%
	586M YoY+0.1%	586M YoY+0.1%	585M YoY+0.1%	584M YoY-0.0%	585M YoY-0.1%
	588M YoY+0.1%	588M YoY+0.0%	588M YoY+0.1%	587M YoY+0.0%	587M YoY-0.1%
Dividends per share	$13.90 YoY+183.7%	$4.90 YoY+326.1%	$1.15 YoY+187.5%	$0.40 YoY-78.9%	$1.90 YoY-61.2%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Cash & equivalents	138M YoY-10.4%	154M YoY+54.0%	100M YoY-54.8%	221M YoY+9.4%	202M YoY+164.1%
Short-term investments	10.0B YoY+1526.8%	615M YoY-65.6%	1.79B YoY-37.4%	2.86B YoY+203.6%	943M YoY-81.9%
	123B YoY+16.4%	106B YoY+19.2%	88.7B YoY+17.5%	75.5B YoY+6.1%	71.1B YoY+11.0%
Property, plant & equipment	783M YoY-0.9%	790M YoY-10.3%	881M YoY-14.8%	1.03B YoY-9.1%	1.14B YoY+2.8%
Operating lease right-of-use	199M YoY+3.1%	193M YoY+11.6%	173M YoY+32.6%	131M YoY-24.4%	173M YoY+4.3%
Goodwill	—	228M YoY+0.0%	228M YoY+0.0%	228M YoY-49.7%	453M YoY+0.0%
Intangible assets	—	—	—	86.3M YoY-26.4%	117M YoY-31.6%
Deferred tax assets	748M YoY-21.6%	954M YoY+1.9%	936M YoY-17.3%	1.13B	0.00
Short-term & current debt	0.00	0.00	0.00	0.00	0.00 YoY-100.0%
	92.7B YoY+15.7%	80.2B YoY+17.2%	68.4B YoY+14.8%	59.6B YoY+12.6%	52.9B YoY+12.4%
Operating lease liability (total)	205M YoY+4.6%	196M YoY+10.7%	177M YoY+29.0%	137M YoY-24.2%	181M YoY+1.1%
Deferred tax liabilities	—	—	—	—	153M YoY-50.7%
	30.3B YoY+18.5%	25.6B YoY+26.2%	20.3B YoY+27.6%	15.9B YoY-12.8%	18.2B YoY+7.0%
Additional paid-in capital	2.31B YoY+7.6%	2.15B YoY+6.6%	2.01B YoY+6.3%	1.89B YoY+6.8%	1.77B YoY+6.0%
Retained earnings	27.3B YoY+12.5%	24.3B YoY+29.2%	18.8B YoY+19.6%	15.7B YoY+2.5%	15.3B YoY+14.9%
Accumulated other comprehensive income	103M YoY+107.2%	-1.42B YoY+11.9%	-1.62B YoY+42.3%	-2.80B YoY-6934.1%	41.0M YoY-95.6%
Total liabilities & equity	123B YoY+16.4%	106B YoY+19.2%	88.7B YoY+17.5%	75.5B YoY+6.1%	71.1B YoY+11.0%
	798M YoY+0.0%	798M YoY+0.0%	798M YoY+0.1%	798M YoY+0.0%	798M YoY+0.0%
	586M YoY-0.1%	586M YoY+0.1%	586M YoY+0.1%	585M YoY+0.1%	585M YoY-0.2%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	17.5B YoY+16.1%	15.1B YoY+42.1%	10.6B YoY+55.4%	6.85B YoY-11.8%	7.76B YoY+12.4%
Depreciation & amortization	313M YoY+10.2%	284M YoY-5.1%	299M YoY-11.2%	337M YoY-0.1%	337M YoY+1.7%
Intangible amortization	—	—	14.2M YoY-54.2%	31.0M YoY-46.3%	57.7M YoY+1.4%
	-14.5B YoY-5.7%	-13.7B YoY-26.8%	-10.8B YoY-36.3%	-7.96B YoY-155.0%	-3.12B YoY+49.0%
Capital expenditure	348M YoY+22.1%	285M YoY+13.1%	252M YoY-13.7%	292M YoY+19.9%	244M YoY+8.9%
Free cash flow	17.2B YoY+15.9%	14.8B YoY+42.8%	10.4B YoY+58.5%	6.56B YoY-12.8%	7.52B YoY+12.5%
Acquisitions	0.00	0.00	0.00	0.00 YoY-100.0%	313M
Sales/maturities of investments	8.52B YoY+21.6%	7.01B YoY+40.4%	4.99B YoY-7.2%	5.38B YoY-23.3%	7.01B YoY-1.3%
Proceeds from sale of PP&E	80.0M YoY+3.9%	77.0M YoY+63.8%	47.0M YoY+34.3%	35.0M YoY-47.1%	66.2M YoY+202.3%
	-3.04B YoY-130.8%	-1.32B YoY-1787.2%	78.0M YoY-93.1%	1.13B YoY+124.9%	-4.52B YoY-381.1%
Long-term debt issued	0.00	0.00 YoY-100.0%	496M YoY-66.6%	1.49B	0.00 YoY-100.0%
Long-term debt repaid	0.00	0.00	0.00	0.00 YoY-100.0%	500M
Common stock issued	0.00	0.00	0.00	0.00	0.00
Common stock repurchased	0.00	0.00	0.00	0.00	0.00
Dividends paid	2.87B YoY+326.0%	674M YoY+188.0%	234M YoY+0.0%	234M YoY-93.8%	3.75B YoY+141.6%
Net change in cash	-16.0M YoY-129.6%	54.0M YoY+144.6%	-121M YoY-736.8%	19.0M YoY-84.9%	126M YoY+183.2%
Interest paid	276M YoY+0.0%	276M YoY+4.2%	265M YoY+15.7%	229M YoY+2.2%	224M YoY+8.7%
Income taxes paid	3.11B YoY+20.2%	2.58B YoY+214.9%	821M YoY+14.2%	719M YoY-14.6%	842M YoY-41.8%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	133B YoY-5.0%	140B YoY+50.7%	93.2B YoY+22.8%	75.9B YoY+26.4%	60.0B YoY+3.7%
P/E	11.8× YoY-28.8%	16.6× YoY-51.3%	34.0× YoY-61.6%	88.5× YoY+394.0%	17.9× YoY+76.5%
P/S	1.5× YoY-18.3%	1.9× YoY+17.4%	1.6× YoY+1.8%	1.6× YoY+24.0%	1.3× YoY-7.3%
P/B	4.4× YoY-19.8%	5.5× YoY+2.5%	5.4× YoY+4.3%	5.1× YoY+56.0%	3.3× YoY-3.1%
P/FCF	7.8× YoY-18.1%	9.5× YoY-9.4%	10.4× YoY-16.4%	12.5× YoY+56.5%	8.0× YoY-7.9%
	8.5% YoY+40.4%	6.0% YoY+105.2%	2.9% YoY+160.4%	1.1% YoY-79.8%	5.6% YoY-43.3%
	12.9% YoY+22.1%	10.6% YoY+10.3%	9.6% YoY+19.6%	8.0% YoY-36.1%	12.5% YoY+8.5%
	6.1% YoY+198.5%	2.0% YoY+183.2%	0.72% YoY+134.1%	0.31% YoY-83.3%	1.9% YoY-62.6%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: PGR's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all PGR filings on SEC EDGAR → Not investment advice.