The Progressive Corporation
Financial Performance
Progressive Revenue & Financials
Revenue
$87.7B (FY2025)
Market Cap
$120.9B
Net Income
$11.3B
Employees
70,053
What is Progressive's revenue?
Progressive had $87.7B in revenue for fiscal year 2025, up 16.3% from 2024. Net income was $11.3B.
- Latest revenue
- $87.7B (FY2025)
- Year-over-year
- +16.3%
- Growth rate (CAGR)
- 15.8% over 9 years
- Peak revenue
- $87.7B (FY2025)
- Years of data
- 10
- Employees
- 70,053
- How much profit does Progressive make?
- Progressive reported net income of $11.3B for fiscal year 2025. sec.gov
- How many employees does Progressive have?
- Progressive has about 70,053 employees.
Financial Analysis
Revenue grew from $49.6 billion in 2022 to $62.1 billion in 2023, $75.4 billion in 2024 and $87.7 billion in 2025. Net income climbed from $722 million in 2022, a year of heavy claims inflation, to $3.9 billion in 2023, $8.5 billion in 2024 and $11.3 billion in 2025. The 2025 result absorbed a $1.224 billion policyholder credit expense, mainly for returning excess profits to Florida personal auto customers under that state's profit limit. In 2026 growth has slowed: second-quarter net premiums written rose 5% to $21.08 billion, net income was $3.31 billion and the combined ratio was 87.3 versus 86.2 a year earlier. August 2026 net income fell 22% to $951 million as the monthly combined ratio rose to 89.3.
Revenue Trend Analysis
YoY Change
+16.3%
9-Year CAGR
+15.8%
Peak Year
2025
Trend
Consistent Growth
The Progressive Corporation has 10 full fiscal year figures on this page, compounding at +15.8% annually over 9 years. The most recent year saw a 16.3% increase versus the prior year. Annual revenue peaked in fiscal year 2025 at $87.7B. Of 9 comparable year-over-year steps, 9 showed growth and 0 showed a decline.
Annual revenue history
Click any row to see year details.
The Progressive Corporation balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row. Free cash flow here is operating cash flow less capital expenditures, calculated by CorpDigest. In some years total assets exceed liabilities plus shareholders' equity because the company reported redeemable preferred stock or non-controlling interests outside both.
| Fiscal Year | Operating cash flow | Capital expenditures | Total assets | Total liabilities | Shareholders' equity | Free cash flow | Source |
|---|---|---|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | $17.5B | $348M | $123B | $92.7B | $30.3B | $17.2B | Form 10-K |
| FY2024ended Dec 31, 2024 | $15.1B | $285M | $105.7B | $80.2B | $25.6B | $14.8B | Form 10-K |
| FY2023ended Dec 31, 2023 | $10.6B | $252M | $88.7B | $68.4B | $20.3B | $10.4B | Form 10-K |
| FY2022ended Dec 31, 2022 | $6.8B | $292M | $75.5B | $59.6B | $15.9B | $6.6B | Form 10-K |
| FY2021ended Dec 31, 2021 | $7.8B | $243.5M | $71.1B | $52.9B | $18.2B | $7.5B | Form 10-K |
| FY2020ended Dec 31, 2020 | $6.9B | $223.5M | $64.1B | $47.1B | $17B | $6.7B | Form 10-K |
| FY2019ended Dec 31, 2019 | $6.3B | $363.5M | $54.9B | $41B | $13.7B | $5.9B | Form 10-K |
| FY2018ended Dec 31, 2018 | $6.3B | $266M | $46.6B | $35.5B | $10.8B | $6B | Form 10-K |
| FY2017ended Dec 31, 2017 | $3.8B | $155.7M | $38.7B | $28.9B | $9.3B | $3.6B | Form 10-K |
| FY2016ended Dec 31, 2016 | $2.7B | $215M | $33.4B | $25B | $8B | $2.5B | Form 10-K |
Keep researching Progressive
Progressive Revenue and Financial FAQ
What was The Progressive Corporation's total revenue and net income for FY2025?
For FY2025, Progressive reported total revenues of $87.67 billion (up substantially year-over-year) and net income attributable to the company of $11.31 billion, reflecting notable premium growth and industry-leading underwriting margins.
What is Progressive's market capitalization and equity valuation profile?
Progressive's market capitalization was roughly $121 billion in late September 2026, with shares near $209 on September 28, 2026, down from higher levels earlier in the year as investors priced in slowing growth and rising combined ratios.
How large is Progressive's investment portfolio and how is it invested?
Progressive invests premiums it holds before paying claims in a portfolio weighted heavily toward investment-grade fixed-income securities, with a smaller equity allocation. Investment income and realized gains add to underwriting profit; the size and mix are disclosed in its 10-K and quarterly reports.
What is Progressive's historical combined ratio performance?
Progressive is renowned on Wall Street for achieving an underwriting profit in nearly every year of its modern history, maintaining an average combined ratio between 88% and 93%, far superior to the broader US P&C industry average, which frequently operates above 100%.
What is Progressive's dividend policy and capital return structure?
Progressive pays a regular quarterly cash dividend and has historically paid an annual variable dividend tied directly to annual underwriting profitability (Gainsharing performance), alongside opportunistic share buybacks to optimize shareholder returns.
How did inflation and vehicle repair costs impact Progressive in 2022-2024?
When post-pandemic inflation spiked used car prices, parts costs, and litigation severity, Progressive responded faster than any major competitor by aggressively raising premium rates and tightening underwriting criteria, swiftly returning to strong profitability while rivals suffered large underwriting losses.
What are Progressive's policies in force (PIF) and net premiums written?
Progressive oversees more than 33 million total policies in force (PIF) across personal auto, commercial auto, special lines, and property, generating over $80 billion in annual net premiums written.
What financial strength ratings do Progressive's insurance subsidiaries maintain?
Progressive's insurance operating subsidiaries hold top-tier financial strength ratings, including 'A+' (Superior) from A.M. Best, 'Aa' from Moody's, and 'AA' (Very Strong) from S&P Global Ratings, reflecting outstanding capital reserves and liquidity.
What is Progressive’s annual revenue and net premiums written scale?
Progressive generates over $60 billion to $70+ billion in net premiums written annually, making it the second-largest auto insurance writer in the United States and one of the largest property-casualty carriers globally.
How has Progressive consistently achieved sub-96% combined ratios?
Progressive employs dynamic monthly rate filing adjustments, predictive machine learning pricing models, telematics loss segmentation, and highly efficient claims-settlement processes that control claims leakage.
What is the breakdown between loss ratio and expense ratio for Progressive?
Progressive typically runs a loss and loss-adjustment expense ratio around 70%–75% and an underwriting expense ratio around 18%–20%, comfortably delivering combined ratios between 90% and 95% across normal catastrophe years.
How does Progressive structure its capital allocation and dividend policy?
Progressive pays a regular quarterly dividend supplemented by an annual variable dividend tied directly to operating underwriting profitability and Gainsharing employee incentive targets, alongside disciplined share buybacks.
How large is Progressive’s investment portfolio and what is its asset allocation?
Progressive manages an investment portfolio exceeding $65 billion, allocated conservatively with over 80% in investment-grade corporate bonds, US Treasuries, municipal bonds, and asset-backed securities, with a small allocation to equities.
What is Progressive’s historical Return on Equity (ROE)?
Progressive consistently generates superior returns on equity compared to P&C peers, frequently achieving operating ROEs between 18% and 25% due to its capital efficiency and combined ratio discipline.
How do inflationary spikes in auto parts and used car prices impact Progressive?
During 2022–2023 supply chain inflation, loss costs surged industry-wide; however, Progressive was the quickest carrier to file and implement double-digit state rate increases, returning to sub-96% profitability faster than peers like Geico or Allstate.
What financial strength ratings does Progressive maintain?
Progressive’s primary insurance subsidiaries hold elite financial ratings, including A+ (Superior) from A.M. Best, Aa2 from Moody’s, and AA from S&P Global Ratings.
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Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Progressive Revenue & Financials." CorpDigest, https://corpdigest.com/company/progressive/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Progressive reported $87.7B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/progressive/financials" target="_blank" rel="noopener">CorpDigest — Progressive financials</a></div>Related Financial Audits
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