PROGRESSIVE CORP/OH/'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), PROGRESSIVE CORP/OH/ reported revenue of $87.7B (+16.3% year on year) and net income of $11.3B (+33.3% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net premiums earned | $81.7B | $70.8B | $58.7B | $49.2B |
| Investment income | $3.6B | $2.8B | $1.9B | $1.3B |
| Net realized gains (losses) on security sales | $248.0M | ($414.0M) | $13.7M | $196.5M |
| Net holding period gains (losses) on securities | $480.0M | $679.0M | $348.4M | ($2.1B) |
| Net impairment losses | ($1.0M) | ($1.0M) | — | — |
| Total net realized gains (losses) on securities | $727.0M | $264.0M | $353.1M | ($1.9B) |
| Fees and other revenues | $1.2B | $1.1B | $889.1M | $722.1M |
| Service revenues | $504.0M | $413.0M | $310.1M | $299.3M |
| Total revenues | $87.7B | $75.4B | $62.1B | $49.6B |
| Losses and loss adjustment expenses | $54.0B | $49.1B | $45.7B | $38.1B |
| Policy acquisition costs | $6.1B | $5.4B | $4.7B | $3.9B |
| Other underwriting expenses | $11.3B | $9.5B | $6.2B | $5.9B |
| Policyholder credit expense | $1.2B | — | — | $0 |
| Investment expenses | $34.0M | $29.0M | $26.2M | $24.3M |
| Service expenses | $528.0M | $446.0M | $349.0M | $296.7M |
| Interest expense | $278.0M | $279.0M | $268.4M | $243.5M |
| Total expenses | $73.4B | $64.7B | $57.2B | $48.7B |
| Income before income taxes | $14.2B | $10.7B | $4.9B | $922.1M |
| Provision for income taxes | $2.9B | $2.2B | $1.0B | $200.6M |
| Total net unrealized gains (losses) on fixed-maturity securities | $1.5B | $193.0M | $1.2B | ($2.8B) |
| Net unrealized losses on forecasted transactions | $1.0M | — | $500.0K | $400.0K |
| Other comprehensive income (loss) | $1.5B | — | $1.2B | ($2.8B) |
| Comprehensive income (loss) | $12.8B | $8.7B | $5.1B | ($2.1B) |
| Net income | $11.3B | $8.5B | $3.9B | $721.5M |
| Less: Preferred share dividends and other | $0 | $17.0M | $37.6M | $26.9M |
| Net income available to common shareholders | $11.3B | $8.5B | $3.9B | $694.6M |
| Average common shares outstanding – Basic | 586.3M | 585.5M | 584.9M | 584.4M |
| Net effect of dilutive stock-based compensation | 1.8M | 2.2M | 2.6M | 2.7M |
| Total average equivalent common shares – Diluted | 588.1M | 587.7M | 587.5M | 587.1M |
| Basic: Earnings per common share (usd per share) | $19.29 | $14.45 | $6.61 | $1.19 |
| Diluted: Earnings per common share (usd per share) | $19.23 | $14.40 | $6.58 | $1.18 |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Net premiums earned | $21.6B | $21.0B | $20.8B | $20.3B |
| Investment income | $979.0M | $917.0M | $924.0M | $871.0M |
| Net realized gains (losses) on security sales | $16.0M | $96.0M | $12.0M | $19.0M |
| Net holding period gains (losses) on securities | $588.0M | ($216.0M) | $283.0M | $368.0M |
| Total net realized gains (losses) on securities | $604.0M | ($120.0M) | $295.0M | $387.0M |
| Fees and other revenues | $305.0M | $297.0M | $306.0M | $303.0M |
| Service revenues | $148.0M | $126.0M | $138.0M | $133.0M |
| Total revenues | $23.6B | $22.2B | $22.5B | $22.0B |
| Losses and loss adjustment expenses | $14.6B | $13.8B | $13.4B | $13.6B |
| Policy acquisition costs | $1.6B | $1.5B | $1.6B | $1.5B |
| Other underwriting expenses | $3.0B | $3.0B | $3.0B | $2.7B |
| Investment expenses | $10.0M | $8.0M | $10.0M | $9.0M |
| Service expenses | $154.0M | $131.0M | $144.0M | $139.0M |
| Interest expense | $88.0M | $70.0M | $70.0M | $69.0M |
| Total expenses | $19.4B | $18.6B | $19.2B | $18.0B |
| Income before income taxes | $4.2B | $3.6B | $3.3B | $4.0B |
| Provision for income taxes | $898.0M | $748.0M | $708.0M | $807.0M |
| Net income | $3.3B | $2.8B | $2.6B | $3.2B |
| Total net unrealized gains (losses) on fixed-maturity securities | ($375.0M) | ($574.0M) | $284.0M | $428.0M |
| Net unrealized losses on forecasted transactions | $0 | — | $0 | $1.0M |
| Foreign currency translation adjustment | ($1.0M) | — | — | — |
| Other comprehensive income (loss) | ($376.0M) | — | $284.0M | $429.0M |
| Comprehensive income (loss) | $2.9B | $2.2B | $2.9B | $3.6B |
| Average common shares outstanding - Basic (in shares) | 583.0M | 585.6M | 586.5M | 586.2M |
| Net effect of dilutive stock-based compensation (in shares) | 1.2M | 1.3M | 1.7M | 1.6M |
| Total average equivalent common shares - Diluted (in shares) | 584.2M | 586.9M | 588.2M | 587.8M |
| Basic: Earnings per common shares (in dollars per share) | $5.68 | $4.81 | $4.46 | $5.42 |
| Diluted: Earnings per common share (in dollars per share) | $5.67 | $4.80 | $4.45 | $5.40 |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Fixed maturities (amortized cost: $82,704 and $77,126) | $82.9B | $75.3B | $60.4B | $46.7B |
| Short-term investments (amortized cost: $10,005 and $615) | $10.0B | $615.0M | $1.8B | $2.9B |
| Total available-for-sale securities | $92.9B | $75.9B | $62.2B | $49.5B |
| Nonredeemable preferred stocks (cost: $419 and $756) | $404.0M | $728.0M | $902.1M | $1.2B |
| Common equities (cost: $819 and $745) | $4.1B | $3.6B | $2.9B | $2.8B |
| Total equity securities | $4.5B | $4.3B | $3.8B | $4.0B |
| Total investments | $97.4B | $80.3B | $66.0B | $53.5B |
| Cash and cash equivalents | $125.0M | $143.0M | $84.9M | $203.5M |
| Restricted cash and cash equivalents | $13.0M | $11.0M | $14.7M | $17.4M |
| Total cash, cash equivalents, restricted cash, and restricted cash equivalents | $138.0M | $154.0M | $99.6M | $220.9M |
| Accrued investment income | $670.0M | $594.0M | $438.0M | $282.5M |
| Premiums receivable, net of allowance for credit losses of $552 and $460 | $15.4B | $14.4B | $12.0B | $10.4B |
| Reinsurance recoverables | $4.1B | $4.8B | $5.1B | $5.8B |
| Prepaid reinsurance premiums | $197.0M | $349.0M | $249.8M | $295.5M |
| Deferred acquisition costs | $2.0B | $2.0B | $1.7B | $1.5B |
| Property and equipment, net of accumulated depreciation of $1,460 and $1,461 | $783.0M | $790.0M | $880.8M | $1.0B |
| Net federal deferred income taxes | $748.0M | $954.0M | $936.0M | $1.1B |
| Other assets | $1.6B | $1.6B | $1.3B | $844.7M |
| Total assets | $123.0B | $105.7B | $88.7B | $75.5B |
| Unearned premiums | $25.2B | $23.9B | $20.1B | $17.3B |
| Loss and loss adjustment expense reserves | $43.3B | $39.1B | $34.4B | $30.4B |
| Dividends payable on common shares | 8.0B | — | — | — |
| Accounts payable, accrued expenses, and other liabilities | $9.3B | $10.3B | $7.0B | $5.5B |
| Debt | $6.9B | $6.9B | $6.9B | $6.4B |
| Total liabilities | $92.7B | $80.2B | $68.4B | $59.6B |
| Common shares, $1.00 par value (authorized 900; issued 798, including treasury shares of 212) | 586.0M | 586.0M | 585.3M | 584.9M |
| Paid-in capital | $2.3B | $2.1B | $2.0B | $1.9B |
| Retained earnings | $27.3B | $24.3B | $18.8B | $15.7B |
| Net unrealized gains (losses) on fixed-maturity securities | $117.0M | ($1.4B) | ($1.6B) | ($2.8B) |
| Net unrealized losses on forecasted transactions | ($13.0M) | ($14.0M) | ($14.0M) | ($14.5M) |
| Foreign currency translation adjustment | ($1.0M) | ($1.0M) | ($900.0K) | ($1.2M) |
| Total accumulated other comprehensive income (loss) | $103.0M | ($1.4B) | ($1.6B) | ($2.8B) |
| Total shareholders’ equity | $30.3B | $25.6B | $20.3B | $15.9B |
| Total liabilities and shareholders’ equity | $123.0B | $105.7B | $88.7B | $75.5B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Fixed maturities (amortized cost: $91,485, $82,372, and $82,704) | $90.4B | $87.8B | $88.5B | $82.3B |
| Short-term investments (amortized cost: $1,978, $2,103, and $10,005) | $2.0B | $2.1B | $1.5B | $2.1B |
| Total available-for-sale securities | $92.4B | $90.0B | $90.0B | $84.4B |
| Nonredeemable preferred stocks (cost: $292, $517, and $419) | $276.0M | $240.0M | $438.0M | $500.0M |
| Common equities (cost: $870, $775, and $819) | $4.5B | $3.9B | $4.0B | $3.7B |
| Total equity securities | $4.8B | $4.2B | $4.5B | $4.2B |
| Total investments | $97.2B | $94.1B | $94.5B | $88.6B |
| Cash and cash equivalents | $178.0M | $162.0M | $173.0M | $125.0M |
| Restricted cash and cash equivalents | $15.0M | $17.0M | $12.0M | $10.0M |
| Total cash, cash equivalents, restricted cash, and restricted cash equivalents | $193.0M | $179.0M | $185.0M | $135.0M |
| Accrued investment income | $728.0M | $685.0M | $691.0M | $636.0M |
| Premiums receivable, net of allowance for credit losses of $544, $501, and $552 | $17.1B | $17.6B | $16.5B | $16.4B |
| Reinsurance recoverables | $3.9B | $4.0B | $4.1B | $4.2B |
| Prepaid reinsurance premiums | $202.0M | $198.0M | $215.0M | $263.0M |
| Deferred acquisition costs | $2.2B | $2.1B | $2.2B | $2.1B |
| Property and equipment, net of accumulated depreciation of $1,381, $1,369, and $1,460 | $922.0M | $792.0M | $790.0M | $820.0M |
| Net federal deferred income taxes | $681.0M | $742.0M | $662.0M | $633.0M |
| Other assets | $1.7B | $1.7B | $1.7B | $1.7B |
| Total assets | $124.9B | $122.2B | $121.5B | $115.5B |
| Unearned premiums | $27.4B | $27.9B | $26.8B | $26.3B |
| Loss and loss adjustment expense reserves | $45.6B | $44.4B | $42.1B | $41.2B |
| Dividends payable on common shares | 58.0M | 58.0M | — | — |
| Accounts payable, accrued expenses, and other liabilities | $9.2B | $9.5B | $10.3B | $8.5B |
| Debt | $8.4B | $8.4B | $6.9B | $6.9B |
| Total liabilities | $90.6B | $90.2B | $86.1B | $82.9B |
| Common shares, $1.00 par value (authorized 900; issued 798, including treasury shares of 217, 212, and 212) | 581.0M | 584.0M | 586.0M | 586.0M |
| Paid-in capital | $2.3B | $2.3B | $2.2B | $2.2B |
| Retained earnings | $32.3B | $29.6B | $32.4B | $29.9B |
| Net unrealized gains (losses) on fixed-maturity securities | ($832.0M) | ($457.0M) | $203.0M | ($81.0M) |
| Net unrealized losses on forecasted transactions | ($13.0M) | ($13.0M) | ($13.0M) | ($13.0M) |
| Foreign currency translation adjustment | ($2.0M) | ($1.0M) | ($1.0M) | ($1.0M) |
| Total accumulated other comprehensive income (loss) | ($847.0M) | ($471.0M) | $189.0M | ($95.0M) |
| Total shareholders’ equity | $34.3B | $32.0B | $35.4B | $32.6B |
| Total liabilities and shareholders’ equity | $124.9B | $122.2B | $121.5B | $115.5B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income | $11.3B | $8.5B | $3.9B | $721.5M |
| Depreciation | $313.0M | $284.0M | $285.5M | $305.6M |
| Net amortization (accretion) of fixed-income securities | ($124.0M) | ($30.0M) | $41.4M | ($25.2M) |
| Amortization of equity-based compensation | $132.0M | $122.0M | $121.3M | $122.7M |
| Net realized (gains) losses on securities | ($727.0M) | ($264.0M) | ($353.1M) | $1.9B |
| Net (gains) losses on disposition of property and equipment | $16.0M | $13.0M | $36.2M | ($600.0K) |
| Premiums receivable | ($993.0M) | ($2.4B) | ($1.5B) | ($1.0B) |
| Reinsurance recoverables | $682.0M | $329.0M | $738.2M | ($851.6M) |
| Prepaid reinsurance premiums | $152.0M | ($99.0M) | $45.7M | $162.1M |
| Deferred acquisition costs | ($83.0M) | ($274.0M) | ($143.0M) | ($188.8M) |
| Income taxes | ($200.0M) | ($358.0M) | $181.2M | ($515.3M) |
| Unearned premiums | $1.4B | $3.7B | $2.8B | $1.7B |
| Loss and loss adjustment expense reserves | $4.3B | $4.7B | $4.0B | $4.2B |
| Accounts payable, accrued expenses, and other liabilities | $1.6B | $1.2B | $699.6M | $199.5M |
| Other, net | ($98.0M) | ($301.0M) | ($255.0M) | ($104.7M) |
| Net cash provided by operating activities | $17.5B | $15.1B | $10.6B | $6.8B |
| Fixed maturities | ($49.6B) | ($47.8B) | ($25.8B) | ($26.5B) |
| Equity securities | ($187.0M) | ($168.0M) | ($86.6M) | ($158.1M) |
| Fixed maturities | $35.7B | $25.6B | $8.2B | $14.1B |
| Equity securities | $266.0M | $267.0M | $791.3M | $1.5B |
| Fixed maturities | $8.5B | $7.0B | $5.0B | $5.4B |
| Equity securities | $275.0M | $110.0M | $65.2M | $83.6M |
| Net (purchases) sales of short-term investments | ($9.3B) | $1.2B | $1.2B | ($1.9B) |
| Net change in unsettled security transactions | $75.0M | $171.0M | ($11.2M) | ($177.8M) |
| Purchases of property and equipment | ($348.0M) | ($285.0M) | ($252.0M) | ($292.0M) |
| Sales of property and equipment | $80.0M | $77.0M | $47.2M | $35.1M |
| Net cash used in investing activities | ($14.5B) | ($13.7B) | ($10.8B) | ($8.0B) |
| Dividends paid to common shareholders | ($2.9B) | ($674.0M) | ($234.0M) | ($234.0M) |
| Acquisition of treasury shares for equity award tax liabilities | -92.0M | -121.0M | -95.0M | -76.7M |
| Acquisition of treasury shares acquired in open market | -74.0M | -13.0M | -45.7M | -22.3M |
| Redemption of preferred shares | 0 | -500.0M | — | — |
| Dividends paid to preferred shareholders | $0 | ($8.0M) | ($43.6M) | ($26.8M) |
| Net proceeds from debt issuance | $0 | $0 | $496.3M | $1.5B |
| Net cash provided by (used in) financing activities | ($3.0B) | ($1.3B) | $78.0M | $1.1B |
| Increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents | ($16.0M) | $54.0M | ($121.3M) | $18.8M |
| Cash, cash equivalents, restricted cash, and restricted cash equivalents – beginning of year | $154.0M | $100.0M | $220.9M | $202.1M |
| Cash, cash equivalents, restricted cash, and restricted cash equivalents – end of year | $138.0M | $154.0M | $99.6M | $220.9M |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income | $6.1B | $2.8B | $8.4B | $5.7B |
| Depreciation | $157.0M | $75.0M | $230.0M | $149.0M |
| Net amortization (accretion) of fixed-income securities | ($79.0M) | ($47.0M) | ($81.0M) | ($55.0M) |
| Amortization of equity-based compensation | $52.0M | $16.0M | $90.0M | $48.0M |
| Net realized (gains) losses on securities | ($484.0M) | $120.0M | ($470.0M) | ($175.0M) |
| Net (gains) losses on disposition of property and equipment | $2.0M | $3.0M | $2.0M | $1.0M |
| Premiums receivable | ($1.7B) | ($2.3B) | ($2.1B) | ($2.0B) |
| Reinsurance recoverables | $164.0M | $80.0M | $658.0M | $568.0M |
| Prepaid reinsurance premiums | ($5.0M) | ($1.0M) | $134.0M | $86.0M |
| Deferred acquisition costs | ($167.0M) | ($87.0M) | ($203.0M) | ($149.0M) |
| Income taxes | $241.0M | $830.0M | ($138.0M) | ($173.0M) |
| Unearned premiums | $2.2B | $2.7B | $3.0B | $2.5B |
| Loss and loss adjustment expense reserves | $2.3B | $1.1B | $3.0B | $2.1B |
| Accounts payable, accrued expenses, and other liabilities | ($572.0M) | ($788.0M) | $2.1B | $550.0M |
| Other, net | ($159.0M) | ($141.0M) | ($142.0M) | $54.0M |
| Net cash provided by operating activities | $8.0B | $4.4B | $14.4B | $9.2B |
| Fixed maturities | ($32.2B) | ($19.3B) | ($34.9B) | ($26.4B) |
| Equity securities | ($178.0M) | ($57.0M) | ($143.0M) | ($87.0M) |
| Fixed maturities | $18.5B | $11.1B | $17.5B | $17.1B |
| Equity securities | $115.0M | $56.0M | $182.0M | $151.0M |
| Fixed maturities | $5.0B | $2.5B | $6.3B | $4.0B |
| Equity securities | $164.0M | $152.0M | $240.0M | $177.0M |
| Net (purchases) sales of short-term investments | $8.1B | $7.9B | ($825.0M) | ($1.4B) |
| Net change in unsettled security transactions | $368.0M | $243.0M | $398.0M | $178.0M |
| Purchases of property and equipment | ($201.0M) | ($63.0M) | ($227.0M) | ($161.0M) |
| Sales of property and equipment | $35.0M | $14.0M | $70.0M | $52.0M |
| Net cash used in investing activities | ($284.0M) | $2.6B | ($11.4B) | ($6.4B) |
| Dividends paid to common shareholders | ($8.0B) | ($8.0B) | ($2.8B) | ($2.8B) |
| Acquisition of treasury shares for equity award tax liabilities | -44.0M | -43.0M | -92.0M | -55.0M |
| Acquisition of treasury shares acquired in open market | -1.0B | -435.0M | -15.0M | -12.0M |
| Net proceeds from debt issuances | $1.5B | $1.5B | — | — |
| Net cash used in financing activities | ($7.6B) | ($7.0B) | ($2.9B) | ($2.8B) |
| Increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents | $55.0M | $41.0M | $31.0M | ($19.0M) |
| Cash, cash equivalents, restricted cash, and restricted cash equivalents – January 1 | $138.0M | $138.0M | $154.0M | $154.0M |
| Cash, cash equivalents, restricted cash, and restricted cash equivalents – June 30 | $193.0M | — | — | $135.0M |
PROGRESSIVE CORP/OH/ score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.