The Progressive (PGR) Financial Statements & Analysis

The Progressive Income Statement Analysis

Values in billions USD

Income Statement Balance Sheet Cash Flow Ratios

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The Progressive Corporation income statement - Annual data in billions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Revenue & Gross Profit
Revenue	87.67	75.34	62.08	49.61	47.70	42.64	39.00	31.95	26.82
Cost of Revenue	61.81	54.44	50.32	42.04	37.34	28.40	28.49	24.29	20.93
Gross Profit	25.83	20.90	11.76	7.55	10.34	14.24	10.50	7.66	5.88
Operating Expenses
Research & Development	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Selling, General & Administrative	0.00	0.00	0.00	0.00	0.00	0.00	0.18	0.13	0.11
Operating Expenses	11.61	10.19	6.86	6.63	6.13	7.07	5.34	4.50	3.74
Operating Income	14.50	10.71	4.90	1.17	4.43	7.17	5.16	3.16	2.14
Other Income/Expense
Interest Income	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Interest Expense	-0.28	0.28	0.27	-0.24	-0.22	0.22	0.19	0.17	0.15
Other Income/Expense	-0.28	0.00	0.00	-0.24	-0.22	0.00	0.00	0.00	0.00
Income
Income Before Tax	14.22	10.71	4.90	0.92	4.21	7.17	5.16	3.16	2.14
Income Tax Expense	2.92	2.23	1.00	0.20	0.86	1.47	1.18	0.54	0.54
Net Income	11.31	8.48	3.90	0.70	3.32	5.70	3.97	2.62	1.59
Net Income - Continuous Operations	11.31	8.48	3.90	0.72	3.35	5.70	3.97	2.62	1.59
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-	-
EBITDA	14.81	11.28	5.46	1.70	4.77	7.72	5.66	3.59	2.53
EBIT	14.50	10.99	5.17	1.39	4.43	-	-	-	-
Depreciation & Amortization	0.31	0.28	0.29	0.31	0.34	0.33	0.31	0.26	0.24
Earnings Per Share
Basic EPS	19.00	14.00	7.00	1.00	6.00	10.00	7.00	4.00	3.00
Diluted EPS	19.00	14.00	7.00	1.00	6.00	10.00	7.00	4.00	3.00
Basic Shares Outstanding	0.59	0.59	0.58	0.58	0.58	0.58	0.58	0.58	0.58
Diluted Shares Outstanding	0.59	0.59	0.59	0.59	0.59	0.59	0.59	0.59	0.59

Source: Company financial statements from annual and quarterly filings. Data as of Sep 30, 2026. Data sources and methodology

Frequently Asked Questions About The Progressive Financial Statements

What was The Progressive's revenue in fiscal 2025?

The Progressive reported revenue of $87.67B in fiscal 2025 (fiscal year ended Dec 31, 2025). That was up 16.4% from $75.34B a year earlier.

Is The Progressive profitable?

Yes. The Progressive earned net income of $11.31B in fiscal 2025, a net margin of 12.9%. In fiscal 2024 it earned $8.48B.

What is The Progressive's operating margin?

The Progressive's operating income was $14.50B on revenue of $87.67B in fiscal 2025, an operating margin of 16.5%, compared with 14.2% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition