The Progressive (PGR) Balance Sheet: Assets & Liabilities

The Progressive (PGR) Balance Sheet

As of Dec 31, 2025 (end of fiscal 2025), The Progressive reported total assets of $123.04B and total liabilities of $92.72B. Shareholders' equity was $30.32B, up 18.5% from $25.59B a year earlier. Total debt stood at $6.90B against $19.84B in cash and short-term investments, a net cash position of $12.94B. That puts debt-to-equity at 0.23, compared with 0.27 a year earlier.

The Progressive Balance Sheet Analysis

Values in billions USD

Income Statement Balance Sheet Cash Flow Ratios

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Balance sheet showing assets, liabilities, and shareholders' equity for The Progressive Corporation (PGR) - 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
Current Assets
Cash and Cash Equivalents	0.13	0.14	0.09	0.20	0.19	0.08	0.23	0.07	0.27
Short-Term Investments	19.71	75.95	62.17	49.51	44.82	42.03	34.91	29.91	23.07
Cash & Short-Term Investments	19.84	76.09	62.25	49.72	45.00	42.11	35.14	29.98	23.34
Accounts Receivable	20.12	19.13	17.05	16.25	14.38	12.18	10.89	6.50	5.42
Inventory	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Current Assets	0.21	-71.90	0.25	0.30	0.46	0.37	0.63	0.31	0.20
Total Current Assets	40.16	23.32	79.56	66.26	59.84	54.65	46.65	36.78	28.96
Non-Current Assets
Property, Plant & Equipment (Net)	0.78	0.79	0.88	1.03	1.14	1.11	1.21	1.13	1.12
Long-Term Investments	77.66	80.25	66.00	53.55	51.51	-42.03	-34.91	-29.91	-23.07
Goodwill	0.00	0.23	0.23	0.23	0.45	0.45	0.45	0.45	0.45
Intangible Assets	2.04	1.96	1.69	0.09	0.12	0.17	0.23	0.29	0.37
Other Non-Current Assets	1.64	-0.80	-59.66	-45.69	-41.93	49.74	41.28	37.78	30.87
Total Non-Current Assets	82.88	82.43	9.14	9.20	11.29	9.44	8.26	9.79	9.74
Total Assets	123.04	105.75	88.69	75.47	71.13	64.10	54.91	46.58	38.70
Current Liabilities
Accounts Payable	0.00	0.00	0.00	5.53	6.07	4.96	4.62	5.05	3.48
Short-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.50	0.50	3.27
Deferred Revenue	25.22	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Current Liabilities	43.31	0.00	-0.31	-0.01	0.00	-0.16	-0.22	-0.02	-0.02
Total Current Liabilities	68.53	0.00	0.00	5.53	6.07	4.96	5.12	5.55	6.75
Non-Current Liabilities
Long-Term Debt	6.90	6.89	6.89	6.39	4.90	5.40	4.41	3.91	0.04
Deferred Tax Liabilities	0.00	0.00	0.00	0.00	0.15	0.31	0.12	0.00	0.14
Other Non-Current Liabilities	17.29	73.26	61.53	47.65	41.78	36.40	31.60	26.30	22.49
Total Non-Current Liabilities	24.19	80.15	68.41	54.04	46.83	42.10	36.12	30.21	22.67
Total Liabilities	92.72	80.15	68.41	59.57	52.90	47.06	41.24	35.75	29.42
Stockholders' Equity
Common Stock	0.59	0.59	0.59	0.58	0.58	0.59	0.58	0.58	0.58
Retained Earnings	27.33	24.28	18.80	15.72	15.34	13.35	10.68	8.39	6.03
Accumulated Other Comprehensive Income	0.00	-1.42	-1.62	-2.80	0.04	0.93	0.34	-0.12	1.28
Additional Paid-in Capital	3.55	2.15	2.01	1.89	1.77	1.67	1.57	1.48	1.39
Shares Outstanding	0.59	0.59	0.59	0.58	0.58	-	-	-	-
Total Stockholders' Equity	30.32	25.59	20.28	15.89	18.23	17.04	13.67	10.82	9.28
Total Liabilities & Equity	91.06	105.75	88.69	75.47	71.13	64.10	54.91	46.58	38.70

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 Balance Sheet

How much debt does The Progressive have?

The Progressive had total debt of $6.90B as of Dec 31, 2025, against $19.84B in cash and short-term investments. Its debt-to-equity ratio was 0.23. Total debt was $6.89B a year earlier.

What are The Progressive's total assets?

The Progressive reported total assets of $123.04B as of Dec 31, 2025, up 16.4% from $105.75B a year earlier. Total liabilities were $92.72B.

What is The Progressive's shareholders' equity?

The Progressive's shareholders' equity was $30.32B as of Dec 31, 2025, or about $51.74 of book value per share.

What is the debt-to-equity ratio?

The debt-to-equity ratio divides a company's total debt by its shareholders' equity. It shows how much of the business is financed with borrowed money; normal levels vary widely by industry. Full definition