The Progressive (PGR) Cash Flow: Operating & Free Cash Flow

The Progressive (PGR) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), The Progressive generated $17.55B of operating cash flow and spent $348.00M on capital expenditures. That left free cash flow of $17.20B, up 15.9% from $14.83B a year earlier, or 19.6% of revenue. It returned $3.04B to shareholders through $2.87B in dividends and $166.00M in share buybacks.

The Progressive Cash Flow Statement Analysis

Values in billions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities 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
Operating Activities
Net Income	11.31	8.48	3.90	0.72	3.35	5.70	3.98	2.62	1.60
Depreciation & Amortization	0.31	0.28	0.29	0.34	0.34	0.33	0.31	0.26	0.24
Deferred Income Tax	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-0.01	0.04
Stock Based Compensation	0.13	0.12	0.12	0.12	0.10	0.09	0.09	0.08	0.10
Change in Working Capital	6.63	6.51	6.61	3.56	5.36	2.30	2.87	2.85	1.78
Change in Accounts Receivable	-0.31	-2.08	0.00	-1.87	-1.66	-1.29	-1.69	-1.50	-1.30
Change in Inventory	0.00	0.00	0.00	0.00	6.67	3.29	3.99	3.82	2.99
Change in Accounts Payable	1.56	1.24	0.70	0.20	0.40	0.33	0.61	0.75	0.40
Change in Other Working Capital	5.39	-0.24	-0.30	5.23	-0.06	-0.03	-0.03	-0.22	-0.31
Other Operating Activities	-0.84	-0.28	-0.28	2.11	-1.38	-1.52	-0.98	0.48	0.00
Net Cash from Operating Activities	17.55	15.12	10.64	6.85	7.76	6.91	6.26	6.28	3.76
Investing Activities
Capital Expenditures	-0.35	-0.29	-0.25	-0.29	-0.24	-0.22	-0.36	-0.27	-0.16
Acquisitions	0.08	0.00	0.00	0.04	-0.31	0.02	0.05	-0.30	-0.02
Purchases of Investments	-59.09	-47.95	-25.86	-28.54	-34.02	-36.38	-29.15	-21.69	-14.84
Sales/Maturities of Investments	44.76	33.02	15.24	21.02	31.34	30.38	25.11	14.90	11.63
Other Investing Activities	0.08	1.39	1.15	-0.18	0.11	0.08	0.01	0.02	-0.02
Net Cash from Investing Activities	-14.53	-13.75	-10.84	-7.96	-3.12	-6.12	-4.34	-7.33	-3.41
Financing Activities
Debt Repayment	0.00	0.00	0.50	1.49	-0.52	0.99	0.00	1.10	0.16
Common Stock Issued	0.00	0.50	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Common Stock Repurchased	-0.17	-0.13	-0.14	-0.10	-0.22	-0.11	-0.09	-0.08	-0.06
Dividends Paid	-2.87	-0.67	-0.28	-0.26	-3.77	-1.58	-1.67	-0.67	-0.40
Other Financing Activities	0.00	-0.50	0.00	0.00	0.00	-0.24	-0.01	0.20	0.00
Net Cash from Financing Activities	-3.04	-1.32	0.08	1.13	-4.52	-0.94	-1.77	0.55	-0.30
Summary
Effect of Forex Changes on Cash	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Change in Cash	-0.02	0.05	-0.12	0.02	0.13	-0.15	0.15	-0.20	0.05
Cash at Beginning of Period	0.15	0.10	0.22	0.20	0.08	0.23	0.08	0.28	0.23
Cash at End of Period	0.14	0.15	0.10	0.22	0.20	0.08	0.23	0.08	0.28
Free Cash Flow	17.20	14.83	10.39	6.56	7.52	6.68	5.90	6.02	3.60
Supplemental Disclosures
Interest Paid	-	0.28	0.27	0.23	0.22	-	-	-	-
Income Taxes Paid	-	2.59	0.82	0.72	0.84	-	-	-	-

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 Cash Flow

What is The Progressive's free cash flow?

The Progressive generated free cash flow of $17.20B in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $17.55B minus $348.00M of capital expenditures. That was up 15.9% from $14.83B a year earlier. Free cash flow equaled 19.6% of revenue.

How much does The Progressive spend on capital expenditures?

The Progressive spent $348.00M on capital expenditures in fiscal 2025, compared with $285.00M a year earlier. That equals 2.0% of operating cash flow.

Does The Progressive pay dividends or buy back shares?

Yes. In fiscal 2025 The Progressive returned $2.87B in dividends and $166.00M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition