Cash flow Progressive Corporation

Stocks

PGR

US7433151039

Property & Casualty Insurance

Market Closed - NYSE 06:00:02 22/08/26 am AEST			5-day change	1st Jan Change
219.28 ^USD	-0.48%		+4.62%	-3.71%

21/08	Progressive Shares Rise After Keefe Bruyette & Woods Upgrade	MT
20/08	Piper Sandler Adjusts Price Target on Progressive to $242 From $241, Maintains Overweight Rating	MT

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Published financial data: PROGRESSIVE CORPORATION

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Premiums and Annuity Revenues	44.37B	49.24B	58.66B	70.8B	81.66B
Total Interest And Dividend Income	835M	1.24B	1.87B	2.8B	3.55B
Gain (Loss) on Sale of Investments, Total (Rev)	1.51B	-1.91B	353M	264M	727M
Other Revenues, Total	963M	1.02B	1.2B	1.48B	1.7B
Total Revenues	47.68B	49.59B	62.08B	75.34B	87.64B
Policy Benefits	33.63B	38.12B	45.65B	49.06B	53.96B
Policy Acquisition / Underwriting Costs, Total	9.37B	9.78B	10.91B	14.84B	17.42B
Provision for Bad Debts	-	-	-	-	-
Other Operating Expenses	253M	297M	349M	446M	1.75B
Total Operating Expenses	43.25B	48.2B	56.91B	64.35B	73.14B
Operating Income	4.43B	1.39B	5.17B	10.99B	14.5B
Interest Expense, Total	-219M	-244M	-268M	-279M	-278M
Currency Exchange Gains (Loss)	-	-	-	-	-
EBT, Excl. Unusual Items	4.21B	1.15B	4.9B	10.71B	14.22B
Impairment of Goodwill	-	-225M	-	-	-
Other Unusual Items	-	-	-	-	-
EBT, Incl. Unusual Items	4.21B	922M	4.9B	10.71B	14.22B
Income Tax Expense	859M	201M	1B	2.23B	2.92B
Earnings From Continuing Operations	3.35B	722M	3.9B	8.48B	11.31B
Net Income to Company	3.35B	722M	3.9B	8.48B	11.31B
Minority Interest	-	-	-	-	-
Net Income - (IS)	3.35B	722M	3.9B	8.48B	11.31B
Preferred Dividend and Other Adjustments	26.9M	26.9M	37.6M	17M	-
Net Income to Common Incl Extra Items	3.32B	695M	3.86B	8.46B	11.31B
Net Income to Common Excl. Extra Items	3.32B	695M	3.86B	8.46B	11.31B
Per Share Items
Net EPS - Basic	5.69	1.19	6.61	14.45	19.29
Basic EPS - Continuing Operations	5.69	1.19	6.61	14.45	19.29
Basic Weighted Average Shares Outstanding	584M	584M	585M	586M	586M
Net EPS - Diluted	5.66	1.18	6.58	14.4	19.23
Diluted EPS - Continuing Operations	5.66	1.18	6.58	14.4	19.23
Diluted Weighted Average Shares Outstanding	587M	587M	588M	588M	588M
Normalized Basic EPS	4.5	1.23	5.24	11.44	15.16
Normalized Diluted EPS	4.48	1.22	5.22	11.39	15.12
Dividend Per Share	1.9	0.4	0.4	0.4	0.4
Payout Ratio	112.61	36.15	7.11	8.04	25.39
American Depositary Receipts Ratio (ADR)	0.05	0.05	0.05	0.05	0.05
Supplemental Items
EBITDA	4.77B	1.73B	5.47B	11.28B	14.81B
EBITA	4.49B	1.42B	5.19B	10.99B	14.5B
EBIT	4.43B	1.39B	5.17B	10.99B	14.5B
EBITDAR	4.86B	1.82B	5.57B	11.38B	14.92B
Total Revenues (As Reported)	47.7B	49.61B	62.11B	75.37B	87.67B
Effective Tax Rate - (Ratio)	20.41	21.75	20.42	20.84	20.49
Current Domestic Taxes	760M	746M	1.12B	2.3B	3.12B
Total Current Taxes	760M	746M	1.12B	2.3B	3.12B
Deferred Domestic Taxes	98.9M	-545M	-120M	-72M	-202M
Total Deferred Taxes	98.9M	-545M	-120M	-72M	-202M
Normalized Net Income	2.63B	717M	3.06B	6.7B	8.89B
Supplemental Operating Expense Items
Advertising Expense	2.14B	2.03B	1.6B	4B	5.13B
Net Rental Expense, Total	90.4M	89.1M	94.4M	104M	110M
Imputed Operating Lease Interest Expense	29.68M	29.91M	30.13M	32.8M	34.48M
Imputed Operating Lease Depreciation	60.72M	59.19M	64.27M	71.2M	75.52M
Stock-Based Comp., Other (Total)	101M	123M	121M	122M	132M
Total Stock-Based Compensation	101M	123M	121M	122M	132M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Investment In Debt Securities	43.69B	46.47B	60.2B	75.33B	82.87B
Investment In Equity and Preferred Securities, Total	6.88B	4.22B	4B	4.3B	4.5B
Total Other Investments	943M	2.86B	1.79B	615M	10B
Total investments	51.51B	53.55B	66B	80.25B	97.37B
Cash And Equivalents	187M	204M	84.9M	143M	125M
Reinsurance Recoverable - (IS)	4.98B	5.83B	5.09B	4.76B	4.08B
Other Receivables - (Insurance Template)	9.58B	10.7B	12.4B	14.96B	16.03B
Deferred Policy Acquisition Costs - (BS)	1.36B	1.54B	1.69B	1.96B	2.04B
Gross Property Plant And Equipment	2.72B	2.72B	2.71B	2.44B	2.44B
Accumulated Depreciation	-1.41B	-1.55B	-1.66B	-1.46B	-1.46B
Net Property Plant And Equipment	1.31B	1.16B	1.05B	983M	982M
Goodwill	453M	228M	228M	228M	-
Other Intangibles, Total	117M	86.3M	-	-	-
Restricted Cash	15M	17.4M	14.7M	11M	13M
Other Current Assets, Total	468M	344M	327M	478M	197M
Deferred Tax Assets Long-Term (Collected)	16.3M	1.17B	976M	996M	786M
Deferred Charges Long-Term	47.7M	63.4M	88.1M	121M	-
Other Long-Term Assets, Total	1.09B	560M	743M	846M	1.4B
Total Assets	71.13B	75.46B	88.69B	106B	123B
Liabilities
Accounts Payable, Total	5.68B	5.38B	6.51B	10.12B	8.82B
Accrued Expenses, Total	-	-	-	-	-
Unpaid Claims	26.16B	30.36B	34.39B	39.06B	43.31B
Unearned Premiums	15.62B	17.29B	20.13B	23.86B	25.22B
Reinsurance Payable - (BS)	-	-	-	-	-
Current Portion of Leases	72.4M	69M	74M	81M	90M
Long-Term Debt	4.9B	6.39B	6.89B	6.89B	6.9B
Long-Term Leases	108M	68.2M	103M	115M	115M
Trust Preferred Securities (BS)	-	-	-	-	-
Current Income Taxes Payable	-	10.9M	312M	26M	28M
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	58.5M	-	-	-	8.03B
Deferred Tax Liability Non-Current	154M	-	-	-	1M
Other Non Current Liabilities	143M	-	-	-	200M
Total Liabilities	52.9B	59.57B	68.41B	80.15B	92.72B
Preferred Stock Redeemable	494M	494M	494M	-	-
Total Preferred Equity	494M	494M	494M	-	-
Common Stock, Total	584M	585M	585M	586M	586M
Additional Paid In Capital	1.77B	1.89B	2.01B	2.14B	2.31B
Retained Earnings	15.34B	15.72B	18.8B	24.28B	27.33B
Comprehensive Income and Other	40.7M	-2.8B	-1.62B	-1.42B	103M
Total Common Equity	17.74B	15.4B	19.78B	25.59B	30.32B
Minority Interest	-	-	-	-	-
Total Equity	18.23B	15.89B	20.28B	25.59B	30.32B
Total Liabilities And Equity	71.13B	75.46B	88.69B	106B	123B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	585M	585M	586M	586M	586M
ECS Total Common Shares Outstanding	584M	585M	585M	586M	586M
Book Value / Share	30.35	26.32	33.8	43.69	51.74
Tangible Book Value	17.17B	15.08B	19.56B	25.36B	30.32B
Tangible Book Value Per Share	29.38	25.79	33.41	43.3	51.74
Total Debt	5.08B	6.53B	7.07B	7.09B	7.1B
Net Debt	4.89B	6.32B	6.98B	6.95B	6.98B
Debt Equivalent Oper. Leases	723M	713M	755M	832M	880M
Minority Interest, Total (Incl. Fin. Div)	-	-	-	-	-
Equity Method Investments, Total	-	-	-	-	-
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	154M	123M	103M	52M	41M
Buildings, Total	904M	844M	733M	576M	543M
Machinery, Total	261M	318M	353M	370M	308M
Full Time Employees	49.08K	55.1K	61.43K	66.31K	70.05K

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	3.35B	722M	3.9B	8.48B	11.31B
Depreciation, Depletion & Amortization	280M	306M	286M	284M	313M
Amortization of Goodwill and Intangible Assets - (CF)	57.7M	31M	14.2M	-	-
Total Depreciation, Depletion & Amortization	337M	337M	300M	284M	313M
(Gain) Loss On Sale of Asset - (CF)	-3.6M	-600K	36.2M	13M	16M
(Gain) Loss on Sale of Investments - (CF)	-1.38B	1.89B	-312M	-294M	-851M
Total Asset Writedown	-	225M	-	-	-
Deferred Policy Acquisition Costs - (CF)	-118M	-189M	-143M	-274M	-83M
Stock-Based Compensation (CF)	101M	123M	121M	122M	132M
Change in Accounts Receivable	-1.15B	-1.02B	-1.54B	-2.41B	-993M
Reinsurance Recoverable - (CF)	-509M	-852M	738M	329M	682M
Change in Accounts Payable	400M	200M	700M	1.24B	1.56B
Change in Unearned Revenues	2.11B	1.68B	2.84B	3.72B	1.36B
Change In Income Taxes	-86M	-515M	181M	-358M	-200M
Change in insurance Reserves / Liabilities	4.75B	4.2B	4.03B	4.67B	4.25B
Change in Other Net Operating Assets (Collected)	-48.8M	57.4M	-209M	-400M	54M
Other Operating Activities	-	-	-	-	-
Cash from Operations	7.76B	6.85B	10.64B	15.12B	17.55B
Capital Expenditure	-244M	-292M	-252M	-285M	-348M
Sale of Property, Plant, and Equipment	66.2M	35.1M	47.2M	77M	80M
Cash Acquisitions	-313M	-	-	-	-
Investment in Marketable and Equity Securities, Total	-2.68B	-7.52B	-10.63B	-13.71B	-14.33B
Other Investing Activities, Total	47.9M	-178M	-11.2M	171M	75M
Cash from Investing	-3.12B	-7.96B	-10.84B	-13.75B	-14.53B
Long-Term Debt Issued, Total	-	1.49B	496M	-	-
Total Debt Issued	-	1.49B	496M	-	-
Long-Term Debt Repaid, Total	-520M	-	-	-	-
Total Debt Repaid	-520M	-	-	-	-
Issuance of Common Stock	-	-	-	-	-
Repurchase of Common Stock	-223M	-99M	-141M	-134M	-166M
Issuance of Preferred Stock	-	-	-	-	-
Repurchase of Preferred Stock	-	-	-	-500M	-
Common Dividends Paid	-3.75B	-234M	-234M	-674M	-2.87B
Preferred Dividends Paid	-26.8M	-26.8M	-43.6M	-8M	-
Common & Preferred Stock Dividends Paid	-3.77B	-261M	-278M	-682M	-2.87B
Other Financing Activities, Total	-	-	-	-	-
Cash from Financing	-4.52B	1.13B	78M	-1.32B	-3.04B
Foreign Exchange Rate Adjustments	-	-	-	-	-
Net Change in Cash	126M	18.8M	-121M	54M	-16M
Supplemental Items
Cash Interest Paid	224M	229M	265M	276M	276M
Cash Income Tax Paid (Refund)	842M	719M	821M	2.58B	3.11B
Net Debt Issued / Repaid	-520M	1.49B	496M	-	-
Levered Free Cash Flow	11.29B	3.2B	11.53B	17.32B	11.83B
Unlevered Free Cash Flow	11.42B	3.36B	11.7B	17.5B	12.01B
Change In Net Working Capital	-8.46B	-2.32B	-8.3B	-10.51B	-2.85B

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	4.09	1.19	3.94	7.07	7.92
Return on Total Capital	12.05	3.8	13.03	22.89	25.86
Return On Equity %	19	4.23	21.58	36.98	40.45
Return on Common Equity	19.39	4.19	21.97	37.3	40.45
Margin Analysis
Gross Profit Margin %	9.82	3.4	8.89	15.18	18.55
EBITDA Margin %	10	3.48	8.81	14.97	16.9
EBITA Margin %	9.41	2.87	8.35	14.59	16.55
EBIT Margin %	9.29	2.8	8.33	14.59	16.55
Income From Continuing Operations Margin %	7.03	1.46	6.29	11.26	12.9
Net Income Margin %	7.03	1.46	6.29	11.26	12.9
Net Avail. For Common Margin %	6.97	1.4	6.23	11.23	12.9
Normalized Net Income Margin	5.52	1.45	4.94	8.89	10.14
Levered Free Cash Flow Margin	23.67	6.46	18.57	22.99	13.5
Unlevered Free Cash Flow Margin	23.96	6.77	18.84	23.22	13.7
Asset Turnover
Asset Turnover	0.71	0.68	0.76	0.77	0.77
Fixed Assets Turnover	36.94	40.08	55.99	73.97	89.2
Receivables Turnover (Average Receivables)	5.15	5.09	5.41	5.59	5.73
Short Term Liquidity
Current Ratio	0.34	0.38	0.32	0.29	0.36
Quick Ratio	0.22	0.25	0.23	0.21	0.3
Operating Cash Flow to Current Liabilities	0.16	0.13	0.17	0.21	0.21
Days Sales Outstanding (Average Receivables)	70.89	71.65	67.46	65.46	63.68
Average Days Payable Outstanding	240.37	257.76	247.75	257.96	251.67
Long Term Solvency
Total Debt/Equity	27.86	41.06	34.85	27.7	23.42
Total Debt / Total Capital	21.79	29.11	25.84	21.69	18.98
LT Debt/Equity	27.46	40.63	34.48	27.38	23.12
Long-Term Debt / Total Capital	21.48	28.8	25.57	21.44	18.74
Total Liabilities / Total Assets	74.37	78.94	77.14	75.8	75.35
EBIT / Interest Expense	20.26	5.71	19.27	39.4	52.16
EBITDA / Interest Expense	22.22	7.46	20.74	40.79	53.68
(EBITDA - Capex) / Interest Expense	21.1	6.26	19.8	39.77	52.43
Total Debt / EBITDA	1.05	3.59	1.27	0.62	0.48
Net Debt / EBITDA	1.01	3.48	1.25	0.61	0.47
Total Debt / (EBITDA - Capex)	1.1	4.28	1.33	0.64	0.49
Net Debt / (EBITDA - Capex)	1.06	4.15	1.31	0.63	0.48
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	11.82	4.01	25.2	21.36	16.32
Gross Profit, 1 Yr. Growth %	-46.02	-63.96	227.25	107.17	42.1
EBITDA, 1 Yr. Growth %	-38.28	-63.76	216.84	106.63	31.38
EBITA, 1 Yr. Growth %	-39.76	-68.32	264.87	112.53	31.92
EBIT, 1 Yr. Growth %	-40.07	-68.6	271.99	112.53	31.92
Earnings From Cont. Operations, 1 Yr. Growth %	-41.26	-78.47	440.87	117.27	33.35
Net Income, 1 Yr. Growth %	-41.26	-78.47	440.87	117.27	33.35
Normalized Net Income, 1 Yr. Growth %	-41.31	-72.76	327.56	118.45	32.76
Diluted EPS Before Extra, 1 Yr. Growth %	-41.41	-79.15	457.63	118.84	33.54
Net Property, Plant and Equip., 1 Yr. Growth %	3.02	-11.1	-9.55	-6.74	-0.1
Accounts Receivable, 1 Yr. Growth %	15.19	10.82	14.8	20.16	6.91
Total Assets, 1 Yr. Growth %	10.97	6.09	17.53	19.23	16.35
Common Equity, 1 Yr. Growth %	7.21	-13.2	28.49	29.36	18.49
Tangible Book Value, 1 Yr. Growth %	7.83	-12.14	28.91	29.7	18.49
Cash From Operations, 1 Yr. Growth %	12.4	-11.76	55.4	42.06	16.07
Capital Expenditures, 1 Yr. Growth %	8.95	19.92	-13.7	13.1	22.11
Levered Free Cash Flow, 1 Yr. Growth %	125.17	-70.13	245.16	50.46	-31.71
Unlevered Free Cash Flow, 1 Yr. Growth %	121.89	-69.11	234.92	49.79	-31.4
Dividend Per Share, 1 Yr. Growth %	-61.22	0	0	0	0
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	10.57	7.84	14.11	23.26	18.81
Gross Profit, 2 Yr. CAGR %	-7.98	-55.9	8.6	160.31	71.58
EBITDA, 2 Yr. CAGR %	-8.21	-52.71	7.15	157.77	64.76
EBITA, 2 Yr. CAGR %	-8.99	-56.31	7.52	181.11	67.44
EBIT, 2 Yr. CAGR %	-9.02	-56.62	8.07	181.11	67.44
Earnings From Cont. Operations, 2 Yr. CAGR %	-8.24	-64.44	7.92	242.71	70.21
Net Income, 2 Yr. CAGR %	-8.13	-64.44	7.92	242.71	70.21
Normalized Net Income, 2 Yr. CAGR %	-9.54	-60.01	7.92	205.61	70.3
Diluted EPS Before Extra, 2 Yr. CAGR %	-8.23	-65.05	7.82	249.33	70.95
Net Property, Plant and Equip., 2 Yr. CAGR %	-3.34	-4.3	-10.33	-8.12	-3.48
Accounts Receivable, 2 Yr. CAGR %	11.9	12.99	12.79	17.45	13.34
Total Assets, 2 Yr. CAGR %	13.82	8.5	11.66	18.37	17.78
Common Equity, 2 Yr. CAGR %	16.01	-3.53	5.61	28.92	23.81
Tangible Book Value, 2 Yr. CAGR %	17.2	-2.67	6.73	29.31	24.53
Cash From Operations, 2 Yr. CAGR %	11.34	-0.41	17.1	48.58	28.4
Capital Expenditures, 2 Yr. CAGR %	-18.15	14.3	1.73	-1.21	17.51
Levered Free Cash Flow, 2 Yr. CAGR %	32.69	-20.06	3.68	128.77	1.37
Unlevered Free Cash Flow, 2 Yr. CAGR %	32.27	-19.26	3.78	124.8	1.38
Dividend Per Share, 2 Yr. CAGR %	-15.33	0	0	0	0
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	14.27	8.34	13.34	16.48	20.9
Gross Profit, 3 Yr. CAGR %	10.56	-32.68	-13.98	34.69	112.74
EBITDA, 3 Yr. CAGR %	9.88	-32.66	-10.85	33.25	105.9
EBITA, 3 Yr. CAGR %	9.66	-35.98	-11.36	34.81	118.45
EBIT, 3 Yr. CAGR %	9.97	-36.18	-11.22	35.4	118.45
Earnings From Cont. Operations, 3 Yr. CAGR %	8.53	-43.4	-11.89	36.27	150.2
Net Income, 3 Yr. CAGR %	8.61	-43.36	-11.89	36.27	150.2
Normalized Net Income, 3 Yr. CAGR %	10.1	-39.37	-11.91	36.52	131.46
Diluted EPS Before Extra, 3 Yr. CAGR %	8.59	-44	-12.01	36.52	153.53
Net Property, Plant and Equip., 3 Yr. CAGR %	5	-6	-6.08	-9.13	-5.52
Accounts Receivable, 3 Yr. CAGR %	13.1	11.54	13.59	15.2	13.82
Total Assets, 3 Yr. CAGR %	15.16	11.18	11.43	14.13	17.7
Common Equity, 3 Yr. CAGR %	19.76	5.32	6.14	13	25.35
Tangible Book Value, 3 Yr. CAGR %	21.46	6.47	7.09	13.89	25.97
Cash From Operations, 3 Yr. CAGR %	7.29	3.03	15.51	24.89	36.84
Capital Expenditures, 3 Yr. CAGR %	-2.9	-7.04	4.08	5.39	6.02
Levered Free Cash Flow, 3 Yr. CAGR %	16.83	-20.64	32.01	17.33	52.9
Unlevered Free Cash Flow, 3 Yr. CAGR %	16.73	-19.9	31.47	17.23	51.36
Dividend Per Share, 3 Yr. CAGR %	-8.91	-46.76	0	0	0
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	15.28	13.08	14.21	14.08	15.5
Gross Profit, 5 Yr. CAGR %	22.43	-6.83	9.77	15.65	13.38
EBITDA, 5 Yr. CAGR %	21.37	-7.35	8.78	14.8	13.92
EBITA, 5 Yr. CAGR %	21.82	-9.64	8.8	15.21	14.26
EBIT, 5 Yr. CAGR %	22.43	-9.52	9.2	15.49	14.43
Earnings From Cont. Operations, 5 Yr. CAGR %	25.95	-14.7	8.29	16.33	14.67
Net Income, 5 Yr. CAGR %	26.58	-14.64	8.33	16.39	14.67
Normalized Net Income, 5 Yr. CAGR %	24.13	-11.64	9.22	15.8	14.67
Diluted EPS Before Extra, 5 Yr. CAGR %	26.32	-15.38	8.28	16.47	14.76
Net Property, Plant and Equip., 5 Yr. CAGR %	2.16	0.79	-1.43	-6.85	-5.04
Accounts Receivable, 5 Yr. CAGR %	15.82	13.95	12.98	13.86	13.49
Total Assets, 5 Yr. CAGR %	16.3	14.29	13.75	14	13.93
Common Equity, 5 Yr. CAGR %	17.39	10.65	13.88	14.19	12.88
Tangible Book Value, 5 Yr. CAGR %	19.4	12.24	15.34	15.2	13.75
Cash From Operations, 5 Yr. CAGR %	23.22	12.76	11.11	19.28	20.5
Capital Expenditures, 5 Yr. CAGR %	2.52	13.4	-1.08	-4.75	9.26
Levered Free Cash Flow, 5 Yr. CAGR %	0.2	-7.17	10.25	22	18.74
Unlevered Free Cash Flow, 5 Yr. CAGR %	0.28	-6.68	10.25	21.8	18.46
Dividend Per Share, 5 Yr. CAGR %	22.79	-18.68	-30.76	-31.49	0