The Progressive Corporation (PGR)

PGR Income Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019
Period Ending	Sep 30, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Premiums & Annuity Revenue	67,427	58,664	49,241	44,369	39,262	36,192
Total Interest & Dividend Income	2,522	1,866	1,236	835.4	916.6	1,017
Gain (Loss) on Sale of Investments	620.1	353.1	-1,912	1,509	1,630	1,029
Other Revenue	1,390	1,199	1,021	963.2	829.9	758.7
Total Revenue	71,959	62,082	49,586	47,677	42,638	38,998
Revenue Growth (YoY)	22.67%	25.20%	4.01%	11.82%	9.33%	22.04%
Policy Benefits	47,550	45,655	38,123	33,628	25,122	25,471
Policy Acquisition & Underwriting Costs	13,465	10,907	9,777	9,368	8,843	7,998
Provision for Bad Debts	-	-	-	-	1,077	-
Other Operating Expenses	417.5	349	296.7	252.8	205.5	178.9
Total Operating Expenses	61,432	56,910	48,196	43,248	35,248	33,648
Operating Income	10,527	5,172	1,390	4,429	7,390	5,350
Interest Expense	-278.8	-268.4	-243.5	-218.6	-217	-189.7
EBT Excluding Unusual Items	10,249	4,904	1,147	4,210	7,173	5,160
Impairment of Goodwill	-	-	-224.8	-	-	-
Pretax Income	10,249	4,904	922.1	4,210	7,173	5,160
Income Tax Expense	2,137	1,001	200.6	859.1	1,469	1,180
Earnings From Continuing Ops.	8,111	3,902	721.5	3,351	5,705	3,980
Minority Interest in Earnings	-	-	-	-	-	-9.7
Net Income	8,111	3,902	721.5	3,351	5,705	3,970
Preferred Dividends & Other Adjustments	27.4	37.6	26.9	26.9	26.9	26.9
Net Income to Common	8,084	3,865	694.6	3,324	5,678	3,943
Net Income Growth	195.92%	440.87%	-78.47%	-41.26%	43.68%	51.81%
Shares Outstanding (Basic)	585	585	584	585	585	584
Shares Outstanding (Diluted)	588	588	587	587	588	587
Shares Change (YoY)	0.04%	0.07%	-	-0.09%	0.07%	0.09%
EPS (Basic)	13.81	6.61	1.19	5.69	9.71	6.75
EPS (Diluted)	13.76	6.58	1.18	5.66	9.66	6.72
EPS Growth	199.14%	457.63%	-79.15%	-41.41%	43.75%	52.04%
Free Cash Flow	14,292	10,391	6,557	7,518	6,682	5,898
Free Cash Flow Per Share	24.32	17.69	11.17	12.81	11.37	10.04
Dividend Per Share	1.150	1.150	0.400	1.900	4.900	2.650
Dividend Growth	187.50%	187.50%	-78.95%	-61.22%	84.91%	5.41%
Operating Margin	14.63%	8.33%	2.80%	9.29%	17.33%	13.72%
Profit Margin	11.23%	6.23%	1.40%	6.97%	13.32%	10.11%
Free Cash Flow Margin	19.86%	16.74%	13.22%	15.77%	15.67%	15.12%
EBITDA	10,823	5,472	1,727	4,766	7,722	5,656
EBITDA Margin	15.04%	8.81%	3.48%	10.00%	18.11%	14.50%
D&A For EBITDA	295.9	299.7	336.6	337.4	331.8	306.1
EBIT	10,527	5,172	1,390	4,429	7,390	5,350
EBIT Margin	14.63%	8.33%	2.80%	9.29%	17.33%	13.72%
Effective Tax Rate	20.85%	20.42%	21.75%	20.41%	20.47%	22.87%
Revenue as Reported	71,987	62,109	49,611	47,702	42,658	39,022

Source: S&P Capital IQ. Insurance template. Financial Sources.