The Progressive Corporation (PGR)
NYSE: PGR · Real-Time Price · USD
227.53
-0.24 (-0.11%)
Nov 9, 2026, 12:53 PM EST - Market open
PGR Cash Flow Statement
Financials in millions USD. Fiscal year is January - December.
Millions USD. Fiscal year is Jan - Dec.
Operating Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | Dec '25 Dec 31, 2025 | Dec '24 Dec 31, 2024 | Dec '23 Dec 31, 2023 | Dec '22 Dec 31, 2022 | Dec '21 Dec 31, 2021 |
Net Income | 11,622 | 11,308 | 8,480 | 3,903 | 722 | 3,351 |
Depreciation & Amortization | 337 | 313 | 284 | 285 | 306 | 337.4 |
Gain (Loss) on Sale of Assets | 19 | 16 | 13 | 36 | -1 | -3.6 |
Gain (Loss) on Sale of Investments | -729 | -851 | -294 | -312 | 1,887 | -1,379 |
Stock-Based Compensation | 137 | 132 | 122 | 121 | 123 | 100.7 |
Change in Accounts Receivable | -818 | -993 | -2,411 | -1,541 | -1,017 | -1,147 |
Reinsurance Recoverable | 232 | 682 | 329 | 738 | -852 | -508.7 |
Change in Accounts Payable | -704 | 1,556 | 1,236 | 700 | 199 | 399.7 |
Change in Unearned Revenue | 1,051 | 1,361 | 3,724 | 2,840 | 1,678 | 2,111 |
Change in Income Taxes | 80 | -200 | -358 | 181 | -515 | -86 |
Change in Insurance Reserves / Liabilities | 4,681 | 4,253 | 4,668 | 4,030 | 4,195 | 4,753 |
Change in Other Net Operating Assets | -110 | 54 | -400 | -195 | 88 | -48.8 |
Operating Cash Flow | 15,662 | 17,548 | 15,119 | 10,643 | 6,849 | 7,762 |
Operating Cash Flow Growth | -9.92% | 16.07% | 42.06% | 55.40% | -11.76% | 12.40% |
Investing Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | Dec '25 Dec 31, 2025 | Dec '24 Dec 31, 2024 | Dec '23 Dec 31, 2023 | Dec '22 Dec 31, 2022 | Dec '21 Dec 31, 2021 |
Capital Expenditures | -438 | -348 | -285 | -252 | -292 | -243.5 |
Sale of Property, Plant & Equipment | 55 | 80 | 77 | 47 | 35 | 66.2 |
Cash Acquisitions | - | - | - | - | - | -313.2 |
Investment in Securities | -7,663 | -14,334 | -13,712 | -10,626 | -7,521 | -2,677 |
Other Investing Activities | 637 | 75 | 171 | -11 | -178 | 47.9 |
Investing Cash Flow | -7,409 | -14,527 | -13,749 | -10,842 | -7,956 | -3,120 |
Financing Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | Dec '25 Dec 31, 2025 | Dec '24 Dec 31, 2024 | Dec '23 Dec 31, 2023 | Dec '22 Dec 31, 2022 | Dec '21 Dec 31, 2021 |
Long-Term Debt Issued | - | - | - | 496 | 1,486 | - |
Total Debt Repaid | - | - | - | - | - | -520 |
Net Debt Issued (Repaid) | 1,487 | - | - | 496 | 1,486 | -520 |
Repurchases of Common Stock | -1,622 | -166 | -134 | -141 | -99 | -223 |
Repurchases of Preferred Stock | - | - | -500 | - | - | - |
Common Dividends Paid | -8,147 | -2,871 | -674 | -234 | -234 | -3,747 |
Preferred Dividends Paid | - | - | -8 | -43 | -27 | -26.8 |
Total Dividends Paid | -8,147 | -2,871 | -682 | -277 | -261 | -3,773 |
Financing Cash Flow | -8,282 | -3,037 | -1,316 | 78 | 1,126 | -4,516 |
Net Cash Flow
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | Dec '25 Dec 31, 2025 | Dec '24 Dec 31, 2024 | Dec '23 Dec 31, 2023 | Dec '22 Dec 31, 2022 | Dec '21 Dec 31, 2021 |
Net Cash Flow | -29 | -16 | 54 | -121 | 19 | 125.6 |
Free Cash Flow
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | Dec '25 Dec 31, 2025 | Dec '24 Dec 31, 2024 | Dec '23 Dec 31, 2023 | Dec '22 Dec 31, 2022 | Dec '21 Dec 31, 2021 |
Free Cash Flow | 15,224 | 17,200 | 14,834 | 10,391 | 6,557 | 7,518 |
Free Cash Flow Growth | -10.70% | 15.95% | 42.76% | 58.47% | -12.78% | 12.51% |
Free Cash Flow Margin | 16.60% | 19.63% | 19.69% | 16.74% | 13.22% | 15.77% |
Free Cash Flow Per Share | 26.00 | 29.25 | 25.24 | 17.69 | 11.17 | 12.81 |
Levered Free Cash Flow | 13,018 | 11,832 | 17,328 | 11,514 | 3,310 | 10,725 |
Unlevered Free Cash Flow | 13,214 | 12,006 | 17,502 | 11,682 | 3,462 | 10,861 |
Additional Metrics
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | Dec '25 Dec 31, 2025 | Dec '24 Dec 31, 2024 | Dec '23 Dec 31, 2023 | Dec '22 Dec 31, 2022 | Dec '21 Dec 31, 2021 |
Cash Interest Paid | 313 | 276 | 276 | 265 | 229 | 224 |
Cash Income Tax Paid | 2,987 | 3,107 | 2,585 | 821 | 719 | 842.4 |
Change in Working Capital | 4,276 | 6,630 | 6,514 | 6,610 | 3,587 | 5,355 |