The Progressive Corporation (PGR)
NYSE: PGR · Real-Time Price · USD
227.77
-5.41 (-2.32%)
At close: Nov 6, 2026, 4:00 PM EST
227.99
+0.22 (0.10%)
After-hours: Nov 6, 2026, 7:45 PM EST
PGR Cash Flow Statement
Financials in millions USD. Fiscal year is January - December.
Millions USD. Fiscal year is Jan - Dec.
Operating Activities
Fiscal Quarter | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | Jun '26 Jun 30, 2026 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 |
Net Income | 2,542 | 3,311 | 2,818 | 2,951 | 2,615 | 3,175 | 2,567 | 2,356 | 2,334 | 1,459 | 2,331 | 1,988 | 1,121 | 345.4 | 447.9 | 826.4 | 124.1 | -542.9 | 313.9 | 962.3 |
Depreciation & Amortization | 97 | 82 | 75 | 83 | 81 | 79 | 70 | 76 | 70 | 68 | 70 | 73 | 71.4 | 72.6 | 68 | 83.6 | 83.3 | 84 | 85.7 | 90.4 |
Gain (Loss) on Sale of Assets | 3 | -1 | 3 | 14 | 1 | -2 | 3 | 15 | -1 | 1 | -2 | 13 | 16.8 | -10.3 | 16.5 | -5.9 | 3.3 | -1.3 | 3.3 | 0.4 |
Gain (Loss) on Sale of Investments | 134 | -636 | 73 | -300 | -321 | -421 | 191 | 47 | -292 | 114 | -163 | -254.7 | 146.9 | -127.4 | -76.8 | 46 | 188.8 | 1,180 | 472.3 | -392.2 |
Stock-Based Compensation | 43 | 36 | 16 | 42 | 42 | 32 | 16 | 36 | 38 | 31 | 17 | 34.3 | 42.9 | 27.9 | 15.9 | 53 | 26 | 26.4 | 17.3 | 32 |
Change in Accounts Receivable | -231 | 508 | -2,252 | 1,157 | -113 | 405 | -2,442 | 766 | -590 | -352 | -2,235 | 450.1 | -134.7 | 138.1 | -1,995 | 450.8 | -305.9 | -42.8 | -1,120 | 847.2 |
Reinsurance Recoverable | 44 | 84 | 80 | 24 | 90 | 252 | 316 | 116 | - | 122 | 91 | 237.1 | 185.7 | 99.3 | 215.9 | 474.7 | -1,346 | 63.8 | -44.5 | 64.4 |
Change in Accounts Payable | 391 | 216 | -788 | -523 | 1,529 | 216 | 334 | -365 | 543 | 600 | 458 | -389.1 | 329.1 | 194.5 | 565.5 | -347 | 110 | -108.6 | 545.1 | -633.3 |
Change in Unearned Revenue | 472 | -492 | 2,674 | -1,603 | 487 | -277 | 2,754 | -914 | 1,091 | 774 | 2,773 | -628.1 | 691.6 | 225.8 | 2,551 | -503.3 | 522.1 | 283.4 | 1,376 | -1,056 |
Change in Income Taxes | -99 | -589 | 830 | -62 | 35 | -840 | 667 | 9 | -25 | -951 | 609 | 107.4 | 234.7 | -267.7 | 106.6 | 76.3 | -214.4 | -453.4 | 76.2 | 70.2 |
Change in Insurance Reserves / Liabilities | 1,219 | 1,190 | 1,067 | 1,205 | 951 | 1,332 | 765 | 995 | 1,457 | 1,774 | 442 | 812 | 824 | 1,727 | 667.1 | -272.5 | 2,820 | 1,058 | 590.1 | 241.1 |
Change in Other Net Operating Assets | -8 | -22 | -142 | 62 | -148 | 131 | 9 | -200 | 78 | -253 | -25 | -51.1 | -63.7 | -29.3 | -50.9 | 6.7 | 102.6 | -290.8 | 238.9 | 150.1 |
Operating Cash Flow | 4,518 | 3,607 | 4,367 | 3,170 | 5,195 | 4,040 | 5,143 | 3,008 | 4,609 | 3,267 | 4,235 | 2,437 | 3,420 | 2,337 | 2,450 | 929.6 | 2,027 | 1,390 | 2,502 | 452.1 |
Operating Cash Flow Growth (YoY) | -13.03% | -10.72% | -15.09% | 5.39% | 12.71% | 23.66% | 21.44% | 23.43% | 34.79% | 39.80% | 72.89% | 162.16% | 68.67% | 68.18% | -2.11% | 105.62% | -14.50% | -40.20% | -4.29% | -70.78% |
Investing Activities
Fiscal Quarter | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | Jun '26 Jun 30, 2026 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 |
Capital Expenditures | -116 | -138 | -63 | -121 | -66 | -102 | -59 | -110 | -57 | -68 | -50 | -82.1 | -36.3 | -90.4 | -43.2 | -47 | -108.3 | -63.7 | -73 | -55.2 |
Sale of Property, Plant & Equipment | 10 | 21 | 14 | 10 | 18 | 39 | 13 | 12 | 20 | 42 | 3 | 12 | 6.2 | 24.5 | 4.3 | 19.1 | 4.4 | 5.1 | 6.5 | 3.1 |
Investment in Securities | -4,512 | -2,929 | 2,443 | -2,665 | -5,219 | -3,983 | -2,467 | -2,501 | -4,777 | -3,295 | -3,139 | -2,063 | -3,241 | -3,026 | -2,296 | -858.1 | -1,752 | -962.5 | -3,949 | 763.7 |
Other Investing Activities | 592 | 125 | 243 | -323 | 220 | 6 | 172 | -343 | 394 | 58 | 62 | -212.7 | -80.7 | 225.2 | 57.2 | -109.1 | 74.7 | -356 | 212.6 | -256.3 |
Investing Cash Flow | -4,026 | -2,921 | 2,637 | -3,099 | -5,047 | -4,040 | -2,341 | -2,942 | -4,420 | -3,263 | -3,124 | -2,346 | -3,352 | -2,867 | -2,277 | -995.1 | -1,782 | -1,377 | -3,803 | 455.3 |
Financing Activities
Fiscal Quarter | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | Jun '26 Jun 30, 2026 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 |
Long-Term Debt Issued | - | - | 1,487 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1,486 | - |
Total Debt Issued | - | - | 1,487 | - | - | - | - | - | - | - | - | -0.3 | - | 496.3 | - | - | - | - | 1,486 | - |
Net Debt Issued (Repaid) | - | - | 1,487 | - | - | - | - | - | - | - | - | -0.3 | - | 496.3 | - | - | - | - | 1,486 | - |
Repurchases of Common Stock | -471 | -614 | -478 | -59 | -40 | -13 | -54 | - | -86 | -11 | -37 | -61.2 | -39.7 | -7.4 | -32.7 | -20.4 | -49.1 | -0.8 | -28.7 | -55.8 |
Repurchases of Preferred Stock | - | - | - | - | - | - | - | - | - | - | -500 | - | - | - | - | - | - | - | - | - |
Common Dividends Paid | -58 | -58 | -7,972 | -59 | -58 | -59 | -2,695 | -59 | -58 | -59 | -498 | -58.5 | -58.5 | -58.5 | -58.5 | -58.5 | -58.5 | -58.5 | -58.5 | -935 |
Preferred Dividends Paid | - | - | - | - | - | - | - | - | - | - | -8 | -9.8 | -10.3 | -9.5 | -13.4 | - | -13.4 | - | -13.4 | - |
Total Dividends Paid | -58 | -58 | -7,972 | -59 | -58 | -59 | -2,695 | -59 | -58 | -59 | -506 | -68.3 | -68.8 | -68 | -71.9 | -58.5 | -71.9 | -58.5 | -71.9 | -935 |
Financing Cash Flow | -529 | -672 | -6,963 | -118 | -98 | -72 | -2,749 | -59 | -144 | -70 | -1,043 | -129.8 | -108.5 | 420.9 | -104.6 | -78.9 | -121 | -59.3 | 1,385 | -990.8 |
Net Cash Flow
Fiscal Quarter | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | Jun '26 Jun 30, 2026 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 |
Net Cash Flow | -37 | 14 | 41 | -47 | 50 | -72 | 53 | 7 | 45 | -66 | 68 | -38.5 | -41.1 | -109.1 | 67.7 | -144.4 | 124.8 | -46.8 | 85.2 | -83.4 |
Free Cash Flow
Fiscal Quarter | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | Jun '26 Jun 30, 2026 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 |
Free Cash Flow | 4,402 | 3,469 | 4,304 | 3,049 | 5,129 | 3,938 | 5,084 | 2,898 | 4,552 | 3,199 | 4,185 | 2,355 | 3,383 | 2,247 | 2,406 | 882.6 | 1,919 | 1,326 | 2,429 | 396.9 |
Free Cash Flow Growth (YoY) | -14.17% | -11.91% | -15.34% | 5.21% | 12.68% | 23.10% | 21.48% | 23.06% | 34.55% | 42.39% | 73.92% | 166.81% | 76.30% | 69.44% | -0.95% | 122.37% | -15.88% | -41.74% | -5.25% | -73.54% |
Free Cash Flow Margin | 18.99% | 14.70% | 19.41% | 13.41% | 22.79% | 17.90% | 24.92% | 14.30% | 23.09% | 17.65% | 24.28% | 13.95% | 21.75% | 14.64% | 16.83% | 6.56% | 15.02% | 11.52% | 20.52% | 3.18% |
Free Cash Flow Per Share | 7.56 | 5.94 | 7.33 | 5.18 | 8.72 | 6.70 | 8.65 | 4.93 | 7.75 | 5.45 | 7.13 | 4.01 | 5.76 | 3.83 | 4.10 | 1.50 | 3.27 | 2.26 | 4.14 | 0.68 |
Levered Free Cash Flow | 3,664 | 3,516 | 3,872 | 1,888 | 5,761 | 3,907 | 202.5 | 5,134 | 4,404 | 3,541 | 4,179 | 2,358 | 2,776 | 3,430 | 2,879 | 1,934 | 2,128 | -3,453 | 2,679 | 380.54 |
Unlevered Free Cash Flow | 3,718 | 3,571 | 3,916 | 1,931 | 5,805 | 3,950 | 246.25 | 5,178 | 4,448 | 3,584 | 4,223 | 2,401 | 2,820 | 3,471 | 2,919 | 1,974 | 2,168 | -3,414 | 2,713 | 412.79 |
Additional Metrics
Fiscal Quarter | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | Jun '26 Jun 30, 2026 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 |
Cash Interest Paid | 125 | 50 | 88 | 50 | 88 | 50 | 88 | 50 | 88 | 50 | 88 | 51.5 | 87.9 | 37.7 | 87.9 | 37.6 | 88.7 | 37.7 | 64.9 | 37.7 |
Cash Income Tax Paid | 790 | 1,488 | -85 | 794 | 669 | 1,644 | - | 600 | 634 | 1,351 | - | 408 | 54.2 | 358.7 | 0.1 | 123.1 | 232.7 | 363.2 | - | 172.9 |
Change in Working Capital | 1,699 | 815 | 1,382 | 380 | 2,777 | 1,177 | 2,296 | 478 | 2,460 | 1,594 | 1,982 | 583 | 2,020 | 2,029 | 1,978 | -73.5 | 1,602 | 418.7 | 1,610 | -240.8 |