The Progressive Corporation (PGR) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 4.37B | 3.17B | 5.2B | 4.04B | 5.14B | 3.01B | 4.61B | 3.27B | 4.24B | 2.44B | 3.42B | 2.34B | 2.45B | 929.6M | 2.03B | 1.39B | 2.5B | 452.1M | 2.37B | 2.32B |
| Operating CF Growth % | -15.09% | 5.41% | 12.68% | 23.69% | 21.44% | 23.39% | 34.83% | 39.76% | 72.89% | 162.19% | 68.67% | 68.18% | -2.11% | 105.62% | -14.5% | -40.2% | -4.29% | -70.78% | 60.25% | 3.16% |
| Operating CF / Revenue % | 19.69% | 13.94% | 23.08% | 18.37% | 25.21% | 14.84% | 23.39% | 18.02% | 24.57% | 14.44% | 21.99% | 15.23% | 17.13% | 6.9% | 15.87% | 12.07% | 21.14% | 3.62% | 20.01% | 19.53% |
| Net Income | 2.82B | 2.95B | 2.62B | 3.17B | 2.57B | 2.36B | 2.33B | 1.46B | 2.33B | 1.99B | 1.12B | 345.4M | 447.9M | 826.4M | 124.1M | -542.9M | 313.9M | 962.3M | 118.5M | 790.1M |
| Depreciation & Amortization | 75M | 83M | 81M | 79M | 70M | 75.8M | 70.7M | 67.5M | 70M | 76.3M | 74.3M | 75.7M | 73.4M | 83.6M | 83.3M | 84M | 85.7M | 90.4M | 89.1M | 80.8M |
| Stock-Based Compensation | 16M | 42M | 42M | 32M | 16M | 36.2M | 37.3M | 31.5M | 17M | 34.6M | 42.9M | 27.9M | 15.9M | 53M | 26M | 26.4M | 17.3M | 32M | 26M | 26.9M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -187.2M | -191.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 1.09B | -286M | -320M | -423M | 194M | 61.1M | -291.6M | 114.5M | -165M | -54M | 355.2M | -137.7M | -60.3M | 40.1M | 192.1M | 1.4B | 475.6M | -391.8M | -6.2M | -429.8M |
| Working Capital Changes | 371M | 380M | 2.78B | 1.18B | 2.3B | 477.7M | 2.46B | 1.59B | 1.98B | 579.8M | 2.02B | 2.03B | 1.97B | -73.5M | 1.6B | 418.7M | 1.61B | -240.8M | 2.14B | 1.86B |
| Cash from Investing | 2.64B | -3.1B | -5.05B | -4.04B | -2.34B | -2.94B | -4.42B | -3.26B | -3.12B | -2.35B | -3.35B | -2.87B | -2.28B | -995.1M | -1.78B | -1.38B | -3.8B | 455.3M | -1.56B | -2.24B |
| Capital Expenditures | -63M | -121M | -66M | -102M | -59M | -110.2M | -56.7M | -68.1M | -50M | -82.1M | -36.3M | -90.4M | -43.2M | -47M | -108.3M | -63.7M | -73M | -55.2M | -89.8M | -48M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12.2M | 6.2M | 24.5M | 4.3M | 19.1M | 4.4M | 5.1M | 6.5M | 3.1M | 51.6M | -309.2M |
| Purchase of Investments | -19.35B | -23.21B | -8.01B | -8.5B | -19.37B | -12B | -11.38B | -11.24B | -13.32B | -6.88B | -6.59B | -6.25B | -6.14B | -6.47B | -3.98B | -6.56B | -11.53B | -8.33B | -6.91B | -8.16B |
| Sale/Maturity of Investments | 13.83B | 20.55B | 2.79B | 4.51B | 16.91B | 9.5B | 6.6B | 7.95B | 10.18B | 4.82B | 3.35B | 3.23B | 3.84B | 5.61B | 2.23B | 5.6B | 7.58B | 9.09B | 5.4B | 6.23B |
| Other Investing | 8.22B | -313M | 238M | 45M | 185M | -330.6M | 413.1M | 100.5M | 65M | -212.9M | -80.7M | 225.2M | 57.2M | -109.1M | 74.7M | -356M | 219.1M | -256.3M | -12.4M | 49M |
| Cash from Financing | -6.96B | -118M | -98M | -72M | -2.75B | -59.3M | -144.4M | -69.3M | -1.04B | -129.8M | -108.5M | 420.9M | -104.6M | -78.9M | -121M | -59.3M | 1.39B | -990.8M | -643.7M | -89.1M |
| Dividends Paid | -7.97B | -59M | -58M | -59M | -2.69B | -59.1M | -58.6M | -58.3M | -506M | -68.9M | -68.8M | -68M | -71.9M | -58.5M | -71.9M | -58.5M | -71.9M | -935M | -71.9M | -58.5M |
| Share Repurchases | -478M | -59M | -40M | -13M | -54M | -200K | -85.8M | -11M | -37M | -60.9M | -39.7M | -7.4M | -32.7M | -20.4M | -49.1M | -800K | -28.7M | -55.8M | -71.8M | -10.6M |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1000K | 0 | 0 | 0 | 0 | 1000K | 0 | -1000K | 0 |
| Other Financing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -20M |
| Net Change in Cash | 41M | -47M | 50M | -72M | 53M | 7M | 45.3M | -66.3M | 68M | -38.8M | -41.1M | -109.1M | 67.7M | -144.4M | 124.8M | -46.8M | 85.2M | -83.4M | 170.9M | -8.6M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 400K | 0 | -400K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 138M | 185M | 135M | 207M | 154M | 147M | 101.7M | 168M | 100M | 138.4M | 179.5M | 288.6M | 220.9M | 365.3M | 240.5M | 287.3M | 202.1M | 285.5M | 114.6M | 123.2M |
| Cash at End | 179M | 138M | 185M | 135M | 207M | 154M | 147M | 101.7M | 168M | 99.6M | 138.4M | 179.5M | 288.6M | 220.9M | 365.3M | 240.5M | 287.3M | 202.1M | 285.5M | 114.6M |
| Free Cash Flow | 4.3B | 3.05B | 5.13B | 3.94B | 5.08B | 2.9B | 4.55B | 3.2B | 4.18B | 2.36B | 3.38B | 2.25B | 2.41B | 882.6M | 1.92B | 1.33B | 2.43B | 396.9M | 2.28B | 2.28B |
| FCF Growth % | -15.34% | 5.24% | 12.63% | 23.14% | 21.48% | 23.01% | 34.6% | 42.35% | 73.92% | 166.85% | 76.3% | 69.44% | -0.95% | 122.37% | -15.88% | -41.74% | -5.25% | -73.54% | 61.34% | 3.24% |
| FCF Margin % | 19.4% | 13.41% | 22.78% | 17.9% | 24.92% | 14.29% | 23.1% | 17.64% | 24.28% | 13.95% | 21.75% | 14.64% | 16.83% | 6.56% | 15.02% | 11.52% | 20.53% | 3.18% | 19.25% | 19.13% |
| FCF per Share | 7.33 | 5.18 | 8.72 | 6.7 | 8.65 | 4.93 | 7.75 | 5.44 | 7.13 | 4.01 | 5.76 | 3.83 | 4.1 | 1.5 | 3.27 | 2.26 | 4.14 | 0.68 | 3.89 | 3.88 |