The Progressive Corporation (PGR) quarterly income statement — complete revenue, gross profit & net income 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 |
|---|
| Revenue | 22.18B | 22.74B | 22.51B | 22B | 20.4B | 20.27B | 19.71B | 18.13B | 17.24B | 16.88B | 15.55B | 15.35B | 14.3B | 13.46B | 12.77B | 11.51B | 11.84B | 12.49B | 11.85B | 11.9B |
| Revenue Growth % | 8.71% | 12.19% | 14.21% | 21.34% | 18.36% | 20.04% | 26.74% | 18.11% | 20.56% | 25.41% | 21.75% | 33.3% | 20.8% | 7.83% | 7.78% | -3.24% | 3.46% | 9.42% | 8.32% | 8.5% |
| Medical Costs & Claims | 13.83B | 16.08B | 18.96B | 15.12B | 14.26B | 14.44B | 13.9B | 13.9B | 12.2B | 12.7B | 12.56B | 13.32B | 11.74B | 10.87B | 10.99B | 10.35B | 9.82B | 9.82B | 10.2B | 9.34B |
| Medical Cost Ratio % | 62.34% | 70.72% | 84.24% | 68.72% | 69.9% | 71.23% | 70.52% | 76.7% | 70.8% | 75.19% | 80.76% | 86.81% | 82.11% | 80.77% | 86.03% | 89.94% | 82.98% | 78.64% | 86.08% | 78.45% |
| Gross Profit | 8.35B | 6.66B | 3.55B | 6.88B | 6.14B | 5.83B | 5.81B | 4.22B | 5.03B | 4.19B | 2.99B | 2.02B | 2.56B | 2.59B | 1.78B | 1.16B | 2.01B | 2.67B | 1.65B | 2.56B |
| Gross Margin % | 37.66% | 29.28% | 15.76% | 31.28% | 30.1% | 28.77% | 29.48% | 23.3% | 29.2% | 24.81% | 19.24% | 13.19% | 17.89% | 19.23% | 13.97% | 10.06% | 17.02% | 21.36% | 13.92% | 21.55% |
| Gross Profit Growth % | 36% | 14.15% | -38.96% | 62.86% | 22.03% | 39.22% | 94.21% | 108.73% | 96.76% | 61.77% | 67.65% | 74.67% | 27.01% | -2.91% | 8.14% | -54.81% | -41.7% | -26.3% | -51.38% | -47.14% |
| Operating Expenses | 4.79B | 2.98B | 224M | 2.9B | 2.91B | 2.86B | 2.87B | 2.36B | 2.09B | 1.69B | 1.58B | 1.59B | 2B | 1.56B | 1.64B | 1.79B | 1.62B | 1.46B | 1.51B | 1.56B |
| OpEx / Revenue % | 21.58% | 13.08% | 1% | 13.17% | 14.24% | 14.13% | 14.54% | 13.04% | 12.14% | 9.98% | 10.17% | 10.35% | 14.01% | 11.62% | 12.86% | 15.59% | 13.72% | 11.72% | 12.75% | 13.15% |
| Depreciation & Amortization | 75M | 83M | 81M | 79M | 70M | 75.8M | 70.2M | 68M | 70M | 76.3M | 71.4M | 72.6M | 68M | 83.6M | 83.3M | 84M | 85.7M | 90.4M | 89.1M | 80.8M |
| Combined Ratio % | 83.92% | 83.81% | 85.24% | 81.9% | 84.14% | 85.36% | 85.06% | 89.74% | 82.94% | 85.17% | 90.93% | 97.16% | 96.12% | 92.38% | 98.88% | 105.52% | 96.7% | 90.36% | 98.83% | 91.6% |
| Operating Income | 3.57B | 3.68B | 3.32B | 3.98B | 3.24B | 2.97B | 2.94B | 1.86B | 2.94B | 2.5B | 1.41B | 435.7M | 554.4M | 1.03B | 142.5M | -635.9M | 390.2M | 1.2B | 139M | 999.2M |
| Operating Margin % | 16.08% | 16.19% | 14.76% | 18.1% | 15.86% | 14.64% | 14.94% | 10.26% | 17.06% | 14.83% | 9.07% | 2.84% | 3.88% | 7.62% | 1.12% | -5.52% | 3.3% | 9.64% | 1.17% | 8.4% |
| Operating Income Growth % | 10.2% | 24.06% | 12.84% | 114.09% | 10.07% | 18.55% | 108.82% | 326.9% | 430.3% | 144.16% | 889.61% | 168.52% | 42.08% | -14.84% | 2.52% | -163.64% | -79.11% | -42.84% | -92.77% | -55.96% |
| EBITDA | 3.64B | 3.77B | 3.4B | 4.06B | 3.31B | 3.04B | 3.02B | 1.93B | 3.01B | 2.58B | 1.48B | 508.3M | 622.4M | 1.11B | 225.8M | -551.9M | 475.9M | 1.29B | 228.1M | 1.08B |
| EBITDA Margin % | 16.42% | 16.56% | 15.12% | 18.46% | 16.2% | 15.02% | 15.3% | 10.64% | 17.46% | 15.28% | 9.53% | 3.31% | 4.35% | 8.24% | 1.77% | -4.79% | 4.02% | 10.37% | 1.92% | 9.08% |
| Interest Expense | 70M | 69M | 70M | 69M | 70M | 69.9M | 69.9M | 69M | 70M | 69.7M | 69.7M | 65.7M | 63.3M | 63.1M | 63.1M | 63M | 54.3M | 51.6M | 54.2M | 56.4M |
| Non-Operating Income | -70M | -69M | -70M | -69M | -70M | -69.9M | -69.9M | -69M | -70M | -69.7M | -69.7M | -65.7M | -63.3M | -63.1M | -63.1M | -63M | -54.3M | -51.6M | -54.2M | -56.4M |
| Pretax Income | 3.57B | 3.68B | 3.32B | 3.98B | 3.24B | 2.97B | 2.94B | 1.86B | 2.94B | 2.5B | 1.41B | 435.7M | 554.4M | 1.03B | 142.5M | -635.9M | 390.2M | 1.2B | 139M | 999.2M |
| Pretax Margin % | 16.08% | 16.19% | 14.76% | 18.1% | 15.86% | 14.64% | 14.94% | 10.26% | 17.06% | 14.83% | 9.07% | 2.84% | 3.88% | 7.62% | 1.12% | -5.52% | 3.3% | 9.64% | 1.17% | 8.4% |
| Income Tax | 748M | 731M | 708M | 807M | 669M | 611.4M | 611.4M | 401M | 609M | 515.6M | 288.9M | 90.3M | 106.5M | 198.9M | 18.4M | -93M | 76.3M | 241.6M | 20.5M | 209.1M |
| Effective Tax Rate % | 20.98% | 19.85% | 21.31% | 20.27% | 20.67% | 20.6% | 20.76% | 21.56% | 20.71% | 20.6% | 20.49% | 20.73% | 19.21% | 19.4% | 12.91% | 14.62% | 19.55% | 20.07% | 14.75% | 20.93% |
| 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 |
| Net Margin % | 12.71% | 12.98% | 11.62% | 14.44% | 12.58% | 11.63% | 11.84% | 8.05% | 13.52% | 11.77% | 7.21% | 2.25% | 3.13% | 6.14% | 0.97% | -4.72% | 2.65% | 7.71% | 1% | 6.64% |
| Net Income Growth % | 9.78% | 25.23% | 12.07% | 117.61% | 10.12% | 18.55% | 108.1% | 322.41% | 420.43% | 140.54% | 803.55% | 163.62% | 42.69% | -14.12% | 4.73% | -168.71% | -78.79% | -42.87% | -92.26% | -55.87% |
| EPS (Diluted) | 4.80 | 5.02 | 4.45 | 5.40 | 4.37 | 4.01 | 3.97 | 2.48 | 3.94 | 3.37 | 1.89 | 0.57 | 0.75 | 1.40 | 0.21 | -0.93 | 0.54 | 1.65 | 0.19 | 1.34 |
| EPS Growth % | 9.84% | 25.19% | 12.09% | 117.74% | 10.91% | 18.99% | 110.05% | 335.09% | 425.33% | 140.71% | 800% | 161.29% | 38.89% | -15.15% | 10.53% | -169.4% | -78.49% | -42.71% | -51.28% | 67.5% |
| EPS (Basic) | 4.81 | 5.04 | 4.45 | 5.42 | 4.38 | 4.02 | 3.98 | 2.49 | 3.95 | 3.38 | 1.90 | 0.57 | 0.75 | 1.40 | 0.21 | -0.93 | 0.54 | 1.65 | 0.19 | 1.34 |
| Diluted Shares Outstanding | 586.9M | 588.2M | 588.2M | 587.8M | 587.7M | 587.65M | 587.6M | 587.4M | 587.3M | 587.5M | 587.5M | 587M | 587M | 587.1M | 587.1M | 586.5M | 586.3M | 584.7M | 587.1M | 586.8M |