The Progressive Corporation (PGR) Balance Sheet
PGR balance sheet, 2025
December 31, 2025 · U.S. dollars$123.04B assets = $92.72B liabilities + $30.32B equity
Both columns are drawn to the same scale: what PGR owns equals what it owes plus shareholders’ equity. Hover a block for its value.
PGR financial health
Descriptive bands, not a rating. Fiscal 2025.
PGR balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $33.43B2016 | $123.04B2025 | +15.6%/yr | |
| Total liabilities | $25.47B2016 | $92.72B2025 | +15.4%/yr | |
| Shareholders’ equity | $7.96B2016 | $30.32B2025 | +16.0%/yr | |
| Cash & short-term investments | $20.03B2016 | $19.84B2025 | −0.1%/yr | |
| Total debt | $3.15B2016 | $6.90B2025 | +9.1%/yr | |
| Net cash (debt) | $16.88B2016 | $12.94B2025 | −$3.9B | |
| Working capital | −$14.03B2016 | −$28.37B2025 | −$14.3B | |
| Book value per share | $13.602016 | $51.552025 | +16.0%/yr | |
| Debt / equity | 0.402016 | 0.232025 | −0.17 | |
| Shares outstanding | 585.0M2016 | 588.2M2025 | +0.1%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PGR assets
PGR liabilities and equity
PGR debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
PGR balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $19.84B | $76.09B | $62.25B | $49.72B | $45.00B | $42.11B | $35.14B | $29.98B | $23.34B | $20.03B |
| Cash & equivalents | $125.0M | $143.0M | $85.0M | $203.5M | $187.1M | $76.5M | $226.2M | $69.5M | $265.0M | $211.5M |
| Short-term investments | $19.71B | $75.95B | $62.17B | $49.51B | $44.82B | $42.03B | $34.91B | $29.91B | $23.07B | $19.82B |
| Receivables | $20.11B | $19.13B | $17.05B | $16.25B | $14.38B | $12.18B | $10.89B | $6.50B | $5.42B | $4.51B |
| Inventory | $0 | $0 | −$79.31B | −$25.20B | −$16.45B | −$19.47B | −$9.94B | $69.5M | $265.0M | $211.5M |
| Other current assets | $210.0M | $0 | $79.56B | $25.50B | $16.26B | $19.40B | $9.71B | $0 | $0 | $0 |
| Total current assets | $40.16B | $23.32B | $79.56B | $66.26B | $59.20B | $54.21B | $45.80B | $8.36B | $8.56B | $8.29B |
| Property, plant & equipment (net) | $783.0M | $790.0M | $881.0M | $1.03B | $1.14B | $1.11B | $1.21B | $1.13B | $1.12B | $1.18B |
| Goodwill & intangible assets | $2.04B | $2.19B | $1.92B | $314.2M | $570.0M | $624.1M | $681.0M | $747.3M | $819.3M | $882.2M |
| Long-term investments | $97.37B | $80.25B | $66.00B | $53.55B | $51.51B | $47.71B | $39.44B | $33.76B | $119.7M | $103.9M |
| Other non-current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $2.58B | $28.09B | $22.97B |
| Total assets | $123.04B | $105.75B | $88.69B | $75.47B | $71.13B | $64.10B | $54.90B | $46.58B | $38.70B | $33.43B |
| Liabilities | ||||||||||
| Accounts payable | — | — | — | $5.53B | $6.01B | $4.96B | $5.96B | $5.05B | $2.83B | $2.50B |
| Short-term debt | $0 | $0 | $0 | $0 | $4.90B | $500.0M | $499.4M | $4.40B | $3.31B | $3.15B |
| Deferred revenue | $25.22B | $23.86B | $20.13B | $64 | — | $19.10B | — | — | −$14.64B | −$12.40B |
| Total current liabilities | $68.53B | $62.91B | $54.52B | $5.53B | $21.24B | $19.60B | $16.33B | $31.35B | $26.14B | $22.32B |
| Long-term debt | $6.90B | $6.89B | $6.89B | $6.39B | $4.90B | $5.40B | $4.41B | $4.40B | $3.31B | $3.15B |
| Other long-term liabilities | $17.29B | $10.35B | $7.00B | $47.65B | $22.48B | $18.72B | $17.20B | $0 | $0 | $0 |
| Total liabilities | $92.72B | $80.15B | $68.41B | $59.57B | $52.90B | $47.06B | $41.22B | $35.75B | $29.42B | $25.47B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $586.0M | $586.0M | $585.0M | $584.9M | $584.4M | $585.2M | $584.6M | $583.2M | $581.7M | $579.9M |
| Retained earnings (deficit) | $27.33B | $24.28B | $18.80B | $15.72B | $15.34B | $13.35B | $10.68B | $8.39B | $6.03B | $5.14B |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | $103.0M | −$1.42B | −$1.62B | −$2.80B | $40.7M | $931.7M | $341.7M | −$120.9M | $1.28B | $933.4M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $30.32B | $25.59B | $20.28B | $15.89B | $18.23B | $17.04B | $13.67B | $10.82B | $9.28B | $7.96B |
| Key figures | ||||||||||
| Total debt | $6.90B | $6.89B | $6.89B | $6.39B | $9.80B | $5.90B | $4.91B | $4.40B | $3.31B | $3.15B |
| Net cash (debt) | $12.94B | $69.20B | $55.36B | $43.33B | $35.21B | $36.21B | $30.23B | $25.57B | $20.03B | $16.88B |
| Working capital | −$28.37B | −$39.59B | $25.03B | $60.73B | $37.95B | $34.60B | $29.47B | −$22.99B | −$17.58B | −$14.03B |
| Tangible book value | $28.28B | $23.40B | $18.36B | $15.58B | $17.66B | $16.41B | $12.99B | $10.07B | $8.47B | $7.07B |
| Book value per share | $51.55 | $43.54 | $34.51 | $27.07 | $31.05 | $29.00 | $23.29 | $18.45 | $15.85 | $13.60 |
| Shares outstanding | 588.2M | 587.7M | 587.5M | 587.1M | 587.1M | 587.6M | 587.2M | 586.7M | 585.7M | 585.0M |
| Current ratio | 0.59 | 0.37 | 1.46 | 11.98 | 2.79 | 2.77 | 2.81 | 0.27 | 0.33 | 0.37 |
| Quick ratio | 0.58 | 1.51 | 1.45 | 11.92 | 2.80 | 2.77 | 2.82 | 1.16 | 1.10 | 1.10 |
| Debt / equity | 0.23 | 0.27 | 0.34 | 0.40 | 0.54 | 0.35 | 0.36 | 0.41 | 0.36 | 0.40 |
| Equity / assets | 24.6% | 24.2% | 22.9% | 21.1% | 25.6% | 26.6% | 24.9% | 23.2% | 24.0% | 23.8% |
| Sep '26 | Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $2.12B | $2.16B | $2.29B | $19.84B | $10.36B | $10.78B | $11.28B | $76.09B | $8.75B | $72.45B | $69.19B | $62.25B |
| Cash & equivalents | — | $178.0M | $162.0M | $125.0M | $173.0M | $125.0M | $195.0M | $143.0M | $136.1M | $90.2M | $154.5M | $85.0M |
| Short-term investments | $2.12B | $1.98B | $2.13B | $19.71B | $10.18B | $10.65B | $11.08B | $75.95B | $8.61B | $72.36B | $69.04B | $62.17B |
| Receivables | $17.34B | $17.11B | $17.61B | $20.11B | $20.63B | $20.60B | $21.26B | $19.13B | $20.02B | $19.99B | $19.66B | $17.05B |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$24.46B | −$8.39B | −$8.63B | −$79.31B |
| Other current assets | $0 | $217.0M | $182.0M | $210.0M | $215.0M | $69.54B | $64.18B | $0 | $11.73B | $10.62B | $10.66B | $79.56B |
| Total current assets | $19.46B | $19.48B | $20.08B | $40.16B | $31.20B | $100.92B | $96.71B | $23.32B | $16.04B | $94.66B | $90.88B | $79.56B |
| Property, plant & equipment (net) | $0 | $922.0M | $792.0M | $783.0M | $790.0M | $820.0M | $854.0M | $790.0M | $688.8M | $713.5M | $756.3M | $881.0M |
| Goodwill & intangible assets | $2.30B | $2.21B | $2.21B | $2.04B | $2.16B | $2.11B | $2.07B | $2.19B | $2.03B | $1.94B | $1.82B | $1.92B |
| Long-term investments | $0 | $97.22B | $94.13B | $97.37B | $94.51B | $88.61B | $83.66B | $80.25B | $79.40B | $72.36B | $69.04B | $66.00B |
| Other non-current assets | $105.98B | $5.09B | $4.99B | $0 | $0 | $0 | $0 | $0 | $7.04B | $0 | $0 | $0 |
| Total assets | $127.74B | $124.92B | $122.21B | $123.04B | $121.53B | $115.48B | $111.41B | $105.75B | $105.20B | $97.89B | $94.13B | $88.69B |
| Liabilities | ||||||||||||
| Accounts payable | $10.21B | $9.18B | $9.46B | — | — | — | — | — | — | — | — | — |
| Short-term debt | — | — | — | $0 | $0 | $0 | $0 | $0 | $0 | — | — | — |
| Deferred revenue | $27.87B | $27.40B | $27.89B | $25.22B | $26.82B | $26.34B | $26.61B | $23.86B | $24.77B | $23.68B | $22.91B | — |
| Total current liabilities | $84.87B | $82.20B | $81.78B | $68.53B | $68.93B | $67.49B | $66.43B | $62.91B | $62.83B | $60.29B | $57.74B | $29.61B |
| Long-term debt | $0 | $7.39B | $8.39B | $6.90B | $6.90B | $6.89B | $6.89B | $6.89B | $6.89B | $6.89B | $6.89B | $6.89B |
| Other long-term liabilities | $8.39B | $1.00B | $0 | $17.29B | $10.27B | $8.49B | $9.13B | $10.35B | $8.32B | $7.38B | $7.69B | $61.53B |
| Total liabilities | $93.26B | $90.59B | $90.17B | $92.72B | $86.09B | $82.88B | $82.45B | $80.15B | $78.04B | $74.55B | $72.32B | $68.41B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $579.5M | $581.0M | $584.0M | $586.0M | $586.0M | $586.0M | $586.0M | $586.0M | $585.8M | $585.7M | $585.7M | $585.0M |
| Retained earnings (deficit) | — | $32.26B | $29.61B | $27.33B | $32.44B | $29.92B | $26.73B | $24.28B | $24.63B | $22.41B | $21.02B | $18.80B |
| Accumulated other comprehensive income | — | −$847.0M | −$471.0M | $103.0M | $189.0M | −$95.0M | −$524.0M | −$1.42B | −$154.4M | −$1.72B | −$1.82B | −$1.62B |
| Total shareholders' equity | $34.48B | $34.33B | $32.04B | $30.32B | $35.45B | $32.60B | $28.95B | $25.59B | $27.16B | $23.34B | $21.81B | $20.28B |
| Key figures | ||||||||||||
| Total debt | $8.39B | $8.39B | $8.39B | $6.90B | $6.90B | $6.89B | $6.89B | $6.89B | $6.89B | $6.89B | $6.89B | $6.89B |
| Net cash (debt) | −$6.26B | −$6.23B | −$6.10B | $12.94B | $3.46B | $3.88B | $4.38B | $69.20B | $1.85B | $65.56B | $62.30B | $55.36B |
| Working capital | −$65.41B | −$62.73B | −$61.70B | −$28.37B | −$37.73B | $33.43B | $30.28B | −$39.59B | −$46.80B | $34.38B | $33.14B | $49.95B |
| Tangible book value | $32.19B | $32.12B | $29.83B | $28.28B | $33.28B | $30.49B | $26.89B | $23.40B | $25.13B | $21.40B | $19.99B | $18.36B |
| Book value per share | $59.23 | $58.76 | $54.59 | $51.55 | $60.26 | $55.47 | $49.27 | $43.55 | $46.22 | $39.74 | $37.14 | $34.51 |
| Shares outstanding | 582.2M | 584.3M | 586.9M | 588.2M | 588.2M | 587.8M | 587.7M | 587.6M | 587.6M | 587.4M | 587.3M | 587.5M |
| Current ratio | 0.23 | 0.24 | 0.25 | 0.59 | 0.45 | 1.50 | 1.46 | 0.37 | 0.26 | 1.57 | 1.57 | 2.69 |
| Quick ratio | 0.23 | 0.23 | 0.24 | 0.58 | 0.45 | 0.46 | 0.49 | 1.51 | 0.46 | 1.53 | 1.54 | 2.68 |
| Debt / equity | 0.24 | 0.24 | 0.26 | 0.23 | 0.19 | 0.21 | 0.24 | 0.27 | 0.25 | 0.30 | 0.32 | 0.34 |
| Equity / assets | 27.0% | 27.5% | 26.2% | 24.6% | 29.2% | 28.2% | 26.0% | 24.2% | 25.8% | 23.8% | 23.2% | 22.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 2, 2026); data from EODHD.
PGR financial position
At the end of fiscal 2025 (December 31, 2025), Progressive had total assets of $123.0 billion (up 16.4% from a year earlier), total liabilities of $92.7 billion and shareholders' equity of $30.3 billion. It held $19.8 billion in cash and short-term investments against $6.9 billion of debt, a net cash position of $12.9 billion. Its current ratio was 0.59. In the latest quarter (ended September 30, 2026) total assets were $127.7 billion and equity $34.5 billion.
Related: PGR income statement, PGR cash flow statement, PGR key metrics. See the PGR stock overview for the latest quote and news.
PGR balance sheet FAQ
What are Progressive's total assets?
Progressive reported total assets of $123.0 billion at the end of fiscal 2025 (December 31, 2025), compared with $105.7 billion a year earlier.
How much debt does Progressive have?
Progressive had $6.9 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.23.
How much cash does Progressive have?
Progressive held $19.8 billion in cash and short-term investments at the end of fiscal 2025; with $6.9 billion of debt that is net cash of $12.9 billion.
What is Progressive's book value?
Progressive's shareholders' equity (book value) was $30.3 billion at the end of fiscal 2025, or $51.55 per share.
What is Progressive's current ratio?
Progressive had current assets of $40.2 billion and current liabilities of $68.5 billion, a current ratio of 0.59 (current liabilities exceed current assets).
How much goodwill does Progressive have?
Progressive carried $2.0 billion of goodwill and intangible assets, 1.7% of total assets, at the end of fiscal 2025.