The Progressive Corporation (PGR) Income Statement
PGR 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsPGR revenue and net income
Where PGR's revenue goes
2025Each bar shows an amount and its share of revenue. PGR kept 12.9% of revenue as net income.
PGR profit margins
PGR growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +16.3% | +20.9% | +15.5% | +15.5% |
| Gross profit | +23.6% | +50.7% | +12.6% | +18.2% |
| Operating income | +32.8% | +148.9% | +14.7% | +22.2% |
| Net income | +33.3% | +150.2% | +14.7% | +24.5% |
| EPS (diluted) | +29.6% | +66.1% | +19.5% | +24.6% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
PGR quarterly EPS vs estimates
Progressive beat the analyst EPS estimate in 6 of the last 8 quarters.
PGR income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $87.64B | $75.34B | $62.08B | $49.59B | $47.68B | $42.64B | $39.00B | $31.95B | $26.82B | $23.42B |
| Cost of revenue | $61.81B | $54.44B | $50.32B | $42.04B | $37.34B | $28.39B | $28.49B | $24.29B | $20.93B | $18.74B |
| Gross profit | $25.83B | $20.90B | $11.76B | $7.55B | $10.34B | $14.24B | $10.50B | $7.66B | $5.88B | $4.67B |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | — | — | — | — | — | — | $178.9M | $134.1M | $109.5M | $92.0M |
| Total operating expenses | $11.61B | $10.19B | $6.86B | $6.62B | $6.13B | $7.07B | $5.34B | $4.50B | $3.74B | $3.20B |
| Operating income | $14.22B | $10.71B | $4.90B | $922.0M | $4.21B | $7.17B | $5.16B | $3.16B | $2.14B | $1.47B |
| Interest income | $278.0M | $279.0M | $268.4M | $243.5M | $218.6M | $217.0M | $189.7M | $166.5M | $153.1M | $140.9M |
| Interest expense | $278.0M | $279.0M | $268.0M | $244.0M | $218.6M | $217.0M | $189.7M | $166.5M | $153.1M | $140.9M |
| Income before taxes | $14.22B | $10.71B | $4.90B | $922.0M | $4.21B | $7.17B | $5.16B | $3.16B | $2.14B | $1.47B |
| Income taxes | $2.92B | $2.23B | $1.00B | $200.0M | $859.1M | $1.47B | $1.18B | $542.6M | $540.8M | $413.5M |
| Net income | $11.31B | $8.48B | $3.90B | $722.0M | $3.35B | $5.70B | $3.97B | $2.62B | $1.59B | $1.03B |
| EBITDA | $14.81B | $11.28B | $5.46B | $1.47B | $4.77B | $7.72B | $5.66B | $3.59B | $2.53B | $1.81B |
| EPS (diluted) | $18.25 | $14.08 | $6.16 | $3.98 | $3.66 | $7.50 | $5.29 | $5.03 | $2.48 | $1.70 |
| Gross margin | 29.5% | 27.7% | 18.9% | 15.2% | 21.7% | 33.4% | 26.9% | 24.0% | 21.9% | 20.0% |
| Operating margin | 16.2% | 14.2% | 7.9% | 1.9% | 8.8% | 16.8% | 13.2% | 9.9% | 8.0% | 6.3% |
| Net margin | 12.9% | 11.3% | 6.3% | 1.5% | 7.0% | 13.4% | 10.2% | 8.2% | 5.9% | 4.4% |
| Sep '26 | Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $23.18B | $23.62B | $22.18B | $22.74B | $22.51B | $22.00B | $20.40B | $20.27B | $19.72B | $18.13B | $17.24B | $16.88B |
| Cost of revenue | $0 | $17.68B | $13.83B | $16.08B | $18.96B | $15.12B | $14.26B | $14.44B | −$19.43B | $13.90B | $12.20B | $12.70B |
| Gross profit | $23.18B | $5.94B | $8.35B | $6.66B | $3.55B | $6.88B | $6.14B | $5.83B | $19.71B | $4.22B | $5.03B | $4.19B |
| Total operating expenses | $19.95B | $1.73B | $4.79B | $2.98B | $224.0M | $2.90B | $2.91B | $2.86B | $19.71B | $2.36B | $2.09B | $1.69B |
| Operating income | $3.24B | $4.21B | $3.57B | $3.68B | $3.32B | $3.98B | $3.24B | $2.97B | $3.01B | $1.86B | $2.94B | $2.50B |
| Interest income | — | — | — | $69.0M | $70.0M | $69.0M | $70.0M | $69.9M | — | — | — | — |
| Interest expense | $87.0M | $88.0M | $70.0M | $69.0M | $70.0M | $69.0M | $70.0M | $69.9M | $69.9M | $69.0M | $70.0M | $69.7M |
| Income before taxes | $3.24B | $4.21B | $3.57B | $3.68B | $3.32B | $3.98B | $3.24B | $2.97B | $2.94B | $1.86B | $2.94B | $2.50B |
| Income taxes | $694.0M | $898.0M | $748.0M | $731.0M | $708.0M | $807.0M | $669.0M | $611.4M | $611.4M | $401.0M | $609.0M | $515.6M |
| Net income | $2.54B | $3.31B | $2.82B | $2.95B | $2.62B | $3.17B | $2.57B | $2.36B | $2.33B | $1.46B | $2.33B | $1.99B |
| EBITDA | $3.32B | $4.38B | $3.71B | $3.83B | $3.47B | $4.13B | $3.38B | $3.11B | $3.09B | $2.00B | $3.08B | $2.65B |
| EPS (diluted) | $4.60 | $4.85 | $4.96 | $4.67 | $4.05 | $4.88 | $4.65 | $4.08 | $3.59 | $2.65 | $3.76 | $2.97 |
| Gross margin | 100.0% | 25.2% | 37.7% | 29.3% | 15.8% | 31.3% | 30.1% | 28.8% | 100.0% | 23.3% | 29.2% | 24.8% |
| Operating margin | 14.0% | 17.8% | 16.1% | 16.2% | 14.8% | 18.1% | 15.9% | 14.6% | 15.3% | 10.3% | 17.1% | 14.8% |
| Net margin | 11.0% | 14.0% | 12.7% | 13.0% | 11.6% | 14.4% | 12.6% | 11.6% | 11.8% | 8.0% | 13.5% | 11.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in PGR's financial statements (latest annual report filed March 2, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
PGR financial results
In fiscal year 2025 (ended December 31, 2025), Progressive reported revenue of $87.6 billion, up 16.3% from the year before. It had net income of $11.3 billion (up 33.3%), a net profit margin of 12.9%. Diluted earnings per share came to $18.25. Over five years revenue grew at an average rate of 15.5% a year.
See the PGR stock overview for the latest quote and news, or the PGR chart for price history and technical indicators.
PGR income statement FAQ
What is Progressive's annual revenue?
Progressive reported total revenue of $87.6 billion for fiscal year 2025, which ended on December 31, 2025. That was up 16.3% from $75.3 billion the previous year.
Is Progressive profitable?
Yes. Progressive reported net income of $11.3 billion in fiscal 2025, a net profit margin of 12.9%; its operating margin was 16.2%.
What is Progressive's gross margin?
Progressive's gross margin was 29.5% in fiscal 2025: for every $100 of revenue, Progressive kept $29 after the direct cost of its products and services.
How fast is Progressive growing?
Revenue grew 15.5% a year on average over the last five fiscal years, from $42.6 billion to $87.6 billion.
What are Progressive's earnings per share?
Progressive earned $18.25 per diluted share in fiscal 2025, compared with $14.08 a year earlier.
When does Progressive's fiscal year end?
Progressive's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 2, 2026.