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The Progressive Corporation (PGR) Q2 FY2026 Financial Statements: Revenue $23.61B, Net income $3.31B

CIK 0000080661 · NYSE · Latest period: Q2 FY2026 (ended 2026-06-30, 10-Q accession 0000080661-26-000308) · Annual report: FY2025 10-K (filed 2026-03-02, accession 0000080661-26-000086) · Next expected filing: 10-Q ~2026-11-02

More for Progressive: Company index · 10-K and 10-Q summary · 8-K filings and events

PeriodQ2 FY2026

Published

Progressive reported $23.61 billion in total revenues for Q2 FY2026, the quarter ended June 30, 2026, up 7.3% from a year earlier, and net income of $3.31 billion, up 4.3%, or $5.67 per diluted share. The growth came from the insurance book, where net premiums earned reached $21.57 billion, up 6.2%, while margin narrowed: the combined ratio was 87.3%, up 1.1 points, as higher bodily injury claim severity and heavier advertising spending absorbed more of each premium dollar. The earnings increase came from investment results rather than from underwriting profit, which slipped below the year-ago level, and most of that gain was in net realized gains on securities rather than in recurring investment income.

MetricAmountvs. year ago
Revenue$23,609,000,000up 7.3%
Net income$3,311,000,000up 4.3%
Diluted EPS$5.67up 5.0%
Net premiums earned$21,573,000,000up 6.2%
Combined ratio87.3%up 1.1 points

About this file

TickerPGR
CIK0000080661
CompanyThe Progressive Corporation
Business typeinsurer
Schema templateinsurer (property-casualty): premiums earned, underwriting result, combined ratio, investment income, reserves, book value per share
Reporting currencyUSD
Converted to USDno
Unitsactual dollars (not millions); ratios and margins are percentages; per-share amounts are actual dollars per common share; policies in force are counts of policies

PGR annual income statement, balance sheet and cash flow

FY2025FY2024FY2023
Fiscal year202520242023
LabelFY2025FY2024FY2023
Period start2025-01-012024-01-012023-01-01
Period end2025-12-312024-12-312023-12-31
Period typefiscal yearfiscal yearfiscal year
Source accession0000080661-26-0000860000080661-26-0000860000080661-26-000086
Income statement
Net premiums earned81,661,000,00070,799,000,00058,665,000,000
Investment income3,583,000,0002,832,000,0001,892,000,000
Total net realized gains losses on securities727,000,000264,000,000353,000,000
Fees and other revenues1,196,000,0001,064,000,000889,000,000
Service revenues504,000,000413,000,000310,000,000
Total revenues87,671,000,00075,372,000,00062,109,000,000
Losses and loss adjustment expenses53,959,000,00049,060,000,00045,655,000,000
Policy acquisition costs6,096,000,0005,383,000,0004,665,000,000
Other underwriting expenses11,329,000,0009,462,000,0006,242,000,000
Policyholder credit expense1,224,000,00000
Investment expenses34,000,00029,000,00026,000,000
Service expenses528,000,000446,000,000349,000,000
Interest expense278,000,000279,000,000268,000,000
Total expenses73,448,000,00064,659,000,00057,205,000,000
Income before income taxes14,223,000,00010,713,000,0004,904,000,000
Provision for income taxes2,915,000,0002,233,000,0001,001,000,000
Net income11,308,000,0008,480,000,0003,903,000,000
Net income available to common shareholders11,308,000,0008,463,000,0003,865,000,000
Net premiums written83,174,000,00074,424,000,00061,550,000,000
Basic shares586,300,000585,500,000584,900,000
Diluted shares588,100,000587,700,000587,500,000
Basic EPS19.2914.456.61
Diluted EPS19.2314.46.58
Underwriting
Pretax underwriting profit10,249,000,0007,958,000,0002,992,000,000
Underwriting margin %12.6%11.2%5.1%
Loss and loss adjustment expense ratio65.969.177.6
Underwriting expense ratio21.519.717.3
Combined ratio87.488.894.9
Policies in force38,619,00034,952,00029,690,000
Balance sheet
Total investments97,373,000,00080,250,000,000
Total cash and equivalents including restricted138,000,000154,000,000
Premiums receivable net15,362,000,00014,369,000,000
Total assets123,039,000,000105,745,000,00088,691,000,000
Unearned premiums25,219,000,00023,858,000,000
Loss and loss adjustment expense reserves43,310,000,00039,057,000,000
Total debt6,897,000,0006,893,000,0006,889,000,000
Total liabilities92,716,000,00080,154,000,000
Total shareholders equity30,323,000,00025,591,000,00020,277,000,000
Book value per share51.7443.6933.8
Common shares outstanding586,100,000585,800,000585,300,000
Cash flow
Operating cash flow17,548,000,00015,119,000,00010,643,000,000
Capex-348,000,000-285,000,000-252,000,000
Dividends paid to common shareholders-2,871,000,000-674,000,000-234,000,000
Free cash flow17,200,000,00014,834,000,00010,391,000,000

PGR quarterly income statement, balance sheet and cash flow

Q2 2026Q2 2025
LabelQ2 2026Q2 2025
Period start2026-04-012025-04-01
Period end2026-06-302025-06-30
Period typethree monthsthree months
Source accession0000080661-26-0003080000080661-26-000308
Income statement
Net premiums earned21,573,000,00020,310,000,000
Investment income979,000,000871,000,000
Total net realized gains losses on securities604,000,000387,000,000
Fees and other revenues305,000,000303,000,000
Service revenues148,000,000133,000,000
Total revenues23,609,000,00022,004,000,000
Losses and loss adjustment expenses14,572,000,00013,605,000,000
Policy acquisition costs1,567,000,0001,511,000,000
Other underwriting expenses3,009,000,0002,689,000,000
Investment expenses10,000,0009,000,000
Service expenses154,000,000139,000,000
Interest expense88,000,00069,000,000
Total expenses19,400,000,00018,022,000,000
Income before income taxes4,209,000,0003,982,000,000
Provision for income taxes898,000,000807,000,000
Net income3,311,000,0003,175,000,000
Basic shares583,000,000586,200,000
Diluted shares584,200,000587,800,000
Basic EPS5.685.42
Diluted EPS5.675.4
Net premiums written21,077,000,00020,076,000,000
Underwriting
Pretax underwriting profit2,730,000,0002,808,000,000
Underwriting margin %12.7%13.8%
Loss and loss adjustment expense ratio67.466.8
Underwriting expense ratio19.919.4
Combined ratio87.386.2
Policies in force40,086,00037,315,000
Balance sheet
Total investments97,221,000,00088,610,000,000
Total cash and equivalents including restricted193,000,000135,000,000
Premiums receivable net17,106,000,00016,406,000,000
Total assets124,925,000,000115,480,000,000
Unearned premiums27,401,000,00026,335,000,000
Loss and loss adjustment expense reserves45,567,000,00041,154,000,000
Total debt8,387,000,0006,895,000,000
Total liabilities90,592,000,00082,876,000,000
Total shareholders equity34,333,000,00032,604,000,000
Common shares outstanding581,400,000586,000,000
Book value per share59.0555.64
Book value per share sourceReported by Progressive in its June 2026 monthly results release, furnished as Exhibit 99 to the Form 8-K filed 2026-07-15 (accession 0000080661-26-000262), whose balance sheet figures agree line for line with the June 30, 2026 column of the 10-Q.
Book value per share basisTotal shareholders' equity of $32,604 million divided by the 586 million common shares outstanding shown on the 10-Q balance sheet (798 million issued less 212 million treasury shares). The share count is rounded to millions on the face of the balance sheet, so this figure is approximate to about a cent.

PGR year-to-date income statement and cash flow

Six months ended June 30, 2026
LabelSix months ended June 30, 2026
Period start2026-01-01
Period end2026-06-30
Period typesix months
Source accession0000080661-26-000308
Income statement
Net premiums earned42,541,000,000
Investment income1,896,000,000
Total net realized gains losses on securities484,000,000
Fees and other revenues602,000,000
Service revenues274,000,000
Total revenues45,797,000,000
Losses and loss adjustment expenses28,399,000,000
Policy acquisition costs3,105,000,000
Other underwriting expenses6,057,000,000
Investment expenses18,000,000
Service expenses285,000,000
Interest expense158,000,000
Total expenses38,022,000,000
Income before income taxes7,775,000,000
Provision for income taxes1,646,000,000
Net income6,129,000,000
Basic shares584,300,000
Diluted shares585,600,000
Basic EPS10.49
Diluted EPS10.47
Net premiums written44,718,000,000
Underwriting
Pretax underwriting profit5,582,000,000
Underwriting margin %13.1%
Loss and loss adjustment expense ratio66.7
Underwriting expense ratio20.2
Combined ratio86.9
Cash flow
Operating cash flow7,974,000,000
Capex-201,000,000
Dividends paid to common shareholders-8,030,000,000
Free cash flow7,773,000,000

PGR trailing twelve month income statement and cash flow

Trailing twelve months ended June 30, 2026
LabelTrailing twelve months ended June 30, 2026
Period start2025-07-01
Period end2026-06-30
Period typetrailing twelve months
Source accession0000080661-26-000308
DerivationFY2025 as reported in the 10-K (accession 0000080661-26-000086) less the six months ended June 30, 2025 plus the six months ended June 30, 2026, both as reported in the 10-Q (accession 0000080661-26-000308).
Income statement
Net premiums earned84,483,000,000
Investment income3,794,000,000
Total net realized gains losses on securities1,036,000,000
Fees and other revenues1,208,000,000
Service revenues534,000,000
Total revenues91,055,000,000
Losses and loss adjustment expenses55,949,000,000
Policy acquisition costs6,234,000,000
Other underwriting expenses11,978,000,000
Investment expenses36,000,000
Service expenses557,000,000
Interest expense297,000,000
Total expenses76,275,000,000
Income before income taxes14,780,000,000
Provision for income taxes3,085,000,000
Net income11,695,000,000
Policyholder credit expense1,224,000,000
Diluted EPS19.93
Cash flow
Operating cash flow16,339,000,000
Capex-388,000,000
Dividends paid to common shareholders-8,147,000,000
Free cash flow15,951,000,000

Adjustments

Value
Splits appliednone
ADR ration/a
FXNone. Progressive reports in U.S. dollars only.

Source filings

RoleCurrentFormFiscal yearFiscal periodTagPeriod endFiledAccessionUrlSource
annualno10-K2025FYFY252025-12-312026-03-020000080661-26-000086https://www.sec.gov/Archives/edgar/data/80661/000008066126000086/0000080661-26-000086-index.htmreported
quarterlyyes10-Q2026Q2FY26Q22026-06-302026-08-030000080661-26-000308https://www.sec.gov/Archives/edgar/data/80661/000008066126000308/0000080661-26-000308-index.htmfacts

Prior year to date

Six months ended June 30, 2025
LabelSix months ended June 30, 2025
Period start2025-01-01
Period end2025-06-30
Period typesix months
Source accession0000080661-26-000308
Income statement
Net premiums earned39,719,000,000
Investment income1,685,000,000
Total net realized gains losses on securities175,000,000
Fees and other revenues590,000,000
Service revenues244,000,000
Total revenues42,413,000,000
Losses and loss adjustment expenses26,409,000,000
Policy acquisition costs2,967,000,000
Other underwriting expenses5,408,000,000
Investment expenses16,000,000
Service expenses256,000,000
Interest expense139,000,000
Total expenses35,195,000,000
Income before income taxes7,218,000,000
Provision for income taxes1,476,000,000
Net income5,742,000,000
Basic shares586,100,000
Diluted shares587,700,000
Basic EPS9.8
Diluted EPS9.77
Net premiums written42,282,000,000
Underwriting
Pretax underwriting profit5,525,000,000
Underwriting margin %13.9%
Loss and loss adjustment expense ratio66.3
Underwriting expense ratio19.8
Combined ratio86.1
Cash flow
Operating cash flow9,183,000,000
Capex-161,000,000
Dividends paid to common shareholders-2,754,000,000
Free cash flow9,022,000,000

Notes

  • Progressive is a property-casualty insurer, so this record uses an insurer schema: net premiums earned and written, underwriting profit and the combined ratio, investment income, loss and loss adjustment expense reserves, unearned premiums, policies in force and book value per common share. Revenue/cost-of-goods/capex framing does not describe this business.
  • The FY2025, FY2024 and FY2023 figures come from the Form 10-K for the year ended December 31, 2025 (accession 0000080661-26-000086). Progressive's audited consolidated financial statements are not printed in the body of that 10-K: they are filed as Exhibit 13 to it (the 2025 Annual Report to Shareholders) and incorporated by reference into Item 8. Every annual figure here was read from that exhibit.
  • The quarterly, six-month and balance-sheet figures come from the Form 10-Q for the quarter ended June 30, 2026 (accession 0000080661-26-000308).
  • Quarterly entries hold discrete three-month periods only. The six-month columns the 10-Q prints beside them are kept separately in 'year_to_date' (six months ended June 30, 2026) and 'prior_year_to_date' (six months ended June 30, 2025) so that no cumulative figure is ever read as a quarter.
  • The quarterly entries carry no cash flow statement. Progressive's 10-Q presents cash flows for the six months ended June 30 only, with no three-month column, and the first-quarter cash flows needed to difference one out are not in either of the two filings this record is built from. The six-month cash flows are reported in full in 'year_to_date' and 'prior_year_to_date'.
  • 'trailing_twelve_months' is derived, not filed: full-year 2025 as reported in the 10-K, less the six months ended June 30, 2025, plus the six months ended June 30, 2026, both as reported in the 10-Q. Trailing-twelve-month diluted earnings per share of $19.93 is the same combination applied to the reported per-share amounts ($19.23 - $9.77 + $10.47); no weighted average share count is published for a trailing twelve month period, so none is shown.
  • The 10-K's consolidated balance sheet presents December 31, 2025 and 2024 only. The FY2023 balance-sheet items shown here (total assets, debt outstanding, total shareholders' equity, book value per common share and common shares outstanding) are the ones printed in the 10-K's ten-year summary of selected financial information; no full December 31, 2023 balance sheet is presented, so total liabilities and the individual asset and liability captions are not reported for that year.
  • Book value per common share for FY2023 is the figure Progressive publishes, which divides equity attributable to common shareholders by common shares outstanding. It is lower than total shareholders' equity per share for that year because $494 million of Serial Preferred Shares, Series B, were still outstanding at December 31, 2023; those shares were redeemed in February 2024.
  • Earnings per share for FY2024 and FY2023 is struck on net income available to common shareholders ($8,463 million and $3,865 million), which is net income less preferred share dividends. From FY2025 onward there is no preferred stock outstanding, so the two figures are the same.
  • FY2025 expenses include a $1,224 million policyholder credit expense, which the filing attributes to a Florida statute limiting the profit an insurance group may earn on personal auto insurance over any contiguous three-accident-year period. There was no such expense in FY2024 or FY2023. The 10-Q reports that $1.2 billion of those credits were paid in the first quarter of 2026, which is why six-month 2026 operating cash flow is below the same period of 2025 even though earnings rose.
  • Free cash flow is operating cash flow less purchases of property and equipment. For an insurer this is a weak measure of discretionary cash: the great majority of Progressive's investing activity is the purchase and sale of investment securities funded by policyholder float, not capital spending.
  • Combined ratios, underwriting margins and the loss and underwriting expense ratios shown here are Progressive's total underwriting operations figures on a GAAP basis, as presented in the underwriting performance tables of the 10-K's Exhibit 13 and of the 10-Q. The 10-K's ten-year summary separately quotes a statutory combined ratio, which is calculated on a different basis and is not what is reported here.
  • Net premiums written for the fiscal years is the figure printed in the 10-K's ten-year summary of selected financial information. The 10-Q does not present net premiums written in dollars, so the quarterly and six-month figures come instead from Progressive's June 2026 monthly results release (Exhibit 99 to the Form 8-K filed 2026-07-15, accession 0000080661-26-000262), which reports $21,077 million for the quarter ended June 30, 2026 and $20,076 million for the quarter ended June 30, 2025, and $44,718 million and $42,282 million for the six months ended June 30, 2026 and 2025.
  • Total debt is the single 'Debt' caption on the face of each balance sheet. At December 31, 2025 it consisted solely of long-term debt; at June 30, 2026 it consists of both short-term and long-term debt and includes $1.5 billion of senior notes issued in the first quarter of 2026.
  • Book value per common share at June 30, 2026 of $59.05 and the 581.4 million common shares outstanding behind it are the figures Progressive published in its June 2026 monthly results release (Exhibit 99 to the Form 8-K filed 2026-07-15, accession 0000080661-26-000262); that release's balance sheet agrees line for line with the June 30, 2026 column of the 10-Q. The June 30, 2025 figure is derived instead, because no corresponding release is part of this record.
  • Policies in force are counts of policies, not dollars. The June 30, 2026 and June 30, 2025 counts are the companywide totals printed in the 10-Q. The fiscal-year counts are the sum of the Personal Lines and Commercial Lines counts printed in the 10-K's ten-year summary, which does not print a companywide total.
  • Progressive has had no stock splits in the period covered, reports in U.S. dollars, and is not an ADR, so no split, currency or per-ADS adjustment has been applied.

Uncertainties

  • Book value per common share at June 30, 2025 ($55.64) is derived, not printed. It divides total shareholders' equity of $32,604 million by the 586 million common shares outstanding implied by the 10-Q balance sheet (798 million issued less 212 million treasury shares). Because that share count is rounded to the nearest million on the face of the filing, the result could be off by a cent or two.
  • Fiscal-year policies in force (38.6 million for 2025, 35.0 million for 2024 and 29.7 million for 2023) are sums of the two segment counts the 10-K prints; the filing does not print a companywide year-end total, so these are additions rather than quoted figures.
  • Trailing-twelve-month figures are arithmetic on reported periods and are not a statement Progressive files. Where the company later restates a quarter, they would move.
  • No three-month cash flow figures are reported for either quarter. The 10-Q's cash flow statement covers the six months only, and the earlier quarter needed to difference one out is not in the filings this record covers.
  • No December 31, 2023 balance sheet is reported beyond the handful of items the ten-year summary prints, because the 10-K's balance sheet presents only 2025 and 2024.

Company details

Value
NameProgressive Corp/Oh/
TickerPGR
CIK0000080661
ExchangeNYSE
StateOhio
IncorporationOhio
SIC6331
OfficeFinance
IndustryFire, Marine & Casualty Insurance

Fiscal period

FY2026
Fiscal year2026
Fiscal periodQ2
TagFY26Q2
Period end2026-06-30
Form10-Q
Accession0000080661-26-000308
Fiscal year end1231
Sourcefacts

FAQ · Progressive financial statements

How much did Progressive earn in Q2 FY2026?

Progressive reported net income of $3.31 billion for Q2 FY2026, the quarter ended June 30, 2026, or $5.67 per diluted share. That is up 4.3% from $3.17 billion in the same quarter a year earlier, an increase that came from investment results, chiefly higher net realized gains on securities rather than recurring investment income, and not from underwriting profit.

How much revenue did Progressive report in Q2 FY2026?

Progressive reported $23.61 billion in total revenues for Q2 FY2026, the quarter ended June 30, 2026, up 7.3% from $22.00 billion a year earlier. Net premiums earned, by far the largest component, were $21.57 billion, up 6.2%.

What was Progressive's combined ratio in Q2 FY2026?

Progressive's combined ratio was 87.3% in Q2 FY2026, up 1.1 points from 86.2% a year earlier. The ratio measures claims and expenses as a share of premiums earned, so the rise means the underwriting margin narrowed even though the business stayed profitable before investment results.

What was Progressive's earnings per share in Q2 FY2026?

Progressive reported diluted earnings per share of $5.67 for Q2 FY2026, the quarter ended June 30, 2026. That is up 5.0% from $5.40 in the same quarter a year earlier, on a slightly smaller diluted share count.

Where can I get The Progressive Corporation (PGR) financial data in machine-readable form?

Ticker Scout publishes The Progressive Corporation's financial statements as JSON at https://tickerscout.ai/pgr/financials.json, free, with no API key and no signup. The 10-K and 10-Q narrative and the 8-K events digest are published as Markdown at https://tickerscout.ai/pgr/narrative.md and https://tickerscout.ai/pgr/events.md. The Progressive Corporation's SEC CIK is 0000080661. Every figure cites the SEC accession number it came from, so it can be checked against sec.gov.

When does The Progressive Corporation (PGR) next file with the SEC?

The Progressive Corporation (PGR) is expected to file its next Form 10-Q with the SEC on or around November 2, 2026. That date is a projection rather than a company-announced date: it is derived from The Progressive Corporation's own filing history with the SEC, by taking the date the company filed the same fiscal period a year earlier and adding 52 weeks. The most recent periodic report on file is the 10-Q for Q2 FY2026, the period ended 2026-06-30, SEC accession 0000080661-26-000308.

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How this page was built

This page was built from three of The Progressive Corporation's own filings with the SEC, read one at a time. Nothing on it is taken from a pre-tagged dataset, a data vendor or another website. The figures are on the company's own fiscal calendar and in actual dollars, as the filings report them. Where the filings do not support a figure, the record says so instead of reporting a zero; this period names five such gaps.

A single company files thousands of pages with the SEC in a year, and no two companies file them the same way, so the reading and the assembly here are done by AI rather than by rules that break on the differences. Every pass is then audited back against the filings it came from before the page is published, and anything the filings do not support is left out and named rather than filled in. AI can still make mistakes. That is why the accession numbers are printed: the filing is the authority, and this page is a route to it.

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