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Progressive Corporation delivered a strong FY2025, with revenue rising 16.3% to $87.7B and net income surging 33.3% to $11.3B, reflecting robust underwriting profitability and disciplined growth across its insurance segments.
Revenue
$87.67B
++16.32% YoY
EPS (Basic)
$19.29
++33.49% YoY
Filed · Analysis updated · Source: SEC EDGAR 10-K filing
Total revenue grew 16.3% year-over-year from $75.4B to $87.7B in FY2025, indicating strong net written premium growth across personal and commercial lines as Progressive continued to gain market share in the auto insurance sector.
Source: Source: 10-K Financial Data (Income Statement)
Net income increased 33.3% to $11.3B in FY2025 from $8.5B in the prior year, with net margin expanding to approximately 12.9%, suggesting improved underwriting results and favorable loss trends relative to earned premiums.
Source: Source: 10-K Financial Data (Income Statement, Key Ratios)
Operating cash flow reached $17.5B in FY2025, up 16.1% from $15.1B, demonstrating Progressive's ability to convert premium revenue into cash efficiently and fund its investment portfolio and growth initiatives.
Source: Source: 10-K Financial Data (Cash Flow Statement)
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Upgrade to unlockAs a leading personal auto and property insurer, Progressive is materially exposed to catastrophic weather events such as hurricanes, hailstorms, and wildfires. Elevated catastrophe losses in any given period can significantly compress underwriting margins and reduce net income. The increasing frequency and severity of weather-related events due to climate change heightens this risk.
Source: Source: 10-K Risk Factors (inferred from business model and financial data)
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Upgrade to unlockReported EPS of $4.67 versus the $4.46 analyst consensus — a +4.8% beat for FY2025.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $87.67B | $75.37B | +16.32% |
Net Income | $11.31B | $8.48B | +33.35% |
EPS (Basic) | $19.29 | $14.45 | +33.49% |
EPS (Diluted) | $19.23 | $14.40 | +33.54% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $123.04B | $105.75B | +16.35% |
Total Liabilities | $92.72B | $80.15B | +15.67% |
Stockholders' Equity | $30.32B | $25.59B | +18.49% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash Flow | $17.55B | $15.12B | +16.07% |
Investing Cash Flow | $-14.53B | $-13.75B | -5.66% |
Financing Cash Flow | $-3.04B | $-1.32B | -130.78% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Net Margin | 12.9% | — | — |
ROE | 37.3% | — | — |
ROA | 9.2% | — | — |
Debt to Equity | $3.058 | — | — |
Other companies in Property & Casualty Insurance
Progressive had an excellent FY2025, with revenue growing 16.3% to $87.7B and net income jumping 33.3% to $11.3B. Diluted EPS reached $19.23, up from $14.40 in the prior year, reflecting strong underwriting profitability and premium growth.
Progressive's earnings growth in FY2025 was driven by expansion in net earned premiums across personal and commercial auto lines, combined with improved loss ratios that allowed net income to grow faster (33.3%) than revenue (16.3%). Operating cash flow also grew 16.1% to $17.5B, confirming strong underlying business momentum.
Key risks for Progressive include catastrophe loss exposure from severe weather events, reserve adequacy risk from rising loss cost inflation, and regulatory risk around state-level rate approvals. The company also carries a debt-to-equity ratio of approximately 3.06x, which amplifies the impact of any adverse underwriting or investment results.
Progressive's financial health appears strong: total assets grew 16.4% to $123.0B, stockholders' equity increased 18.5% to $30.3B, and ROE stood at an impressive 37.3%. Operating cash flow of $17.5B provides ample liquidity to support claims payments, investment activity, and potential capital returns.
Progressive's net margin improved to approximately 12.9% in FY2025, up from roughly 11.3% in FY2024, indicating that the company became more profitable on each dollar of revenue earned. This margin expansion reflects better underwriting results and operating leverage as the premium base scaled.