Income StatementBalance SheetCash FlowSegments
Progressive logo

Progressive Cash Flow Statement

Operating, investing, and financing cash movements

Progressive generated $15.1B in operating cash flow over the trailing twelve months. After $368.0M in capital expenditures, free cash flow was $14.7B. Free cash flow decreased 0.2% year-over-year. Based on the Q1 2026 filing.

Net Cash From Operating$4.4BNet Cash From Investing$2.6BNet Cash From Financing-$7.0BCapital Expenditures$63.0MDepreciation And Amortization Cf$83.0MNet Change In Cash$41.0M
Latest FilingQ1 2026
Report Date2026-05-04
Market Cap$119.20B
P/E Ratio10.33
ROE34.19%

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gain on sale of property, plant, and equipment—-$3.0M———-$3.0M
Change in accounts payable—$334.0M$216.0M$1.5B—-$788.0M
Change in income taxes payable/receivable$0.0$667.0M-$840.0M$35.0M-$62.0M$830.0M
Other working capital changes$75.9M$34.0M-$88.0M$196.0M—$141.0M
Net cash from operating activities$3.0B$5.1B$4.0B$5.2B$3.2B$4.4B
Net income$2.4B$2.6B$3.2B$2.6B$3.0B$2.8B
Accretion (Amortization) of Discounts and Premiums, Investments—$21.0M———$47.0M
Depreciation—$70.0M———$75.0M
Increase (Decrease) in Deferred Policy Acquisition Costs—$107.0M———$87.0M
Unpaid losses and loss expenses—$765.0M———$1.1B
Increase (Decrease) in Premiums Receivable—$2.4B-$405.0M$113.0M—$2.3B
Increase Decrease In Prepaid Reinsurance Premiums$124.8M-$43.0M-$43.0M-$48.0M-$18.0M$1.0M
Increase (Decrease) in Reinsurance Recoverable-$116.6M-$316.0M-$252.0M-$90.0M-$24.0M-$80.0M
Unearned premiums—$2.8B———$2.7B
Net realized gains (losses)—-$212.0M$387.0M$295.0M$257.0M-$120.0M
Stock-based compensation expense — restricted shares—$16.0M———$16.0M

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Debt Borrowings, Net of Issuance Costs—$0.0———$1.5B
Dividends paid$58.9M$2.7B$59.0M$58.0M$59.0M$8.0B
Payments for Repurchase of Common Stock for Restricted Stock Tax Liabilities$300.0K$54.0M$1.0M$37.0M$0.0$43.0M
Payments for Repurchase of Common Stock in the Open Market$3.3M$0.0$12.0M$3.0M$59.0M$435.0M
Net cash from financing activities-$59.3M-$2.7B-$72.0M-$98.0M-$118.0M-$7.0B

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital expenditures$110.2M$59.0M$102.0M$66.0M$121.0M$63.0M
Payments to Acquire Equity Securities, FV-NI—$86.0M———$57.0M
Equity securities$0.0$87.0M$90.0M$63.0M$35.0M$152.0M
Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-Sale—$2.0B———$2.5B
Net change in unsettled security transactions—$172.0M$6.0M$220.0M—$243.0M
Sale of investments—$14.7B———$11.1B
Proceeds from disposal of certain strategic investments—$149.0M———$56.0M
Proceeds from disposals of property, plant and equipment—$13.0M———$14.0M
Net cash from investing activities-$2.9B-$2.3B-$4.0B-$5.0B-$3.1B$2.6B
Payments for (Proceeds from) Short-Term Investments-$146.7M$2.0B-$535.0M-$604.0M$8.5B-$7.9B
Purchases of investments$11.9B$17.3B$9.0B$8.6B$14.7B$19.3B

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow$2.9B$5.1B$3.9B$5.1B$3.0B$4.3B

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net increase (decrease) in cash$6.6M$53.0M-$72.0M$50.0M-$47.0M$41.0M