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Progressive PGR Q4 2025 Annual earnings

Reported January 28, 2026 · Before market open

Revenue$19.5BMiss by $792.4M
EPS$4.67Beat by $0.23
Revenue estimate$20.3B
EPS estimate$4.44

Next report

Oct 14, 2026 (in 2 months)
Revenue estimate$22.2B
EPS estimate$3.98

Financials

Q4 2025

Income statement

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Revenue$22.7B+12.2%
Net income$3.0B+25.3%
EPS (diluted)$5.02+25.2%

Balance sheet

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Cash & equivalents$125.0M-12.6%
Total debt$7.1B+0.2%
Total equity$30.3B+18.5%
Total assets$123.04B+16.4%

Cash flow

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Operating cash flow$3.2B+5.4%
CapEx$121.0M+10.0%
Free cash flow$3.0B+5.2%

Valuation & ratios

Valuation

as of 12/31/25
See full
Market cap$133.49B-4.9%
Enterprise value$140.47B-4.6%
P/E11.8×-4.7×
P/S1.5×-0.3×

Profitability

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Net margin12.9%+1.6pp
FCF margin19.6%-0.1pp

Returns & leverage

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Return on equity40.4%+3.5pp
Debt / equity0.2×0.0×

FAQ

When did Progressive report Q4 2025 earnings?
Progressive (PGR) reported Q4 2025 earnings on January 28, 2026 before market open.
What were Progressive's Q4 2025 revenue and EPS?
Progressive reported revenue of $19.5B and eps of $4.67 for Q4 2025.
Did Progressive beat estimates in Q4 2025?
Revenue missed the consensus estimate of $20.3B by $792.4M. EPS beat the consensus estimate of $4.44 by $0.23.
How did Progressive's Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue declined 3.7% from $20.3B a year earlier and eps grew 14.5% from $4.08.
Where can I find Progressive's Q4 2025 SEC filings?
You can read the 8-K earnings release (0000080661-26-000071) and the 10-K periodic report (0000080661-26-000086) directly on SEC EDGAR. The filing index links above go to sec.gov.