Free cash flow
Progressive Free cash flow decreased by 40.6% to $3.05B in Q4 2025 compared to the prior quarter. Year-over-year, this metric grew by 5.2%, from $2.90B to $3.05B. Over 4 years (FY 2021 to FY 2025), Free cash flow shows an upward trend with a 23.0% CAGR. This decline may warrant attention — for this metric, higher values are generally preferred.
Analysis
How to read this metric
An increase suggests strong operational efficiency and the ability to self-fund future innovation or return capital to shareholders, while a decrease may indicate heavy capital expenditure cycles or declining operational profitability.
Detailed definition
Free cash flow represents the cash generated by a company after accounting for cash outflows to support operations and m...
Peer comparison
High-growth semiconductor and AI infrastructure peers typically prioritize reinvestment, so free cash flow margins are often compared against R&D intensity and capital expenditure requirements of industry rivals.
cf_free_cash_flowHistorical Data
| Q2 '21 | Q3 '21 | Q4 '21 | Q1 '22 | Q2 '22 | Q3 '22 | Q4 '22 | Q1 '23 | Q2 '23 | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Value | $2.28B | $2.28B | $396.90M | $2.43B | $1.33B | $1.92B | $882.60M | $2.41B | $2.25B | $3.38B | $2.36B | $4.19B | $3.20B | $4.55B | $2.90B | $5.08B | $3.94B | $5.13B | $3.05B |
| QoQ Change | — | +0.2% | -82.6% | +512.1% | -45.4% | +44.7% | -54.0% | +172.6% | -6.6% | +50.6% | -30.4% | +77.7% | -23.6% | +42.4% | -36.4% | +75.5% | -22.5% | +30.2% | -40.6% |
| YoY Change | — | — | — | — | -41.7% | -15.9% | +122.4% | -0.9% | +69.4% | +76.3% | +166.8% | +73.9% | +42.3% | +34.6% | +23.0% | +21.5% | +23.1% | +12.6% | +5.2% |
Free cash flow at Other Companies
Frequently Asked Questions
- What is Progressive's free cash flow?
- Progressive (PGR) reported free cash flow of $3.05B in Q4 2025.
- How has Progressive's free cash flow changed year-over-year?
- Progressive's free cash flow increased by 5.2% year-over-year, from $2.90B to $3.05B.
- What is the long-term trend for Progressive's free cash flow?
- Over 4 years (2021 to 2025), Progressive's free cash flow has grown at a 23.0% compound annual growth rate (CAGR), from $7.52B to $17.20B.
- What does free cash flow mean?
- The cash a company has left over after paying for its operating expenses and capital investments.