Progressive
Writes auto, property and small-business insurance through direct and independent-agent channels.
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Profile
Writes personal and commercial auto, residential property, recreational-vehicle and small-business insurance across the United States, earning mainly from premiums and investments. Personal auto dominates a two-segment portfolio sold online, by phone and through independent agents, with pricing shaped by risk segmentation and telematics data.
Underwrites personal auto insurance at the center of a broader U.S. property-casualty portfolio. Personal Lines also includes homeowners, renters, motorcycles, boats and recreational vehicles; Commercial Lines covers business vehicles, small-business property and liability, and transportation-focused workers’ compensation. Policies reach customers online, by phone and through independent agents.
Combines granular risk segmentation, telematics programs such as Snapshot, disciplined expense control and largely in-house vehicle claims handling. Personal auto supplies most premiums, while home bundling broadens customer relationships; operations span the United States.
Earns primarily from insurance premiums and investment income, targeting profitable underwriting before growth. Results depend on matching price to risk and controlling claim costs. State-by-state regulation can restrict or delay rate changes, and the smaller property book carries catastrophe exposure partly transferred through reinsurance.
Company facts
Key statistics
Year to date +3.1% · Average volume (30d) 2.4M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 27, 2026 | UBS | Reiterate | Neutral | $230 | $234 | |
| Aug 20, 2026 | Roth Capital | Reiterate | Buy | $235 | $245 | |
| Aug 20, 2026 | Keefe, Bruyette & Woods | Upgrade | Market Perform | Outperform | ||
| Aug 19, 2026 | Goldman Sachs | Reiterate | Buy | $225 | $230 | |
| Aug 19, 2026 | Jefferies | Reiterate | Hold | $216 | $228 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 15, 2026Q2 FY26 | $4.64 | $4.85 | +4.5% | $19.49B | $21.08B | +8.2% | +0.28% |
| Apr 15, 2026Q1 FY26 | $4.85 | $4.96 | +2.3% | $22.98B | $23.64B | +2.9% | +1.11% |
| Jan 28, 2026Q4 FY25 | $4.44 | $4.67 | +5.2% | $20.30B | $19.51B | −3.9% | −2.11% |
| Oct 15, 2025Q3 FY25 | $4.99 | $4.05 | −18.8% | $21.80B | $22.51B | +3.3% | −2.10% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $20.40B | $22.00B | $22.51B | $22.74B | $22.18B | $23.62B | |
| Gross profit | $6.14B | $6.88B | $3.55B | $6.66B | $8.35B | $5.94B | |
| Operating income | $3.24B | $3.98B | $3.32B | $3.68B | $3.57B | $4.21B | |
| Net income | $2.57B | $3.18B | $2.62B | $2.95B | $2.82B | $3.31B | |
| Diluted EPS | $4.37 | $5.40 | $4.45 | $5.02 | $4.80 | $5.67 | |
| Gross margin | 30.1% | 31.3% | 15.8% | 29.3% | 37.7% | 25.2% | |
| Operating margin | 15.9% | 18.1% | 14.8% | 16.2% | 16.1% | 17.8% |
Fiscal years (4-quarter sums)FY21 $47.68B · FY22 $49.59B · FY23 $62.08B · FY24 $75.34B · FY25 $87.65B
Revenue by product · Q1 FY26
Balance sheet, May 31, 2026Cash & short-term investments $2.16B · Total debt $8.39B · Total assets $124.93B · Shareholders' equity $34.33B
Dividends
Raised for 6 straight years. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jul 2, 2026 | Jul 2 | Jul 10 | $0.10 | |
| Apr 2, 2026 | Apr 2 | Apr 10 | $0.10 | cut from $13.60 |
| Jan 2, 2026 | Jan 2 | Jan 8 | $13.60 | raised from $0.10 |
| Oct 2, 2025 | Oct 2 | Oct 10 | $0.10 | |
| Jul 3, 2025 | Jul 3 | Jul 11 | $0.10 | |
| Apr 3, 2025 | Apr 3 | Apr 11 | $0.10 | |
| Jan 10, 2025 | Jan 9 | Jan 16 | $4.60 | special dividend |
| Oct 3, 2024 | Oct 3 | Oct 11 | $0.10 |
Ownership
Shares outstanding 581.40M · Float —
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 48.05M | 8.26% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 38.15M | 6.56% | 13F | Aug 13, 2026 |
| Capital Research Global Investors | 26.55M | 4.57% | 13F | Aug 12, 2026 |
| State Street Corp | 26.53M | 4.56% | 13F | Aug 7, 2026 |
| Geode Capital Management, LLC | 17.01M | 2.93% | 13F | Aug 12, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 20, 2026 | Steven Broz | officer: Chief Information Officer | −1,225 | $219.40 |
| Aug 13, 2026 | Lori A. Niederst | officer: Chief Personal Lines Officer | −7,339 | $209.29 |
| Jul 28, 2026 | Andrew J. Quigg | officer: VP and Chief Financial Officer | −3,499 | $220.00 |
| Jul 27, 2026 | Karen Bailo | officer: Commercial Lines President | −8,452 | $212.71 |
| Jul 27, 2026 | Jonathan S. Bauer | officer: Chief Investment Officer | −2,242 | $212.71 |
Peers
- Allstate
3rd-largest US personal P&C insurer; Arity telematics and agency+direct channel.
- Travelers
Commercial auto and specialty lines leader with #2 US commercial auto position.
- Root
Telematics-native personal auto insurtech; mobile-first UBI, newly profitable.
