$PGR

PROGRESSIVE CORP/OH/

CIK:0000080661|SEC Filings

Consolidated Statements of Comprehensive Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Net premiums earned	$ 21,573.0	$ 20,310.0	$ 42,541.0	$ 39,719.0
Investment income	979.0	871.0	1,896.0	1,685.0
Net realized gains (losses) on securities:
Net realized gains (losses) on security sales	16.0	19.0	112.0	20.0
Net holding period gains (losses) on securities	588.0	368.0	372.0	155.0
Total net realized gains (losses) on securities	604.0	387.0	484.0	175.0
Fees and other revenues	305.0	303.0	602.0	590.0
Service revenues	148.0	133.0	274.0	244.0
Total revenues	23,609.0	22,004.0	45,797.0	42,413.0
Expenses
Losses and loss adjustment expenses	14,572.0	13,605.0	28,399.0	26,409.0
Policy acquisition costs	1,567.0	1,511.0	3,105.0	2,967.0
Other underwriting expenses	3,009.0	2,689.0	6,057.0	5,408.0
Investment expenses	10.0	9.0	18.0	16.0
Service expenses	154.0	139.0	285.0	256.0
Interest expense	88.0	69.0	158.0	139.0
Total expenses	19,400.0	18,022.0	38,022.0	35,195.0
Net Income
Income before income taxes	4,209.0	3,982.0	7,775.0	7,218.0
Provision for income taxes	898.0	807.0	1,646.0	1,476.0
Net income	3,311.0	3,175.0	6,129.0	5,742.0
Changes in:
Total net unrealized gains (losses) on fixed-maturity securities	(375.0)	428.0	(949.0)	1,327.0
Net unrealized losses on forecasted transactions	0.0	1.0	0.0	1.0
Foreign currency translation adjustment	(1.0)	0.0	(1.0)	0.0
Other comprehensive income (loss)	(376.0)	429.0	(950.0)	1,328.0
Comprehensive income (loss)	$ 2,935.0	$ 3,604.0	$ 5,179.0	$ 7,070.0
Computation of Earnings Per Common Share
Average common shares outstanding - Basic (in shares)	583.0	586.2	584.3	586.1
Net effect of dilutive stock-based compensation (in shares)	1.2	1.6	1.3	1.6
Total average equivalent common shares - Diluted (in shares)	584.2	587.8	585.6	587.7
Basic: Earnings per common shares (in dollars per share)	$ 5.68	$ 5.42	$ 10.49	$ 9.80
Diluted: Earnings per common share (in dollars per share)	$ 5.67	$ 5.40	$ 10.47	$ 9.77

Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows From Operating Activities
Net income	$ 6,129	$ 5,742
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	157	149
Net amortization (accretion) of fixed-income securities	(79)	(55)
Amortization of equity-based compensation	52	48
Net realized (gains) losses on securities	(484)	(175)
Net (gains) losses on disposition of property and equipment	2	1
Changes in:
Premiums receivable	(1,744)	(2,037)
Reinsurance recoverables	164	568
Prepaid reinsurance premiums	(5)	86
Deferred acquisition costs	(167)	(149)
Income taxes	241	(173)
Unearned premiums	2,182	2,477
Loss and loss adjustment expense reserves	2,257	2,097
Accounts payable, accrued expenses, and other liabilities	(572)	550
Other, net	(159)	54
Net cash provided by operating activities	7,974	9,183
Purchases:
Fixed maturities	(32,153)	(26,354)
Equity securities	(178)	(87)
Sales:
Fixed maturities	18,454	17,086
Equity securities	115	151
Maturities, paydowns, calls, and other:
Fixed maturities	5,032	4,006
Equity securities	164	177
Net (purchases) sales of short-term investments	8,080	(1,429)
Net change in unsettled security transactions	368	178
Purchases of property and equipment	(201)	(161)
Sales of property and equipment	35	52
Net cash used in investing activities	(284)	(6,381)
Cash Flows From Financing Activities
Dividends paid to common shareholders	(8,030)	(2,754)
Acquisition of treasury shares for equity award tax liabilities	(44)	(55)
Acquisition of treasury shares acquired in open market	(1,048)	(12)
Net proceeds from debt issuances	1,487	0
Net cash used in financing activities	(7,635)	(2,821)
Increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents	55	(19)
Cash, cash equivalents, restricted cash, and restricted cash equivalents – January 1	138	154
Cash, cash equivalents, restricted cash, and restricted cash equivalents – June 30	$ 193	$ 135