At a glance
Progressive Corp is worth $135.52B, about 12 times its fiscal 2025 earnings. Revenue grew 16.3% to $87.67B in fiscal 2025, with 12.9% kept as profit; over 5 years it has grown 15.5% a year. It pays a 5.94% dividend yield, and returned $7.76B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +21.0% over the past year with dividends reinvested and +22.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 18.3% in the 2020 crash (S&P 500: 33.7%) and 10.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high within a month and 1 month after the lows.
The business in plain English
Progressive is a US insurer whose main business is car insurance. Its subsidiaries sell personal and commercial auto policies, homeowners and renters insurance, and coverage for motorcycles, boats and RVs. It also insures small businesses against liability and property losses and offers workers' compensation, mainly for the transportation industry.
Personal Lines, the consumer business, produced 87% of net premiums written in 2025 (premiums on policies sold, minus the share passed to reinsurers, which insure insurers). Vehicle coverage made up 96% of Personal Lines, and personal auto was 95% of that. Progressive ranked second in US private passenger auto insurance by 2024 premiums written. Property insurance for homes and renters was small, at 4% of Personal Lines premiums. In 2025, 57% of vehicle premiums came from customers buying direct, online or by phone, and 43% through more than 40,000 independent agencies.
Like other insurers, Progressive earns money in two ways: collecting more in premiums than it pays in claims and expenses, and investing premium money until claims come due. Snapshot, its usage-based program, lets drivers earn better rates based on how they actually drive. Progressive also encourages bundling auto and home policies; bundlers tend to stay longer and have lower claims costs. Revenue reached $87.7 billion in fiscal 2025, with net income of $11.3 billion.
Price history
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PGR +21.0% over the year to Nov 2, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $23.19B, up 3% from a year earlier, and net income was $2.54B (-2.8%).
- For fiscal 2025, revenue was $87.67B (+16.3% year over year; +15.5% a year from FY2020 to FY2025) with a 12.9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +15.5% good |
|---|---|
| Free cash flow margin | 19.6% good |
| Return on equity (FY2025) | 37.3% good |
| Return on assets (FY2025) | 9.2% good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $42.66B | $5.70B | $6.68B |
| FY2021 | $47.70B | $3.35B | $7.52B |
| FY2022 | $49.61B | $722.0M | $6.56B |
| FY2023 | $62.11B | $3.90B | $10.39B |
| FY2024 | $75.37B | $8.48B | $14.83B |
| FY2025 | $87.67B | $11.31B | $17.20B |
Valuation snapshot
| Market value | $135.52B |
|---|---|
| P/E ratio | 12.2 |
| Dividend yield | 5.94% |
Rank among 1514 US companies
Market value at each year end
Progressive’s market value went from $20.62B at the end of 2016 to $135.52B on Nov 2, 2026, about 6.6 times as much; since the end of 2025 it is up 1%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $135.52B | +1.5% |
| 2025 | $133.53B | -4.9% |
| 2024 | $140.37B | +50.6% |
| 2023 | $93.19B | +22.8% |
| 2022 | $75.89B | +26.4% |
| 2021 | $60.06B | +3.7% |
| 2020 | $57.90B | +36.8% |
| 2019 | $42.32B | +20.3% |
| 2018 | $35.18B | +7.4% |
| 2017 | $32.76B | +58.9% |
| 2016 | $20.62B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| PGR price data to Nov 2, 2026 | +9.5% | +21.0% | +17.3% | +22.5% | +25.8% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +9.5% |
| 2025 | -3.0% |
| 2024 | +51.4% |
| 2023 | +23.1% |
| 2022 | +26.8% |
| 2021 | +10.8% |
| 2020 | +41.5% |
| 2019 | +25.1% |
| 2018 | +9.4% |
| 2017 | +61.6% |
| 2016 | +14.9% |
| 2015 | +21.0% |
| 2014 | +3.2% |
| 2013 | +30.8% |
| 2012 | +15.5% |
| 2011 | +0.2% |
| 2010 | +17.1% |
| 2009 | +21.5% |
| 2008 | -22.1% |
| 2007 | -13.2% |
| 2006 | -16.9% |
| 2005 | +37.7% |
| 2004 | +1.5% |
| 2003 | +68.5% |
| 2002 | -0.2% |
| 2001 | +44.2% |
| 2000 | +41.8% |
| 1999 | -56.8% |
| 1998 | +41.4% |
| 1997 | +78.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 50.5% over that stretch · deepest drop along the way 52.9%, back to its old high 13.5 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 18.3% over that stretch · deepest drop along the way 18.3%, back to its old high 0.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 19.4% over that stretch · deepest drop along the way 10.5%, back to its old high 1 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 5 sales ($10.5M), 5 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 1, 2026 | Susan Patricia Griffith President and CEO, Director | sell (plan) | $8.2M |
| Aug 13, 2026 | Lori A Niederst Chief Personal Lines Officer | sell (plan) | $1.5M |
| Oct 22, 2026 | Steven Broz Chief Information Officer | sell (plan) | $274K |
| Aug 20, 2026 | Steven Broz Chief Information Officer | sell (plan) | $269K |
| Sep 24, 2026 | Steven Broz Chief Information Officer | sell (plan) | $250K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.53% | Mar 31, 2026 |
| BlackRock, Inc. | 7.2% | Jun 30, 2025 |
ETFs with the most weight in PGR
| IAK iShares U.S. Insurance ETF | 17.96% |
| KBWP Invesco KBW Property & Casualty Insurance ETF | 7.82% |
| PFI Invesco Dorsey Wright Financial Momentum ETF | 6.58% |
| SSPX Janus Henderson U.S. Sustainable Equity ETF | 6.22% |
| BIBL Inspire 100 ETF | 5.17% |
| BCHP Principal Focused Blue Chip ETF | 5.05% |
| HDV iShares Core High Dividend ETF | 5.01% |
| WBIL WBI BullBear Quality 3000 ETF | 4.73% |
What could go wrong
- Pricing that falls behind claim costs. Progressive must predict how often accidents happen, what claims will cost and how inflation will move, then set rates to cover them. Rate changes can need regulatory approval, so prices may lag rising costs.
- Car technology could change auto insurance. The 10-K flags crash-prevention technology and self-driving vehicles as forces that could change accident patterns and pricing. Personal auto makes up most of Progressive's premiums, leaving it heavily exposed to such shifts.
- Severe weather and catastrophe losses. The 10-K says severe weather and catastrophes have hurt results and likely will again, possibly worsened by climate change. Home insurance carries hurricane exposure, partly offset by reinsurance, insurance Progressive buys for itself.
- Claim reserves that prove too low. Progressive sets aside reserves for claims that have occurred but are not yet settled. If those estimates prove too low, it must add to them later, which cuts future profits.
- Crowded, highly competitive insurance markets. About 230 companies compete in US private passenger auto insurance, and Progressive and 15 other large insurers write about 85% of it. Rivals' pricing, advertising and new products can slow growth or force lower rates.
- Dividend can vary or be skipped. Progressive says its dividend policy will likely produce varying payments, with nothing paid in some periods, and the board can change it. Retirees cannot count on a steady, rising income stream.
Recent events
- Quarterly results released
- Investor presentation or announcement
- Investor presentation or announcement
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Investor presentation or announcement
- Executive or board change; Shareholder vote results; Investor presentation or announcement
- Quarterly results released
- Other company announcement
- Investor presentation or announcement
For income and retirement investors
Progressive pays a variable dividend, not a steadily rising one. Its 10-K warns amounts will likely vary, with no payment in some periods. Dividends per share fell from $4.90 in fiscal 2020 to $0.40 in 2022, then climbed each year to $13.90 in 2025, including what appears to be a special dividend. The 6.01% yield as of October 30, 2026 reflects that total and may overstate future payments. Cash dividends paid in fiscal 2025 equaled roughly 25% of net income and 17% of free cash flow (cash left after capital spending). Buybacks matter little: the share count fell just 0.6% from September 2021 to July 2026.
In the 2008 financial crisis the shares fell 52.9% and took until April 2010 to recover. In the 2020 COVID crash they dropped 18.3% but recovered within about a month. During the 2022 bear market they rose 19.4% while the broad market fell. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Progressive make money?
Progressive makes money by selling insurance and investing the premiums it collects before claims are paid. Personal Lines, mostly car insurance, made up 87% of net premiums written in 2025. It also insures businesses, with commercial auto, small-business liability and property coverage, and workers' compensation. Revenue was $87.7 billion in fiscal 2025 and net income was $11.3 billion, a net margin of 12.9%, or almost 13 cents of profit per dollar of revenue.
Does Progressive raise its dividend every year?
No. Progressive's dividend varies from year to year, and its 10-K warns that some periods may bring no payment at all. Dividends per share were $4.90 in fiscal 2020, $0.40 in fiscal 2022 and $13.90 in fiscal 2025, a total that appears to include a special dividend. Payments have risen each year since fiscal 2022, but the pattern is uneven. The yield was 6.01% as of October 30, 2026, based on that large fiscal 2025 total, so it may overstate future payouts.
Is Progressive the biggest car insurer in the US?
No, it ranks second. Progressive was the second-largest US private passenger auto insurer by 2024 premiums written, and it believes it kept that position in 2025. It also believes it leads the motorcycle and boat insurance markets and is one of the largest RV insurers. Home insurance is a much smaller business: Progressive ranked twelfth among US homeowners carriers by 2024 premiums written.
What is Progressive's P/E ratio?
About 12 as of October 30, 2026, based on fiscal 2025 earnings. The P/E, or price-to-earnings ratio, compares the share price with yearly profit per share; Progressive earned $19.23 per share in fiscal 2025. Its market value was about $134.5 billion. Insurance profits swing widely, though: earnings were just $1.18 per share in fiscal 2022, so a P/E based on a strong year may not reflect a typical one.
How has Progressive stock performed over the long term?
It has risen sharply over the long run, with deep drops along the way. Based on share price, PGR returned about 25.5% a year over the 10 years to October 30, 2026, a cumulative 870%, and 22.2% a year over five years. It lost 3% in 2025 and was up 8.2% for 2026 through October 30. Its worst decline in 30 years of price history was 71.1%, and it fell 52.9% during the 2008 financial crisis.