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How Progressive (PGR) makes money: Q2 2026 revenue breakdown
US GAAP · $M · vs Q2 2025 · reported 07/15/2026
Progressive — Progressive Corporation is a major provider of auto and home insurance in the United States.
More about the company
It is headquartered in Mayfield Village, Ohio, and operates nationwide.
Key growth driver: Personal Lines — the fastest-growing revenue line: $18,880, +8% y/y. · by the Q2 2026 report
How does Progressive make money?
Progressive brought in $23.6 billion of revenue in Q2 2026, up 7.3% year over year. The largest source was Net Premiums Earned: $21.6 billion, or 91% of the total, followed by Investment Income ($979M, 4%) and Securities Gains ($604M, 3%); other lines add the remaining 2%. Net income for the quarter was $3.31 billion, up 4.3% year over year.
Revenue by source, Q2 2026
- Net Premiums Earned$21.6B · 91% · +6.2%
- Investment Income$979M · 4% · +12.4%
- Securities Gains$604M · 3% · +56%
- Fees & Other$453M · 2% · +3.9%
Shares of $23.6B total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
When is PGR’s next earnings date?
Wednesday, October 21, 2026estimated
Progressive (PGR) has not confirmed the date yet; Oct 21, 2026 is an estimate based on the company's past reporting schedule and may move once the date is announced. Consensus EPS forecast: $4.26 (10 analysts), vs $4.05 in the same quarter last year.
Last report: Jul 15, 2026 (Q2 2026) — broken down in the Sankey chart below. Dates and consensus: Nasdaq / Zacks Investment Research; companies do reschedule. Who else reports this week →
All figures in $M.
Revenue
$23,609
+7.3%
Net income
$3,311
+4.3%
EPS $5.67 vs $5.40
Verdict: a good but softer quarter — revenue rose 7.3% to $23,609M and net income 4.3% to $3,311M ($5.67 per share), yet the combined ratio rose to 87.3 from 86.2 as Personal Lines margins narrowed and catastrophe losses grew; $604M of securities gains propped up the bottom line.
Net premiums written $21,077M (+5%) · combined ratio 87.3 vs 86.2 · policies in force 40.1M (+7%) · catastrophe losses $773M vs $707M · June alone: net income $779M (−31%), combined ratio 90.0.
Source and notation
* marks non-cash / ≈ estimated. Source: Progressive monthly and quarterly release, 8-K EX-99, and 10-Q (SEC EDGAR).
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
PGR earnings history: past report dates
| Jul 15, 2026 Wed | 9:50 amduring market hours | Jun 30, 2026 | $23.6B+7% y/y | $5.67+5% y/y |
| Apr 15, 2026 Wed | 8:44 ambefore market open | Mar 31, 2026 | $22.2B+9% y/y | $4.80+10% y/y |
| Jan 28, 2026 Wed | 2:49 pmduring market hours | Dec 31, 2025 | ≈$22.7B+12% y/y | ≈$5.01+25% y/y |
| Oct 15, 2025 Wed | 8:40 ambefore market open | Sep 30, 2025 | $22.5B+14% y/y | $4.45+12% y/y |
| Jul 16, 2025 Wed | 8:37 ambefore market open | Jun 30, 2025 | $22.0B+21% y/y | $5.40+118% y/y |
| Apr 16, 2025 Wed | 9:15 ambefore market open | Mar 31, 2025 | $20.4B+18% y/y | $4.37+11% y/y |
| Jan 29, 2025 Wed | 12:12 pmduring market hours | Dec 31, 2024 | ≈$20.3B+20% y/y | ≈$4.01+19% y/y |
| Oct 15, 2024 Tue | 8:39 ambefore market open | Sep 30, 2024 | $19.7B+27% y/y | $3.97+110% y/y |
How we count
Report date and time — when the company filed its results press release with the SEC (Form 8-K, Item 2.02); the regular session runs 9:30 am – 4:00 pm ET. Revenue and diluted EPS — the company’s XBRL filings, EPS adjusted for stock splits; ≈ — fourth quarter derived as full year minus three quarters. Source: SEC EDGAR.
Progressive: 5-year financials
| 2025 | 87,671 | 11,308 | 17,200 | 2,871 |
| 2024 | 75,372 | 8,480 | 14,834 | 674 |
| 2023 | 62,109 | 3,903 | 10,391 | 234 |
| 2022 | 49,611 | 722 | 6,557 | 234 |
| 2021 | 47,702 | 3,351 | 7,518 | 3,747 |
$ millions, annual 10-K reports on SEC EDGAR (US GAAP).
How we calculate
Figures are the annual report lines as filed, no adjustments. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing.
Corporate governance
2/2good
How the company treats minority shareholders: 2 — well, 0 — systematically poorly.
More
- Mar 202610-K 2025: a single class registered — PGR Common Shares; the policy is a quarterly dividend plus a variable annual one, and amounts can vary significantly. sec.gov ↗
- Dec 2025Dividends per share fluctuate per policy: $0.40 (2022), $1.15 (2023), $4.90 (2024), $13.90 (2025) (XBRL). data.sec.gov ↗
- Dec 2025Diluted shares rose 0.1% over 2020–2025; SBC was 0.2% of revenue (XBRL). data.sec.gov ↗
Scoring: 2.0, no deductions: single share class, shares +0.1% over 5 years, SBC 0.2%, dividends under the announced variable policy, no shareholder suits or SEC cases
- Share classes
- Single class of common stock (10-K 2025 cover).
- Dilution
- Diluted shares 2020→2025 +0.1%; SBC 0.2% of revenue.
- Disclosure
- Full reporting, filed on time.
- Dividends
- Policy: a small quarterly dividend plus a variable annual one based on full-year results; the swings ($0.40 in 2022, $13.90 in 2025) are consistent with a policy that explicitly allows varying amounts.
- Lawsuits & regulators
- Suits in the 10-K are consumer cases (total-loss valuations), not shareholder suits; no SEC cases.
- Related parties
- No material related-party transactions disclosed.
How the score works · checked as of Sep 2026
Progressive (PGR) earnings: FAQ
How does Progressive make money?
Progressive brought in $23.6 billion of revenue in Q2 2026, up 7.3% year over year. The largest source was Net Premiums Earned: $21.6 billion, or 91% of the total, followed by Investment Income ($979M, 4%) and Securities Gains ($604M, 3%); other lines add the remaining 2%. Net income for the quarter was $3.31 billion, up 4.3% year over year.
When is PGR's next earnings date?
Progressive (PGR) has not confirmed the date yet; Oct 21, 2026 is an estimate based on its past reporting schedule.
When did PGR last report earnings?
Progressive reported Q2 2026 results on Jul 15, 2026.
What is the EPS estimate for PGR's next earnings?
The consensus EPS forecast is $4.26 (10 analysts), vs $4.05 in the same quarter last year.
Where can I find Progressive's financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to PGR's filings; this page breaks the latest report down in a Sankey chart.
What was PGR's net income in Q2 2026?
Progressive reported net income of $3,311M for Q2 2026 (+4.3% year over year), under US GAAP.
Does Progressive pay dividends?
Yes. In 2025, Progressive paid $2,871M in dividends on its common stock, per its 10-K. Earlier years are in the five-year table above.
New to earnings reports? Start with how to read an earnings report.
How this page was made: the figures come from the company's own report on SEC EDGAR; the summary and nuances were drafted by our model from that report; the short company description was also written by our model. Figures checked against the filing on 10/01/2026. How we make the breakdowns · Report an error
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