Progressive (PGR) FY2011 results: revenue $15.8 billion, up 3.7% on the year
Progressive Corp. (PGR) reported revenue of $15.8 billion for fiscal 2011, the year ended 31 December 2011, up 3.7% on the year before. Net income was $1.0 billion, down 4.9%, and diluted earnings per share $1.59. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2012.
Revenue
$15.8 billion
+3.7% on the year
FY2007FY2011
Operating margin
9.4%
10.3% a year earlier
FY2007FY2011
Net income
$1.0 billion
-4.9% on the year
FY2007FY2011
Diluted EPS
$1.59
-1.2% on the year
FY2007FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
15,775
15,216
14,564
+3.7%
Operating income
1,487
1,565
1,557
-5.0%
Operating margin
9.4%
10.3%
10.7%
Interest expense
133
134
139
-0.6%
Pre-tax income
1,487
1,565
1,557
-5.0%
Income tax
472
497
499
-5.1%
Effective tax rate
31.7%
31.7%
32.1%
Net income
1,016
1,068
1,058
-4.9%
Net margin
6.4%
7.0%
7.3%
Diluted EPS
$1.59
$1.61
$1.57
-1.2%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
1,498
1,679
1,487
-10.8%
Capital expenditure
78.9
64.7
66.6
+21.9%
Free cash flow
1,419
1,615
1,420
-12.1%
Free cash flow margin
9.0%
10.6%
9.8%
Cash from investing
-745
-486
-1,179
Cash from financing
-756
-1,195
-152
Buybacks
998
259
181
+285.8%
Dividends paid
264
764
0.0
-65.5%
Diluted shares, weighted
637m
663m
672m
-4.0%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
5,807
6,049
5,749
-4.0%
Debt
2,442
1,958
2,177
+24.7%
Other liabilities
13,596
13,143
12,124
+3.4%
Total liabilities and equity
21,845
21,150
20,049
+3.3%
Fixed assets
911
933
961
-2.3%
Investments
1,552
1,091
1,078
+42.3%
Trading assets
0.0
0.0
n/a
Cash and equivalents
156
159
161
-2.0%
Other assets
19,226
18,968
17,849
+1.4%
Total assets
21,845
21,150
20,049
+3.3%
10-K for the year ended 31 December 2011, filed 28 February 2012: the filing.