Progressive (PGR) FY2012 results: revenue $17.1 billion, up 8.3% on the year
Progressive Corp. (PGR) reported revenue of $17.1 billion for fiscal 2012, the year ended 31 December 2012, up 8.3% on the year before. Net income was $902 million, down 11.1%, and diluted earnings per share $1.48. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2013.
Revenue
$17.1 billion
+8.3% on the year
FY2007FY2012
Operating margin
7.7%
9.4% a year earlier
FY2007FY2012
Net income
$902 million
-11.1% on the year
FY2007FY2012
Diluted EPS
$1.48
-6.9% on the year
FY2007FY2012
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Revenue
17,084
15,775
15,216
+8.3%
Operating income
1,318
1,487
1,565
-11.4%
Operating margin
7.7%
9.4%
10.3%
Interest expense
124
133
134
-6.7%
Pre-tax income
1,318
1,487
1,565
-11.4%
Income tax
415
472
497
-11.9%
Effective tax rate
31.5%
31.7%
31.7%
Net income
902
1,016
1,068
-11.1%
Net margin
5.3%
6.4%
7.0%
Diluted EPS
$1.48
$1.59
$1.61
-6.9%
$ 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
FY2012
FY2011
FY2010
On the year
Last 8 years
Operating cash flow
1,691
1,498
1,679
+12.9%
Capital expenditure
128
78.9
64.7
+61.9%
Free cash flow
1,564
1,419
1,615
+10.2%
Free cash flow margin
9.2%
9.0%
10.6%
Cash from investing
-265
-745
-486
Cash from financing
-1,404
-756
-1,195
Buybacks
174
998
259
-82.5%
Dividends paid
854
264
764
+223.9%
Diluted shares, weighted
608m
637m
663m
-4.6%
Balance sheet
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Shareholders' equity
6,007
5,807
6,049
+3.4%
Debt
2,063
2,442
1,958
-15.5%
Other liabilities
14,625
13,596
13,143
+7.6%
Total liabilities and equity
22,695
21,845
21,150
+3.9%
Fixed assets
934
911
933
+2.5%
Investments
1,990
1,552
1,091
+28.2%
Trading assets
0.0
0.0
0.0
Cash and equivalents
179
156
159
+15.0%
Other assets
19,592
19,226
18,968
+1.9%
Total assets
22,695
21,845
21,150
+3.9%
10-K for the year ended 31 December 2012, filed 26 February 2013: the filing.