Progressive (PGR) FY2013 results: revenue $18.2 billion, up 6.4% on the year
Progressive Corp. (PGR) reported revenue of $18.2 billion for fiscal 2013, the year ended 31 December 2013, up 6.4% on the year before. Net income was $1.2 billion, up 29.2%, and diluted earnings per share $1.93. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2014.
Revenue
$18.2 billion
+6.4% on the year
FY2007FY2013
Operating margin
9.5%
7.7% a year earlier
FY2007FY2013
Net income
$1.2 billion
+29.2% on the year
FY2007FY2013
Diluted EPS
$1.93
+30.4% on the year
FY2007FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
18,171
17,084
15,775
+6.4%
Operating income
1,720
1,318
1,487
+30.5%
Operating margin
9.5%
7.7%
9.4%
Interest expense
118
124
133
-4.5%
Pre-tax income
1,720
1,318
1,487
+30.5%
Income tax
555
415
472
+33.5%
Effective tax rate
32.2%
31.5%
31.7%
Net income
1,165
902
1,016
+29.2%
Net margin
6.4%
5.3%
6.4%
Diluted EPS
$1.93
$1.48
$1.59
+30.4%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
1,900
1,691
1,498
+12.3%
Capital expenditure
140
128
78.9
+9.9%
Free cash flow
1,760
1,564
1,419
+12.5%
Free cash flow margin
9.7%
9.2%
9.0%
Cash from investing
-1,356
-265
-745
Cash from financing
-647
-1,404
-756
Depreciation and amortisation
101
n/a
n/a
Buybacks
273
174
998
+56.9%
Dividends paid
176
854
264
-79.4%
Diluted shares, weighted
604m
608m
637m
-0.7%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
6,190
6,007
5,807
+3.0%
Debt
1,861
2,063
2,442
-9.8%
Other liabilities
16,358
14,625
13,596
+11.9%
Total liabilities and equity
24,408
22,695
21,845
+7.6%
Fixed assets
961
934
911
+2.9%
Investments
1,273
1,990
1,552
-36.1%
Trading assets
0.0
0.0
0.0
Cash and equivalents
75.1
179
156
-58.1%
Other assets
22,100
19,592
19,226
+12.8%
Total assets
24,408
22,695
21,845
+7.6%
10-K for the year ended 31 December 2013, filed 26 February 2014: the filing.