Progressive (PGR) FY2014 results: revenue $19.4 billion, up 6.7% on the year
Progressive Corp. (PGR) reported revenue of $19.4 billion for fiscal 2014, the year ended 31 December 2014, up 6.7% on the year before. Net income was $1.3 billion, up 9.9%, and diluted earnings per share $2.15. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2015.
Revenue
$19.4 billion
+6.7% on the year
FY2007FY2014
Operating margin
9.8%
9.5% a year earlier
FY2007FY2014
Net income
$1.3 billion
+9.9% on the year
FY2007FY2014
Diluted EPS
$2.15
+11.4% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
19,391
18,171
17,084
+6.7%
Operating income
1,907
1,720
1,318
+10.9%
Operating margin
9.8%
9.5%
7.7%
Interest expense
117
118
124
-1.1%
Pre-tax income
1,907
1,720
1,318
+10.9%
Income tax
626
555
415
+12.9%
Effective tax rate
32.8%
32.2%
31.5%
Net income
1,281
1,165
902
+9.9%
Net margin
6.6%
6.4%
5.3%
Diluted EPS
$2.15
$1.93
$1.48
+11.4%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
1,726
1,900
1,691
-9.2%
Capital expenditure
108
140
128
-23.0%
Free cash flow
1,618
1,760
1,564
-8.1%
Free cash flow margin
8.3%
9.7%
9.2%
Cash from investing
-837
-1,356
-265
Cash from financing
-855
-647
-1,404
Depreciation and amortisation
97.1
101
n/a
-4.1%
Buybacks
271
273
174
-0.7%
Dividends paid
893
176
854
+408.3%
Diluted shares, weighted
595m
604m
608m
-1.5%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
6,929
6,190
6,007
+11.9%
Non-controlling interest
0.0
n/a
n/a
Redeemable equity
0.0
n/a
n/a
Debt
2,165
1,861
2,063
+16.3%
Other liabilities
16,694
16,358
14,625
+2.1%
Total liabilities and equity
25,788
24,408
22,695
+5.7%
Fixed assets
961
961
934
-0.0%
Goodwill
1.6
n/a
n/a
Intangible assets
11.3
n/a
n/a
Investments
2,149
1,273
1,990
+68.9%
Trading assets
0.0
0.0
0.0
Cash and equivalents
108
75.1
179
+44.3%
Other assets
22,557
22,100
19,592
+2.1%
Total assets
25,788
24,408
22,695
+5.7%
10-K for the year ended 31 December 2014, filed 2 March 2015: the filing.