Progressive (PGR) FY2015 results: revenue $20.9 billion, up 7.5% on the year
Progressive Corp. (PGR) reported revenue of $20.9 billion for fiscal 2015, the year ended 31 December 2015, up 7.5% on the year before. Net income was $1.3 billion, down 1.0%, and diluted earnings per share $2.15. The figures are the company's own, from the 10-K it filed with the SEC on 29 February 2016.
Revenue
$20.9 billion
+7.5% on the year
FY2008FY2015
Operating margin
9.2%
9.8% a year earlier
FY2008FY2015
Net income
$1.3 billion
-1.0% on the year
FY2008FY2015
Diluted EPS
$2.15
0.0% on the year
FY2008FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
20,854
19,391
18,171
+7.5%
Operating income
1,912
1,907
1,720
+0.2%
Operating margin
9.2%
9.8%
9.5%
Interest expense
136
117
118
+16.3%
Pre-tax income
1,912
1,907
1,720
+0.2%
Income tax
611
626
555
-2.4%
Effective tax rate
32.0%
32.8%
32.2%
Net income
1,268
1,281
1,165
-1.0%
Net margin
6.1%
6.6%
6.4%
Diluted EPS
$2.15
$2.15
$1.93
0.0%
$ 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
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
2,293
1,726
1,900
+32.9%
Capital expenditure
131
108
140
+20.9%
Free cash flow
2,162
1,618
1,760
+33.7%
Free cash flow margin
10.4%
8.3%
9.7%
Cash from investing
-1,924
-837
-1,356
Cash from financing
-253
-855
-647
Depreciation and amortisation
150
97.1
101
+55.0%
Buybacks
208
271
273
-23.2%
Dividends paid
404
893
176
-54.8%
Diluted shares, weighted
589m
595m
604m
-0.9%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
7,289
6,929
6,190
+5.2%
Non-controlling interest
1.1
0.0
n/a
Redeemable equity
465
0.0
n/a
Debt
2,708
2,165
1,861
+25.1%
Other liabilities
19,356
16,694
16,358
+15.9%
Total liabilities and equity
29,819
25,788
24,408
+15.6%
Fixed assets
1,037
961
961
+8.0%
Goodwill
448
1.6
n/a
+27,875.0%
Intangible assets
495
11.3
n/a
+4,279.6%
Investments
2,172
2,149
1,273
+1.1%
Trading assets
0.0
0.0
0.0
Cash and equivalents
224
108
75.1
+107.0%
Other assets
25,443
22,557
22,100
+12.8%
Total assets
29,819
25,788
24,408
+15.6%
10-K for the year ended 31 December 2015, filed 29 February 2016: the filing.