Progressive (PGR) FY2016 results: revenue $23.4 billion, up 12.4% on the year
Progressive Corp. (PGR) reported revenue of $23.4 billion for fiscal 2016, the year ended 31 December 2016, up 12.4% on the year before. Net income was $1.0 billion, down 18.7%, and diluted earnings per share $1.76. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2017.
Revenue
$23.4 billion
+12.4% on the year
FY2009FY2016
Operating margin
6.3%
9.2% a year earlier
FY2009FY2016
Net income
$1.0 billion
-18.7% on the year
FY2009FY2016
Diluted EPS
$1.76
-18.1% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
23,441
20,854
19,391
+12.4%
Operating income
1,471
1,912
1,907
-23.1%
Operating margin
6.3%
9.2%
9.8%
Interest expense
141
136
117
+3.6%
Pre-tax income
1,471
1,912
1,907
-23.1%
Income tax
414
611
626
-32.3%
Effective tax rate
28.1%
32.0%
32.8%
Net income
1,031
1,268
1,281
-18.7%
Net margin
4.4%
6.1%
6.6%
Diluted EPS
$1.76
$2.15
$2.15
-18.1%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
2,733
2,293
1,726
+19.2%
Capital expenditure
215
131
108
+64.5%
Free cash flow
2,518
2,162
1,618
+16.4%
Free cash flow margin
10.7%
10.4%
8.3%
Cash from investing
-2,481
-1,924
-837
Cash from financing
-250
-253
-855
Depreciation and amortisation
200
150
97.1
+32.6%
Buybacks
192
208
271
-7.7%
Dividends paid
519
404
893
+28.6%
Dividend per share
$0.68
n/a
n/a
Diluted shares, weighted
585m
589m
595m
-0.7%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
7,957
7,289
6,929
+9.2%
Non-controlling interest
n/a
1.1
0.0
Redeemable equity
484
465
0.0
+4.0%
Debt
3,148
2,708
2,165
+16.3%
Other liabilities
21,838
19,356
16,694
+12.8%
Total liabilities and equity
33,428
29,819
25,788
+12.1%
Fixed assets
1,177
1,037
961
+13.5%
Goodwill
449
448
1.6
+0.4%
Intangible assets
433
495
11.3
-12.5%
Investments
3,573
2,172
2,149
+64.5%
Trading assets
0.0
0.0
0.0
Cash and equivalents
226
224
108
+0.9%
Other assets
27,569
25,443
22,557
+8.4%
Total assets
33,428
29,819
25,788
+12.1%
10-K for the year ended 31 December 2016, filed 1 March 2017: the filing.