Progressive (PGR) FY2017 results: revenue $26.8 billion, up 14.5% on the year
Progressive Corp. (PGR) reported revenue of $26.8 billion for fiscal 2017, the year ended 31 December 2017, up 14.5% on the year before. Net income was $1.6 billion, up 54.4%, and diluted earnings per share $2.72. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2018.
Revenue
$26.8 billion
+14.5% on the year
FY2010FY2017
Operating margin
8.0%
6.3% a year earlier
FY2010FY2017
Net income
$1.6 billion
+54.4% on the year
FY2010FY2017
Diluted EPS
$2.72
+54.5% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
26,839
23,441
20,854
+14.5%
Operating income
2,139
1,471
1,912
+45.4%
Operating margin
8.0%
6.3%
9.2%
Interest expense
153
141
136
+8.7%
Pre-tax income
2,139
1,471
1,912
+45.4%
Income tax
541
414
611
+30.8%
Effective tax rate
25.3%
28.1%
32.0%
Net income
1,592
1,031
1,268
+54.4%
Net margin
5.9%
4.4%
6.1%
Diluted EPS
$2.72
$1.76
$2.15
+54.5%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
3,757
2,733
2,293
+37.5%
Capital expenditure
156
215
131
-27.6%
Free cash flow
3,601
2,518
2,162
+43.0%
Free cash flow margin
13.4%
10.7%
10.4%
Cash from investing
-3,407
-2,481
-1,924
Cash from financing
-301
-250
-253
Depreciation and amortisation
236
200
150
+18.3%
Buybacks
n/a
192
208
Dividends paid
395
519
404
-23.8%
Dividend per share
$1.12
$0.68
n/a
+65.2%
Diluted shares, weighted
586m
585m
589m
+0.1%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
9,285
7,957
7,289
+16.7%
Non-controlling interest
n/a
n/a
1.1
Redeemable equity
504
484
465
+4.1%
Debt
3,306
3,148
2,708
+5.0%
Other liabilities
25,606
21,838
19,356
+17.3%
Total liabilities and equity
38,701
33,428
29,819
+15.8%
Fixed assets
1,120
1,177
1,037
-4.9%
Goodwill
453
449
448
+0.7%
Intangible assets
367
433
495
-15.3%
Investments
2,869
3,573
2,172
-19.7%
Trading assets
0.0
0.0
0.0
Cash and equivalents
275
226
224
+21.6%
Other assets
33,618
27,569
25,443
+21.9%
Total assets
38,701
33,428
29,819
+15.8%
10-K for the year ended 31 December 2017, filed 27 February 2018: the filing.