Progressive (PGR) FY2018 results: revenue $32.0 billion, up 19.2% on the year
Progressive Corp. (PGR) reported revenue of $32.0 billion for fiscal 2018, the year ended 31 December 2018, up 19.2% on the year before. Net income was $2.6 billion, up 64.3%, and diluted earnings per share $4.42. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2019.
Revenue
$32.0 billion
+19.2% on the year
FY2011FY2018
Operating margin
9.9%
8.0% a year earlier
FY2011FY2018
Net income
$2.6 billion
+64.3% on the year
FY2011FY2018
Diluted EPS
$4.42
+62.5% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
31,979
26,839
23,441
+19.2%
Operating income
3,164
2,139
1,471
+47.9%
Operating margin
9.9%
8.0%
6.3%
Interest expense
166
153
141
+8.8%
Pre-tax income
3,164
2,139
1,471
+47.9%
Income tax
543
541
414
+0.3%
Effective tax rate
17.2%
25.3%
28.1%
Net income
2,615
1,592
1,031
+64.3%
Net margin
8.2%
5.9%
4.4%
Diluted EPS
$4.42
$2.72
$1.76
+62.5%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
6,285
3,757
2,733
+67.3%
Capital expenditure
266
156
215
+70.8%
Free cash flow
6,019
3,601
2,518
+67.1%
Free cash flow margin
18.8%
13.4%
10.7%
Cash from investing
-7,035
-3,407
-2,481
Cash from financing
550
-301
-250
Depreciation and amortisation
262
236
200
+11.1%
Buybacks
n/a
n/a
192
Dividends paid
655
395
519
+65.6%
Dividend per share
$2.51
$1.12
$0.68
+123.5%
Diluted shares, weighted
587m
586m
585m
+0.2%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
10,822
9,285
7,957
+16.6%
Redeemable equity
214
504
484
-57.4%
Debt
4,405
3,306
3,148
+33.2%
Other liabilities
31,134
25,606
21,838
+21.6%
Total liabilities and equity
46,575
38,701
33,428
+20.3%
Fixed assets
1,132
1,120
1,177
+1.1%
Goodwill
453
453
449
0.0%
Intangible assets
295
367
433
-19.6%
Investments
1,796
2,869
3,573
-37.4%
Trading assets
0.0
0.0
0.0
Cash and equivalents
75.0
275
226
-72.8%
Other assets
42,825
33,618
27,569
+27.4%
Total assets
46,575
38,701
33,428
+20.3%
10-K for the year ended 31 December 2018, filed 27 February 2019: the filing.