Progressive (PGR) FY2019 results: revenue $39.0 billion, up 22.0% on the year
Progressive Corp. (PGR) reported revenue of $39.0 billion for fiscal 2019, the year ended 31 December 2019, up 22.0% on the year before. Net income was $4.0 billion, up 51.8%, and diluted earnings per share $6.72. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2020.
Revenue
$39.0 billion
+22.0% on the year
FY2012FY2019
Operating margin
13.2%
9.9% a year earlier
FY2012FY2019
Net income
$4.0 billion
+51.8% on the year
FY2012FY2019
Diluted EPS
$6.72
+52.0% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
39,022
31,979
26,839
+22.0%
Operating income
5,160
3,164
2,139
+63.1%
Operating margin
13.2%
9.9%
8.0%
Interest expense
190
166
153
+13.9%
Pre-tax income
5,160
3,164
2,139
+63.1%
Income tax
1,180
543
541
+117.5%
Effective tax rate
22.9%
17.2%
25.3%
Net income
3,970
2,615
1,592
+51.8%
Net margin
10.2%
8.2%
5.9%
Diluted EPS
$6.72
$4.42
$2.72
+52.0%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
6,262
6,285
3,757
-0.4%
Capital expenditure
364
266
156
+36.7%
Free cash flow
5,898
6,019
3,601
-2.0%
Free cash flow margin
15.1%
18.8%
13.4%
Cash from investing
-4,338
-7,035
-3,407
Cash from financing
-1,771
550
-301
Depreciation and amortisation
306
262
236
+16.7%
Dividends paid
1,643
655
395
+150.9%
Dividend per share
$2.65
$2.51
$1.12
+5.4%
Diluted shares, weighted
587m
587m
586m
+0.1%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
13,673
10,822
9,285
+26.3%
Redeemable equity
226
214
504
+5.2%
Debt
4,407
4,405
3,306
+0.0%
Other liabilities
36,589
31,134
25,606
+17.5%
Total liabilities and equity
54,895
46,575
38,701
+17.9%
Fixed assets
1,214
1,132
1,120
+7.2%
Goodwill
453
453
453
0.0%
Intangible assets
228
295
367
-22.5%
Investments
1,799
1,796
2,869
+0.2%
Trading assets
n/a
0.0
0.0
Cash and equivalents
227
75.0
275
+203.2%
Other assets
50,974
42,825
33,618
+19.0%
Total assets
54,895
46,575
38,701
+17.9%
10-K for the year ended 31 December 2019, filed 2 March 2020: the filing.