Progressive (PGR) FY2020 results: revenue $42.7 billion, up 9.3% on the year
Progressive Corp. (PGR) reported revenue of $42.7 billion for fiscal 2020, the year ended 31 December 2020, up 9.3% on the year before. Net income was $5.7 billion, up 43.7%, and diluted earnings per share $9.66. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2021.
Revenue
$42.7 billion
+9.3% on the year
FY2013FY2020
Operating margin
16.8%
13.2% a year earlier
FY2013FY2020
Net income
$5.7 billion
+43.7% on the year
FY2013FY2020
Diluted EPS
$9.66
+43.8% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
42,658
39,022
31,979
+9.3%
Operating income
7,173
5,160
3,164
+39.0%
Operating margin
16.8%
13.2%
9.9%
Interest expense
217
190
166
+14.4%
Pre-tax income
7,173
5,160
3,164
+39.0%
Income tax
1,469
1,180
543
+24.4%
Effective tax rate
20.5%
22.9%
17.2%
Net income
5,705
3,970
2,615
+43.7%
Net margin
13.4%
10.2%
8.2%
Diluted EPS
$9.66
$6.72
$4.42
+43.8%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
6,906
6,262
6,285
+10.3%
Capital expenditure
224
364
266
-38.5%
Free cash flow
6,682
5,898
6,019
+13.3%
Free cash flow margin
15.7%
15.1%
18.8%
Cash from investing
-6,118
-4,338
-7,035
Cash from financing
-939
-1,771
550
Depreciation and amortisation
332
306
262
+8.4%
Dividends paid
1,551
1,643
655
-5.6%
Dividend per share
$4.90
$2.65
$2.51
+84.9%
Diluted shares, weighted
588m
587m
587m
+0.1%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
17,039
13,673
10,822
+24.6%
Redeemable equity
0.0
226
214
Debt
5,396
4,407
4,405
+22.4%
Other liabilities
41,664
36,589
31,134
+13.9%
Total liabilities and equity
64,098
54,895
46,575
+16.8%
Fixed assets
1,106
1,214
1,132
-8.9%
Goodwill
453
453
453
0.0%
Intangible assets
171
228
295
-24.9%
Investments
5,218
1,799
1,796
+190.1%
Trading assets
n/a
n/a
0.0
Cash and equivalents
76.5
227
75.0
-66.4%
Other assets
57,073
50,974
42,825
+12.0%
Total assets
64,098
54,895
46,575
+16.8%
10-K for the year ended 31 December 2020, filed 1 March 2021: the filing.