Progressive (PGR) FY2021 results: revenue $47.7 billion, up 11.8% on the year
Progressive Corp. (PGR) reported revenue of $47.7 billion for fiscal 2021, the year ended 31 December 2021, up 11.8% on the year before. Net income was $3.4 billion, down 41.3%, and diluted earnings per share $5.66. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2022.
Revenue
$47.7 billion
+11.8% on the year
FY2014FY2021
Operating margin
8.8%
16.8% a year earlier
FY2014FY2021
Net income
$3.4 billion
-41.3% on the year
FY2014FY2021
Diluted EPS
$5.66
-41.4% on the year
FY2014FY2021
this yearthe year beforeHover a bar for its figure.
$ 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
FY2021
FY2020
FY2019
On the year
Last 8 years
Operating cash flow
7,762
6,906
6,262
+12.4%
Capital expenditure
244
224
364
+8.9%
Free cash flow
7,518
6,682
5,898
+12.5%
Free cash flow margin
15.8%
15.7%
15.1%
Cash from investing
-3,120
-6,118
-4,338
Cash from financing
-4,516
-939
-1,771
Depreciation and amortisation
337
332
306
+1.7%
Dividends paid
3,746
1,551
1,643
+141.6%
Dividend per share
$1.90
$4.90
$2.65
-61.2%
Diluted shares, weighted
587m
588m
587m
-0.1%
Balance sheet
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Shareholders' equity
18,232
17,039
13,673
+7.0%
Redeemable equity
0.0
0.0
226
Debt
4,899
5,396
4,407
-9.2%
Other liabilities
48,002
41,664
36,589
+15.2%
Total liabilities and equity
71,132
64,098
54,895
+11.0%
Fixed assets
1,137
1,106
1,214
+2.8%
Goodwill
453
453
453
0.0%
Intangible assets
117
171
228
-31.6%
Investments
943
5,218
1,799
-81.9%
Cash and equivalents
202
76.5
227
+164.2%
Other assets
68,280
57,073
50,974
+19.6%
Total assets
71,132
64,098
54,895
+11.0%
10-K for the year ended 31 December 2021, filed 28 February 2022: the filing.