Progressive (PGR) FY2022 results: revenue $49.6 billion, up 4.0% on the year
Progressive Corp. (PGR) reported revenue of $49.6 billion for fiscal 2022, the year ended 31 December 2022, up 4.0% on the year before. Net income was $722 million, down 78.5%, and diluted earnings per share $1.18. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2023.
Revenue
$49.6 billion
+4.0% on the year
FY2015FY2022
Operating margin
1.9%
8.8% a year earlier
FY2015FY2022
Net income
$722 million
-78.5% on the year
FY2015FY2022
Diluted EPS
$1.18
-79.2% on the year
FY2015FY2022
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
FY2022
FY2021
FY2020
On the year
Last 8 years
Operating cash flow
6,849
7,762
6,906
-11.8%
Capital expenditure
292
244
224
+19.9%
Free cash flow
6,557
7,518
6,682
-12.8%
Free cash flow margin
13.2%
15.8%
15.7%
Cash from investing
-7,956
-3,120
-6,118
Cash from financing
1,126
-4,516
-939
Depreciation and amortisation
337
337
332
-0.2%
Dividends paid
234
3,746
1,551
-93.8%
Dividend per share
$0.40
$1.90
$4.90
-78.9%
Diluted shares, weighted
587m
587m
588m
0.0%
Balance sheet
$ million
FY2022
FY2021
FY2020
On the year
Last 8 years
Shareholders' equity
15,891
18,232
17,039
-12.8%
Redeemable equity
n/a
0.0
0.0
Debt
6,388
4,899
5,396
+30.4%
Other liabilities
53,186
48,002
41,664
+10.8%
Total liabilities and equity
75,465
71,132
64,098
+6.1%
Fixed assets
1,034
1,137
1,106
-9.1%
Goodwill
228
453
453
-49.7%
Intangible assets
86.3
117
171
-26.4%
Investments
2,862
943
5,218
+203.6%
Cash and equivalents
221
202
76.5
+9.3%
Other assets
71,034
68,280
57,073
+4.0%
Total assets
75,465
71,132
64,098
+6.1%
10-K for the year ended 31 December 2022, filed 27 February 2023: the filing.