Progressive (PGR) FY2023 results: revenue $62.1 billion, up 25.2% on the year
Progressive Corp. (PGR) reported revenue of $62.1 billion for fiscal 2023, the year ended 31 December 2023, up 25.2% on the year before. Net income was $3.9 billion, up 440.9%, and diluted earnings per share $6.58. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2024.
Revenue
$62.1 billion
+25.2% on the year
FY2016FY2023
Operating margin
7.9%
1.9% a year earlier
FY2016FY2023
Net income
$3.9 billion
+440.9% on the year
FY2016FY2023
Diluted EPS
$6.58
+457.6% on the year
FY2016FY2023
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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
10,643
6,849
7,762
+55.4%
Capital expenditure
252
292
244
-13.7%
Free cash flow
10,391
6,557
7,518
+58.5%
Free cash flow margin
16.7%
13.2%
15.8%
Cash from investing
-10,843
-7,956
-3,120
Cash from financing
78.0
1,126
-4,516
-93.1%
Depreciation and amortisation
300
337
337
-11.0%
Share-based compensation
121
n/a
n/a
Dividends paid
234
234
3,746
0.0%
Dividend per share
$1.15
$0.40
$1.90
+187.5%
Diluted shares, weighted
588m
587m
587m
+0.1%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
20,277
15,891
18,232
+27.6%
Redeemable equity
n/a
n/a
0.0
Debt
6,889
6,388
4,899
+7.8%
Other liabilities
61,525
53,186
48,002
+15.7%
Total liabilities and equity
88,691
75,465
71,132
+17.5%
Fixed assets
881
1,034
1,137
-14.8%
Goodwill
228
228
453
0.0%
Intangible assets
n/a
86.3
117
Investments
1,790
2,862
943
-37.5%
Cash and equivalents
100
221
202
-54.7%
Other assets
85,692
71,034
68,280
+20.6%
Total assets
88,691
75,465
71,132
+17.5%
10-K for the year ended 31 December 2023, filed 26 February 2024: the filing.