Progressive (PGR) FY2024 results: revenue $75.4 billion, up 21.4% on the year

Progressive Corp. (PGR) reported revenue of $75.4 billion for fiscal 2024, the year ended 31 December 2024, up 21.4% on the year before. Net income was $8.5 billion, up 117.3%, and diluted earnings per share $14.40. The figures are the company's own, from the 10-K it filed with the SEC on 3 March 2025.

Revenue

$75.4 billion

+21.4% on the year

FY2017FY2024

Operating margin

14.2%

7.9% a year earlier

FY2017FY2024

Net income

$8.5 billion

+117.3% on the year

FY2017FY2024

Diluted EPS

$14.40

+118.8% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	75,372	62,108	49,611	+21.4%
Operating income	10,713	4,904	922	+118.5%
Operating margin	14.2%	7.9%	1.9%
Interest expense	279	268	244	+3.9%
Pre-tax income	10,713	4,904	922	+118.5%
Income tax	2,233	1,001	200	+123.0%
Effective tax rate	20.8%	20.4%	21.7%
Net income	8,480	3,902	722	+117.3%
Net margin	11.3%	6.3%	1.5%
Diluted EPS	$14.40	$6.58	$1.18	+118.8%

$ million except per share.

Free 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	15,119	10,643	6,849	+42.1%
Capital expenditure	285	252	292	+13.1%
Free cash flow	14,834	10,391	6,557	+42.8%
Free cash flow margin	19.7%	16.7%	13.2%
Cash from investing	-13,749	-10,843	-7,956
Cash from financing	-1,316	78.0	1,126
Depreciation and amortisation	n/a	300	337
Share-based compensation	122	121	n/a	+0.8%
Dividends paid	674	234	234	+188.0%
Dividend per share	$4.90	$1.15	$0.40	+326.1%
Diluted shares, weighted	588m	588m	587m	+0.0%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	25,591	20,277	15,891	+26.2%
Debt	6,893	6,889	6,388	+0.1%
Other liabilities	73,261	61,525	53,186	+19.1%
Total liabilities and equity	105,745	88,691	75,465	+19.2%
Fixed assets	790	881	1,034	-10.3%
Goodwill	228	228	228	+0.0%
Intangible assets	n/a	n/a	86.3
Investments	615	1,790	2,862	-65.6%
Cash and equivalents	154	100	221	+54.0%
Other assets	103,958	85,692	71,034	+21.3%
Total assets	105,745	88,691	75,465	+19.2%

10-K for the year ended 31 December 2024, filed 3 March 2025: the filing.