Progressive (PGR) Q3 FY2026 earnings

Progressive Corp. (PGR) announced its results for Q3 FY2026, the quarter ended 30 September 2026, on 14 October 2026. Net income was $2.5 billion, down 2.8% on the year. The figures are from the company's earnings press release; the 10-Q with the full statements is not filed yet, and this page fills in when it is.

RevenueNot yetwith the 10-Q

Net income$2.5 billiondown 2.8%

Diluted EPSNot yet

QuarterQ3 FY2026ended 30 September 2026

What management said

Quarter net income fell 3 percent: Quarter net income was $2,542 million against $2,615 million a year earlier, down 3 percent. Year-to-date net income was $8,671 million against $8,357 million.
September net income rose 107 percent: For September alone, net income was $630 million against $305 million. Income before taxes was $800 million, with a $170 million tax provision.
Quarter combined ratio down 0.8 points: The quarter combined ratio was 88.7 against 89.5 a year earlier. The September combined ratio was 90.0 against 100.4 a year earlier.

Read the earnings call summary

The quarter, against the one before and a year earlier

Line	Q3 FY2026	Q2 FY2026	Q3 FY2025	Change on the year
Revenue	n/a	23,609	22,512	n/a
Net income	2,542	3,311	2,615	-2.8%
Diluted EPS	n/a	$5.67	$4.45	n/a

$ million except per share.

Q3 FY2026 is from the company's press release of 14 October 2026; the other columns are from its 10-Q and 10-K filings. A release figure is shown when the release's own figure for an earlier quarter matches the filed one, so the line and its units are read right; revenue, diluted EPS will come with the 10-Q.

Quarterly results, the last 20 quarters filed

	Q3 FY2021	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	11,859	12,492	11,842	11,519	12,780	13,470	14,303	15,354	15,561	16,891	17,242	18,134	19,719	20,276	20,409	22,004	22,512	22,746	22,188	23,609
Operating income	139	1,204	390	-636	142	1,025	554	436	1,410	2,503	2,940	1,860	2,945	2,968	3,236	3,982	3,323	3,682	3,566	4,209
Operating margin	1%	10%	3%	-6%	1%	8%	4%	3%	9%	15%	17%	10%	15%	15%	16%	18%	15%	16%	16%	18%
Interest expense	54.2	51.6	54.3	63.0	63.1	63.1	63.3	65.7	69.7	69.7	70.0	69.0	69.9	69.9	70.0	69.0	70.0	69.0	70.0	88.0
Pre-tax income	139	1,204	390	-636	142	1,025	554	436	1,410	2,503	2,940	1,860	2,945	2,968	3,236	3,982	3,323	3,682	3,566	4,209
Tax rate	15%	20%	20%	n/a	13%	19%	19%	21%	20%	21%	21%	22%	21%	21%	21%	20%	21%	20%	21%	21%
Net income	118	962	314	-543	124	826	448	345	1,121	1,988	2,331	1,459	2,333	2,356	2,567	3,175	2,615	2,951	2,818	3,311
Net margin	1%	8%	3%	-5%	1%	6%	3%	2%	7%	12%	14%	8%	12%	12%	13%	14%	12%	13%	13%	14%
Diluted EPS	$0.19	$1.62	$0.52	-$0.94	$0.20	$1.40	$0.75	$0.57	$1.89	$3.37	$3.94	$2.48	$3.97	$4.01	$4.37	$5.40	$4.45	$5.01	$4.80	$5.67
Operating cash flow	2,371	452	2,502	1,390	2,027	930	2,450	2,337	3,420	2,437	4,235	3,266	4,610	3,007	5,143	4,040	5,195	3,170	4,367	3,607
Capital expenditure	89.8	55.2	73.0	63.7	108	47.0	43.2	90.4	36.3	82.1	50.0	67.9	56.7	110	59.0	102	66.0	121	63.0	138
Free cash flow	2,281	397	2,429	1,326	1,919	883	2,406	2,247	3,383	2,355	4,185	3,198	4,554	2,897	5,084	3,938	5,129	3,049	4,304	3,469
Dividends paid	58.5	935	58.5	58.5	58.5	58.5	58.5	58.5	58.5	58.5	498	58.6	58.6	58.9	2,695	59.0	58.0	59.0	7,972	58.0
Shares outstanding	585m	585m	585m	585m	585m	585m	585m	585m	585m	586m	586m	586m	586m	586m	586m	586m	586m	586m	584m	581m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Earnings press release for the quarter ended 30 September 2026, filed with the SEC on 14 October 2026 with a Form 8-K: the release.