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Progressive (PGR) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 2, 2026 · Progressive (PGR) Q3 2026 earnings results →
Q3 2026 Revenue up 3% year over year to $23.2B · 11¢ of every $1 of revenue kept as net profit · operating margin 14.0%
Progressive made $23.2B in Q3 2026 (+3% Y/Y). Operating margin 14.0%, net earnings $2.5B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 2, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $23.2B in Q3 2026, up 3% year over year and down 2% from the previous quarter.
Operating profit was $3.2B, a 14.0% margin (down 0.8 points year over year). Operating profit fell $0.09B even though revenue rose $0.68B versus Q3 2025, so costs grew faster than sales. Total costs grew 4% against revenue growth of 3%. Net earnings were $2.5B, down 3% year over year. The effective tax rate was 21.4%.
Operating cash flow was $4.5B (down 13% year over year), 178% of net earnings. Non-cash charges added back $0.10B of depreciation. Working capital and other items added $1.9B. Capital expenditures of $0.12B left free cash flow of $4.4B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 2, 2026 | $23.2B | +3% | 14.0% | $2.5B | $4.5B |
| Q2 2026 | 10-Q | Aug 3, 2026 | $23.6B | +7% | 17.8% | $3.3B | $3.6B |
| Q1 2026 | 10-Q | May 4, 2026 | $22.2B | +9% | 16.1% | $2.8B | $4.4B |
| Q4 2025 | 10-K | Mar 2, 2026 | $22.7B | +12% | 16.2% | $3.0B | $3.2B |
| Q3 2025 | 10-Q | Nov 3, 2025 | $22.5B | +14% | 14.8% | $2.6B | $5.2B |
| Q2 2025 | 10-Q | Aug 4, 2025 | $22.0B | +21% | 18.1% | $3.2B | $4.0B |
| Q1 2025 | 10-Q | May 5, 2025 | $20.4B | +18% | 15.9% | $2.6B | $5.1B |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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Customers and suppliers named in filings
Buys from
- PRG — 96% of the supplier’s revenue · Stated in 10-K (sentence) · source
- TWFG — 11% of the supplier’s revenue · Stated in 10-K (sentence) · source
About Progressive
The Progressive Corporation, an insurance holding company, has insurance and non-insurance subsidiaries and affiliates (references in this Item to subsidiaries include affiliates as well). Our insurance subsidiaries write personal and commercial auto insurance, personal residential property insurance, and insurance for motorcycles, watercraft, and other recreational vehicles. We also offer business-related general liability and commercial property insurance predominantly for small businesses, workers’ compensation insurance primarily for the transportation industry, and other specialty property-casualty insurance and provide related services. Our non-insurance subsidiaries generally support our insurance and investment operations. We operate throughout the United States. Unless noted, references to “state(s)” throughout this report include the District of Columbia.
In its own words, from its 10-K, filed Mar 2, 2026.
Progressive against its Fire, Marine & Casualty Insurance peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +3% against the peers' median +2%. Operating margin: 14.0% against the peers' median 15.5%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| PGR Progressive | Q3 2026 | $23.2B | +3% | 14.0% |
| BRK-B Berkshire Hathaway | Q2 2026 | $101.8B | +10% | 15.5% |
| ALL Allstate | Q3 2026 | $17.3B | +0.5% | 15.1% |
| CB Chubb | Q3 2026 | $16.2B | +0.3% | 21.0% |
| TRV Travelers Companies | Q3 2026 | $12.4B | -0.5% | 19.1% |
| AIG American International Group | Q3 2026 | $7.4B | +17% | 15.0% |
| HIG Hartford Insurance Group | Q3 2026 | $7.2B | +4% | 21.9% |
| L Loews | Q3 2026 | $4.8B | +2% | 8.5% |
| ACGL Arch Capital Group | Q3 2026 | $4.7B | -9% | 25.5% |
Source: Progressive 10-Q on SEC EDGAR · CIK 80661 · Fire, Marine & Casualty Insurance
Guidance and outlook
13F: who owns PGR and who is buying
More on PGR
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results