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Progressive cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$4.4B in Q3 2026 · $15.2B over twelve months

Operating cash flow$4.5B
Capital spending−$116M
Free cash flow+$4.4B
Cash / net income1.8×

Analysis

In Q3 2026, Progressive generated $4.5B of operating cash flow and spent $116M on capital projects, leaving free cash flow of $4.4B. That is $727M less than in Q3 2025 ($5.1B).

Over the twelve months to Sep 30, 2026, operating cash flow was $15.7B; the largest uses were dividends ($8.1B), other investing ($7.0B), capital spending ($438M); besides operations, cash came from asset & business sales ($55.0M); the cash balance fell by $29.0M.

Operating cash flow was $4.5B against net income of $2.5B — 1.8× profit, cash ran ahead of reported earnings. The largest differences: payables +$391M, income taxes payable −$99.0M, depreciation & amortization +$97.0M.

Free cash flow

Progressive: free cash flow by quarterProgressive: free cash flow by quarter$2.9BQ4 2024$5.1BQ1 2025$3.9BQ2 2025$5.1BQ3 2025$3.0BQ4 2025$4.3BQ1 2026$3.5BQ2 2026$4.4BQ3 2026
Operating cash flow less capital spending.
Progressive: operating cash flow against capital spendingProgressive: operating cash flow against capital spendingOperating cash flowCapital spending$3.0B$110MQ4 2024$5.1B$59.0MQ1 2025$4.0B$102MQ2 2025$5.2B$66.0MQ3 2025$3.2B$121MQ4 2025$4.4B$63.0MQ1 2026$3.6B$138MQ2 2026$4.5B$116MQ3 2026
Latest (Q3 2026): Operating cash flow $4.5B, Capital spending $116M.

Capital allocation, year by year

Progressive: where the cash came from (up) and went (down), by fiscal yearProgressive: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsDividendsFY2021: Operating cash flow $7.8BFY2021: Net borrowing −$520MFY2021: Asset sales $66.2MFY2021: Capital spending −$244MFY2021: Acquisitions −$313MFY2021: Dividends −$3.7B$7.8BFY2021FY2022: Operating cash flow $6.8BFY2022: Net borrowing $1.5BFY2022: Asset sales $35.0MFY2022: Capital spending −$292MFY2022: Dividends −$234M$8.4BFY2022FY2023: Operating cash flow $10.6BFY2023: Net borrowing $496MFY2023: Asset sales $47.0MFY2023: Capital spending −$252MFY2023: Dividends −$234M$11.2BFY2023FY2024: Operating cash flow $15.1BFY2024: Asset sales $77.0MFY2024: Capital spending −$285MFY2024: Dividends −$674M$15.2BFY2024FY2025: Operating cash flow $17.5BFY2025: Asset sales $80.0MFY2025: Capital spending −$348MFY2025: Dividends −$2.9B$17.6BFY2025
Over these 5 years operating cash flow totalled $57.9B; the largest uses were dividends ($7.8B) and capital spending ($1.4B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.3B
Debtnone
Net cash$2.3B

Progressive funds itself: free cash flow was $15.2B over the last twelve months, with $2.3B of cash and investments and no debt on the balance sheet.

Progressive: debt maturities by year (FY2025)Progressive: debt maturities by year (FY2025)$1.0BYear 2$850MYear 4$500MYear 5$4.6BAfter year 5
Principal due in each year as disclosed in the annual report, against $2.3B of cash and investments now.

Where the cash came from and went

Progressive: sources (+) and uses (−) of cash, Q3 2026Progressive: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$4.5BOther investing−$3.9BOther financing−$471MCapital spending−$116MDividends−$58.0MCash drawn (+) / kept (−)$37.0MAsset & business sales$10.0M
Progressive: sources (+) and uses (−) of cash, TTM to Q3 2026Progressive: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$15.7BDividends−$8.1BOther investing−$7.0BCapital spending−$438MOther financing−$135MAsset & business sales$55.0MCash drawn (+) / kept (−)$29.0M

From profit to cash

Progressive: net income to operating cash flow, Q3 2026Progressive: net income to operating cash flow, Q3 2026Net income$2.5BDepreciation & amortization$97.0MGains on disposals$3.0MPayables$391MIncome taxes payable−$99.0MOther operating capital−$1.0MOperating cash flow$4.5B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$4.5B−$116M−$58.0M—$37.0M$4.4B
Q2 2026$3.6B−$138M−$58.0M—−$14.0M$3.5B
Q1 2026$4.4B−$63.0M−$8.0B$1.5B−$41.0M$4.3B
Q4 2025$3.2B−$121M−$59.0M—$47.0M$3.0B
Q3 2025$5.2B−$66.0M−$58.0M—−$50.0M$5.1B
Q2 2025$4.0B−$102M−$59.0M—$72.0M$3.9B
Q1 2025$5.1B−$59.0M−$2.7B—−$53.0M$5.1B
Q4 2024$3.0B−$110M−$59.0M—−$7.0M$2.9B

Progressive: income statement and cash flow

Progressive, Q3 2026: revenue $23.2B (+3% year over year), operating margin 14.0%. The chart follows the revenue to costs, profit and cash.

Progressive: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.