Filing Flows › Progressive (PGR) › Q1 2025
Progressive (PGR) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 5, 2025
Progressive (PGR) reported revenue of $20.4B for the first quarter 2025 (Q1 2025), +18% from a year earlier and +0.7% from the quarter before. Operating margin was 15.9%, net earnings $2.6B (12.6% of revenue).
Progressive, Q1 2025: revenue $20.4B (+18% year over year), operating margin 15.9%, net earnings $2.6B, operating cash flow $5.1B. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $20.4B | +0.7% | +18% |
| Operating profit | $3.2B | +9% | +10% |
| Net earnings | $2.6B | +9% | +10% |
| Operating cash flow | $5.1B | +71% | +21% |
| Free cash flow | $5.1B | +75% | +21% |
What changed
Revenue was $20.4B in Q1 2025, up 18% year over year and up 1% from the previous quarter.
Operating profit was $3.2B, a 15.9% margin (down 1.2 points year over year). Of the extra revenue versus a year earlier, 9% reached operating profit, below the 17% margin then. Total costs grew 20% against revenue growth of 18%. Net earnings were $2.6B, up 10% year over year. The effective tax rate was 20.7%.
Operating cash flow was $5.1B (up 21% year over year), 200% of net earnings. Non-cash charges added back $0.07B of depreciation. Working capital and other items added $2.5B. Capital expenditures of $0.06B left free cash flow of $5.1B.
Questions
What was Progressive's revenue in the first quarter 2025?
Progressive (PGR) reported revenue of $20.4B for the first quarter 2025 (Q1 2025), +18% from a year earlier and +0.7% from the quarter before.
Was Progressive profitable in the first quarter 2025?
Operating profit was $3.2B (15.9% of revenue) and net earnings $2.6B.
Source: Progressive 10-Q on SEC EDGAR.