Filing Flows › Progressive (PGR) › Q1 2026
Progressive (PGR) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 4, 2026
Progressive (PGR) reported revenue of $22.2B for the first quarter 2026 (Q1 2026), +9% from a year earlier and -2% from the quarter before. Operating margin was 16.1%, net earnings $2.8B (12.7% of revenue).
Progressive, Q1 2026: revenue $22.2B (+9% year over year), operating margin 16.1%, net earnings $2.8B, operating cash flow $4.4B. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $22.2B | -2% | +9% |
| Operating profit | $3.6B | -3% | +10% |
| Net earnings | $2.8B | -5% | +10% |
| Operating cash flow | $4.4B | +38% | -15% |
| Free cash flow | $4.3B | +41% | -15% |
What changed
Revenue was $22.2B in Q1 2026, up 9% year over year and down 2% from the previous quarter.
Operating profit was $3.6B, a 16.1% margin (up 0.2 points year over year). Of the extra revenue versus Q1 2025, 19% reached operating profit, above the 16% margin then. Total costs grew 8% against revenue growth of 9%. Net earnings were $2.8B, up 10% year over year. The effective tax rate was 21.0%.
Operating cash flow was $4.4B (down 15% year over year), 155% of net earnings. Non-cash charges added back $0.07B of depreciation. Working capital and other items added $1.5B. Capital expenditures of $0.06B left free cash flow of $4.3B.
Questions
What was Progressive's revenue in the first quarter 2026?
Progressive (PGR) reported revenue of $22.2B for the first quarter 2026 (Q1 2026), +9% from a year earlier and -2% from the quarter before.
Was Progressive profitable in the first quarter 2026?
Operating profit was $3.6B (16.1% of revenue) and net earnings $2.8B.
Source: Progressive 10-Q on SEC EDGAR.