Filing Flows › Progressive (PGR) › Q2 2025
Progressive (PGR) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 4, 2025
Progressive (PGR) reported revenue of $22.0B for the second quarter 2025 (Q2 2025), +21% from a year earlier and +8% from the quarter before. Operating margin was 18.1%, net earnings $3.2B (14.4% of revenue).
Progressive, Q2 2025: revenue $22.0B (+21% year over year), operating margin 18.1%, net earnings $3.2B, operating cash flow $4.0B. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $22.0B | +8% | +21% |
| Operating profit | $4.0B | +23% | +114% |
| Net earnings | $3.2B | +24% | +118% |
| Operating cash flow | $4.0B | -21% | +24% |
| Free cash flow | $3.9B | -23% | +23% |
What changed
Revenue was $22.0B in Q2 2025, up 21% year over year and up 8% from the previous quarter.
Operating profit was $4.0B, a 18.1% margin (up 7.8 points year over year). Of the extra revenue versus a year earlier, 55% reached operating profit, above the 10% margin then. Total costs grew 11% against revenue growth of 21%. Net earnings were $3.2B, up 118% year over year. The effective tax rate was 20.3%.
Operating cash flow was $4.0B (up 24% year over year), 127% of net earnings. Non-cash charges added back $0.08B of depreciation. Working capital and other items added $0.79B. Capital expenditures of $0.10B left free cash flow of $3.9B.
Questions
What was Progressive's revenue in the second quarter 2025?
Progressive (PGR) reported revenue of $22.0B for the second quarter 2025 (Q2 2025), +21% from a year earlier and +8% from the quarter before.
Was Progressive profitable in the second quarter 2025?
Operating profit was $4.0B (18.1% of revenue) and net earnings $3.2B.
Source: Progressive 10-Q on SEC EDGAR.