Filing Flows › Progressive (PGR) › Q3 2026 › vs Q2 2026
Progressive (PGR) Q3 2026 vs Q2 2026 (quarter over quarter)
Progressive's revenue fell $417M (-2%) from $23.6B in Q2 2026 to $23.2B in Q3 2026. Operating margin 14.0% against 17.8% (-3.9 pts).
Progressive, Q3 2026: revenue $23.2B (+3% year over year), operating margin 14.0%, net earnings $2.5B, operating cash flow $4.5B. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 14.0% | 17.8% | -3.9 pts |
| Net margin | 11.0% | 14.0% | -3.1 pts |
| Free cash flow margin | 19.0% | 14.7% | +4.3 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Revenue | $23.2B | $23.6B | −$417M | -2% |
| Operating profit | $3.2B | $4.2B | −$973M | -23% |
| Costs & expenses | $20.0B | $19.4B | $556M | +3% |
| Pre-tax earnings | $3.2B | $4.2B | −$973M | -23% |
| Net earnings | $2.5B | $3.3B | −$769M | -23% |
| Income tax | $694M | $898M | −$204M | -23% |
| Depreciation | $97.0M | $82.0M | $15.0M | +18% |
| Working capital & other | $1.9B | $214M | $1.7B | +778% |
| Operating cash flow | $4.5B | $3.6B | $911M | +25% |
| Free cash flow (OCF − capex) | $4.4B | $3.5B | $933M | +27% |
| Capital expenditures | $116M | $138M | −$22.0M | -16% |
Questions
How much did Progressive's revenue grow quarter over quarter in Q3 2026?
Progressive's revenue fell $417M (-2%) from $23.6B in Q2 2026 to $23.2B in Q3 2026. Operating margin 14.0% against 17.8% (-3.9 pts).