Filing Flows › Progressive (PGR) › Q4 2025
Progressive (PGR) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 2, 2026
Progressive (PGR) reported revenue of $22.7B for the fourth quarter 2025 (Q4 2025), +12% from a year earlier and +1% from the quarter before. Operating margin was 16.2%, net earnings $3.0B (13.0% of revenue).
Progressive, Q4 2025: revenue $22.7B (+12% year over year), operating margin 16.2%, net earnings $3.0B, operating cash flow $3.2B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $22.7B | +1% | +12% |
| Operating profit | $3.7B | +11% | +24% |
| Net earnings | $3.0B | +13% | +25% |
| Operating cash flow | $3.2B | -39% | +5% |
| Free cash flow | $3.0B | -41% | +5% |
What changed
Revenue was $22.7B in Q4 2025, up 12% year over year and up 1% from the previous quarter.
Operating profit was $3.7B, a 16.2% margin (up 1.6 points year over year). Of the extra revenue versus a year earlier, 29% reached operating profit, above the 15% margin then. Total costs grew 10% against revenue growth of 12%. Net earnings were $3.0B, up 25% year over year. The effective tax rate was 19.9%.
Operating cash flow was $3.2B (up 5% year over year), 107% of net earnings. Non-cash charges added back $0.08B of depreciation. Capital expenditures of $0.12B left free cash flow of $3.0B.
Questions
What was Progressive's revenue in the fourth quarter 2025?
Progressive (PGR) reported revenue of $22.7B for the fourth quarter 2025 (Q4 2025), +12% from a year earlier and +1% from the quarter before.
Was Progressive profitable in the fourth quarter 2025?
Operating profit was $3.7B (16.2% of revenue) and net earnings $3.0B.
Source: Progressive 10-K on SEC EDGAR.