Filing Flows › Progressive (PGR) › How it makes money
How Progressive (PGR) makes money
Progressive (PGR) made $23.2B of revenue in the third quarter 2026 (Q3 2026), +3% from a year earlier. Of every dollar of revenue, 14¢ was left as operating profit, 11¢ was left as net earnings.
Drawing the Sankey…
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $23.2B | 100.0% |
| Operating profit | $3.2B | 14.0% |
| Income tax | $694M | 3.0% |
| Net earnings | $2.5B | 11.0% |
| Operating cash flow | $4.5B | 19.5% |
| Free cash flow | $4.4B | 19.0% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $23.2B | +3% |
| Q2 2026 | $23.6B | +7% |
| Q1 2026 | $22.2B | +9% |
| Q4 2025 | $22.7B | +12% |
| Q3 2025 | $22.5B | +14% |
| Q2 2025 | $22.0B | +21% |
| Q1 2025 | $20.4B | +18% |
From Progressive's 10-Q filed Nov 2, 2026 (on EDGAR).
Questions
How does Progressive make money?
Progressive (PGR) made $23.2B of revenue in the third quarter 2026 (Q3 2026), +3% from a year earlier. Of every dollar of revenue, 14¢ was left as operating profit, 11¢ was left as net earnings.
What is Progressive's profit margin?
Net earnings were $2.5B, 11.0% of revenue, in the third quarter 2026; the operating margin was 14.0%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.