PROGRESSIVE CORP/OH/ (PGR) Form 10-Q — Nov 2, 2026
Progressive reported Q3 2026 net income of $2.5 billion ($4.37 diluted EPS), down 3% from $2.6 billion a year ago, as a 3.7-point rise in the loss ratio from higher severity offset a 4.5-point expense-ratio improvement that was aided by lapping 2025 Florida policyholder credits. Top-line growth remained solid: net premiums written rose 4% to $22.3 billion, net premiums earned rose 5%, and policies in force grew 6% to 40.5 million. The companywide combined ratio was 88.7 for the quarter, and management reaffirmed it is exceeding its 4% underwriting profit goal.
Key figures
- Eps
- 4.37
- Revenue
- 23192000000
- Net Income
- 2542000000
- Total Debt
- 8389000000
- Revenue Yoy
- 3.0% (Q3 2026 vs Q3 2025 total revenues)
- Total Assets
- 127744000000
- Cash Position
- 156000000
- Shares Outstanding
- 579362175
- Combined ratio 9m
- 87.5
- Combined ratio q3
- 88.7
- Policies in force
- 40,489 thousand (+6% YoY)
- Share repurchases 9m
- 7.7 million shares for $1.6 billion
- Advertising expense q3
- $1.6 billion (+18% YoY)
- Net premiums earned q3
- $21,869 million (up 5% YoY)
- Operating cash flow 9m
- $12,492 million
- Senior notes issued march 2026
- $1.5 billion ($500M 4.60% due 2031; $1B 5.15% due 2036)
- Investment portfolio fair value
- $99.2 billion
- Policy life expectancy personal auto
- down 9% YoY (trailing 3- and 12-month)
- Annual variable dividend paid jan 2026
- $13.50 per share ($7,913 million)
AI analysis
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