The Progressive Corporation

PGRNYSEFinancial Services● Active

$200.98

$-3.04(-1.49%)

Market Cap$117.4B

P/E Ratio—

52W High$283.95

52W Low$189.2

Avg Volume3.0M

Open$200.95

Beta0.27

Overview

The Progressive Corporation (PGR) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

PGR · free cash flow · updated Jun 8, 2026

Core FCF metrics

PGR · FCF · TTM · margin & CAGR

Free cash flow was $17.20B for FY2025 (fiscal year ending 2025-12-31), up 15.9% year-over-year The FCF margin was 19.6%. Five-year CAGR stands at +20.8%.

FY2025 Free Cash Flow$17.20B▲ +15.9% YoY

Trailing 12M (TTM)$16.42Btrailing 4 quarters sum

FCF Margin19.6%$17.20B ÷ revenue

3-Year CAGR+37.9%FY2022 → FY2025

5-Year CAGR+20.8%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

PGR · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$17.55B(348M)$17.20B▲ +15.9%19.6%

FY2024$15.12B(285M)$14.83B▲ +42.8%19.7%

FY2023$10.64B(252M)$10.39B▲ +58.5%16.7%

FY2022$6.85B(292M)$6.56B▼ 12.8%13.2%

FY2021$7.76B(244M)$7.52B▲ +12.5%15.8%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

PGR · P/FCF · FCF yield · FCF per share

The Progressive Corporation (PGR) trades at a FCF yield of 13.77% and a price-to-free-cash-flow ratio of 7.2x. FCF per share stands at $28.01, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

13.77%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$28.01

TTM FCF ÷ Shares Outstanding

Price / FCF

x7.2

Share Price ÷ FCF per Share

EV / FCF (TTM)

x7.8

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

PGR · cash flow statement · operating / investing / financing

For FY2025, The Progressive Corporation generated $17.55B in operating cash flow and spent 348M in capital expenditures, yielding $17.20B in free cash flow.

Operating Activities

+$17.55B

Cash from core business operations

2025-12-31

Investing Activities

−$14.53B

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$3.04B

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($17.55B) − |CapEx| (348M) = FCF ($17.20B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Financial Services)

PGR vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

The Progressive CorporationYOU

PGR

$17.20B+15.9%19.6%

17%

Berkshire Hathaway Inc.

BRK-B

$25.04B+115.6%6.7%

25%

Berkshire Hathaway Inc.

Mastercard Incorporated

$16.91B+18.2%51.6%

17%

Financial Services · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

The Progressive Corporation (PGR) reported free cash flow of $17.20B for FY2025 (fiscal year ending 2025-12-31), up 15.9% year-over-year. The FCF margin was 19.6%.

Based on available data, The Progressive Corporation has maintained positive free cash flow for at least 15 fiscal year(s). FCF peaked at $17.20B in FY2025. The 5-year CAGR stands at +20.8%.

The Progressive Corporation's FCF yield is 13.77% and price-to-FCF ratio is 7.2x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

PGR free cash flow · 8 questions

The Progressive Corporation free cash flow was $17.20B for FY2025, up 15.9% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $16.42B.

PGR free cash flowPGR FCFPGR FCF 2025PGR free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · The Progressive Corporation · The Progressive Corporation SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026