Quarterly ResultMay 4, 2026, 10:03 AM
Progressive Q1 Net Income $2.82B, EPS $4.80; Revenues Up 8.7%
AI Summary
Progressive reported strong financial results for Q1 2026, with net income increasing by 9.8% to $2.82 billion and diluted EPS rising by 9.8% to $4.80. Total revenues grew by 8.7% to $22.19 billion, primarily driven by an 8.0% increase in net premiums earned. However, net cash provided by operating activities decreased by 15.1% year-over-year, and the company issued $1.49 billion in new debt.
Key Highlights
- Net income increased 9.8% to $2.82 billion for Q1 2026 from $2.57 billion in Q1 2025.
- Diluted earnings per share rose 9.8% to $4.80 in Q1 2026 from $4.37 in Q1 2025.
- Total revenues grew 8.7% to $22.19 billion in Q1 2026, up from $20.41 billion in Q1 2025.
- Net premiums earned increased 8.0% to $20.97 billion in Q1 2026 from $19.41 billion in Q1 2025.
- Net investment income increased 12.6% to $909 million in Q1 2026 from $807 million in Q1 2025.
- Net cash provided by operating activities decreased 15.1% to $4.37 billion in Q1 2026.
- Net proceeds from debt issuances were $1.49 billion in Q1 2026, compared to $0 in Q1 2025.
- Total investments reached $94.13 billion as of March 31, 2026.