10-Q · August 3, 2026
Progressive delivered 6% year-over-year growth in net premiums earned to $21.573 billion and expanded policies in force 7% to 40.086 million, but revenue was lower sequentially versus the implied first-quarter level.…
Earnings analysis · 10-Q
PGR earnings analysis
Filed November 2, 2026 · Our reading of the company's report
The latest report
Progressive’s Q3 2026 EPS was $4.60, up 3.4% year over year but down 18.9% sequentially, while reported revenue of $21.869 billion declined 2.8% year over year and 5.0% from Q2. The filing shows continued capital…
Read full summary
Progressive’s Q3 2026 EPS was $4.60, up 3.4% year over year but down 18.9% sequentially, while reported revenue of $21.869 billion declined 2.8% year over year and 5.0% from Q2. The filing shows continued capital returns, including 2,250,415 repurchased shares at an average price of $209.21, and no material control or risk-factor changes from the 2025 Form 10-K. Detailed margins, cash flow, balance-sheet, and segment results were not available in the supplied filing extract, and no quantitative forward guidance was provided.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $4.6
What stood out
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EPS up year over year
Q3 2026 EPS was $4.60, down 18.9% from $5.67 in Q2 2026 but up 3.4% from $4.45 in Q3 2025.
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Revenue declined sequentially and annually
Reported revenue was $21.869 billion, down 5.0% from $23.02 billion in Q2 2026 and 2.8% from $22.51 billion in Q3 2025.
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Share repurchases continued
Progressive repurchased 2,250,415 shares during the quarter at an average price of $209.21 per share; 20,960,756 shares remained available under the repurchase authorization at September 30, 2026.
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No material control deficiencies
The company reported that its disclosure controls were effective as of the quarter end and that there were no changes in internal control over financial reporting that materially affected, or were reasonably likely to materially affect, those controls.
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Portfolio duration remained controlled
The duration of portfolio instruments subject to interest-rate risk was 3.6 years at September 30, 2026, compared with 3.4 years at September 30, 2025 and December 31, 2025.
What to watch
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Sequential earnings and revenue pressure
Revenue fell to $21.869 billion from $23.02 billion in Q2 2026, a sequential decline of 5.0%, while EPS fell from $5.67 to $4.60.
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Higher interest-rate exposure
Interest-rate sensitivity increased modestly as portfolio duration rose to 3.6 years from 3.4 years at both September 30, 2025 and December 31, 2025.
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Capital deployed on repurchases
The company repurchased 2,250,415 shares during the quarter at an average price of $209.21, while 20,960,756 shares remained available under the 25 million-share authorization approved in May 2026.
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Executive trading arrangements
Certain executives entered Rule 10b5-1 trading arrangements during the quarter; the arrangements covered, among others, 5,467 additional or specified shares for the Chief Human Resources Officer and 475 shares for the Chief Investment Officer.
Management's outlook
The filing provides no quantitative EPS or revenue guidance and does not state that prior guidance was raised, maintained, lowered, or withdrawn.
Earlier filings 4
10-Q · May 4, 2026
In the first quarter of 2026, Progressive Corporation reported a decline in revenue and a significant increase in earnings per share (EPS), beating estimates. Revenue decreased to $20.97 billion, down from $22.75…
10-K · March 2, 2026
Progressive’s 2025 10-K shows continued top-line and earnings expansion driven by Personal Lines: premium revenue rose to $81,661 million in 2025 and parent-company net income increased to $11,308 million in 2025. The…
10-Q · August 4, 2025
Progressive reported profitable, above-trend underwriting and premium growth in Q2 2025: companywide underwriting profit margin expanded to 13.8% and net premiums written (NPW) grew meaningfully. Investment portfolio…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.