Short answer
Progressive Corporation (PGR) filed its Q3 2025 10-Q quarterly report on Nov 3, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $22.5B (up 14.2% year over year) with net income of $2.6B.
Q3 2025 key financials · XBRL
- Revenue
- $22.5B
- +14.2% YoY · +2.3% QoQ
- Net income
- $2.6B
- +12.1% YoY · −17.6% QoQ
- EPS (diluted)
- $4.44
- +11.8% YoY · −17.8% QoQ
Source: XBRL data from the Progressive Corporation (PGR) Q3 2025 10-Q on SEC EDGAR. USD.
Progressive Corporation Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Revenue $21.4B net premiums written in Q3 2025, +$1.9B (10%) YoY; net premiums earned +14% YoY
- Underwriting profit margin 10.5% in Q3 2025 vs 11.0% YoY; Personal Lines margin 10.5%, Commercial Lines 10.8%
- Personal Lines best segment: net premiums written +12%, policies in force +13%, property underwriting margin 36.5%; Commercial Lines worst: net premiums written -6%, policies in force +6%
- Operating cash flow $14.4B YTD 2025, up from $12.1B YTD 2024; total capital $42.3B at Q3 2025, up $9.9B from YE 2024
- Management notes tariff-related inflation risks could pressure loss costs and profitability; expects continued rate actions in 2025; recorded $950M Florida policyholder credit impacting Q3 underwriting expenses
Risk Factors
- No new or changed risk factors compared to 2024 10-K
- Carried-forward legal risk: exposure to claims and lawsuits in insurance operations
- Carried-forward market risk: competitive pressure impacting pricing and underwriting margins
- Carried-forward operational risk: reliance on technology systems for claims processing and customer service
- Carried-forward financial risk: sensitivity to investment portfolio fluctuations affecting earnings and liquidity
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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