Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $23.4B | $26.8B | $32.0B | $39.0B | $42.7B | $47.7B | $49.6B | $62.1B | $75.4B | $87.7B |
| Revenue growth | — | 14.5% | 19.2% | 22.0% | 9.3% | 11.8% | 4.0% | 25.2% | 21.4% | 16.3% |
| Net income | $1.03B | $1.59B | $2.62B | $3.97B | $5.70B | $3.35B | $722M | $3.90B | $8.48B | $11.3B |
| Net margin | 4.4% | 5.9% | 8.2% | 10.2% | 13.4% | 7.0% | 1.5% | 6.3% | 11.3% | 12.9% |
| EPS (diluted) | $1.76 | $2.72 | $4.42 | $6.72 | $9.66 | $5.66 | $1.18 | $6.58 | $14.40 | $19.23 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.73B | $3.76B | $6.28B | $6.26B | $6.91B | $7.76B | $6.85B | $10.6B | $15.1B | $17.5B |
| Capital expenditures | $215M | $156M | $266M | $364M | $224M | $244M | $292M | $252M | $285M | $348M |
| Free cash flow | $2.52B | $3.60B | $6.02B | $5.90B | $6.68B | $7.52B | $6.56B | $10.4B | $14.8B | $17.2B |
| Share buybacks | $193M | — | — | — | — | — | — | — | — | — |
| Dividends paid | $519M | $395M | $655M | $1.64B | $1.55B | $3.75B | $234M | $234M | $674M | $2.87B |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $226M | $275M | $75.0M | $227M | $76.5M | $202M | $221M | $100M | $154M | $138M |
| Total assets | $33.4B | $38.7B | $46.6B | $54.9B | $64.1B | $71.1B | $75.5B | $88.7B | $106B | $123B |
| Total liabilities | $25.0B | $28.9B | $35.5B | $41.0B | $47.1B | $52.9B | $59.6B | $68.4B | $80.2B | $92.7B |
| Shareholders' equity | $7.96B | $9.28B | $10.8B | $13.7B | $17.0B | $18.2B | $15.9B | $20.3B | $25.6B | $30.3B |
| Retained earnings | $5.14B | $6.03B | $8.39B | $10.7B | $13.4B | $15.3B | $15.7B | $18.8B | $24.3B | $27.3B |
| Shares (wtd avg diluted) | 585M | 586M | 587M | 587M | 588M | 587M | 587M | 588M | 588M | 588M |
Every figure is extracted from PROGRESSIVE CORP/OH/’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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