Cash Flow Statement

Operating Cash Flow

+173%

+168%

10Y

Currency: USD

	Dec-2001	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025
Operating Cash Flow
Net Income	411	501	558	640	667	783	909	1 050	1 255	1 424	1 524	1 593	1 649	1 601	1 609	1 526	1 394	1 418	1 424	1 528	1 648	1 574	1 458	1 347	1 183	1 058	990	7	(70)	(77)	(42)	912	1 058	1 121	1 082	1 074	1 068	1 136	1 169	1 058	1 016	910	784	910	902	953	1 159	1 115	1 165	1 178	1 147	1 211	1 281	1 255	1 330	1 321	1 301	1 264	1 090	1 009	1 057	1 229	1 407	1 416	1 598	1 898	2 226	2 942	2 621	2 974	3 252	3 165	3 980	3 596	4 408	5 095	5 705	6 486	5 485	4 073	3 351	2 185	852	857	722	856	1 744	2 741	3 902	5 786	6 899	8 111	8 480	8 716	10 432	10 714
Depreciation & Amortization	81	82	83	84	84	85	86	87	89	92	94	98	99	99	98	96	92	94	97	100	103	105	107	108	107	105	102	99	99	96	94	92	87	88	86	85	83	83	84	86	89	90	91	92	94	96	98	100	101	100	99	98	97	98	116	133	151	170	174	184	200	213	225	233	236	239	244	253	262	274	290	293	306	313	315	327	332	332	331	335	337	346	349	343	337	324	316	307	300	287	282	282	284	284	296	306
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	28	0	0	0	27	0	0	0	35	0	0	0	40	0	0	0	46	0	0	0	51	67	82	96	63	64	67	67	65	62	60	54	51	49	48	59	66	66	82	85	85	103	97	97	95	82	80	73	77	79	85	88	90	94	89	87	89	82	87	96	101	102	102	102	123	121	123	140	121	122	126	120	122	121	122	126
Other Non-Cash Items	0	0	0	0	0	14	42	6	11	40	65	151	193	198	199	210	223	232	233	235	254	269	292	308	311	316	305	297	286	278	282	285	284	283	281	270	271	276	284	290	292	289	279	271	259	249	238	231	209	186	166	146	140	134	139	151	168	170	181	173	167	188	185	192	190	169	152	132	144	135	127	131	135	152	178	195	203	207	219	226	227	229	422	367	322	302	67	122	199	179	182	157	105	95	72	56
Cash Taxes Paid	127	189	222	402	392	384	449	419	579	577	664	738	709	754	756	817	767	668	746	730	739	758	709	596	526	507	409	358	258	278	411	403	462	451	400	393	434	440	483	483	435	432	369	346	389	395	462	470	497	371	364	404	515	575	0	0	625	655	900	1 006	139	110	317	297	146	146	52	143	154	174	388	357	954	934	380	1 295	206	207	762	(204)	842	842	632	769	719	719	540	536	800	800	1 967	2 372	2 540	0	2 834	2 868
Cash Interest Paid	51	51	51	64	64	76	89	87	99	99	98	92	92	85	85	85	85	85	85	85	81	81	78	78	110	110	144	144	145	145	145	145	145	145	145	146	138	138	131	130	130	139	138	136	135	124	123	124	122	135	128	128	116	116	0	0	128	156	198	226	459	464	463	469	716	716	713	725	703	723	723	734	185	188	188	206	1 446	1 464	1 464	1 464	224	215	215	229	229	252	252	251	265	265	277	277	276	276	276	276
Change in Working Capital	742	764	932	948	1 161	1 142	1 165	1 328	1 081	1 214	1 141	891	722	522	473	345	284	295	163	9	20	8	26	136	191	138	130	1 150	1 234	1 332	1 204	237	58	124	314	321	257	188	(31)	63	102	244	448	395	436	407	198	328	424	374	392	355	208	349	529	623	674	737	989	1 026	1 309	1 388	1 368	1 855	1 733	2 094	2 596	2 409	3 258	3 024	2 508	2 627	1 841	1 958	1 866	869	666	870	1 931	4 224	3 846	4 890	5 092	4 804	5 469	5 315	5 617	5 965	6 242	6 168	5 989	5 996	6 250	6 931	6 002	6 310
Cash from Operating Activities	1 235 N/A	1 347 +9%	1 573 +17%	1 672 +6%	1 912 +14%	2 023 +6%	2 202 +9%	2 471 +12%	2 437 -1%	2 770 +14%	2 823 +2%	2 733 -3%	2 663 -3%	2 421 -9%	2 378 -2%	2 176 -8%	1 994 -8%	2 039 +2%	1 917 -6%	1 872 -2%	2 025 +8%	1 957 -3%	1 882 -4%	1 899 +1%	1 791 -6%	1 616 -10%	1 527 -6%	1 552 +2%	1 549 0%	1 629 +5%	1 538 -6%	1 526 -1%	1 487 -3%	1 615 +9%	1 763 +9%	1 750 -1%	1 679 -4%	1 683 +0%	1 506 -11%	1 497 -1%	1 498 +0%	1 533 +2%	1 602 +5%	1 668 +4%	1 691 +1%	1 705 +1%	1 694 -1%	1 774 +5%	1 900 +7%	1 838 -3%	1 804 -2%	1 809 +0%	1 726 -5%	1 836 +6%	2 114 +15%	2 228 +5%	2 293 +3%	2 341 +2%	2 434 +4%	2 393 -2%	2 733 +14%	3 018 +10%	3 184 +5%	3 696 +16%	3 757 +2%	4 400 +17%	5 218 +19%	5 735 +10%	6 285 +10%	6 406 +2%	6 176 -4%	6 217 +1%	6 262 +1%	6 019 -4%	6 766 +12%	6 487 -4%	6 906 +6%	7 894 +14%	7 965 +1%	8 857 +11%	7 762 -12%	7 650 -1%	6 715 -12%	6 371 -5%	6 849 +7%	6 796 -1%	7 743 +14%	9 136 +18%	10 643 +17%	12 429 +17%	13 358 +7%	14 549 +9%	15 119 +4%	16 027 +6%	16 801 +5%	17 385 +3%
Investing Cash Flow
Capital Expenditures	(75)	(73)	(76)	(77)	(90)	(95)	(113)	(137)	(171)	(199)	(222)	(230)	(192)	(154)	(160)	(157)	(219)	(291)	(330)	(354)	(334)	(280)	(209)	(166)	(136)	(127)	(119)	(113)	(99)	(96)	(86)	(73)	(67)	(62)	(58)	(56)	(65)	(65)	(70)	(79)	(79)	(91)	(97)	(110)	(128)	(126)	(144)	(149)	(140)	(129)	(116)	(108)	(108)	(114)	(117)	(121)	(131)	(163)	(186)	(206)	(215)	(196)	(179)	(163)	(156)	(157)	(185)	(211)	(266)	(306)	(367)	(382)	(364)	(350)	(271)	(259)	(224)	(212)	(211)	(235)	(244)	(266)	(282)	(300)	(292)	(262)	(289)	(217)	(252)	(259)	(237)	(257)	(285)	(294)	(328)	(337)
Other Items	(1 408)	(1 510)	(1 633)	(1 747)	(2 001)	(2 034)	(2 267)	(2 451)	(1 982)	(2 169)	(2 216)	(2 165)	(657)	(515)	(304)	(101)	(1 327)	(1 235)	(935)	(596)	(433)	(323)	(1 401)	156	232	285	1 143	(849)	(1 214)	(1 367)	(1 298)	(1 216)	(1 112)	(1 238)	(1 369)	(1 133)	(422)	(172)	227	(109)	(666)	(435)	(698)	(589)	(137)	(648)	(631)	(722)	(1 216)	(320)	(631)	(636)	(729)	(1 756)	(1 552)	(1 750)	(1 793)	(1 314)	(1 597)	(1 983)	(2 266)	(2 698)	(3 199)	(3 093)	(3 251)	(4 768)	(5 276)	(5 953)	(6 769)	(4 826)	(4 491)	(4 449)	(3 975)	(4 765)	(5 559)	(5 278)	(5 894)	(4 627)	(4 654)	(4 806)	(2 876)	(6 881)	(5 999)	(6 206)	(7 664)	(6 169)	(7 632)	(9 275)	(10 591)	(11 431)	(11 849)	(12 897)	(13 464)	(12 672)	(13 415)	(14 032)
Cash from Investing Activities	(1 482) N/A	(1 584) -7%	(1 709) -8%	(1 823) -7%	(2 091) -15%	(2 129) -2%	(2 380) -12%	(2 588) -9%	(2 153) +17%	(2 368) -10%	(2 438) -3%	(2 395) +2%	(849) +65%	(669) +21%	(464) +31%	(257) +45%	(1 546) -501%	(1 525) +1%	(1 265) +17%	(950) +25%	(767) +19%	(603) +21%	(1 611) -167%	(10) +99%	96 N/A	158 +65%	1 024 +547%	(962) N/A	(1 313) -36%	(1 462) -11%	(1 384) +5%	(1 289) +7%	(1 179) +9%	(1 300) -10%	(1 427) -10%	(1 189) +17%	(487) +59%	(237) +51%	156 N/A	(187) N/A	(745) -298%	(526) +29%	(795) -51%	(699) +12%	(265) +62%	(774) -192%	(775) 0%	(871) -12%	(1 357) -56%	(449) +67%	(747) -66%	(744) +0%	(837) -12%	(1 870) -123%	(1 669) +11%	(1 872) -12%	(1 924) -3%	(1 477) +23%	(1 783) -21%	(2 189) -23%	(2 481) -13%	(2 894) -17%	(3 378) -17%	(3 256) +4%	(3 407) -5%	(4 925) -45%	(5 461) -11%	(6 164) -13%	(7 035) -14%	(5 132) +27%	(4 858) +5%	(4 831) +1%	(4 338) +10%	(5 115) -18%	(5 830) -14%	(5 537) +5%	(6 118) -10%	(4 839) +21%	(4 865) -1%	(5 041) -4%	(3 120) +38%	(7 147) -129%	(6 281) +12%	(6 506) -4%	(7 956) -22%	(6 431) +19%	(7 921) -23%	(9 491) -20%	(10 843) -14%	(11 690) -8%	(12 085) -3%	(13 154) -9%	(13 749) -5%	(12 966) +6%	(13 743) -6%	(14 369) -5%
Financing Cash Flow
Net Issuance of Common Stock	(94)	(115)	(233)	(199)	(192)	(263)	(195)	(255)	(267)	(181)	(160)	(104)	(1 577)	(1 728)	(1 886)	(1 917)	(439)	(508)	(553)	(817)	(1 171)	(1 268)	(1 308)	(1 526)	(1 518)	(1 308)	(1 066)	(507)	(152)	(47)	(6)	(77)	(162)	(199)	(248)	(271)	(231)	(328)	(548)	(866)	(975)	(878)	(642)	(320)	(174)	(188)	(218)	(169)	(273)	(317)	(287)	(343)	(271)	(243)	(240)	(212)	(208)	(213)	(212)	(197)	(193)	(143)	(104)	(91)	(62)	416	419	418	418	(65)	(66)	(87)	(90)	(90)	(85)	(70)	(104)	(163)	(178)	(204)	(223)	(167)	(157)	(134)	(99)	(103)	(110)	(100)	(141)	(645)	(649)	(695)	(634)	(151)	(153)	(107)
Net Issuance of Debt	365	0	0	0	398	398	398	398	0	(200)	(200)	(200)	(206)	(6)	(6)	(6)	0	0	(100)	(100)	(100)	0	1 022	1 022	1 022	0	0	0	0	0	0	0	0	0	0	(214)	(214)	(214)	(214)	479	477	114	95	(385)	(383)	(19)	(1)	(58)	(208)	0	137	146	296	678	326	350	342	(47)	(64)	451	452	422	717	156	157	746	475	546	1 097	545	545	545	0	986	986	986	986	0	0	(500)	(500)	986	986	1 486	1 486	0	496	496	496	0	0	0	0	0	0	0
Cash Paid for Dividends	(21)	(21)	(21)	(21)	(21)	(21)	(22)	(22)	(22)	(22)	(22)	(23)	(23)	(24)	(24)	(24)	(24)	(24)	(24)	(24)	(25)	(19)	(13)	(1 413)	(1 407)	(1 505)	(1 505)	(98)	(98)	0	0	0	0	(108)	(108)	(108)	(764)	(919)	(919)	(919)	(264)	(251)	(251)	(252)	(854)	(778)	(778)	(777)	(176)	(893)	(893)	(893)	(893)	(404)	(404)	(404)	(404)	(519)	(519)	(519)	(519)	(395)	(395)	(395)	(395)	(655)	(655)	(668)	(668)	(1 495)	(1 553)	(1 612)	(1 670)	(1 578)	(1 578)	(1 578)	(1 578)	(2 897)	(2 897)	(2 897)	(3 773)	(1 137)	(1 137)	(1 137)	(261)	(261)	(270)	(267)	(278)	(711)	(702)	(692)	(682)	(2 871)	(2 872)	(2 871)
Other	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	12	22	27	39	32	25	21	16	15	15	14	11	6	3	6	10	11	12	13	14	15	14	11	6	9	8	9	6	8	9	11	10	14	14	13	13	8	11	15	17	17	15	10	9	0	0	0	0	0	0	0	(297)	0	(308)	(308)	(11)	0	(243)	(243)	(243)	0	(20)	(20)	(20)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash from Financing Activities	250 N/A	230 -8%	112 -51%	145 +30%	185 +28%	114 -38%	182 +59%	121 -33%	(289) N/A	(403) -40%	(381) +5%	(326) +14%	(1 806) -454%	(1 758) +3%	(1 916) -9%	(1 947) -2%	(462) +76%	(520) -13%	(654) -26%	(914) -40%	(1 257) -38%	(1 355) -8%	(275) +80%	(1 896) -589%	(1 887) +0%	(1 776) +6%	(2 555) -44%	(591) +77%	(240) +59%	(41) +83%	(3) +93%	(71) -2 267%	(152) -114%	(296) -95%	(344) -16%	(581) -69%	(1 195) -106%	(1 446) -21%	(1 668) -15%	(1 295) +22%	(756) +42%	(1 006) -33%	(790) +21%	(948) -20%	(1 404) -48%	(977) +30%	(988) -1%	(993) -1%	(647) +35%	(1 403) -117%	(1 029) +27%	(1 077) -5%	(855) +21%	40 N/A	(306) N/A	(250) +18%	(253) -1%	(761) -201%	(781) -3%	(256) +67%	(250) +2%	(114) +54%	220 N/A	(328) N/A	(301) +8%	507 N/A	239 -53%	296 +24%	550 +86%	(1 312) N/A	(1 383) -5%	(1 462) -6%	(1 771) -21%	(693) +61%	(919) -33%	(905) +2%	(939) -4%	(3 303) -252%	(3 095) +6%	(3 621) -17%	(4 516) -25%	(338) +93%	(308) +9%	214 N/A	1 126 +426%	(364) N/A	116 N/A	129 +11%	78 -39%	(860) N/A	(1 351) -57%	(1 387) -3%	(1 316) +5%	(3 022) -130%	(3 025) 0%	(2 978) +2%
Change in Cash
Effect of Foreign Exchange Rates	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	2	2	2	2	1	1	1	1	(1)	(0)	(1)	0	1	1	0	(1)	(1)	0	1	2	0	(1)	(2)	(2)	(0)	0	0	1	0	0	0	0	(0)	0	0	(1)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Change in Cash	2 N/A	(7) N/A	(24) -222%	(6) +76%	6 N/A	8 +47%	3 -64%	4 +43%	(5) N/A	(0) +96%	4 N/A	13 +207%	8 -37%	(6) N/A	(2) +65%	(28) -1 155%	(14) +48%	(6) +57%	(2) +65%	8 N/A	0 N/A	(1) N/A	(4) -414%	(7) -89%	0 N/A	(1) N/A	(4) -193%	(1) +73%	(3) -164%	126 N/A	151 +20%	166 +10%	158 -5%	21 -87%	(7) N/A	(18) -154%	(2) +90%	0 N/A	(4) N/A	15 N/A	(3) N/A	1 N/A	16 +3 060%	22 +39%	23 +7%	(46) N/A	(69) -50%	(91) -33%	(104) -14%	(14) +87%	29 N/A	(10) N/A	33 N/A	5 -86%	138 +2 769%	104 -25%	116 +12%	103 -11%	(129) N/A	(51) +61%	2 N/A	11 +425%	27 +153%	113 +323%	49 -57%	(18) N/A	(4) +79%	(134) -3 416%	(200) -50%	(38) +81%	(65) -71%	(77) -18%	152 N/A	212 +39%	16 -92%	45 +177%	(151) N/A	(247) -64%	6 N/A	194 +3 435%	126 -35%	164 +31%	126 -23%	80 -37%	19 -76%	1 -93%	(61) N/A	(227) -272%	(121) +47%	(121) +0%	(78) +36%	9 N/A	54 +528%	39 -28%	33 -15%	38 +14%

Income Statement Balance Sheet Cash Flow Statement

Progressive Corp
NYSE:PGR

Cash Flow Statement

Cash Flow Statement
Progressive Corp

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Progressive Corp NYSE:PGR

Cash Flow Statement

Cash Flow Statement Progressive Corp

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Progressive Corp
NYSE:PGR

Cash Flow Statement
Progressive Corp