The Progressive Corporation (PGR) Q3 2026 earnings summary

Executive summary

• Q3 net premiums written grew 4% to $22.3B; policies in force reached ~40.5M, up 6% YoY, with an 11.3% underwriting margin.

• Q3 net income was $2.542B, down $73M YoY; comprehensive income fell $2.254B, primarily due to fixed-maturity unrealized losses.

Financial highlights

• Q3 total revenue was $23.192B versus $22.512B; net premiums earned were $21.869B versus $20.849B.

• Q3 diluted EPS was $4.37 versus $4.45; nine-month net income was $8.671B versus $8.357B, with diluted EPS of $14.83 versus $14.21.

• Nine-month net written premium growth totaled $3.5B; operating cash flow was $12.492B versus $14.378B, with the decline primarily reflecting $1.2B in Florida policyholder credits paid in Q1 2026.

• Added 263,000 policies in force during Q3; Q2 premiums grew nearly $800M YoY while the nine largest competitors collectively lost $1.1B.

Outlook and guidance

• Calendar-year underwriting profit goal remains at least 4%; aggregate combined ratio target remains at or below 96%.

• Growth spending will continue when advertising and acquisition economics support efficient growth and profitability; spending may be reduced if economics weaken.

• Rates were considered adequate in most states through year-end for personal auto, personal property, and core commercial auto; rate actions will track loss-cost changes and state-level conditions.

• Fourth-quarter rollout planned for the 8.4 core commercial auto model in five additional states; seven rollout states represented 15% of trailing 12-month core commercial auto premiums written at Q3-end.