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Sep 30
Progressive Q3 2025 Earnings Report
Progressive posted higher revenue and net income in Q3 2025 despite a large policyholder credit expense.
Key Takeaways
Progressive delivered strong Q3 2025 results with double-digit growth in net premiums and net income, though EPS was affected by a $950M Florida policyholder credit. Underlying insurance performance remained solid.
Net income rose to $2.615 billion in Q3 2025, a 12% increase year-over-year.
EPS was $4.45, with adjusted EPS of $4.06 after excluding investment gains.
Revenue grew 14% YoY, driven by strong performance in personal auto and property segments.
A $950M policyholder credit in Florida impacted quarterly profitability.
Progressive
Progressive
Progressive Revenue by Segment
Progressive Revenue by Geographic Location
Revenue by Segment
Net Premiums Earned Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.com Forward Guidance
Progressive expects stable growth but is monitoring Florida regulatory impacts and weather-related risks through Q4.
Positive Outlook
- Strong personal auto premium growth
- Favorable reserve development trends
- Stable investment income with 4.2% book yield
- Improved profitability in property lines
- Policy growth across personal and commercial segments
Challenges Ahead
- $950M credit liability due to Florida statutory limits
- Combined ratio slightly up year-over-year
- Commercial lines premium decline driven by TNC adjustments
- Potential Q4 volatility from hurricane season
- Ongoing regulatory scrutiny in Florida market