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Sep 30, 2025
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.
Revenue by Segment
Revenue by Geographic Location
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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