Progressive (PGR) Gross Margin (2023 - 2026)
Progressive (PGR) posted quarterly Gross Margin of 38.28% for Q2 2026, up 11.0% year-over-year from 34.48% in Q2 2025, and up 1.58% on a QoQ basis from 37.68% in Q1 2026.
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Analysis
Progressive (PGR) Gross Margin (2023 - 2026) Analysis & Trends
Progressive has reported Gross Margin for 4 years, with the latest figure at 38.28% in Q2 2026.
- Gross Margin for Q2 2026 came in at 38.28%, up 11.0% year-over-year; the trailing twelve-month figure through Jun 2026 was 38.55% (up 154.0% YoY), and the FY2025 annual result was 38.45%, up 354.0% from the prior year.
- Gross Margin improved to 38.28% in Q2 2026, from 37.68% in the prior quarter.
- Over five years, Gross Margin peaked at 40.28% in Q3 2025 and troughed at 20.73% in Q2 2023.
- A 4-year average of 34.52% and a median of 36.56% in 2024 frame the typical range for Gross Margin.
- The widest annual swing landed in 2024, when Gross Margin jumped 981 bps; it then rose 11 bps in 2026.
- A 4-year view of Gross Margin shows it stood at 32.08% in 2023, then increased by 12 bps to 35.97% in 2024, then rose by 6 bps to 37.99% in 2025, then gained by 1 bps to 38.28% in 2026.
- Per Business Quant data, the three most recent Gross Margin figures were 38.28% in Q2 2026, 37.68% in Q1 2026, and 37.99% in Q4 2025.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Chubb | 131.15 Bn | 117.38 Bn | 9.13 Bn | 57.69% |
| 2 | Progressive | 128.80 Bn | 123.80 Bn | 9.04 Bn | 38.28% |
| 3 | Travelers Companies | 76.99 Bn | 53.24 Bn | 6.23 Bn | 51.27% |
| 4 | Allstate | 66.35 Bn | 27.62 Bn | 16.28 Bn | 87.55% |
| 5 | Fairfax Financial Holdings | 35.82 Bn | 35.82 Bn | - | - |
| 6 | Cincinnati Financial | 26.40 Bn | 24.51 Bn | 2.39 Bn | 55.85% |
| 7 | Markel | 22.75 Bn | 5.86 Bn | 2.83 Bn | 70.46% |
| 8 | Loews | 22.37 Bn | 67.62 Mn | 2.57 Bn | 54.18% |
| 9 | Assurant | 14.04 Bn | 12.01 Bn | 2.71 Bn | 78.34% |
| 10 | Cna Financial | 13.14 Bn | 5.36 Bn | 3.44 Bn | 89.95% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 38.28% |
| Mar 31, 2026 | 37.68% |
| Dec 31, 2025 | 37.99% |
| Sep 30, 2025 | 40.28% |
| Jun 30, 2025 | 38.17% |
| Mar 31, 2025 | 37.26% |
| Dec 31, 2024 | 35.97% |
| Sep 30, 2024 | 36.56% |
| Jun 30, 2024 | 30.54% |
| Mar 31, 2024 | 36.37% |
| Dec 31, 2023 | 32.08% |
| Sep 30, 2023 | 26.82% |
| Jun 30, 2023 | 20.73% |