Progressive (PGR) Operating Margin (2023 - 2026)
Progressive (PGR) posted quarterly Operating Margin of 43.89% for Q2 2026, down 16.0% year-over-year from 52.26% in Q2 2025, and up 5.08% on a QoQ basis from 46.25% in Q1 2026.
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Analysis
Progressive (PGR) Operating Margin (2023 - 2026) Analysis & Trends
Progressive has reported Operating Margin for 4 years, with the latest figure at 43.89% in Q2 2026.
- Operating Margin for Q2 2026 came in at 43.89%, down 16.0% year-over-year; the trailing twelve-month figure through Jun 2026 was 45.21% (up 183.0% YoY), and the FY2025 annual result was 45.32%, up 555.0% from the prior year.
- Operating Margin rose to 43.89% in Q2 2026, from 46.25% in the prior quarter.
- Over five years, Operating Margin peaked at 43.73% in Q2 2025 and troughed at 76.43% in Q2 2023.
- A 4-year average of 51.45% and a median of 46.88% in 2025 frame the typical range for Operating Margin.
- The widest annual swing landed in 2024, when Operating Margin soared 1723 bps; it then fell 30 bps in 2025.
- A 4-year view of Operating Margin shows it stood at 53.1% in 2023, then grew by 7 bps to 49.4% in 2024, then climbed by 7 bps to 45.82% in 2025, then increased by 4 bps to 43.89% in 2026.
- Per Business Quant data, the three most recent Operating Margin figures were 43.89% in Q2 2026, 46.25% in Q1 2026, and 45.82% in Q4 2025.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Chubb | 131.15 Bn | 117.38 Bn | 9.13 Bn | 11.13% |
| 2 | Progressive | 128.80 Bn | 123.80 Bn | 9.04 Bn | -43.89% |
| 3 | Travelers Companies | 76.99 Bn | 53.24 Bn | 6.23 Bn | 8.80% |
| 4 | Allstate | 66.35 Bn | 27.62 Bn | 16.28 Bn | 5.43% |
| 5 | Fairfax Financial Holdings | 35.82 Bn | 35.82 Bn | - | - |
| 6 | Cincinnati Financial | 26.40 Bn | 24.51 Bn | 2.39 Bn | 7.46% |
| 7 | Markel | 22.75 Bn | 5.86 Bn | 2.83 Bn | 38.83% |
| 8 | Loews | 22.37 Bn | 67.62 Mn | 2.57 Bn | 16.08% |
| 9 | Assurant | 14.04 Bn | 12.01 Bn | 2.71 Bn | 4.12% |
| 10 | Cna Financial | 13.14 Bn | 5.36 Bn | 3.44 Bn | 18.31% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | -43.89% |
| Mar 31, 2026 | -46.25% |
| Dec 31, 2025 | -45.82% |
| Sep 30, 2025 | -44.96% |
| Jun 30, 2025 | -43.73% |
| Mar 31, 2025 | -46.88% |
| Dec 31, 2024 | -49.40% |
| Sep 30, 2024 | -48.50% |
| Jun 30, 2024 | -59.20% |
| Mar 31, 2024 | -46.58% |
| Dec 31, 2023 | -53.10% |
| Sep 30, 2023 | -64.12% |
| Jun 30, 2023 | -76.43% |