PGR · 10-Q · 2026Q3 · Full report

Liquidity and Capital Position

PROGRESSIVE CORP/OH/ · 2026-11-02 · Importance 48 · Surprise 40 · In source text

Operating cash flow was $12.5 billion for the first nine months of 2026, down from $14.4 billion in the comparable 2025 period, primarily because $1.2 billion of Florida policyholder credits were paid in first-quarter 2026. At September 30, Progressive held $43.7 billion in short-term investments and U.S. Treasury securities, just under 45% of portfolio fair value. Total capital was $42.9 billion, up from $37.2 billion at year-end 2025, while debt-to-total capital was 19.6%, below the company’s 30% policy ceiling. The company had $5.8 billion invested in a consolidated non-insurance subsidiary and estimated consolidated statutory surplus of $35.6 billion; it reported no short-term borrowings during the periods.

Key facts

• At September 30, 2026, total capital was $42.9 billion, up $5.7 billion from year-end 2025, primarily due to $5.8 billion of nine-month comprehensive income and $1.5 billion of senior notes issued in first quarter 2026, partly offset by repurchases of 7.7 million shares costing $1.6 billion. source
• Progressive’s operations generated positive cash flows of $12.5 billion in the nine months ended September 30, 2026, versus $14.4 billion in the same 2025 period; the decrease primarily reflected $1.2 billion of Florida policyholder credits paid in first quarter 2026. source
• At September 30, 2026, Progressive had $5.8 billion invested in a consolidated non-insurance holding-company subsidiary for corporate obligations and potential capital support for insurance subsidiaries; estimated consolidated statutory surplus was $35.6 billion. source
• Progressive’s total capital was $42.9 billion at September 30, 2026, compared with $42.3 billion at September 30, 2025, and $37.2 billion at December 31, 2025. source
• In April 2026, Progressive renewed its unsecured discretionary line of credit with PNC Bank, National Association, for a maximum principal amount of $300 million and amended the interest rate to one-month term SOFR plus 1.0%. source
• Progressive believes it has sufficient capital resources and operating cash flows for current business, debt payments, anticipated quarterly dividends, contractual obligations, and other expected capital requirements for the foreseeable future, including $500 million 2.45% notes maturing January 2027 and $500 million 2.50% notes maturing March 2027. source
• Progressive’s debt-to-total-capital ratio was 19.6% at September 30, 2026, versus 16.3% at September 30, 2025, and 18.5% at December 31, 2025, below its policy limit of 30%. source

Impact estimates