# PROGRESSIVE CORP/OH/ (PGR) FY2025 Annual Statement of Cash Flows

- Company: PROGRESSIVE CORP/OH/ (PGR)
- Period: 2025-01-01 to 2025-12-31
- Filing: FY2025 10-K, filed 2026-03-02, accession number 0000080661-26-000086
- Page: https://plicit.ai/financials/pgr/fy2025-annual-cash-flow
- Chart image: https://plicit.ai/charts/pgr-fy2025-annual-cash-flow-sankey.png

## Chart details

Cash flows for Jan 1, 2025 through Dec 31, 2025. Cash basis: Cash, cash equivalents, and restricted cash. Beginning cash: Dec 31, 2024. Ending cash: Dec 31, 2025. Beginning and ending cash are dated balances. Positive cash flows add cash; negative cash flows reduce it.

- **Beginning cash on Dec 31, 2024**: 154,000,000 US dollars. Beginning cash: Cash, cash equivalents, and restricted cash
- **Operating activities**: 17,548,000,000 US dollars. Net cash provided.
- **Net income**: 11,308,000,000 US dollars
- **Depreciation**: 313,000,000 US dollars
- **Net amortization (accretion) of fixed-income securities**: negative 124,000,000 US dollars
- **Amortization of equity-based compensation**: 132,000,000 US dollars
- **Net realized (gains) losses on securities**: negative 727,000,000 US dollars
- **Net (gains) losses on disposition of property and equipment**: 16,000,000 US dollars
- **Premiums receivable**: negative 993,000,000 US dollars
- **Reinsurance recoverables**: 682,000,000 US dollars
- **Prepaid reinsurance premiums**: 152,000,000 US dollars
- **Deferred acquisition costs**: negative 83,000,000 US dollars
- **Income taxes**: negative 200,000,000 US dollars
- **Unearned premiums**: 1,361,000,000 US dollars
- **Loss and loss adjustment expense reserves**: 4,253,000,000 US dollars
- **Accounts payable, accrued expenses, and other liabilities**: 1,556,000,000 US dollars
- **Other, net**: negative 98,000,000 US dollars
- **Investing activities**: negative 14,527,000,000 US dollars. Net cash used.
- **Fixed maturities**: negative 49,625,000,000 US dollars
- **Equity securities**: negative 187,000,000 US dollars
- **Fixed maturities**: 35,701,000,000 US dollars
- **Equity securities**: 266,000,000 US dollars
- **Fixed maturities**: 8,518,000,000 US dollars
- **Equity securities**: 275,000,000 US dollars
- **Net (purchases) sales of short-term investments**: negative 9,282,000,000 US dollars
- **Net change in unsettled security transactions**: 75,000,000 US dollars
- **Purchases of property and equipment**: negative 348,000,000 US dollars
- **Sales of property and equipment**: 80,000,000 US dollars
- **Financing activities**: negative 3,037,000,000 US dollars. Net cash used.
- **Dividends paid to common shareholders**: negative 2,871,000,000 US dollars
- **Acquisition of treasury shares for equity award tax liabilities**: negative 92,000,000 US dollars
- **Acquisition of treasury shares acquired in open market**: negative 74,000,000 US dollars
- **Redemption of preferred shares**: 0 US dollars
- **Dividends paid to preferred shareholders**: 0 US dollars
- **Net proceeds from debt issuance**: 0 US dollars
- **Operating adjustment reconciliation**: 8,465,000,000 US dollars. Intermediate calculation joining the operating reconciliation branches. Its gross amount includes any portion of net income routed through this junction. It is not an additional cash source or use.
- **financing gross reconciliation**: 3,037,000,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
- **investing gross reconciliation**: 59,442,000,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
- **Exchange-rate effect**: 0 US dollars
- **Ending cash on Dec 31, 2025**: 138,000,000 US dollars. Ending cash: Cash, cash equivalents, and restricted cash
- **Cash sources and uses**: 17,702,000,000 US dollars. Opening cash plus net sources, equal to net uses plus ending cash.
- **Net cash change**: negative 16,000,000 US dollars. Ending cash minus beginning cash.
- **Cash flow / Net income**: 1.55×. Operating cash flow divided by reconciliation net income for the same period. Black from 0.90× through 1.10×; green above 1.10×; red below 0.90×. Color uses the unrounded ratio.
- **Operating cash flow**: 17,548,000,000 US dollars. Operating cash flow used in the free cash flow calculation.
- **Cash purchases of property, plant and equipment**: 348,000,000 US dollars. These cash purchases are already included in investing activities above.
- **Free cash flow**: 17,200,000,000 US dollars. A supplemental measure; finance-lease payments are excluded from this definition.

### Chart connections

- Beginning cash plus operating, investing and financing cash flows plus the exchange-rate effect equals ending cash. Negative amounts reduce cash.
- Financing contributions meet at a reconciliation junction before connecting to the net cash total.
- Investing contributions meet at a reconciliation junction before connecting to the net cash total.
- Operating reconciliation adjustments are not all independent cash receipts.
- Net income enters operating cash directly in the reconciliation. The adjustment junction contributes the remaining $6.24B after reconciling the other positive and negative adjustments. These connections depict an accounting reconciliation, not traced cash receipts.
- Each activity has one net cash bar connected to the shared cash pool. Positive activity totals enter the pool; negative activity totals leave the pool to fund that activity's net payments. The central pool does not assign a particular funding source to a particular payment.
- The intermediate calculation bars include both sides of the displayed activity breakdowns; they are not additional cash flows.
- Operating cash flow minus cash purchases of property, plant and equipment equals free cash flow: 17,548,000,000 US dollars minus 348,000,000 US dollars equals 17,200,000,000 US dollars.