The Progressive Corporation
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $11.31B | $8.48B | $3.90B | $722.0M | $3.35B | $5.70B | $3.97B | $2.62B |
| Depreciation & Amortization | — | — | — | — | — | — | — | — |
| Depreciation | $313.0M | $284.0M | $285.0M | $306.0M | $279.7M | $274.9M | $239.8M | $190.4M |
| Amortization | — | — | $14.2M | $31.0M | $57.7M | $56.9M | $66.3M | $72.0M |
| Stock-Based Compensation | — | — | — | — | — | — | — | — |
| Net Cash from Operating Activities | $17.55B | $15.12B | $10.64B | $6.85B | $7.76B | $6.91B | $6.26B | $6.28B |
| Investing Activities | ||||||||
| Capital Expenditures | $348.0M | $285.0M | $252.0M | $292.0M | $243.5M | $223.5M | $363.5M | $266.0M |
| Business Acquisitions | — | — | $0 | $0 | $313.2M | $0 | $0 | $0 |
| Net Cash from Investing Activities | $-14.53B | $-13.75B | $-10.84B | $-7.96B | $-3.12B | $-6.12B | $-4.34B | $-7.03B |
| Financing Activities | ||||||||
| Dividends Paid | $2.87B | $674.0M | $234.0M | $234.0M | $3.75B | $1.55B | $1.64B | $654.9M |
| Stock Repurchases | — | — | — | — | — | — | — | — |
| Net Cash from Financing Activities | $-3.04B | $-1.32B | $78.0M | $1.13B | $-4.52B | $-938.8M | $-1.77B | $549.8M |
| Net Change in Cash | $-16.0M | $54.0M | $-121.0M | $19.0M | $125.6M | $-150.9M | $152.4M | $-200.3M |
| Free Cash Flow | $17.20B | $14.83B | $10.39B | $6.56B | $7.52B | $6.68B | $5.90B | $6.02B |