EarningsQ2 2026 Earnings Report
MX:PGR Q2 2026 EPS Results
Actual EPS$79.85
Consensus EPS$79.84
Beat/MissBeat by +$0.02
One Year Ago EPS$84.06
MX:PGR Q2 2026 Revenue Results
Actual Revenue$406.48B
Expected Revenue$335.65B
Beat/MissBeat by +$70.83B
YoY Revenue Growth+7.29%
Earnings Announcement Details
QuarterQ2 2026
Date08/03/2026
TimeTBA
Conference CallMonday, August 3, 2026
MX:PGR Upcoming Earnings
Progressive's next earnings date is estimated for October 8, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:PGR Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized substantial strategic progress — most notably becoming the largest U.S. personal auto writer, a completed property turnaround with markedly improved profitability and reduced tail risk, broadened addressable property markets, continued PIF growth, and disciplined reinvestment in distribution and technology. At the same time, management acknowledged a softer market backdrop, elevated competition that has reduced win rates, moderated growth versus the 2024–2025 peaks, and remaining work to capture Agency Robinsons share and restore agent-facing competitiveness in some segments. On balance, the improvements in core capabilities, strong recent profitability, and clearly articulated plans to convert property health into disciplined growth outweigh the near-term competitive and market challenges.Company Guidance
Largest U.S. Personal Auto Writer (Trailing 12 Months)
Progressive achieved the milestone of becoming the largest U.S. personal auto writer on a trailing 12-month basis by direct premiums written, while continuing to grow PIFs (company-wide PIFs surpassed 40 million).
Personal Lines Policy In Force (PIF) Growth
Personal Lines PIFs were up 8% year-over-year; overall company PIFs grew by 2.8 million (2.2 million in auto). Agency auto PIFs were up 8%, direct auto PIFs up 10%, property PIFs up 1%, and special lines up 6%.
Property Business Turnaround — Profitability and Reduced Volatility
Property net combined ratio improved materially (2025 delivered a 75 combined ratio and year-to-date 2026 combined ratio of 78). Since 2022, total insured value increased ~30% while modeled 1-in-100-year probable maximum loss declined nearly 33%, and high-weather-risk state TIV mix was reduced by 23%.
Expanded Addressable Property Market
States classified as 'healthy and growth-ready' for property increased from 18 (May 2025) to 41 (June 2026), expanding Progressive's addressable property opportunity from ~40% to ~82% of the property insurance market.
Improved Property Capabilities and Product Modernization
By-peril pricing deployed in all but one state (up from 39% of premium in 2024); 93% of Progressive Homes premium is on product model 5.0 or newer; launched 6.0 with aerial imagery and predictive variables; wildfire and wind pool nonrenewals ~73% complete; distribution remediation ~92% complete or in progress.
Direct Channel and HomeQuote Explorer (HQX) Momentum
HQX quote starts grew at a 27% CAGR since 2017 (from <1M to >6M annual quotes), now offering 26 product options across 19 carriers; direct Robinson share showing continuous improvement and brand consideration among Robinsons up 13% over three years.
Cross-Sell / Robinson Creation Progress
Cross-selling and graduation efforts created nearly 0.5 million Robinsons since 2023, demonstrating tangible progress in converting auto relationships into bundled home-and-auto households.
Marketing Investment with Efficient Economics
Advertising spend in Q2 was $1.4 billion, up 16% year-over-year, with cost-per-sale remaining below target acquisition cost (TAC), supporting profitable customer acquisition.
Capital and Shareholder Returns Progress
Progress toward a 3.5:1 premium-to-surplus target for the majority of insurance entities is underway with dividends moved to parent; through H1 commissions and other fees from third-party carrier relationships were $274 million; management emphasizes reinvestment-first capital policy and continued shareholder returns (including increased repurchases this year).
Commercial Lines Improvement and Growth Signals
Commercial Lines showing early turning points: positive new application growth in the quarter (strongest quoting in medium fleet program since acquisition), trailing 12 PLE up, and midsized fleet PIF growth up ~30% year-over-year.
MX:PGR Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed