The Progressive Corporation (PGR)
Coverage summary
Aardvark Labs Capital Research has covered The Progressive Corporation (PGR) since August 6, 2025. The company is in the Financial Services sector. This page lists 6 reports: 6 earnings recaps.
The latest is the Q3 2026 Earnings Recap, published November 5, 2026. That report moved the rating from Hold to Underperform. The rating has changed 3 times since coverage began.
Translations: 5 in Chinese.
Rating history
All PGR reports
Recap: Q3 2026
Downgrading Progressive to Underperform: The Margin Slide Is Bigger Than the Headline, and the Stock Has Rallied Past Fair Value
Recap: Q2 2026
Downgrading Progressive to Hold: It Won the #1 US Auto Crown in the Same Quarter the Engine Downshifted
Recap: Q1 2026
Maintaining Progressive at Outperform: An 86.4 Combined Ratio and a Run at #1 US Auto for ~10x Earnings — Our Call Has Lagged, But the De-Rating Has Made the Thesis Cheaper, Not Broken
Recap: Q4 2025
Maintaining Progressive at Outperform: A Record FY2025 — 40% Comprehensive ROE, 87.4 Combined Ratio — and Management Returns ~$8B While Buying Back a Year’s Worth of Stock in a Single Month
Recap: Q3 2025
Upgrading Progressive to Outperform: The EPS “Miss” Is a One-Time $950M Florida Excess-Profits Charge — Ex-Florida It Was a Beat — and a ~15% Selloff Hands Us the Entry We Wanted
Recap: Q2 2025
Initiating Progressive at Hold: A Best-in-Class Quarter — Net Income Doubles, 86.2 Combined Ratio, PIF +15% — But Peak Comps, an Intensifying Market, and a Full Multiple Cap the Near-Term Setup