The strong EPS beat and continued premium growth signal robust underwriting and pricing power. Monitor the August 4 conference call for commentary on loss trends and pricing outlook. The combined ratio uptick warrants attention but is manageable given the beat magnitude.
Price Chart
Executive Summary
Progressive reported Q2 2026 EPS of $5.67, beating the $4.58 consensus by 23.8%, driven by 6% growth in net premiums earned to $21.57B. The combined ratio worsened to 87.3% from 86.2% a year ago, but strong premium growth and favorable prior-year reserve development supported earnings. Policies in force grew 7% year-over-year.
Key Financial Metrics
Key Facts
- Q2 2026 diluted EPS $5.67 vs consensus $4.58 (beat 23.8%)
- Net premiums earned $21.57B, up 6% YoY from $20.31B
- Combined ratio 87.3% vs 86.2% in Q2 2025 (deteriorated 1.1 pts)
- Net income $3.31B, up 4% from $3.18B
- Total policies in force 40.1M, up 7% YoY
- Book value per share $59.05, up from $54.82 at March 31, 2026
Financial Impact
EPS beat consensus by $1.09 (23.8%), representing a significant positive surprise
Risk Factors
- Combined ratio deterioration of 1.1 points YoY could signal rising loss costs
- Monthly net income for June fell 31% YoY, though quarterly trends were solid
- Net realized losses on securities in June quarter vs gains a year ago
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000080661-26-000262 |
| Document: pgr-20260715.htm | 0000080661-26-000262 |
| Document: 0000080661-26-000262-index-headers.html | 0000080661-26-000262 |
| Document: 0000080661-26-000262-index.html | 0000080661-26-000262 |
| Document: 0000080661-26-000262.txt | 0000080661-26-000262 |
| 8-K Data (Synthetic) | 0000080661-26-000262 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 24, 2026 5w ago | Insider Cluster | $223.92 $206.94 | ▼ −7.58% | ▼ −8.90% | $210.31 (−6.08%) |
Aug 19, 2026 6w ago | Press Release | $217.27 $216.29 | ▼ −0.45% | ▲ +1.50% | $210.31 (−3.20%) |
Jul 29, 2026 9w ago | Insider Cluster | $219.99 $222.51 | ▲ +1.15% | ▼ −3.87% | $210.31 (−4.40%) |
Jul 28, 2026 9w ago | Insider Cluster | $219.52 $222.09 | ▲ +1.17% | ▼ −2.21% | $210.31 (−4.20%) |
Jul 28, 2026 9w ago | Insider Cluster | $219.52 $222.09 | ▼ −1.17% | ▲ +2.21% | $210.31 (+4.20%) |
Jul 15, 2026 11w ago | 8-K | $205.22 $207.35 | ▲ +1.04% | ▼ −1.31% | $210.31 (+2.48%) |
Jul 15, 2026 11w ago | Press Release | $205.22 $207.35 | ▼ −1.04% | ▲ +1.31% | $210.31 (−2.48%) |
Jul 2, 2026 13w ago | Court Ruling | $232.22 $213.28 | ▼ −8.16% | ▼ −7.74% | $210.31 (−9.44%) |
Jul 2, 2026 13w ago | Court Ruling | $232.22 $213.28 | ▼ −8.16% | ▼ −7.74% | $210.31 (−9.44%) |
Jun 25, 2026 14w ago | Insider Cluster | $215.54 $207.07 | ▼ −3.93% | ▼ −4.46% | $210.31 (−2.43%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Try SecBot Free Coming soon: SecBot Pro with alerts, watchlists, and API access