PGR Progressive margins

Relative Growth: Rel. Growth: 91

Relative Strength: Rel. Strength: 43

Relative Valuation: Rel. Valuation: 86

Relative Profitability: Rel. Profitability: 72

Gross margin

37.2%

Operating margin

16.6%

EBITDA margin

16.9%

Net margin

12.8%

Based on the latest figures, Progressive reports a gross margin of 37.2%, an operating margin of 16.6%, an EBITDA margin of 16.9%, and a net margin of 12.8%. All available margins expanded year over year, led by operating margin with an increase of 0.3 percentage points.

PGR margin history

Gross, operating, EBITDA and net margin trends

Over the last 3 years, Progressive recorded average margins of 34.25% gross, 14.45% operating, 14.83% EBITDA, and 11.18% net. The current gross, operating, EBITDA, and net margins are all above their three-year averages.

PGR margin expansion

Year-over-year margin changes in percentage points

The biggest expansion was in operating and EBITDA margins, which rose by 0.3 percentage points. The other available margins also improved.

Gross margin expansion

0.2pp

Operating margin expansion

0.3pp

EBITDA margin expansion

0.3pp

Net margin expansion

0.1pp

PGR Gross margin

Over the last 3 years, Progressive's gross margin averaged 34.25%. Currently, Progressive's current gross margin is 37.2%, which is 3 percentage points above its three-year average. During this period, gross margin reached a high of 37.2% in Jun 2026 and a low of 26.5% in Dec 2023.

PGR Operating margin

Across the last 3 years, Progressive had an average operating margin of 14.45%. Against its three-year average, Progressive's operating margin is currently 16.6%, 2.2 percentage points above its three-year average. Looking back over the last 3 years, Progressive's operating margin reached 16.6% at its highest point in Jun 2026 and 8.3% at its lowest in Dec 2023.

PGR EBITDA margin

Across the last 3 years, Progressive's EBITDA margin stood at 14.83%. The current EBITDA margin stands at 16.9%, 2.1 percentage points above its three-year average. EBITDA margin was highest at 16.9% in Jun 2026 and lowest at 8.8% in Dec 2023.

PGR Net margin

Progressive recorded an average net margin of 11.18% across the last 3 years. Compared with its three-year average, Progressive's current net margin is 12.8% and is 1.6 percentage points above its three-year average. The highest net margin for Progressive was 12.9% in Mar 2026, while the lowest was 6.3% in Dec 2023.

PGR margin group comparison

Margins compared with peer-group, industry and sector averages

With a gross margin of 37.2%, PGR ranks lower than the Financial Services sector, the industry and its peers average. In comparison with the Financial Services sector average of 83.9%, Progressive's gross margin is 56% lower.

PGR margin peer comparison

Compare margins with selected peers

Frequently asked questions

What is Progressive's gross margin?

The current gross margin for PGR is 37.2% as of Jun 30, 2026.

What is Progressive's operating margin?

As of Jun 30, 2026, PGR has an operating margin of 16.6%.

What is Progressive's EBITDA margin?

For the period ending Jun 30, 2026, PGR recorded an EBITDA margin of 16.9%.

What is Progressive's net margin?

As of Jun 30, 2026, PGR has a net margin of 12.8%.

What are the average margins of PGR?

The three-year average margins for PGR were 34.3% gross, 14.5% operating, 14.8% EBITDA, and 11.2% net.

What are the highest historical margins of PGR?

Over this 5-year history, PGR peaked at 37.2% gross in Jun 2026, 16.6% operating in Jun 2026, 16.9% EBITDA in Jun 2026, and 12.9% net in Mar 2026.

What are the lowest historical margins of PGR?

Over the last 5 years, Progressive's lowest margins were 23.2% gross in Dec 2022, 2.4% operating in Dec 2022, 3% EBITDA in Dec 2022, and 1.5% net in Dec 2022.