Progressive Q2 FY2026: $3.31B profit, EPS beats consensus
The quarter was strong — net income $3.31 billion — but we call it Neutral. Diluted EPS of $5.67 beat the $4.87 consensus estimate by 16.4%, yet the underwriting gain leans on a one-time property reserve adjustment and June alone was weak, with net income down 31.0% to $779 million. Read the year-over-year growth rates — net income +4.3% — as the truer signal.
1 · Expected vs. Actual
Free preview belowDiluted EPS of $5.67 beat the $4.87 consensus estimate by 16.4% and rose 5.0% from $5.40 a year earlier. The month of June tells a different story: EPS was $1.34, down 30.0% from $1.91, so April and May carried the quarter. The beat is real, but it rests on reserve releases and securities gains as much as on pricing.
Total revenue came in at $23.61 billion for the quarter, against a prior-year field of $20.31 billion, a 16.2% jump that flatters the truth. The filing data itself flags the mismatch: its extracted figure of $21.57 billion is net premiums earned, the insurance top line, and that grew 6.2% year over year. Treat the $23.61 billion as everything taken in, including investment income, fee and service revenue, and $604 million of realized securities gains.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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