Progressive annual debt-to-equity ratio
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2025
Progressive Debt-to-Equity Ratio Growth & History (PGR)
Progressive's debt-to-equity ratio was 0.23 for fiscal 2025.
View full Progressive company overviewProgressive annual debt-to-equity ratio history
| Fiscal year | Period ended | Debt-to-equity ratio | Change | Growth |
|---|---|---|---|---|
| 2025 | 2025-12-31 | 0.23 | −0.04 | −15.45% |
| 2024 | 2024-12-31 | 0.28 | −0.07 | −20.51% |
| 2023 | 2023-12-31 | 0.35 | −0.06 | −15.14% |
| 2022 | 2022-12-31 | 0.41 | 0.13 | +47.38% |
| 2021 | 2021-12-31 | 0.28 | −0.05 | −14.85% |
| 2020 | 2020-12-31 | 0.33 | −0.01 | −2.92% |
| 2019 | 2019-12-31 | 0.34 | −0.07 | −17.19% |
| 2018 | 2018-12-31 | 0.41 | 0.05 | +14.31% |
| 2017 | 2017-12-31 | 0.36 | −0.04 | −10.00% |
| 2016 | 2016-12-31 | 0.40 | 0.02 | +6.50% |
| 2015 | 2015-12-31 | 0.37 | 0.06 | +18.90% |
| 2014 | 2014-12-31 | 0.31 | 0.01 | +3.92% |
| 2013 | 2013-12-31 | 0.30 | −0.04 | −12.46% |
| 2012 | 2012-12-31 | 0.34 | −0.08 | −18.34% |
| 2011 | 2011-12-31 | 0.42 | 0.10 | +29.91% |
| 2010 | 2010-12-31 | 0.32 | −0.06 | −14.52% |
| 2009 | 2009-12-31 | 0.38 | −0.14 | −26.62% |
| 2008 | 2008-12-31 | 0.52 | — | — |
Progressive quarterly debt-to-equity ratio
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| Fiscal quarter | Period ended | Debt-to-equity ratio | Change | YoY change |
|---|---|---|---|---|
| Q2 2026 | 2026-06-30 | 0.24 | 0.03 | +15.51% |
| Q1 2026 | 2026-03-31 | 0.26 | 0.02 | +9.93% |
| Q4 2025 | 2025-12-31 | 0.23 | −0.04 | −15.45% |
| Q3 2025 | 2025-09-30 | 0.19 | −0.06 | −23.33% |
| Q2 2025 | 2025-06-30 | 0.21 | −0.08 | −28.37% |
| Q1 2025 | 2025-03-31 | 0.24 | −0.08 | −24.63% |
| Q4 2024 | 2024-12-31 | 0.28 | −0.07 | −20.51% |
| Q3 2024 | 2024-09-30 | 0.25 | −0.14 | −35.91% |
| Q2 2024 | 2024-06-30 | 0.30 | −0.12 | −28.35% |
| Q1 2024 | 2024-03-31 | 0.32 | −0.06 | −16.60% |
| Q4 2023 | 2023-12-31 | 0.35 | −0.06 | −15.14% |
| Q3 2023 | 2023-09-30 | 0.40 | −0.04 | −8.40% |
| Q2 2023 | 2023-06-30 | 0.41 | 0.00 | +1.00% |
| Q1 2023 | 2023-03-31 | 0.38 | 0.00 | +1.14% |
| Q4 2022 | 2022-12-31 | 0.41 | 0.13 | +47.38% |
| Q3 2022 | 2022-09-30 | 0.43 | 0.17 | +63.78% |
| Q2 2022 | 2022-06-30 | 0.41 | 0.12 | +41.17% |
| Q1 2022 | 2022-03-31 | 0.37 | 0.07 | +23.77% |
| Q4 2021 | 2021-12-31 | 0.28 | −0.05 | −14.85% |
| Q3 2021 | 2021-09-30 | 0.26 | −0.04 | −14.47% |
| Q2 2021 | 2021-06-30 | 0.29 | −0.05 | −13.61% |
| Q1 2021 | 2021-03-31 | 0.30 | −0.09 | −22.23% |
| Q4 2020 | 2020-12-31 | 0.33 | −0.01 | −2.92% |
| Q3 2020 | 2020-09-30 | 0.31 | −0.02 | −5.47% |
| Q2 2020 | 2020-06-30 | 0.33 | −0.01 | −3.26% |
| Q1 2020 | 2020-03-31 | 0.39 | 0.01 | +2.05% |
| Q4 2019 | 2019-12-31 | 0.34 | −0.07 | −17.19% |
| Q3 2019 | 2019-09-30 | 0.33 | 0.00 | +0.30% |
| Q2 2019 | 2019-06-30 | 0.35 | −0.01 | −1.43% |
| Q1 2019 | 2019-03-31 | 0.38 | 0.01 | +1.97% |
| Q4 2018 | 2018-12-31 | 0.41 | 0.05 | +14.31% |
| Q3 2018 | 2018-09-30 | 0.33 | −0.03 | −8.71% |
| Q2 2018 | 2018-06-30 | 0.35 | −0.03 | −6.76% |
| Q1 2018 | 2018-03-31 | 0.37 | 0.01 | +2.39% |
| Q4 2017 | 2017-12-31 | 0.36 | −0.04 | −10.00% |
| Q3 2017 | 2017-09-30 | 0.36 | −0.03 | −8.49% |
| Q2 2017 | 2017-06-30 | 0.38 | 0.04 | +10.67% |
| Q1 2017 | 2017-03-31 | 0.37 | 0.01 | +2.17% |
| Q4 2016 | 2016-12-31 | 0.40 | 0.02 | +6.50% |
| Q3 2016 | 2016-09-30 | 0.39 | 0.03 | +7.11% |
| Q2 2016 | 2016-06-30 | 0.34 | −0.03 | −8.64% |
| Q1 2016 | 2016-03-31 | 0.36 | 0.00 | +0.53% |
| Q4 2015 | 2015-12-31 | 0.37 | 0.06 | +18.90% |
| Q3 2015 | 2015-09-30 | 0.36 | 0.05 | +16.56% |
| Q2 2015 | 2015-06-30 | 0.37 | 0.05 | +14.43% |
| Q1 2015 | 2015-03-31 | 0.36 | 0.07 | +22.97% |
| Q4 2014 | 2014-12-31 | 0.31 | 0.01 | +3.92% |
| Q3 2014 | 2014-09-30 | 0.31 | 0.02 | +5.43% |
| Q2 2014 | 2014-06-30 | 0.33 | 0.01 | +2.80% |
| Q1 2014 | 2014-03-31 | 0.29 | −0.03 | −10.48% |
| Q4 2013 | 2013-12-31 | 0.30 | −0.04 | −12.46% |
| Q3 2013 | 2013-09-30 | 0.30 | −0.02 | −5.94% |
| Q2 2013 | 2013-06-30 | 0.32 | −0.01 | −3.59% |
| Q1 2013 | 2013-03-31 | 0.32 | −0.01 | −2.96% |
| Q4 2012 | 2012-12-31 | 0.34 | −0.08 | −18.34% |
| Q3 2012 | 2012-09-30 | 0.31 | −0.11 | −25.10% |
| Q2 2012 | 2012-06-30 | 0.33 | 0.02 | +6.35% |
| Q1 2012 | 2012-03-31 | 0.33 | 0.02 | +7.39% |
| Q4 2011 | 2011-12-31 | 0.42 | 0.10 | +29.91% |
| Q3 2011 | 2011-09-30 | 0.42 | 0.13 | +44.08% |
| Q2 2011 | 2011-06-30 | 0.31 | −0.04 | −10.69% |
| Q1 2011 | 2011-03-31 | 0.31 | −0.04 | −11.61% |
| Q4 2010 | 2010-12-31 | 0.32 | −0.06 | −14.52% |
| Q3 2010 | 2010-09-30 | 0.29 | −0.10 | −26.36% |
| Q2 2010 | 2010-06-30 | 0.35 | −0.10 | −21.82% |
| Q1 2010 | 2010-03-31 | 0.35 | — | — |
| Q4 2009 | 2009-12-31 | 0.38 | −0.14 | −26.62% |
| Q3 2009 | 2009-09-30 | 0.40 | — | — |
| Q2 2009 | 2009-06-30 | 0.44 | — | — |
| Q4 2008 | 2008-12-31 | 0.52 | — | — |
Progressive debt-to-equity ratio trends
Over the last five fiscal years, Progressive's debt-to-equity ratio decreased from 0.33 to 0.23, a change of −0.09. The latest reported quarter, Q2 2026, shows 0.24.
About the metric
What the debt-to-equity ratio means
The debt-to-equity ratio compares interest-bearing debt with shareholders’ equity. It helps show how much debt financing a company uses relative to its accounting equity, but useful comparison levels vary by industry.
Calculation and source
How debt-to-equity is calculated
TickerStat calculates debt-to-equity as total interest-bearing debt divided by SEC-reported shareholders’ equity for the same balance-sheet date. Total liabilities are not treated as debt, and periods with non-positive equity are omitted. Fiscal periods can differ from calendar years, so exact period-end dates are included.
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