Progressive Q1 2025 GAAP EPS $4.37 Misses Estimates; Revenue $22.21B Beats on Strong Auto Demand and Premium Growth

Progressive Corporation reported its first-quarter 2025 financial results with GAAP earnings per share (EPS) of $4.37, missing analyst estimates of $4.78 by $0.41. The company recorded net premiums written of $9.04 billion and net premiums earned of $6.79 billion. Revenue was reported at $22.21 billion, exceeding expectations by $480 million. Despite the EPS miss, Progressive's quarterly profit increased, driven by strong auto insurance demand. The company achieved its lowest underwriting combined ratio in a decade while growing premium volumes by more than 15% annually. Over the past five years, Progressive's premium volumes have grown at a compound annual growth rate (CAGR) of 17%, significantly outpacing competitors such as GEICO, which has grown at 4% annually. Year-over-year, Progressive's revenue increased by 20.19% to $19.41 billion, and EPS rose by 24.93% to $4.66, though these figures missed respective estimates by $2.21 billion and $0.15.