Progressive

Q2 FY2026 EarningsQ2 FY26 beat consensus across key metrics: total revenue of $23.6B exceeded the $21.3B estimate by 11.0%, while diluted GAAP EPS of $5.67 surpassed the $5.30 consensus by 7.0%. The company achieved a significant milestone of 40.1M policies in force (PIF), supported by a 9% YoY increase in personal auto PIF. Despite higher advertising costs (+16% YoY) and increased severity in bodily injury, Progressive maintained a healthy combined ratio of 87.3%, further bolstered by $551M in favorable prior-year reserve development.