The Progressive Corporation · PGR · Next earnings

The Progressive Corporation reports Wednesday, Jan 27, 2027

PGR reports before market open with consensus EPS at $4.02 and revenue at $20.13B. Last quarter: Progressive’s Q3 growth is broad, while acquisition efficiency remains in focus

Reports Before market open83 days awayDate estimated Financial Services

What the street expects

Consensus for the coming report
Consensus EPS $4.02 Calendar consensus
Consensus revenue $20.13B Calendar consensus
Report date Jan 27, 2027 Wednesday, date estimated
Session Before market open 83 days away

Where PGR left off: FY2026 Q3

Full report

Progressive’s Q3 growth is broad, while acquisition efficiency remains in focus

EPS surprise — Reported — vs $4.30
Revenue surprise — Reported — vs $22.61B
Stock move -0.3% Event window
Subsequent drift +5.1% Up to 20 sessions

No formal guidance update is provided in the supplied transcript analysis.

What to watch on the call

Carried forward from the last transcript

Risks management flagged

  • More intense competition could increase advertising and customer-acquisition costs.
  • Potentially higher PIP severity in New York and New Jersey and uncertainty in loss-cost trends could pressure underwriting results.
  • Reserve development may be volatile; the analysis notes $1.3 billion of year-to-date reserve releases, with 63% from the 2025 accident year.
  • Regulatory scrutiny of AI use and rate adequacy could constrain execution.

Questions analysts left open

  • Whether direct-channel policy growth can stabilize after deceleration and occasional declines.
  • Whether advertising spend can be sustained efficiently and agentic AI can reduce lead-generation and acquisition costs.
  • The severity trend for PIP in the Northeast.
  • Whether non-acquisition expense-ratio improvement is sustainable over the long term.

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Recent PGR quarters

All PGR earnings
-0.3%FY2026 Q3-9.4%FY2026 Q2+2.2%FY2025 Q4-5.8%FY2025 Q3

Sources

  1. FN2 corporate events calendar, resolved from the earnings calendar feed
  2. FN2 earnings calendar analyst consensus
  3. Earnings call transcript analysis, FY2026 Q3

Methodology

The report date comes from FN2's resolved corporate-events calendar and is marked estimated until the company confirms it. Consensus figures are the calendar's latest analyst estimates for the fiscal period and are not an FN2 forecast.

Risks and open questions are carried forward verbatim from FN2's structured analysis of the previous earnings call. Missing values stay missing and are never estimated.

By FN2 Research · Updated . For educational purposes only; not investment advice.