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Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
| Analyst | Firm | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Dave Motemaden | Evercore ISI | 11 questions · 36% challenging |
| Mike Zaremski | BMO Capital Markets | 11 questions · 27% challenging |
| Elyse Greenspan | Wells Fargo | 9 questions · 11% challenging |
| Bob Huang | Morgan Stanley | 8 questions · 13% challenging |
| Josh Shanker | Bank of America | 8 questions · 25% challenging |
| Greg Peters | Raymond James | 6 questions · 0% challenging |
| Tracy Benguigui | Wolfe Research | 6 questions · 0% challenging |
| Alex Scott | Barclays | 5 questions · 0% challenging |
| Rob Cox | Goldman Sachs | 5 questions · 0% challenging |
| Jimmy Bhullar | JPMorgan | 5 questions · 40% challenging |
| Firm | Analysts | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Evercore ISI | 2 analysts | 13 questions · 31% challenging |
| BMO Capital Markets | 1 analyst | 11 questions · 27% challenging |
| Wells Fargo | 1 analyst | 9 questions · 11% challenging |
| Bank of America | 1 analyst | 8 questions · 25% challenging |
| Morgan Stanley | 1 analyst | 8 questions · 13% challenging |
| JPMorgan | 2 analysts | 7 questions · 29% challenging |
| Wolfe Research | 1 analyst | 6 questions · 0% challenging |
| Raymond James | 1 analyst | 6 questions · 0% challenging |
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Progressive delivered 8.7% revenue growth with extraordinary profitability, maintaining personal auto combined ratios below 90 in nine of the last ten quarters. The company captured 1.9 points of personal auto market share in 2025, reaching 18.6%, and set a Q1 record for media spending, up 20% year-over-year, to sustain its growth trajectory. Management identified the Robinson homeowner segment as a $40-50 billion top-line opportunity and announced a deep dive on Property growth for Q2, while monitoring potential macro headwinds from elevated fuel prices and tariff-driven parts cost inflation.
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| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Net margin |
|---|---|---|---|---|---|
| FY2024 Q4 | $20.28B | +20.0% | — | — | 11.6% |
| FY2025 Q1 | $20.41B | +18.4% | $4.37 | +10.9% | 12.6% |
| FY2025 Q2 | $22.00B | +21.3% | $5.40 | +117.7% | 14.4% |
| FY2025 Q3 | $22.51B | +14.2% | $4.45 | +12.1% | 11.6% |
| FY2025 Q4 | $22.75B | +12.2% | — | — | 13.0% |
| FY2026 Q1Selected | $22.19B | +8.7% | $4.80 | +9.8% | 12.7% |
| FY2026 Q2 | $23.61B | +7.3% | $5.67 | +5.0% | 14.0% |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
Pricing | Demand | Competitive Dynamics | Margin | Capital Allocation | Innovation & R&D | Revenue Growth | Product Launch | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 3 | 4 | 1 | 1 | 2 | 1 | 1 | 1 |
| 2025Q1 | 5 | 2 | 3 | 2 | 3 | 2 | 1 | |
| 2025Q2 | 7 | 8 | 3 | 5 | 2 | 4 | 1 | 2 |
| 2025Q3 | 6 | 5 | 5 | 5 | 4 | 4 | 4 | 3 |
| 2025Q4 | 3 | 2 | 1 | 3 | 1 | 1 | ||
| 2026Q1 | 2 | 3 | 6 | 3 | 2 | 2 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Pricing | 3 | 5 | 7 | 6 | 3 | 2 |
| Demand | 4 | 2 | 8 | 5 | 2 | 3 |
| Competitive Dynamics | 1 | 3 | 3 | 5 | 1 | 6 |
| Margin | 1 | 2 | 5 | 5 | 3 | 3 |
| Capital Allocation | 2 | 3 | 2 | 4 | 2 | |
| Innovation & R&D | 1 | 4 | 4 | 1 | 2 | |
| Revenue Growth | 1 | 2 | 1 | 4 | 1 | 1 |
| Product Launch | 1 | 1 | 2 | 3 |
Calendar quarter Q1 2026Earnings call May 5, 2026
FY2026 Q1 in brief
Progressive delivered 8.7% revenue growth with extraordinary profitability, maintaining personal auto combined ratios below 90 in nine of the last ten quarters.
Newest quarter FY2026 Q2 is part of Pro · see what Pro adds →
GAAP revenue YoY +8.71% → base 7. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
Sources. Tellvest earnings-call sentiment score for Progressive Corporation (PGR), FY2026 Q1: 7/10. Scores: Progressive Corporation’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: PGR daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
Reported Wednesday, Oct 14. Earnings call pending.
A pre-earnings brief is ready for PGR: the setup, what peers and partners said this season, and which analysts to watch.Reading it is a Tellvest Pro feature.
What PGR said about other companies on its FY2026 Q1 call, and what other companies said about PGR on their calls covering the same calendar quarter (Q1 2026). Each company's own fiscal quarter is shown next to its name. Extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“our market share is maybe 0.1% of what a Progressive or GEICO is right now”
Lemonade frames Progressive as a dominant auto-insurance incumbent against which its own share is tiny, underscoring Progressive's scale in the car market.
“you end up in a system period where we spend more, progressive spends more. So leads go up in costs, so we spend more. So they spend more.”
Allstate describes competitive advertising-spend dynamics with Progressive, noting it stays disciplined to avoid an escalating ad-spend cycle with its main auto competitor.
“the only, I'd say, material commercialization right now is from Waymo, and they have a ride-sharing service, right? That competes directly with our TNC customers.”
Progressive frames Waymo's autonomous ride-sharing as the only material commercialization competing directly with its TNC (transportation network company) insurance customers, an autonomous-vehicle signal for Alphabet's Waymo unit.
| Company | Score | Trend | Rev YoY | Headline |
|---|---|---|---|---|
| PGRProgressive Corporation | 7 | +8.7% | Progressive delivered 8.7% revenue growth with extraordinary profitability, maintaining personal auto combined ratios below 90 in nine of the last ten quarters | |
| AIZAssurant | 8 | +11.3% | Assurant delivered its strongest first quarter on record, with total revenue up 11% and adjusted EBITDA up 6% and adjusted EPS up 9%, both excluding reportable catastrophes | |
| ALLAllstate | 7 | +4.2% | Allstate delivered Q1 revenue of $16.9 billion up 3% with adjusted EPS of $10.65 as the underlying combined ratio improved 2.8 points to 80.3% and the recorded combined ratio reached 82% with underwriting income of $2.7 billion | |
| CBChubb Limited | 7 | +9.5% | Excellent P&C underwriting at 84% combined ratio | |
| CINFCincinnati Financial | 7 | +11.6% | Non-GAAP operating income surges to $330M from Q1 loss | |
| KMPRKemper Corporation | 2 | -6.8% | California Personal Auto Remains Primary Headwind | |
| LLoews Corporation | 5 | +2.6% | CNA reserve charge and higher underlying loss ratio drive earnings decline | |
| LMNDLemonade, Inc. | 9 | +55.0% | Lemonade extended its growth acceleration streak to 10 consecutive quarters with IFP reaching $1.33 billion (+32% YoY), while the QS reinsurance transition propelled revenue up 71% to $258 million and gross profit up 159% to $100 million | |
| MCYMercury General Corporation | 8 | +10.5% | Mercury General's Q1 2026 demonstrated the underlying strength of the franchise with a combined ratio of 89.3% and net income of $190 million ($3.44 per share), a dramatic reversal from the prior-year Q1 net loss of $108 million during the wildfire catastrophe | |
| ROOTRoot, Inc. | 8 | +12.6% | Root delivered its most profitable quarter ever with $36 million in net income and an annualized ROE of 47%, reversing the prior quarter's expectation of lower 2026 net income | |
| TRVThe Travelers Companies, Inc. | 5 | +1.0% | Travelers delivered record underwriting income with a core ROE of 19.7%, generating $1.7 billion in core income as the combined ratio remained excellent at 88.6% despite elevated catastrophe activity | |
| WRBW. R. Berkley Corporation | 6 | +4.0% | Record Net Investment Income Drives Earnings Growth |
Progressive delivered 8.7% revenue growth with extraordinary profitability, maintaining personal auto combined ratios below 90 in nine of the last ten quarters
Assurant delivered its strongest first quarter on record, with total revenue up 11% and adjusted EBITDA up 6% and adjusted EPS up 9%, both excluding reportable catastrophes
Allstate delivered Q1 revenue of $16.9 billion up 3% with adjusted EPS of $10.65 as the underlying combined ratio improved 2.8 points to 80.3% and the recorded combined ratio reached 82% with underwriting income of $2.7 billion
| Company | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 |
|---|---|---|---|---|---|---|
| PGR | 8 | 8 | 9 | 7 | 7 | 7 |
| AIZ | 8 | 7 | 7 | 8 | 7 | 8 |
| ALL | 8 | 6 | 7 | 7 | 6 | 7 |
| CB | 6 | 5 | 7 | 8 | 7 | 7 |
| CINF | 9 | 6 | 8 | 8 | 6 | 7 |
| KMPR | 6 | 7 | 5 | 5 | 3 | 2 |
| L | 7 | 5 | 6 | 7 | 7 | 5 |
| LMND | 9 | 8 | 9 | 9 | 9 | 9 |
| MCY | 6 | 6 | 8 | 7 | 7 | 8 |
| ROOT | 9 | 9 | 9 | 7 | 7 | 8 |
| TRV | 8 | 7 | 8 | 8 | 7 | 5 |
| WRB | 9 | 6 | 6 | 7 | 4 | 6 |
Excellent P&C underwriting at 84% combined ratio
Non-GAAP operating income surges to $330M from Q1 loss
CNA reserve charge and higher underlying loss ratio drive earnings decline
Lemonade extended its growth acceleration streak to 10 consecutive quarters with IFP reaching $1.33 billion (+32% YoY), while the QS reinsurance transition propelled revenue up 71% to $258 million and gross profit up 159% to $100 million
Mercury General's Q1 2026 demonstrated the underlying strength of the franchise with a combined ratio of 89.3% and net income of $190 million ($3.44 per share), a dramatic reversal from the prior-year Q1 net loss of $108 million during the wildfire catastrophe
Root delivered its most profitable quarter ever with $36 million in net income and an annualized ROE of 47%, reversing the prior quarter's expectation of lower 2026 net income
Travelers delivered record underwriting income with a core ROE of 19.7%, generating $1.7 billion in core income as the combined ratio remained excellent at 88.6% despite elevated catastrophe activity
Record Net Investment Income Drives Earnings Growth