Giverny Capital Asset Management noted in its second-quarter 2026 investor letter that The Progressive Corporation's earnings per share rose 7% in the first half of 2026, yet its share price dropped 4% over the same period. The firm added to its position in June, pointing out that Progressive has been buying back its stock for the first time in years. Progressive closed at $212.23 per share on July 20, 2026, with a market capitalization of $123.39 billion. Wall Street consensus expects lower earnings this year as auto insurance rates decline after years of inflation, but Giverny sees healthy EPS growth continuing.
Progressive CorpGiverny Capital highlights EPS growth and buyback program, expecting continued healthy EPS growth despite rate declines.