Detailed financial statements for The Allstate Corporation (ALL): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
The Allstate Corporation, along with its affiliated entities, provides a comprehensive suite of property, casualty, and other insurance offerings throughout the United States and Canada. The company's operations are structured across four primary business segments: Allstate Protection; Protection Services; Allstate Health and Benefits; and Run-off Property-Liability. The Allstate Protection segment delivers a wide array of personal and commercial insurance solutions.
Analysis Summary
The Allstate Corporation reported revenue of $66.46B in the most recent fiscal year, growing at a 5-year CAGR of 9.8%. Net income reached $10.28B, with a 13.0% 5-year CAGR.
Trailing-twelve-month margins: gross margin 42.2%, operating margin 24.8%, net margin 19.2%. Free cash flow grew at 13.8% CAGR over 5 years.
At $259.87 (closing price, October 30, 2026), ALL trades at a P/E of 5.19 and an ROE of 43.13%. Market capitalisation stands at $65.7B, placing it among large-cap names.
Balance sheet quality for ALL: current ratio of 0.4, net debt of $1.93B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $9.88B represents 96% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $37.40B | $39.41B | $39.81B | $41.10B | $41.69B | $48.68B | $50.62B | $56.59B | $63.52B | $66.46B |
| Cost of Revenue | $29.35B | $29.24B | $30.63B | $29.96B | $28.66B | $36.65B | $44.94B | $49.42B | $49.02B | $44.37B |
| Gross Profit | $8.04B | $10.16B | $9.19B | $11.14B | $13.03B | $12.03B | $5.68B | $7.17B | $14.50B | $22.09B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $4.94B | -$217.0M | $468.0M | $114.0M | -$51.0M | -$644.0M | $116.0M | $9.0M | -$37.0M | -$30.0M |
| Operating Expenses | $5.29B | $5.61B | $6.56B | $5.70B | $6.22B | $5.57B | $7.51B | $7.52B | $8.74B | $8.93B |
| Operating Income | $2.75B | $4.55B | $2.63B | $5.44B | $6.80B | $6.47B | -$1.83B | -$348.0M | $5.76B | $13.16B |
| EBITDA | $3.43B | $5.37B | $3.47B | $6.42B | $7.81B | $7.88B | -$648.0M | $735.0M | $6.72B | $14.04B |
| Interest Expense | $295.0M | $335.0M | $332.0M | $327.0M | $318.0M | $330.0M | $335.0M | $379.0M | $400.0M | $399.0M |
| Pre-tax Income | $2.75B | $4.55B | $2.63B | $5.44B | $6.80B | $6.47B | -$1.83B | -$348.0M | $5.76B | $13.16B |
| Income Tax | $877.0M | $995.0M | $468.0M | $1.12B | $1.37B | $1.29B | -$488.0M | -$135.0M | $1.16B | $2.89B |
| Net Income | $1.88B | $3.55B | $2.16B | $4.85B | $5.58B | $1.61B | -$1.29B | -$188.0M | $4.67B | $10.28B |
| EPS | $4.72 | $9.50 | $6.21 | $14.25 | $17.53 | $5.04 | $-5.03 | $-1.20 | $17.22 | $38.68 |
| EPS (Diluted) | $4.67 | $9.35 | $6.12 | $14.03 | $17.31 | $4.96 | $-5.03 | $-1.20 | $16.99 | $38.19 |
| Shares Outstanding (Diluted) | 377.3 M | 367.8 M | 353.2 M | 333.5 M | 315.5 M | 299.1 M | 271.2 M | 262.5 M | 267.8 M | 264.7 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $17.06B | $16.59B | $16.94B | $18.60B |
| Gross Profit | $6.24B | $8.79B | $7.68B | $6.46B |
| Operating Income | $4.82B | $4.92B | $3.21B | $4.24B |
| EBITDA | $5.04B | $5.12B | $3.33B | $4.32B |
| Net Income | $3.75B | $3.83B | $2.46B | $3.27B |
| EPS | $14.13 | $14.55 | $9.36 | $12.66 |
| EPS (Diluted) | $13.95 | $14.37 | $9.25 | $12.51 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $436.0M | $617.0M | $499.0M | $338.0M | $311.0M | $763.0M | $736.0M | $722.0M | $704.0M | $678.0M |
| Short-term Investments | $4.29B | $1.94B | $3.03B | $4.26B | $6.81B | $4.01B | $4.17B | $5.14B | $4.54B | $4.89B |
| Receivables | $14.34B | $14.71B | $15.72B | $15.68B | $13.68B | $18.39B | $18.78B | $18.85B | $19.54B | $20.68B |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $19.07B | $17.27B | $19.25B | $20.28B | $20.80B | $23.16B | $23.69B | $24.72B | $24.78B | $26.25B |
| Property, Plant & Equipment | $1.06B | $1.07B | $1.04B | $1.15B | $1.06B | $939.0M | $987.0M | $859.0M | $669.0M | $627.0M |
| Goodwill | $1.22B | $2.18B | $2.53B | $2.54B | $2.37B | $3.50B | $3.50B | $3.50B | $3.25B | $3.12B |
| Intangible Assets | 0 | $556.0M | $713.0M | $481.0M | $453.0M | $1.42B | $1.18B | $966.0M | $754.0M | $6.72B |
| Total Assets | $108.61B | $112.42B | $112.25B | $119.95B | $125.99B | $99.44B | $97.99B | $103.36B | $111.62B | $119.76B |
| Accounts Payable | $6.18B | $6.47B | $7.16B | $6.91B | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $550.0M |
| Total Current Liabilities | $12.78B | $13.11B | $14.89B | $16.06B | 0 | 0 | 0 | 0 | 0 | $70.94B |
| Long-term Debt | $6.35B | $6.35B | $6.45B | $6.63B | $7.83B | $7.98B | $7.96B | $7.94B | $8.09B | $6.94B |
| Total Liabilities | $88.04B | $89.87B | $90.94B | $93.95B | $95.77B | $74.31B | $80.63B | $85.73B | $90.25B | $89.17B |
| Retained Earnings | $40.68B | $43.16B | $44.03B | $48.07B | $52.77B | $53.29B | $50.97B | $49.72B | $53.29B | $62.39B |
| Total Equity | $20.57B | $22.55B | $21.31B | $26.00B | $30.22B | $25.18B | $17.49B | $17.77B | $21.44B | $30.61B |
| Total Debt | $6.35B | $6.35B | $6.45B | $6.63B | $7.83B | $7.98B | $7.96B | $7.94B | $8.09B | $7.49B |
| Net Debt | $1.62B | $3.79B | $2.92B | $2.04B | $707.0M | $3.20B | $3.06B | $2.08B | $2.84B | $1.93B |
| Working Capital | $6.28B | $4.16B | $4.35B | $4.22B | $20.80B | $23.16B | $23.69B | $24.72B | $24.78B | -$44.69B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $931.0M | $678.0M | $697.0M | $840.0M |
| Total Assets | $120.40B | $119.76B | $123.97B | $124.76B |
| Total Liabilities | $92.91B | $89.17B | $92.39B | $91.08B |
| Total Equity | $27.50B | $30.61B | $31.61B | $33.70B |
| Total Debt | $8.09B | $7.49B | $7.49B | $7.49B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $1.88B | $3.19B | $2.16B | $4.85B | $5.58B | $1.57B | -$1.36B | -$213.0M | $4.60B | $10.28B |
| Depreciation & Amortization | $382.0M | $483.0M | $511.0M | $647.0M | $686.0M | $1.09B | $847.0M | $704.0M | $555.0M | $482.0M |
| Stock-based Compensation | $35.0M | 0 | $138.0M | $120.0M | $137.0M | $129.0M | $102.0M | 0 | 0 | $136.0M |
| Change in Working Capital | $923.0M | $292.0M | $511.0M | $666.0M | $2.0M | -$88.0M | -$53.0M | $3.43B | $3.59B | -$1.87B |
| Operating Cash Flow | $3.99B | $4.31B | $5.17B | $5.13B | $5.49B | $5.12B | $5.12B | $4.23B | $8.93B | $10.11B |
| Capital Expenditure | -$313.0M | -$299.0M | -$277.0M | -$433.0M | -$308.0M | -$345.0M | -$420.0M | -$267.0M | -$210.0M | -$228.0M |
| Acquisitions | -$569.0M | -$1.67B | -$1.47B | -$594.0M | $86.0M | -$2.42B | -$288.0M | -$180.0M | -$814.0M | $3.13B |
| Stock Repurchased | -$1.34B | -$1.50B | -$2.69B | -$2.87B | -$2.02B | -$3.57B | -$2.52B | -$335.0M | -$2.0M | -$1.23B |
| Dividends Paid | -$602.0M | -$641.0M | -$748.0M | -$787.0M | -$776.0M | -$999.0M | -$1.03B | -$1.03B | -$1.08B | -$1.15B |
| Free Cash Flow | $3.68B | $4.01B | $4.90B | $4.70B | $5.18B | $4.77B | $4.70B | $3.96B | $8.72B | $9.88B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $3.28B | $2.99B | $3.56B | $2.63B |
| Capital Expenditure | -$48.0M | -$89.0M | -$40.0M | -$43.0M |
| Free Cash Flow | $3.24B | $2.90B | $3.52B | $2.59B |
| Dividends Paid | -$293.0M | -$292.0M | -$290.0M | -$310.0M |
| Stock-based Compensation | 0 | $136.0M | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +5.4% | +1.0% | +3.2% | +1.4% | +16.8% | +4.0% | +11.8% | +12.2% | +4.6% | |
| Net Income Growth (YoY) | +89.3% | -39.2% | +124.4% | +15.0% | -71.1% | -179.9% | +85.4% | +2,582.4% | +120.3% | |
| EPS Growth (YoY) | +101.3% | -34.6% | +129.5% | +23.0% | -71.2% | -199.8% | +76.1% | +1,535.0% | +124.6% | |
| Shares Change (YoY) | -2.5% | -4.0% | -5.6% | -5.4% | -5.2% | -9.3% | -3.2% | +2.0% | -1.2% | |
| FCF Growth (YoY) | +9.1% | +22.0% | -4.1% | +10.4% | -7.9% | -1.5% | -15.7% | +120.2% | +13.3% | |
| Gross Margin | 21.5% | 25.8% | 23.1% | 27.1% | 31.2% | 24.7% | 11.2% | 12.7% | 22.8% | 33.2% |
| Operating Margin | 7.4% | 11.5% | 6.6% | 13.2% | 16.3% | 13.3% | -3.6% | -0.6% | 9.1% | 19.8% |
| EBITDA Margin | 9.2% | 13.6% | 8.7% | 15.6% | 18.7% | 16.2% | -1.3% | 1.3% | 10.6% | 21.1% |
| Net Margin | 5.0% | 9.0% | 5.4% | 11.8% | 13.4% | 3.3% | -2.5% | -0.3% | 7.3% | 15.5% |
| FCF Margin | 9.8% | 10.2% | 12.3% | 11.4% | 12.4% | 9.8% | 9.3% | 7.0% | 13.7% | 14.9% |
| Effective Tax Rate | 31.8% | 21.9% | 17.8% | 20.5% | 20.2% | 20.0% | 26.7% | 38.8% | 20.2% | 22.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $9.75 | $10.92 | $13.87 | $14.08 | $16.43 | $15.95 | $17.33 | $15.09 | $32.57 | $37.33 |
| Dividends Per Share | $1.60 | $1.74 | $2.12 | $2.36 | $2.46 | $3.34 | $3.80 | $3.93 | $4.03 | $4.36 |
| Shares Outstanding (Basic) | 372.8 M | 362.0 M | 347.8 M | 328.2 M | 311.6 M | 294.8 M | 271.2 M | 262.5 M | 264.3 M | 261.3 M |
What to look at in Insurance
Insurers earn in 2 ways: underwriting well (combined ratio) and investing the float. Buffett built Berkshire that way.
- Op Margin 5y (Combined Ratio proxy) — Combined ratio proxy when our data does not include it. ≥10% 5y average = underwriting discipline (CR <100%)
- Book Value / Share growth — How Buffett measures Berkshire. The real value shareholders accumulate
- Debt / Equity — Leveraged insurers fail fast under catastrophes
- P/B (Price / Book) — Insurers are valued by book multiple. Here it is crossed with ROE (quality × valuation)
- Dividend growth streak — Consecutive years raising dividend per share — solid insurers stack decades
Profitability
| Return on Equity | 43.13% |
| Return on Invested Capital | 31.29% |
| Return on Assets | 10.67% |
| Gross Margin | 42.16% |
| Operating Margin | 24.83% |
| Net Margin | 19.24% |
Financial Health
| Debt / Equity | 0.22 |
| Current Ratio | 0.24 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 1.57 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 15.70 | 11.02 | 13.31 | 7.89 | 6.27 | 23.34 | -26.96 | -116.65 | 11.20 | 5.38 |
| P/B | 1.34 | 1.68 | 1.35 | 1.42 | 1.13 | 1.38 | 2.10 | 2.07 | 2.38 | 1.78 |
| P/S | 0.74 | 0.96 | 0.72 | 0.90 | 0.82 | 0.71 | 0.73 | 0.65 | 0.80 | 0.82 |
| Gross Margin | 21.5% | 25.8% | 23.1% | 27.1% | 31.2% | 24.7% | 11.2% | 12.7% | 22.8% | 33.2% |
| Operating Margin | 7.4% | 11.5% | 6.6% | 13.2% | 16.3% | 13.3% | -3.6% | -0.6% | 9.1% | 19.8% |
| Net Margin | 5.0% | 9.0% | 5.4% | 11.8% | 13.4% | 3.3% | -2.5% | -0.3% | 7.3% | 15.5% |
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Explore sector: Financial Services · Insurance - Property & Casualty
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