Operating cash flow reached $3.6 billion in 2026Q1, enabling a shift toward aggressive capital returns including $614 million in quarterly share buybacks.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 11.71B | 10.11B | 8.93B | 4.23B | 5.12B | 5.12B | 5.49B | 5.13B | 5.17B | 4.31B | 3.99B | 3.62B | 3.24B | 4.24B | 3.05B | 1.93B | 3.69B | 4.3B | 3.91B | 5.43B | 5.05B | 5.61B | 5.47B | 5.69B | 4.42B | 2.29B | 1.73B | 2.27B | 2.89B | 3.34B | 3.04B |
| Operating CF Growth % | 138.66% | 13.2% | 111.23% | -17.44% | 0.1% | -6.83% | 7.06% | -0.89% | 19.96% | 8.04% | 10.43% | 11.74% | -23.72% | 38.9% | 58.32% | -47.71% | -14.23% | 10% | -28.03% | 7.48% | -9.81% | 2.51% | -3.92% | 28.67% | 93.06% | 32.35% | -23.64% | -21.58% | -13.49% | 10.08% | 11.29% |
| Operating CF / Revenue % | 17.44% | 15.21% | 14.06% | 7.47% | 10.12% | 10.51% | 13.17% | 12.48% | 13% | 10.95% | 10.68% | 10.14% | 9.18% | 12.29% | 9.17% | 5.91% | 11.75% | 13.44% | 13.3% | 14.78% | 14.12% | 15.84% | 16.11% | 17.7% | 14.95% | 7.94% | 5.94% | 8.41% | 11.17% | 13.4% | 12.49% |
| Net Income | 12.14B | 10.28B | 4.6B | -213M | -1.36B | 1.57B | 5.58B | 4.85B | 2.16B | 3.19B | 1.88B | 2.17B | 2.85B | 2.28B | 2.31B | 788M | 928M | 854M | -1.68B | 4.64B | 4.99B | 1.76B | 3.18B | 2.71B | 1.13B | 1.16B | 2.21B | 2.72B | 3.29B | 3.1B | 2.08B |
| Depreciation & Amortization | 957M | 482M | 555M | 704M | 847M | 1.09B | 686M | 647M | 511M | 483M | 382M | 371M | 366M | 368M | 388M | 252M | 94M | -91M | -376M | -257M | -188M | -67M | -4M | -3M | -62M | -106M | -47M | -17M | -22M | -22M | -19M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 102M | 129M | 137M | 120M | 138M | 0 | 35M | 26M | 33M | 64M | 85M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | -102M | -129M | -137M | -120M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 172M | 250M |
| Other Non-Cash Items | -2.53B | -1.49B | 188M | 309M | 5.69B | 2.55B | -773M | -1.03B | 1.85B | 350M | 811M | 728M | 300M | 1.86B | 971M | 1.16B | 2.62B | 2.7B | 7.51B | 1.46B | 2.42B | 1.87B | 1.61B | 1.67B | 3.02B | 2.1B | 1.08B | 240M | -3M | -127M | 863M |
| Working Capital Changes | 2.76B | 832M | 3.59B | 3.43B | -53M | -88M | 2M | 666M | 511M | 292M | 923M | 346M | -280M | -269M | -611M | -268M | 44M | 836M | -1.54B | -402M | -2.17B | 2.04B | 682M | 1.32B | 327M | -861M | -1.51B | -676M | -378M | 214M | -133M |
| Cash from Investing | -8.59B | -7.25B | -8.25B | -3B | -1.73B | 510M | -3.44B | -2.81B | -1.72B | -1.21B | -2.53B | 742M | 1.62B | 1.58B | 1.58B | 6.16B | 2.33B | 3.44B | 3.79B | -115M | -1.92B | -5.15B | -10.72B | -9.46B | -9.01B | -4.36B | -2.77B | -2.61B | -1.37B | -1.52B | -3.38B |
| Capital Expenditures | -253M | -228M | -210M | -267M | -420M | -345M | -308M | -433M | -277M | -299M | -313M | -303M | -288M | -207M | -285M | -246M | -162M | -189M | -291M | -274M | -161M | -196M | -200M | -169M | -239M | -186M | -300M | -212M | -188M | -150M | -126M |
| Acquisitions | 0 | 3.04B | 5M | -180M | -288M | -2.42B | 86M | -594M | -1.47B | -1.67B | -569M | -242M | 453M | -291M | -113M | -916M | 7M | -403M | 0 | 0 | 0 | -60M | 10.52B | 9.29B | 322M | -16M | 575M | -971M | -226M | 138M | 378M |
| Purchase of Investments | 601M | -92.29B | 0 | -33.27B | -46.51B | -41.91B | -47.01B | -39.88B | -44.36B | -38.76B | -37.32B | -36.67B | -45.17B | -29.27B | -24.69B | -31.62B | -30.39B | -38.47B | -33.83B | -40.14B | -37.13B | -38.99B | -40.85B | -39.42B | -35.81B | -36.6B | -41.5B | -40.49B | -26.1B | -25.3B | -22.97B |
| Sale/Maturity of Investments | 15.14B | 82.22B | 0 | 30.76B | 45.22B | 44.54B | 43.14B | 38.25B | 44.53B | 39.56B | 35.82B | 38.1B | 46.02B | 30.85B | 26.12B | 39.45B | 32.63B | 40.43B | 36.74B | 40.3B | 36.2B | 34.1B | 30.32B | 30.13B | 27.04B | 32.44B | 39.03B | 37.12B | 25.24B | 23.76B | 22.22B |
| Other Investing | -24.07B | 0 | -8.05B | -37M | 268M | 639M | 653M | -149M | -135M | -46M | -145M | -143M | 615M | 506M | 553M | -510M | 243M | 2.08B | 1.17B | 3M | -826M | -4.96B | -10.52B | -9.29B | -322M | -268M | -575M | 1.94B | -95M | 39M | -2.88B |
| Cash from Financing | -3.46B | -2.88B | -697M | -1.24B | -3.42B | -5.24B | -2.01B | -2.48B | -3.57B | -2.92B | -1.53B | -4.52B | -4.88B | -5.95B | -4.61B | -7.88B | -6.07B | -7.54B | -7.71B | -5.34B | -3.01B | -555M | 5.3B | 3.68B | 4.78B | 2.11B | 1.01B | 341M | -1.49B | -1.72B | 373M |
| Dividends Paid | -1.17B | -1.15B | -1.08B | -1.03B | -1.03B | -999M | -776M | -787M | -748M | -641M | -602M | -599M | -564M | -358M | -534M | -435M | -430M | -542M | -889M | -901M | -873M | -830M | -756M | -633M | -582M | -535M | -502M | -471M | -443M | -323M | -378M |
| Share Repurchases | -1.75B | -1.23B | -2M | -335M | -2.52B | -3.57B | -2.02B | -2.87B | -2.69B | -1.5B | -1.34B | -2.81B | -2.3B | -1.83B | -913M | -953M | -152M | -4M | -1.32B | -3.6B | -1.77B | -2.48B | -1.37B | -153M | -446M | -721M | -1.78B | -2.17B | -1.49B | -1.36B | -1.09B |
| Stock Issued | 13M | 48M | 0 | 0 | 0 | 114M | 63M | 1.53B | 557M | 0 | 0 | 0 | 0 | 0 | 0 | 19M | 28M | 3M | 33M | 109M | 239M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 750M |
| Debt Issuance (Net) | -1000K | -1000K | 1000K | -1000K | 0 | -1000K | 1000K | 1000K | 1000K | 0 | 1000K | -1000K | -1000K | -1000K | 1000K | 0 | -1000K | 1000K | 1000K | 1000K | -1000K | -1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Financing | 42M | 57M | 239M | 119M | 131M | -349M | -462M | -537M | -793M | -787M | -806M | -1.09B | -1B | -3.4B | -3.38B | -6.49B | -5.49B | -7.25B | -5.54B | -1.91B | 245M | 2.81B | 6.76B | 4.66B | 5.5B | 3.35B | 2.82B | 1.95B | 52M | -347M | 179M |
| Net Change in Cash | -143M | -26M | -18M | -14M | -27M | 452M | 39M | -161M | -118M | 181M | -59M | -162M | -18M | -131M | 30M | 214M | -50M | 197M | -7M | -21M | 130M | -101M | 48M | -96M | 199M | 41M | -32M | -4M | 38M | 104M | 26M |
| Exchange Rate Effect | 201M | 0 | 0 | 0 | 0 | 66M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 678M | 704M | 722M | 736M | 763M | 311M | 338M | 499M | 617M | 436M | 495M | 657M | 675M | 806M | 776M | 562M | 612M | 415M | 422M | 443M | 313M | 414M | 366M | 462M | 263M | 222M | 254M | 258M | 220M | 116M | 90M |
| Cash at End | 697M | 678M | 704M | 722M | 736M | 763M | 377M | 338M | 499M | 617M | 436M | 495M | 657M | 675M | 806M | 776M | 562M | 612M | 415M | 422M | 443M | 313M | 414M | 366M | 462M | 263M | 222M | 254M | 258M | 220M | 116M |
| Free Cash Flow | 11.53B | 9.88B | 8.72B | 3.96B | 4.7B | 4.77B | 5.18B | 4.7B | 4.9B | 4.01B | 3.68B | 3.31B | 2.95B | 4.04B | 2.77B | 1.68B | 3.53B | 4.11B | 3.62B | 5.16B | 4.89B | 5.41B | 5.27B | 5.52B | 4.18B | 2.1B | 1.43B | 2.06B | 2.7B | 3.19B | 2.91B |
| FCF Growth % | 28.59% | 13.31% | 120.17% | -15.74% | -1.47% | -7.95% | 10.37% | -4.12% | 21.99% | 9.1% | 11.08% | 12.38% | -26.94% | 45.72% | 64.53% | -52.28% | -14.23% | 13.62% | -29.85% | 5.41% | -9.52% | 2.68% | -4.6% | 31.98% | 98.76% | 47.1% | -30.36% | -23.97% | -15.32% | 9.69% | 10.98% |
| FCF Margin % | 17.18% | 14.87% | 13.73% | 7% | 9.29% | 9.8% | 12.43% | 11.42% | 12.3% | 10.19% | 9.84% | 9.29% | 8.37% | 11.69% | 8.31% | 5.15% | 11.23% | 12.84% | 12.31% | 14.03% | 13.67% | 15.29% | 15.52% | 17.18% | 14.15% | 7.29% | 4.91% | 7.62% | 10.44% | 12.79% | 11.98% |
| FCF per Share | 43.91 | 37.33 | 32.57 | 15.09 | 17.33 | 15.95 | 16.43 | 14.08 | 13.87 | 10.92 | 9.75 | 8.14 | 6.73 | 8.58 | 5.62 | 3.22 | 6.5 | 7.6 | 6.63 | 8.65 | 7.68 | 8.11 | 7.52 | 7.82 | 5.89 | 2.91 | 1.91 | 2.56 | 3.23 | 3.66 | 3.24 |
Catastrophe loss volatility
According to quarterly cash flow data, Allstate generated $3.6 billion in operating cash flow during 2026Q1, a significant recovery from the $1.2 billion reported in 2023Q4, reflecting the successful alignment of premium pricing with the inflationary pressures that previously constrained underwriting cash generation across the portfolio.
The consistent expansion of operating cash flow relative to net income suggests that the company is effectively managing its float generation despite the volatility inherent in P&C underwriting. Investors should monitor whether this cash generation remains sustainable as the company navigates the competitive landscape and potential shifts in loss frequency.
As reported in financial statements, the company executed a substantial $28.7 billion in investment purchases during 2026Q1, indicating a proactive approach to reinvesting float into higher-yielding assets as the interest rate environment evolves and the company seeks to optimize its long-term investment income profile.
The high volume of portfolio turnover suggests that management is actively repositioning the asset base to capture yield improvements. This strategy appears to be a critical component of the company's broader effort to offset underwriting volatility through stable investment income.
Based on reported figures, claims and loss payments fluctuated significantly over the last ten quarters, peaking at $13.2 billion in 2025Q1 before moderating to $9.3 billion in 2026Q1, which highlights the ongoing sensitivity of the company's cash outflows to seasonal catastrophe events and inflationary cost trends.
The reduction in claims payments from the 2025 peak may indicate a stabilization in the underlying loss environment, though it warrants further investigation into whether this reflects improved risk selection or merely a temporary lull in severe weather events. The volatility in these outflows remains a primary driver of the company's quarterly cash flow variability.
Data from recent filings shows that Allstate increased its quarterly buyback activity to $614 million in 2026Q1, up from zero in several prior periods, signaling that management views current cash generation as sufficient to support both operational requirements and aggressive capital return to shareholders.
The resumption of meaningful share repurchases suggests a high degree of confidence in the company's capital position and future cash flow stability. This shift in capital allocation policy appears to be a direct result of the improved underwriting margins observed over the past year.
As evidenced by the OCF/NI ratio of 1.45 in 2026Q1 compared to 0.78 in 2025Q4, there is a notable disconnect between accounting net income and actual cash generation, which may be driven by non-cash reserve adjustments and the timing of realized investment gains or losses.
This divergence suggests that investors should prioritize cash flow metrics over headline earnings when evaluating the company's true financial health. The volatility in this ratio warrants further investigation into the specific accruals and reserve releases that may be masking the underlying cash reality of the business.
Quick answers to the most common questions about buying ALL stock.
The Allstate Corporation (ALL) generated $10.11B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
The Allstate Corporation (ALL) generated $9.88B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
The Allstate Corporation (ALL) spent $228.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, The Allstate Corporation (ALL) returned $1.15B to shareholders via cash dividends and spent $1.23B on share repurchases. This shows the company's commitment to returning capital to its equity investors.