Operating income surged to $3.2 billion in 2026Q1, reflecting a significant recovery from the 2025Q1 loss ratio peak of 81.4%.
| 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 |
|---|
| Revenue | 67.14B | 66.46B | 63.52B | 56.59B | 50.62B | 48.68B | 41.69B | 41.1B | 39.81B | 39.41B | 37.4B | 35.65B | 35.24B | 34.51B | 33.31B | 32.65B | 31.4B | 32.01B | 29.39B | 36.77B | 35.8B | 35.38B | 33.94B | 32.15B | 29.58B | 28.86B | 29.13B | 26.96B | 25.88B | 24.95B | 24.3B |
| Revenue Growth % | 3.73% | 4.64% | 12.24% | 11.8% | 3.98% | 16.76% | 1.43% | 3.24% | 1.04% | 5.37% | 4.9% | 1.17% | 2.12% | 3.58% | 2.02% | 3.99% | -1.91% | 8.91% | -20.06% | 2.72% | 1.17% | 4.26% | 5.56% | 8.69% | 2.47% | -0.92% | 8.07% | 4.17% | 3.73% | 2.67% | 5.61% |
| Medical Costs & Claims | 40.4B | 44.37B | 49.02B | 49.42B | 44.94B | 36.65B | 28.66B | 29.96B | 30.63B | 29.24B | 29.35B | 27.96B | 26.25B | 25.11B | 25.5B | 27.54B | 26.38B | 3.74B | 4.02B | 4.27B | 4.18B | 4.02B | 3.62B | 3.7B | 3.53B | 3.4B | 3.19B | 2.58B | 2.42B | 2.42B | 2.38B |
| Medical Cost Ratio % | 60.17% | 66.77% | 77.17% | 87.33% | 88.78% | 75.28% | 68.75% | 72.9% | 76.92% | 74.21% | 78.49% | 78.43% | 74.48% | 72.76% | 76.55% | 84.33% | 84.01% | 11.69% | 13.69% | 11.61% | 11.67% | 11.36% | 10.66% | 11.5% | 11.95% | 11.79% | 10.95% | 9.56% | 9.33% | 9.68% | 9.8% |
| Gross Profit | 26.74B | 22.09B | 14.5B | 7.17B | 5.68B | 12.03B | 13.03B | 11.14B | 9.19B | 10.16B | 8.04B | 7.69B | 8.99B | 9.4B | 7.81B | 5.12B | 5.02B | 28.27B | 25.37B | 32.5B | 31.62B | 31.36B | 30.32B | 28.45B | 26.05B | 25.46B | 25.94B | 24.38B | 23.46B | 22.53B | 21.92B |
| Gross Margin % | 39.83% | 33.23% | 22.83% | 12.67% | 11.22% | 24.72% | 31.25% | 27.1% | 23.08% | 25.79% | 21.51% | 21.57% | 25.52% | 27.24% | 23.45% | 15.67% | 15.99% | 88.31% | 86.31% | 88.39% | 88.33% | 88.64% | 89.34% | 88.5% | 88.05% | 88.21% | 89.05% | 90.44% | 90.67% | 90.32% | 90.2% |
| Gross Profit Growth % | - | 52.32% | 102.18% | 26.33% | -52.82% | -7.64% | 16.94% | 21.25% | -9.59% | 26.33% | 4.6% | -14.47% | -4.33% | 20.3% | 52.72% | 1.91% | -82.24% | 11.43% | -21.93% | 2.79% | 0.8% | 3.46% | 6.55% | 9.24% | 2.29% | -1.86% | 6.41% | 3.91% | 4.13% | 2.81% | 5.05% |
| Operating Expenses | 11.1B | 8.93B | 8.74B | 7.52B | 7.51B | 5.57B | 6.22B | 5.7B | 6.56B | 5.61B | 5.29B | 4.41B | 4.76B | 6B | 4.51B | 4.16B | 3.92B | 27.02B | 28.4B | 25.85B | 24.44B | 29.28B | 25.73B | 24.88B | 24.5B | 24.11B | 22.9B | 20.47B | 18.72B | 18.1B | 19.25B |
| OpEx / Revenue % | 16.53% | 13.44% | 13.76% | 13.29% | 14.83% | 11.43% | 14.93% | 13.86% | 16.48% | 14.25% | 14.15% | 12.37% | 13.5% | 17.4% | 13.53% | 12.73% | 12.48% | 84.41% | 96.6% | 70.29% | 68.27% | 82.74% | 75.82% | 77.39% | 82.85% | 83.54% | 78.59% | 75.94% | 72.33% | 72.55% | 79.22% |
| Depreciation & Amortization | 397M | 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 |
| Combined Ratio % | 76.7% | 80.2% | 90.93% | 100.61% | 103.62% | 86.72% | 83.69% | 86.76% | 93.4% | 88.46% | 92.64% | 90.79% | 87.98% | 90.16% | 90.08% | 97.06% | 96.5% | 96.1% | 110.29% | 81.91% | 79.95% | 94.1% | 86.49% | 88.89% | 94.79% | 95.33% | 89.54% | 85.51% | 81.66% | 82.23% | 89.02% |
| Operating Income | 15.64B | 13.16B | 5.76B | -348M | -1.83B | 6.47B | 6.8B | 5.44B | 2.63B | 4.55B | 2.75B | 3.28B | 4.24B | 3.4B | 3.31B | 959M | 1.1B | 1.25B | -3.02B | 6.65B | 7.18B | 2.09B | 4.59B | 3.57B | 1.54B | 1.35B | 3.05B | 3.91B | 4.75B | 4.43B | 2.67B |
| Operating Margin % | 23.3% | 19.8% | 9.07% | -0.61% | -3.62% | 13.28% | 16.31% | 13.24% | 6.6% | 11.54% | 7.36% | 9.21% | 12.02% | 9.84% | 9.92% | 2.94% | 3.5% | 3.9% | -10.29% | 18.09% | 20.05% | 5.9% | 13.51% | 11.11% | 5.21% | 4.67% | 10.46% | 14.49% | 18.34% | 17.77% | 10.98% |
| Operating Income Growth % | - | 128.36% | 1755.46% | 80.98% | -128.3% | -4.94% | 24.97% | 107.12% | -42.23% | 65.18% | -16.09% | -22.52% | 24.73% | 2.72% | 244.73% | -12.82% | -11.86% | 141.26% | -145.47% | -7.31% | 243.77% | -54.47% | 28.42% | 131.88% | 14.24% | -55.76% | -22.01% | -17.66% | 7.01% | 66.13% | -87.16% |
| EBITDA | 16.04B | 13.64B | 6.32B | 356M | -983M | 7.55B | 7.49B | 6.09B | 3.14B | 5.03B | 3.14B | 3.65B | 4.6B | 3.76B | 3.69B | 1.21B | 1.19B | 1.16B | -3.4B | 6.4B | 6.99B | 2.02B | 4.58B | 3.57B | 1.48B | 1.24B | 3B | 3.89B | 4.72B | 4.41B | 2.65B |
| EBITDA Margin % | 23.89% | 20.52% | 9.94% | 0.63% | -1.94% | 15.51% | 17.96% | 14.82% | 7.88% | 12.77% | 8.39% | 10.25% | 13.06% | 10.91% | 11.09% | 3.71% | 3.8% | 3.61% | -11.57% | 17.4% | 19.53% | 5.71% | 13.5% | 11.1% | 5% | 4.3% | 10.3% | 14.43% | 18.25% | 17.68% | 10.91% |
| Interest Expense | 397M | 399M | 400M | 379M | 335M | 330M | 318M | 327M | 332M | 335M | 295M | 292M | 322M | 367M | 373M | 367M | 367M | 392M | 351M | 333M | 357M | 330M | 308M | 275M | 278M | 129M | 229M | 129M | 118M | 100M | 95M |
| Non-Operating Income | -326M | -399M | -400M | -379M | -335M | -330M | -318M | -327M | -332M | -335M | -295M | -292M | -322M | -367M | -373M | -367M | -367M | -392M | -351M | -333M | -357M | -330M | -308M | -275M | -278M | -185M | -229M | -129M | -118M | -100M | -95M |
| Pretax Income | 15.54B | 13.16B | 5.76B | -348M | -1.83B | 6.47B | 6.8B | 5.44B | 2.63B | 4.55B | 2.75B | 3.28B | 4.24B | 3.4B | 3.31B | 959M | 1.1B | 1.25B | -3.02B | 6.65B | 7.18B | 2.09B | 4.59B | 3.57B | 1.54B | 1.28B | 3.05B | 3.91B | 4.75B | 4.43B | 2.67B |
| Pretax Margin % | 23.15% | 19.8% | 9.07% | -0.61% | -3.62% | 13.28% | 16.31% | 13.24% | 6.6% | 11.54% | 7.36% | 9.21% | 12.02% | 9.84% | 9.92% | 2.94% | 3.5% | 3.9% | -10.29% | 18.09% | 20.05% | 5.9% | 13.51% | 11.11% | 5.21% | 4.45% | 10.46% | 14.49% | 18.34% | 17.77% | 10.98% |
| Income Tax | 3.42B | 2.89B | 1.16B | -135M | -488M | 1.29B | 1.37B | 1.12B | 468M | 995M | 877M | 1.11B | 1.39B | 1.12B | 1B | 172M | 189M | 394M | -1.35B | 2.02B | 2.19B | 323M | 1.23B | 846M | 65M | 73M | 795M | 1.15B | 1.42B | 1.32B | 619M |
| Effective Tax Rate % | 21.98% | 21.97% | 20.17% | 38.79% | 26.67% | 19.98% | 20.19% | 20.5% | 17.81% | 21.87% | 31.84% | 33.85% | 32.72% | 32.86% | 30.25% | 17.94% | 17.18% | 31.57% | 44.5% | 30.32% | 30.44% | 15.47% | 26.82% | 23.69% | 4.22% | 5.68% | 26.09% | 29.38% | 29.97% | 29.86% | 23.19% |
| Net Income | 12.14B | 10.28B | 4.67B | -188M | -1.29B | 1.61B | 5.58B | 4.85B | 2.16B | 3.55B | 1.88B | 2.17B | 2.85B | 2.28B | 2.31B | 787M | 911M | 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 |
| Net Margin % | 18.09% | 15.47% | 7.35% | -0.33% | -2.55% | 3.32% | 13.37% | 11.79% | 5.43% | 9.02% | 5.02% | 6.09% | 8.09% | 6.61% | 6.92% | 2.41% | 2.9% | 2.67% | -5.71% | 12.61% | 13.95% | 4.99% | 9.37% | 8.41% | 3.83% | 4.01% | 7.59% | 10.09% | 12.73% | 12.45% | 8.54% |
| Net Income Growth % | 200.32% | 120.31% | 2582.45% | 85.42% | -179.86% | -71.05% | 15.04% | 124.4% | -39.22% | 89.34% | -13.54% | -23.82% | 25% | -1.13% | 193.01% | -13.61% | 6.67% | 150.86% | -136.22% | -7.15% | 182.89% | -44.51% | 17.6% | 138.54% | -2.07% | -47.63% | -18.71% | -17.43% | 6.09% | 49.64% | 8.98% |
| EPS (Diluted) | 46.25 | 38.19 | 16.99 | -1.20 | -5.03 | 17.25 | 17.31 | 14.03 | 6.12 | 9.35 | 4.67 | 5.05 | 6.27 | 4.81 | 4.68 | 1.50 | 1.68 | 1.58 | -3.07 | 7.77 | 7.84 | 2.64 | 4.54 | 3.83 | 1.60 | 1.60 | 2.95 | 3.38 | 3.94 | 3.56 | 2.32 |
| EPS Growth % | 209.56% | 124.78% | 1515.83% | 76.14% | -129.16% | -0.35% | 23.38% | 129.25% | -34.55% | 100.21% | -7.52% | -19.46% | 30.35% | 2.78% | 212% | -10.71% | 6.33% | 151.47% | -139.51% | -0.89% | 196.97% | -41.85% | 18.54% | 139.38% | 0% | -45.76% | -12.72% | -14.21% | 10.67% | 53.45% | 9.43% |
| EPS (Basic) | - | 38.68 | 17.22 | -1.20 | -5.03 | 17.50 | 17.53 | 14.25 | 6.21 | 9.50 | 4.72 | 5.12 | 6.37 | 4.87 | 4.71 | 1.51 | 1.69 | 1.58 | -3.07 | 7.83 | 7.89 | 2.67 | 4.57 | 3.85 | 1.60 | 1.61 | 2.97 | 3.40 | 3.96 | 3.58 | 2.33 |
| Diluted Shares Outstanding | 262.6M | 264.7M | 267.8M | 262.5M | 271.2M | 299.1M | 315.5M | 333.5M | 353.2M | 367.8M | 377.3M | 406.8M | 438.2M | 470.3M | 493M | 523.1M | 542.5M | 540.9M | 546.1M | 596.7M | 637.2M | 667.3M | 700.3M | 706.2M | 709.9M | 723.3M | 748.7M | 803.8M | 836.6M | 873M | 897.4M |
Catastrophe loss volatility
According to the provided quarterly data, Allstate's revenue growth has decelerated from a peak of 15.3% in 2024Q3 to 4.2% by 2026Q1, suggesting that aggressive rate-taking actions are beginning to encounter resistance in a highly competitive personal lines insurance market environment.
The transition from double-digit growth to mid-single digits indicates that the initial benefit of rapid rate increases is fading as the company balances pricing power against customer retention. Investors should monitor whether this deceleration reflects a strategic pivot toward underwriting discipline or a loss of market share to more agile digital-first competitors.
As reported in financial statements, the combined ratio improved dramatically from a strained 97.2% in 2024Q2 to a robust 81.1% in 2026Q1, reflecting a successful effort to align premium pricing with the underlying inflationary pressures impacting claims and adjustment expenses.
This sharp contraction in the combined ratio suggests that the company has effectively navigated the peak of the recent inflationary cycle. The improvement appears to be driven by both disciplined rate adjustments and a potential reduction in the frequency of severe catastrophe events compared to the prior year.
Based on the company's reported figures, 2025Q1 represented a pivotal inflection point where the loss ratio peaked at 81.4%, subsequently triggering a rapid recovery in operating income from $719 million to $3.2 billion by the first quarter of 2026.
This period serves as a clear case study in the lag between inflationary cost spikes and the realization of earned premium rate increases. The subsequent margin expansion suggests that the company's pricing models have successfully caught up to the cost environment, though the sustainability of these margins remains contingent on future loss trends.
While the reported combined ratio suggests strong underwriting performance, the persistent threat of social inflation and rising litigation costs, as noted in industry-wide trends, warrants further investigation into whether current reserve levels are sufficient to cover long-tail claims that may emerge in future periods.
The rapid improvement in recent quarters could potentially mask underlying volatility if prior-year reserve releases are being utilized to bolster current earnings. Analysts should remain cautious regarding the potential for future reserve strengthening, which could negatively impact net income if the current litigation environment continues to deteriorate.
Quick answers to the most common questions about buying ALL stock.
For fiscal year 2025, The Allstate Corporation (ALL) reported total revenue of $66.46B. This represents a 173.5% increase compared to $24.30B in 1996.
The Allstate Corporation (ALL) is profitable, generating $10.28B in net income for the fiscal year ending 2025 with a net profit margin of 15.5%.
The Allstate Corporation (ALL) reported an operating income of $13.16B, resulting in an operating profit margin of 19.8%. This margin reflects the operational efficiency of the business before interest and taxes.
The Allstate Corporation (ALL) generated $22.09B in gross profit for the year, representing a gross profit margin of 33.2%. This demonstrates the company's core pricing power and production efficiency.