Revenue held near $16-18B per quarter with Q3 2026 at $17.3B, but the loss ratio rose to 70.6% and the combined ratio to 84.4% from 77.2% in the prior quarter, indicating underwriting margins remain inconsistent.
The Allstate Corporation (ALL) annual income statement — 30-year revenue, gross profit & net income history
| 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 | 69.47B | 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 % | 4.93% | 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 | 41.44B | 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 % | 59.65% | 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 | 28.04B | 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 % | 40.35% | 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 | 12.96B | 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 % | 18.66% | 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 | 376M | 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 % | 78.3% | 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 | 15.07B | 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 % | 21.7% | 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 | 15.45B | 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 % | 22.24% | 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 | 389M | 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 | -119M | -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 | 14.78B | 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 % | 21.28% | 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 | 3.15B | 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 % | 21.28% | 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 | 11.64B | 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 % | 16.76% | 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 % | 38.97% | 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) | 45.61 | 38.19 | 16.99 | -1.20 | -5.03 | 4.96 | 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 % | 42.94% | 124.78% | 1515.83% | 76.14% | -201.41% | -71.35% | 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 | 5.04 | 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 | 255.3M | 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 |
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.
Key Metrics
Top Statement Risk
Social inflation and reserve adequacy
Metrics are mathematically derived from official filings.
Top-Line Growth Holding Despite Volatility
Based on reported quarterly figures, Allstate's revenue rose 1.7% year over year in Q3 2026 to $17.3B, decelerating from 12.4% growth in Q2 2026, suggesting premium momentum is moderating as rate actions face competitive and retention pressures.
The shift from double-digit revenue growth in mid-2024 through Q2 2026 to a single-digit print in Q3 suggests the rate-driven premium expansion of recent periods may be plateauing. Investors should monitor renewal ratios and new business volumes to determine whether top-line softness reflects deliberate underwriting discipline or weakening customer retention.
Underwriting Margin Swings Mask Trend
As reported in quarterly financial statements, Allstate's combined ratio ranged from 70.4% in Q4 2025 to 97.2% in Q2 2024, with Q3 2026 at 84.4%, indicating underwriting profitability has been inconsistent across the ten-quarter window.
Combined ratios below 100% confirm underwriting profit throughout the period, but the wide dispersion, particularly the 95.6% reading in Q1 2025, points to meaningful catastrophe and severity volatility. The loss ratio rising from 47.0% to 70.6% between Q4 2025 and Q3 2026 may indicate pressure from social inflation and auto severity that rate increases have not yet fully offset.
Reserve Adequacy Central to Earnings Quality
Based on Allstate's reported figures, the Q3 2026 EPS miss of $8.03 against a $9.40 estimate following a strong prior quarter raises questions about whether reserve development is smoothing or distorting quarterly earnings.
The reversal from a 12.51 EPS quarter to 8.03 within one period suggests earnings may be sensitive to prior-year reserve development and catastrophe timing. Without disclosed reserve development detail in the supplied data, analysts should strip out catastrophe losses and examine prior-year development before treating the Q2 2026 peak as a run-rate.
Expense Discipline Under Transformation Program
Management's reported focus on digitizing claims and reducing agent commissions aims to lower the expense ratio, though the supplied data does not disclose expense ratio figures to confirm progress.
The transformative growth initiative, if successful, would reduce acquisition costs relative to premiums, but the absence of expense ratio data means the claimed efficiency gains cannot be verified from this dataset. Investors should monitor whether combined ratio improvement comes from expense reduction or from loss ratio variation, as the two have different durability implications.
Earnings Strength Could Be Overstated
The strongest challenge to Allstate's reported profitability is that the Q2 2026 EPS of 12.51 and the 39.6% ROE may reflect favorable reserve timing rather than sustainable underwriting performance.
Persistent social inflation and rising litigation costs remain unresolved risks, and the Q3 miss may signal that loss reserves prove inadequate, raising the possibility of future reserve strengthening. The reported Debt/Equity of 0.24 is anomalous for the sector and unverified, so the elevated return profile warrants forensic review before being relied upon.