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Allstate (ALL) FY2025 results: revenue $67.7 billion, up 5.6% on the year

Allstate Corp. (ALL) reported revenue of $67.7 billion for fiscal 2025, the year ended 31 December 2025, up 5.6% on the year before. Net income was $10.3 billion, up 120.3%, and diluted earnings per share $38.06. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2026.

Revenue
$67.7 billion
+5.6% on the year
FY2018FY2025
Operating margin
17.1%
9.0% a year earlier
FY2018FY2025
Net income
$10.3 billion
+120.3% on the year
FY2018FY2025
Diluted EPS
$38.06
+124.0% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 1 raised, 1 new.

  • Revenue and adjusted earnings rose: Fourth-quarter revenues were $17.3 billion, and adjusted net income per diluted share was $14.31 against $7.67. Full-year adjusted net income was $9.3 billion.
  • Property-Liability underwriting income rose: Property-Liability underwriting income was $4.0 billion against $1.8 billion, on earned premiums up 6.1% to $14.8 billion from higher average premiums and policy growth.
  • Reserve releases and lower catastrophes lowered ratio: The recorded combined ratio was 72.9 against 86.9; the underlying combined ratio was 76.6 against 83.0, with non-catastrophe reserve releases a factor.
  • Auto combined ratio improved sharply: Auto recorded combined ratio was 80.8 against 93.5; the underlying ratio was 87.6 against 93.0. Auto written premiums rose 3.1% to $9.4 billion.
  • Statutory surplus rose to $23.0 billion: Total estimated statutory surplus increased to $23.0 billion; the holding company ended the year with $7.5 billion of assets.
Read the Q4 FY2025 earnings call summary

From this 10-K

Allstate was incorporated in Delaware on 5 November 1992 to act as the holding company for Allstate Insurance Company, and the business is still conducted mainly through that company and other subsidiaries. It sells motor, home and other personal insurance, and a set of protection products around them. On 2024 statutory direct premiums written, as ranked by A.M. Best, it was the third largest personal property and casualty insurer in the United States.

Allstate Corp., the 10-K for 2025

Allstate was incorporated in Delaware on 5 November 1992 to act as the holding company for Allstate Insurance Company, and the business is still conducted mainly through that company and other subsidiaries. It sells motor, home and other personal insurance, and a set of protection products around them. On 2024 statutory direct premiums written, as ranked by A.M. Best, it was the third largest personal property and casualty insurer in the United States.

The scale of it

211 million policies in force, 53,000 employees, and an investment portfolio of $83.24 billion at the end of 2025. The policy count is the number that says most: this is a business of very many small contracts rather than a few large ones.

What it sells

Motor, homeowners and other personal lines insurance, and selected commercial property and casualty cover. Beside the insurance sit consumer product protection plans, automotive protection and insurance products, roadside assistance, identity protection, individual health insurance, and mobility intelligence and analytic services built on motor telematics data. Managing the investment portfolio is listed by the company as one of the things it does, rather than as a by-product.

The four segments

Allstate Protection writes private passenger motor, homeowners, other personal lines and commercial insurance, sold through exclusive agents, independent agents, contact centres and online, under the Allstate, National General, Direct Auto and Answer Financial brands.

Run-off Property-Liability is the tail of the past: property and casualty policies written from the 1960s through the mid-1980s, carrying asbestos, environmental and other claims that are still running off. Those two segments together make up Property-Liability.

Protection Services holds Protection Plans, Roadside, Dealer Services, Identity Protection and Arity, which between them sell consumer product protection, roadside assistance, automotive protection and insurance, identity protection and restoration, and the telematics-based mobility intelligence work.

Corporate holds the holding company activities and certain non-insurance operations.

A note on the figures insurers report

The filing explains why it sometimes quotes statutory rather than accounting figures: every domestic United States insurance company must prepare statutory-basis financial statements, which makes industry data available that allows comparison between insurers, including competitors who do not prepare accounts under United States accounting principles. The company says it frequently uses industry publications carrying statutory information to assess its own competitive position. The third-place ranking above rests on that same statutory basis.

What the company says it is trying to do

Allstate states that its strategy is to increase market share in personal property-liability and to broaden its protection offerings. The Allstate brand, as the filing notes, is widely known through the "You're In Good Hands With Allstate" slogan.

From Allstate's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 20 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue67,68564,10657,094+5.6%
Operating income11,5535,761-348+100.5%
Operating margin17.1%9.0%-0.6%
Interest expensen/an/a379
Pre-tax income13,1565,761-348+128.4%
Income tax2,8901,162-135+148.7%
Effective tax rate22.0%20.2%n/a
Net income10,2824,667-188+120.3%
Net margin15.2%7.3%-0.3%
Diluted EPS$38.06$16.99-$1.20+124.0%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow10,1108,9314,228+13.2%
Capital expenditure228210267+8.6%
Free cash flow9,8828,7213,961+13.3%
Free cash flow margin14.6%13.6%6.9%
Cash from investing-7,255-8,252-2,999
Cash from financing-2,881-697-1,243
Depreciation and amortisation482555704-13.2%
Share-based compensation12312573.0-1.6%
Buybacks1,2332.0335+61,550.0%
Dividends paid1,036962925+7.7%
Dividend per share$4.00$3.68$3.56+8.7%
Diluted shares, weighted267m268m262m-0.3%
Shares outstanding at period end260m265m262m-1.9%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity30,61021,44217,770+42.8%
Non-controlling interest-21.0-75.0-140
Debt7,4908,0857,942-7.4%
Other liabilities81,67982,16577,790-0.6%
Total liabilities and equity119,758111,617103,362+7.3%
Fixed assets627669859-6.3%
Goodwill3,1183,2453,502-3.9%
Intangible assets558754966-26.0%
Investments4,8874,5375,144+7.7%
Cash and equivalents678704722-3.7%
Other assets109,890101,70892,169+8.0%
Total assets119,758111,617103,362+7.3%

10-K for the year ended 31 December 2025, filed 20 February 2026: the filing.