The Allstate Corporation (ALL) Earnings
The Allstate Corporation is expected to report next earnings on July 29, 2026 (in NaN days), with a consensus EPS estimate of $4.61. ALL has beaten EPS estimates in 11 of its last 12 reported quarters (average surprise +54.9% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $7.31 | $10.65 | +45.7% | $14.6B | -4.0% |
| Feb 4, 2026 | $9.83 | $14.31 | +45.6% | $16.6B | +14.2% |
| Nov 5, 2025 | $7.67 | $11.17 | +45.6% | $17.1B | +8.8% |
| Jul 30, 2025 | $3.25 | $5.94 | +82.8% | $16.6B | +9.3% |
| Apr 30, 2025 | $2.52 | $3.53 | +40.1% | $16.5B | +17.1% |
| Feb 5, 2025 | $5.40 | $7.67 | +42.0% | $16.5B | +20.3% |
| Jul 31, 2024 | $0.28 | $1.61 | +478.3% | $15.7B | +11.9% |
| May 1, 2024 | $3.94 | $5.13 | +30.2% | $15.3B | +19.6% |
| Feb 7, 2024 | $3.99 | $5.82 | +45.9% | $14.8B | +16.8% |
| Nov 1, 2023 | $0.39 | $0.81 | +107.7% | $13.2B | -0.3% |
| Aug 1, 2023 | $-3.83 | $-4.42 | -15.4% | $14.0B | +11.7% |
| May 3, 2023 | $-1.94 | $-1.30 | +33.0% | $13.8B | +17.4% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 30, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Allstate competes using a broad set of tools not just lowering price, enabling it to maintain attractive margins while accelerating growth. This includes using sophisticated analytics, new products, expanded benefits, and bundled offerings to better serve customers. • Property liability business saw market share growth in many states. Auto insurance market share increased in 29 states comprising 57% of countrywide premiums, and policies in force increased by 4.3% in those states. Homeowners insurance market share grew in 83% of the US market in 41 states with policy - enforced growth of 4.1% in 2025. • Protection services business continued to grow profitably with its various segments. • Investment portfolio had net investment income increase, with portfolio book values increasing 24% since the first quarter of 2024. • Proactive capital management creates shareholder value through organic growth, strengthening existing businesses, growth acquisitions, and returning capital to shareholders.
Guidance
• Regarding pricing, the plan is based on a wide range of operational levers, advanced analytics, and organizational accountability, with a forward - looking plan for prices looking 6 to 12 months ahead that changes constantly based on operational levers. • For the investment portfolio, the approach is dynamic, taking a mid - to longer - range view and adjusting asset allocation based on market environment.
Segment performance
Total revenues increased to $16.9 billion, up 3% for the first quarter of 2025. Investment income increased nearly 10% to $938 million. The property liability recorded combined ratio is 82, and the underlying combined ratio is 80.3, a 2.8 - point improvement from the prior year. Total policies enforced increased by 2.5%, and property liability policies enforced increased by 2.3%. Net income was $2.4 billion, and adjusted net income was $2.8 billion, or $10.65 per diluted share. Net income return on equity was 48.4% over the last 12 months. The protection services business increased revenue 7.2% from the first quarter of 2025 and generated $47 million in adjusted net income. The largest business in this segment, Allstate Protection Plans, grew revenue 13.5% versus a prior year quarter.
Risks & headwinds
• Actual results may differ materially from forward - looking statements, and potential risks should be referred to in the 2025 10 - K and other public filings. • Uncertainties such as gasoline prices and supply chain disruptions related to the closure of the Strait of Gourmouse may impact frequency and severity in auto and home insurance, but the extent is unclear.
Analyst Q&A
Q: Jack on for Mike Zaremski asking about pricing outlook and how it differs across auto, homeowners, and bundled customers.
A: Price is important but not the only way to grow. There are multiple ways to grow including by product, state, and coverage. The system has operational levers, advanced analytics, and organizational roles and responsibilities. Examples include lowering rates in some states and increasing in others while using rating sophistication and segmentation.
Q: Josh Anker from Bank of America asking about the trajectory of auto margins after favorable prior year development.
A: Most change in combined ratio came in 2023 and 2024, little in 2025 as it hasn't fully developed. They feel good about profitability going forward, apply same statistical standards to every year, and are getting better with advanced analytics.
Q: Alex Scott from Barclays asking about prioritization of holdco cash and AI in distribution.
A: Prioritize based on getting great return on capital, organic growth, leveraging existing capabilities, and agentic AI is being built for better decision - making in sub - second real - time.
Q: Yaron Kanar from Mizzou asking about homeowner's book expense ratio and impact on full - year and gas price impact.
A: Expense ratio increase is due to reallocation for bundling with good lifetime value. Gas price impact on frequency and severity is uncertain with many variables.
Q: Paul Newsom from Piper Sandler asking about competitive environment in certain states and home business trend in excess and surplus lines.
A: Regulatory environment in some states is improving, like in New York. Excess and surplus lines business is small for Allstate, with Northlight growing reasonably well.
Q: Tracy Benjici from Wolf Research asking about ad spend budget and asset allocation.
A: Ad spend is precise and disciplined, shifting to lower funnel. Equity holdings are part of dynamic asset allocation based on mid - to longer - range view.
Q: Pablo Singzon from JP Morgan asking about AI's effect on distribution strategy and agents.
A: AI helps make agents more productive by removing service work, helping them be smarter, and can be used in real - time customer engagement, with both captive and independent agents expected to benefit.