{"schemaVersion":1,"research":true,"symbol":"all","name":"Allstate","topic":"moat","path":"/stock/all/moat","status":"published","version":4,"updatedAt":"2026-10-18T13:21:03.885Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"uncertain","summary":"Allstate demonstrates scale, brand recognition, distribution growth and a substantial earnings recovery. The passages do not establish durable cost superiority, customer switching friction or a defensible pricing premium. Realized pricing is mixed: earlier increases restored underwriting economics but hurt customer sentiment, while subsequent affordability measures reduced premiums. Recent performance supports execution quality, but cannot alone establish a moat.","advantages":[{"mechanism":"intangible_assets","claim":"Brand recognition and expanded distribution support customer acquisition. Their contribution to a durable competitive barrier remains unproven.","durability":"Personal lines new business more than doubled between 2019 and 2025, and management reports market-share gains. Comparable acquisition costs, renewal outcomes and brand-driven pricing premiums are absent.","risks":"Competition for producers, price sensitivity and changing distribution preferences could erode customer access. Historical premium increases reduced customer sentiment.","invalidation":"The candidate advantage would weaken if new-business growth and reported market-share gains reverse, or if maintaining them requires persistently greater discounts and acquisition spending without improved renewals.","competitors":[],"evidenceIds":["e1","e2","e3"],"counterEvidenceIds":["e4","e5","e6"]},{"mechanism":"cost_advantage","claim":"Digitization and process improvements have reportedly reduced operating expenses, supporting affordability. A sustained cost advantage over competitors is not demonstrated.","durability":"Recent growth and underwriting improvement are consistent with better execution. Seeking to become a low-cost provider remains a strategic objective rather than proof of relative cost leadership.","risks":"Claims inflation, catastrophe losses, acquisition spending and technology investment can absorb savings. Protection Plans has already experienced higher loss costs and lower margins.","invalidation":"The candidate advantage would fail if expense savings do not persist as policies grow, or if premium reductions and higher claims costs repeatedly outpace operating efficiencies and impair underwriting profitability.","competitors":[],"evidenceIds":["e7","e8","e9"],"counterEvidenceIds":["e10","e11"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business / brand recognition","excerpt":"The Allstate brand is widely known through the “You’re In Good Hands With Allstate®” slogan."},{"id":"e2","sourceId":"filing-3","location":"Shareholder letter / personal lines new business and distribution","excerpt":"Personal lines new business 2019 2025 — Broadest distribution in industry à 5.5 million — 2x higher à 11.6 million Exclusive agent Independent agent Direct Protection is Expanding Protection Services has over 170 million policies in force protecting electronics, mobile devices, appliances, auto breakdowns and identities."},{"id":"e3","sourceId":"filing-3","location":"Shareholder letter / 2025 market-share outcomes","excerpt":"Homeowners insurance countrywide market share increased in 2025, and auto insurance market share grew in 29 states."},{"id":"e4","sourceId":"filing-1","location":"Risk Factors / competition for producers","excerpt":"There is also significant competition for producers, such as exclusive and independent agents and their licensed sales professionals."},{"id":"e5","sourceId":"filing-4","location":"2024 operating priorities / customer recommendation outcome","excerpt":"Enterprise Net Promoter Score, which measures how likely customers are to recommend Allstate, finished below the prior year, reflecting the impact of substantial price increases necessary to offset higher loss costs."},{"id":"e6","sourceId":"filing-5","location":"2023 operating priorities / policy contraction and auto renewals","excerpt":"Property-Liability policies in force decreased by 2.0% compared to the prior year, as continued growth at National General was more than offset by the Allstate brand and renewals declined in the auto insurance business."},{"id":"e7","sourceId":"filing-3","location":"Independent directors' letter / affordability and operating expenses","excerpt":"In 2025, the company: •Grew policies in force to 211 million, reflecting broader customer reach •Improved auto and homeowners insurance affordability while maintaining returns; the SAVE program reduced 7.8 million insurance customers’ premiums an average of 17% •Reduced operating expenses through digitization and process improvements This improves customer value and affordability with enhanced products and digital experiences."},{"id":"e8","sourceId":"filing-1","location":"Business / Transformative Growth initiatives","excerpt":"Transformative Growth Improve Customer Value Seeking to be a low cost provider through cost reductions and new products, identifying savings opportunities for customers through proactive protection reviews and increasing pricing sophistication Broadening the benefits of being connected with the Allstate Mobile app and expanded use of telematics pricing sophistication Improving customer interactions and reducing customer effort Increasing Allstate agent efficiency and productivity, positioning them to deliver greater value to customers at lower costs Expand Customer Access Growing National General by expanding product offerings and independent agency relationships and leveraging Allstate pricing and product capabilities Increasing direct channel distribution through improved customer experiences, marketing and expanding sales capacity Increase Sophistication and Investment in Customer Acquisition Improving the effectiveness of customer acquisition by centralizing lead management and using data and advanced computing capabilities Optimizing marketing spend in geographic areas based on opportunity and target margin Deploy New Technology Ecosystem Deploying an advanced technology ecosystem to deliver affordable, simple, and connected experiences and products at a lower cost Using generative and agentic artificial intelligence to improve customer value Drive Organizational Transformation Improve effectiveness and efficiency by empowering talent with decision clarity, agile business processes, measurement science and advanced technology The Allstate Corporation 5 2025 Form 10-K Item 1."},{"id":"e9","sourceId":"filing-2","location":"Condensed Consolidated Statements of Operations / first-half 2026 results","excerpt":"Financial Information Item 1. Financial Statements The Allstate Corporation and Subsidiaries Condensed Consolidated Statements of Operations (unaudited) (In millions, except per share data) Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Revenues Property and casualty insurance premiums $ 15,670 $ 15,041 $ 31,223 $ 29,739 Accident and health insurance premiums and contract charges 134 235 270 722 Other revenue 728 747 1,447 1,509 Net investment income 1,009 754 1,947 1,608 Net gains (losses) on investments and derivatives 1,055 (144) 650 (493) Total revenues 18,596 16,633 35,537 33,085 Costs and expenses Property and casualty insurance claims and claims expense 9,862 10,249 19,047 21,064 Accident, health and other policy benefits 72 188 148 521 Amortization of deferred policy acquisition costs 2,202 2,076 4,380 4,163 Operating costs and expenses 2,315 2,135 4,540 4,380 Pension and other postretirement remeasurement (gains) losses (146) — (127) 78 Restructuring and related charges 7 15 12 31 Amortization of purchased intangibles 46 57 93 116 Interest expense 96 100 194 200 Total costs and expenses 14,454 14,820 28,287 30,553 Gain on disposition of operations — 890 — 890 Income from operations before income tax expense 4,142 2,703 7,250 3,422 Income tax expense 871 604 1,521 727 Net income 3,271 2,099 5,729 2,695 Less: Net income (loss) attributable to noncontrolling interest — (10) 1 (9) Net income attributable to Allstate 3,271 2,109 5,728 2,704 Less: Preferred stock dividends 30 30 59 59 Net income applicable to common shareholders $ 3,241 $ 2,079 $ 5,669 $ 2,645 Earnings per common share: Net income applicable to common shareholders per common share - Basic $ 12.66 $ 7.86 $ 22.00 $ 9.98 Weighted average common shares - Basic 256.0 264.6 257.7 264.9 Net income applicable to common shareholders per common share - Diluted $ 12.51 $ 7.76 $ 21.73 $ 9.85 Weighted average common shares - Diluted 259.1 267.9 260.9 268.4 See notes to condensed consolidated financial statements."},{"id":"e10","sourceId":"filing-2","location":"Protection Services / lower Protection Plans margins","excerpt":"Adjusted net income decreased 11.7% or $7 million in the second quarter of 2026 and decreased 13.0% or $15 million in the first six months of 2026 compared to the same periods of 2025, primarily reflecting lower margins on major appliances at Protection Plans."},{"id":"e11","sourceId":"filing-2","location":"Protection Services / increased loss costs","excerpt":"Claims and claims expense increased 16.5% or $28 million in the second quarter of 2026 and increased 19.9% or $66 million in the first six months of 2026 compared to the same periods of 2025, primarily driven by increased loss costs at Protection Plans."},{"id":"e12","sourceId":"filing-3","location":"Shareholder letter / customer premium reductions","excerpt":"Customer satisfaction increased by improving interactions, including helping 7.8 million auto and homeowners insurance customers reduce their premiums by an average of 17%."},{"id":"e13","sourceId":"filing-6","location":"Financial Highlights / policy growth and homeowners rate increases","excerpt":"Total revenue increased 3.0% to $16.94 billion in the first quarter of 2026 compared to the first quarter of 2025, primarily due to higher auto and homeowners insurance policies in force and to a lesser extent homeowners premium rate increases."},{"id":"e14","sourceId":"filing-4","location":"2024 operating priorities / average premium versus loss costs","excerpt":"Increased advertising and reduced underwriting restrictions as higher average premium outpaced increased loss costs per policy."},{"id":"e15","sourceId":"filing-6","location":"Notes / regulatory restrictions on rates and coverage terms","excerpt":"states and Canadian provinces. From time to time, regulatory authorities or legislative bodies seek to influence and restrict premium rates, require premium refunds to policyholders, require reinstatement of terminated policies, prescribe rules or guidelines on how affiliates compete in the marketplace, restrict the ability of insurers to cancel or non-renew policies, require insurers to continue to write new policies or limit their ability to write new policies, limit insurers’ ability to change coverage terms or to impose underwriting standards, impose additional regulations regarding agency and broker compensation, regulate the nature of and amount of investments, impose fines and penalties for unintended errors or mistakes, impose additional regulations regarding cybersecurity and privacy, restrict the use of advanced technologies, non-traditional data sources, or large language models and otherwise expand overall regulation of insurance products and the insurance industry."},{"id":"e16","sourceId":"filing-3","location":"Shareholder letter / 2025 policies in force","excerpt":"Policies in force grew by 3% in 2025, including a return to growth in property-liability policies."},{"id":"e17","sourceId":"filing-2","location":"Financial Highlights / auto and homeowners policies in force","excerpt":"Total revenue increased 11.8% to $18.60 billion in the second quarter of 2026 and increased 7.4% to $35.54 billion in the first six months of 2026 compared to the same periods of 2025, primarily due to higher auto and homeowners insurance policies in force and valuation gains on equity investments."},{"id":"e18","sourceId":"filing-2","location":"Condensed Consolidated Statements of Cash Flows / first-half 2026","excerpt":"4 www.allstate.com Condensed Consolidated Financial Statements The Allstate Corporation and Subsidiaries Condensed Consolidated Statements of Cash Flows (unaudited) ($ in millions) Six months ended June 30, 2026 2025 Cash flows from operating activities Net income $ 5,729 $ 2,695 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, amortization and other non-cash items 187 259 Net (gains) losses on investments and derivatives (650) 493 Pension and other postretirement remeasurement (gains) losses (127) 78 Gain on disposition of operations — (890) Changes in: Claims and claims expense and other insurance reserves (22) 2,139 Unearned premiums 350 1,040 Deferred policy acquisition costs 12 (132) Premium installment receivables, net (417) (625) Reinsurance and indemnification recoverables, net 619 (708) Income taxes 355 (437) Other operating assets and liabilities 160 (75) Net cash provided by operating activities 6,196 3,837 Cash flows from investing activities Proceeds from sales Fixed income securities 41,555 32,392 Equity securities 9,412 4,608 Limited partnership interests 702 607 Other investments 75 1 Investment collections Fixed income securities 436 355 Mortgage loans 82 53 Other investments 46 15 Investment purchases Fixed income securities (43,019) (33,166) Equity securities (11,632) (2,660) Limited partnership interests (743) (690) Mortgage loans (47) (75) Other investments (152) (180) Change in short-term and other investments, net (420) (5,555) Purchases of property and equipment, net (83) (91) Proceeds from disposition of operations, net of cash transferred — 1,885 Net cash used in investing activities (3,788) (2,501) Cash flows from financing activities Contractholder fund deposits — 30 Contractholder fund withdrawals — (15) Dividends paid on common stock (541) (509) Dividends paid on preferred stock (59) (59) Treasury stock purchases (1,665) (439) Shares reissued under equity incentive plans, net 41 26 Other (22) 12 Net cash used in financing activities (2,246) (954) Net increase in cash 162 382 Cash at beginning of period 678 704 Less: Cash classified as assets held for sale at end of period — 91 Cash at end of period $ 840 $ 995 See notes to condensed consolidated financial statements."},{"id":"e19","sourceId":"filing-2","location":"Financial Highlights / shareholders' equity growth","excerpt":"Allstate shareholders’ equity was $33.70 billion as of June 30, 2026, increasing from $30.61 billion as of December 31, 2025, primarily due to net income, partially offset by common share repurchases, dividends to shareholders and unrealized net capital losses."},{"id":"e20","sourceId":"filing-3","location":"Executive Compensation / actual equity incentive mix and PSA metrics","excerpt":"Mix of Equity Incentives The CEO’s long‑term incentive awards are made up of: •70% performance share awards (PSAs) •30% stock options Other senior executives’ long‑term incentive awards are made up of: •60% performance share awards (PSAs) •20% stock options •20% restricted stock units (RSUs) PSAs and stock options are considered performance‑based pay because: •PSAs are earned only if specific performance goals are met •Stock options only have value if the company’s stock price increases 2025 CEO Equity Mix 2025 Other NEOs Equity Mix The Allstate Corporation | AllstateInvestors.com 57 Introduction Corporate Governance Executive Compensation Audit Matters Shareholder Proposal Stock Ownership Other Information Links and Resources Performance Stock Award Metrics and Purpose PSAs granted in 2025 Why Metric Was Chosen Average Performance Net Income ROE •Correlates to changes in long-term shareholder value."},{"id":"e21","sourceId":"filing-3","location":"PSA definitions / catastrophe-loss adjustments","excerpt":"Average performance net income is adjusted to reflect a maximum or minimum amount of after-tax catastrophe losses, if the average of actual after-tax catastrophe losses in the three-year cycle are more or less than those amounts, respectively."},{"id":"e22","sourceId":"filing-3","location":"PSA definitions / committee-approved performance adjustments","excerpt":"•Actual results are adjusted, if approved by the Committee, for other significant, non-recurring, infrequent or unusual items in excess of $20M after-tax individually."},{"id":"e23","sourceId":"filing-3","location":"Corporate Governance / committee independence and nominee independence","excerpt":"Wilson, are independent according to applicable law, the NYSE Listing Standards and the Board’s Director Independence Standards •The nature of the relationships set forth in Appendix B (Categorical Standards of Independence) do not create a conflict of interest that would impair a director’s independence •The members of the Audit, Compensation and Human Capital, Nominating, Governance and Social Responsibility and Risk and Return Committees are independent according to applicable laws, the NYSE Listing Standards and the Board’s Director Independence Standards Director Nominee Independence 10 Independent Directors 91% of the board independent Additional Independence Considerations Directors with more than 12 years of service are subject to specific considerations to ensure an undiminished level of independence."},{"id":"e24","sourceId":"filing-3","location":"Corporate Governance / risk oversight responsibilities and review frequency","excerpt":"Board of Directors Overall accountability of Allstate’s enterprise risk and return management Risk and Return Committee Audit Committee Compensation and Human Capital Committee Nominating, Governance and Social Responsibility Committee Review Frequency of Risk Areas Five times annually Four times annually Twice annually Twice annually Key Areas of Risk Oversight •ERRM Framework and risk-related decision making •Enterprise risk and return profile, including emerging risks •Enterprise resilience •AI governance •Risk and return perspective on strategic and operating plans •Extremely low frequency scenarios with potentially high impacts •System of internal controls over accounting and financial reporting and disclosures •External financial reporting •Effectiveness of ethics and compliance program and reporting •Cyber resilience and cyber security •Litigation and regulatory developments •Auditor independence •Executive compensation programs (design, performance measures and ranges in incentive plans), including review of the Chief Risk Officer’s assessment of incentive compensation programs •Senior executive succession planning •Human capital management, leadership and development, organizational health and pay equity •Corporate governance •Shareholder engagement •Political contributions and public policy activities, including review of the Chief Risk Officer’s assessment of political activities •Sustainability strategy, progress and reporting Reports From •Chief Risk Officer •Business unit chief risk officers •Senior business leaders •External experts •Chief Financial Officer, Chief Accounting Officer, Chief Audit Executive, Chief Risk Officer, Chief Ethics and Compliance Officer, Chief Information Security Officer, Deputy General Counsel, Global Litigation •Independent cybersecurity advisor •Independent registered public accountant •Chief Human Resources Officer •Chief Risk Officer •Independent compensation consultant •External and other internal experts •Deputy General Counsel, Corporate Law •SVP, Government Relations •Chief Risk Officer •External and other internal experts Management Management is responsible for the day-to-day implementation of the ERRM Framework."},{"id":"e25","sourceId":"filing-3","location":"Shareholder letter / reported 2025 net income and return on equity","excerpt":"Strong execution of the multi-year Transformative Growth plan delivered net income of $10.2 billion and a 42% return on equity in 2025."},{"id":"e26","sourceId":"filing-1","location":"Capital Resources and Liquidity / property and casualty statutory surplus","excerpt":"Property and casualty subsidiaries surplus was $22.85 billion as of December 31, 2025, compared to $18.24 billion as of December 31, 2024."},{"id":"e27","sourceId":"filing-2","location":"Capital Resources and Liquidity / parent deployable assets","excerpt":"Parent company capital capacity At the parent holding company level, we have deployable assets totaling $9.45 billion as of June 30, 2026, primarily comprised of cash and short-term, fixed income and equity securities that are generally saleable within one quarter."},{"id":"e28","sourceId":"filing-2","location":"Capital Resources and Liquidity / revolving credit facility","excerpt":"•The Corporation and AIC have access to a $750 million unsecured revolving credit facility that is available for short-term liquidity requirements."},{"id":"e29","sourceId":"filing-2","location":"Capital Resources and Liquidity / AIC ordinary dividend formula and limit","excerpt":"Based on the greater of 2025 statutory net income or 10% of actual December 31, 2025 statutory surplus, the maximum amount of dividends that AIC will be able to pay, without prior Illinois Department of Insurance approval, at a given point in time through February 2027, is $7.98 billion, less dividends paid during the preceding twelve months measured at that point in time."},{"id":"e30","sourceId":"filing-2","location":"Capital Resources and Liquidity / subsidiary dividends paid","excerpt":"During the first six months of 2026, $4.00 billion of dividends have been paid."},{"id":"e31","sourceId":"filing-2","location":"Investments / June 2026 portfolio composition","excerpt":"58 www.allstate.com Investments Investments Portfolio composition and strategy (1) June 30, 2026 ($ in millions) Property-Liability Protection Services Corporate and all other Total Fixed income securities (2) $ 51,476 $ 1,707 $ 7,626 $ 60,809 Equity securities (3) 9,324 500 1,335 11,159 Mortgage loans, net 842 — — 842 Limited partnership interests 8,961 — 6 8,967 Short-term investments (4) 3,551 321 1,000 4,872 Other investments, net 1,153 — — 1,153 Total $ 75,307 $ 2,528 $ 9,967 $ 87,802 Percent to total 85.8 % 2.9 % 11.3 % 100.0 % Market-based $ 65,617 $ 2,488 $ 9,925 $ 78,030 Performance-based 9,690 40 42 9,772 Total $ 75,307 $ 2,528 $ 9,967 $ 87,802 (1) Balances reflect the elimination of related-party investments between segments."},{"id":"e32","sourceId":"filing-2","location":"Note 14 / first-half 2026 other comprehensive loss","excerpt":"The accompanying cash flows are included in cash flows from operating activities in the Condensed Consolidated Statements of Cash Flows along with the activities resulting from management of the proceeds, as follows: Second Quarter 2026 Form 10-Q 41 Notes to Condensed Consolidated Financial Statements ($ in millions) Six months ended June 30, 2026 2025 Cash flows from operating activities Net change in proceeds managed Net change in fixed income securities $ (566) $ (204) Net change in short-term investments 442 327 Operating cash flow (used) provided (124) 123 Net change in cash (1) — Net change in proceeds managed $ (125) $ 123 Net change in liabilities Liabilities for collateral, beginning of period $ (1,934) $ (2,041) Liabilities for collateral, end of period (2,059) (1,918) Operating cash flow provided (used) $ 125 $ (123) Note 14 Other Comprehensive Income (Loss) Components of other comprehensive income (loss) on a pre-tax and after-tax basis ($ in millions) Three months ended June 30, 2026 2025 Pre-tax Tax After-tax Pre-tax Tax After-tax Unrealized net holding gains and losses arising during the period, net of related offsets $ 77 $ (20) $ 57 $ 245 $ (54) $ 191 Less: reclassification adjustment of realized capital gains and losses (108) 23 (85) (248) 52 (196) Unrealized net capital gains and losses 185 (43) 142 493 (106) 387 Unrealized foreign currency translation adjustments (55) 12 (43) 106 (22) 84 Unamortized pension and other postretirement prior service credit (1) — — — — — — Discount rate for reserve for future policy benefits — — — (24) 5 (19) Other comprehensive income (loss) $ 130 $ (31) $ 99 $ 575 $ (123) $ 452 Six months ended June 30, 2026 2025 Pre-tax Tax After-tax Pre-tax Tax After-tax Unrealized net holding gains and losses arising during the period, net of related offsets $ (534) $ 115 $ (419) $ 629 $ (138) $ 491 Less: reclassification adjustment of realized capital gains and losses (55) 12 (43) (400) 84 (316) Unrealized net capital gains and losses (479) 103 (376) 1,029 (222) 807 Unrealized foreign currency translation adjustments (90) 19 (71) 49 (10) 39 Unamortized pension and other postretirement prior service credit (1) (1) — (1) — — — Discount rate for reserve for future policy benefits — — — (18) 4 (14) Other comprehensive (loss) income $ (570) $ 122 $ (448) $ 1,060 $ (228) $ 832 (1) Represents prior service credits reclassified out of other comprehensive income and amortized into operating costs and expenses."},{"id":"e33","sourceId":"filing-1","location":"Run-off reserves / 2025 reserve reestimates","excerpt":"Reserve reestimates in 2025 primarily related to our annual reserve review based on new reported information for asbestos claims, new reported claims for environmental and other mass tort claims and increased projections for claims expenses."},{"id":"e34","sourceId":"filing-1","location":"Reinsurance / reduced expected hurricane recoveries","excerpt":"Qualifying losses were $(28) million in 2025 due to a reduction in the expected recoveries for Hurricane Ian, $(1) million in 2024 including final settlements related to Hurricane Michael recoveries and $(6) million in 2023 including final settlements related to Hurricane Irma recoveries."},{"id":"e35","sourceId":"filing-1","location":"Schedule III / 2023–2025 insurance premiums, claims and expenses","excerpt":"The Allstate Corporation S-5 2025 Form 10-K The Allstate Corporation and Subsidiaries Schedule III — Supplementary Insurance Information ($ in millions) As of December 31, For the years ended December 31, Segment Deferred policy acquisition costs Reserves for claims and claims expense, contract benefits and contractholder funds Unearned premiums Premium revenue and contract charges Net investment income Claims and claims expense and accident, health and other policy benefits Amortization of deferred policy acquisition costs Other operating costs and expenses Premiums written (excluding life) 2025 Allstate Protection $ 2,803 $ 39,153 $ 23,464 $ 57,682 $ 36,626 $ 7,003 $ 7,410 $ 59,546 Run-off Property-Liability — 1,852 — — 151 — 3 — Allstate Protection and Run-off Property-Liability net investment income (2) $ 3,157 Protection Services (1) 3,274 74 5,605 2,958 99 699 1,328 1,273 3,006 Allstate Health and Benefits — — — 490 24 379 30 214 187 Corporate — — — — 160 — — 512 — All other 86 271 11 456 9 277 28 336 678 Intersegment Eliminations (1) — — — (137) — (22) — (115) — Total $ 6,163 $ 41,350 $ 29,080 $ 61,449 $ 3,449 $ 38,110 $ 8,389 $ 9,633 $ 63,417 2024 Allstate Protection $ 2,548 $ 39,964 $ 21,508 $ 53,866 $ 39,050 $ 6,676 $ 6,882 $ 55,926 Run-off Property-Liability — 1,883 — — 68 — 5 — Allstate Protection and Run-off Property-Liability net investment income (2) $ 2,810 Protection Services (1) 3,161 70 5,385 2,702 94 641 1,217 1,138 2,797 Allstate Health and Benefits 1 187 2 1,466 94 991 119 590 1,211 Corporate — — — — 88 — — 515 — All other 63 82 14 455 6 250 27 356 433 Intersegment Eliminations (1) — — — (180) — (24) — (156) — Total $ 5,773 $ 42,186 $ 26,909 $ 58,309 $ 3,092 $ 40,976 $ 8,039 $ 9,330 $ 60,367 2023 Allstate Protection $ 2,378 $ 37,852 $ 19,542 $ 48,427 $ 40,364 $ 6,070 $ 5,628 $ 50,347 Run-off Property-Liability — 1,942 — — 89 — 5 — Allstate Protection and Run-off Property-Liability net investment income (2) $ 2,218 Protection Services (1) 3,022 64 5,150 2,381 73 632 1,058 956 2,663 Allstate Health and Benefits 497 2,162 2 1,441 78 888 124 567 1,214 Corporate — — — — 105 — — 676 — All other 43 73 15 405 4 183 26 314 384 Intersegment Eliminations (1) — — — (138) — (15) — (123) — Total $ 5,940 $ 42,093 $ 24,709 $ 52,516 $ 2,478 $ 42,141 $ 7,278 $ 8,023 $ 54,608 (1)Includes intersegment premiums and service fees and the related incurred losses and expenses that are eliminated in the consolidated financial statements."},{"id":"e36","sourceId":"filing-2","location":"Condensed Consolidated Statements of Shareholders' Equity / distributions and equity activity","excerpt":"Second Quarter 2026 Form 10-Q 3 Condensed Consolidated Financial Statements The Allstate Corporation and Subsidiaries Condensed Consolidated Statements of Shareholders’ Equity (unaudited) ($ in millions, except per share data) Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Preferred stock par value $ — $ — $ — $ — Preferred stock additional capital paid-in 2,001 2,001 2,001 2,001 Common stock par value 9 9 9 9 Common stock additional capital paid-in Balance, beginning of period 4,169 4,048 4,158 4,029 Equity incentive plans activity, net 50 36 61 55 Balance, end of period 4,219 4,084 4,219 4,084 Retained income Balance, beginning of period 64,540 53,586 62,393 53,288 Net income 3,271 2,109 5,728 2,704 Dividends on common stock (declared per share of $1.08, $1.00, $2.16, and $2.00) (277) (265) (558) (533) Dividends on preferred stock (30) (30) (59) (59) Balance, end of period 67,504 55,400 67,504 55,400 Treasury stock Balance, beginning of period (38,820) (37,080) (38,206) (36,996) Shares acquired (1,054) (344) (1,680) (449) Shares reissued under equity incentive plans, net 32 6 44 27 Balance, end of period (39,842) (37,418) (39,842) (37,418) Accumulated other comprehensive income (loss) Balance, beginning of period (292) (509) 255 (889) Change in unrealized net capital gains and losses 142 387 (376) 807 Change in unrealized foreign currency translation adjustments (43) 84 (71) 39 Change in unamortized pension and other postretirement prior service credit — — (1) — Change in discount rate for reserve for future policy benefits — (19) — (14) Balance, end of period (193) (57) (193) (57) Total Allstate shareholders’ equity 33,698 24,019 33,698 24,019 Noncontrolling interest Balance, beginning of period (20) (3) (21) (75) Change in unrealized net capital gains and losses — (1) — 3 Noncontrolling income (loss) — (10) 1 (9) Capital transactions for noncontrolling interest — — — 67 Balance, end of period (20) (14) (20) (14) Total equity $ 33,678 $ 24,005 $ 33,678 $ 24,005 See notes to condensed consolidated financial statements."},{"id":"e37","sourceId":"filing-1","location":"Equity incentive plans / compensation expense","excerpt":"For the year ended December 31, ($ in millions) 2025 2024 2023 Compensation expense $ 123 $ 125 $ 73 Income tax benefits 17 18 12 The Company records compensation expense related to awards under these plans over the shorter of the period in which the requisite service is rendered or retirement eligibility is attained."},{"id":"e38","sourceId":"filing-1","location":"Schedule II / parent-only cash flows and disposition proceeds","excerpt":"The Allstate Corporation S-3 2025 Form 10-K The Allstate Corporation and Subsidiaries Schedule II (Continued) — Condensed Financial Information of Registrant Statement of Cash Flows Years Ended December 31, ($ in millions) 2025 2024 2023 Cash flows from operating activities Net income (loss) $ 10,282 $ 4,667 $ (188) Adjustments to reconcile net income to net cash provided by operating activities: Equity in net income of subsidiaries (10,068) (4,954) (257) Dividends received from subsidiaries 3,038 130 250 Net (gains) losses on investments and derivatives (7) 9 28 Pension and other postretirement remeasurement (gains) losses (25) (21) 12 Gain on disposition of subsidiaries (716) — — Changes in: Pension and other postretirement benefits (11) (36) 55 Income taxes 48 29 (78) Operating assets and liabilities 75 109 43 Net cash provided by (used in) operating activities 2,616 (67) (135) Cash flows from investing activities Proceeds from sales of investments 2,596 411 1,427 Investment purchases (4,311) (405) (50) Investment collections 52 374 85 Capital contribution or return of capital from subsidiaries — 325 975 Disbursements for loans to subsidiaries (285) (380) — Proceeds from loans to subsidiaries 530 26 — Change in short-term investments, net (100) (209) (7) Proceeds from disposition of subsidiaries 1,927 — — Net cash provided by investing activities 409 142 2,430 Cash flows from financing activities Proceeds from borrowings from subsidiaries — 350 — Repayment of notes due to subsidiaries (88) — (1,000) Proceeds from issuance of debt — 495 743 Redemption of preferred stock — — (575) Redemption and repayment of debt (600) — (750) Proceeds from issuance of preferred stock — — 587 Dividends paid on common stock (1,036) (962) (925) Dividends paid on preferred stock (117) (117) (107) Treasury stock purchases (1,233) (2) (335) Shares reissued under equity incentive plans, net 48 163 73 Other — (1) (6) Net cash used in financing activities (3,026) (74) (2,295) Net (decrease) increase in cash (1) 1 — Cash at beginning of year 1 — — Cash at end of year $ — $ 1 $ — See accompanying notes to condensed financial information and notes to consolidated financial statements."},{"id":"e39","sourceId":"filing-2","location":"Financial Highlights / investment income growth","excerpt":"Net investment income increased $255 million to $1.01 billion in the second quarter of 2026 and increased $339 million to $1.95 billion in the first six months of 2026 compared to the same periods of 2025, primarily due to higher market-based and performance-based investment results."},{"id":"e40","sourceId":"filing-3","location":"Executive Compensation / ASC product rollout outcomes","excerpt":"•The Company advanced its Transformative Growth strategy, including the rollout of Allstate ASC (Affordable, Simple and Connected) auto and homeowners insurance products in 43 and 31 states, respectively."},{"id":"e41","sourceId":"filing-2","location":"Forward-Looking Statements / insurance, competition and reinsurance risks","excerpt":"Factors that could cause actual results to differ materially from those expressed in, or implied by, the forward-looking statements include risks related to: Insurance and Financial Services (1) actual claim costs exceeding current reserves; (2) increases in claim frequency or severity; (3) catastrophes and severe weather events; (4) limitations in analytical models used for loss cost estimates; (5) price competition and changes in regulation and underwriting standards; (6) regulatory limitations on rates, profits, new products or the use of advanced technologies, non-traditional data sources or large language models and requirements to underwrite business and participate in loss sharing arrangements; (7) market risk, declines in credit quality and economic and capital market conditions affecting investments; (8) subjective determination of fair value and amount of credit losses for investments; (9) participation in indemnification programs, including state industry pools and facilities; (10) inability to mitigate the impact associated with changes in capital requirements; (11) a downgrade in financial strength ratings; Business, Strategy and Operations (12) operations in markets that are highly competitive; (13) changing consumer preferences; (14) new or changing technologies and new business model impacts affecting the auto industry; (15) inability to successfully deploy advanced technologies in a cost-effective, competitive, ethical and compliant manner; (16) Transformative Growth strategy; (17) catastrophe management strategy; (18) restrictions on our subsidiaries’ ability to pay dividends; (19) restrictions under terms of some of our securities on the ability to pay dividends or repurchase stock; (20) the availability and cost of reinsurance; (21) counterparty risk related to reinsurance; (22) acquisitions and divestitures of businesses; (23) intellectual property infringement, misappropriation and third-party claims; (24) reliance on vendors for products, services or protection of data and information; (25) the failure in cyber or other information security controls; (26) inability to restore business operations following a significant operational event; (27) inability to attract, develop and retain talent; Macro, Regulatory and Risk Environment (28) conditions in the global economy and capital markets, including changes in U.S."}],"changes":["The uncertain moat verdict is unchanged; the supplied evidence still does not establish a durable structural barrier.","Pricing assessment now explicitly includes realized homeowners rate increases and historical premiums outpacing loss costs, alongside premium reductions and adverse customer-sentiment outcomes.","Actual proxy disclosures support assessments of incentive alignment and governance. Recent financial disclosures support insurer-specific assessments, while solvency headroom remains unestablished."],"limitations":["All evidence comes from supplied issuer filings. Financial results provide operating evidence, while claims of distribution breadth, cost improvements and strategic causation remain issuer assertions.","No companies are identified as competitors in the supplied competitive passages. Subsidiaries, lenders, director affiliations and investment benchmarks are not treated as competitors.","No comparable competitor expense ratios, acquisition costs, renewal rates or underwriting results establish relative cost leadership or brand-driven pricing premiums.","Policy growth demonstrates demand indirectly; it does not distinguish renewals from acquisition or establish customer dependency.","No RBC ratio, defined regulatory capital denominator or applicable minimum is supplied. Statutory surplus and ordinary dividend capacity do not establish solvency headroom.","Investment credit quality, asset/liability duration matching and comprehensive reinsurance recoverability are incompletely disclosed.","Actual executive beneficial ownership quantities are absent. Disclosed incentive grants and terms support alignment, but do not establish future vesting or shareholder approval of the 2026 advisory resolution.","Financial grades use filings dated February 20, April 10, April 29 and August 5, 2026, all within 550 days of October 18, 2026. Older filings support historical comparisons only; supplied dates retain their filed dateKind."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":null,"rationale":"Brand and distribution support acquisition, but no persistent relative cost, pricing or switching advantage is established.","evidenceIds":["e1","e2","e3","e8"]},{"criterion":"durability","grade":null,"rationale":"Multi-year new-business growth supports capability development, but does not establish durable economic protection against competition.","evidenceIds":["e2","e4","e41"]},{"criterion":"customer_dependency","grade":null,"rationale":"The passages do not demonstrate switching friction or dependence on Allstate specifically. Historical renewal declines provide contrary context.","evidenceIds":["e6","e16"]},{"criterion":"erosion_resilience","grade":null,"rationale":"Recent recovery and growth are demonstrated, but insufficient evidence connects them to a structural advantage resilient across competitive and claims cycles.","evidenceIds":["e9","e10","e35","e41"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Historical average premiums outpaced loss-cost increases, and first-quarter 2026 revenue benefited partly from homeowners rate increases. Premium reductions averaging 17% for 7.8 million customers show a mixed outcome rather than a demonstrated pricing premium.","evidenceIds":["e12","e13","e14"]},{"criterion":"retention","grade":2,"rationale":"Recent property-liability policy growth and greater auto/homeowners policies in force support demand indirectly. Earlier auto renewal declines and price-related customer-sentiment deterioration constrain the assessment; no renewal rate is supplied.","evidenceIds":["e5","e6","e16","e17"]},{"criterion":"margin_resilience","grade":2,"rationale":"Premium and claims results improved substantially through 2025 and first-half 2026, despite affordability measures. Earlier claims pressure and current Protection Plans margin deterioration show uneven resilience and prevent attributing recovery solely to pricing.","evidenceIds":["e7","e9","e10","e11","e35"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Insurance regulation restricts premium rates, coverage terms, underwriting standards and cancellation or non-renewal decisions. Actual rate increases demonstrate some pricing discretion within these constraints.","evidenceIds":["e13","e15"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":3,"rationale":"First-half 2026 operating cash generation of $6.196 billion exceeded cash dividends and treasury purchases, while equity increased. Parent deployable assets provide flexibility. These are demonstrated outcomes, although full regulatory capital headroom and buyback valuation discipline are unavailable.","evidenceIds":["e18","e19","e27"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual 2025 equity incentives emphasize performance shares and options tied to ROE and relative TSR. Catastrophe normalization and committee adjustment discretion weaken a direct link to unadjusted shareholder outcomes. These are disclosed program terms, not assumed vesting or approval of a future vote.","evidenceIds":["e20","e21","e22"]},{"criterion":"execution","grade":3,"rationale":"Product rollout, higher new business, policy growth and improved reported earnings demonstrate strong recent execution. Management's attribution to its transformation is not independently established, and Protection Plans' weaker margins qualify the result.","evidenceIds":["e2","e9","e10","e16","e40"]},{"criterion":"governance","grade":3,"rationale":"Disclosed independent committee membership and specific risk-oversight responsibilities and review frequencies support substantive governance structures. Nominee independence statistics are not treated as proof of subsequent election or exceptional oversight effectiveness.","evidenceIds":["e23","e24"]}]}],"financialAssessments":[{"category":"financial_strength","checks":[{"criterion":"capital_adequacy","grade":null,"rationale":"Property and casualty statutory surplus rose to $22.85 billion at year-end 2025, but no RBC ratio, exact capital denominator or applicable solvency requirement is provided. Neither GAAP equity nor the ordinary dividend formula establishes regulatory capital sufficiency.","evidenceIds":["e26","e29"]},{"criterion":"liquidity_funding","grade":3,"rationale":"First-half operating cash generation of $6.196 billion, $9.45 billion of parent deployable assets and a $750 million revolving facility demonstrate substantial liquidity resources. Parent assets are generally saleable within a quarter; subsidiary dividend access remains regulated and marketable assets can fluctuate.","evidenceIds":["e18","e27","e28","e29","e30"]},{"criterion":"asset_liability_risk","grade":2,"rationale":"The investment portfolio is predominantly fixed income but includes material equity and partnership exposure; first-half 2026 recorded unrealized capital losses. Run-off reserve reestimates and reduced expected hurricane recoveries demonstrate estimation risk. Missing duration matching, credit-quality detail and comprehensive reinsurance data limit confidence.","evidenceIds":["e31","e32","e33","e34"]},{"criterion":"earnings_resilience","grade":2,"rationale":"First-half 2026 common earnings of $5.669 billion and lower property-casualty claims expense show a strong recovery. The current filing's 2023–2025 insurance schedule shows pronounced claims-cycle variability, while Protection Plans' earnings declined. Investment valuation gains also contributed to recent earnings.","evidenceIds":["e9","e10","e35"]}]},{"category":"capital_allocation","checks":[{"criterion":"capital_efficiency","grade":3,"rationale":"The proxy reports a 42% return on equity for 2025, supported by strong earnings continuing into first-half 2026. This is reported company-level ROE, not a regulatory-capital return or the separately adjusted PSA metric. Its precise denominator is not defined in the cited passage, and cycle-wide durability is unproven.","evidenceIds":["e25","e9"]},{"criterion":"distributions_and_buffers","grade":3,"rationale":"First-half cash common and preferred dividends and treasury purchases were covered by earnings and operating cash generation, while shareholders' equity increased and parent deployable assets remained substantial. Disclosed subsidiary dividend limits constrain upstreaming; absent RBC data prevents concluding that regulatory buffers are exceptional.","evidenceIds":["e9","e18","e19","e27","e29","e30"]},{"criterion":"dilution_and_cost","grade":3,"rationale":"First-half diluted weighted-average shares fell to 260.9 million from 268.4 million, demonstrating net share-count reduction despite equity issuance. Annual equity compensation expense was $123 million in 2025, and financing expense declined modestly in first-half 2026. Repurchase prices are not evidence of value creation by themselves.","evidenceIds":["e9","e36","e37"]},{"criterion":"investment_discipline","grade":2,"rationale":"Actual disposition proceeds, portfolio deployment and higher investment income establish capital-reallocation activity and positive recent outcomes. Equity and partnership exposure introduces market risk, and the supplied passages lack acquisition returns or benchmark-relative portfolio returns sufficient to demonstrate consistently superior discipline.","evidenceIds":["e18","e31","e38","e39"]}]}],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","financialAssessmentPolicy":"financial-industry-1","financialSector":"insurance","basisHash":"1a48991b157f4f226d38af51b621b5df81b05168aff36ba6cd8ef8ee1a918659","updatedAt":"2026-10-18T13:21:03.885Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/899051/000089905126000031/all-20251231.htm","publishedAt":"2026-02-20","sha256":"26dd8eac037a21e56263f313405d12463ca363cd27e19ff0409dc6c8d735125f","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/899051/000089905126000118/all-20260630.htm","publishedAt":"2026-08-05","sha256":"0613c00b09775be1b61acae66bcaed092fdcf93b0382094ba0f22d838af78c25","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/899051/000089905126000063/all-20260410.htm","publishedAt":"2026-04-10","sha256":"4d1b8f0d798b490fec725b1266543dc88b6b753c5c2f7c692d55466b7445ff6f","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/899051/000089905125000015/all-20241231.htm","publishedAt":"2025-02-24","sha256":"2fb48b645cc41e2a4fe2e3c566e93aa0c7b0a822dbe0f1b64e7a6498d3dabc96","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/899051/000089905124000013/all-20231231.htm","publishedAt":"2024-02-21","sha256":"9757048bfca592d8b60b1060200fea4827df14dc3626eb86546d22f19a11d86d","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/899051/000089905126000075/all-20260331.htm","publishedAt":"2026-04-29","sha256":"d5536387c7131e6e684c74c6bf90e7d8b9516cf66fe10d1066c3e747bb179951","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:b1fb3652ff31c2953140b8160442c4fed2bb5e3bbdcca12226ffb4473ddc653b","usage":{"input_tokens":87316,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":4256,"reasoning_output_tokens":114},"basisSupplement":{"previousHash":"2fc42bda5fa0d4226aeff6ec62f37008775674e5efa67ead686950d364733c07","checkedAt":"2026-10-18T16:49:32.080Z","rule":"dated historical and missing inputs only; accepted observations and research date retained"}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":9.431090377164544,"sbc_revenue":null},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":9.14377966233564,"sbc_revenue":null},"issues":{"pe":"Trailing earnings is zero or negative, so this ratio is undefined.","peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":6.937681717868778,"sbc_revenue":null},"issues":{"pe":"Trailing earnings is zero or negative, so this ratio is undefined.","peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":13.604030823947836,"sbc_revenue":null},"issues":{"peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":14.599985225677772,"sbc_revenue":null},"issues":{"ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/899051/000089905126000031/all-20251231.htm","publishedAt":"2026-02-20","sha256":"26dd8eac037a21e56263f313405d12463ca363cd27e19ff0409dc6c8d735125f","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/899051/000089905126000118/all-20260630.htm","publishedAt":"2026-08-05","sha256":"0613c00b09775be1b61acae66bcaed092fdcf93b0382094ba0f22d838af78c25","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/899051/000089905126000063/all-20260410.htm","publishedAt":"2026-04-10","sha256":"4d1b8f0d798b490fec725b1266543dc88b6b753c5c2f7c692d55466b7445ff6f","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/899051/000089905125000015/all-20241231.htm","publishedAt":"2025-02-24","sha256":"2fb48b645cc41e2a4fe2e3c566e93aa0c7b0a822dbe0f1b64e7a6498d3dabc96","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/899051/000089905124000013/all-20231231.htm","publishedAt":"2024-02-21","sha256":"9757048bfca592d8b60b1060200fea4827df14dc3626eb86546d22f19a11d86d","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/899051/000089905126000075/all-20260331.htm","publishedAt":"2026-04-29","sha256":"d5536387c7131e6e684c74c6bf90e7d8b9516cf66fe10d1066c3e747bb179951","dateKind":"filed"}],"history":[{"version":4,"updatedAt":"2026-10-18T16:49:32.080Z","verdict":"uncertain","value":null},{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"uncertain","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"uncertain","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}