Allstate Corp (ALL) · Nov 4, 2026 · Earnings

Allstate earnings beat as insurance growth holds despite catastrophe hit

Beat — Adj. EPS $9.76 vs ~$7.03 consensus

Allstate’s third-quarter earnings beat expectations on stronger underwriting and investment income, though auto trends and catastrophe losses remain pressure points.

Allstate is in the middle of a growth push: expanding auto and homeowners policies through its Affordable, Simple and Connected products while building Protection Services and AI-enabled operations. The quarter advances that story, but the operating picture is uneven: growth is working, while auto claims and market volatility are limiting the quality of the result. Published estimates pointed to roughly $7.03 of adjusted EPS and $17.84 billion of revenue, so the $9.76 adjusted EPS result was a clear beat, while revenue of $17.35 billion came in below that revenue reference.

The earnings beat was substantial, but partly helped by items outside underwriting. Adjusted EPS rose well above the published consensus because investment income increased and catastrophe losses, while much higher than last year, were not as damaging as the pre-release estimates implied. Net investment income rose to $1.18 billion, but Allstate also recorded a $545 million investment and derivatives loss, making reported net income much less representative of the underlying insurance result.

	Q3 2026	Q3 2025	Consensus
Adjusted diluted EPS (Contribution to Income)	$9.76	$11.17	~$7.03
Revenue (Consolidated Highlights)	$17,348M	$17,255M	~$17,840M
Property-Liability underlying combined ratio (Property-Liability Results)	80.5	78.7	~91.4
Auto underlying combined ratio (Auto Results)	89.8	86.0	—
Homeowners underlying combined ratio (Homeowners Results)	60.1	59.8	—
Protection Services revenue (Protection Services Results)	$964M	$902M	—

The core insurance business is growing, but auto profitability is moving the wrong way. Property-Liability policies in force increased 3.3%, and homeowners premiums written rose 7.4%, showing that the market-share strategy is producing volume. But auto premiums written were essentially flat at 0.2% growth, while the auto underlying combined ratio deteriorated 3.8 points to 89.8. That means Allstate is adding policies without yet showing cleaner underlying auto economics.

Homeowners is the better execution story this quarter. Homeowners premiums and policies expanded, while the underlying combined ratio was nearly unchanged at 60.1 despite catastrophe losses of $1.33 billion. The reported combined ratio jumped to 89.5 because catastrophe losses were almost three times last year’s level, but the underlying result says pricing and risk selection remain effective.

Protection Services is becoming a useful second growth engine, though it is still small relative to insurance. Revenue rose 6.9% and adjusted net income increased to $64 million, led by Protection Plans and Roadside. That supports Allstate’s diversification strategy, but the segment’s contribution remains modest compared with the billions generated by Property-Liability, so it improves the trajectory rather than changing the company’s earnings mix today.

Capital markets added volatility rather than changing the balance-sheet story. Higher rates lifted recurring investment income but caused realized losses and a $2.48 billion pre-tax decline in unrealized capital gains during the quarter. The damage is largely mark-to-market and was excluded from adjusted earnings, but it reduced reported book value and shows why Allstate’s quarterly GAAP earnings can swing sharply even while underwriting remains profitable.

Bottom line: This was a genuine earnings beat and a modest step forward for Allstate’s growth plan, but not a clean acceleration. Homeowners, policy growth and Protection Services look healthy; worsening auto loss trends and catastrophe exposure keep the result from being a stronger upgrade to the business story.

What to watch next

Q3 earnings call, November 5

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

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Allstate earnings beat as insurance growth holds despite catastrophe hit

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