ALLSTATE CORP Earnings Per Share Disclosure
Note 3 | Earnings per Common Share | ||||
Computation of basic and diluted earnings per common share | ||||||||||||||||||||
| For the years ended December 31, | ||||||||||||||||||||
(In millions, except per share data) | 2025 | 2024 | 2023 | |||||||||||||||||
Numerator: | ||||||||||||||||||||
Net income (loss) | $ | 10,266 | $ | 4,599 | $ | (213) | ||||||||||||||
Less: Net loss attributable to noncontrolling interest | (16) | (68) | (25) | |||||||||||||||||
| Net income (loss) attributable to Allstate | 10,282 | 4,667 | (188) | |||||||||||||||||
Less: Preferred stock dividends | 117 | 117 | 128 | |||||||||||||||||
Net income (loss) applicable to common shareholders | $ | 10,165 | $ | 4,550 | $ | (316) | ||||||||||||||
Denominator: | ||||||||||||||||||||
Weighted average common shares outstanding | 263.6 | 264.3 | 262.5 | |||||||||||||||||
Effect of dilutive potential common shares (1): | ||||||||||||||||||||
Stock options | 2.4 | 2.6 | — | |||||||||||||||||
Restricted stock units (non-participating) and performance stock awards | 1.1 | 0.9 | — | |||||||||||||||||
Weighted average common and dilutive potential common shares outstanding | 267.1 | 267.8 | 262.5 | |||||||||||||||||
Net income (loss) applicable to common shareholders per common share - Basic | $ | 38.56 | $ | 17.22 | $ | (1.20) | ||||||||||||||
Net income (loss) applicable to common shareholders per common share - Diluted (1) | $ | 38.06 | $ | 16.99 | $ | (1.20) | ||||||||||||||
| Anti-dilutive options excluded from diluted earnings per common share | 0.4 | 0.5 | 3.0 | |||||||||||||||||
Weighted average dilutive potential common shares excluded due to net loss applicable to common shareholders (1) | — | — | 2.2 | |||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 20, 2026 | Showing above |
| 2024 | Feb 24, 2025 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.