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Side-by-side financial comparison of Allstate (ALL) and IBM (IBM). Click either name above to swap in a different company.
Allstate is the larger business by last-quarter revenue ($17.3B vs $15.9B, roughly 1.1× IBM). Allstate runs the higher net margin — 22.1% vs 7.6%, a 14.5% gap on every dollar of revenue. On growth, IBM posted the faster year-over-year revenue change (9.5% vs 5.1%). Allstate produced more free cash flow last quarter ($2.9B vs $2.2B). Over the past eight quarters, Allstate's revenue compounded faster (6.6% CAGR vs 0.5%).
The Allstate Corporation, together with its subsidiaries, provides property and casualty, and other insurance products in the United States and Canada. The company operates through Allstate Protection; Protection Services; Allstate Health and Benefits; and Run-off Property-Liability segments. The Allstate Protection segment offers private passenger auto and homeowners insurance; specialty auto products, including motorcycle, trailer, motor home, and off-road vehicle insurance; other personal ...
International Business Machines Corporation, doing business as IBM, is an American multinational technology company headquartered in Armonk, New York, and present in over 175 countries. It is a publicly traded company and one of the 30 companies in the Dow Jones Industrial Average. IBM is the largest industrial research organization in the world, with 19 research facilities across a dozen countries; for 29 consecutive years, from 1993 to 2021, it held the record for most annual U.S.
ALL vs IBM — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $17.3B | $15.9B |
| Net Profit | $3.8B | $1.2B |
| Gross Margin | — | 56.2% |
| Operating Margin | — | — |
| Net Margin | 22.1% | 7.6% |
| Revenue YoY | 5.1% | 9.5% |
| Net Profit YoY | 98.8% | 15.3% |
| EPS (diluted) | $14.24 | $1.28 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $15.9B | ||
| Q4 25 | $17.3B | $19.7B | ||
| Q3 25 | $17.3B | $16.3B | ||
| Q2 25 | $16.6B | $17.0B | ||
| Q1 25 | $16.5B | $14.5B | ||
| Q4 24 | $16.5B | $17.6B | ||
| Q3 24 | $16.6B | $15.0B | ||
| Q2 24 | $15.7B | $15.8B |
| Q1 26 | — | $1.2B | ||
| Q4 25 | $3.8B | $5.6B | ||
| Q3 25 | $3.7B | $1.7B | ||
| Q2 25 | $2.1B | $2.2B | ||
| Q1 25 | $595.0M | $1.1B | ||
| Q4 24 | $1.9B | $2.9B | ||
| Q3 24 | $1.2B | $-330.0M | ||
| Q2 24 | $331.0M | $1.8B |
| Q1 26 | — | 56.2% | ||
| Q4 25 | — | 60.6% | ||
| Q3 25 | — | 57.3% | ||
| Q2 25 | — | 58.8% | ||
| Q1 25 | — | 55.2% | ||
| Q4 24 | — | 59.5% | ||
| Q3 24 | — | 56.3% | ||
| Q2 24 | — | 56.8% |
| Q1 26 | — | — | ||
| Q4 25 | — | 21.0% | ||
| Q3 25 | — | 14.9% | ||
| Q2 25 | — | 15.3% | ||
| Q1 25 | — | 8.0% | ||
| Q4 24 | — | 18.8% | ||
| Q3 24 | — | -5.4% | ||
| Q2 24 | — | 14.1% |
| Q1 26 | — | 7.6% | ||
| Q4 25 | 22.1% | 28.4% | ||
| Q3 25 | 21.7% | 10.7% | ||
| Q2 25 | 12.7% | 12.9% | ||
| Q1 25 | 3.6% | 7.3% | ||
| Q4 24 | 11.7% | 16.6% | ||
| Q3 24 | 7.2% | -2.2% | ||
| Q2 24 | 2.1% | 11.6% |
| Q1 26 | — | $1.28 | ||
| Q4 25 | $14.24 | $5.90 | ||
| Q3 25 | $13.95 | $1.84 | ||
| Q2 25 | $7.76 | $2.31 | ||
| Q1 25 | $2.11 | $1.12 | ||
| Q4 24 | $7.07 | $3.11 | ||
| Q3 24 | $4.33 | $-0.36 | ||
| Q2 24 | $1.13 | $1.96 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $4.9B | $10.8B |
| Total DebtLower is stronger | $7.5B | $66.4B |
| Stockholders' EquityBook value | $30.6B | $33.1B |
| Total Assets | $119.8B | $156.2B |
| Debt / EquityLower = less leverage | 0.24× | 2.01× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $10.8B | ||
| Q4 25 | $4.9B | $13.6B | ||
| Q3 25 | $8.7B | $11.6B | ||
| Q2 25 | $9.6B | $11.9B | ||
| Q1 25 | $6.5B | $11.0B | ||
| Q4 24 | $4.5B | $13.9B | ||
| Q3 24 | $7.0B | $13.2B | ||
| Q2 24 | $5.3B | $12.2B |
| Q1 26 | — | $66.4B | ||
| Q4 25 | $7.5B | $54.8B | ||
| Q3 25 | $8.1B | $55.2B | ||
| Q2 25 | $8.1B | $55.2B | ||
| Q1 25 | $8.1B | $56.4B | ||
| Q4 24 | $8.1B | $49.9B | ||
| Q3 24 | $8.1B | $53.0B | ||
| Q2 24 | $8.1B | $52.9B |
| Q1 26 | — | $33.1B | ||
| Q4 25 | $30.6B | $32.6B | ||
| Q3 25 | $27.5B | $27.9B | ||
| Q2 25 | $24.0B | $27.5B | ||
| Q1 25 | $22.1B | $26.9B | ||
| Q4 24 | $21.4B | $27.3B | ||
| Q3 24 | $20.9B | $24.4B | ||
| Q2 24 | $18.6B | $24.0B |
| Q1 26 | — | $156.2B | ||
| Q4 25 | $119.8B | $151.9B | ||
| Q3 25 | $120.4B | $146.3B | ||
| Q2 25 | $115.9B | $148.6B | ||
| Q1 25 | $115.2B | $145.7B | ||
| Q4 24 | $111.6B | $137.2B | ||
| Q3 24 | $113.7B | $134.3B | ||
| Q2 24 | $108.4B | $133.8B |
| Q1 26 | — | 2.01× | ||
| Q4 25 | 0.24× | 1.68× | ||
| Q3 25 | 0.29× | 1.98× | ||
| Q2 25 | 0.34× | 2.01× | ||
| Q1 25 | 0.37× | 2.10× | ||
| Q4 24 | 0.38× | 1.83× | ||
| Q3 24 | 0.39× | 2.17× | ||
| Q2 24 | 0.43× | 2.20× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $3.0B | $5.2B |
| Free Cash FlowOCF − Capex | $2.9B | $2.2B |
| FCF MarginFCF / Revenue | 16.7% | 13.9% |
| Capex IntensityCapex / Revenue | 0.5% | 2.4% |
| Cash ConversionOCF / Net Profit | 0.78× | 4.25× |
| TTM Free Cash FlowTrailing 4 quarters | $9.9B | $10.2B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $5.2B | ||
| Q4 25 | $3.0B | $4.0B | ||
| Q3 25 | $3.3B | $3.1B | ||
| Q2 25 | $1.9B | $1.7B | ||
| Q1 25 | $2.0B | $4.4B | ||
| Q4 24 | $1.7B | $4.3B | ||
| Q3 24 | $3.2B | $2.9B | ||
| Q2 24 | $2.4B | $2.1B |
| Q1 26 | — | $2.2B | ||
| Q4 25 | $2.9B | $3.7B | ||
| Q3 25 | $3.2B | $2.8B | ||
| Q2 25 | $1.9B | $1.5B | ||
| Q1 25 | $1.9B | $4.1B | ||
| Q4 24 | $1.7B | $4.0B | ||
| Q3 24 | $3.1B | $2.6B | ||
| Q2 24 | $2.3B | $1.8B |
| Q1 26 | — | 13.9% | ||
| Q4 25 | 16.7% | 18.6% | ||
| Q3 25 | 18.8% | 17.3% | ||
| Q2 25 | 11.3% | 8.8% | ||
| Q1 25 | 11.4% | 28.4% | ||
| Q4 24 | 10.0% | 22.9% | ||
| Q3 24 | 18.9% | 17.3% | ||
| Q2 24 | 14.7% | 11.7% |
| Q1 26 | — | 2.4% | ||
| Q4 25 | 0.5% | 1.9% | ||
| Q3 25 | 0.3% | 1.6% | ||
| Q2 25 | 0.0% | 1.2% | ||
| Q1 25 | 0.6% | 1.7% | ||
| Q4 24 | 0.3% | 1.7% | ||
| Q3 24 | 0.4% | 1.9% | ||
| Q2 24 | 0.4% | 1.4% |
| Q1 26 | — | 4.25× | ||
| Q4 25 | 0.78× | 0.72× | ||
| Q3 25 | 0.88× | 1.77× | ||
| Q2 25 | 0.89× | 0.78× | ||
| Q1 25 | 3.30× | 4.14× | ||
| Q4 24 | 0.88× | 1.49× | ||
| Q3 24 | 2.69× | — | ||
| Q2 24 | 7.13× | 1.13× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ALL
Segment breakdown not available.
IBM
| Software | $7.1B | 44% |
| Consulting | $5.3B | 33% |
| Infrastructure | $3.3B | 21% |
| Financing | $220.0M | 1% |
