What is a cash flow waterfall?

A cash flow waterfall is a bar chart that walks from operating cash flow through capital expenditure to free cash flow, then shows how the remaining cash is allocated — acquisitions, buybacks, dividends, debt, and other financing — ending at the net change in cash. Each step is colour-coded: green bars add to the running total, red bars subtract.

How does Allstate (ALL) spend its free cash flow?

For TTM through Q1 2026, Allstate generated $11.7B of operating cash flow and $11.5B of free cash flow — a free cash flow margin of 98.5% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Allstate (ALL) return via buybacks and dividends?

The waterfall shows buybacks (share repurchases) and dividends paid as separate steps in the financing section. Together these represent Allstate's shareholder returns for TTM through Q1 2026. You can compare these against free cash flow to assess the capital-return payout ratio.

Allstate (ALL) Cash Flow Waterfall

Operating CF

$11.7B

Capex

-$176M

Free Cash Flow

$11.5B

FCF Margin

+98.5%

Cash flow waterfall for Allstate (ALL) — TTM through Q1 2026

Free cash flow: $11.5B

Note: Other Investing is large — driven mainly by acquisitions and investment activity.

Cash flow breakdown for Allstate (ALL) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$11.7B	$11.7B
Capital Expenditure	-$176M	$11.5B
Free Cash Flow	$11.5B	$11.5B
Other Investing	-$8.41B	$3.12B
Share Buybacks	-$1.75B	$1.37B
Dividends Paid	-$1.17B	$201M
Net Debt Change	-$600M	-$399M
Other Financing	$55M	-$344M
Forex Effect	$201M	-$143M
Net Cash Decrease	-$143M	-$143M

Operating Cash Flow$11.7B
Capital Expenditure-$176M
Free Cash Flow$11.5B
Other Investing-$8.41B
Share Buybacks-$1.75B
Dividends Paid-$1.17B
Net Debt Change-$600M
Other Financing$55M
Forex Effect$201M
Net Cash Decrease-$143M

Want to see what drove the FCF change?Free Cash Flow Bridge

Frequently asked questions

Data & methodology

Allstate (ALL) Key Financials

Charts, filings, and peer comparison for every metric

Income Statement

Balance Sheet

Profitability

Cash Flow

Capital Return

Forecast & Valuation

Operations

Employees53.0K

Explore more

Deep-dives across the income statement, cash flow, capital return, and valuation

Overview

ALL Overview

Counters