Markel Group Inc. (MKL) Financial Statements
Industry: Fire, Marine & Casualty Insurance
In fiscal 2025, Markel reported revenue of $15.51B, down 6.7% from $16.62B the year before. Net income was $2.11B (a 13.6% net margin), or $169.22 per diluted share. Gross margin was 13.7% and operating margin was 20.6%. Operating activities generated $2.76B of cash, leaving $2.55B of free cash flow. At fiscal year end, Markel held $68.91B in total assets against $49.80B in total liabilities, including $3.96B of cash and equivalents.
Open the full interactive Markel financials → Quarterly statements, key ratios, valuation history and price charts.
Markel Key Stats
| Share Price | $1,789.27 |
|---|---|
| Market Cap | $22.53B |
| P/E Ratio | 10.6 |
| Revenue YoY Growth | -6.7% |
| 52-Week Range | $1,712.45 – $2,191.90 |
| Shares Outstanding | 12.5 million (basic, 2026 Q2) |
Markel Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $9.74B | $12.85B | $11.68B | $15.80B | $16.62B | $15.51B |
| Cost of Goods Sold | $8.46B | $9.60B | $11.77B | $12.87B | $12.91B | $13.39B |
| Gross Profit | $1.27B | $3.24B | -$93.0M | $2.93B | $3.71B | $2.12B |
| Operating Income | $1.27B | $3.24B | -$93.0M | $2.93B | $3.71B | $3.19B |
| Pre-Tax Income | $1.00B | $3.13B | -$148.8M | $2.65B | $3.64B | $2.73B |
| Income Tax | $168.7M | $684.5M | -$47.6M | $552.6M | $790.3M | $580.3M |
| Net Income | $816.0M | $2.43B | -$214.1M | $2.00B | $2.75B | $2.11B |
| Diluted EPS | $55.63 | $176.51 | -$23.57 | $146.98 | $199.32 | $169.22 |
Markel Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $3.93B | $3.58B | $3.55B | $4.02B |
| Net Income | $751.3M | $576.8M | -$212.3M | $1.17B |
| Diluted EPS | $59.25 | $45.60 | -$18.90 | $92.76 |
Markel Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $4.34B | $3.98B | $4.14B | $3.75B | $3.69B | $3.96B |
| Total Assets | $41.71B | $48.45B | $49.79B | $55.05B | $61.90B | $68.91B |
| Total Long-Term Debt | $3.48B | $4.36B | $4.10B | $3.78B | $4.33B | $4.30B |
| Total Liabilities | $28.65B | $33.27B | $36.14B | $39.52B | $44.43B | $49.80B |
| Shareholders' Equity | $12.80B | $14.70B | $13.07B | $14.98B | $16.92B | $18.60B |
Markel Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $1.74B | $2.27B | $2.71B | $2.79B | $2.59B | $2.76B |
| Cash From Investing | -$511.7M | -$2.94B | -$1.67B | -$2.70B | -$2.40B | -$1.19B |
| Cash From Financing | $434.6M | $369.8M | -$595.3M | -$999.7M | -$297.9M | -$1.21B |
| Free Cash Flow | $1.64B | $2.13B | $2.45B | $2.53B | $2.34B | $2.55B |
Figures from Markel's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Markel financials page for every line item.
Markel Company Profile
| Ticker | MKL |
|---|---|
| Exchange | NYSE |
| Industry | Fire, Marine & Casualty Insurance |
| Headquarters | Glen Allen, Virginia |
| Incorporated in | Virginia |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0001096343 |
Frequently Asked Questions
What was Markel's revenue in fiscal 2025?
Markel (MKL) reported revenue of $15.51B for fiscal 2025.
What is Markel's annual revenue history?
Markel's annual revenue by fiscal year: 2020: $9.74B; 2021: $12.85B; 2022: $11.68B; 2023: $15.80B; 2024: $16.62B; 2025: $15.51B.
What was Markel's net income in fiscal 2025?
Markel reported net income of $2.11B for fiscal 2025.
What was Markel's earnings per share (EPS) in fiscal 2025?
Markel's diluted EPS was $169.22 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Markel generate in fiscal 2025?
Markel generated $2.55B of free cash flow in fiscal 2025.
What was Markel's revenue last quarter?
In its most recent reported quarter (2026 Q2), Markel reported revenue of $4.02B.
How much debt does Markel have?
Markel reported $4.30B of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Markel are outstanding?
Markel reported a weighted average of 12.5 million basic shares outstanding in 2026 Q2.
What is Markel's market cap?
Based on its latest closing price, Markel (MKL) has a market capitalization of about $22.53B.
When does Markel's fiscal year end?
Markel's fiscal year end, as registered with the SEC, is December 31.
Where is Markel headquartered?
Markel lists its business address in Glen Allen, Virginia in its SEC filings.