Markel
MKL · NYSEFire, Marine & Casualty Insurance · Fiscal year ends Dec 31
Markel reported revenue of $15.5B in the fiscal year ended Dec 2025, up 4.7% from the year before. Operating income was $3.2B, an operating margin of 20.6%, and net income was $2.1B. Operating cash flow of $2.8B less capital expenditure of $207M left free cash flow of $2.6B. Net debt was $339M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $4B | $5.2B | $14.3B | $14.8B | $15.5B |
| Operating income | $3.2B | −$93M | $2.9B | $3.7B | $3.2B |
| Interest expense | $184M | $196M | $185M | $204M | $206M |
| Pre-tax income | $3.1B | −$152M | $2.7B | $3.6B | $2.7B |
| Income tax | $684M | −$48M | $553M | $790M | $580M |
| Net income | $2.4B | −$216M | $2B | $2.7B | $2.1B |
| Diluted EPS | 176.38 | −23.72 | 146.98 | 199.32 | 169.22 |
| Diluted shares | 14M | 14M | 13M | 13M | 13M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $4B | $4.1B | $3.7B | $3.7B | $4B |
| Inventory | $529M | $640M | $617M | $731M | $703M |
| Net PP&E | $1.1B | $1.2B | $1.3B | $1.4B | $1.5B |
| Goodwill | $2.9B | $2.6B | $2.6B | $2.7B | $2.8B |
| Total assets | $48.5B | $49.8B | $55B | $61.9B | $68.9B |
| Long-term debt | $4.4B | $4.1B | $3.8B | $4.3B | $4.3B |
| Total liabilities | $33.3B | $36.1B | $39.5B | $44.4B | $49.8B |
| Shareholders' equity | $14.7B | $13.2B | $15B | $16.9B | $18.6B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $2.3B | $2.7B | $2.8B | $2.6B | $2.8B |
| Capital expenditure | $145M | $255M | $259M | $255M | $207M |
| Free cash flow | $2.1B | $2.5B | $2.5B | $2.3B | $2.6B |
| Depreciation & amortisation | $336M | $309M | $320M | $342M | $348M |
| Acquisitions | $517M | $79M | $4M | $208M | $106M |
| Share buybacks | $207M | $291M | $445M | $573M | $430M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 31.0% | 172.7% | 3.7% | 4.7% |
| Operating income growth (YoY) | – | −102.9% | – | 26.8% | −13.9% |
| EPS growth (YoY) | – | −113.4% | – | 35.6% | −15.1% |
| Operating margin | 81.1% | −1.8% | 20.5% | 25.1% | 20.6% |
| Net margin | 60.6% | −4.1% | 14.0% | 18.5% | 13.6% |
| Return on equityBlank when equity is negative | 16.5% | −1.6% | 13.3% | 16.2% | 11.3% |
| Free cash flow margin | 53.3% | 46.9% | 17.7% | 15.8% | 16.5% |
| Cash conversion (CFO ÷ net income) | 0.94x | −12.5x | 1.40x | 0.94x | 1.31x |
| Interest cover | 17.7x | −0.48x | 15.8x | 18.2x | 15.5x |
| Debt ÷ equity | 0.30x | 0.31x | 0.25x | 0.26x | 0.23x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $383M | −$34M | $33M | $638M | $339M |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.