Berkley W R
WRB · NYSEFire, Marine & Casualty Insurance · Fiscal year ends Dec 31
Berkley W R reported revenue of $14.7B in the fiscal year ended Dec 2025, up 7.8% from the year before. Net income was $1.8B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $9.5B | $11.2B | $12.1B | $13.6B | $14.7B |
| Interest expense | $147M | $130M | $127M | $127M | $127M |
| Pre-tax income | $1.3B | $1.7B | $1.8B | $2.3B | $2.3B |
| Income tax | $252M | $335M | $371M | $510M | $496M |
| Net income | $1B | $1.4B | $1.4B | $1.8B | $1.8B |
| Diluted EPS | 3.66 | 3.29 | 3.37 | 4.36 | 4.45 |
| Diluted shares | 0M | 0M | 410M | 403M | 400M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.6B | $1.4B | $1.4B | $2B | $2.5B |
| Net PP&E | $420M | $423M | $427M | $479M | $596M |
| Goodwill | $170M | $186M | $175M | $184M | $184M |
| Total assets | $32.1B | $33.9B | $37.2B | $40.6B | $43.9B |
| Total liabilities | $25.4B | $27.1B | $29.7B | $32.2B | $34.2B |
| Shareholders' equity | $6.7B | $6.7B | $7.5B | $8.4B | $9.7B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $2.2B | $2.6B | $2.9B | $3.7B | $3.6B |
| Depreciation & amortisation | $130M | $56M | −$21M | −$171M | −$48M |
| Stock-based compensation | $47M | $49M | $51M | $54M | $55M |
| Acquisitions | $0 | $50M | $12M | $0 | $0 |
| Share buybacks | $122M | $94M | $537M | $304M | $270M |
| Dividends paid | $356M | $235M | $501M | $532M | $700M |
| Dividend per share | 1.34 | 0.59 | 1.29 | 1.40 | 1.85 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 18.1% | 8.7% | 12.3% | 7.8% |
| EPS growth (YoY) | – | −10.1% | 2.4% | 29.4% | 2.1% |
| Net margin | 10.8% | 12.4% | 11.4% | 12.9% | 12.1% |
| Return on equityBlank when equity is negative | 15.4% | 20.5% | 18.5% | 20.9% | 18.3% |
| Cash conversion (CFO ÷ net income) | 2.14x | 1.86x | 2.12x | 2.09x | 2.01x |
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.