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Markel Corporation (MKL) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

FINANCIAL SERVICES · INSURANCE - PROPERTY & CASUALTY · DATA UPDATED 2026-09-19

Markel Corporation (MKL) operates in the INSURANCE - PROPERTY & CASUALTY industry and is headquartered in Glen Allen, United States with about 22,900 employees. Its market capitalization is roughly $22 billion. In the fiscal year ended 2025-12-31, MKL reported $16.6B in revenue and $2.1B in net income.

Markel Group Inc. engages in the insurance business in the United States, the United Kingdom, Bermuda, Germany, rest of the European Union, Canada, and the Asia Pacific. It operates through Markel Insurance, Industrial, Financial, and Consumer and Other segments.

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MKL Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$17.4B	$16.6B	$16.8B	$15.7B	$11.8B	$12.9B	$9.6B	$9.5B	$7.0B	$6.1B	$5.6B	$5.4B	$5.1B	$4.3B	$3.0B	$2.6B	$2.2B	$2.1B	$2.0B	$2.5B	$2.5B
Gross Profit	—	$11.5B	$9.3B	$8.1B	$3.4B	$5.9B	$3.4B	$4.9B	$2.6B	$1.8B	$2.4B	$2.6B	$2.2B	$2.0B	$1.4B	$907M	$853M	$1.1B	$708M	$630M	$619M
Gross Margin %	—	69.4%	55.4%	51.4%	28.8%	45.6%	35.1%	51.0%	38.1%	30.4%	42.1%	48.7%	43.1%	45.9%	47.2%	34.5%	38.3%	52.0%	35.8%	25.4%	24.6%
Operating Income (EBIT)	—	$2.7B	$3.6B	$2.7B	($152M)	$3.1B	$1.0B	$2.3B	($8M)	$87M	$630M	$742M	$440M	$362M	$312M	$190M	$296M	$199M	($160M)	$572M	$553M
Operating Margin %	—	16.5%	21.7%	16.9%	-1.3%	24.2%	10.4%	24.0%	-0.1%	1.4%	11.2%	13.8%	8.6%	8.4%	10.4%	7.2%	13.3%	9.6%	-8.1%	23.0%	22.0%
Net Income	$2.3B	$2.1B	$2.7B	$2.0B	($216M)	$2.4B	$816M	$1.8B	($128M)	$395M	$456M	$583M	$321M	$281M	$253M	$142M	$267M	$202M	($59M)	$406M	$393M
Net Margin %	13.2%	12.7%	16.4%	12.7%	-1.8%	18.8%	8.5%	18.8%	-1.8%	6.5%	8.1%	10.8%	6.3%	6.5%	8.5%	5.4%	12.0%	9.7%	-3.0%	16.3%	15.6%
EBITDA	—	$3.3B	$4.2B	$3.2B	$354M	$3.6B	$1.5B	$2.7B	$374M	$424M	$954M	$1.1B	$761M	$666M	$492M	$347M	$423M	$284M	($80M)	$659M	$653M
Earnings Per Share (EPS)	$181.63	$165.52	$210.65	$149.20	$-15.93	$175.59	$59.03	$128.99	$-9.21	$28.22	$32.37	$41.45	$22.85	$22.33	$25.96	$14.60	$27.27	$20.52	$-5.99	$40.64	$39.40
Shares Outstanding (M)	—	13M	13M	13M	14M	14M	14M	14M	14M	14M	14M	14M	14M	13M	10M	10M	10M	10M	10M	10M	10M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

MKL Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Total Revenue	$5.2B	$3.6B	$4.2B	$4.4B	$4.4B	$3.3B	$3.8B	$4.5B	$3.7B
Gross Profit	—	$2.4B	$2.9B	$2.4B	$2.4B	$1.5B	$2.6B	$2.6B	$1.9B
Gross Margin %	—	67.1%	69.6%	55.0%	55.5%	45.2%	67.7%	57.8%	50.3%
Operating Income (EBIT)	—	($273M)	$734M	$978M	$862M	$158M	$724M	$1.2B	$366M
Operating Margin %	—	-7.7%	17.4%	22.3%	19.6%	4.7%	18.8%	26.8%	9.9%
Net Income	$1.2B	($212M)	$577M	$751M	$657M	$122M	$549M	$905M	$268M
Net Margin %	22.5%	-6.0%	13.7%	17.1%	14.9%	3.7%	14.3%	20.1%	7.2%
EBITDA	—	($230M)	$827M	$1.1B	$967M	$257M	$823M	$1.3B	$463M
Earnings Per Share (EPS)	$92.76	$-18.90	$48.75	$59.02	$51.62	$9.48	$42.48	$69.52	$20.46
Shares Outstanding (M)	—	11M	12M	13M	13M	13M	13M	13M	13M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

MKL Free Cash Flow History

Cash flow	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$2.3B	$2.8B	$2.6B	$2.8B	$2.7B	$2.3B	$1.7B	$1.3B	$893M	$859M	$535M	$651M	$717M	$746M	$393M	$311M	$223M	$282M	$390M	$508M	$512M
Capital Expenditures (CapEx)	$206M	$207M	$255M	$259M	$255M	$145M	$101M	$123M	$107M	$75M	$64M	$80M	$82M	$48M	$46M	$60M	$42M	$22M	$18M	$14M	$9M
Free Cash Flow (FCF)	$2.1B	$2.6B	$2.3B	$2.5B	$2.5B	$2.1B	$1.6B	$1.2B	$786M	$784M	$471M	$571M	$635M	$698M	$347M	$251M	$181M	$261M	$372M	$494M	$502M
FCF Margin %	12.2%	15.4%	14.0%	16.1%	20.8%	16.5%	17.0%	12.1%	11.3%	12.9%	8.4%	10.6%	12.4%	16.1%	11.6%	9.6%	8.1%	12.6%	18.8%	19.9%	19.9%
Dividends Paid	—	$618M	$36M	$36M	$36M	$36M	$18M	$9M	$9M	$665M	$559M	$70M	$89M	$547M	$8M	$0M	$0M	—	—	—	—

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

MKL Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Cash from Operations (CFO)	$429M	$16M	$662M	$1.2B	$504M	$376M	$494M	$891M	$579M
Capital Expenditures (CapEx)	$44M	$47M	$63M	$52M	$51M	$41M	$74M	$52M	$57M
Free Cash Flow (FCF)	$384M	($31M)	$599M	$1.2B	$454M	$335M	$420M	$839M	$521M
FCF Margin %	7.4%	-0.9%	14.2%	26.6%	10.3%	10.1%	10.9%	18.6%	14.1%
Dividends Paid	—	—	$600M	$18M	$18M	—	$18M	$18M	$18M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

MKL Balance Sheet History

Balance sheet	2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$71.3B	$68.9B	$47.3B	$43.4B	$63.4B	$48.5B	$41.7B	$37.5B	$27.2B	$32.8B	$34.4B	$24.9B	$23.6B	$22.3B	$12.0B	$11.0B	$10.2B	$10.2B	$9.5B	$10.1B	$10.1B
Cash & Cash Equivalents	$3.4B	$4.0B	$4.2B	$4.3B	$4.1B	$4.0B	$4.3B	$3.1B	$2.4B	$2.2B	$1.7B	$2.6B	$2.5B	$2.8B	$973M	$775M	$745M	$850M	$640M	$478M	$555M
Total Liabilities	$51.8B	$49.8B	$29.9B	$27.9B	$25.5B	$33.3B	$21.2B	$19.4B	$17.9B	$17.7B	$15.6B	$17.0B	$15.9B	$15.5B	$8.0B	$7.5B	$7.0B	$7.5B	$7.3B	$7.5B	$7.8B
Total Debt (Short + Long-Term)	$4.4B	$4.5B	$4.5B	$4.0B	$4.6B	$4.4B	$3.6B	$3.6B	$3.3B	$3.2B	$2.8B	$4.5B	$2.3B	$2.3B	$1.5B	$1.5B	$1.3B	$964M	$689M	$681M	$859M
Total Shareholders' Equity	$19.0B	$18.6B	$16.9B	$15.0B	$37.9B	$14.7B	$20.5B	$18.1B	$9.1B	$15.1B	$18.8B	$7.9B	$7.6B	$6.7B	$3.9B	$3.4B	$3.2B	$2.8B	$2.2B	$2.6B	$2.3B

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive MKL viewer.

MKL Metric Deep Dives

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