MARKEL GROUP INC.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), MARKEL GROUP INC. reported revenue of $15.5B (-6.7% year on year) and net income of $2.2B (-24.4% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Earned premiums | $8.7B | $8.4B | $8.3B | $7.6B |
| Net investment income | $970.4M | $920.5M | $734.5M | $446.8M |
| Products revenues | $2.6B | $2.6B | $2.5B | $2.4B |
| Services and other revenues | $3.2B | $2.8B | $2.7B | $2.8B |
| Total Operating Revenues | $15.5B | $16.6B | $15.8B | $11.7B |
| Net investment gains | $1.1B | $1.8B | $1.5B | ($1.6B) |
| Losses and loss adjustment expenses | $5.1B | $5.1B | $5.3B | $4.4B |
| Underwriting, acquisition and insurance expenses | $3.1B | $3.0B | $2.8B | $2.5B |
| Products expenses | $2.3B | $2.3B | $2.2B | $2.2B |
| Services and other expenses | $2.7B | $2.4B | $2.3B | $2.3B |
| Amortization of intangible assets | $185.0M | $181.5M | $180.6M | $178.8M |
| Total Operating Expenses | $13.4B | $12.9B | $12.9B | $11.8B |
| Operating Income | $3.2B | $3.7B | $2.9B | ($93.0M) |
| Interest expense | ($205.9M) | ($204.3M) | ($185.1M) | ($196.1M) |
| Net foreign exchange gains (losses) | ($256.2M) | $129.4M | ($90.0M) | $140.2M |
| Income Before Income Taxes | $2.7B | $3.6B | $2.7B | ($148.8M) |
| Income tax expense | ($580.3M) | ($790.3M) | ($552.6M) | $47.6M |
| Net Income | $2.2B | $2.8B | $2.1B | ($101.2M) |
| Net income attributable to noncontrolling interests | ($45.4M) | ($100.4M) | ($105.0M) | ($112.9M) |
| Net Income to Shareholders | $2.1B | $2.7B | $2.0B | ($214.1M) |
| Preferred stock dividends and redemption premiums | ($26.1M) | ($36.0M) | ($36.0M) | ($36.0M) |
| Net Income to Common Shareholders | $2.1B | $2.7B | $2.0B | ($250.1M) |
| Change in net unrealized losses on available-for-sale investments, net of taxes | $490.4M | ($130.3M) | $306.9M | ($1.1B) |
| Other, net of taxes | $17.2M | — | — | — |
| Total Other Comprehensive Income (Loss) | $507.6M | ($138.8M) | $289.3M | ($1.1B) |
| Comprehensive Income | $2.7B | $2.7B | $2.4B | ($1.2B) |
| Comprehensive income attributable to noncontrolling interests | ($45.4M) | ($100.5M) | ($105.1M) | ($112.9M) |
| Comprehensive Income to Shareholders | $2.6B | $2.6B | $2.3B | ($1.3B) |
| Basic (dollars per share) | $169.74 | $199.69 | $147.32 | -$23.57 |
| Diluted (dollars per share) | $169.22 | $199.32 | $146.98 | -$23.57 |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Earned premiums | $2.1B | $2.0B | $2.2B | $2.1B |
| Net investment income | $256.1M | $255.9M | $245.7M | $230.0M |
| Products revenues | $859.5M | $572.4M | $607.5M | $846.9M |
| Services and other revenues | $831.1M | $673.4M | $875.6M | $803.9M |
| Total Operating Revenues | $4.0B | $3.6B | $3.9B | $4.6B |
| Net investment gains (losses) | $1.2B | ($727.6M) | $432.9M | $580.2M |
| Losses and loss adjustment expenses | $1.2B | $1.2B | $1.3B | $1.3B |
| Underwriting, acquisition, and insurance expenses | $735.8M | $739.8M | $782.5M | $774.2M |
| Products expenses | $723.5M | $517.4M | $555.5M | $707.4M |
| Services and other expenses | $935.9M | $628.8M | $721.7M | $674.6M |
| Amortization of acquired intangible assets | $43.3M | $43.5M | $44.1M | $51.2M |
| Total Operating Expenses | $3.6B | $3.1B | $3.4B | $3.5B |
| Operating Income | $1.6B | ($273.3M) | $1.0B | $1.1B |
| Interest expense | ($52.4M) | ($50.9M) | ($50.7M) | ($53.1M) |
| Net foreign exchange gains (losses) | $10.4M | $54.3M | $19.3M | ($191.9M) |
| Income Before Income Taxes | $1.5B | ($269.9M) | $978.4M | $862.4M |
| Income tax expense | ($332.9M) | $65.6M | ($214.7M) | ($185.2M) |
| Net Income | $1.2B | ($204.4M) | $763.8M | $677.2M |
| Net income attributable to noncontrolling interests | ($16.6M) | ($7.9M) | ($12.5M) | ($20.0M) |
| Net Income to Shareholders | $1.2B | ($212.3M) | $751.3M | $657.1M |
| Preferred stock dividends and redemption premiums | $0 | — | $0 | $26.1M |
| Net income to common shareholders | $1.2B | — | $751.3M | $631.0M |
| Change in net unrealized losses on available-for-sale investments, net of taxes | ($59.7M) | ($133.8M) | $47.3M | $202.5M |
| Other, net of taxes | ($7.8M) | $5.7M | ($5.5M) | — |
| Total Other Comprehensive Income (Loss) | ($67.5M) | ($128.1M) | $41.7M | $210.4M |
| Comprehensive Income | $1.1B | ($332.5M) | $805.5M | $887.6M |
| Comprehensive income attributable to noncontrolling interests | ($16.6M) | ($8.0M) | ($12.4M) | ($20.1M) |
| Comprehensive Income to Shareholders | $1.1B | ($340.4M) | $793.1M | $867.5M |
| Basic | $93.08 | -$18.90 | $59.44 | $49.80 |
| Diluted | $92.76 | -$18.90 | $59.25 | $49.67 |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Fixed maturity securities, available-for-sale (amortized cost of $17,895,918 in 2025 and $16,457,723 in 2024) | $17.8B | $15.7B | $14.4B | $11.9B |
| Equity securities (cost of $4,094,745 in 2025 and $3,887,820 in 2024) | $13.0B | $11.8B | $9.6B | $7.7B |
| Short-term investments, available-for-sale (estimated fair value approximates cost) | $2.0B | $2.5B | $2.6B | $2.7B |
| Total Investments | $32.8B | $30.1B | $26.5B | $22.2B |
| Cash and cash equivalents | $4.0B | $3.7B | $3.7B | $4.1B |
| Restricted cash and cash equivalents | $638.6M | $499.6M | $585.0M | $1.1B |
| Receivables | $4.0B | $3.6B | $3.5B | $3.0B |
| Reinsurance recoverables | $14.6B | $11.6B | $9.2B | $8.4B |
| Deferred policy acquisition costs | $909.5M | $875.7M | $931.3M | $925.5M |
| Prepaid reinsurance premiums | $3.1B | $2.9B | $2.4B | $2.1B |
| Goodwill | $2.8B | $2.7B | $2.6B | $2.6B |
| Intangible assets | $1.5B | $1.5B | $1.6B | $1.7B |
| Other assets | $4.5B | $4.4B | $4.0B | $3.6B |
| Total Assets | $68.9B | $61.9B | $55.0B | $49.8B |
| Unpaid losses and loss adjustment expenses | $30.9B | $26.6B | $23.5B | $20.9B |
| Unearned premiums | $7.3B | $7.1B | $6.6B | $6.2B |
| Payables to insurance and reinsurance companies | $1.7B | $1.4B | $1.0B | $669.7M |
| Senior long-term debt and other debt (estimated fair value of $3,856,000 in 2025 and $3,791,000 in 2024) | $4.3B | $4.3B | $3.8B | $4.1B |
| Other liabilities | $5.7B | $4.4B | $3.9B | $3.4B |
| Total Liabilities | $49.8B | $44.4B | $39.5B | $36.1B |
| Redeemable noncontrolling interests | $506.1M | $540.0M | $469.7M | $523.2M |
| Preferred stock | $0 | $591.9M | $591.9M | $591.9M |
| Common stock | $3.7B | $3.6B | $3.5B | $3.5B |
| Retained earnings | $15.0B | $13.4B | $11.4B | $9.8B |
| Accumulated other comprehensive loss | ($109.5M) | ($617.1M) | ($478.2M) | ($857.1M) |
| Total Shareholders' Equity | $18.6B | $16.9B | $15.0B | $13.1B |
| Noncontrolling interests | ($1.6M) | $13.0M | $72.3M | $62.8M |
| Total Equity | $18.6B | $16.9B | $15.1B | $13.1B |
| Total Liabilities and Equity | $68.9B | $61.9B | $55.0B | $49.8B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Fixed maturity securities, available-for-sale (amortized cost of $18,044,608 in 2026 and $17,895,918 in 2025) | $17.7B | $17.9B | $17.3B | $16.8B |
| Equity securities (cost of $4,163,590 in 2026 and $4,094,745 in 2025) | $13.5B | $12.3B | $12.8B | $12.3B |
| Short-term investments, available-for-sale (estimated fair value approximates cost) | $2.3B | $2.0B | $2.1B | $1.9B |
| Total Investments | $33.5B | $32.3B | $32.2B | $31.0B |
| Cash and cash equivalents | $3.4B | $3.7B | $4.0B | $3.7B |
| Restricted cash and cash equivalents | $644.8M | $500.8M | $567.7M | $574.9M |
| Receivables | $4.1B | $3.8B | $4.3B | $4.6B |
| Reinsurance recoverables | $15.8B | $15.2B | $13.0B | $12.8B |
| Deferred policy acquisition costs | $820.0M | $857.2M | $984.4M | $975.4M |
| Prepaid reinsurance premiums | $3.9B | $3.3B | $3.7B | $4.6B |
| Goodwill | $2.8B | $2.8B | $2.8B | $2.8B |
| Intangible assets | $1.5B | $1.5B | $1.6B | $1.6B |
| Other assets | $4.7B | $4.7B | $4.3B | $4.2B |
| Total Assets | $71.3B | $68.6B | $67.4B | $66.8B |
| Unpaid losses and loss adjustment expenses | $32.2B | $31.4B | $29.1B | $28.5B |
| Unearned premiums | $7.9B | $7.2B | $8.2B | $9.1B |
| Payables to insurance and reinsurance companies | $1.7B | $1.6B | $1.8B | $1.7B |
| Senior long-term debt and other debt (estimated fair value of $3,924,000 in 2026 and $3,856,000 in 2025) | $4.4B | $4.4B | $4.3B | $4.4B |
| Other liabilities | $5.6B | $5.3B | $4.7B | $4.6B |
| Total Liabilities | $51.8B | $50.0B | $48.8B | $48.9B |
| Redeemable noncontrolling interests | $467.0M | $519.8M | $536.0M | $531.3M |
| Common stock | $3.7B | $3.7B | $3.7B | $3.7B |
| Retained earnings | $15.6B | $14.7B | $14.5B | $13.8B |
| Accumulated other comprehensive loss | ($305.1M) | ($237.6M) | ($139.0M) | ($180.8M) |
| Total Shareholders' Equity | $19.0B | $18.1B | $18.0B | $17.3B |
| Noncontrolling interests | ($1.1M) | ($1.6M) | $18.6M | $18.6M |
| Total Equity | $19.0B | $18.1B | $18.1B | $17.3B |
| Total Liabilities and Equity | $71.3B | $68.6B | $67.4B | $66.8B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income | $2.2B | $2.8B | $2.1B | ($101.2M) |
| Deferred income tax expense | $151.2M | $394.6M | $233.8M | ($281.8M) |
| Depreciation and amortization expense | $347.9M | $342.4M | $259.9M | $367.0M |
| Net amortization of investment premium or discount | ($104.0M) | ($123.5M) | — | — |
| Net investment gains | ($1.1B) | ($1.8B) | ($1.5B) | $1.6B |
| Net foreign exchange losses (gains) | $256.2M | ($129.4M) | $90.0M | ($140.2M) |
| Increase in receivables | ($287.9M) | ($158.5M) | ($486.3M) | ($653.3M) |
| Increase in reinsurance recoverables | ($2.9B) | ($2.4B) | ($767.5M) | ($1.2B) |
| Decrease (increase) in deferred policy acquisition costs | ($22.1M) | $50.1M | ($1.6M) | ($140.6M) |
| Increase in prepaid reinsurance premiums | ($102.4M) | ($584.5M) | ($298.0M) | ($271.3M) |
| Increase in unpaid losses and loss adjustment expenses | $4.0B | $3.3B | $2.4B | $2.4B |
| Increase in unearned premiums | $104.2M | $448.2M | $400.0M | $886.4M |
| Increase in payables to insurance and reinsurance companies | $223.9M | $398.4M | $365.4M | $210.8M |
| Other | $73.3M | $91.3M | $38.2M | $216.4M |
| Net Cash Provided By Operating Activities | $2.8B | $2.6B | $2.8B | $2.7B |
| Proceeds from sales, maturities, calls, and prepayments of fixed maturity securities | $2.4B | $2.1B | $2.1B | $1.2B |
| Cost of fixed maturity securities purchased | ($3.8B) | ($3.6B) | ($4.3B) | ($2.1B) |
| Proceeds from sales of equity securities | $305.8M | $177.3M | $298.6M | $242.0M |
| Cost of equity securities purchased | ($448.7M) | ($571.1M) | ($638.3M) | ($443.0M) |
| Net change in short-term investments | $578.0M | $152.0M | $202.9M | ($846.0M) |
| Cost of other investments purchased | ($40.6M) | $205.9M | — | — |
| Additions to property and equipment | ($206.9M) | ($255.0M) | ($258.6M) | ($254.7M) |
| Acquisitions, net of cash acquired | ($106.2M) | ($207.8M) | ($3.6M) | ($79.0M) |
| Other | $133.6M | $32.2M | $23.1M | $8.3M |
| Net Cash Used By Investing Activities | ($1.2B) | ($2.4B) | ($2.7B) | ($1.7B) |
| Additions to senior long-term debt and other debt | $882.8M | $1.4B | $625.0M | $1.0B |
| Repayment of senior long-term debt and other debt | ($912.3M) | ($896.7M) | ($949.6M) | ($1.3B) |
| Repurchases of common stock | ($429.5M) | ($572.7M) | ($445.5M) | ($290.8M) |
| Dividends paid on preferred stock | ($18.0M) | ($36.0M) | ($36.0M) | ($36.0M) |
| Redemption of preferred stock | ($600.0M) | — | — | — |
| Purchase of noncontrolling interests | ($64.2M) | ($46.5M) | ($63.4M) | — |
| Distributions to noncontrolling interests | ($38.7M) | ($54.0M) | — | — |
| Redemption of Markel CATCo Re noncontrolling interests | ($20.2M) | ($117.2M) | ($89.0M) | — |
| Other | ($9.9M) | ($8.9M) | ($41.2M) | ($47.6M) |
| Net Cash Used By Financing Activities | ($1.2B) | ($297.9M) | ($999.7M) | ($595.3M) |
| Effect of foreign currency rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents | $49.8M | ($37.3M) | $27.0M | ($103.4M) |
| Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents | $411.1M | ($139.8M) | ($889.5M) | $340.6M |
| Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year | $4.2B | $4.3B | $5.2B | $4.9B |
| CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS AT END OF YEAR | $4.6B | $4.2B | $4.3B | $5.2B |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income | $981.1M | ($204.4M) | $1.6B | $806.5M |
| Adjustments to reconcile net income to net cash provided by operating activities | ($536.3M) | $220.3M | $528.7M | $74.1M |
| Net Cash Provided By Operating Activities | $444.8M | $15.9M | $2.1B | $880.6M |
| Proceeds from sales, maturities, calls, and prepayments of fixed maturity securities | $1.4B | $547.8M | $1.8B | $1.0B |
| Cost of fixed maturity securities purchased | ($1.5B) | ($819.5M) | ($2.7B) | ($1.5B) |
| Proceeds from sales of equity securities | $205.6M | $52.1M | $163.8M | $103.8M |
| Cost of equity securities purchased | ($226.9M) | ($80.1M) | ($290.4M) | ($200.3M) |
| Net change in short-term investments | ($274.2M) | $19.6M | $473.1M | $729.0M |
| Additions to property and equipment | ($91.6M) | ($47.3M) | ($143.8M) | ($91.4M) |
| Acquisitions, net of cash acquired | ($24.4M) | ($20.2M) | ($60.0M) | ($60.0M) |
| Other | ($11.0M) | ($791.0K) | $139.3M | $87.9M |
| Net Cash Provided (Used) By Investing Activities | ($545.5M) | ($348.2M) | ($635.9M) | $83.4M |
| Additions to senior long-term debt and other debt | $622.6M | $295.5M | $712.1M | $540.8M |
| Repayment of senior long-term debt and other debt | ($559.0M) | ($217.1M) | ($761.4M) | ($509.6M) |
| Repurchases of common stock | ($370.7M) | ($133.9M) | ($344.0M) | ($269.6M) |
| Dividends paid on preferred stock | $0 | — | ($18.0M) | ($18.0M) |
| Redemption of preferred stock | $0 | — | ($600.0M) | ($600.0M) |
| Purchase of noncontrolling interests | ($73.8M) | — | ($61.8M) | ($61.8M) |
| Other | ($40.7M) | ($24.0M) | ($25.5M) | ($9.5M) |
| Net Cash Used By Financing Activities | ($421.5M) | ($79.5M) | ($1.1B) | ($927.7M) |
| Effect of foreign currency rate changes on cash, cash equivalents, restricted cash, and restricted cash equivalents | ($13.0M) | ($10.2M) | $60.1M | $66.6M |
| Increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents | ($535.3M) | ($422.0M) | $424.7M | $102.8M |
| Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period | $4.6B | $4.6B | $4.2B | $4.2B |
| CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS AT END OF PERIOD | $4.1B | $4.2B | $4.6B | $4.3B |
MARKEL GROUP INC. score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.