Markel (MKL) financial statements
Markel reported revenue of $15.5B in fiscal 2025, up 12.0% a year over 9 years.
Net income was $2.1B and the operating margin 20.6%, against 14.3% in 2016.
Free cash flow was $2.6B, and the company returned $430M in net buybacks.
The diluted share count fell 10% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Markel's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.6B | $6.1B | $6.8B | $9.5B | $9.7B | $12.8B | $11.7B | $14.3B | $14.8B | $15.5B |
| Operating income | $805M | $217M | $40M | $2.5B | $1.3B | $3.2B | -$93M | $2.9B | $3.7B | $3.2B |
| Interest expense | $130M | $132M | $154M | $172M | $178M | $184M | $196M | $185M | $204M | $206M |
| Pre-tax income | $630M | $87M | -$8M | $2.3B | $1.0B | $3.1B | -$152M | $2.7B | $3.6B | $2.7B |
| Income tax | $169M | -$313M | $122M | $486M | $169M | $684M | -$48M | $553M | $790M | $580M |
| Net income | $456M | $395M | -$128M | $1.8B | $816M | $2.4B | -$216M | $2.0B | $2.7B | $2.1B |
| EPS (diluted) | $31.27 | $25.81 | -$9.55 | $129.07 | $55.63 | $176.38 | -$23.72 | $146.98 | $199.32 | $169.22 |
| Diluted shares | 14M | 14M | 14M | 14M | 14M | 14M | 14M | 13M | 13M | 13M |
| Operating margin | 14.3% | 3.6% | 0.6% | 26.0% | 13.1% | 25.2% | -0.8% | 20.5% | 25.1% | 20.6% |
| Net margin | 8.1% | 6.5% | -1.9% | 18.8% | 8.4% | 18.9% | -1.9% | 14.0% | 18.5% | 13.6% |
Balance sheet
Fiscal years, from Markel's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.7B | $2.2B | $2.0B | $3.1B | $4.3B | $4.0B | $4.1B | $3.7B | $3.7B | $4.0B |
| Inventory | — | — | $299M | $303M | $413M | $529M | $640M | $617M | $731M | $703M |
| Property, plant and equipment | $412M | $502M | $552M | $589M | $632M | $1.1B | $1.2B | $1.3B | $1.4B | $1.5B |
| Goodwill | $1.1B | $1.8B | $2.2B | $2.3B | $2.6B | $2.9B | $2.6B | $2.6B | $2.7B | $2.8B |
| Total assets | $25.9B | $32.8B | $33.3B | $37.5B | $41.7B | $48.5B | $49.8B | $55.0B | $61.9B | $68.9B |
| Total liabilities | $17.3B | $23.1B | $24.0B | $26.2B | $28.6B | $33.3B | $36.1B | $39.5B | $44.4B | $49.8B |
| Shareholders' equity | $8.5B | $9.5B | $9.1B | $11.1B | $12.8B | $14.7B | $13.2B | $15.0B | $16.9B | $18.6B |
| Net debt | -$1.7B | -$2.2B | -$2.0B | -$3.1B | -$4.3B | -$4.0B | -$4.1B | -$3.7B | -$3.7B | -$4.0B |
Cash flow
Fiscal years, from Markel's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $535M | $859M | $893M | $1.3B | $1.7B | $2.3B | $2.7B | $2.8B | $2.6B | $2.8B |
| Capital spending | $64M | $75M | $107M | $123M | $101M | $145M | $255M | $259M | $255M | $207M |
| Free cash flow | $471M | $784M | $786M | $1.2B | $1.6B | $2.1B | $2.5B | $2.5B | $2.3B | $2.6B |
| Share buybacks (net) | -$51M | -$111M | -$54M | -$116M | -$27M | -$207M | -$291M | -$445M | -$573M | -$430M |
| Net borrowing | $559M | $405M | -$82M | $542M | -$53M | $712M | -$221M | -$325M | $537M | -$29M |
| Free cash flow margin | 8.4% | 12.9% | 11.5% | 12.1% | 16.8% | 16.6% | 21.0% | 17.7% | 15.8% | 16.5% |
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Open MKL in InvestinglyQuestions
What was Markel's revenue in 2025?
$15.5B in fiscal 2025, from its 10-K filing.
How much free cash flow does Markel generate?
$2.6B in fiscal 2025 (operating cash flow minus capital spending).
From Markel's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.