W. R. Berkley (WRB) financial statements
W. R. Berkley reported revenue of $14.7B in fiscal 2025, up 7.5% a year over 9 years.
Net income was $1.8B and the operating margin 15.5%, against 11.7% in 2016.
The diluted share count fell 8% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from W. R. Berkley's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.7B | $7.7B | $7.7B | $7.9B | $8.1B | $9.5B | $11.2B | $12.1B | $13.6B | $14.7B |
| Operating income | $896M | $773M | $812M | $853M | $705M | $1.3B | $1.7B | $1.8B | $2.3B | $2.3B |
| Interest expense | $141M | $147M | $157M | $153M | $151M | $147M | $130M | $127M | $127M | $127M |
| Pre-tax income | $896M | $773M | $812M | $853M | $705M | $1.3B | $1.7B | $1.8B | $2.3B | $2.3B |
| Income tax | $293M | $219M | $163M | $169M | $172M | $252M | $335M | $371M | $510M | $496M |
| Net income | $602M | $549M | $641M | $682M | $531M | $1.0B | $1.4B | $1.4B | $1.8B | $1.8B |
| EPS (diluted) | $1.39 | $1.26 | $1.48 | $1.56 | $1.25 | $2.44 | $3.29 | $3.37 | $4.36 | $4.45 |
| Diluted shares | 434M | 435M | 433M | 435M | 425M | 420M | 419M | 410M | 403M | 400M |
| Operating margin | 11.7% | 10.1% | 10.6% | 10.8% | 8.7% | 13.6% | 15.4% | 14.4% | 16.6% | 15.5% |
| Net margin | 7.9% | 7.1% | 8.3% | 8.6% | 6.6% | 10.8% | 12.4% | 11.4% | 12.9% | 12.1% |
Balance sheet
Fiscal years, from W. R. Berkley's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $795M | $950M | $818M | $1.0B | $2.4B | $1.6B | $1.4B | $1.4B | $2.0B | $2.5B |
| Property, plant and equipment | $349M | $423M | $416M | $422M | $406M | $420M | $423M | $427M | $479M | $596M |
| Goodwill | $145M | $179M | $173M | $170M | $170M | $170M | $186M | $175M | $184M | $184M |
| Total assets | $23.4B | $24.3B | $24.9B | $26.7B | $28.6B | $32.1B | $33.9B | $37.2B | $40.6B | $43.9B |
| Total liabilities | $18.3B | $18.8B | $19.4B | $20.5B | $22.3B | $25.4B | $27.1B | $29.7B | $32.2B | $34.2B |
| Shareholders' equity | $5.0B | $5.4B | $5.4B | $6.1B | $6.3B | $6.7B | $6.7B | $7.5B | $8.4B | $9.7B |
| Net debt | -$795M | -$950M | -$818M | -$1.0B | -$2.4B | -$1.6B | -$1.4B | -$1.4B | -$2.0B | -$2.5B |
Cash flow
Fiscal years, from W. R. Berkley's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $848M | $711M | $620M | $1.1B | $1.6B | $2.2B | $2.6B | $2.9B | $3.7B | $3.6B |
| Capital spending | $51M | $116M | $50M | $60M | — | — | — | — | — | — |
| Free cash flow | $798M | $595M | $570M | $1.1B | — | — | — | — | — | — |
| Stock-based compensation | $37M | $40M | $37M | $49M | $50M | $47M | $49M | $51M | $54M | $55M |
| Dividends paid | $184M | $188M | $255M | $308M | $84M | $356M | $235M | $501M | $532M | $700M |
| Share buybacks (net) | -$132M | -$48M | -$25M | -$18M | -$346M | -$122M | -$94M | -$537M | -$304M | -$270M |
| Net borrowing | $389M | $7M | $290M | -$165M | $89M | $529M | -$3M | $6,000 | $3M | -$2M |
| Free cash flow margin | 10.4% | 7.7% | 7.4% | 13.7% | — | — | — | — | — | — |
| Dividends per share | $0.42 | $0.43 | $0.59 | $0.71 | $0.20 | $0.85 | $0.56 | $1.22 | $1.32 | $1.75 |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for WRB.
Open WRB in InvestinglyQuestions
What was W. R. Berkley's revenue in 2025?
$14.7B in fiscal 2025, from its 10-K filing.
From W. R. Berkley's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.