MKL financial statements

The full income statement, balance sheet, and cash-flow statement for Markel Group Inc. (MKL), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2024-06 12.9M2024-09 12.9M2024-12 12.8M2025-03 12.7M2025-06 12.7M2025-09 12.6M2025-12 12.6M2026-03 12.5M2026-06 12.4M-4.3% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	15.5B YoY+4.7%	14.8B YoY+3.7%	14.3B YoY+22.3%	11.7B YoY-9.1%	12.8B YoY+32.0%
Amortization of intangibles	185M YoY+1.9%	181M YoY+0.5%	181M YoY+1.0%	179M YoY+11.4%	161M YoY+0.8%
Operating income	3.19B YoY-13.9%	3.71B YoY+26.8%	2.93B YoY+3237.9%	-93.3M YoY-102.9%	3.24B YoY+154.5%
Interest expense	206M YoY+0.8%	204M YoY+10.4%	185M YoY-5.6%	196M YoY+6.8%	184M YoY+3.4%
Equity-method income	70.4M YoY+19.9%	58.7M YoY+2895.2%	-2.10M YoY+90.8%	-22.9M YoY-252.7%	15.0M YoY+541.2%
Gain (loss) on equity securities	1.08B YoY-40.1%	1.80B YoY+15.1%	1.57B YoY+200.7%	-1.55B YoY-180.1%	1.94B YoY+221.7%
Pre-tax income	2.73B YoY-24.9%	3.64B YoY+37.1%	2.65B YoY+1850.9%	-152M YoY-104.8%	3.13B YoY+212.8%
Income tax	580M YoY-26.6%	790M YoY+43.0%	553M YoY+1246.3%	-48.2M YoY-107.0%	684M YoY+305.5%
	2.11B YoY-23.3%	2.75B YoY+37.6%	2.00B YoY+1022.9%	-216M YoY-108.9%	2.42B YoY+196.9%
Net income to non-controlling interest	45.4M YoY-54.8%	100M YoY-4.4%	105M YoY-7.0%	113M YoY+396.7%	22.7M YoY+44.4%
Preferred dividends	18.0M YoY-50.0%	36.0M YoY+0.0%	36.0M YoY+0.0%	36.0M YoY+0.0%	36.0M YoY+95.7%
Net income to common	2.08B YoY-23.2%	2.71B YoY+38.3%	1.96B YoY+876.9%	-252M YoY-110.6%	2.39B YoY+199.3%
	$169.22 YoY-15.1%	$199.32 YoY+35.6%	$146.98 YoY+719.6%	-$23.72 YoY-113.4%	$176.38 YoY+217.1%
EPS (basic)	$169.74 YoY-15.0%	$199.69 YoY+35.5%	$147.32 YoY+721.1%	-$23.72 YoY-113.4%	$176.79 YoY+217.6%
	12.6M YoY-3.1%	13.0M YoY-2.5%	13.3M YoY-1.7%	13.6M YoY-1.4%	13.8M YoY-0.3%
	12.6M YoY-3.0%	13.0M YoY-2.5%	13.4M YoY-1.5%	13.6M YoY-1.6%	13.8M YoY-0.2%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Cash & equivalents	3.96B YoY+7.4%	3.69B YoY-1.5%	3.75B YoY-9.4%	4.14B YoY+4.0%	3.98B YoY-8.4%
Inventory	703M YoY-3.8%	731M YoY+18.5%	617M YoY-3.5%	640M YoY+20.8%	529M YoY+28.3%
	68.9B YoY+11.3%	61.9B YoY+12.4%	55.0B YoY+10.6%	49.8B YoY+2.7%	48.5B YoY+16.2%
Property, plant & equipment	1.50B YoY+7.1%	1.40B YoY+7.7%	1.30B YoY+8.3%	1.20B YoY+9.1%	1.10B YoY+74.1%
Operating lease right-of-use	658M YoY-3.4%	681M YoY+8.4%	629M YoY+19.4%	527M YoY-1.3%	534M
Goodwill	2.82B YoY+3.2%	2.74B YoY+4.2%	2.62B YoY-0.5%	2.64B YoY-9.0%	2.90B YoY+11.3%
Intangible assets	1.54B YoY+5.7%	1.46B YoY-8.1%	1.59B YoY-9.1%	1.75B YoY-4.1%	1.82B YoY+2.2%
	49.8B YoY+12.1%	44.4B YoY+12.4%	39.5B YoY+9.6%	36.1B YoY+8.4%	33.3B YoY+16.1%
Long-term debt	4.30B YoY-0.6%	4.33B YoY+14.6%	3.78B YoY-7.9%	4.10B YoY-5.9%	4.36B YoY+25.2%
Operating lease liability (total)	710M YoY-1.9%	724M YoY+10.1%	657M YoY+18.5%	554M YoY-3.0%	571M
	18.6B YoY+9.9%	16.9B YoY+12.9%	15.0B YoY+13.9%	13.2B YoY-10.6%	14.7B YoY+15.0%
Preferred stock	0.00 YoY-100.0%	592M YoY+0.0%	592M YoY+0.0%	592M YoY+0.0%	592M YoY+0.0%
Common stock	3.67B YoY+3.1%	3.56B YoY+1.2%	3.52B YoY+0.7%	3.49B YoY+1.5%	3.44B YoY+0.4%
Retained earnings	15.0B YoY+12.4%	13.4B YoY+17.9%	11.4B YoY+15.5%	9.83B YoY-5.9%	10.4B YoY+27.5%
Accumulated other comprehensive income	-109M YoY+82.3%	-617M YoY-29.0%	-478M YoY+37.7%	-767M YoY-423.0%	238M YoY-59.3%
Non-controlling interest	-1.63M YoY-112.5%	13.0M YoY-82.0%	72.3M YoY+15.1%	62.8M YoY+174.7%	22.9M YoY+53.5%
Total equity incl. non-controlling	18.6B YoY+9.8%	16.9B YoY+12.4%	15.1B YoY+13.9%	13.2B YoY-10.4%	14.7B YoY+15.0%
Total liabilities & equity	68.9B YoY+11.3%	61.9B YoY+12.4%	55.0B YoY+10.6%	49.8B YoY+2.7%	48.5B YoY+16.2%
	12.6M YoY-1.5%	12.8M YoY-2.6%	13.1M YoY-2.2%	13.4M YoY-1.5%	13.6M YoY-1.3%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	2.76B YoY+6.4%	2.59B YoY-6.9%	2.79B YoY+2.9%	2.71B YoY+19.1%	2.27B YoY+30.9%
Depreciation & amortization	348M YoY+1.6%	342M YoY+7.1%	320M YoY+3.3%	309M YoY-8.0%	336M YoY+9.5%
Intangible amortization	185M YoY+1.9%	181M YoY+0.5%	181M YoY+1.0%	179M YoY+11.4%	161M YoY+0.8%
Deferred income taxes	151M YoY-61.7%	395M YoY+68.8%	234M YoY+182.8%	-282M YoY-162.3%	453M YoY+16690.1%
	-1.19B YoY+50.4%	-2.40B YoY+11.3%	-2.70B YoY-61.9%	-1.67B YoY+43.1%	-2.94B YoY-474.1%
Capital expenditure	207M YoY-18.9%	255M YoY-1.4%	259M YoY+1.5%	255M YoY+75.4%	145M YoY+43.4%
Free cash flow	2.55B YoY+9.2%	2.34B YoY-7.5%	2.53B YoY+3.0%	2.45B YoY+15.3%	2.13B YoY+30.1%
Acquisitions	106M YoY-48.9%	208M YoY+5696.7%	3.58M YoY-95.5%	79.0M YoY-84.7%	517M YoY-6.6%
Purchases of investments	—	—	—	—	3.42B YoY+158.7%
Sales/maturities of investments	—	—	—	—	225M YoY-85.8%
Other investing activities	-134M YoY-315.2%	-32.2M YoY+50.0%	-64.4M YoY-127.1%	-28.3M YoY-74.9%	-16.2M YoY-122.2%
	-1.21B YoY-306.2%	-298M YoY+70.2%	-1000M YoY-67.9%	-595M YoY-261.0%	370M YoY-14.9%
Long-term debt issued	883M YoY-38.4%	1.43B YoY+129.5%	625M YoY-39.6%	1.03B YoY-13.7%	1.20B YoY+437.0%
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00
Common stock issued	0.00	0.00	0.00	0.00	0.00
Common stock repurchased	430M YoY-25.0%	573M YoY+28.6%	445M YoY+53.2%	291M YoY+40.8%	207M YoY+669.7%
Dividends paid	0.00	0.00	0.00	0.00	0.00
Other financing activities	-9.88M YoY-11.2%	-8.89M YoY+27.3%	-12.2M YoY+62.2%	-32.3M YoY+23.7%	-42.4M YoY+28.6%
FX effect on cash	49.8M YoY+233.4%	-37.3M YoY-237.9%	27.0M YoY+126.2%	-103M YoY-147.7%	-41.7M YoY-174.7%
Net change in cash	411M YoY+394.1%	-140M YoY+84.3%	-889M YoY-361.2%	341M YoY+201.4%	-336M YoY-119.6%
Interest paid	204M YoY+3.3%	197M YoY+5.1%	188M YoY-4.8%	197M YoY+10.5%	179M YoY+0.2%
Income taxes paid	—	383M YoY+36.3%	281M YoY+11.6%	252M YoY+22.7%	205M YoY-15.2%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	27.0B YoY+22.6%	22.0B YoY+17.4%	18.8B YoY+5.9%	17.7B YoY+5.5%	16.8B YoY+17.9%
P/E	12.8× YoY+59.9%	8.0× YoY-18.0%	9.8×	—	6.9× YoY-60.3%
P/S	1.7× YoY+17.1%	1.5× YoY+21.9%	1.2× YoY-22.7%	1.6× YoY+20.8%	1.3× YoY-10.7%
P/B	1.5× YoY+11.5%	1.3× YoY-2.8%	1.3× YoY-7.0%	1.4× YoY+26.3%	1.1× YoY+2.5%
P/FCF	10.6× YoY+12.3%	9.4× YoY+30.2%	7.2× YoY-7.8%	7.8× YoY-0.5%	7.9× YoY-9.4%
	7.8% YoY-37.5%	12.5% YoY+21.9%	10.2%	—	14.4% YoY+151.9%
	9.4% YoY-10.9%	10.6% YoY-23.2%	13.8% YoY+8.4%	12.7% YoY+0.5%	12.7% YoY+10.4%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: MKL's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all MKL filings on SEC EDGAR → Not investment advice.