FirmAtlas
Company handbook · MKL · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
MKL · CIK 1096343 · LATEST FILING: 10-Q JUN '26 · FILED JUL 29, 2026
MARKEL GROUP INC.
$1,850.13
+25.59 (+1.40%)
Close, Oct 16, 2026 · 52-week $1,704–2,208
Markel Group sells specialty insurance for unusual and hard-to-place risks (Markel Insurance), owns a group of businesses in other industries such as building products, equipment and services (Markel Ventures), and invests in stocks and bonds.
Business
- CustomersBusinesses and people with specialty risks, reached through insurance brokers and agents; the Ventures businesses each sell to their own markets
Last fiscal year
MARKEL GROUP INC. reported revenue of $15.5B for the year ended Dec 31, 2025 (FY25), up 4.7% from FY24. Net income was $2.1B. Source: 10-K filed Feb 26, 2026.
Market cap
$23.4B
P/E
10.2
P/B
1.2
Op. ROE
5.8%
Revenue 1Y
4.7%/yr
EPS 1Y
−15.1%/yr
Shares 1Y
−3%
Loading chart…
Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOThomas S. Gayner
HQGlen Allen, VA
AuditorKPMG LLP
Employees22,900
Year endsDecember
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
7.2%
7.0%
7.1%
−1.7%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the earnings went · FY24–FY25
$4.9B net income
Buybacks
$1.0B
20.6%
Retained
$3.9B
79.4%
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Gross premiums written
15,495
12,313−20.5%
—
Net premiums written
8,296
8,718+5.1%
—
Net premiums earned
8,432
8,716+3.4%
—
Net investment income
920
970+5.4%
—
Total revenue
14,814
15,513+4.7%
15,512
YoY
+4.7%
Policy acquisition costs
1,754
1,777+1.3%
—
Underwriting & admin expenses
1,223
1,356+10.9%
—
Pre-tax income
3,638
2,733−24.9%
—
Net income
2,747
2,107−23.3%
2,285
YoY
−23.3%
EPS (diluted, $)
199.32
169.22−15.1%
178.71
YoY
−15.1%
Balance sheet
Total assets
61,898
68,905+11.3%
71,263
Cash & short-term investments
4,192
4,603+9.8%
—
Investments
30,055
32,836+9.3%
—
Other assets
27,651
31,466+13.8%
—
Total liabilities
44,982
50,307+11.8%
52,258
Loss & LAE reserves
26,633
30,857+15.9%
—
Unearned premiums
7,064
7,253+2.7%
—
Other liabilities
11,285
12,197+8.1%
—
Shareholders’ equity
16,916
18,598+9.9%
19,006
Shares outstanding (M)
13
13−3.0%
—
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
2,594
2,761+6.4%
2,325
Net income
2,847
2,152−24.4%
—
Depreciation & amortization
342
348+1.6%
—
Working capital & other
(596)
261n/m
—
Cash from investing
(2,399)
(1,190)n/m
—
Capex
(255)
(207)n/m
—
Acquisitions
(208)
(106)n/m
—
Investments bought
(3,589)
(3,783)n/m
—
Investments sold / matured
2,069
2,378+14.9%
—
Other investing
(416)
528n/m
—
Cash from financing
(298)
(1,210)n/m
—
Debt raised
1,434
883−38.4%
—
Debt repaid
(897)
(912)n/m
—
Buybacks
(573)
(430)n/m
—
Other financing
(263)
(751)n/m
—
Net change in cash
(140)
411n/m
—
Free cash flow (OCF − capex)
2,339
2,554+9.2%
2,118
Where the earnings went
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
3,935
4,008
3,551
4,018
vs year-ago quarter
Operating income
1,010
795
(273)
1,560
Net income
751
577
(212)
1,169
vs year-ago quarter
Net margin
19.1%
14.4%
−6.0%
29.1%
EPS (diluted, $)
59.25
45.60
−18.90
92.76
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
67,392
68,905
68,602
71,263
Cash & equivalents
4,617
4,603
4,181
4,068
Total debt
4,285
4,304
4,383
4,368
Shareholders’ equity
18,041
18,598
18,132
19,006
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
1,218
662
16
429
Capex
52
63
47
44
Free cash flow
1,166
599
(31)
385
vs year-ago quarter