Markel Group Inc.
Financial Performance
Markel Revenue & Financials
Revenue
$15.5B (FY2025)
Market Cap
$21.4B
Net Income
$2.1B
Employees
22,900
What is Markel's revenue?
Markel had $15.5B in revenue for fiscal year 2025, up 4.7% from 2024. Net income was $2.1B.
- Latest revenue
- $15.5B (FY2025)
- Year-over-year
- +4.7%
- Growth rate (CAGR)
- 12% over 9 years
- Peak revenue
- $15.5B (FY2025)
- Years of data
- 10
- Employees
- 22,900
Financial Analysis
Markel reported FY2025 operating revenues of $15.513 billion (up 4.7% from $14.814 billion in 2024), operating income of $3.195 billion, adjusted operating income of $2.304 billion and net income to shareholders of $2.107 billion. Markel Insurance ran a 94.6% combined ratio for the year, and the public equity portfolio returned 10.5% to end 2025 at about $13 billion. In the first half of 2026, operating revenues held flat at $7.57 billion, adjusted operating income was $934 million versus $1.06 billion a year earlier, and share repurchases totaled $371 million. Shares outstanding were about 12.6 million at the end of 2025.
Revenue Trend Analysis
YoY Change
+4.7%
9-Year CAGR
+12%
Peak Year
2025
Trend
Consistent Growth
Markel Group Inc. has 10 full fiscal year figures on this page, compounding at +12% annually over 9 years. The most recent year saw a 4.7% increase versus the prior year. Annual revenue peaked in fiscal year 2025 at $15.5B. Of 9 comparable year-over-year steps, 8 showed growth and 1 showed a decline.
Annual revenue history
Click any row to see year details.
Markel Group Inc. balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row. Free cash flow here is operating cash flow less capital expenditures, calculated by CorpDigest. In some years total assets exceed liabilities plus shareholders' equity because the company reported redeemable preferred stock or non-controlling interests outside both.
| Fiscal Year | Operating cash flow | Capital expenditures | Total assets | Total liabilities | Shareholders' equity | Free cash flow | Source |
|---|---|---|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | $2.8B | $206.9M | $68.9B | $49.8B | $18.6B | $2.6B | Form 10-K |
| FY2024ended Dec 31, 2024 | $2.6B | $255M | $61.9B | $44.4B | $16.9B | $2.3B | Form 10-K |
| FY2023ended Dec 31, 2023 | $2.8B | $258.6M | $55B | $39.5B | $15B | $2.5B | Form 10-K |
| FY2022ended Dec 31, 2022 | $2.7B | $254.7M | $49.8B | $36.1B | $13.2B | $2.5B | Form 10-K |
| FY2021ended Dec 31, 2021 | $2.3B | $145.2M | $48.5B | $33.3B | $14.7B | $2.1B | Form 10-K |
| FY2020ended Dec 31, 2020 | $1.7B | $101.3M | $41.7B | $28.6B | $12.8B | $1.6B | Form 10-K |
| FY2019ended Dec 31, 2019 | $1.3B | $123.4M | $37.5B | $26.2B | $11.1B | $1.2B | Form 10-K |
| FY2018ended Dec 31, 2018 | $892.9M | $106.6M | $33.3B | $24B | $9.1B | $786.3M | Form 10-K |
| FY2017ended Dec 31, 2017 | $858.5M | $74.7M | $32.8B | $23.1B | $9.5B | $783.9M | Form 10-K |
| FY2016ended Dec 31, 2016 | $534.6M | $63.7M | $25.9B | $17.3B | $8.5B | $470.9M | Form 10-K |
Keep researching Markel
Markel Revenue and Financial FAQ
What is Markel Group's annual revenue and operating earnings scale?
Markel Group Inc. reported revenue of $15.5 billion for fiscal year 2025, up from $14.8 billion in fiscal 2024.
What combined ratio has Markel Insurance reported recently?
Markel Insurance reported a 94.6% combined ratio for 2025 and 93% in Q2 2026. A ratio below 100% means underwriting is profitable before investment income.
Why does Markel not pay a regular cash dividend to shareholders?
Markel does not pay a regular common dividend. Like Berkshire Hathaway, it retains earnings to reinvest in its insurance operations, equity portfolio, owned businesses and share repurchases.
What is Markel's share repurchase track record?
Markel repurchased $429.5 million of stock in 2025 and $371 million in the first half of 2026, reducing shares outstanding to about 12.5 million.
Did Markel lose money in 2026?
Markel reported a net loss of about $212 million in Q1 2026, mainly because its equity portfolio lost value, compared with net income of about $122 million a year earlier. Operating results stayed positive, with Q1 adjusted operating income of $498 million.
Why is Markel called the Baby Berkshire?
Wall Street famously refers to Markel as "Baby Berkshire" because they flawlessly execute Warren Buffett's exact playbook. Instead of just buying safe, low-yield government bonds with their insurance float (like normal insurers), Markel's legendary Chief Investment Officer (Tom Gayner) used the cash to aggressively buy massive equity stakes in high-growth companies. This strategy allowed Markel to compound its massive book value for decades.
Cite or embed this data
Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Markel Revenue & Financials." CorpDigest, https://corpdigest.com/company/markel/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Markel reported $15.5B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/markel/financials" target="_blank" rel="noopener">CorpDigest — Markel financials</a></div>Related Financial Audits
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