What is Markel Corporation's earnings per share (EPS)?

Markel Corporation (MKL) reported diluted earnings per share of $169.22 for fiscal year 2025. This represents a -15.1% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Markel Corporation Financials

MKL

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Markel Corporation (MKL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 62/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Markel Corporation has an operating margin of 20.6%, meaning the company retains $21 of operating profit per $100 of revenue. This strong profitability earns a score of 68/100, reflecting efficient cost management and pricing power. This is down from 25.1% the prior year.

Growth

Markel Corporation's revenue grew a modest 4.7% year-over-year to $15.5B. This slow but positive growth earns a score of 41/100.

Leverage

Markel Corporation carries a low D/E ratio of 0.23, meaning only $0.23 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 97/100, indicating a strong balance sheet with room for future borrowing.

Cash Flow

Markel Corporation converts 16.5% of revenue into free cash flow ($2.6B). This strong cash generation earns a score of 66/100.

Returns

Markel Corporation's ROE of 11.3% shows moderate profitability relative to equity, earning a score of 36/100. This is down from 16.2% the prior year.

Piotroski F-Score Neutral

5/9

Markel Corporation passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, all 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

1.31x

For every $1 of reported earnings, Markel Corporation generates $1.31 in operating cash flow ($2.8B OCF vs $2.1B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe

15.5x

Markel Corporation earns $15.5 in operating income for every $1 of interest expense ($3.2B vs $205.9M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue

$15.5B

YoY+4.7%

5Y CAGR+9.8%

10Y CAGR+11.2%

Markel Corporation generated $15.5B in revenue in fiscal year 2025. This represents an increase of 4.7% from the prior year.

EBITDA

$3.5B

YoY-12.6%

5Y CAGR+17.5%

10Y CAGR+12.8%

Markel Corporation's EBITDA was $3.5B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 12.6% from the prior year.

Net Income

$2.1B

YoY-23.3%

5Y CAGR+20.9%

10Y CAGR+13.7%

Markel Corporation reported $2.1B in net income in fiscal year 2025. This represents a decrease of 23.3% from the prior year.

EPS (Diluted)

$169.22

YoY-15.1%

5Y CAGR+24.9%

10Y CAGR+15.0%

Markel Corporation earned $169.22 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 15.1% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$2.6B

YoY+9.2%

5Y CAGR+9.3%

10Y CAGR+16.2%

Markel Corporation generated $2.6B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 9.2% from the prior year.

Cash & Debt

$4.0B

YoY+7.4%

5Y CAGR-1.8%

10Y CAGR+4.2%

Markel Corporation held $4.0B in cash against $4.3B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

13M

YoY-1.5%

5Y CAGR-1.8%

10Y CAGR-1.0%

Markel Corporation had 13M shares outstanding in fiscal year 2025. This represents a decrease of 1.5% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

20.6%

YoY-4.5pp

5Y CAGR+7.5pp

10Y CAGR+4.6pp

Markel Corporation's operating margin was 20.6% in fiscal year 2025, reflecting core business profitability. This is down 4.5 percentage points from the prior year.

Net Margin

13.6%

YoY-5.0pp

5Y CAGR+5.2pp

10Y CAGR+2.7pp

Markel Corporation's net profit margin was 13.6% in fiscal year 2025, showing the share of revenue converted to profit. This is down 5.0 percentage points from the prior year.

Return on Equity

11.3%

YoY-4.9pp

5Y CAGR+5.0pp

10Y CAGR+3.9pp

Markel Corporation's ROE was 11.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 4.9 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$429.5M

YoY-25.0%

5Y CAGR+74.1%

10Y CAGR+29.9%

Markel Corporation spent $429.5M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 25.0% from the prior year.

Capital Expenditures

$206.9M

YoY-18.9%

5Y CAGR+15.4%

10Y CAGR+10.0%

Markel Corporation invested $206.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 18.9% from the prior year.

MKL Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$15.5B+4.7%	$14.8B+3.7%	$14.3B+22.3%	$11.7B-9.1%	$12.8B+32.0%	$9.7B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	$3.2B-13.9%	$3.7B+26.8%	$2.9B+3237.9%	-$93.3M-102.9%	$3.2B+154.5%	$1.3B
Interest Expense	$205.9M+0.8%	$204.3M+10.4%	$185.1M-5.6%	$196.1M+6.8%	$183.6M+3.4%	$177.6M
Income Tax	$580.3M-26.6%	$790.3M+43.0%	$552.6M+1246.3%	-$48.2M-107.0%	$684.0M+305.5%	$168.7M
Net Income	$2.1B-23.3%	$2.7B+37.6%	$2.0B+1022.9%	-$216.3M-108.9%	$2.4B+196.9%	$816.0M
EPS (Diluted)	$169.22-15.1%	$199.32+35.6%	$146.98+719.6%	$-23.72-113.4%	$176.38+217.1%	$55.63

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$3.6B-9.1%	$3.9B-14.5%	$4.6B+35.4%	$3.4B+15.2%	$3.0B-20.1%	$3.7B-0.2%	$3.7B-17.1%	$4.5B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	$795.1M-21.3%	$1.0B-8.8%	$1.1B+291.9%	$282.5M-52.6%	$595.5M-56.6%	$1.4B+234.5%	$410.0M-69.3%	$1.3B
Interest Expense	$50.0M-1.3%	$50.7M-4.5%	$53.1M+1.8%	$52.1M-1.2%	$52.8M-1.1%	$53.4M+1.5%	$52.6M+15.5%	$45.5M
Income Tax	$152.1M-29.2%	$214.7M+15.9%	$185.2M+551.9%	$28.4M-82.5%	$162.1M-37.5%	$259.4M+240.2%	$76.2M-73.9%	$292.6M
Net Income	$576.8M-23.2%	$751.3M+14.3%	$657.1M+439.9%	$121.7M-77.8%	$549.2M-39.3%	$905.0M+238.0%	$267.7M-73.9%	$1.0B
EPS (Diluted)	N/A	$59.25+19.3%	$49.67+311.2%	$12.08	N/A	$66.25+255.8%	$18.62-75.3%	$75.43

MKL Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$68.9B+11.3%	$61.9B+12.4%	$55.0B+10.6%	$49.8B+2.7%	$48.5B+16.2%	$41.7B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$4.0B+7.4%	$3.7B-1.5%	$3.7B-9.4%	$4.1B+4.0%	$4.0B-8.4%	$4.3B
Inventory	$703.4M-3.8%	$731.1M+18.5%	$617.2M-3.5%	$639.6M+20.8%	$529.3M+28.3%	$412.6M
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$2.8B+3.2%	$2.7B+4.2%	$2.6B-0.5%	$2.6B-9.0%	$2.9B+11.3%	$2.6B
Total Liabilities	$49.8B+12.1%	$44.4B+12.4%	$39.5B+9.6%	$36.1B+8.4%	$33.3B+16.1%	$28.6B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$4.3B-0.6%	$4.3B+14.6%	$3.8B-7.9%	$4.1B-5.9%	$4.4B+25.2%	$3.5B
Total Equity	$18.6B+9.9%	$16.9B+12.9%	$15.0B+13.9%	$13.2B-10.6%	$14.7B+15.0%	$12.8B
Retained Earnings	$15.0B+12.4%	$13.4B+17.9%	$11.4B+15.5%	$9.8B-5.9%	$10.4B+27.5%	$8.2B

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$68.9B+2.2%	$67.4B+0.9%	$66.8B+3.4%	$64.6B+4.4%	$61.9B-0.6%	$62.3B+4.3%	$59.7B+4.2%	$57.3B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$4.0B-2.1%	$4.0B+8.8%	$3.7B-11.3%	$4.2B+13.6%	$3.7B-4.7%	$3.9B+10.3%	$3.5B-3.2%	$3.6B
Inventory	$703.4M	N/A	N/A	N/A	$731.1M	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$2.8B0.0%	$2.8B-0.2%	$2.8B+2.0%	$2.8B+1.3%	$2.7B-0.1%	$2.7B+0.1%	$2.7B+4.3%	$2.6B
Total Liabilities	$49.8B+2.1%	$48.8B-0.3%	$48.9B+4.4%	$46.9B+5.5%	$44.4B-0.4%	$44.6B+3.1%	$43.3B+5.7%	$41.0B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$4.3B+0.4%	$4.3B-1.8%	$4.4B-0.6%	$4.4B+1.4%	$4.3B-0.6%	$4.4B-1.0%	$4.4B+14.1%	$3.9B
Total Equity	$18.6B+3.1%	$18.0B+4.2%	$17.3B+1.0%	$17.1B+1.4%	$16.9B-0.6%	$17.0B+7.3%	$15.9B+0.8%	$15.7B
Retained Earnings	$15.0B+3.6%	$14.5B+4.9%	$13.8B+3.6%	$13.4B-0.1%	$13.4B+2.4%	$13.1B+5.9%	$12.3B+1.2%	$12.2B

MKL Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$2.8B+6.4%	$2.6B-6.9%	$2.8B+2.9%	$2.7B+19.1%	$2.3B+30.9%	$1.7B
Capital Expenditures	$206.9M-18.9%	$255.0M-1.4%	$258.6M+1.5%	$254.7M+75.4%	$145.2M+43.4%	$101.3M
Free Cash Flow	$2.6B+9.2%	$2.3B-7.5%	$2.5B+3.0%	$2.5B+15.3%	$2.1B+30.1%	$1.6B
Investing Cash Flow	-$1.2B+50.4%	-$2.4B+11.3%	-$2.7B-61.9%	-$1.7B+43.1%	-$2.9B-474.1%	-$511.7M
Financing Cash Flow	-$1.2B-306.2%	-$297.9M+70.2%	-$999.7M-67.9%	-$595.3M-261.0%	$369.8M-14.9%	$434.6M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$429.5M-25.0%	$572.7M+28.6%	$445.5M+53.2%	$290.8M+40.8%	$206.5M+669.7%	$26.8M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$662.2M-45.7%	$1.2B+141.6%	$504.4M+34.1%	$376.2M-23.8%	$493.9M-44.5%	$890.8M+53.9%	$578.6M-8.3%	$630.7M
Capital Expenditures	$63.1M+20.4%	$52.4M+3.5%	$50.6M+24.4%	$40.7M-44.9%	$74.0M+42.5%	$51.9M-9.3%	$57.2M-20.5%	$72.0M
Free Cash Flow	$599.1M-48.6%	$1.2B+157.0%	$453.8M+35.3%	$335.5M-20.1%	$420.0M-49.9%	$838.9M+60.9%	$521.4M-6.7%	$558.7M
Investing Cash Flow	-$554.0M+23.0%	-$719.3M-557.4%	-$109.4M-156.7%	$192.8M+137.5%	-$514.3M-57.7%	-$326.1M+67.2%	-$994.1M-76.2%	-$564.2M
Financing Cash Flow	-$111.5M+34.7%	-$170.8M+79.2%	-$822.0M-676.9%	-$105.8M+70.9%	-$363.6M-91.9%	-$189.5M-152.9%	$357.9M+448.4%	-$102.7M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$85.5M+14.9%	$74.4M-25.1%	$99.4M-41.7%	$170.3M-7.3%	$183.6M+42.5%	$128.9M+29.8%	$99.3M-38.3%	$160.9M

MKL Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	20.6%-4.5pp	25.1%+4.5pp	20.5%+21.3pp	-0.8%-26.0pp	25.2%+12.1pp	13.1%
Net Margin	13.6%-5.0pp	18.5%+4.6pp	14.0%+15.8pp	-1.8%-20.7pp	18.9%+10.5pp	8.4%
Return on Equity	11.3%-4.9pp	16.2%+2.9pp	13.3%+15.0pp	-1.6%-18.1pp	16.5%+10.1pp	6.4%
Return on Assets	3.1%-1.4pp	4.4%+0.8pp	3.6%+4.1pp	-0.4%-5.4pp	5.0%+3.0pp	2.0%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.23-0.0	0.260.0	0.25-0.1	0.31+0.0	0.30+0.0	0.27
FCF Margin	16.5%+0.7pp	15.8%-1.9pp	17.7%-3.3pp	21.0%+4.5pp	16.6%-0.2pp	16.8%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	22.2%-3.4pp	25.7%+1.6pp	24.1%+15.8pp	8.3%-11.9pp	20.2%-17.0pp	37.1%+26.1pp	11.1%-18.8pp	29.9%
Net Margin	16.1%-3.0pp	19.1%+4.8pp	14.3%+10.7pp	3.6%-15.0pp	18.6%-5.9pp	24.5%+17.3pp	7.2%-15.7pp	22.9%
Return on Equity	3.1%-1.1pp	4.2%+0.4pp	3.8%+3.1pp	0.7%-2.5pp	3.3%-2.1pp	5.3%+3.6pp	1.7%-4.8pp	6.5%
Return on Assets	0.8%-0.3pp	1.1%+0.1pp	1.0%+0.8pp	0.2%-0.7pp	0.9%-0.6pp	1.5%+1.0pp	0.4%-1.3pp	1.8%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.230.0	0.24-0.0	0.250.0	0.260.0	0.260.0	0.26-0.0	0.28+0.0	0.25
FCF Margin	16.8%-12.9pp	29.6%+19.8pp	9.9%-0.0pp	9.9%-4.4pp	14.2%-8.5pp	22.7%+8.6pp	14.1%+1.6pp	12.5%

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Frequently Asked Questions

What is Markel Corporation's annual revenue?

Markel Corporation (MKL) reported $15.5B in total revenue for fiscal year 2025. This represents a 4.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Markel Corporation's revenue growing?

Markel Corporation (MKL) revenue grew by 4.7% year-over-year, from $14.8B to $15.5B in fiscal year 2025.

Is Markel Corporation profitable?

Yes, Markel Corporation (MKL) reported a net income of $2.1B in fiscal year 2025, with a net profit margin of 13.6%.

What is Markel Corporation's EBITDA?

Markel Corporation (MKL) had EBITDA of $3.5B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Markel Corporation have?

As of fiscal year 2025, Markel Corporation (MKL) had $4.0B in cash and equivalents against $4.3B in long-term debt.

What is Markel Corporation's operating margin?

Markel Corporation (MKL) had an operating margin of 20.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Markel Corporation's net profit margin?

Markel Corporation (MKL) had a net profit margin of 13.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Markel Corporation's return on equity (ROE)?

Markel Corporation (MKL) has a return on equity of 11.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Markel Corporation's free cash flow?

Markel Corporation (MKL) generated $2.6B in free cash flow during fiscal year 2025. This represents a 9.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Markel Corporation's operating cash flow?

Markel Corporation (MKL) generated $2.8B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Markel Corporation's total assets?

Markel Corporation (MKL) had $68.9B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Markel Corporation's capital expenditures?

Markel Corporation (MKL) invested $206.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Markel Corporation buy back shares?

Yes, Markel Corporation (MKL) spent $429.5M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Markel Corporation have outstanding?

Markel Corporation (MKL) had 13M shares outstanding as of fiscal year 2025.

What is Markel Corporation's debt-to-equity ratio?

Markel Corporation (MKL) had a debt-to-equity ratio of 0.23 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Markel Corporation's return on assets (ROA)?

Markel Corporation (MKL) had a return on assets of 3.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Markel Corporation's Piotroski F-Score?

Markel Corporation (MKL) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Markel Corporation's earnings high quality?

Markel Corporation (MKL) has an earnings quality ratio of 1.31x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Markel Corporation cover its interest payments?

Markel Corporation (MKL) has an interest coverage ratio of 15.5x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Markel Corporation?

Markel Corporation (MKL) scores 62 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.