Wednesday 4 November 2026 Export MKL’s income statement to Excel — free account

Markel Group Inc.

MKL Financial Insurance Property & Casualty

Markel Group Inc.’s revenue for fiscal 2025 (year ended December 2025) was $16.6 billion, roughly unchanged from fiscal 2024.

Revenue: −11.2%
EPS: −63.4%
Free cash flow: −27.2%
Total debt: +1.75%

Quarter to September 2026, against a year earlier

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1,947.76 49.38 +2.60%

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Market cap: $23.2B
P/E: 13.1×
Fwd P/E: 12.3×
Dividend yield: —
F-score: 6/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Earnings & Analysis Segments Valuation Filings

Markel Group Inc. (MKL) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2021: revenue by segment, and margins
Insurance	5,465	42.54%
Markel Ventures	3,644	28.36%
Investing	2,353	18.32%
Reinsurance	1,042	8.11%
Other Insurance Operations	342	2.66%
Gross margin		54.27%
Operating margin		25.23%
Pre-tax margin		24.36%

Revenue by segment $m

Line	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Insurance	7,408 50.01%	7,283 51.00%	6,528 55.91%	5,465 42.54%	—	—	—	—	—
Markel Ventures	5,120 34.56%	4,985 34.91%	4,758 40.75%	3,644 28.36%	2,795 89.31%	2,054 84.79%	1,912 89.66%	1,333 94.34%	1,214 92.86%
Investing	2,773 18.72%	2,241 15.70%	(1,168) (10.00%)	2,353 18.32%	—	—	—	—	—
Reinsurance	1,028 6.94%	1,014 7.10%	1,063 9.11%	1,042 8.11%	—	—	—	—	—
Other Insurance Operations	292 1.97%	280 1.96%	494 4.23%	342 2.66%	334 10.69%	369 15.21%	221 10.34%	80 5.66%	93 7.14%
Corporate	0 0.00%	0 0.00%	0 0.00%	—	—	—	—	—	—
Eliminations	(1,807) (12.20%)	(1,524) (10.67%)	—	—	—	—	—	—	—
Revenue	14,814	14,280	11,675	12,846	3,129	2,423	2,133	1,413	1,308

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Gross premium volume - underwriting	Q4 FY2025	$743.4M	$2.3B	−68.00%
Program services and other fronting gross premium volume	Q3 FY2025	$166.7M	—	—
Reinsurance segment net written premium	Q4 FY2025	−$20.3M	$52.6M	−138.50%

	Q4 FY2025	Q3 FY2025	Q4 FY2024	Q4 FY2023
Gross premium volume - underwriting	‡	‡	‡	‡
Program services and other fronting gross premium volume	‡	‡	‡	‡
Reinsurance segment net written premium	‡	‡	‡	‡
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As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.