Markel Group Inc. income statement & cash flow
In the fiscal year ended Dec 31, 2025, Markel Group Inc. reported net income of $2.11B on revenue of $15.51B. Operating cash flow was $2.76B and capital expenditures were $206.89M, leaving $2.55B of free cash flow (operating cash flow minus capital expenditures).
Income statement and cash flow summary
| Fiscal year ended | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.61B | $6.06B | $6.84B | $9.53B | $9.74B | $12.85B | $11.68B | $14.28B | $14.81B | $15.51B |
| Operating income | $805.17M | $216.61M | $39.76M | $2.48B | $1.27B | $3.24B | −$93.34M | $2.93B | $3.71B | $3.19B |
| Net income | $455.69M | $395.27M | −$128.18M | $1.79B | $816.03M | $2.42B | −$216.28M | $2.00B | $2.75B | $2.11B |
| Diluted EPS | $31.27 | $25.81 | −$9.55 | $129.07 | $55.63 | $176.38 | −$23.72 | $146.98 | $199.32 | $169.22 |
| Operating cash flow | $534.62M | $858.53M | $892.86M | $1.27B | $1.74B | $2.27B | $2.71B | $2.79B | $2.59B | $2.76B |
| Capital expenditures | $63.67M | $74.65M | $106.59M | $123.38M | $101.30M | $145.25M | $254.71M | $258.62M | $254.99M | $206.89M |
| Reported in | 10-K 2019 | 10-K 2020 | 10-K 2021 | 10-K 2022 | 10-K 2023 | 10-K 2024 | 10-K 2025 | 10-K 2026 | 10-K 2026 | 10-K 2026 |
Margins
Each figure divided by revenue for the same fiscal year.
| Fiscal year ended | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| Dec 2025 | — | 20.6% | 13.6% |
| Dec 2024 | — | 25.1% | 18.5% |
| Dec 2023 | — | 20.5% | 14.0% |
| Dec 2022 | — | -0.8% | -1.9% |
| Dec 2021 | — | 25.2% | 18.9% |
Source: SEC EDGAR XBRL company facts for CIK 1096343 (raw data). Most recent filing in this dataset: 10-Q filed Oct 28, 2026. SEC data file dated Nov 3, 2026; page built Nov 5, 2026. Figures are as most recently reported, including restatements. How we select figures.