MKL

MKT CAP:$24B

Markel Corporation

Market Cap

$24B

Financial Services·Insurance - Property & Casualty·🇺🇸 United States·NYSE

Financials·Insurance·🇺🇸·NYSE

Stock Price

$1,929.55-$200.81 (-9.43%)

Apr 23, 2026

Company Details

Markel Corporation, a diverse financial holding company, markets and underwrites specialty insurance products in the United States, Bermuda, the United Kingdom, rest of Europe, Canada, the Asia Pacific, and the Middle East. Its Insurance se...

CEO

Thomas Sinnickson Gayner

IPO Date

Dec 12, 1986

Website

www.markel.com

Key Metrics TTM

Revenue

$16.6B

+91.8% YoY

Net Income

$2.9B

EPS (Diluted)

$216.72

Free Cash Flow

$2.7B

Revenue / Share

$1,405.12

Gross Margin

58.9%

Operating Margin

22.7%

Net Margin

17.5%

FCF Margin

16.2%

P/S

1.4x

P/E

8.3x

Earnings Reports

Q1 2026

Apr 29, 2026

PENDING

FY 2025

Feb 26, 2026

$16.6BEPS $169.22

Q4 2025

Feb 26, 2026

$4.2BEPS $48.75

Q4 2023

Feb 23, 2024

$4.6B+12.1%EPS $56.48

Q4 2022

Feb 17, 2023

$4.1B+7.9%EPS $49.05

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 16	$1.4B	$846M	$119M
Q4 16	$1.4B	$921M	$180M
Q2 18	$2.1B	$1.3B	$361M
Q3 18	$2.2B	$1.4B	$519M
Q4 18	$1.1B	$214M	-$930M
Q1 19	$2.4B	$1.6B	$733M
Q4 19	$2.5B	$1.6B	$641M
Q1 20	$434M	-$860M	-$1.8B
Q4 20	$3.3B	$1.9B	$1.0B
Q4 21	$3.8B	$2.3B	$1.1B
Q4 22	$4.1B	$2.2B	$901M
Q4 23	$4.6B	$2.4B	$1.0B
Q4 25	$4.2B	$2.9B	$734M

Valuation

Quarter	P/S	P/E
Q3 16	—	—
Q4 16	—	—
Q2 18	—	—
Q3 18	3.3x	26.6x
Q4 18	3.5x	348.9x
Q1 19	3.1x	46.9x
Q4 19	2.9x	32.2x
Q1 20	3.7x	—
Q4 20	2.8x	45.4x
Q4 21	2.4x	29.2x
Q4 22	2.1x	24.0x
Q4 23	1.5x	7.6x
Q4 25	1.4x	8.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 16	$254M	$239M
Q4 16	$210M	$196M
Q2 18	$250M	$221M
Q3 18	$456M	$429M
Q4 18	$130M	$102M
Q1 19	$19M	-$6M
Q4 19	$562M	$534M
Q1 20	$66M	$36M
Q4 20	$476M	$447M
Q4 21	$652M	$587M
Q4 22	$829M	$784M
Q4 23	$823M	$719M
Q4 25	$662M	$599M

Capital Expenditures

Quarter	CapEx
Q3 16	$15M
Q4 16	$14M
Q2 18	$29M
Q3 18	$26M
Q4 18	$28M
Q1 19	$25M
Q4 19	$28M
Q1 20	$30M
Q4 20	$29M
Q4 21	$64M
Q4 22	$45M
Q4 23	$104M
Q4 25	$63M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 18	-24.3%	+53.6%
Q1 19	+71.4%	+37.5%
Q4 19	+21.8%	+10.1%
Q1 20	-80.6%	+28.1%
Q4 20	+200.8%	+11.6%
Q4 21	+54.1%	+53.5%
Q4 22	+61.2%	+68.2%
Q4 23	+951.1%	+61.1%
Q4 25	+29.4%	+55.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 16	$0	0.0%
Q4 16	$14M	1.0%
Q2 18	$0	0.0%
Q3 18	$0	0.0%
Q4 18	$13M	1.2%
Q1 19	$0	0.0%
Q4 19	$0	0.0%
Q1 20	$0	0.0%
Q4 20	$0	0.0%
Q4 21	$0	0.0%
Q4 22	$0	0.0%
Q4 23	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q2 18	$130M
Q3 18	$132M
Q1 19	$175M
Q4 19	$177M
Q1 20	$218M

Revenue Segments

Quarter	Insurance	Investing Member	Markel Ventures Operations	Reinsurance
Q4 23	$1.3B	$1.1B	$1.2B	$740M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$5.2B	$0	$5.2B
Q2 22	$4.9B	$0	$4.9B
Q3 22	$4.8B	$0	$4.8B
Q4 22	$5.2B	$0	$5.2B
Q1 23	$5.0B	$0	$5.0B
Q2 23	$5.2B	$0	$5.2B
Q3 23	$5.0B	$0	$5.0B
Q4 23	$4.3B	$0	$4.3B
Q1 24	$4.3B	$0	$4.3B
Q2 24	$4.2B	$0	$4.2B
Q3 24	$4.6B	$0	$4.6B
Q4 24	$4.2B	$0	$4.2B
Q1 25	$4.7B	$0	$4.7B
Q2 25	$4.3B	$0	$4.3B
Q3 25	$4.6B	$0	$4.6B
Q4 25	$4.6B	$17.8B	$22.4B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 16	14M	—	—
Q4 16	14M	-0.1%	—
Q2 18	14M	-0.9%	—
Q3 18	14M	-0.1%	—
Q4 18	14M	-0.2%	-1.2%
Q1 19	14M	-0.0%	-1.1%
Q4 19	14M	-0.3%	-0.6%
Q1 20	14M	-0.4%	-0.9%
Q4 20	14M	+0.1%	-0.6%
Q4 21	14M	-0.6%	-1.2%
Q4 22	14M	-1.5%	-2.4%
Q4 23	13M	-1.8%	-3.8%
Q4 25	12M	-10.9%	-14.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 16	$135.0K	11K
Q4 16	$131.1K	11K
Q2 18	$132.9K	16K
Q3 18	$143.6K	16K
Q4 18	$62.3K	17K
Q1 19	$140.7K	17K
Q4 19	$135.8K	19K
Q1 20	$23.3K	19K
Q4 20	$172.5K	19K
Q4 21	$185.9K	20K
Q4 22	$194.8K	21K
Q4 23	$211.2K	22K
Q4 25	$264M	16

Revenue / Employee