MKL Q4 2023 Earnings Report — Markel Corporation Revenue & Financial Results | Market Cap Arena

Markel CorporationMKL

Q4 2023 Earnings

Reported February 23, 2024

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q4 2023	Q3 2023	Q4 2022	QoQ Change	YoY Change
Revenue	$4.6B	—	$4.1B	—	12.1%
Op. Income	$1.0B	—	$901M	—	11.7%
Gross Margin	52.0%	—	54.7%	—	-2.7pp
Net Margin	16.9%	—	16.9%	—	-0.1pp
EPS (Diluted)	$56.48	—	$49.05	—	15.1%
Free Cash Flow	$719M	—	$784M	—	-8.3%

Revenue Flow

Item	Amount
REVENUE	$4.6B
Cost of Revenue	$2.2B
GROSS PROFIT	$2.4B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$1.4B
Operating Expenses	$1.4B
Cost & Expenses	$3.6B
OPERATING INCOME	$1.0B
Interest Income	$218M
Interest Expense	$44M
Other Income/Expenses	$0
INCOME BEFORE TAX	$1.0B
Income Tax Expense	$213M
Net Income from Continuing Ops	$794M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$769M
Net Income Deductions	-$6M
BOTTOM LINE NET INCOME	$758M
D&A	$44M
EBIT	$1.1B
EBITDA	$1.1B
EPS	$57
EPS Diluted	$56

Income Statement

Item	Amount
REVENUE	$4.6B
Cost of Revenue	$2.2B
GROSS PROFIT	$2.4B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$1.4B
Operating Expenses	$1.4B
Cost & Expenses	$3.6B
OPERATING INCOME	$1.0B
Interest Income	$218M
Interest Expense	$44M
Other Income/Expenses	$0
INCOME BEFORE TAX	$1.0B
Income Tax Expense	$213M
Net Income from Continuing Ops	$794M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$769M
Net Income Deductions	-$6M
BOTTOM LINE NET INCOME	$758M
D&A	$44M
EBIT	$1.1B
EBITDA	$1.1B
EPS	$57
EPS Diluted	$56

Cash Flow Statement

Item	Amount
Net Income	$769M
Depreciation & Amortization	$102M
Stock-Based Compensation	$0
Deferred Income Tax	$0
Other Non-Cash Items	-$1.6B
Change in Working Capital	$1.5B
OPERATING CASH FLOW	$823M
Capital Expenditure	-$104M
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	-$1.3B
NET CASH FROM INVESTING	-$1.4B
Net Debt Issuance	$11M
Common Stock Repurchased	-$176M
Common Dividends Paid	-$18M
Other Financing Activities	-$18M
NET CASH FROM FINANCING	-$200M
FREE CASH FLOW	$719M
Net Change in Cash	-$713M

Balance Sheet

Item	Amount
Cash & Equivalents	$4.3B
Short-Term Investments	$0
Net Receivables	$2.6B
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$7.0B
PP&E (Net)	$1.9B
Goodwill	$2.6B
Intangible Assets	$1.6B
Long-Term Investments	$27.1B
Tax Assets	$24M
Other Non-Current Assets	$3.2B
TOTAL NON-CURRENT ASSETS	$36.5B
TOTAL ASSETS	$43.4B
Account Payables	$1.0B
Short-Term Debt	$202M
Deferred Revenue	$4.3B
Other Current Liabilities	-$5.5B
TOTAL CURRENT LIABILITIES	$0
Long-Term Debt	$4.2B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$1.2B
Other Non-Current Liabilities	$22.0B
TOTAL NON-CURRENT LIABILITIES	$27.9B
TOTAL LIABILITIES	$27.9B
Common Stock	$3.5B
Additional Paid-In Capital	$0
Retained Earnings	$11.4B
Treasury Stock	$0
Accum. Other Comp. Income	-$478M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$15.0B
Minority Interest	$542M
TOTAL EQUITY	$15.5B
TOTAL LIABILITIES & EQUITY	$43.4B
Total Debt	$5.0B
Net Debt	$636M