WRB

MKT CAP:$25B

W. R. Berkley Corporation

Market Cap

$25B

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

Financials·Insurance·🇺🇸·NYSE

Stock Price

$66.53-$2.83 (-4.08%)

Apr 24, 2026

Company Details

W. R. Berkley Corporation, an insurance holding company, operates as a commercial lines writer in the United States and internationally. It operates in two segments, Insurance and Reinsurance & Monoline Excess. The Insurance segment underwr...

CEO

William Robert Berkley Jr.

IPO Date

Oct 23, 1973

Website

www.berkley.com

Key Metrics TTM

Revenue

$14.8B

+6.6% YoY

Net Income

$1.9B

EPS (Diluted)

$4.72

Free Cash Flow

$3.4B

Revenue / Share

$37.61

Gross Margin

26.1%

Operating Margin

16.2%

Net Margin

12.6%

FCF Margin

23.1%

P/S

1.7x

P/E

13.3x

Earnings Reports

Q1 2026

Apr 21, 2026

NEW

$3.7B+4.0%EPS $1.31

FY 2025

Feb 27, 2026

$14.7B+7.8%EPS $4.45

Q4 2025

Feb 27, 2026

$3.7B+1.4%EPS $1.13

Q3 2025

Nov 3, 2025

$3.8B+10.8%EPS $1.28

Q2 2025

Aug 4, 2025

$3.7B+10.8%EPS $1.00

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$2.5B	$400M	$223M
Q3 22	$2.7B	$425M	$286M
Q4 22	$3.0B	$742M	$478M
Q1 23	$2.9B	$588M	$376M
Q2 23	$3.0B	$684M	$457M
Q3 23	$3.0B	$626M	$420M
Q4 23	$3.2B	$801M	$501M
Q1 24	$3.3B	$780M	$574M
Q2 24	$3.3B	$698M	$488M
Q3 24	$3.4B	$717M	$474M
Q4 24	$3.7B	$926M	$728M
Q1 25	$3.5B	$785M	$539M
Q2 25	$3.7B	$676M	$522M
Q3 25	$3.8B	$687M	$667M
Q4 25	$3.7B	$765M	$607M
Q1 26	$3.7B	$1.8B	$616M

Valuation

Quarter	P/S	P/E
Q2 22	2.4x	18.8x
Q3 22	2.3x	19.3x
Q4 22	2.2x	18.1x
Q1 23	2.2x	23.0x
Q2 23	2.1x	19.8x
Q3 23	2.1x	18.2x
Q4 23	2.1x	18.0x
Q1 24	2.0x	16.3x
Q2 24	1.9x	16.1x
Q3 24	1.9x	15.8x
Q4 24	1.8x	14.2x
Q1 25	1.8x	14.4x
Q2 25	1.7x	14.2x
Q3 25	1.7x	13.1x
Q4 25	1.7x	14.0x
Q1 26	1.7x	13.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$478M	$469M
Q2 22	$528M	$515M
Q3 22	$768M	$754M
Q4 22	$795M	$778M
Q1 23	$445M	$434M
Q2 23	$709M	$695M
Q3 23	$1.1B	$1.1B
Q4 23	$698M	$687M
Q1 24	$746M	$692M
Q2 24	$881M	$857M
Q3 24	$1.2B	$1.2B
Q4 24	$810M	$796M
Q1 25	$744M	$728M
Q2 25	$704M	$683M
Q3 25	$1.1B	$1.1B
Q4 25	$1.0B	$896M

Capital Expenditures

Quarter	CapEx
Q1 22	$9M
Q2 22	$13M
Q3 22	$13M
Q4 22	$17M
Q1 23	$12M
Q2 23	$14M
Q3 23	$16M
Q4 23	$11M
Q1 24	$54M
Q2 24	$24M
Q3 24	$13M
Q4 24	$14M
Q1 25	$16M
Q2 25	$21M
Q3 25	$17M
Q4 25	$116M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	+9.4%	+14.7%
Q3 22	+12.4%	+16.5%
Q4 22	+16.9%	+14.0%
Q1 23	-0.7%	+15.4%
Q2 23	+19.2%	+10.8%
Q3 23	+11.2%	+7.1%
Q4 23	+6.9%	+7.3%
Q1 24	+12.5%	+6.5%
Q2 24	+10.6%	+11.3%
Q3 24	+12.2%	+12.1%
Q4 24	+13.9%	+8.1%
Q1 25	+8.9%	+12.2%
Q2 25	+10.8%	+11.4%
Q3 25	+10.8%	+6.0%
Q4 25	+1.4%	+5.9%
Q1 26	+4.0%	+2.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$11M	0.4%
Q2 22	$13M	0.5%
Q3 22	$12M	0.4%
Q4 22	$13M	0.4%
Q1 23	$12M	0.4%
Q2 23	$13M	0.4%
Q3 23	$13M	0.4%
Q4 23	$13M	0.4%
Q1 24	$13M	0.4%
Q2 24	$14M	0.4%
Q3 24	$13M	0.4%
Q4 24	$14M	0.4%
Q1 25	$12M	0.4%
Q2 25	$15M	0.4%
Q3 25	$13M	0.3%
Q4 25	$0	0.0%

Revenue Segments

Quarter	Insurance-Domestic Segment	Reinsurance and Monoline Excess Segment	Reinsurance-Global Segment
Q3 23	$2.5B	$379M	—
Q2 24	$2.8B	—	$420M
Q3 24	$2.8B	—	$419M
Q2 25	$3.0B	—	$450M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$1.3B	$16.9B	$18.2B
Q3 22	$1.1B	$17.2B	$18.4B
Q4 22	$1.4B	$17.5B	$19.0B
Q1 23	$1.2B	$18.1B	$19.3B
Q2 23	$1.8B	$18.0B	$19.8B
Q3 23	$1.6B	$19.0B	$20.6B
Q4 23	$1.4B	$20.1B	$21.5B
Q1 24	$1.2B	$20.9B	$22.1B
Q2 24	$1.6B	$21.0B	$22.6B
Q3 24	$1.6B	$23.4B	$25.0B
Q4 24	$2.0B	$23.5B	$25.5B
Q1 25	$1.7B	$24.4B	$26.1B
Q2 25	$2.0B	$25.1B	$27.1B
Q3 25	$2.4B	$26.0B	$28.4B
Q4 25	$2.5B	$26.2B	$28.8B
Q1 26	$0	$0	$0

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	419M	+0.1%	-0.4%
Q3 22	419M	+0.0%	-0.2%
Q4 22	418M	-0.3%	+0.1%
Q1 23	416M	-0.6%	-0.7%
Q2 23	410M	-1.5%	-2.3%
Q3 23	407M	-0.6%	-2.9%
Q4 23	407M	-0.2%	-2.8%
Q1 24	406M	-0.2%	-2.5%
Q2 24	404M	-0.5%	-1.4%
Q3 24	402M	-0.5%	-1.3%
Q4 24	401M	-0.2%	-1.4%
Q1 25	400M	-0.3%	-1.5%
Q2 25	400M	+0.1%	-0.8%
Q3 25	400M	-0.0%	-0.4%
Q4 25	399M	-0.3%	-0.4%
Q1 26	395M	-1.1%	-1.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$327.2K	8K
Q3 22	$354.7K	8K
Q4 22	$368.2K	8K
Q1 23	$353.7K	8K
Q2 23	$366.0K	8K
Q3 23	$370.2K	8K
Q4 23	$386.8K	8K
Q1 24	$391.0K	8K
Q2 24	$397.9K	8K
Q3 24	$408.3K	8K
Q4 24	$426.2K	9K
Q1 25	$412.2K	9K
Q2 25	$426.5K	9K
Q3 25	$437.9K	9K
Q4 25	$422.4K	9K
Q1 26	$419.0K	9K

Revenue / Employee