MARKEL GROUP INC.
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MKL Q1 2026 request
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Income Statement
| Metric | Q1 2026 | Q1 2025 | YoY |
|---|---|---|---|
| Premiums Earned Net | 2,048,886 | 2,089,374 | -1.9% |
Show Business Segments breakouts |
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| Financial | 79,547 | 72,835 | +9.2% |
| Markel Insurance | 1,969,339 | 2,016,539 | -2.3% |
Show Statement Operating Activities Segment breakouts |
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| Fronting | 117 | 2 | +5750.0% |
| Underwriting [Member] | 2,048,769 | 2,089,372 | -1.9% |
| Net Investment Income | 255,890 | 237,095 | +7.9% |
Show Business Segments breakouts |
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| Corporate and eliminations | 17,141 | 20,626 | -16.9% |
| Financial | 9,130 | 8,952 | +2.0% |
| Markel Insurance | 229,619 | 207,517 | +10.7% |
| Products Revenues | 572,421 | 561,124 | +2.0% |
Show Business Segments breakouts |
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| Consumer and Other | 174,696 | 191,879 | -9.0% |
| Industrial | 397,725 | 369,245 | +7.7% |
| Servicesandotherrevenues | 673,408 | 660,583 | +1.9% |
Show Business Segments breakouts |
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| Consumer and Other | 105,801 | 95,907 | +10.3% |
| Corporate and eliminations | 6,694 | 5,033 | +33.0% |
| Financial | 72,853 | 96,694 | -24.7% |
| Industrial | 485,333 | 460,329 | +5.4% |
| Markel Insurance | 2,727 | 2,620 | +4.1% |
Show Related Party Transactions By Related Party breakouts |
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| Unconsolidated entities managed by Nephila [Member] · Fund Management | 40.5 | 25.5 | +58.8% |
| Revenue | 3,550,605 | 3,548,176 | +0.1% |
| Net Investment Gains Losses | -727,562 | -149,071 | -388.1% |
Show Business Segments breakouts |
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| Corporate Operations | -174,017 | 75,123 | -331.6% |
| Financial | 369 | — | — |
| Markel Insurance | -553,914 | -224,194 | -147.1% |
| Policyholder Benefits And Claims Incurred Net | 1,166,817 | 1,254,665 | -7.0% |
Show Statement Operating Activities Segment breakouts |
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| Underwriting [Member] | 1,166,516 | 1,254,582 | -7.0% |
| Underwriting Acquisition And Insurance Expenses | 739,828 | 747,438 | -1.0% |
| Productsexpenses | 517,430 | 499,908 | +3.5% |
Show Business Segments breakouts |
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| Consumer and Other | 157,480 | 173,873 | -9.4% |
| Industrial | 359,950 | 326,035 | +10.4% |
| Servicesandotherexpenses | 628,784 | 567,628 | +10.8% |
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| Consumer and Other | 83,262 | 81,525 | +2.1% |
| Corporate and eliminations | 20,825 | — | — |
| Financial | 45,770 | 33,144 | +38.1% |
| Industrial | 473,822 | 444,775 | +6.5% |
| Markel Insurance | 5,105 | 8,184 | -37.6% |
| Amortization Of Intangible Assets | 43,513 | 46,942 | -7.3% |
| Total Costs & Expenses | 3,096,372 | 3,116,581 | -0.6% |
| Operating Income | -273,329 | 282,524 | -196.7% |
| Interest Expense | -50,886 | -52,140 | +2.4% |
| Foreign Currency Transaction Gain Loss Realized | 54,277 | -72,633 | +174.7% |
| Income Before Taxes | -269,938 | 157,751 | -271.1% |
| Income Tax Expense (Benefit) | 65,582 | -28,404 | +330.9% |
| Net Income | -204,356 | 129,347 | -258.0% |
Show Equity Components breakouts |
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| Parent | -212,289 | 121,714 | -274.4% |
| Redeemable Noncontrolling Interests [Member] | 7,933 | 4,441 | +78.6% |
| Retained Earnings | -212,289 | 121,714 | -274.4% |
| Total Equity [Member] | -212,289 | 124,906 | -270.0% |
| Net Income Loss Attributable To Noncontrolling Interest | -7,933 | -7,633 | -3.9% |
| Net Income | -212,289 | 121,714 | -274.4% |
| Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax | -133,821 | 218,377 | -161.3% |
| Other Comprehensive Income Other Net Of Tax | 5,717 | 7,552 | -24.3% |
| Other Comprehensive Income Loss Net Of Tax | -128,104 | 225,929 | -156.7% |
Show Equity Components breakouts |
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| Accumulated Other Comprehensive Income | -128,141 | 225,956 | -156.7% |
| Parent | -128,141 | 225,956 | -156.7% |
| Redeemable Noncontrolling Interests [Member] | 37 | -27 | +237.0% |
| Total Equity [Member] | -128,141 | 225,956 | -156.7% |
| Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest | -332,460 | 355,276 | -193.6% |
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| Parent | -340,430 | 347,670 | -197.9% |
| Redeemable Noncontrolling Interests [Member] | 7,970 | 4,414 | +80.6% |
| Total Equity [Member] | -340,430 | 350,862 | -197.0% |
| Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest | -7,970 | -7,606 | -4.8% |
| Comprehensive Income | -340,430 | 347,670 | -197.9% |
| EPS (Basic) | -18.9 | 12.11 | -256.1% |
| EPS (Diluted) | -18.9 | 12.08 | -256.5% |
| Revenue (Q) | — | — | — |
Show Product Lines breakouts |
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| Management Fees [Member] · Financial | 41,554 | 25,868 | +60.6% |
| Management Fees [Member] · Revenue From Contract With Customer | 41,554 | 25,868 | +60.6% |
| Product · Consumer and Other | 174,550 | 191,760 | -9.0% |
| Product · Industrial | 389,488 | 362,357 | +7.5% |
| Product · Revenue From Contract With Customer | 564,038 | 554,117 | +1.8% |
| Services [Member] · Consumer and Other | 87,358 | 78,441 | +11.4% |
| Services [Member] · Financial | 260 | 470 | -44.7% |
| Services [Member] · Industrial | 457,265 | 429,894 | +6.4% |
| Services [Member] · Markel Insurance | 1,542 | 1,945 | -20.7% |
| Services [Member] · Revenue From Contract With Customer | 546,425 | 510,750 | +7.0% |
Show Business Segments breakouts |
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| Consumer and Other · Revenue From Contract With Customer | 261,908 | 270,201 | -3.1% |
| Financial · Revenue From Contract With Customer | 41,814 | 26,338 | +58.8% |
| Industrial · Revenue From Contract With Customer | 846,753 | 792,251 | +6.9% |
| Markel Insurance · Revenue From Contract With Customer | 1,542 | 1,945 | -20.7% |
Show Concentration Risk By Benchmark breakouts |
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| Revenue From Contract With Customer | 1,152,017 | 1,090,735 | +5.6% |
| Interest Income (Q) | — | — | — |
Show Investment Type breakouts |
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| Cash And Cash Equivalents | 30,956 | 39,774 | -22.2% |
| Fixed Maturities | 164,324 | 143,345 | +14.6% |
| Short Term Investments | 17,104 | 19,673 | -13.1% |
| Wtd Avg Shares (Basic) | 12,630 | 12,804 | -1.4% |
| Wtd Avg Shares (Diluted) | 12,630 | 12,837 | -1.6% |
| Net Income Loss Available To Common Stockholders Basic | -212,289 | 121,714 | -274.4% |
| Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims1 | 1,166,817 | 1,254,665 | -7.0% |
Balance Sheet
| Metric | Q1 2026 | Q1 2025 | YoY |
|---|---|---|---|
| Current Assets | |||
| Cash & Cash Equivalents | 3,680,461 | 4,193,675 | -12.2% |
| Non-Current Assets | |||
| Goodwill | 2,836,492 | 2,772,105 | +2.3% |
| Total Assets | 68,602,357 | 64,599,055 | +6.2% |
Show Business Segments breakouts |
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| Consumer and Other · Segment Continuing Operations | 1,813,388 | — | — |
| Corporate and eliminations | 4,268,430 | — | — |
| Financial · Segment Continuing Operations | 15,057,582 | — | — |
| Industrial · Segment Continuing Operations | 3,989,709 | — | — |
| Markel Insurance · Segment Continuing Operations | 43,473,248 | — | — |
Show Statement Operating Activities Segment breakouts |
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| Segment Continuing Operations | 64,333,927 | 51,953,136 | +23.8% |
| Other Assets | |||
| Available For Sale Securities Debt Securities | 17,943,781 | 16,277,629 | +10.2% |
Show Fair Value Hierarchy breakouts |
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| Fair Value Inputs Level2 · Agency mortgage-backed securities | 2,926,764 | 2,698,872 | +8.4% |
| Fair Value Inputs Level2 · All Other Corporate Bonds | 199,828 | 211,629 | -5.6% |
| Fair Value Inputs Level2 · Fair Value Measurements Recurring | 17,943,781 | 16,277,629 | +10.2% |
| Fair Value Inputs Level2 · Foreign Government Debt Securities | 3,424,257 | 2,932,803 | +16.8% |
| Fair Value Inputs Level2 · Non-agency mortgage-backed securities | 54,055 | 101,954 | -47.0% |
| Fair Value Inputs Level2 · US Government Sponsored Enterprises Debt Securities | 1,664,622 | 1,429,318 | +16.5% |
| Fair Value Inputs Level2 · US States And Political Subdivisions | 3,672,453 | 3,639,372 | +0.9% |
| Fair Value Inputs Level2 · US Treasury Securities | 6,001,802 | 5,263,681 | +14.0% |
Show Financial Instrument breakouts |
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| Agency mortgage-backed securities | 2,926,764 | 2,698,872 | +8.4% |
| Agency mortgage-backed securities · Fair Value Measurements Recurring | 2,926,764 | 2,698,872 | +8.4% |
| All Other Corporate Bonds | 199,828 | 211,629 | -5.6% |
| All Other Corporate Bonds · Fair Value Measurements Recurring | 199,828 | 211,629 | -5.6% |
| Fixed Maturities | 17,943,781 | 16,277,629 | +10.2% |
| Foreign Government Debt Securities | 3,424,257 | 2,932,803 | +16.8% |
| Foreign Government Debt Securities · Fair Value Measurements Recurring | 3,424,257 | 2,932,803 | +16.8% |
| Non-agency mortgage-backed securities | 54,055 | 101,954 | -47.0% |
| Non-agency mortgage-backed securities · Fair Value Measurements Recurring | 54,055 | 101,954 | -47.0% |
| US Government Sponsored Enterprises Debt Securities | 1,664,622 | 1,429,318 | +16.5% |
| US Government Sponsored Enterprises Debt Securities · Fair Value Measurements Recurring | 1,664,622 | 1,429,318 | +16.5% |
| US States And Political Subdivisions | 3,672,453 | 3,639,372 | +0.9% |
| US States And Political Subdivisions · Fair Value Measurements Recurring | 3,672,453 | 3,639,372 | +0.9% |
| US Treasury Securities | 6,001,802 | 5,263,681 | +14.0% |
| US Treasury Securities · Fair Value Measurements Recurring | 6,001,802 | 5,263,681 | +14.0% |
Show Fair Value By Measurement Frequency breakouts |
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| Fair Value Measurements Recurring | 17,943,781 | 16,277,629 | +10.2% |
| Equity Securities Fv Ni | 12,302,672 | 11,697,643 | +5.2% |
Show Fair Value Hierarchy breakouts |
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| Fair Value Inputs Level1 · Banks Trust And Insurance Equities | 4,884,952 | 5,116,230 | -4.5% |
| Fair Value Inputs Level1 · Fair Value Measurements Recurring | 12,302,672 | 11,697,643 | +5.2% |
| Fair Value Inputs Level1 · Industrial Miscellaneous And All Others | 7,417,720 | 6,581,413 | +12.7% |
Show Financial Instrument breakouts |
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| Banks Trust And Insurance Equities · Fair Value Measurements Recurring | 4,884,952 | 5,116,230 | -4.5% |
| Industrial Miscellaneous And All Others · Fair Value Measurements Recurring | 7,417,720 | 6,581,413 | +12.7% |
Show Fair Value By Measurement Frequency breakouts |
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| Fair Value Measurements Recurring | 12,302,672 | 11,697,643 | +5.2% |
| Other Short Term Investments | 2,026,147 | 2,099,033 | -3.5% |
Show Fair Value Hierarchy breakouts |
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| Fair Value Inputs Level1 · Fair Value Measurements Recurring | 1,824,361 | 1,949,450 | -6.4% |
| Fair Value Inputs Level2 · Fair Value Measurements Recurring | 201,786 | 149,583 | +34.9% |
Show Fair Value By Measurement Frequency breakouts |
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| Fair Value Measurements Recurring | 2,026,147 | 2,099,033 | -3.5% |
| Investments | 32,272,600 | 30,074,305 | +7.3% |
Show Fair Value Hierarchy breakouts |
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| Fair Value Inputs Level1 · Fair Value Measurements Recurring | 14,127,033 | 13,647,093 | +3.5% |
| Fair Value Inputs Level2 · Fair Value Measurements Recurring | 18,145,567 | 16,427,212 | +10.5% |
Show Fair Value By Measurement Frequency breakouts |
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| Fair Value Measurements Recurring | 32,272,600 | 30,074,305 | +7.3% |
| Restricted Cash And Cash Equivalents | 500,817 | 481,267 | +4.1% |
| Premiums And Other Receivables Net | 3,808,338 | 4,282,558 | -11.1% |
| Reinsurance Recoverables On Paid And Unpaid Losses | 15,195,825 | 12,617,479 | +20.4% |
Show Related Party Transactions By Related Party breakouts |
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| Hagerty, Inc. [Member] | 298 | 312.2 | -4.5% |
| Nephila Reinsurers [Member] | 267.6 | 1.1 | +24227.3% |
| Deferred Policy Acquisition Costs | 857,246 | 960,668 | -10.8% |
| Prepaid Reinsurance Premiums | 3,273,077 | 3,334,253 | -1.8% |
| Intangible Assets Net Excluding Goodwill | 1,498,534 | 1,635,277 | -8.4% |
| Other Assets | 4,678,967 | 4,247,468 | +10.2% |
| Non-Current Liabilities | |||
| Long-Term Debt | 4,382,845 | 4,390,589 | -0.2% |
| Total Liabilities | 49,952,257 | 46,854,574 | +6.6% |
| Other Liabilities | |||
| Liability For Claims And Claims Adjustment Expense | 31,370,536 | 27,888,257 | +12.5% |
| Unearned Premiums | 7,234,917 | 7,691,743 | -5.9% |
| Reinsurance Payable | 1,615,785 | 1,842,984 | -12.3% |
| Other Liabilities | 5,348,174 | 4,453,408 | +20.1% |
| Redeemable Noncontrolling Interest Equity Common Carrying Amount | 519,752 | 579,739 | -10.3% |
Show Equity Components breakouts |
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| Redeemable Noncontrolling Interests [Member] | 519,752 | 579,739 | -10.3% |
| Stockholders' Equity | |||
| Common Stock | 3,707,179 | 3,582,932 | +3.5% |
| Retained Earnings | 14,662,404 | 13,364,810 | +9.7% |
| Accumulated Other Comprehensive Income | -237,601 | -391,126 | +39.3% |
| Total Stockholders' Equity | 18,131,982 | 17,148,507 | +5.7% |
| Minority Interest | -1,634 | 16,235 | -110.1% |
| Stockholders Equity Including Portion Attributable To Noncontrolling Interest | 18,130,348 | 17,164,742 | +5.6% |
Show Equity Components breakouts |
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| Accumulated Other Comprehensive Income | -237,601 | -391,126 | +39.3% |
| Common Stock | 3,707,179 | 3,582,932 | +3.5% |
| Noncontrolling Interest | -1,634 | 16,235 | -110.1% |
| Parent | 18,131,982 | 17,148,507 | +5.7% |
| Retained Earnings | 14,662,404 | 13,364,810 | +9.7% |
| Total Equity [Member] | 18,130,348 | 17,164,742 | +5.6% |
| Total Liabilities & Equity | 68,602,357 | 64,599,055 | +6.2% |
Cash Flow Statement
| Metric | YTD Q1 2026 | YTD Q1 2025 | YoY |
|---|---|---|---|
| Operating Activities | |||
| Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities | 220,268 | 246,845 | -10.8% |
| Net Cash from Operations | 15,912 | 376,192 | -95.8% |
| Investing Activities | |||
| Proceeds From Sale And Maturity Of Available For Sale Securities | 547,820 | 500,466 | +9.5% |
| Purchases of Investments | -819,452 | -742,665 | -10.3% |
| Proceeds From Sale Of Equity Securities Fv Ni | 52,107 | 31,795 | +63.9% |
| Payments To Acquire Equity Securities Fv Ni | -80,072 | -88,531 | +9.6% |
| Payments For Proceeds From Short Term Investments | 19,595 | 447,436 | -95.6% |
| Capital Expenditures | -47,265 | -40,713 | -16.1% |
| Payments To Acquire Businesses Net Of Cash Acquired | -20,160 | — | — |
| Other Investing Activities | -791 | 85,017 | -100.9% |
| Net Cash from Investing | -348,218 | 192,805 | -280.6% |
| Financing Activities | |||
| Proceeds From Issuance Of Debt | 295,472 | 263,456 | +12.2% |
| Debt Repayments | -217,063 | -202,809 | -7.0% |
| Share Repurchases | -133,931 | -170,270 | +21.3% |
| Proceeds From Payments For Other Financing Activities | -24,027 | 3,828 | -727.7% |
| Net Cash from Financing | -79,549 | -105,795 | +24.8% |
| Other Cash Flow | |||
| Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | -10,169 | 19,492 | -152.2% |
| Net Change in Cash | -422,024 | 482,694 | -187.4% |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 4,181,278 | 4,674,942 | -10.6% |
Values in thousands USD. Source: SEC EDGAR 10-Q filing.