MARKEL GROUP INC.

MKL 10-Q · Q1 2026

MKL Q1 2026 request

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Income Statement

Income Statement
Metric Q1 2026 Q1 2025 YoY
Premiums Earned Net 2,048,886 2,089,374 -1.9%
Show Business Segments breakouts
Financial 79,547 72,835 +9.2%
Markel Insurance 1,969,339 2,016,539 -2.3%
Show Statement Operating Activities Segment breakouts
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
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
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
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
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
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
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
Consumer and Other 157,480 173,873 -9.4%
Industrial 359,950 326,035 +10.4%
Servicesandotherexpenses 628,784 567,628 +10.8%
Show Business Segments breakouts
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
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
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%
Show Equity Components breakouts
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
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
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
Revenue From Contract With Customer 1,152,017 1,090,735 +5.6%
Interest Income (Q)
Show Investment Type breakouts
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

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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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

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.

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