Revenue growth has exhibited extreme cyclicality, swinging from a 31.8% expansion in 2024Q3 to a 26.4% contraction in 2025Q1, culminating in a 2026Q1 operating loss of $273.3 million.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 16.57B | 16.59B | 16.75B | 15.71B | 11.81B | 12.92B | 9.64B | 9.52B | 6.95B | 6.06B | 5.61B | 5.37B | 5.13B | 4.32B | 3B | 2.63B | 2.23B | 2.07B | 1.98B | 2.48B | 2.52B | 2.2B | 2.26B | 2.09B | 1.77B | 1.4B | 1.09B | 524.32M | 426M | 419M | 366.7M |
| Revenue Growth % | 7.74% | -0.96% | 6.6% | 33.02% | -8.55% | 34.02% | 1.26% | 36.98% | 14.59% | 8.09% | 4.48% | 4.6% | 18.75% | 44.1% | 14.07% | 18.18% | 7.54% | 4.69% | -20.4% | -1.42% | 14.49% | -2.74% | 8.13% | 18.17% | 26.68% | 27.68% | 108.74% | 23.08% | 1.67% | 14.26% | 6.72% |
| Medical Costs & Claims | 6.39B | 5.08B | 7.48B | 7.63B | 8.41B | 7.03B | 6.26B | 4.67B | 4.3B | 4.22B | 3.25B | 2.75B | 2.92B | 2.34B | 1.58B | 1.72B | 1.37B | 992.86M | 1.27B | 1.85B | 1.9B | 1.95B | 1.98B | 1.85B | 1.6B | 1.5B | 1.07B | 440.33M | 328.18M | 120.1M | 0 |
| Medical Cost Ratio % | 38.56% | 30.62% | 44.64% | 48.57% | 71.17% | 54.38% | 64.91% | 49.03% | 61.94% | 69.56% | 57.91% | 51.26% | 56.88% | 54.09% | 52.81% | 65.52% | 61.66% | 47.98% | 64.2% | 74.62% | 75.44% | 88.64% | 87.61% | 88.64% | 90.48% | 107.36% | 97.82% | 83.98% | 77.04% | 28.66% | 0% |
| Gross Profit | 10.18B | 11.51B | 9.27B | 8.08B | 3.41B | 5.89B | 3.38B | 4.85B | 2.64B | 1.85B | 2.36B | 2.62B | 2.21B | 1.98B | 1.42B | 906.79M | 853.27M | 1.08B | 707.56M | 630.35M | 618.57M | 249.84M | 280.26M | 237.67M | 168.48M | -102.87M | 23.86M | 83.99M | 97.82M | 298.9M | 366.7M |
| Gross Margin % | 61.44% | 69.38% | 55.36% | 51.43% | 28.83% | 45.62% | 35.09% | 50.97% | 38.06% | 30.44% | 42.09% | 48.74% | 43.12% | 45.91% | 47.19% | 34.48% | 38.34% | 52.02% | 35.8% | 25.38% | 24.56% | 11.36% | 12.39% | 11.36% | 9.52% | -7.36% | 2.18% | 16.02% | 22.96% | 71.34% | 100% |
| Gross Profit Growth % | - | 24.12% | 14.75% | 137.29% | -42.21% | 74.25% | -30.3% | 83.46% | 43.27% | -21.83% | -9.77% | 18.26% | 11.53% | 40.18% | 56.13% | 6.27% | -20.73% | 52.14% | 12.25% | 1.9% | 147.59% | -10.86% | 17.92% | 41.07% | 263.78% | -531.08% | -71.59% | -14.14% | -67.27% | -18.49% | 6.72% |
| Operating Expenses | 7.88B | 8.78B | 5.64B | 5.43B | 3.56B | 2.76B | 2.38B | 2.57B | 2.65B | 1.76B | 1.73B | 1.88B | 1.77B | 1.62B | 1.1B | 716.59M | 557.76M | 877.83M | 867.39M | 58.4M | 65.17M | 63.84M | 56.22M | 56.09M | 50.78M | 79.33M | 75.67M | 30.55M | 22.44M | 20.1M | 8M |
| OpEx / Revenue % | 47.55% | 52.91% | 33.64% | 34.54% | 30.11% | 21.39% | 24.71% | 26.96% | 38.17% | 29% | 30.86% | 34.92% | 34.54% | 37.54% | 36.79% | 27.25% | 25.06% | 42.42% | 43.88% | 2.35% | 2.59% | 2.9% | 2.49% | 2.68% | 2.87% | 5.68% | 6.91% | 5.83% | 5.27% | 4.8% | 2.18% |
| Depreciation & Amortization | 138.79M | 0 | 342.36M | 319.73M | 309.45M | 336.39M | 307.07M | 269.24M | 227.85M | 203.87M | 194.15M | 200.99M | 203.58M | 190.07M | 87.33M | 70.57M | 53.59M | 31.17M | 31.19M | 30.53M | 34.04M | 36.34M | 31.34M | 39.26M | 28.23M | 41.91M | 32.4M | 12.86M | 7.3M | 7.3M | 10.9M |
| Combined Ratio % | 86.11% | 83.53% | 78.28% | 83.11% | 101.28% | 75.77% | 89.62% | 75.99% | 100.11% | 98.56% | 88.77% | 86.18% | 91.42% | 91.63% | 89.6% | 92.77% | 86.72% | 90.4% | 108.09% | 76.97% | 78.03% | 91.55% | 90.1% | 91.32% | 93.35% | 113.04% | 104.73% | 89.81% | 82.3% | 33.46% | 2.18% |
| Operating Income | 2.3B | 2.73B | 3.64B | 2.65B | -151.57M | 3.13B | 1B | 2.29B | -7.86M | 87.3M | 629.92M | 742.11M | 440.38M | 361.74M | 312.05M | 190.2M | 295.51M | 198.64M | -159.83M | 571.96M | 553.4M | 186M | 224.04M | 181.58M | 117.69M | -182.2M | -51.81M | 53.44M | 75.39M | 278.8M | 358.7M |
| Operating Margin % | 13.89% | 16.47% | 21.72% | 16.89% | -1.28% | 24.23% | 10.38% | 24.01% | -0.11% | 1.44% | 11.23% | 13.82% | 8.58% | 8.37% | 10.4% | 7.23% | 13.28% | 9.6% | -8.09% | 23.03% | 21.97% | 8.45% | 9.9% | 8.68% | 6.65% | -13.04% | -4.73% | 10.19% | 17.7% | 66.54% | 97.82% |
| Operating Income Growth % | - | -24.88% | 37.08% | 1850.86% | -104.84% | 212.84% | -56.23% | 29200.04% | -109% | -86.14% | -15.12% | 68.52% | 21.74% | 15.92% | 64.07% | -35.64% | 48.77% | 224.28% | -127.94% | 3.35% | 197.53% | -16.98% | 23.38% | 54.29% | 164.6% | -251.69% | -196.94% | -29.11% | -72.96% | -22.27% | 7.04% |
| EBITDA | 2.49B | 2.94B | 3.98B | 2.97B | 157.88M | 3.47B | 1.31B | 2.56B | 219.99M | 291.17M | 824.07M | 943.09M | 643.96M | 551.81M | 399.38M | 260.77M | 349.1M | 229.81M | -128.64M | 602.49M | 587.44M | 222.34M | 255.38M | 220.85M | 145.92M | -140.28M | -19.41M | 66.3M | 82.68M | 286.1M | 369.6M |
| EBITDA Margin % | 15.03% | 17.71% | 23.76% | 18.92% | 1.34% | 26.83% | 13.56% | 26.84% | 3.17% | 4.8% | 14.69% | 17.56% | 12.54% | 12.76% | 13.31% | 9.92% | 15.69% | 11.11% | -6.51% | 24.26% | 23.32% | 10.11% | 11.29% | 10.56% | 8.24% | -10.04% | -1.77% | 12.64% | 19.41% | 68.28% | 100.79% |
| Interest Expense | 204.66M | 205.91M | 204.3M | 185.08M | 196.06M | 183.58M | 177.58M | 171.69M | 154.21M | 132.45M | 129.9M | 118.3M | 117.44M | 114M | 92.76M | 86.25M | 73.66M | 53.97M | 48.21M | 56.25M | 65.17M | 63.84M | 56.22M | 51.96M | 40.1M | 48.65M | 52.35M | 25.15M | 20.41M | 20.1M | 8M |
| Non-Operating Income | -153.77M | -205.91M | -204.3M | -185.08M | -196.06M | -183.58M | -177.58M | -171.69M | -154.21M | -132.45M | -129.9M | -118.3M | -117.44M | -114M | -92.76M | -86.25M | -73.66M | -53.97M | -48.21M | -56.25M | -65.17M | -63.84M | -56.22M | -51.96M | -40.1M | -48.65M | -52.35M | -25.15M | -20.41M | 258.7M | 350.7M |
| Pretax Income | 2.31B | 2.73B | 3.64B | 2.65B | -151.57M | 3.13B | 1B | 2.29B | -7.86M | 87.3M | 629.92M | 742.11M | 440.38M | 361.74M | 312.05M | 190.2M | 295.51M | 198.64M | -159.83M | 571.96M | 553.4M | 186M | 224.04M | 181.58M | 117.69M | -182.2M | -51.81M | 53.44M | 75.39M | 66.3M | 37M |
| Pretax Margin % | 13.91% | 16.47% | 21.72% | 16.89% | -1.28% | 24.23% | 10.38% | 24.01% | -0.11% | 1.44% | 11.23% | 13.82% | 8.58% | 8.37% | 10.4% | 7.23% | 13.28% | 9.6% | -8.09% | 23.03% | 21.97% | 8.45% | 9.9% | 8.68% | 6.65% | -13.04% | -4.73% | 10.19% | 17.7% | 15.82% | 10.09% |
| Income Tax | 486.32M | 580.3M | 790.29M | 552.62M | -48.21M | 683.96M | 168.68M | 486.35M | 122.5M | -313.46M | 169.48M | 152.96M | 116.69M | 77.9M | 53.8M | 41.71M | 27.78M | -3.78M | -101.39M | 166.29M | 160.9M | 38.09M | 58.63M | 58.11M | 42.37M | -56.48M | -24.21M | 12.83M | 18.09M | 15.9M | -9.7M |
| Effective Tax Rate % | 21.1% | 21.24% | 21.73% | 20.82% | 31.81% | 21.85% | 16.86% | 21.28% | -1559.49% | -359.08% | 26.9% | 20.61% | 26.5% | 21.53% | 17.24% | 21.93% | 9.4% | -1.9% | 63.44% | 29.07% | 29.07% | 20.48% | 26.17% | 32% | 36% | 31% | 46.74% | 24% | 24% | 23.98% | -26.22% |
| Net Income | 1.77B | 2.11B | 2.75B | 2B | -216.28M | 2.42B | 816.03M | 1.79B | -128.18M | 395.27M | 455.69M | 582.77M | 321.18M | 281.02M | 253.38M | 142.03M | 266.79M | 201.64M | -58.77M | 405.67M | 392.5M | 147.91M | 165.41M | 123.48M | 75.32M | -125.72M | -27.59M | 40.61M | 57.29M | 50.4M | 46.7M |
| Net Margin % | 10.7% | 12.7% | 16.4% | 12.7% | -1.83% | 18.76% | 8.47% | 18.81% | -1.84% | 6.52% | 8.12% | 10.85% | 6.26% | 6.5% | 8.45% | 5.4% | 11.99% | 9.74% | -2.97% | 16.34% | 15.58% | 6.72% | 7.31% | 5.9% | 4.26% | -9% | -2.52% | 7.75% | 13.45% | 12.03% | 12.74% |
| Net Income Growth % | -3.83% | -23.3% | 37.62% | 1022.92% | -108.93% | 196.94% | -54.42% | 1496.84% | -132.43% | -13.26% | -21.81% | 81.45% | 14.29% | 10.91% | 78.41% | -46.77% | 32.31% | 443.11% | -114.49% | 3.35% | 165.36% | -10.58% | 33.96% | 63.93% | 159.92% | -355.63% | -167.94% | -29.11% | 13.68% | 7.92% | 35.36% |
| EPS (Diluted) | 157.85 | 169.22 | 199.32 | 146.98 | -23.72 | 176.51 | 55.63 | 129.07 | -9.21 | 25.81 | 31.27 | 41.74 | 22.27 | 22.48 | 25.89 | 14.60 | 27.27 | 20.52 | -5.99 | 40.64 | 39.40 | 14.80 | 16.41 | 12.31 | 7.65 | -14.73 | -3.99 | 7.20 | 10.17 | 8.92 | 8.30 |
| EPS Growth % | 2.27% | -15.1% | 35.61% | 719.65% | -113.44% | 217.29% | -56.9% | 1501.41% | -135.68% | -17.46% | -25.08% | 87.43% | -0.93% | -13.17% | 77.33% | -46.46% | 32.89% | 442.57% | -114.74% | 3.15% | 166.22% | -9.81% | 33.31% | 60.91% | 151.93% | -269.17% | -155.42% | -29.2% | 14.01% | 7.47% | 34.96% |
| EPS (Basic) | - | 169.74 | 199.69 | 147.32 | -23.72 | 176.92 | 55.67 | 129.25 | -9.21 | 25.89 | 31.41 | 41.99 | 22.38 | 22.57 | 25.96 | 14.66 | 27.31 | 20.54 | -5.99 | 40.73 | 40.43 | 15.05 | 16.79 | 12.55 | 7.67 | -14.73 | -3.99 | 7.27 | 10.41 | 9.20 | 8.58 |
| Diluted Shares Outstanding | 11.23M | 12.73M | 13.04M | 13.38M | 13.58M | 13.8M | 13.82M | 13.88M | 13.92M | 14.01M | 14.08M | 14.06M | 14.06M | 12.59M | 9.76M | 9.73M | 9.78M | 9.83M | 9.81M | 9.98M | 9.96M | 9.99M | 10.08M | 10.03M | 9.85M | 8.53M | 6.92M | 5.64M | 5.63M | 5.65M | 5.63M |
Underwriting volatility and social inflation
As reported in recent financial statements, Markel's combined ratio deteriorated to 107.7% in 2026Q1, marking a significant departure from the sub-100% underwriting profitability observed in previous periods, which warrants close investor scrutiny regarding the sustainability of the firm's core insurance engine during periods of heightened loss activity.
The sharp spike in the combined ratio suggests that the company is currently failing to generate an underwriting profit, forcing a reliance on investment income or Ventures' cash flow to offset insurance losses. This volatility appears to be driven by inconsistent loss ratios, which have fluctuated significantly over the last ten quarters, indicating that the firm's specialty lines may be experiencing greater-than-anticipated claims pressure.
Based on the provided quarterly data, Markel's revenue growth has displayed extreme volatility, swinging from a 31.8% expansion in 2024Q3 to a 26.4% contraction in 2025Q1, suggesting that the company's top-line trajectory is highly sensitive to both insurance market cycles and the performance of its non-insurance Ventures segment.
The inconsistency in revenue growth implies that the firm's strategy of balancing insurance premiums with Ventures' transactional business may be creating a lumpy earnings profile. Investors should monitor whether this lack of top-line stability reflects a deliberate choice to prioritize underwriting discipline over volume or if it indicates a weakening competitive position in key specialty markets.
According to the most recent quarterly figures, the company reported an operating loss of $273.3 million in 2026Q1, a stark reversal from the $734.2 million operating profit seen in 2025Q4, which may indicate that the firm is entering a more challenging phase of its underwriting and operational cycle.
This sudden shift into negative operating territory suggests that the company's diversified model is currently struggling to absorb the combined impact of insurance losses and potential headwinds in its non-insurance businesses. This inflection point warrants further investigation into whether this is a temporary anomaly or the beginning of a more persistent trend of margin compression.
While Markel's historical model relies on the 'three-engine' architecture, the recent surge in loss ratios suggests that persistent social inflation in US casualty lines may be creating a structural drag on earnings that is not fully captured by current pricing strategies or historical reserve assumptions.
The reliance on favorable prior-year development to bolster current-year results may be reaching a limit, as evidenced by the recent deterioration in the combined ratio. If the company is forced to strengthen reserves significantly, it could lead to further earnings volatility that would challenge the market's perception of the firm's underwriting discipline.
Quick answers to the most common questions about buying MKL stock.
For fiscal year 2025, Markel Corporation (MKL) reported total revenue of $16.59B. This represents a 4423.9% increase compared to $366.7M in 1996.
Markel Corporation (MKL) is profitable, generating $2.11B in net income for the fiscal year ending 2025 with a net profit margin of 12.7%.
Markel Corporation (MKL) reported an operating income of $2.73B, resulting in an operating profit margin of 16.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Markel Corporation (MKL) generated $11.51B in gross profit for the year, representing a gross profit margin of 69.4%. This demonstrates the company's core pricing power and production efficiency.