Revenue growth has been mixed, with a 17.8% rebound in 2026Q2 but a -1.0% TTM growth rate, while underwriting profitability remains strong with a 70.8% combined ratio in 2026Q2, though 2026Q1 spiked to 107.7%.
Markel Corporation (MKL) annual income statement — 30-year revenue, gross profit & net income history
| 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 | 17.35B | 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 % | 7.93% | -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 | 6.55B | 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 % | 37.74% | 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 | 10.8B | 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 % | 62.26% | 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 | 7.85B | 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 % | 45.22% | 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 | 173.67M | 347.92M | 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 % | 82.96% | 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 | 2.96B | 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 % | 17.04% | 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 | 3.13B | 3.08B | 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 % | 18.04% | 18.57% | 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 | 203.97M | 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 | -153.08M | -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 | 2.96B | 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 % | 17.06% | 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 | 634.02M | 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 % | 21.41% | 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 | 2.28B | 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 % | 13.17% | 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 % | 2.32% | -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) | 203.40 | 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 % | 9.07% | -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 |
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.
Key Metrics
Top Statement Risk
Social inflation reserve pressure
Metrics are mathematically derived from official filings.
Premium Growth Stalls Amid Discipline
Markel's revenue growth has decelerated to -1.0% TTM, with 2026Q2 showing a 17.8% rebound, but analyst projections suggest a 1.5% decline ahead, per consensus estimates.
The latest quarter's 17.8% revenue growth appears to be a rebound from a weak prior-year quarter, but the overall trend is flat to slightly negative. Management's focus on underwriting discipline over volume likely explains the muted growth, as they appear willing to shed business in soft market conditions. Investors should monitor whether the projected decline materializes, as it may indicate a broader demand challenge across both insurance and Ventures segments.
Underwriting Profitability Remains Solid
The combined ratio averaged 82.6% over the last four quarters, with 2026Q2 at 70.8%, indicating strong underwriting profitability, though 2026Q1 spiked to 107.7%.
Despite the volatility in 2026Q1, the overall trend in the combined ratio is favorable, with most quarters below 100%. The loss ratio has been relatively stable, suggesting that current accident year pricing is adequate. However, the 2026Q1 spike to 107.7% warrants attention, as it may reflect a one-off event or reserve strengthening. The expense ratio appears well-controlled, contributing to the sub-100% combined ratios.
Reserve Releases Mask Underlying Trends
Favorable reserve development appears to be boosting earnings, as evidenced by the low loss ratios in 2025Q4 and 2026Q2, but social inflation may pressure prior-year reserves, per industry trends.
The reported loss ratios of 30-40% in several quarters are unusually low, suggesting that prior-year reserve releases are contributing to underwriting income. While this is a positive for current earnings, it may mask underlying deterioration in current accident year loss picks. Given the persistent social inflation in US casualty lines, investors should monitor whether reserve adequacy remains sufficient, as future adverse development could emerge.
Investment Income Drives Earnings Volatility
Investment income data is unavailable, but equity portfolio swings under ASU 2016-01 likely caused the net income volatility, with 2026Q1 net loss of $212M versus 2026Q2 net income of $1.2B.
The extreme swings in net income, from a loss in 2026Q1 to a large gain in 2026Q2, are characteristic of Markel's equity portfolio being marked to market through earnings. This non-operational volatility can obscure the underlying profitability of the insurance and Ventures segments. Analysts should focus on operating income or comprehensive income to assess true performance, as the equity portfolio's performance is not indicative of core operations.
Expense Ratio Efficiency Supports Returns
Markel's operating margin of 16.47% and gross margin of 69.38% reflect a scalable model, with the expense ratio likely benefiting from scale across its diversified operations.
The expense ratio appears well-managed, as evidenced by the consistently sub-100% combined ratios. The company's diversified structure, including Markel Ventures and program services, may provide cost synergies and a stable fee-based income stream. However, the complexity of managing a growing portfolio of non-insurance businesses could test operational efficiency over time, warranting monitoring of expense trends.
Social Inflation Threatens Reserve Adequacy
Persistent social inflation in US casualty lines may necessitate reserve strengthening, potentially dragging on future earnings despite current favorable development, as reported in industry analyses.
While current reserve releases are boosting earnings, the long-term trend of social inflation could lead to adverse development in prior accident years. This risk is particularly acute in commercial auto and general liability lines, where litigation costs are rising. If reserves prove inadequate, Markel may need to strengthen them, which would negatively impact future earnings and capital. Investors should closely monitor reserve adequacy and management commentary on this issue.