Cash generation remains strong, evidenced by an OCF/NI ratio of 1.30 in 2026Q1, which supports the firm's flexible capital return strategy including a $411.9 million dividend payment in 2025Q4.
| 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 |
|---|
| Cash from Operations | 3.52B | 3.64B | 3.68B | 2.93B | 2.57B | 2.18B | 1.62B | 1.14B | 620.2M | 710.88M | 848.38M | 881.3M | 734.85M | 819.8M | 675.46M | 670.28M | 451.32M | 316.05M | 1.55B | 1.48B | 1.56B | 1.72B | 1.62B | 1.4B | 959.11M | 151.94M | -13.28M | 49.07M | 219.7M | 298.99M | 153.86M |
| Operating CF Growth % | -13.49% | -1.06% | 25.57% | 14.04% | 17.61% | 35.09% | 41.34% | 84.42% | -12.76% | -16.21% | -3.74% | 19.93% | -10.36% | 21.37% | 0.77% | 48.52% | 42.8% | -79.65% | 4.95% | -5.39% | -9.06% | 6.18% | 15.84% | 45.78% | 531.23% | 1244.59% | -127.05% | -77.67% | -26.52% | 94.33% | -3.41% |
| Operating CF / Revenue % | 23.74% | 24.75% | 26.97% | 24.12% | 23% | 23.1% | 19.96% | 14.47% | 8.06% | 8.87% | 11.08% | 12.23% | 9.75% | 12.79% | 11.6% | 13.65% | 10.01% | 7.13% | 32.98% | 26.48% | 28.99% | 34.42% | 35.9% | 38.52% | 37.38% | 7.82% | -0.75% | 2.93% | 13.88% | 21.35% | 12.56% |
| Net Income | 1.88B | 1.78B | 1.76B | 1.38B | 1.38B | 1.02B | 530.67M | 681.94M | 640.75M | 549.09M | 601.92M | 503.69M | 648.88M | 499.93M | 510.59M | 394.8M | 449.29M | 309.06M | 281.14M | 743.65M | 699.52M | 544.89M | 438.83M | 337.22M | 175.29M | -94.73M | 38.4M | -36.73M | 57.32M | 99.05M | 90.26M |
| Depreciation & Amortization | -53.81M | -48.13M | -170.64M | -20.86M | 55.87M | 129.68M | 135.06M | 113.39M | 131.11M | 112.96M | 86.05M | 85.14M | 88.84M | 103.09M | 103.42M | 88.01M | 82.87M | 78.88M | 83.95M | 73.7M | 65.67M | 63.85M | 55.03M | 20.32M | 17.25M | 17.63M | 21.7M | 23.6M | 22.66M | 11.85M | 8.59M |
| Stock-Based Compensation | 41.43M | 0 | 54.38M | 51M | 49.41M | 46.68M | 49.66M | 49.27M | 36.59M | 40.49M | 37.17M | 32.12M | 28.07M | 23.78M | 26.76M | 27.18M | 27.41M | 24.46M | 24.14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | -64.71M | -310.65M | -157.25M | -189.9M | -74.76M | -16.89M | 9.01M | 47.26M | 30.81M | 56.28M | 13.24M | 44.95M | -56.58M | 215.08M | 356.93M | -17.23M | -35.55M | -91K | -48.06M | -38.77M | 0 | 0 | 0 | 0 | 0 | -1.4M | 5.7M |
| Other Non-Cash Items | 955.1M | -42.98M | -107.75M | -61.3M | -278.89M | 8.53M | 2.31M | 2.04M | -180.76M | -384.06M | -373.75M | -201.4M | -416.59M | -240.16M | -300.67M | -168.75M | 26.92M | 23K | 8.81M | -26.09M | 96.12M | -18.43M | -6.37M | -45.65M | 232.58M | -606.18M | -54.08M | 51.09M | 71.36M | 280.25M | 142.53M |
| Working Capital Changes | 704.25M | 1.95B | 2.15B | 1.58B | 1.43B | 1.29B | 1.06B | 487.04M | 67.27M | 409.29M | 487.97M | 414.49M | 354.84M | 376.88M | 322.11M | 284.09M | -78.58M | -311.44M | 797.98M | 678.38M | 814.84M | 1.13B | 1.18B | 1.13B | 533.98M | 835.24M | -19.29M | 11.11M | 68.37M | -90.77M | -93.23M |
| Cash from Investing | -1.69B | -2.03B | -2.18B | -1.96B | -1.89B | -2.99B | 119.7M | -424.87M | -714.24M | -333.46M | -794.49M | -170.76M | -808.31M | -545.36M | -775.07M | -204.27M | 37.35M | -1.12B | -614.56M | -1.05B | -1.17B | -2.36B | -2.28B | -890.36M | -1.03B | -236.29M | 67.72M | 39.44M | -30.47M | -157.27M | -172.14M |
| Capital Expenditures | -153.79M | -169.99M | -105.62M | -53.08M | -52.68M | -66.63M | -38.17M | -60.46M | -49.86M | -115.72M | -50.83M | -63.56M | -41.96M | -63.15M | -40.56M | -45.32M | -49.6M | -30.45M | -78.95M | -31.11M | -42.59M | -32.28M | -41.87M | -28.32M | -36.57M | -22.08M | -7.53M | -8.13M | -27.17M | -17.9M | -46.98M |
| Acquisitions | 0 | 0 | 0 | -11.56M | 857.22M | 240.51M | 180.4M | 51.39M | 2.03M | -70.57M | 196.76M | -7.31M | -49.64M | -56.88M | -42.78M | -261.99M | 0 | -33.81M | -48.9M | -53.1M | 0 | 0 | 0 | 5.26M | -2.05M | 3.21M | 2.19M | -1.53M | -3.3M | -585K | -11.74M |
| Purchase of Investments | -8.41B | -8.85B | -9.58B | -6.75B | -8.38B | -11.18B | -7.81B | -5.53B | -6.76B | -7.97B | -5.74B | -4.48B | -4.32B | -4.35B | -3.9B | -2.91B | -3.05B | -5.04B | -2.55B | -4.6B | -3.61B | -5.01B | -4.12B | -2.76B | -2.04B | -1.02B | -844.79M | -710.33M | -1.07B | -1.01B | -845.77M |
| Sale/Maturity of Investments | 5.29B | 6.92B | 7.53B | 4.84B | 5.77B | 8.04B | 7.81B | 5.11B | 6.7B | 7.79B | 4.77B | 4.4B | 3.35B | 4.33B | 3.54B | 3.15B | 3.11B | 3.98B | 2.25B | 3.53B | 2.5B | 1.3B | 1.87B | 1.9B | 1.02B | 189.96M | 142.64M | 147.67M | 297.3M | 120.94M | 219.67M |
| Other Investing | 1.59B | 68.9M | -35.31M | 10.94M | -90.17M | -17.98M | -26.52M | 2.84M | -602.64M | 34.13M | 30.8M | -18.99M | 254.11M | -401.06M | -329.03M | -134.48M | 23.32M | 7.28M | -186.81M | 104.8M | -6.03M | 1.38B | 6.14M | -5.35M | 26.72M | 608.2M | 775.22M | 611.76M | 772.14M | 753.26M | 512.67M |
| Cash from Financing | -1.28B | -1.03B | -852.49M | -1.06B | -771.99M | 5.83M | -397.84M | -513.19M | -7.4M | -235.09M | -6.93M | -555.32M | -69.77M | -330.26M | 97.19M | -195.21M | -359.07M | 173.38M | -663.29M | -244.16M | -342.74M | 376.9M | 163.53M | 329.45M | 131.38M | 309.3M | -60.79M | -171.43M | -83.81M | -48.57M | 157.86M |
| Dividends Paid | -703.63M | -700.27M | -531.95M | -501.46M | -235.19M | -355.74M | -84.15M | -308.19M | -254.95M | -188.2M | -184M | -58.03M | -181.49M | -52.72M | -183.95M | -43.25M | -49.35M | -28.84M | -46.98M | -36.28M | -29.43M | -19.05M | -23.53M | -27.68M | -17.87M | -14.71M | -12.7M | -15.89M | -20.87M | -20.41M | -22.97M |
| Share Repurchases | -523.45M | -270.22M | -303.65M | -537.16M | -94.14M | -122.43M | -346.36M | -18.23M | -24.75M | -47.81M | -132.39M | -223.65M | -238.93M | -166.47M | -127.66M | -187.16M | -471.01M | -147.14M | -553.28M | -488.79M | -45.06M | -33.75M | -337K | 0 | -71K | -1M | -7.02M | -128.99M | -117.94M | -41.5M | -101.72M |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 25.68M | 22.17M | 11.25M | 11.24M | 15.34M | 179.95M | 340.89M | 9.32M | 0 | 0 | 0 | 127.15M |
| Debt Issuance (Net) | -1.34M | -1000K | 1000K | -974K | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | -1000K | 1000K | -1000K | 1000K | -1000K | 1000K | 1000K | -1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | -1000K | 1000K | 0 | 1000K |
| Other Financing | -54.89M | -53.89M | -19.98M | -22.9M | -12.85M | -45.16M | -56.23M | -21.39M | -17.74M | -6.04M | -3.82M | -1.6M | 337K | 7.5M | 39.51M | 36.51M | 23.73M | 22.78M | 14.97M | 36.3M | -283.04M | 15.17M | 11.57M | 24.67M | -39.75M | -5.88M | -389K | -6.06M | 735K | 54.82M | 183.7M |
| Net Change in Cash | 560.73M | 565.19M | 611.55M | -86.15M | -119.5M | -803.52M | 1.35B | 206.11M | -132.87M | 155.19M | 31.65M | 89.19M | -165.3M | -65.93M | -6.07M | 268.79M | 127.52M | -619.4M | 182.97M | 197.62M | 81.31M | -259.14M | -499.39M | 837.28M | 60.1M | 224.96M | -6.34M | -70.8M | 105.43M | 93.15M | 139.57M |
| Exchange Rate Effect | 14.36M | -18.56M | -29.84M | 9.07M | -24.75M | -4.2M | 10.12M | 379K | -31.42M | 12.85M | -15.3M | -66.03M | -22.06M | -10.1M | -3.65M | -2M | -2.07M | 7.39M | -92.13M | 9.53M | 25.45M | 0 | 0 | 0 | 0 | 0 | 0 | 12.12M | 0 | 0 | 0 |
| Cash at Beginning | 2.54B | 1.97B | 1.36B | 1.45B | 1.57B | 2.37B | 1.02B | 817.6M | 950.47M | 795.28M | 763.63M | 674.44M | 839.74M | 905.67M | 911.74M | 642.95M | 515.43M | 1.13B | 951.86M | 754.25M | 672.94M | 932.08M | 1.43B | 594.18M | 534.09M | 309.13M | 315.47M | 386.28M | 280.85M | 346.49M | 206.92M |
| Cash at End | 2.28B | 2.54B | 1.97B | 1.36B | 1.45B | 1.57B | 2.37B | 1.02B | 817.6M | 950.47M | 795.28M | 763.63M | 674.44M | 839.74M | 905.67M | 911.74M | 642.95M | 515.43M | 1.13B | 951.86M | 754.25M | 672.94M | 932.08M | 1.43B | 594.18M | 534.09M | 309.13M | 315.47M | 386.28M | 439.64M | 346.49M |
| Free Cash Flow | 3.37B | 3.47B | 3.57B | 2.88B | 2.52B | 2.12B | 1.58B | 1.08B | 570.34M | 595.16M | 797.55M | 817.74M | 692.89M | 756.65M | 634.9M | 624.96M | 401.71M | 285.6M | 1.47B | 1.45B | 1.52B | 1.69B | 1.58B | 1.37B | 922.54M | 129.87M | -20.8M | 40.94M | 192.54M | 281.09M | 106.87M |
| FCF Growth % | -6.6% | -2.89% | 24.22% | 14.32% | 18.82% | 34.14% | 45.71% | 89.95% | -4.17% | -25.38% | -2.47% | 18.02% | -8.43% | 19.18% | 1.59% | 55.57% | 40.66% | -80.62% | 1.75% | -4.78% | -9.84% | 6.95% | 15.18% | 48.49% | 610.37% | 724.25% | -150.81% | -78.74% | -31.5% | 163.01% | -32.9% |
| FCF Margin % | 22.7% | 23.59% | 26.2% | 23.69% | 22.53% | 22.39% | 19.49% | 13.71% | 7.42% | 7.43% | 10.42% | 11.35% | 9.19% | 11.81% | 10.9% | 12.73% | 8.91% | 6.45% | 31.3% | 25.92% | 28.2% | 33.77% | 34.97% | 37.74% | 35.95% | 6.69% | -1.17% | 2.45% | 12.17% | 20.07% | 8.72% |
| FCF per Share | 8.54 | 8.69 | 8.86 | 7.02 | 6 | 5.05 | 3.72 | 2.49 | 1.32 | 1.37 | 1.84 | 1.86 | 1.54 | 1.59 | 1.97 | 1.91 | 1.15 | 0.76 | 3.78 | 3.27 | 3.34 | 3.74 | 3.54 | 3.11 | 2.3 | 0.39 | -0.07 | 0.14 | 0.58 | 0.82 | 0.31 |
Social inflation litigation exposure
As reported in financial statements, W. R. Berkley consistently generated operating cash flow exceeding net income, with the OCF/NI ratio peaking at 3.39 in 2024Q3, demonstrating the firm's ability to maintain strong cash inflows relative to its accounting earnings despite the inherent volatility of specialty insurance.
The consistent spread between net income and operating cash flow suggests that the company's underwriting units are effectively managing premium collection cycles. This surplus cash generation appears to provide a significant buffer, allowing the firm to absorb claims volatility without compromising its underlying liquidity position.
Based on the provided quarterly data, W. R. Berkley maintains an active investment strategy, with quarterly purchase volumes reaching as high as $3.0 billion in 2024Q3, reflecting a disciplined approach to managing the float generated by its decentralized underwriting units across varying interest rate environments.
The frequent turnover in the investment portfolio suggests that management is actively positioning the float to capture yield improvements. Investors should monitor whether the scale of these purchases relative to sales indicates a strategic shift toward longer-duration assets or a defensive posture in anticipation of market shifts.
According to recent SEC filings, W. R. Berkley utilized a combination of dividends and buybacks, with a notable $411.9 million dividend payment in 2025Q4, indicating that the company prioritizes returning excess cash to shareholders when internal reinvestment opportunities do not meet their strict underwriting return thresholds.
The lumpy nature of these capital returns suggests that management is not beholden to a rigid payout schedule, but rather adjusts distributions based on the availability of excess capital. This flexibility appears to be a hallmark of their decentralized model, allowing them to preserve cash when market conditions warrant caution.
As indicated by the historical data, the OCF/NI ratio has remained consistently above 1.0, with a 1.30 reading in 2026Q1, which suggests that the company's cash generation is not merely a byproduct of accounting accruals but is supported by actual premium inflows exceeding claim payments.
The persistent gap between cash flow and net income may imply that the company's reserve practices remain conservative, as cash generation continues to outpace reported earnings. This trend warrants further investigation to ensure that future reserve adjustments do not create a sudden drag on the cash-to-earnings conversion profile.
Quick answers to the most common questions about buying WRB stock.
W. R. Berkley Corporation (WRB) generated $3.64B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
W. R. Berkley Corporation (WRB) generated $3.47B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
W. R. Berkley Corporation (WRB) spent $170.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, W. R. Berkley Corporation (WRB) returned $700.3M to shareholders via cash dividends and spent $270.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.