W. R. Berkley Corporation (WRB) Balance Sheet
WRB balance sheet, 2025
December 31, 2025 · U.S. dollars$44.07B assets = $34.36B liabilities + $9.71B equity
Both columns are drawn to the same scale: what WRB owns equals what it owes plus shareholders’ equity. Hover a block for its value.
WRB financial health
Descriptive bands, not a rating. Fiscal 2025.
WRB balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $23.36B2016 | $44.07B2025 | +7.3%/yr | |
| Total liabilities | $18.28B2016 | $34.36B2025 | +7.3%/yr | |
| Shareholders’ equity | $5.05B2016 | $9.70B2025 | +7.5%/yr | |
| Cash & short-term investments | $14.66B2016 | $28.78B2025 | +7.8%/yr | |
| Total debt | $2.49B2016 | $2.84B2025 | +1.5%/yr | |
| Net cash (debt) | $12.17B2016 | $25.94B2025 | +$13.8B | |
| Working capital | $5.20B2016 | $10.35B2025 | +$5.2B | |
| Book value per share | $11.632016 | $24.302025 | +8.5%/yr | |
| Debt / equity | 0.492016 | 0.292025 | −0.20 | |
| Shares outstanding | 433.9M2016 | 399.1M2025 | −0.9%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
WRB assets
WRB liabilities and equity
WRB debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
WRB balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $28.78B | $25.45B | $22.43B | $19.93B | $19.35B | $16.53B | $15.20B | $14.42B | $1.53B | $14.66B |
| Cash & equivalents | $2.54B | $1.97B | $1.36B | $1.45B | $1.57B | $2.37B | $1.02B | $817.6M | $950.5M | $795.3M |
| Short-term investments | $26.24B | $23.48B | $21.06B | $18.48B | $17.78B | $14.16B | $14.18B | $13.61B | $576.6M | $13.86B |
| Receivables | $7.23B | $7.17B | $7.16B | $6.41B | $5.59B | $5.12B | $4.58B | $4.09B | $3.75B | $3.95B |
| Inventory | $0 | $0 | −$408.9M | −$11.82B | −$5.82B | −$6.80B | −$3.61B | −$4.05B | −$3.73B | −$4.17B |
| Other current assets | $881.8M | $823.2M | $1.17B | $12.52B | $6.50B | $0 | $0 | $0 | $3.73B | $0 |
| Total current assets | $36.89B | $33.44B | $30.35B | $27.03B | $25.62B | $8.12B | $6.07B | $5.18B | $5.27B | $5.41B |
| Property, plant & equipment (net) | $596.2M | $478.5M | $426.8M | $423.2M | $419.9M | $405.9M | $422.1M | $416.4M | $423.0M | $349.4M |
| Goodwill & intangible assets | $1.19B | $1.14B | $1.04B | $949.0M | $845.8M | $432.3M | $268.7M | $277.0M | $793.5M | $226.5M |
| Long-term investments | $28.99B | $26.19B | $23.83B | $23.03B | $22.29B | $18.60B | $18.61B | $17.87B | $17.59B | $16.78B |
| Other non-current assets | $0 | $0 | $0 | $0 | $0 | $1.05B | $1.29B | $1.15B | $5.69B | $602.4M |
| Total assets | $44.07B | $40.57B | $37.20B | $33.86B | $32.09B | $28.61B | $26.66B | $24.90B | $29.76B | $23.36B |
| Liabilities | ||||||||||
| Accounts payable | $615.8M | $668.7M | $631.2M | $523.1M | $568.6M | $426.1M | $360.3M | $256.9M | $246.5M | $213.1M |
| Short-term debt | $61.5M | $0 | $5.4M | $5.4M | $472.0M | $50.5M | $299.8M | $447.4M | $2.50B | $3.6M |
| Deferred revenue | $6.72B | $6.38B | $5.92B | $5.30B | $4.85B | $375.6M | — | −$10.52B | — | −$9.51B |
| Total current liabilities | $26.54B | $24.40B | $22.32B | $20.12B | $18.30B | $426.1M | $360.3M | $256.9M | $246.5M | $213.1M |
| Long-term debt | $2.84B | $2.84B | $2.84B | $1.01B | $1.2M | $1.11B | $1.23B | $945.6M | $792.6M | $778.8M |
| Other long-term liabilities | $4.98B | $4.92B | $4.58B | $5.96B | $7.11B | $21.17B | $1.41B | $18.47B | $18.06B | $17.50B |
| Total liabilities | $34.36B | $32.16B | $29.73B | $27.09B | $25.42B | $22.28B | $20.54B | $19.42B | $24.31B | $18.28B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $158.7M | $158.7M | $158.7M | $105.8M | $105.8M | $70.5M | $70.5M | $70.5M | $1.10B | $1.08B |
| Retained earnings (deficit) | $13.34B | $12.27B | $11.04B | $10.16B | $9.02B | $8.35B | $7.93B | $7.56B | $6.96B | $6.60B |
| Treasury stock | — | — | — | −$3.25B | −$3.17B | −$3.06B | −$2.73B | −$2.72B | −$2.71B | −$2.69B |
| Accumulated other comprehensive income | −$451.1M | −$934.3M | −$925.8M | −$1.26B | −$282.0M | −$62.2M | −$257.3M | −$510.5M | $68.5M | $55.6M |
| Minority interest | $11.1M | $12.3M | $13.8M | $19.8M | $14.7M | $15.0M | $43.4M | $41.9M | $39.8M | $33.9M |
| Total shareholders' equity | $9.70B | $8.40B | $7.46B | $6.75B | $6.65B | $6.31B | $6.07B | $5.44B | $5.45B | $5.05B |
| Key figures | ||||||||||
| Total debt | $2.84B | $2.84B | $2.84B | $2.84B | $3.27B | $2.73B | $2.63B | $2.79B | $3.29B | $2.49B |
| Net cash (debt) | $25.94B | $22.61B | $19.58B | $17.09B | $16.08B | $13.81B | $12.58B | $11.63B | −$1.76B | $12.17B |
| Working capital | $10.35B | $9.04B | $8.03B | $6.91B | $7.32B | $7.69B | $5.71B | $4.93B | $5.03B | $5.20B |
| Tangible book value | $8.52B | $7.26B | $6.42B | $5.80B | $5.81B | $5.88B | $5.81B | $5.16B | $4.66B | $4.82B |
| Book value per share | $24.30 | $20.82 | $18.19 | $16.10 | $15.85 | $14.86 | $13.95 | $12.56 | $12.52 | $11.63 |
| Shares outstanding | 399.1M | 403.2M | 409.9M | 419.2M | 419.6M | 424.7M | 435.4M | 432.9M | 435.4M | 433.9M |
| Current ratio | 1.39 | 1.37 | 1.36 | 1.34 | 1.40 | 19.06 | 16.85 | 20.18 | 21.40 | 25.38 |
| Quick ratio | 1.36 | 1.34 | 1.33 | 1.31 | 1.36 | 50.82 | 54.90 | 72.06 | 21.40 | 87.27 |
| Debt / equity | 0.29 | 0.34 | 0.38 | 0.42 | 0.49 | 0.43 | 0.43 | 0.51 | 0.60 | 0.49 |
| Equity / assets | 22.0% | 20.7% | 20.0% | 19.9% | 20.7% | 22.1% | 22.8% | 21.8% | 18.3% | 21.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $29.78B | $28.92B | $28.78B | $28.39B | $27.08B | $26.13B | $25.45B | $25.01B | $24.96B | $24.46B | $22.43B | $1.65B |
| Cash & equivalents | $2.28B | $2.28B | $2.54B | $2.40B | $1.98B | $1.72B | $1.97B | $1.57B | $1.58B | $1.17B | $1.36B | $1.65B |
| Short-term investments | $27.50B | $26.64B | $26.24B | $25.99B | $25.10B | $24.41B | $23.48B | $23.44B | $23.38B | $23.29B | $21.06B | $18.98B |
| Receivables | $7.28B | $7.28B | $7.23B | $7.37B | $7.68B | $7.48B | $7.17B | $7.67B | $7.20B | $7.04B | $7.16B | $177.8M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$7.52B | −$1.76B | −$1.47B | −$28.44B | −$7.39B |
| Other current assets | $870.8M | $870.8M | $881.8M | $884.6M | $872.5M | $815.7M | $823.2M | $8.35B | $3.51B | $3.11B | $29.20B | $7.39B |
| Total current assets | $37.93B | $37.07B | $36.89B | $36.65B | $35.64B | $34.42B | $33.44B | $33.51B | $33.92B | $33.14B | $30.35B | $1.82B |
| Property, plant & equipment (net) | $567.1M | $567.1M | $596.2M | $492.8M | $490.1M | $481.7M | $478.5M | $478.4M | $477.0M | $466.9M | $426.8M | $423.3M |
| Goodwill & intangible assets | $1.20B | $1.20B | $1.19B | $1.22B | $1.20B | $1.16B | $1.14B | $1.14B | $1.12B | $1.06B | $1.04B | $349.2M |
| Long-term investments | $30.13B | $29.54B | $28.99B | $28.83B | $27.88B | $27.08B | $26.19B | $26.14B | $24.97B | $24.84B | $23.83B | $21.04B |
| Other non-current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $12.47B |
| Total assets | $45.68B | $44.32B | $44.07B | $43.72B | $42.66B | $41.35B | $40.57B | $40.36B | $38.91B | $37.85B | $37.20B | $36.11B |
| Liabilities | ||||||||||||
| Accounts payable | $627.8M | $627.8M | $615.8M | $626.2M | $644.6M | $647.4M | $668.7M | $727.1M | $730.4M | $683.5M | $631.2M | $626.4M |
| Short-term debt | — | — | $61.5M | $12.5M | $24.5M | $0 | $0 | $13.3M | $26.0M | $38.9M | $5.4M | $12.2M |
| Deferred revenue | $6.78B | $6.78B | $6.72B | $6.91B | $6.82B | $6.49B | $6.38B | $6.49B | $6.33B | $6.00B | $5.92B | $614.3M |
| Total current liabilities | $27.73B | $26.83B | $26.54B | $26.20B | $25.71B | $24.91B | $24.40B | $24.24B | $26.71B | $25.82B | $22.32B | $626.4M |
| Long-term debt | $2.84B | $2.84B | $2.84B | $2.84B | $2.84B | $2.84B | $2.84B | $2.84B | $2.84B | $2.84B | $2.83B | $2.84B |
| Other long-term liabilities | $4.90B | $4.90B | $4.98B | $4.87B | $4.80B | $4.67B | $4.92B | $4.84B | $1.57B | $1.40B | $4.58B | $0 |
| Total liabilities | $35.46B | $34.56B | $34.36B | $33.91B | $33.35B | $32.42B | $32.16B | $31.92B | $31.12B | $30.05B | $29.73B | $29.18B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $158.7M | $158.7M | $158.7M | $158.7M | $158.7M | $158.7M | $158.7M | $158.7M | $158.7M | $105.8M | $158.7M | $7.17B |
| Retained earnings (deficit) | $14.29B | $13.83B | $13.34B | $13.31B | $12.83B | $12.65B | $12.27B | $11.91B | $11.67B | $11.46B | $11.04B | $10.80B |
| Accumulated other comprehensive income | −$601.3M | −$601.3M | −$451.1M | −$506.2M | −$572.4M | −$762.1M | −$934.3M | −$603.1M | −$1.03B | −$1.02B | −$925.8M | −$1.32B |
| Minority interest | $9.8M | $11.1M | $11.1M | $6.1M | $10.3M | — | — | — | — | — | — | — |
| Total shareholders' equity | $10.20B | $9.74B | $9.70B | $9.80B | $9.29B | $8.91B | $8.40B | $8.43B | $7.77B | $7.78B | $7.46B | $6.92B |
| Key figures | ||||||||||||
| Total debt | $2.84B | $2.84B | $2.84B | $2.84B | $2.84B | $2.84B | $2.84B | $2.84B | $2.84B | $2.84B | $2.84B | $2.85B |
| Net cash (debt) | $26.94B | $26.08B | $25.94B | $25.55B | $24.24B | $23.28B | $22.61B | $22.18B | $22.13B | $21.62B | $19.58B | −$1.20B |
| Working capital | $10.20B | $10.24B | $10.35B | $10.45B | $9.93B | $9.52B | $9.04B | $9.27B | $7.20B | $7.32B | $8.03B | $1.20B |
| Tangible book value | $9.01B | $8.54B | $8.52B | $8.58B | $8.09B | $7.75B | $7.26B | $7.28B | $6.65B | $6.72B | $6.42B | $6.57B |
| Book value per share | $26.04 | $24.67 | $24.30 | $24.48 | $23.21 | $22.29 | $20.94 | $20.97 | $19.25 | $19.19 | $18.34 | $16.98 |
| Shares outstanding | 391.8M | 394.8M | 399.1M | 400.2M | 400.4M | 399.8M | 400.9M | 401.8M | 403.7M | 405.8M | 406.5M | 407.2M |
| Current ratio | 1.37 | 1.38 | 1.39 | 1.40 | 1.39 | 1.38 | 1.37 | 1.38 | 1.27 | 1.28 | 1.36 | 2.91 |
| Quick ratio | 1.34 | 1.35 | 1.36 | 1.37 | 1.35 | 1.35 | 1.34 | 1.35 | 1.20 | 1.22 | 1.33 | 2.91 |
| Debt / equity | 0.28 | 0.29 | 0.29 | 0.29 | 0.31 | 0.32 | 0.34 | 0.34 | 0.37 | 0.36 | 0.38 | 0.41 |
| Equity / assets | 22.3% | 22.0% | 22.0% | 22.4% | 21.8% | 21.6% | 20.7% | 20.9% | 20.0% | 20.6% | 20.0% | 19.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 27, 2026); data from EODHD.
WRB financial position
At the end of fiscal 2025 (December 31, 2025), W. R. Berkley had total assets of $44.1 billion (up 8.6% from a year earlier), total liabilities of $34.4 billion and shareholders' equity of $9.7 billion. It held $28.8 billion in cash and short-term investments against $2.8 billion of debt, a net cash position of $25.9 billion. Its current ratio was 1.39. In the latest quarter (ended June 30, 2026) total assets were $45.7 billion and equity $10.2 billion.
Related: WRB income statement, WRB cash flow statement, WRB key metrics. See the WRB stock overview for the latest quote and news.
WRB balance sheet FAQ
What are W. R. Berkley's total assets?
W. R. Berkley reported total assets of $44.1 billion at the end of fiscal 2025 (December 31, 2025), compared with $40.6 billion a year earlier.
How much debt does W. R. Berkley have?
W. R. Berkley had $2.8 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.29.
How much cash does W. R. Berkley have?
W. R. Berkley held $28.8 billion in cash and short-term investments at the end of fiscal 2025; with $2.8 billion of debt that is net cash of $25.9 billion.
What is W. R. Berkley's book value?
W. R. Berkley's shareholders' equity (book value) was $9.7 billion at the end of fiscal 2025, or $24.30 per share.
What is W. R. Berkley's current ratio?
W. R. Berkley had current assets of $36.9 billion and current liabilities of $26.5 billion, a current ratio of 1.39 (it can cover its short-term obligations).
How much goodwill does W. R. Berkley have?
W. R. Berkley carried $1.2 billion of goodwill and intangible assets, 2.7% of total assets, at the end of fiscal 2025.