Markel Corporation (MKL) Income Statement
MKL 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsMKL revenue and net income
Where MKL's revenue goes
2025Each bar shows an amount and its share of revenue. MKL kept 12.7% of revenue as net income.
MKL profit margins
MKL growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −1.0% | +12.0% | +11.5% | +11.9% |
| Gross profit | +24.1% | +50.1% | +27.8% | +16.0% |
| Operating income | −24.9% | — | +22.3% | +13.9% |
| Net income | −23.3% | — | +20.9% | +13.7% |
| EPS (diluted) | +28.9% | +20.9% | +21.7% | +12.9% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
MKL quarterly EPS vs estimates
Markel beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: November 4, 2026 (estimate $28.99).
MKL income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $16.59B | $16.75B | $15.71B | $11.81B | $12.92B | $9.64B | $9.52B | $6.95B | $6.06B | $5.61B |
| Cost of revenue | $5.08B | $7.48B | $7.63B | $8.41B | $7.03B | $6.26B | $4.67B | $4.30B | $4.22B | $3.25B |
| Gross profit | $11.51B | $9.27B | $8.08B | $3.41B | $5.89B | $3.38B | $4.85B | $2.64B | $1.85B | $2.36B |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | — | — | — | — | — | — | $675.7M | $474.9M | $458.6M | $416.1M |
| Total operating expenses | $8.78B | $5.64B | $5.43B | $3.56B | $2.76B | $2.38B | $2.57B | $2.65B | $1.76B | $1.73B |
| Operating income | $2.73B | $3.64B | $2.65B | −$151.6M | $3.13B | $1.00B | $2.29B | −$7.9M | $87.3M | $629.9M |
| Interest income | $988.8M | $938.5M | $684.0M | $55.9M | $111.3M | $273.4M | $174.0M | $47.6M | $129.3M | $131.1M |
| Interest expense | $205.9M | $204.3M | $185.1M | $196.1M | $183.6M | $177.6M | $171.7M | $154.2M | $132.5M | $129.9M |
| Income before taxes | $2.73B | $3.64B | $2.65B | −$151.6M | $3.13B | $1.00B | $2.29B | −$7.9M | $87.3M | $629.9M |
| Income taxes | $580.3M | $790.3M | $552.6M | −$48.2M | $684.0M | $168.7M | $486.3M | $122.5M | −$313.5M | $169.5M |
| Net income | $2.11B | $2.75B | $2.00B | −$216.3M | $2.42B | $816.0M | $1.79B | −$128.2M | $395.3M | $455.7M |
| EBITDA | $3.29B | $4.18B | $3.16B | $353.9M | $3.65B | $1.49B | $2.73B | $374.2M | $423.6M | $954.0M |
| EPS (diluted) | $118.28 | $91.77 | $61.59 | $66.91 | $91.10 | $44.25 | $39.21 | $29.01 | $1.77 | $31.23 |
| Gross margin | 69.4% | 55.4% | 51.4% | 28.8% | 45.6% | 35.1% | 51.0% | 38.1% | 30.4% | 42.1% |
| Operating margin | 16.5% | 21.7% | 16.9% | −1.3% | 24.2% | 10.4% | 24.0% | −0.1% | 1.4% | 11.2% |
| Net margin | 12.7% | 16.4% | 12.7% | −1.8% | 18.8% | 8.5% | 18.8% | −1.8% | 6.5% | 8.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.20B | $3.55B | $4.22B | $4.39B | $4.41B | $3.33B | $3.84B | $4.50B | $3.71B | $4.52B | $4.56B | $3.41B |
| Cost of revenue | $2.12B | $1.17B | $1.28B | $1.98B | $1.96B | $1.82B | $1.24B | $1.90B | $1.84B | $1.82B | $2.19B | $2.01B |
| Gross profit | $3.07B | $2.38B | $2.94B | $2.41B | $2.45B | $1.50B | $2.60B | $2.60B | $1.87B | $2.69B | $2.37B | $1.40B |
| Sales, general & admin | $1.66B | $1.89B | — | — | — | — | — | — | — | — | — | — |
| Total operating expenses | $1.55B | $2.66B | $2.20B | $1.43B | $1.59B | $1.35B | $1.88B | $1.39B | $1.50B | $1.35B | $1.37B | $1.34B |
| Operating income | $1.52B | −$273.3M | $734.2M | $978.4M | $862.4M | $157.8M | $723.5M | $1.21B | $366.1M | $1.34B | $1.01B | $67.5M |
| Interest income | $259.0M | $261.7M | $261.6M | $248.3M | $235.9M | $243.0M | $247.5M | $240.4M | $227.2M | $223.4M | $217.7M | $196.3M |
| Interest expense | $52.4M | $50.9M | $50.0M | $50.7M | $53.1M | $52.1M | $52.8M | $53.4M | $52.6M | $45.5M | $43.9M | $44.6M |
| Income before taxes | $1.52B | −$269.9M | $734.2M | $978.4M | $862.4M | $157.8M | $723.5M | $1.21B | $366.1M | $1.34B | $1.01B | $67.5M |
| Income taxes | $332.9M | −$65.6M | $152.1M | $214.7M | $185.2M | $28.4M | $162.1M | $259.4M | $76.2M | $292.6M | $212.7M | $14.2M |
| Net income | $1.17B | −$212.3M | $576.8M | $751.3M | $657.1M | $121.7M | $549.2M | $905.0M | $267.7M | $1.03B | $769.3M | $42.6M |
| EBITDA | $1.61B | −$229.8M | $827.0M | $1.07B | $966.6M | $256.8M | $822.8M | $1.31B | $462.9M | $1.43B | $1.15B | $159.6M |
| EPS (diluted) | $19.51 | $23.55 | $37.41 | $31.61 | $25.62 | $23.64 | $23.19 | $20.92 | $26.43 | $21.23 | $6.00 | $16.60 |
| Gross margin | 59.1% | 67.1% | 69.6% | 55.0% | 55.5% | 45.2% | 67.7% | 57.8% | 50.3% | 59.6% | 52.0% | 41.1% |
| Operating margin | 29.2% | −7.7% | 17.4% | 22.3% | 19.6% | 4.7% | 18.8% | 26.8% | 9.9% | 29.7% | 22.1% | 2.0% |
| Net margin | 22.5% | −6.0% | 13.7% | 17.1% | 14.9% | 3.7% | 14.3% | 20.1% | 7.2% | 22.7% | 16.9% | 1.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in MKL's financial statements (latest annual report filed February 26, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
MKL financial results
In fiscal year 2025 (ended December 31, 2025), Markel reported revenue of $16.6 billion, down 1.0% from the year before. It had net income of $2.1 billion (down 23.3%), a net profit margin of 12.7%. Diluted earnings per share came to $118.28. Over five years revenue grew at an average rate of 11.5% a year.
See the MKL stock overview for the latest quote and news, or the MKL chart for price history and technical indicators.
MKL income statement FAQ
What is Markel's annual revenue?
Markel reported total revenue of $16.6 billion for fiscal year 2025, which ended on December 31, 2025. That was down 1.0% from $16.8 billion the previous year.
Is Markel profitable?
Yes. Markel reported net income of $2.1 billion in fiscal 2025, a net profit margin of 12.7%; its operating margin was 16.5%.
What is Markel's gross margin?
Markel's gross margin was 69.4% in fiscal 2025: for every $100 of revenue, Markel kept $69 after the direct cost of its products and services.
How fast is Markel growing?
Revenue grew 11.5% a year on average over the last five fiscal years, from $9.6 billion to $16.6 billion.
What are Markel's earnings per share?
Markel earned $118.28 per diluted share in fiscal 2025, compared with $91.77 a year earlier.
When will Markel report its next earnings?
Markel is expected to report results for the quarter ending September 30, 2026 on November 4, 2026.
When does Markel's fiscal year end?
Markel's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 26, 2026.