Markel Corporation
NYSE: MKL · FINANCIAL SERVICES · INSURANCE - PROPERTY & CASUALTY
Updated 2026-10-28
Markel Corporation (MKL) Financial statements
SEC filings — annual and quarterly data.
Cash flow — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $511.59M | $508.32M | $390.16M | $282.46M | $223.29M | $311.32M | $392.53M | $745.52M | $716.79M | $651.15M | $534.62M | $858.53M | $892.86M | $1.27B | $1.74B | $2.27B | $2.71B | $2.79B | $2.59B | $2.76B |
| Capital expenditures | $9.19M | $14.49M | $17.67M | $21.91M | $42.10M | $60.13M | $45.52M | $47.73M | $82.13M | $79.75M | $63.67M | $74.65M | $106.59M | $123.38M | $101.30M | $145.25M | $254.71M | $258.62M | $254.99M | $206.89M |
| Depreciation | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Stock-based comp | — | $-59.50M | — | — | — | $-35.86M | $4.40M | $18.40M | $18.70M | $16.30M | $14.30M | $11.90M | $530.20M | $-1.60B | $-522.13M | $-2.05B | — | $-753.65M | — | — |
| Free cash flow | $502.40M | $493.83M | $372.48M | $260.56M | $181.19M | $251.19M | $347.01M | $697.80M | $634.66M | $571.40M | $470.95M | $783.88M | $786.26M | $1.15B | $1.64B | $2.13B | $2.45B | $2.53B | $2.34B | $2.55B |
| Investing cash flow | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Financing cash flow | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Dividends paid | — | — | — | — | $0.00 | $0.00 | $7.68M | $547.21M | $89.48M | $69.80M | $559.30M | $664.66M | $9.16M | $8.99M | $18.40M | $36.00M | $36.00M | $36.00M | $36.00M | $618.00M |
| Share repurchases | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Debt repayment | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Net change in cash | — | — | — | — | $-105.23M | $29.77M | $198.15M | $1.11B | $-18.36M | $669.84M | $-891.26M | $370.39M | $-83.37M | $1.10B | $1.66B | $-293.97M | $443.93M | — | — | — |
Frequently asked questions
What is Markel Corporation's revenue?
Markel Corporation's trailing twelve-month revenue is $16.60B, and consensus projects about $18.90B by 2030. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is MKL?
In its most recent fiscal year, MKL ran a gross margin of 69.38%, an operating margin of 16.47%, and a net margin of 12.70%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does MKL generate?
MKL produced $2.55B in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is MKL's balance sheet healthy?
MKL holds $3.96B in cash and equivalents against $4.30B in long-term debt, on $18.60B of shareholder equity. That debt is best read against the cash flow the business throws off each year.