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Markel Group cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$849M in Q3 2026 · $1.8B over twelve months

Operating cash flow$946M
Capital spending−$96.5M
Free cash flow+$849M
Cash / net income3.5×

Analysis

In Q3 2026, Markel Group generated $946M of operating cash flow and spent $96.5M on capital projects, leaving free cash flow of $849M. That is $317M less than in Q3 2025 ($1.2B).

Over the twelve months to Sep 30, 2026, operating cash flow was $2.1B; the largest uses were other investing ($1.3B), buybacks ($771M), capital spending ($251M); besides operations, cash came from net borrowing (+) / repaid (−) ($76.0M); the cash balance fell by $421M.

Operating cash flow was $946M against net income of $270M — 3.5× profit, cash ran ahead of reported earnings.

Free cash flow

Markel Group: free cash flow by quarterMarkel Group: free cash flow by quarter$420MQ4 2024$335MQ1 2025$454MQ2 2025$1.2BQ3 2025$599MQ4 2025−$31.4MQ1 2026$385MQ2 2026$849MQ3 2026
Operating cash flow less capital spending.
Markel Group: operating cash flow against capital spendingMarkel Group: operating cash flow against capital spendingOperating cash flowCapital spending$494M$74.0MQ4 2024$376M$40.7MQ1 2025$504M$50.6MQ2 2025$1.2B$52.4MQ3 2025$662M$63.1MQ4 2025$15.9M$47.3MQ1 2026$429M$44.3MQ2 2026$946M$96.5MQ3 2026
Latest (Q3 2026): Operating cash flow $946M, Capital spending $96.5M.

Capital allocation, year by year

Markel Group: where the cash came from (up) and went (down), by fiscal yearMarkel Group: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $2.3BFY2021: Net borrowing $712MFY2021: Asset sales $40.7MFY2021: Capital spending −$145MFY2021: Acquisitions −$517MFY2021: Buybacks −$207M$3.0BFY2021FY2022: Operating cash flow $2.7BFY2022: Net borrowing −$221MFY2022: Asset sales $201MFY2022: Capital spending −$255MFY2022: Acquisitions −$79.0MFY2022: Buybacks −$291M$2.9BFY2022FY2023: Operating cash flow $2.8BFY2023: Net borrowing −$325MFY2023: Asset sales $41.3MFY2023: Capital spending −$259MFY2023: Acquisitions −$3.6MFY2023: Buybacks −$445M$2.8BFY2023FY2024: Operating cash flow $2.6BFY2024: Net borrowing $537MFY2024: Capital spending −$255MFY2024: Acquisitions −$208MFY2024: Buybacks −$573M$3.1BFY2024FY2025: Operating cash flow $2.8BFY2025: Net borrowing −$29.5MFY2025: Capital spending −$207MFY2025: Acquisitions −$106MFY2025: Buybacks −$430M$2.8BFY2025
Over these 5 years operating cash flow totalled $13.1B; the largest uses were buybacks ($1.9B) and capital spending ($1.1B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$3.6B
Debt$4.4B
Net debt$758M
Due within a year$54.4M

Markel Group funds itself: free cash flow was $1.8B over the last twelve months, and $3.6B of cash and investments stands against $4.4B of debt ($54.4M due within a year, 66.2× covered by cash).

Markel Group: debt maturities by year (FY2025)Markel Group: debt maturities by year (FY2025)$54.4MYear 1$453MYear 2$18.2MYear 3$317MYear 4$9.8MYear 5$3.5BAfter year 5
Principal due in each year as disclosed in the annual report, against $3.6B of cash and investments now.

Where the cash came from and went

Markel Group: sources (+) and uses (−) of cash, Q3 2026Markel Group: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$946MOther investing−$383MBuybacks−$315MCash drawn (+) / kept (−)−$128MCapital spending−$96.5MAcquisitions−$9.5MNet borrowing (+) / repaid (−)−$7.5MOther financing−$5.5MExchange rates−$1.4M
Markel Group: sources (+) and uses (−) of cash, TTM to Q3 2026Markel Group: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$2.1BOther investing−$1.3BBuybacks−$771MCash drawn (+) / kept (−)$421MCapital spending−$251MOther financing−$89.6MAcquisitions−$80.1MPartners−$76.2MNet borrowing (+) / repaid (−)$76.0MExchange rates−$24.7M

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$946M−$96.5M−$9.5M−$315M−$7.5M−$128M$849M
Q2 2026$429M−$44.3M−$4.2M−$237M−$14.8M$113M$385M
Q1 2026$15.9M−$47.3M−$20.2M−$134M$78.4M$422M−$31.4M
Q4 2025$662M−$63.1M−$46.2M−$85.5M$19.9M$13.6M$599M
Q3 2025$1.2B−$52.4M—−$74.4M−$80.5M−$322M$1.2B
Q2 2025$504M−$50.6M−$60.0M−$99.4M−$29.5M$380M$454M
Q1 2025$376M−$40.7M—−$170M$60.6M−$483M$335M
Q4 2024$494M−$74.0M−$522K−$184M−$24.5M$434M$420M

Markel Group: income statement and cash flow

Markel Group, Q3 2026: revenue $4.2B (+6% year over year), operating margin 9.2%. The chart follows the revenue to costs, profit and cash.

Markel Group: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.