Filing Flows › Markel Group (MKL) › Q3 2025
Markel Group (MKL) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 29, 2025
Markel Group (MKL) reported revenue of $3.9B for the third quarter 2025 (Q3 2025), +7% from a year earlier and -15% from the quarter before. Operating margin was 25.7%, net earnings $751M (19.1% of revenue).
Markel Group, Q3 2025: revenue $3.9B (+6% year over year), operating margin 25.7%, net earnings $751M, operating cash flow $1.2B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.9B | -15% | +7% |
| Operating profit | $1.0B | -9% | -26% |
| Net earnings | $751M | +14% | -17% |
| Operating cash flow | $1.2B | +142% | +37% |
| Free cash flow | $1.2B | +157% | +39% |
What changed
Revenue was $3.9B in Q3 2025, up 7% year over year and down 15% from the previous quarter.
Operating profit was $1.0B, a 25.7% margin (down 11.5 points year over year). Operating profit fell $0.36B even though revenue rose $0.24B versus a year earlier, so costs grew faster than sales. Total costs grew 26% against revenue growth of 7%. Net earnings were $0.75B, down 17% year over year. The effective tax rate was 21.9%.
Operating cash flow was $1.2B (up 37% year over year), 160% of net earnings. Working capital and other items added $0.45B. Capital expenditures of $0.05B left free cash flow of $1.2B.
Questions
What was Markel Group's revenue in the third quarter 2025?
Markel Group (MKL) reported revenue of $3.9B for the third quarter 2025 (Q3 2025), +7% from a year earlier and -15% from the quarter before.
Was Markel Group profitable in the third quarter 2025?
Operating profit was $1.0B (25.7% of revenue) and net earnings $751M.
Source: Markel Group 10-Q on SEC EDGAR.