Filing Flows › Markel Group (MKL) › Q4 2025
Markel Group (MKL) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
Markel Group (MKL) reported revenue of $4.0B for the fourth quarter 2025 (Q4 2025), +8% from a year earlier and +2% from the quarter before. Operating margin was 19.8%, net earnings $577M (14.4% of revenue).
Markel Group, Q4 2025: revenue $4.0B (+8% year over year), operating margin 19.8%, net earnings $577M, operating cash flow $662M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.0B | +2% | +8% |
| Operating profit | $795M | -21% | +34% |
| Net earnings | $577M | -23% | +5% |
| Operating cash flow | $662M | -46% | +34% |
| Free cash flow | $599M | -49% | +43% |
What changed
Revenue was $4.0B in Q4 2025, up 8% year over year and up 2% from the previous quarter.
Operating profit was $0.80B, a 19.8% margin (up 3.8 points year over year). Of the extra revenue versus a year earlier, 70% reached operating profit, above the 16% margin then. Total costs grew 3% against revenue growth of 8%. Net earnings were $0.58B, up 5% year over year. The effective tax rate was 20.7%.
Operating cash flow was $0.66B (up 34% year over year), 114% of net earnings. Working capital and other items added $0.08B. Capital expenditures of $0.06B left free cash flow of $0.60B.
Questions
What was Markel Group's revenue in the fourth quarter 2025?
Markel Group (MKL) reported revenue of $4.0B for the fourth quarter 2025 (Q4 2025), +8% from a year earlier and +2% from the quarter before.
Was Markel Group profitable in the fourth quarter 2025?
Operating profit was $795M (19.8% of revenue) and net earnings $577M.
Source: Markel Group 10-K on SEC EDGAR.