Filing Flows › Berkley W R (WRB) › Q4 2025
Berkley W R (WRB) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 27, 2026
Berkley W R (WRB) reported revenue of $3.7B for the fourth quarter 2025 (Q4 2025), +1% from a year earlier and -1% from the quarter before. Operating margin was 15.4%, net earnings $450M (12.1% of revenue).
Berkley W R, Q4 2025: revenue $3.7B (+2% year over year), operating margin 15.4%, net earnings $450M, operating cash flow $995M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.7B | -1% | +1% |
| Operating profit | $572M | -12% | -21% |
| Net earnings | $450M | -12% | -22% |
| Operating cash flow | $995M | -13% | +23% |
What changed
Revenue was $3.7B in Q4 2025, up 1% year over year and down 1% from the previous quarter.
Operating profit was $0.57B, a 15.4% margin (down 4.5 points year over year). Operating profit fell $0.16B even though revenue rose $0.05B versus a year earlier, so costs grew faster than sales. Total costs grew 7% against revenue growth of 1%. Net earnings were $0.45B, down 22% year over year. The effective tax rate was 20.5%.
Operating cash flow was $1.0B (up 23% year over year), 219% of net earnings. Non-cash charges added back $0.01B of share-based compensation. Working capital and other items added $0.53B.
Questions
What was Berkley W R's revenue in the fourth quarter 2025?
Berkley W R (WRB) reported revenue of $3.7B for the fourth quarter 2025 (Q4 2025), +1% from a year earlier and -1% from the quarter before.
Was Berkley W R profitable in the fourth quarter 2025?
Operating profit was $572M (15.4% of revenue) and net earnings $450M.
Source: Berkley W R 10-K on SEC EDGAR.