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Markel Cash Flow Statement

Operating, investing, and financing cash movements

Markel generated $2.4B in operating cash flow over the trailing twelve months. After $213.4M in capital expenditures, free cash flow was $2.2B. Free cash flow increased 0.0% year-over-year. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)$2.4BNet Cash From Investing (TTM)-$1.7BNet Cash From Financing (TTM)-$1.2BCapital Expenditures (TTM)$213.4MDepreciation And Amortization Cf (TTM)$347.9MNet Change In Cash (TTM)$398.2M
Latest FilingQ1 2026
Report Date2026-04-28
Market Cap$22.9B
P/E Ratio12.92
ROE10.05%

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Acquisitions, net of cash acquired$522K$0$60M$0$46.2M$20.2M
Capital expenditures$74M$40.7M$50.6M$52.4M$63.1M$47.3M
Payment for (Proceeds from) Other Investing Activity-$10.9M-$85M-$2.9M-$51.4M$0$791K
Payments for (Proceeds from) Short-Term Investments—-$447.4M-$281.5M—-$104.9M-$19.6M
Payments to Acquire Equity Securities, FV-NI$136.1M$88.5M$111.8M$90M$158.3M$80.1M
Proceeds From Sale And Maturity Of Available For Sale Securities$445.6M$500.5M$544.3M$781.3M$551.9M$547.8M
Proceeds from disposal of certain strategic investments$60.2M$31.8M$72M$60M$142M$52.1M
Net cash from investing activities-$514.3M$192.8M-$109.4M-$719.3M-$554M-$348.2M
Other investing activities-$10.9M-$85M-$2.9M-$51.4M$0$791K
Proceeds from maturities/sales of investments$445.6M$500.5M$544.3M$781.3M$551.9M$547.8M
Purchases of equity securities$136.1M$88.5M$111.8M$90M$158.3M$80.1M
Purchases of investments$665.6M$742.7M$787.6M$1.2B$1.1B$819.5M

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Change in deferred policy acquisition costs-$12.5M$5.5M$5.5M$5.5M$5.5M—
Change in loss reserves$812.7M$993.4M$993.4M$993.4M$993.4M—
Other working capital changes—$246.8M-$172.8M$454.7M-$602.1M$220.3M
Change in receivables$39.6M$72M$72M$72M$72M—
Change in unearned premiums$112.1M$26M$26M$26M$26M—
Deferred income taxes-$98.6M-$37.8M-$37.8M-$37.8M-$37.8M—
Depreciation and amortization$85.6M$87M$87M$87M$87M—
Net cash from operating activities$493.9M$376.2M$504.4M$1.2B$662.2M$15.9M
Net income$561.4M$129.3M$677.2M$763.8M$582.1M-$204.4M
Accretion (Amortization) of Discounts and Premiums, Investments$30.9M$26M$26M$26M$26M—
Foreign Currency Transaction Gain Loss Realized$32.4M-$64.1M-$64.1M-$64.1M-$64.1M—
Increase (Decrease) in Deferred Income Taxes-$98.6M-$37.8M-$37.8M-$37.8M-$37.8M—
Increase (Decrease) in Deferred Policy Acquisition Costs-$12.5M$5.5M$5.5M$5.5M$5.5M—
Unpaid losses and loss expenses$812.7M$993.4M$993.4M$993.4M$993.4M—
Increase Decrease In Prepaid Reinsurance Premiums$146.1M$25.6M$25.6M$25.6M$25.6M—
Insurance and reinsurance balances payable$99.6M$56M$56M$56M$56M—
Increase (Decrease) in Reinsurance Recoverable$596.7M$732.3M$732.3M$732.3M$732.3M—
Unearned premiums$112.1M$26M$26M$26M$26M—
Net realized gains (losses)$451.8M$269M$269M$269M$269M—

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Proceeds from issuance of debt$155.7M$263.5M$277.4M$171.3M$170.8M$295.5M
Repayments of debt$180.2M$202.8M$306.8M$251.8M$150.9M$217.1M
Proceeds from issuances of debt$155.7M$263.5M$277.4M$171.3M$170.8M$295.5M
Other, net—$3.8M-$13.4M-$15.9M—-$24M
Proceeds From Payments To Minority Shareholders-$13.5M-$9.7M-$9.7M-$9.7M-$9.7M—
Repayments of Debt$180.2M$202.8M$306.8M$251.8M$150.9M$217.1M
Net cash from financing activities-$363.6M-$105.8M-$822M-$170.8M-$111.5M-$79.5M
Other financing activities—$3.8M-$13.4M-$15.9M—-$24M
Repurchases of common stock$183.6M$170.3M$99.4M$74.4M$85.5M$133.9M

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow$420M$335.5M$453.8M$1.2B$599.1M-$31.4M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Effect of exchange rate changes on cash-$50.3M$19.5M$47.1M——-$10.2M
Net increase (decrease) in cash-$434.3M$482.7M—$321.8M—-$422M