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Markel Income Statement

Revenue, expenses, and profitability over time

Markel generated $16.1B in trailing twelve-month revenue, up 0.1% year-over-year. Net income was $1.8B with a 11.02% net margin. Diluted EPS is $138.64, which grew 0.0% year-over-year. Based on the Q1 2026 filing.

Total Revenue (TTM)$16.1BOperating Income (TTM)$2.6BNet Income (TTM)$1.8BEps Diluted (TTM)$138.64
Latest FilingQ1 2026
Report Date2026-04-28
Market Cap$22.9B
P/E Ratio12.92
ROE10.05%

Operating Expenses

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Amortization of Finite-Lived Intangible Assets$46.5M$46.9M$51.2M$44.1M$42.8M$43.5M
Amortization expense$46.5M$46.9M$51.2M$44.1M$42.8M$43.5M
Depreciation and amortization$46.5M$46.9M$51.2M$44.1M$42.8M$43.5M
Products expenses$505.3M$499.9M$707.4M$555.5M$524.6M$517.4M
Services and other expenses$667.2M$567.6M$674.6M$721.7M$745.1M$628.8M
Underwriting, acquisition, and insurance expenses$784.8M$747.4M$774.2M$782.5M$829M$739.8M
Total operating expenses$3.2B$3.1B$3.5B$3.4B$3.4B$3.1B

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Other Comprehensive Income (Loss), Other Gains and Losses, Net of Tax-$9.9M$7.6M$7.9M-$5.5M$7.3M$5.7M
OCI - Available-for-sale securities, net of tax-$413.3M$218.4M$202.5M$47.3M$22.2M-$133.8M
OCI Net Unrealized Gain (Loss) on Securities-$413.3M$218.4M$202.5M$47.3M$22.2M-$133.8M
OCI Available for Sale Securities Adjustment-$413.3M$218.4M$202.5M$47.3M$22.2M-$133.8M
Unrealized Gains on Available-for-Sale Securities-$413.3M$218.4M$202.5M$47.3M$22.2M-$133.8M
Other comprehensive income (loss), after-tax-$423.2M$225.9M$210.4M$41.7M$29.5M-$128.1M
OCI - Available-for-Sale Securities, Net of Tax-$413.3M$218.4M$202.5M$47.3M$22.2M-$133.8M
Amortization of capitalized software and acquired intangible assets$46.5M$46.9M$51.2M$44.1M$42.8M$43.5M
Comprehensive Income (Loss), Net of Tax, Attributable to Parent$126M$347.7M$867.5M$793.1M$606.3M-$340.4M
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims$1.3B$1.3B$1.3B$1.3B$1.3B—
Net investment gains (losses)$117.4M-$149.1M$580.2M$432.9M$212M-$727.6M
Net Investment Income$243.7M$237.1M$230M$245.7M$257.6M$255.9M
Unrealized gains (losses) on available-for-sale securities-$413.3M$218.4M$202.5M$47.3M$22.2M-$133.8M
Other comprehensive income (loss)-$423.2M$225.9M$210.4M$41.7M$29.5M-$128.1M
Other Comprehensive Income (Loss)-$413.3M$218.4M$202.5M$47.3M$22.2M-$133.8M
OCI Available for Sale Securities Adjustment, Net of Tax-$413.3M$218.4M$202.5M$47.3M$22.2M-$133.8M
OCI Unrealized Gain (Loss) on Securities, Pre-tax-$413.3M$218.4M$202.5M$47.3M$22.2M-$133.8M

Other Income & Expense

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Foreign Currency Transaction Gain (Loss)$180.8M-$72.6M-$191.9M$19.3M-$11M$54.3M
Realized Foreign Currency Gain (Loss)$180.8M-$72.6M-$191.9M$19.3M-$11M$54.3M
Interest expense$52.8M$52.1M$53.1M$50.7M$50M$50.9M
Change in Net Unrealized Gains (Losses) on AFS Securities-$413.3M$218.4M$202.5M$47.3M$22.2M-$133.8M

Earnings Per Share

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Basic earnings per share$38.98$12.11$49.80$59.44$48.82$-18.90
Diluted earnings per share$38.90$12.08$49.67$59.25$48.62$-18.90

Income Before Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income before income taxes$723.5M$157.8M$862.4M$978.4M$734.2M-$269.9M

Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income tax expense$162.1M$28.4M$185.2M$214.7M$152.1M-$65.6M

Net Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net income$549.2M$121.7M$657.1M$751.3M$576.8M-$212.3M

Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net premiums earned$2.1B$2.1B$2.1B$2.2B$2.3B$2B
Net investment income$243.7M$237.1M$230M$245.7M$257.6M$255.9M
Products revenues$575.3M$561.1M$846.9M$607.5M$563M$572.4M
Services and other revenues$787M$660.6M$803.9M$875.6M$908.5M$673.4M
Total revenue$3.7B$3.5B$4.6B$3.9B$4B$3.6B

Operating Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Operating income$595.5M$282.5M$1.1B$1B$795.1M-$273.3M

Cost of Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Medical costs—$1.3B$1.3B$1.3B—$1.2B