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Markel MKL Markel Insurance — Adjusted operating income (loss)

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Other financials

Income statement

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Revenue$4.0B-12.7%
Operating income$1.6B+40.9%
Net income$1.2B+77.9%
EPS (diluted)$92.76+86.8%

Balance sheet

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Cash & equivalents$3.4B-8.0%
Total debt$4.4B+0.1%
Total equity$19.0B+9.7%
Total assets$71.3B+6.7%

Cash flow

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Operating cash flow$428.9M-15.0%
CapEx$44.3M-12.5%
Free cash flow$384.5M-15.3%

Valuation

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Market cap$23.27B-6.0%
Enterprise value$24.21B-4.6%
P/E10.2×-0.9×
P/S1.5×0.0×

Profitability

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Operating margin19.9%-0.5pp
Net margin14.7%+1.2pp
FCF margin13.7%+1.2pp

Returns & leverage

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Return on equity12.6%-0.9pp
Debt / equity0.2×0.0×

Where this comes from

Reported directly by Markel in its filing.

Tagged under the XBRL concept mkl:AdjustedOperatingIncomeLoss.

The source filing: Markel’s 10-Q, filed July 29, 2026.

Filed
Jul 29, 2026, 4:31 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001096343-26-000064
(dollars in thousands)Markel InsuranceIndustrialFinancialConsumer and OtherCorporate and eliminationsConsolidated
Other underwriting expenses(297,783)(17,452)(315,235)
Products expenses(381,181)(342,277)(723,458)
Services and other expenses(7,182)(581,453)(247,568)(87,551)(12,142)(935,896)
Adjusted operating income (loss)$376,490$75,434$(148,940)$122,146$10,991$436,121
Net investment gains1,167,525
Amortization of acquired intangible assets(43,301)
Interest expense(52,390)
Net foreign exchange gains10,378

Item 1. FINANCIAL STATEMENTS

FAQ

What is Markel's markel insurance — adjusted operating income (loss)?
Markel (MKL) reported markel insurance — adjusted operating income (loss) of $376.49M in Q2 2026.
How has Markel's markel insurance — adjusted operating income (loss) changed year-over-year?
Markel's markel insurance — adjusted operating income (loss) increased by 39.6% year-over-year, from $269.76M to $376.49M.
What does markel insurance — adjusted operating income (loss) mean?
Measures the core profitability of the insurance segment by excluding non-recurring items, investment gains, and volatility from market fluctuations. It provides a normalized view of underwriting performance and operational efficiency.

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