MKL FINANCIAL STATEMENTS

Markel Corporation — balance sheet, income statement and cash flow trends

MKLMarkel Corporation

🇺🇸 USA · NYSE · Financial Services · Insurance - Property & Casualty

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q1 2026 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue16.6 B $+7.7%

Gross Profit10.2 B $+18.8%

Operating Income2.3 B $-6.2%

EBITDA2.6 B $-7.4%

Net Income1.8 B $-3.8%

Peer Comparison· Insurance - Property & Casualty

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
MKL	—	—	—	10.7%
FFH	—	—	—	15.4%
QBE	—	—	—	8.9%
IAG	—	—	—	6.9%
SUN	—	—	—	5.6%
GJF	—	—	—	—
Industry median	—	—	—	10.8%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity18.1 B $27%
Current Liabilities40.2 B $59%
Long-term Liabilities9.7 B $14%

Key Figures

YoY change

Total Assets68.6 B $+41.0%

Total Liabilities50 B $+61.6%

Total Equity18.1 B $+5.7%

Cash & ST Investments10.9 B $+132.3%

Total Debt4.4 B $-0.2%

Net Debt702.4 M $—

Peer Comparison· Insurance - Property & Casualty

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
MKL	0.84	24.2%	-2.46	26.4%
FFH	2.65	54.0%	0.48	24.2%
QBE	—	35.2%	0.66	23.7%
IAG	—	49.8%	1.48	26.4%
SUN	—	30.6%	0.99	34.1%
GJF	—	—	—	11.2%
Industry median	0.89	27.1%	-0.70	26.4%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
MKL	0.84	24.2%	-2.46	26.4%
L	0.36	47.8%	1.07	21.8%
WRB	1.38	29.2%	-10.67	22.0%
CINF	0.29	5.6%	-0.10	38.1%
AIZ	0.14	37.6%	0.18	16.4%
CNA	0.36	27.4%	-0.26	15.8%
Industry median	0.89	27.1%	-0.70	26.4%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q1 2026 · TTM

Key Figures

YoY change

Operating Cash Flow2.4 B $+2.6%

Capital Expenditures213.4 M $-4.6%

Free Cash Flow2.2 B $+3.4%

Dividends Paid-600 M $-1,211.1%

Peer Comparison· Insurance - Property & Casualty

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
MKL	14.5%	13.2%	1.3%	135.4%
FFH	4.5%	2.1%	2.4%	29.3%
QBE	17.5%	17.4%	0.1%	195.8%
IAG	6.7%	6.5%	6.7%	97.5%
SUN	20.9%	20.9%	0.0%	373.0%
GJF	—	—	—	—
Industry median	16.6%	15.9%	0.6%	149.9%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
MKL	14.5%	13.2%	1.3%	135.4%
L	15.3%	11.9%	3.4%	149.9%
WRB	23.7%	22.7%	1.2%	187.7%
CINF	26.8%	26.7%	0.2%	125.4%
AIZ	12.8%	11.0%	1.7%	168.1%
CNA	15.1%	14.6%	0.5%	169.2%
Industry median	16.6%	15.9%	0.6%	149.9%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 7, 26. This content is for informational purposes only and is not investment advice.

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
MKL	—	—	—	10.7%
L	—	—	—	10.2%
WRB	—	—	—	12.6%
CINF	—	—	—	21.3%
AIZ	—	—	—	7.6%
CNA	—	—	—	9.0%
Industry median	—	—	—	10.8%