← MARKEL GROUP INC.
| Annual Trend | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash flows from operating activities: | |||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Net Income (Loss) Attributable to Parent | $455.7m | $395.3m | ($128.2m) | $1.8b | $816.0m | $2.4b | ($214.1m) | $2.0b | $2.7b | $2.1b | |
| Net Income (Loss) Available to Common Stockholders, Basic | $460.4m | $400.8m | ($130.4m) | $1.8b | $797.6m | $2.4b | ($250.1m) | $2.0b | $2.7b | $2.1b | |
| Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $460.4m | $400.8m | ($130.4m) | $1.8b | $831.8m | $2.4b | ($101.2m) | $2.1b | $2.8b | $2.2b | |
| Net Income (Loss) Attributable to Noncontrolling Interest | $4.8m | $5.5m | ($2.2m) | $9.0m | $15.7m | $22.7m | $112.9m | $105.0m | $100.4m | $45.4m | |
| Depreciation, Amortization and Accretion, Net | $194.1m | $203.9m | $227.8m | $269.2m | $307.1m | $336.4m | $367.0m | $259.9m | $342.4m | $347.9m | |
| Amortization of Intangible Assets | $68.5m | $80.8m | $115.9m | $148.6m | $159.3m | $160.5m | $178.8m | $180.6m | $181.5m | $185.0m | |
| Deferred Policy Acquisition Costs, Amortization Expense | $782.2m | $894.4m | $1.0b | $1.1b | $1.2b | $1.4b | $1.7b | $1.8b | $1.8b | $1.8b | |
| Depreciation | $64.8m | $71.6m | $80.9m | — | — | — | — | — | — | — | |
| Deferred Income Tax Expense (Benefit) | $63.4m | ($324.1m) | $2.7m | $323.4m | ($2.7m) | $453.9m | ($281.8m) | $233.8m | $394.6m | $151.2m | |
| Goodwill and Intangible Asset Impairment | — | — | $199.2m | $0 | $0 | — | $80.0m | — | — | — | |
| Goodwill, Impairment Loss | $18.7m | $0 | $91.9m | $0 | $0 | $0 | $80.0m | $0 | $0 | $0 | |
| Impairment of Intangible Assets (Excluding Goodwill) | — | — | $107.3m | — | — | — | $0 | $0 | $0 | $0 | |
| Marketable Securities, Realized Gain (Loss), Excluding Other-than-temporary Impairment Loss | $83.5m | $2.3m | ($12.0m) | ($1.5m) | — | — | — | — | — | — | |
| Gain (Loss) on Disposition of Business | — | — | — | — | — | — | $225.8m | $19.0m | $0 | — | |
| Gain (Loss) on Extinguishment of Debt | ($44.1m) | $0 | $0 | ($17.6m) | $0 | $0 | — | — | — | — | |
| Income (Loss) from Equity Method Investments | $6.9m | $11.1m | ($1.9m) | $4.4m | ($4.4m) | $8.9m | ($22.9m) | ($2.1m) | $58.7m | $70.4m | |
| Income Tax Expense (Benefit) | $169.5m | ($313.5m) | $122.5m | $486.3m | $168.7m | $684.5m | ($47.6m) | $552.6m | $790.3m | $580.3m | |
| Operating Lease, Expense | — | — | — | — | — | $115.4m | $126.3m | $148.4m | $169.0m | $188.7m | |
| Additional Financial Items | |||||||||||
| Debt Securities, Available-for-sale, Realized Gain (Loss) | — | — | ($12.0m) | ($1.5m) | $14.8m | — | — | — | — | — | |
| Equity Securities, FV-NI, Gain (Loss) | — | — | ($425.6m) | $1.6b | $603.2m | $1.9b | ($1.6b) | $1.6b | $1.8b | $1.1b | |
| Equity Securities, FV-NI, Realized Gain (Loss) | — | — | — | — | ($470.0m) | $25.9m | ($14.9m) | $34.7m | ($15.0m) | $3.0m | |
| Equity Securities, FV-NI, Unrealized Gain (Loss) | — | — | — | — | $1.1b | $1.9b | ($1.5b) | $1.5b | $1.8b | $1.1b | |
| Foreign Currency Transaction Gain (Loss), Realized | — | — | $106.6m | ($2.3m) | ($95.9m) | $72.3m | $140.2m | ($90.0m) | $129.4m | ($256.2m) | |
| Goodwill | $1.1b | $1.8b | $2.2b | $2.3b | $2.6b | $2.9b | $2.6b | $2.6b | $2.7b | $2.8b | |
| Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims | $2.1b | $2.9b | $2.8b | $2.9b | $3.5b | $3.6b | $4.4b | $5.3b | $5.1b | $5.1b | |
| Realized Investment Gains (Losses) | $65.1m | ($5.3m) | ($437.6m) | $1.6b | $618.0m | $2.0b | ($1.6b) | $1.5b | $1.8b | $1.1b | |
| Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | $0 | $0 | — | — | — | — | — | — | — | — | |
| Net Cash Provided by (Used in) Operating Activities | $534.6m | $858.5m | $892.9m | $1.3b | $1.7b | $2.3b | $2.7b | $2.8b | $2.6b | $2.8b | |
| Cash flows from investing activities: | |||||||||||
| Payments to Acquire Property, Plant, and Equipment | $63.7m | $74.7m | $106.6m | $123.4m | $101.3m | $145.2m | $254.7m | $258.6m | $255.0m | $206.9m | |
| Payments to Acquire Businesses, Net of Cash Acquired | $7.5m | $1.4b | $1.2b | $245.3m | $554.1m | $517.4m | $79.0m | $3.6m | $207.8m | $106.2m | |
| Payments to Acquire Investments | — | — | $1.5b | $956.0m | $1.3b | $3.4b | — | — | — | — | |
| Payments for (Proceeds from) Other Investing Activities | $1.3m | ($5.6m) | $42.2m | ($16.8m) | ($78.0m) | ($49.9m) | $8.3m | ($23.1m) | ($32.2m) | ($133.6m) | |
| Net Cash Provided by (Used in) Investing Activities | ($1.5b) | ($744.5m) | ($797.2m) | ($535.2m) | ($511.7m) | ($2.9b) | ($1.7b) | ($2.7b) | ($2.4b) | ($1.2b) | |
| Cash flows from financing activities: | |||||||||||
| Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-sale | $963.2m | $1.1b | $551.8m | $772.3m | $642.1m | $684.0m | $1.2b | $2.1b | $2.1b | $2.4b | |
| Proceeds from Issuance of Common Stock | $4.6m | $552k | — | — | — | — | — | — | — | — | |
| Payments for Repurchase of Common Stock | $51.1m | $110.8m | $54.0m | $116.3m | $26.8m | $206.5m | $290.8m | $445.5m | $572.7m | $429.5m | |
| Proceeds from (Payments to) Noncontrolling Interests | — | — | — | — | — | — | — | — | ($54.0m) | ($38.7m) | |
| Other Interest and Dividend Income | $2.7m | ($828k) | $881k | $5.3m | $434k | ($1.7m) | — | — | — | — | |
| Proceeds from (Payments for) Other Financing Activities | ($15.4m) | ($6.8m) | ($4.1m) | ($6.0m) | ($59.3m) | ($99.5m) | ($47.6m) | ($41.2m) | ($8.9m) | ($9.9m) | |
| Net Cash Provided by (Used in) Financing Activities | $152.0m | $256.3m | ($179.0m) | $359.3m | $434.6m | $369.8m | ($595.3m) | ($999.7m) | ($297.9m) | ($1.2b) | |
| Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | ($33.1m) | $45.3m | ($21.0m) | $5.6m | $55.9m | ($41.7m) | ($103.4m) | $27.0m | ($37.3m) | $49.8m | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | ($33.1m) | $415.7m | ($104.4m) | $1.1b | $1.7b | ($335.7m) | $340.6m | ($889.5m) | ($139.8m) | $411.1m | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | ($33.1m) | $2.5b | $2.4b | $3.5b | $5.2b | $4.9b | $5.2b | $4.3b | $4.2b | $4.6b |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.