Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.61B | $6.06B | $6.84B | $9.53B | $9.74B | $12.8B | $11.7B | $14.3B | $14.8B | $15.5B |
| Revenue growth | — | 8.0% | 12.9% | 39.2% | 2.2% | 32.0% | -9.1% | 22.3% | 3.7% | 4.7% |
| Operating income | $805M | $217M | $39.8M | $2.48B | $1.27B | $3.24B | -$93.3M | $2.93B | $3.71B | $3.19B |
| Operating margin | 14.3% | 3.6% | 0.6% | 26.0% | 13.1% | 25.2% | -0.8% | 20.5% | 25.1% | 20.6% |
| Net income | $456M | $395M | -$128M | $1.79B | $816M | $2.42B | -$216M | $2.00B | $2.75B | $2.11B |
| Net margin | 8.1% | 6.5% | -1.9% | 18.8% | 8.4% | 18.9% | -1.9% | 14.0% | 18.5% | 13.6% |
| EPS (diluted) | $31.27 | $25.81 | -$9.55 | $129.07 | $55.63 | $176.38 | -$23.72 | $146.98 | $199.32 | $169.22 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $535M | $859M | $893M | $1.27B | $1.74B | $2.27B | $2.71B | $2.79B | $2.59B | $2.76B |
| Capital expenditures | $63.7M | $74.7M | $107M | $123M | $101M | $145M | $255M | $259M | $255M | $207M |
| Free cash flow | $471M | $784M | $786M | $1.15B | $1.64B | $2.13B | $2.45B | $2.53B | $2.34B | $2.55B |
| Share buybacks | $51.1M | $111M | $54.0M | $116M | $26.8M | $207M | $291M | $445M | $573M | $430M |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $1.74B | $2.20B | $2.01B | $3.07B | $4.34B | $3.98B | $4.14B | $3.75B | $3.69B | $3.96B |
| Total assets | $25.9B | $32.8B | $33.3B | $37.5B | $41.7B | $48.5B | $49.8B | $55.0B | $61.9B | $68.9B |
| Total liabilities | $17.3B | $23.1B | $24.0B | $26.2B | $28.6B | $33.3B | $36.1B | $39.5B | $44.4B | $49.8B |
| Long-term debt | — | — | — | $3.53B | $3.48B | $4.36B | $4.10B | $3.78B | $4.33B | $4.30B |
| Shareholders' equity | $8.46B | $9.50B | $9.08B | $11.1B | $12.8B | $14.7B | $13.2B | $15.0B | $16.9B | $18.6B |
| Retained earnings | $3.53B | $3.78B | $5.78B | $7.46B | $8.20B | $10.4B | $9.83B | $11.4B | $13.4B | $15.0B |
| Shares (wtd avg diluted) | 14.1M | 14.0M | 13.9M | 13.9M | 13.8M | 13.8M | 13.6M | 13.4M | 13.0M | 12.6M |
Every figure is extracted from MARKEL GROUP INC.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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