Markel Group Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	-	2,747	1,996	-216.28	2,423
Depreciation & Amortization	-	342.36	319.73	309.45	336.39
Gain (Loss) on Sale of Assets	-	-	-18.97	-225.83	-22.09
Gain (Loss) on Sale of Investments	-	-1,931	-1,584	1,653	-1,979
Change in Accounts Receivable	-	-158.55	-486.31	-653.26	-372.49
Reinsurance Recoverable	-	-2,387	-767.51	-1,168	-1,312
Change in Unearned Revenue	-	-136.24	101.97	615.1	622.26
Change in Insurance Reserves / Liabilities	-	3,212	2,395	2,339	1,990
Other Operating Activities	-	456.81	467.06	-93.25	595.43
Operating Cash Flow	-	2,594	2,787	2,709	2,274
Operating Cash Flow Growth	-	-6.92%	2.85%	19.14%	30.88%
Capital Expenditures	-	-254.99	-258.62	-254.71	-145.25
Cash Acquisitions	-	-207.75	-3.58	381.58	-517.44
Investment in Securities	-	-1,968	-2,506	-2,027	-2,332
Other Investing Activities	-	32.17	23.08	28.35	16.21
Investing Cash Flow	-	-2,399	-2,704	-1,670	-2,938
Long-Term Debt Issued	-	1,434	624.97	1,034	1,199
Total Debt Repaid	-	-896.75	-949.64	-1,255	-486.73
Net Debt Issued (Repaid)	-	537.46	-324.66	-220.95	711.78
Repurchases of Common Stock	-	-572.73	-445.48	-290.8	-206.52
Preferred Dividends Paid	-	-36	-36	-36	-36
Total Dividends Paid	-	-36	-36	-36	-36
Other Financing Activities	-	-226.61	-193.57	-47.56	-99.49
Financing Cash Flow	-	-297.88	-999.72	-595.31	369.77
Foreign Exchange Rate Adjustments	-	-37.3	27.04	-103.36	-41.73
Net Cash Flow	-	-139.79	-889.48	340.57	-335.7
Free Cash Flow	-	2,339	2,528	2,455	2,129
Free Cash Flow Growth	-	-7.48%	2.99%	15.31%	30.10%
Free Cash Flow Margin	-	14.07%	16.00%	21.02%	16.57%
Free Cash Flow Per Share	-	179.36	188.98	180.76	154.26
Cash Interest Paid	-	197.4	187.8	197.3	178.6
Cash Income Tax Paid	-	382.5	280.7	251.5	204.9
Levered Free Cash Flow	-	91.4	1,640	-2,335	1,152
Unlevered Free Cash Flow	-	219.09	1,755	-2,213	1,267
Change in Working Capital	-	978.56	1,607	1,202	919.73

Source: S&P Global Market Intelligence. Insurance template. Financial Sources.