Cash Flow Statement

Operating Cash Flow

+2%

+42%

10Y

Currency: USD

	Dec-2001	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025
Operating Cash Flow
Net Income	(126)	(117)	(94)	5	75	95	130	105	124	129	130	160	165	199	200	75	148	149	179	394	393	415	445	434	406	341	302	68	(58)	(76)	(125)	76	202	229	217	221	268	234	245	237	149	196	256	253	258	290	228	243	284	282	295	304	324	430	482	509	589	559	547	526	460	368	439	94	401	264	392	1 062	(130)	513	740	535	1 800	(179)	246	496	832	2 813	2 685	2 420	2 448	1 818	131	64	(101)	487	2 086	2 017	2 101	2 612	2 186	3 080	2 847	1 928	2 315	2 132
Depreciation & Amortization	42	0	0	0	28	0	0	0	39	0	0	0	31	0	0	0	36	0	0	0	34	0	0	0	33	0	0	0	31	0	0	0	31	0	0	0	54	0	0	0	71	0	0	0	87	0	0	0	190	0	0	0	204	0	0	0	201	0	0	0	194	0	0	0	204	0	0	0	228	0	0	0	269	0	0	0	307	0	0	0	336	0	0	0	367	0	0	0	260	0	0	0	342	0	0	0
Change in Deffered Taxes	(76)	0	0	0	(4)	0	0	0	(13)	0	0	0	(30)	0	0	0	(45)	0	0	0	31	0	0	0	32	0	0	0	(100)	0	0	0	(9)	0	0	0	7	0	0	0	6	0	0	0	38	0	0	0	4	0	0	0	85	0	0	0	(10)	0	0	0	63	0	0	0	(324)	0	0	0	3	0	0	0	323	0	0	0	(3)	0	0	0	454	0	0	0	(282)	0	0	0	234	0	0	0	395	0	0	0
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	2	0	0	0	3	0	0	0	1	0	0	0	2	0	0	0	2	0	0	0	4	0	0	0	4	0	0	0	18	0	0	0	19	0	0	0	16	0	0	0	14	0	0	0	12	0	0	0	13	0	0	0	25	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Non-Cash Items	(20)	0	0	0	(51)	0	0	0	(45)	0	0	0	(4)	0	0	0	(20)	0	0	0	(64)	0	0	0	(60)	0	0	0	408	0	0	0	96	0	0	0	(36)	0	0	0	(36)	0	0	0	(32)	0	0	0	(63)	0	0	0	(46)	0	0	0	(107)	0	0	0	(21)	0	0	0	5	0	0	0	530	0	0	0	(1 600)	0	0	0	861	0	0	0	(8)	0	0	0	3 693	0	0	0	990	0	0	0	1 190	0	0	0
Cash Taxes Paid	11	0	0	0	32	0	0	0	75	0	0	0	94	0	0	0	66	0	0	0	146	0	0	0	138	0	0	0	29	0	0	0	21	0	0	0	24	0	0	0	35	0	0	0	30	0	0	0	36	0	0	0	90	0	0	0	132	0	0	0	142	0	0	0	70	0	0	0	63	0	0	0	128	0	0	0	0	0	0	0	205	0	0	0	252	0	0	0	281	0	0	0	383	0	0	0
Cash Interest Paid	28	0	0	0	20	0	0	0	27	0	0	0	31	0	0	0	45	0	0	0	47	0	0	0	56	0	0	0	48	0	0	0	47	0	0	0	73	0	0	0	84	0	0	0	93	0	0	0	115	0	0	0	126	0	0	0	127	0	0	0	135	0	0	0	141	0	0	0	155	0	0	0	170	0	0	0	0	0	0	0	179	0	0	0	197	0	0	0	188	0	0	0	197	0	0	0
Change in Working Capital	345	335	387	435	458	465	486	490	527	454	476	516	528	546	511	550	423	280	279	82	116	166	134	97	86	139	190	393	117	437	405	193	(38)	45	14	16	(69)	(25)	15	75	123	60	60	37	41	223	300	453	331	430	448	435	151	287	236	221	(23)	(35)	(64)	(101)	(162)	283	264	715	573	640	536	(39)	262	341	95	307	482	1 501	1 268	1 328	(260)	(823)	(622)	(322)	(956)	553	2 250	2 468	(968)	2 092	711	777	(798)	521	801	(157)	(2 181)	412	(50)	461
Cash from Operating Activities	165 N/A	218 +33%	293 +34%	440 +50%	507 +15%	560 +10%	616 +10%	595 -3%	632 +6%	583 -8%	605 +4%	676 +12%	691 +2%	744 +8%	711 -5%	625 -12%	543 -13%	429 -21%	458 +7%	477 +4%	510 +7%	580 +14%	580 0%	531 -8%	497 -6%	480 -3%	492 +2%	460 -7%	397 -14%	361 -9%	280 -23%	269 -4%	283 +5%	274 -3%	231 -16%	237 +3%	223 -6%	210 -6%	260 +24%	312 +20%	311 0%	256 -18%	316 +23%	290 -8%	393 +35%	513 +31%	528 +3%	696 +32%	746 +7%	712 -4%	743 +4%	740 0%	717 -3%	717 +0%	718 +0%	731 +2%	651 -11%	524 -20%	483 -8%	425 -12%	535 +26%	651 +22%	702 +8%	809 +15%	859 +6%	904 +5%	928 +3%	1 023 +10%	893 -13%	854 -4%	835 -2%	842 +1%	1 274 +51%	1 321 +4%	1 514 +15%	1 824 +20%	1 738 -5%	1 990 +15%	2 062 +4%	2 098 +2%	2 274 +8%	2 371 +4%	2 382 +0%	2 532 +6%	2 709 +7%	2 579 -5%	2 797 +8%	2 793 0%	2 787 0%	3 133 +12%	2 987 -5%	2 923 -2%	2 594 -11%	2 340 -10%	2 265 -3%	2 593 +14%
Investing Cash Flow
Capital Expenditures	(9)	0	0	0	(15)	0	0	0	(8)	0	0	0	(7)	0	0	0	(30)	0	0	0	(9)	0	0	0	(15)	0	0	0	(18)	0	0	0	(22)	0	0	0	(42)	0	0	(86)	(60)	(73)	(83)	(50)	(46)	(47)	(49)	(49)	(48)	(44)	(39)	(63)	(82)	(95)	(103)	(92)	(80)	(71)	(76)	(67)	(64)	(65)	(65)	(64)	(75)	(82)	(92)	(104)	(107)	(108)	(103)	(123)	(123)	(129)	(125)	(101)	(101)	(102)	(106)	(109)	(145)	(166)	(200)	(274)	(255)	(240)	(224)	(201)	(259)	(293)	(308)	(285)	(255)	(224)	(217)	(218)
Other Items	(320)	(419)	(277)	(409)	(448)	(665)	(855)	(804)	(812)	(646)	(619)	(808)	(761)	(754)	(764)	(568)	(529)	(365)	(389)	(479)	(344)	(437)	(501)	(340)	(360)	(185)	(1)	(81)	(134)	(280)	(368)	(153)	(312)	(490)	(393)	(398)	(241)	(102)	(343)	(320)	(431)	(357)	(155)	(524)	(332)	(640)	128	562	235	753	(416)	(944)	(540)	(677)	(564)	(17)	143	(133)	(583)	(757)	(1 575)	(1 299)	(127)	(613)	(670)	(768)	(1 536)	(1 000)	(691)	(279)	(770)	(878)	(412)	158	1 165	245	(410)	(2 394)	(3 696)	(3 157)	(2 793)	(1 744)	(904)	(1 215)	(1 416)	(1 489)	(1 417)	(1 529)	(2 445)	(2 866)	(3 580)	(2 961)	(2 144)	(1 418)	(540)	(932)
Cash from Investing Activities	(329) N/A	(427) -30%	(286) +33%	(418) -46%	(462) -11%	(680) -47%	(869) -28%	(818) +6%	(820) 0%	(654) +20%	(627) +4%	(816) -30%	(768) +6%	(761) +1%	(771) -1%	(575) +25%	(559) +3%	(395) +29%	(419) -6%	(509) -21%	(354) +30%	(446) -26%	(510) -14%	(349) +32%	(374) -7%	(200) +47%	(16) +92%	(95) -503%	(152) -59%	(297) -96%	(385) -30%	(170) +56%	(334) -96%	(512) -53%	(415) +19%	(420) -1%	(283) +33%	(144) +49%	(385) -167%	(405) -5%	(491) -21%	(430) +12%	(238) +45%	(574) -141%	(377) +34%	(687) -82%	79 N/A	514 +548%	187 -64%	709 +278%	(455) N/A	(1 007) -122%	(622) +38%	(772) -24%	(667) +14%	(109) +84%	63 N/A	(204) N/A	(659) -223%	(824) -25%	(1 639) -99%	(1 364) +17%	(191) +86%	(677) -254%	(745) -10%	(850) -14%	(1 627) -91%	(1 104) +32%	(797) +28%	(387) +51%	(873) -126%	(1 001) -15%	(535) +47%	29 N/A	1 040 +3 450%	145 -86%	(512) N/A	(2 496) -388%	(3 803) -52%	(3 267) +14%	(2 938) +10%	(1 910) +35%	(1 104) +42%	(1 489) -35%	(1 670) -12%	(1 729) -4%	(1 640) +5%	(1 730) -5%	(2 704) -56%	(3 159) -17%	(3 888) -23%	(3 245) +17%	(2 399) +26%	(1 642) +32%	(757) +54%	(1 150) -52%
Financing Cash Flow
Net Issuance of Common Stock	408	210	210	210	0	0	0	0	0	(2)	(3)	(3)	(3)	(4)	(2)	(16)	(16)	(59)	(59)	(46)	(46)	(24)	(24)	(24)	(24)	(9)	(42)	(60)	(61)	(52)	(19)	(0)	0	(4)	(24)	(42)	(45)	(41)	(34)	(37)	(42)	(44)	(36)	(16)	(8)	(6)	(25)	(39)	(33)	(46)	(21)	(16)	(20)	(25)	(27)	(23)	(27)	(7)	(19)	(14)	(47)	(72)	(94)	(120)	(110)	(99)	(76)	(57)	(54)	(79)	(99)	(105)	(116)	(103)	521	534	565	567	(64)	(125)	(207)	(264)	(272)	(292)	(291)	(294)	(352)	(352)	(445)	(524)	(518)	(565)	(573)	(582)	(1 182)	(1 128)
Net Issuance of Debt	(197)	(7)	(15)	(15)	102	163	177	177	115	92	43	130	87	87	87	(4)	(4)	(6)	(6)	141	141	0	143	(73)	(70)	(70)	(163)	(90)	2	54	149	347	252	223	227	23	13	(8)	226	235	246	248	6	198	179	414	422	225	225	(13)	(14)	5	6	3	(2)	(24)	(18)	(17)	288	281	281	290	(133)	(195)	405	346	443	486	(82)	19	610	916	542	549	(9)	(395)	(53)	(31)	553	604	712	696	(173)	(132)	(221)	(494)	(303)	(332)	(325)	(54)	573	573	537	535	(39)	(74)
Cash Paid for Dividends	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(18)	0	(36)	(36)	(36)	0	(36)	(36)	(36)	0	(36)	(36)	(36)	0	(36)	(36)	(36)	0	(36)	(36)
Other	(0)	(1)	(1)	0	0	0	0	1	1	0	0	0	0	0	0	(10)	(10)	(12)	(32)	(36)	(36)	(145)	(125)	(111)	(111)	0	0	0	0	0	0	0	(0)	(1)	(15)	(15)	(13)	(13)	0	0	(9)	(2)	(28)	(29)	(29)	(44)	(21)	(25)	(17)	(28)	(38)	(50)	(53)	(48)	(48)	(30)	(29)	(25)	(65)	(81)	(82)	(84)	(49)	(36)	(38)	(38)	(24)	(45)	(43)	(44)	(58)	(48)	(66)	(67)	(65)	(75)	(59)	(50)	(61)	(44)	(100)	(99)	(101)	(101)	(48)	(165)	(148)	(183)	(194)	(76)	(133)	(107)	(227)	(218)	(224)	(225)
Cash from Financing Activities	211 N/A	202 -4%	193 -4%	194 +1%	102 -47%	163 +59%	178 +9%	178 +0%	116 -35%	91 -22%	40 -56%	127 +214%	83 -34%	83 0%	84 +1%	(29) N/A	(29) N/A	(78) -166%	(97) -25%	59 N/A	59 0%	(26) N/A	(6) +75%	(208) -3 208%	(206) +1%	(79) +61%	(205) -159%	(151) +27%	(58) +61%	2 N/A	131 +5 354%	347 +165%	252 -27%	218 -14%	188 -14%	(34) N/A	(46) -35%	(62) -35%	192 N/A	199 +4%	195 -2%	202 +4%	(58) N/A	154 N/A	142 -8%	364 +156%	376 +3%	161 -57%	175 +9%	(87) N/A	(72) +16%	(61) +16%	(67) -10%	(70) -4%	(77) -10%	(77) -1%	(74) +4%	(50) +33%	204 N/A	186 -9%	152 -18%	134 -12%	(277) N/A	(350) -27%	256 N/A	208 -19%	343 +65%	384 +12%	(179) N/A	(104) +42%	453 N/A	763 +69%	359 -53%	380 +6%	447 +17%	64 -86%	435 +576%	467 +8%	391 -16%	398 +2%	370 -7%	297 -20%	(581) N/A	(561) +4%	(595) -6%	(989) -66%	(839) +15%	(904) -8%	(1 000) -11%	(690) +31%	(115) +83%	(135) -18%	(298) -121%	(301) -1%	(1 481) -392%	(1 462) +1%
Change in Cash
Effect of Foreign Exchange Rates	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	6	0	0	0	6	7	8	(10)	(24)	(30)	(17)	6	10	10	(8)	(4)	0	9	14	(3)	(2)	(3)	(8)	4	3	(7)	(5)	6	7	15	26	(21)	(46)	(69)	(65)	(49)	(53)	(12)	(42)	(30)	(33)	(45)	(10)	34	45	65	13	(32)	(21)	(40)	(17)	(31)	6	(37)	(15)	30	56	78	74	14	(42)	(48)	(137)	(194)	(103)	(64)	11	89	27	(12)	(9)	39	(37)	1	52	10
Net Change in Cash	47 N/A	(7) N/A	200 N/A	217 +8%	148 -32%	43 -71%	(76) N/A	(45) +40%	(72) -59%	20 N/A	18 -7%	(14) N/A	6 N/A	67 +944%	24 -64%	21 -14%	(45) N/A	(44) +3%	(58) -32%	27 N/A	221 +729%	108 -51%	63 -41%	(27) N/A	(78) -188%	209 N/A	279 +33%	205 -27%	162 -21%	36 -78%	8 -77%	451 +5 468%	210 -53%	(11) N/A	(4) +62%	(222) -5 445%	(105) +53%	12 N/A	81 +556%	102 +26%	13 -87%	25 +92%	12 -54%	(126) N/A	161 N/A	182 +13%	978 +437%	1 376 +41%	1 115 -19%	1 349 +21%	242 -82%	(350) N/A	(18) +95%	(193) -956%	(91) +53%	496 N/A	588 +19%	258 -56%	(13) N/A	(243) -1 726%	(985) -306%	(624) +37%	224 N/A	(185) N/A	416 N/A	327 -21%	(342) N/A	271 N/A	(104) N/A	323 N/A	397 +23%	573 +44%	1 104 +93%	1 694 +53%	2 986 +76%	2 063 -31%	1 716 -17%	40 -98%	(1 275) N/A	(756) +41%	(336) +56%	710 N/A	560 -21%	289 -48%	341 +18%	(203) N/A	329 N/A	249 -24%	(889) N/A	(728) +18%	(1 025) -41%	(418) +59%	(140) +67%	398 N/A	79 -80%	(10) N/A

Income Statement Balance Sheet Cash Flow Statement

Markel Group Inc
SWB:MKV

Cash Flow Statement

Cash Flow Statement
Markel Group Inc

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Markel Group Inc SWB:MKV

Cash Flow Statement

Cash Flow Statement Markel Group Inc

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Markel Group Inc
SWB:MKV

Cash Flow Statement
Markel Group Inc