BERKLEY W R CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data BERKLEY W R CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2020	FY2022	FY2023	FY2024	FY2025
Revenue	7,654	7,685	7,692	7,902	8,099	9,455	11,166	12,143	13,639	14,708
Interest expense	141	147	157	153	151	147	130	127	127	127
Interest income	573	583	679	651	593	679
Pre-tax income	896	773	812	853	705	1,283	1,720	1,754	2,264	2,281
Income tax	293	219	163	169	172	252	335	371	510	496
Net income to minority interests	1.57	4.24	8.32	2.04	2.32	8.53	3.89	2.49	-1.54	5.38
Net income	602	549	641	682	531	1,022	1,381	1,381	1,756	1,779
EPS, basic	1.45	1.30	1.49	1.59	1.26	2.46	3.33	3.40	4.39	4.48
EPS, diluted	1.38	1.26	1.48	1.56	1.25	2.44	3.29	3.37	4.36	4.45
Shares, basic (weighted)	415	0.42	0.43	0.43	0.42	0.42	0.42	407	400	397
Shares, diluted (weighted)	435	0.44	0.43	0.44	0.43	0.42	0.42	410	403	400
Dividend per share		0.46	0.62	0.74	0.21	0.89	0.59	1.29	1.40	1.85

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2020	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	795	950	818	1,024	2,372	1,569	1,449	1,363	1,975	2,540
Property, plant and equipment	349	423	416	422	406	420	423	427	479	596
Lease right-of-use assets				193	164	172	169	176	180	221
Goodwill	145	179	173	170	170	170	186	175	184	184
Intangible assets									97	86
Total assets	23,365	24,300	24,896	26,662	28,607	32,086	33,861	37,202	40,567	43,927
Total liabilities	18,284	18,849	19,416	20,544	22,281	25,419	27,093	29,733	32,160	34,215
Paid-in capital	1,037	1,048	1,040	1,056	1,012	981	998	965	985	988
Retained earnings	6,596	6,957	7,559	7,932	8,348	9,015	10,161	11,041	12,265	13,344
Treasury stock	-2,689	-2,709	-2,720	-2,727	-3,058	-3,167	-3,251	-3,783	-4,079	-4,339
Other comprehensive income	55.6	68.5	-510	-257	-62.2	-282	-1,265	-926	-934	-451
Shareholders' equity	5,047	5,411	5,438	6,075	6,311	6,653	6,748	7,455	8,395	9,701
Minority interests	33.9	39.8	41.9	43.4	15	14.7	19.8	13.8	12.3	11.1
Total equity	5,081	5,451	5,480	6,118	6,326	6,668	6,768	7,469	8,407	9,712
Total liabilities and equity	23,365	24,300	24,896	26,662	28,607	32,086	33,861	37,202	40,567	43,927
Shares outstanding	615	411	413	621	401	597	397	385	380	377

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2020	FY2022	FY2023	FY2024	FY2025
Net income	603	553	649	684	533	1,031	1,385	1,384	1,755	1,785
Depreciation and amortization	86.1	113	131	113	135	130	55.9	-20.9	-171	-48.1
Stock-based compensation	37.2	40.5	36.6	49.3	49.7	46.7	49.4	51	54.4	54.5
Deferred income tax	9.78	-15.1	-39.6	35.7	-13.9	12.8	-4.01	-26.7	96.4	-14.5
Cash from operations	848	711	620	1,144	1,617	2,184	2,569	2,929	3,678	3,583
Capital expenditures	-50.8	-116	-49.9	-60.5
Acquisitions	-53.5	-70.6	-6.64	0	0	0	-49.6	-11.6	0	0
Purchases of investments	-5,541	-7,941	-6,678	-5,353	-7,552	-10,717	-8,037	-6,665	-9,369	-8,429
Sales and maturities of investments	2,189	3,557	2,676	2,934	3,864	6,067	4,891	3,507	4,891	5,312
Cash from investing	-794	-333	-714	-425	120	-2,989	-1,891	-1,962	-2,184	-2,029
Debt issued	389	6.98	295	291	742	1,034	0	0.98	3.11	0
Debt repaid			-4.52	-456	-653	-505	-3.31	-0.97	0	-2.06
Share buybacks	-132	-47.8	-24.8	-18.2	-346	-122	-94.1	-537	-304	-270
Dividends paid	-184	-188	-255	-308	-84.1	-356	-235	-501	-532	-700
Cash from financing	-6.93	-235	-7.4	-513	-398	5.83	-772	-1,062	-852	-1,026
Exchange rate effect	-15.3	12.9	-31.4	0.38	10.1	-4.2	-24.8	9.07	-29.8	38.4
Net change in cash	31.7	155	-133	206	1,349	-804	-119	-86.2	612	565
Free cash flow	798	595	570	1,083
Interest paid	137	145	155	160	155	141	138	114	138	126
Income taxes paid	232	207	186	125	103	244	295	332	410	407

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $66.82 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	16.2%	Pre-tax income / revenue.
Net margin	12.9%	Net income / revenue.
Operating cash flow margin	24.2%	Cash from operations / revenue.
Effective tax rate	19.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	19.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.2%	Net income / average total assets.
Stock-based pay / revenue	0.4%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	-0.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	7.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	9.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	12.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	1.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	8.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	27.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	2.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	10.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	29.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-2.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	11.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	17.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	32.1%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	46.4%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	55.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	15.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	12.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	9.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	8.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	9.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	9.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	884.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	293.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	78.5%	Total liabilities / total assets.
Goodwill and intangibles / assets	0.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$9.65B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.33x	Revenue / average total assets.
Fixed asset turnover	26.3x	Revenue / average property, plant and equipment.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.92	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$38.02	Revenue / diluted weighted shares.
Operating cash flow per share	$9.20	Cash from operations / diluted weighted shares.
Book value per share	$26.50	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$26.00	Tangible book value / shares outstanding.
Cash per share	$7.02	(Cash + short-term investments) / shares outstanding.
Payout ratio	24.9%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$24.81B	Share price x shares outstanding.
Enterprise value	$22.20B	Market cap + total debt - cash - short-term investments.
P/E	12.9x	Market cap / net income. Only when net income is positive.
P/S	1.67x	Market cap / revenue.
P/B	2.52x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.57x	Market cap / tangible book value, when positive.
P/OCF	6.88x	Market cap / cash from operations, when positive.
EV/Sales	1.49x	Enterprise value / revenue.
Earnings yield	7.8%	Net income / market cap (the inverse of P/E).
Dividend yield	1.9%	Dividends paid over the period / market cap.
Shareholder yield	4.5%	(Dividends paid + share buybacks) / market cap.
PEG	1.21x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was BERKLEY W R CORP's revenue in fiscal 2025?

BERKLEY W R CORP reported revenue of $14.71B for fiscal 2025, 7.8% higher than the year before.

Was BERKLEY W R CORP profitable in fiscal 2025?

Yes. Net income was $1.78B, a net margin of 12.1%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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