Markel (MKL) Operating Expenses (2009 - 2026)
Markel's Operating Expenses was $3.63 billion in Q2 2026, up 3.7% from $3.5 billion a year earlier and up 17.1% from the prior quarter.
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Analysis
Markel (MKL) Operating Expenses (2009 - 2026) Analysis & Trends
On a trailing twelve-month basis, Markel's Operating Expenses was $13.5 billion through Jun 30, 2026, up 3.1% year-over-year; for FY2025, it was $13.39 billion, up 3.8% from FY2024.
- Operating Expenses has now increased for ten consecutive years, with a five-year compound annual growth rate of 9.6% (FY2020 to FY2025).
- In earlier years, Operating Expenses was $12.91 billion in FY2024 (+0.3%), $12.87 billion in FY2023 (+9.4%), $11.77 billion in FY2022 (+22.5%) and $9.6 billion in FY2021 (+13.5%).
- The Q2 2026 figure marks the highest quarterly Operating Expenses in data going back to Q2 2009.
- Compared with a year earlier, Operating Expenses was higher in four of the last eight quarters, with growth averaging 1.1%.
- The best year-over-year quarter for Operating Expenses over five years was Q1 2022 (growth of 22.8%); the worst was Q4 2024 (a decline of 7.5%).
- Per Business Quant data, MKL's Operating Expenses in the three quarters before Q2 2026 was $3.1 billion (Q1 2026), $3.42 billion (Q4 2025) and $3.36 billion (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Berkshire Hathaway | 1,083.69 Bn | -333.79 Bn | 55.86 Bn | 86.07 Bn |
| 2 | Chubb | 127.81 Bn | 79.86 Bn | 9.13 Bn | 12.19 Bn |
| 3 | Progressive | 121.79 Bn | 97.63 Bn | 9.04 Bn | 19.40 Bn |
| 4 | Marsh & Mclennan Companies | 80.80 Bn | 72.54 Bn | - | 5.51 Bn |
| 5 | Travelers Companies | 75.76 Bn | 52.01 Bn | 6.23 Bn | 9.39 Bn |
| 6 | Manulife Financial | 74.06 Bn | 75.27 Bn | - | -902.21 Mn |
| 7 | Metlife | 61.12 Bn | -45.36 Bn | 7.82 Bn | 18.12 Bn |
| 8 | Arthur J. Gallagher | 58.82 Bn | 53.25 Bn | - | 3.59 Bn |
| 9 | Allstate | 57.81 Bn | 19.06 Bn | 8.73 Bn | 14.45 Bn |
| 10 | Markel | 21.57 Bn | -44.63 Bn | 2.83 Bn | 3.63 Bn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 3.63 Bn |
| Mar 31, 2026 | 3.10 Bn |
| Dec 31, 2025 | 3.42 Bn |
| Sep 30, 2025 | 3.36 Bn |
| Jun 30, 2025 | 3.50 Bn |
| Mar 31, 2025 | 3.12 Bn |
| Dec 31, 2024 | 3.25 Bn |
| Sep 30, 2024 | 3.24 Bn |
| Jun 30, 2024 | 3.29 Bn |
| Mar 31, 2024 | 3.13 Bn |
| Dec 31, 2023 | 3.51 Bn |
| Sep 30, 2023 | 3.30 Bn |
| Jun 30, 2023 | 3.17 Bn |
| Mar 31, 2023 | 2.89 Bn |
| Dec 31, 2022 | 3.15 Bn |
| Sep 30, 2022 | 3.00 Bn |
| Jun 30, 2022 | 2.97 Bn |
| Mar 31, 2022 | 2.65 Bn |
| Dec 31, 2021 | 2.58 Bn |
| Sep 30, 2021 | 2.45 Bn |
API Access
Markel Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=MKL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "MKL", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=MKL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();