W. R. Berkley Corporation (WRB) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 26	$1.08	$1.27	+17.6%	—	—	—
Q3 26	$1.14	$1.3	+14.0%	—	—	—
Q2 26	$1.12	$1.13	+0.9%	—	—	—
Q1 26	$1.1	$1.1	0.0%	—	—	—
Q4 25	$1.02	$1.05	+2.9%	—	—	—
Q3 25	$0.99	$1.01	+2.0%	—	—	—
Q2 25	$0.95	$1.13	+18.9%	—	—	—
Q1 25	$0.96	$0.91	-5.2%	—	—	—
Q4 24	$0.93	$1.04	+11.8%	—	—	—
Q3 24	$0.95	$1.04	+9.5%	—	—	—
Q2 24	$0.92	$0.97	+5.4%	—	—	—
Q1 24	$1.18	$1.35	+14.4%	—	—	—
Q4 23	$1.1	$1.14	+3.6%	—	—	—
Q3 23	$1.23	$1	-18.7%	—	—	—
Q2 23	$1.1	$1.16	+5.5%	—	—	—
Q1 23	$0.85	$1.01	+18.8%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$4.48	—	—	$14.6B	—
FY24	—	$4.39	—	—	$13.7B	—
FY23	—	$3.4	—	—	$12.1B	—
FY22	—	$3.33	—	—	$11.2B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$7.7B	$7.7B	$7.7B	$7.9B	$8.1B	$9.5B	$11.2B	$12.1B	$13.7B	$14.6B
YoY change	+13%	+0.04%	+0.64%	+2.77%	+2.09%	+17.1%	+18.3%	+7.97%	+13%	+6.93%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	7.7B	7.7B	7.7B	7.9B	8.1B	9.5B	11.2B	12.1B	13.7B	14.6B
Cost of revenue	—	—	—	—	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—	—	—	—	—
Gross margin	—	—	—	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—
Operating expenses	554.8M	516.3M	557.5M	603.8M	569.3M	692.9M	735.3M	810.7M	782.6M	849.9M
Operating income	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—
Non-operating income, net	390.7M	327M	373.7M	409.9M	392.5M	493.3M	512.9M	535.9M	530.5M	581.1M
Pretax income	896.4M	772.8M	812.1M	852.9M	704.8M	1.3B	1.7B	1.8B	2.3B	2.3B
Income tax	293M	219.4M	163M	168.9M	171.8M	251.9M	334.7M	370.6M	509.9M	495.8M
Net income	603.5M	553.3M	649.1M	684M	533M	1B	1.4B	1.4B	1.8B	1.8B
Net margin	7.87%	7.21%	8.41%	8.62%	6.58%	10.9%	12.3%	11.4%	12.8%	12.2%
EBITDA	—	—	—	—	—	—	—	—	—	—
EPS	1.45	1.3	1.5	1.59	1.26	2.46	3.33	3.4	4.39	4.48
Diluted EPS	1.39	1.26	1.48	1.56	1.25	2.44	3.29	3.37	4.36	4.45

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	3.1B	3.2B	3.3B	3.3B	3.4B	3.7B	3.5B	3.6B	3.8B	3.7B	3.7B	3.7B
Cost of revenue	—	—	—	—	—	—	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—	—	—	—	—	—	—
Gross margin	—	—	—	—	—	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—	—	—
Operating expenses	196.9M	234.6M	187.4M	189.1M	186.5M	219.6M	195.4M	200M	208.5M	246M	211.2M	211.9M
Operating income	—	—	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—	—	—
Non-operating income, net	137.2M	160.4M	121.5M	126.4M	129.2M	153.4M	129.4M	129.6M	150.7M	171.4M	158.4M	134.6M
Pretax income	419.9M	501.2M	574.1M	487.7M	474.4M	728.3M	538.6M	521.9M	648.1M	572M	616.1M	575.2M
Income tax	86.5M	102.2M	132M	115.8M	109.1M	153M	121.3M	121.2M	136.1M	117.2M	100.5M	122.9M
Net income	333.4M	399M	442M	371.9M	365.3M	575.3M	417.3M	400.7M	512M	454.8M	515.6M	452.3M
Net margin	10.9%	12.5%	13.5%	11.2%	10.8%	15.5%	11.8%	11.1%	13.5%	12.2%	13.9%	12.2%
EBITDA	—	—	—	—	—	—	—	—	—	—	—	—
EPS	0.83	0.99	1.1	0.93	0.92	1.45	1.05	1.01	1.29	1.13	1.31	1.16
Diluted EPS	0.82	0.98	1.09	0.92	0.91	1.44	1.04	1	1.28	1.13	1.31	1.15

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	8.2B	8.9B	9.4B	13.2B	12.4B	15.2B	20.1B	19.2B	23.4B	27.8B	25.1B
Enterprise value	-4B	-3.6B	-2.3B	600.5M	-1.4B	333.9M	3.9B	514M	1.9B	3.1B	25.2B
Shares outstanding	413.9M	421.3M	427.6M	429.1M	420.6M	416.1M	415.3M	406.5M	399.7M	397M	397M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	13.5	16.2	14.4	19.3	23.3	14.8	14.5	13.8	13.3	15.6	13.8
P/S	1.06	1.17	1.21	1.66	1.53	1.61	1.79	1.58	1.71	1.9	1.67
P/B	1.61	1.64	1.71	2.15	1.96	2.29	2.97	2.57	2.78	2.87	2.65
EV/EBITDA	—	—	—	—	—	—	—	—	—	—	9.76
EV/Sales	-0.52	-0.47	-0.29	0.08	-0.17	0.04	0.35	0.04	0.14	0.21	1.69
Earnings yield	7.4%	6.19%	6.93%	5.19%	4.29%	6.77%	6.89%	7.22%	7.5%	6.41%	7.24%
FCF yield	9.78%	6.65%	6.09%	8.22%	12.7%	13.9%	12.5%	15%	15.3%	12.3%	12.1%
PEG	—	—	—	—	—	—	—	—	—	—	0.93

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Operating margin	—	—	—	—	—	—	—	—	—	—	16.4%
Net margin	7.87%	7.21%	8.41%	8.62%	6.58%	10.9%	12.3%	11.4%	12.8%	12.2%	12.9%
ROE	11.9%	10.2%	11.8%	11.2%	8.43%	15.5%	20.5%	18.5%	20.9%	18.4%	20.2%
ROA	—	—	—	—	—	—	—	—	4.33%	4.05%	3.56%
Return on tangible assets	—	—	—	—	—	—	—	—	4.36%	4.08%	4.27%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	—	—	—	—	—	—	—	—	—	—	0.41
Debt / equity	0.49	0.46	0.51	0.43	0.43	0.49	0.42	0.38	0.34	0.29	0.32
Debt / assets	—	—	—	—	—	—	—	—	0.07	0.06	0.06
Net debt / EBITDA	—	—	—	—	—	—	—	—	—	—	-0.31
Interest coverage	7.36	6.25	6.17	6.56	5.68	9.72	14.2	14.8	18.8	19	20
Effective tax rate	32.7%	28.4%	20.1%	19.8%	24.4%	19.6%	19.5%	21.1%	22.5%	21.7%	19.8%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	18.5	18.2	18.1	18.5	19.3	22.8	27	29.8	34.3	36.9	37.8
EPS (basic)	1.45	1.3	1.5	1.59	1.26	2.46	3.33	3.4	4.39	4.48	4.48
EPS (diluted)	1.39	1.26	1.48	1.56	1.25	2.44	3.29	3.37	4.36	4.45	4.86
Book value per share	12.3	12.9	12.8	14.3	15	16	16.3	18.4	21	24.5	25.3
FCF per share	1.93	1.41	1.33	2.52	3.75	5.09	6.06	7.08	8.94	8.6	8.86
Cash per share	35.4	35.8	33.7	35.4	39.3	43.7	45.7	52.9	60.9	69.4	10
Capex per share	0.12	0.27	0.12	0.14	0.09	0.16	0.13	0.13	0.26	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.66%	1.51%	0.65%	0.76%	0.47%	0.7%	0.47%	0.44%	0.77%	—	—
Capex / operating cash flow	7.49%	19.2%	9.85%	11.6%	24.9%	20%	6.19%	6.36%	6.1%	—	—
Payout ratio	30.5%	34%	39.3%	45.1%	15.8%	34.5%	17%	36.2%	30.3%	39.2%	7.61%
Dividend yield	2.26%	2.1%	2.72%	2.34%	0.68%	2.33%	1.17%	2.62%	2.27%	2.52%	0.59%

Yield

0.59%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.60

ex-dividend Jun 23, 2026

Payout ratio

of earnings

Dividend growth

1 year

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jun 23, 2026	$0.60
Feb 23, 2026	$0.09
Dec 15, 2025	$1.09

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$3.1B	$3.2B	$3.3B	$3.3B	$3.4B	$3.7B	$3.5B	$3.6B	$3.8B	$3.7B	$3.7B	$3.7B
YoY change	+10.4%	+6.99%	+13.3%	+11.4%	+10.6%	+16.7%	+7.89%	+8.76%	+12%	-0.14%	+5.08%	+2.73%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	14.7B	15.1B	14.4B	15.2B	16.5B	18.2B	19B	21.5B	24.3B	27.6B
Receivables	3.9B	3.7B	4.1B	4.6B	5.1B	5.4B	6.2B	6.9B	6.9B	7B
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	—	—
Property, plant & equipment	—	—	—	—	—	—	—	—	—	—
Goodwill & intangibles	289M	357.9M	346.1M	339.3M	339.3M	339.3M	371M	349.2M	368.7M	368.7M
Total assets	—	—	—	—	—	—	—	—	40.6B	44.1B
Accounts payable	213.1M	246.5M	256.9M	360.3M	426.1M	568.6M	523.1M	631.2M	668.7M	615.8M
Short-term debt	—	—	—	—	—	—	5.4M	5.4M	—	—
Total current liabilities	—	—	—	—	—	—	—	—	—	—
Long-term debt	2.5B	2.5B	2.8B	2.6B	2.7B	3.3B	2.8B	2.8B	2.8B	2.8B
Total liabilities	—	—	—	—	—	—	—	—	32.2B	34.4B
Shareholders' equity	5.1B	5.5B	5.5B	6.1B	6.3B	6.7B	6.8B	7.5B	8.4B	9.7B
Total debt	2.5B	2.5B	2.8B	2.6B	2.7B	3.3B	2.8B	2.8B	2.8B	2.8B
Net debt	1.7B	1.5B	2B	1.6B	353M	1.7B	1.4B	1.5B	866.2M	299.8M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	20.6B	21.5B	22.1B	22.6B	24.2B	24.3B	25.3B	26B	27.3B	27.6B	27.8B	28.5B
Receivables	6.9B	6.9B	6.8B	7B	7.3B	6.9B	7.2B	7.4B	7.1B	7B	7B	7.4B
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	—	—	—	—
Property, plant & equipment	—	—	—	—	—	—	—	—	—	—	—	—
Goodwill & intangibles	349.2M	349.2M	349.2M	368.2M	368.2M	368.7M	368.7M	368.7M	368.7M	368.7M	368.7M	368.7M
Total assets	—	—	37.9B	38.9B	40.4B	40.6B	41.3B	42.7B	43.7B	44.1B	44.3B	45.7B
Accounts payable	626.4M	631.2M	683.5M	730.4M	727.1M	668.7M	647.4M	644.6M	626.2M	615.8M	627.8M	646.3M
Short-term debt	—	5.4M	—	—	—	—	—	—	—	—	—	—
Total current liabilities	—	—	—	—	—	—	—	—	—	—	—	—
Long-term debt	2.8B	2.8B	2.8B	2.8B	2.8B	2.8B	2.8B	2.8B	2.8B	2.8B	2.8B	2.8B
Total liabilities	—	—	—	31.1B	31.9B	32.2B	32.4B	33.4B	33.9B	34.4B	34.6B	35.8B
Shareholders' equity	6.9B	7.5B	7.8B	7.8B	8.4B	8.4B	8.9B	9.3B	9.8B	9.7B	9.8B	9.8B
Total debt	2.8B	2.8B	2.8B	2.8B	2.8B	2.8B	2.8B	2.8B	2.8B	2.8B	2.8B	2.8B
Net debt	1.2B	1.5B	1.7B	1.3B	1.3B	866.2M	1.1B	857.3M	435.8M	299.8M	560.1M	233.8M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	601.9M	549.1M	640.7M	681.9M	530.7M	1B	1.4B	1.4B	1.8B	1.8B
Depreciation & amortization	—	—	—	—	—	—	—	—	—	—
Stock-based compensation	37.2M	40.5M	36.6M	49.3M	49.7M	46.7M	49.4M	51M	54.4M	54.5M
Change in working capital	38.1M	7.7M	-179.3M	-214.1M	-429.1M	-744.8M	-582.8M	-600M	-78.5M	-31.6M
Operating cash flow	678.8M	601.5M	506.4M	519.2M	153.5M	332.9M	851.5M	834.9M	1.7B	3.6B
Capital expenditure	-50.8M	-115.7M	-49.9M	-60.5M	-38.2M	-66.6M	-52.7M	-53.1M	-105.6M	—
Investing cash flow	-804.3M	-372M	-187M	-476.3M	-57.7M	-3.2B	-1.8B	-1.9B	-2B	-2B
Dividends paid	-184M	-188.2M	-255M	-308.2M	-84.1M	-355.7M	-235.2M	-501.5M	-532M	-700.3M
Share repurchases	-132.4M	-47.8M	-24.8M	-18.2M	-346.4M	-122.4M	-94.1M	-537.2M	-303.7M	-270.2M
Financing cash flow	-6.9M	-235.1M	-7.4M	-513.2M	-397.8M	5.8M	-772M	-1.1B	-852.5M	-1B
Net change in cash	-132.5M	-5.5M	312M	-470.3M	-302M	-2.9B	-1.7B	-2.1B	-1.2B	529.8M
Free cash flow	797.5M	595.2M	570.3M	1.1B	1.6B	2.1B	2.5B	2.9B	3.6B	3.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	333.6M	397.3M	442.5M	371.9M	365.6M	576.1M	417.6M	401.3M	511M	449.5M	515.2M	452.3M
Depreciation & amortization	—	—	—	—	—	—	—	—	—	—	—	—
Stock-based compensation	12.7M	13.2M	13M	13.9M	13.5M	14.1M	12.4M	15.1M	13.1M	13.9M	13.2M	15.8M
Change in working capital	100.2M	-281.8M	-148.3M	-286.4M	200.9M	155.2M	-206.8M	-323.6M	289.1M	209.7M	-258.1M	-254.2M
Operating cash flow	446.3M	130.3M	306.7M	99.4M	579.7M	744.6M	223M	92.1M	1.1B	995.1M	667.9M	800M
Capital expenditure	-16.4M	-11M	-54.3M	-24.1M	-13.2M	-14M	-16.2M	-20.6M	—	—	—	—
Investing cash flow	-1.2B	-507.7M	-877.5M	57M	-1.1B	-169.3M	-922.2M	-369.1M	-670.2M	-101.6M	-544.2M	-456.3M
Dividends paid	0	-314.5M	-28.2M	-157.5M	-125.8M	-220.4M	-30.3M	-223.8M	-34.2M	-411.9M	-33.7M	0
Share repurchases	-2.9M	-106.6M	0	-223.8M	-12.5M	-67.4M	-49.2M	0	-24.6M	-196.4M	-302.4M	-111.5M
Financing cash flow	-22.8M	-422.5M	-29.7M	-378.8M	-153.8M	-290.5M	-83M	-230.5M	-93.1M	-618.1M	-340.2M	-126.8M
Net change in cash	-798.2M	-799.9M	-600.5M	-222.4M	-626.2M	284.8M	-782.3M	-507.5M	376.6M	275.4M	-216.6M	216.9M
Free cash flow	1.1B	687.1M	691.9M	857.2M	1.2B	796.1M	727.6M	683.2M	1.1B	878.9M	667.9M	800M

Date	Ratio
Mar 24, 2022	3:2
Apr 3, 2019	3:2
Mar 12, 2019	1:1
Apr 5, 2006	3:2
Apr 11, 2005	3:2
Aug 28, 2003	3:2
Jul 3, 2002	3:2
Sep 19, 1997	3:2
May 6, 1991	3:2
Jun 19, 1986	3:2

W. R. Berkley Corporation Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history