Q2 FY2026 EarningsQ2 FY26 results presented a significant beat on GAAP earnings while missing consensus for revenue and normalized income. Revenue of $4.02B missed the $4.50B consensus by 10.72%, primarily due to the run-off of the Global Reinsurance division and the transition of Hagerty business to a fronting model. GAAP EPS of $92.76 significantly beat the $81.43 consensus, fueled by $1.17B in net investment gains. However, the Financial segment was severely impacted by a $205.3M bad debt provision related to a bankrupt capacity provider, causing a miss in normalized earnings.
Financial report interval: 2026.03.30 - 2026.06.30
Overview: Markel(MKL) the Revenue is 4.018 B (-12.7%), Miss estimate;the EBIT is 392.82 M (-25.48%), Miss estimate;the EPS is 92.76 (+86.75%), Beat estimate.
Actual
YoY
Estimate
YoY
Vs estimate
YoY
RevenueMiss expectations
4.02B12.70%
4.50B2.22%
-0.48B10.48%
EBITMiss expectations
0.39B25.48%
0.56B6.95%
-0.17B32.43%
EPSExceed expectations
92.7686.75%
81.42563.93%
+11.335022.82%
Revenue
ActualEstimateUnit: USD
qf
EBIT
ActualEstimateUnit: USD
qf
Net income
ActualEstimateUnit: USD
qf
EPS
ActualEstimateUnit: USD
qf