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Side-by-side financial comparison of AMERICAN FINANCIAL GROUP INC (AFG) and MARKEL GROUP INC. (MKL). Click either name above to swap in a different company.
MARKEL GROUP INC. is the larger business by last-quarter revenue ($3.6B vs $2.1B, roughly 1.7× AMERICAN FINANCIAL GROUP INC). MARKEL GROUP INC. runs the higher net margin — 16.1% vs 14.5%, a 1.6% gap on every dollar of revenue. On growth, AMERICAN FINANCIAL GROUP INC posted the faster year-over-year revenue change (-4.0% vs -6.9%). Over the past eight quarters, AMERICAN FINANCIAL GROUP INC's revenue compounded faster (4.0% CAGR vs -10.5%).
The Western Union Company is an American multinational financial services corporation headquartered in Denver, Colorado.
MARKEL GROUP INC.MKLEarnings & Financial Report
Markel Group Inc. is a group of companies headquartered in Richmond, Virginia, and originally founded in 1930 as an insurance company.
AFG vs MKL — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $3.6B |
| Net Profit | $299.0M | $576.8M |
| Gross Margin | — | — |
| Operating Margin | 18.4% | 22.2% |
| Net Margin | 14.5% | 16.1% |
| Revenue YoY | -4.0% | -6.9% |
| Net Profit YoY | 17.3% | 5.0% |
| EPS (diluted) | $3.59 | $48.22 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $2.1B | $3.6B | ||
| Q3 25 | $2.3B | $3.9B | ||
| Q2 25 | $1.9B | $4.6B | ||
| Q1 25 | $1.9B | $3.4B | ||
| Q4 24 | $2.1B | $3.8B | ||
| Q3 24 | $2.4B | $4.6B | ||
| Q2 24 | $1.9B | $3.7B | ||
| Q1 24 | $1.9B | $4.5B |
| Q4 25 | $299.0M | $576.8M | ||
| Q3 25 | $215.0M | $751.3M | ||
| Q2 25 | $174.0M | $657.1M | ||
| Q1 25 | $154.0M | $121.7M | ||
| Q4 24 | $255.0M | $549.2M | ||
| Q3 24 | $181.0M | $905.0M | ||
| Q2 24 | $209.0M | $267.7M | ||
| Q1 24 | $242.0M | $1.0B |
| Q4 25 | 18.4% | 22.2% | ||
| Q3 25 | 11.5% | 25.7% | ||
| Q2 25 | 11.9% | 24.1% | ||
| Q1 25 | 10.6% | 8.3% | ||
| Q4 24 | 14.9% | 15.5% | ||
| Q3 24 | 9.7% | 29.7% | ||
| Q2 24 | 14.3% | 11.1% | ||
| Q1 24 | 15.9% | 29.9% |
| Q4 25 | 14.5% | 16.1% | ||
| Q3 25 | 9.2% | 19.1% | ||
| Q2 25 | 9.0% | 14.3% | ||
| Q1 25 | 8.3% | 3.6% | ||
| Q4 24 | 11.9% | 14.3% | ||
| Q3 24 | 7.6% | 19.6% | ||
| Q2 24 | 11.0% | 7.2% | ||
| Q1 24 | 12.7% | 23.0% |
| Q4 25 | $3.59 | $48.22 | ||
| Q3 25 | $2.58 | $59.25 | ||
| Q2 25 | $2.07 | $49.67 | ||
| Q1 25 | $1.84 | $12.08 | ||
| Q4 24 | $3.03 | $39.02 | ||
| Q3 24 | $2.16 | $66.25 | ||
| Q2 24 | $2.49 | $18.62 | ||
| Q1 24 | $2.89 | $75.43 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.7B | $4.0B |
| Total DebtLower is stronger | $1.8B | $4.3B |
| Stockholders' EquityBook value | $4.8B | $18.6B |
| Total Assets | $32.6B | $68.9B |
| Debt / EquityLower = less leverage | 0.38× | 0.23× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.7B | $4.0B | ||
| Q3 25 | $1.8B | $4.0B | ||
| Q2 25 | $1.3B | $3.7B | ||
| Q1 25 | $1.3B | $4.2B | ||
| Q4 24 | $1.4B | $3.7B | ||
| Q3 24 | $1.3B | $3.9B | ||
| Q2 24 | $1.1B | $3.5B | ||
| Q1 24 | $1.1B | $3.6B |
| Q4 25 | $1.8B | $4.3B | ||
| Q3 25 | $1.8B | $4.3B | ||
| Q2 25 | $1.5B | $4.4B | ||
| Q1 25 | $1.5B | $4.4B | ||
| Q4 24 | $1.5B | $4.3B | ||
| Q3 24 | $1.5B | $4.4B | ||
| Q2 24 | $1.5B | $4.4B | ||
| Q1 24 | $1.5B | $3.9B |
| Q4 25 | $4.8B | $18.6B | ||
| Q3 25 | $4.7B | $18.0B | ||
| Q2 25 | $4.5B | $17.3B | ||
| Q1 25 | $4.4B | $17.1B | ||
| Q4 24 | $4.5B | $16.9B | ||
| Q3 24 | $4.7B | $17.0B | ||
| Q2 24 | $4.4B | $15.9B | ||
| Q1 24 | $4.2B | $15.7B |
| Q4 25 | $32.6B | $68.9B | ||
| Q3 25 | $33.8B | $67.4B | ||
| Q2 25 | $30.7B | $66.8B | ||
| Q1 25 | $30.3B | $64.6B | ||
| Q4 24 | $30.8B | $61.9B | ||
| Q3 24 | $32.6B | $62.3B | ||
| Q2 24 | $29.9B | $59.7B | ||
| Q1 24 | $30.0B | $57.3B |
| Q4 25 | 0.38× | 0.23× | ||
| Q3 25 | 0.38× | 0.24× | ||
| Q2 25 | 0.33× | 0.25× | ||
| Q1 25 | 0.34× | 0.26× | ||
| Q4 24 | 0.33× | 0.26× | ||
| Q3 24 | 0.31× | 0.26× | ||
| Q2 24 | 0.34× | 0.28× | ||
| Q1 24 | 0.35× | 0.25× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $784.0M | $662.2M |
| Free Cash FlowOCF − Capex | — | $599.1M |
| FCF MarginFCF / Revenue | — | 16.7% |
| Capex IntensityCapex / Revenue | — | 1.8% |
| Cash ConversionOCF / Net Profit | 2.62× | 1.15× |
| TTM Free Cash FlowTrailing 4 quarters | — | $2.6B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $784.0M | $662.2M | ||
| Q3 25 | $216.0M | $1.2B | ||
| Q2 25 | $191.0M | $504.4M | ||
| Q1 25 | $342.0M | $376.2M | ||
| Q4 24 | $674.0M | $493.9M | ||
| Q3 24 | $459.0M | $890.8M | ||
| Q2 24 | $-88.0M | $578.6M | ||
| Q1 24 | $107.0M | $630.7M |
| Q4 25 | — | $599.1M | ||
| Q3 25 | — | $1.2B | ||
| Q2 25 | — | $453.8M | ||
| Q1 25 | — | $335.5M | ||
| Q4 24 | — | $420.0M | ||
| Q3 24 | — | $838.9M | ||
| Q2 24 | — | $521.4M | ||
| Q1 24 | — | $558.7M |
| Q4 25 | — | 16.7% | ||
| Q3 25 | — | 29.6% | ||
| Q2 25 | — | 9.9% | ||
| Q1 25 | — | 9.9% | ||
| Q4 24 | — | 10.9% | ||
| Q3 24 | — | 18.2% | ||
| Q2 24 | — | 14.1% | ||
| Q1 24 | — | 12.5% |
| Q4 25 | — | 1.8% | ||
| Q3 25 | — | 1.3% | ||
| Q2 25 | — | 1.1% | ||
| Q1 25 | — | 1.2% | ||
| Q4 24 | — | 1.9% | ||
| Q3 24 | — | 1.1% | ||
| Q2 24 | — | 1.5% | ||
| Q1 24 | — | 1.6% |
| Q4 25 | 2.62× | 1.15× | ||
| Q3 25 | 1.00× | 1.62× | ||
| Q2 25 | 1.10× | 0.77× | ||
| Q1 25 | 2.22× | 3.09× | ||
| Q4 24 | 2.64× | 0.90× | ||
| Q3 24 | 2.54× | 0.98× | ||
| Q2 24 | -0.42× | 2.16× | ||
| Q1 24 | 0.44× | 0.62× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AFG
Segment breakdown not available.
MKL
| Industrial | $1.6B | 45% |
| Consumer And Other | $958.3M | 27% |
| Financial | $737.0M | 21% |
| Other | $198.8M | 6% |
| Corporate Operations | $52.0M | 1% |
| Revenue From Contract With Customer | $10.5M | 0% |
