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Side-by-side financial comparison of APA Corporation (APA) 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 $2.3B, roughly 1.5× APA Corporation). APA Corporation runs the higher net margin — 19.2% vs 16.1%, a 3.0% gap on every dollar of revenue. On growth, MARKEL GROUP INC. posted the faster year-over-year revenue change (-6.9% vs -11.7%). MARKEL GROUP INC. produced more free cash flow last quarter ($599.1M vs $477.0M). Over the past eight quarters, APA Corporation's revenue compounded faster (-9.5% CAGR vs -10.5%).
APA Corporation, a holding company for Apache Corporation, an American company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Houston.
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.
APA vs MKL — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.3B | $3.6B |
| Net Profit | $446.0M | $576.8M |
| Gross Margin | — | — |
| Operating Margin | — | 22.2% |
| Net Margin | 19.2% | 16.1% |
| Revenue YoY | -11.7% | -6.9% |
| Net Profit YoY | — | 5.0% |
| EPS (diluted) | $1.26 | $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.
| Q1 26 | $2.3B | — | ||
| Q4 25 | $2.2B | $3.6B | ||
| Q3 25 | $2.3B | $3.9B | ||
| Q2 25 | $2.3B | $4.6B | ||
| Q1 25 | $2.7B | $3.4B | ||
| Q4 24 | $2.9B | $3.8B | ||
| Q3 24 | $2.7B | $4.6B | ||
| Q2 24 | $2.8B | $3.7B |
| Q1 26 | $446.0M | — | ||
| Q4 25 | $331.0M | $576.8M | ||
| Q3 25 | $205.0M | $751.3M | ||
| Q2 25 | $603.0M | $657.1M | ||
| Q1 25 | $418.0M | $121.7M | ||
| Q4 24 | $425.0M | $549.2M | ||
| Q3 24 | $-223.0M | $905.0M | ||
| Q2 24 | $541.0M | $267.7M |
| Q1 26 | — | — | ||
| Q4 25 | 32.5% | 22.2% | ||
| Q3 25 | 33.7% | 25.7% | ||
| Q2 25 | 31.8% | 24.1% | ||
| Q1 25 | 31.9% | 8.3% | ||
| Q4 24 | 31.4% | 15.5% | ||
| Q3 24 | -5.2% | 29.7% | ||
| Q2 24 | 34.4% | 11.1% |
| Q1 26 | 19.2% | — | ||
| Q4 25 | 15.0% | 16.1% | ||
| Q3 25 | 9.0% | 19.1% | ||
| Q2 25 | 26.0% | 14.3% | ||
| Q1 25 | 15.4% | 3.6% | ||
| Q4 24 | 14.6% | 14.3% | ||
| Q3 24 | -8.1% | 19.6% | ||
| Q2 24 | 19.0% | 7.2% |
| Q1 26 | $1.26 | — | ||
| Q4 25 | $0.79 | $48.22 | ||
| Q3 25 | $0.57 | $59.25 | ||
| Q2 25 | $1.67 | $49.67 | ||
| Q1 25 | $0.96 | $12.08 | ||
| Q4 24 | $0.97 | $39.02 | ||
| Q3 24 | $-0.60 | $66.25 | ||
| Q2 24 | $1.46 | $18.62 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $293.0K | $4.0B |
| Total DebtLower is stronger | $4.3M | $4.3B |
| Stockholders' EquityBook value | — | $18.6B |
| Total Assets | $18.1M | $68.9B |
| Debt / EquityLower = less leverage | — | 0.23× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $293.0K | — | ||
| Q4 25 | $516.0M | $4.0B | ||
| Q3 25 | $475.0M | $4.0B | ||
| Q2 25 | $107.0M | $3.7B | ||
| Q1 25 | $67.0M | $4.2B | ||
| Q4 24 | $625.0M | $3.7B | ||
| Q3 24 | $64.0M | $3.9B | ||
| Q2 24 | $160.0M | $3.5B |
| Q1 26 | $4.3M | — | ||
| Q4 25 | $4.3B | $4.3B | ||
| Q3 25 | $4.3B | $4.3B | ||
| Q2 25 | $4.3B | $4.4B | ||
| Q1 25 | $5.2B | $4.4B | ||
| Q4 24 | $6.0B | $4.3B | ||
| Q3 24 | $6.4B | $4.4B | ||
| Q2 24 | $6.7B | $4.4B |
| Q1 26 | — | — | ||
| Q4 25 | $6.1B | $18.6B | ||
| Q3 25 | $6.0B | $18.0B | ||
| Q2 25 | $5.9B | $17.3B | ||
| Q1 25 | $5.4B | $17.1B | ||
| Q4 24 | $5.3B | $16.9B | ||
| Q3 24 | $5.1B | $17.0B | ||
| Q2 24 | $5.4B | $15.9B |
| Q1 26 | $18.1M | — | ||
| Q4 25 | $17.8B | $68.9B | ||
| Q3 25 | $17.7B | $67.4B | ||
| Q2 25 | $18.1B | $66.8B | ||
| Q1 25 | $18.5B | $64.6B | ||
| Q4 24 | $19.4B | $61.9B | ||
| Q3 24 | $19.4B | $62.3B | ||
| Q2 24 | $20.2B | $59.7B |
| Q1 26 | — | — | ||
| Q4 25 | 0.70× | 0.23× | ||
| Q3 25 | 0.72× | 0.24× | ||
| Q2 25 | 0.73× | 0.25× | ||
| Q1 25 | 0.96× | 0.26× | ||
| Q4 24 | 1.13× | 0.26× | ||
| Q3 24 | 1.25× | 0.26× | ||
| Q2 24 | 1.24× | 0.28× |
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 | $554.0M | $662.2M |
| Free Cash FlowOCF − Capex | $477.0M | $599.1M |
| FCF MarginFCF / Revenue | 20.5% | 16.7% |
| Capex IntensityCapex / Revenue | — | 1.8% |
| Cash ConversionOCF / Net Profit | 1.24× | 1.15× |
| TTM Free Cash FlowTrailing 4 quarters | — | $2.6B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $554.0M | — | ||
| Q4 25 | $808.0M | $662.2M | ||
| Q3 25 | $1.5B | $1.2B | ||
| Q2 25 | $1.2B | $504.4M | ||
| Q1 25 | $1.1B | $376.2M | ||
| Q4 24 | $1.0B | $493.9M | ||
| Q3 24 | $1.3B | $890.8M | ||
| Q2 24 | $877.0M | $578.6M |
| Q1 26 | $477.0M | — | ||
| 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 26 | 20.5% | — | ||
| 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 26 | — | — | ||
| 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 26 | 1.24× | — | ||
| Q4 25 | 2.44× | 1.15× | ||
| Q3 25 | 7.12× | 1.62× | ||
| Q2 25 | 1.96× | 0.77× | ||
| Q1 25 | 2.62× | 3.09× | ||
| Q4 24 | 2.44× | 0.90× | ||
| Q3 24 | — | 0.98× | ||
| Q2 24 | 1.62× | 2.16× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APA
| Oil revenues | $1.6B | 71% |
| Purchased oil and gas sales | $385.0M | 17% |
| Natural gas revenues | $157.0M | 7% |
| Natural gas liquids revenues | $141.0M | 6% |
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% |
