vs
Side-by-side financial comparison of MARKEL GROUP INC. (MKL) and PG&E Corporation (PCG). Click either name above to swap in a different company.
PG&E Corporation is the larger business by last-quarter revenue ($6.9B vs $3.6B, roughly 1.9× MARKEL GROUP INC.). MARKEL GROUP INC. runs the higher net margin — 16.1% vs 12.9%, a 3.3% gap on every dollar of revenue. On growth, PG&E Corporation posted the faster year-over-year revenue change (15.0% vs -6.9%). Over the past eight quarters, PG&E Corporation's revenue compounded faster (7.2% CAGR vs -10.5%).
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.
Pacific Gas and Electric Company (PG&E) is an American investor-owned utility (IOU). The company is headquartered at Kaiser Center, in Oakland, California. PG&E provides natural gas and electricity to 5.2 million households in the northern two-thirds of California, from Bakersfield and northern Santa Barbara County, almost to the Oregon and Nevada state lines.
MKL vs PCG — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $3.6B | $6.9B |
| Net Profit | $576.8M | $885.0M |
| Gross Margin | — | — |
| Operating Margin | 22.2% | 21.4% |
| Net Margin | 16.1% | 12.9% |
| Revenue YoY | -6.9% | 15.0% |
| Net Profit YoY | 5.0% | 39.6% |
| EPS (diluted) | $48.22 | $0.39 |
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 | — | $6.9B | ||
| Q4 25 | $3.6B | $6.8B | ||
| Q3 25 | $3.9B | $6.3B | ||
| Q2 25 | $4.6B | $5.9B | ||
| Q1 25 | $3.4B | $6.0B | ||
| Q4 24 | $3.8B | $6.6B | ||
| Q3 24 | $4.6B | $5.9B | ||
| Q2 24 | $3.7B | $6.0B |
| Q1 26 | — | $885.0M | ||
| Q4 25 | $576.8M | $670.0M | ||
| Q3 25 | $751.3M | $850.0M | ||
| Q2 25 | $657.1M | $549.0M | ||
| Q1 25 | $121.7M | $634.0M | ||
| Q4 24 | $549.2M | $674.0M | ||
| Q3 24 | $905.0M | $579.0M | ||
| Q2 24 | $267.7M | $524.0M |
| Q1 26 | — | 21.4% | ||
| Q4 25 | 22.2% | 18.0% | ||
| Q3 25 | 25.7% | 19.3% | ||
| Q2 25 | 24.1% | 18.6% | ||
| Q1 25 | 8.3% | 20.4% | ||
| Q4 24 | 15.5% | 15.4% | ||
| Q3 24 | 29.7% | 17.3% | ||
| Q2 24 | 11.1% | 18.9% |
| Q1 26 | — | 12.9% | ||
| Q4 25 | 16.1% | 9.8% | ||
| Q3 25 | 19.1% | 13.6% | ||
| Q2 25 | 14.3% | 9.3% | ||
| Q1 25 | 3.6% | 10.6% | ||
| Q4 24 | 14.3% | 10.2% | ||
| Q3 24 | 19.6% | 9.7% | ||
| Q2 24 | 7.2% | 8.8% |
| Q1 26 | — | $0.39 | ||
| Q4 25 | $48.22 | $0.29 | ||
| Q3 25 | $59.25 | $0.37 | ||
| Q2 25 | $49.67 | $0.24 | ||
| Q1 25 | $12.08 | $0.28 | ||
| Q4 24 | $39.02 | $0.30 | ||
| Q3 24 | $66.25 | $0.27 | ||
| Q2 24 | $18.62 | $0.24 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $4.0B | — |
| Total DebtLower is stronger | $4.3B | — |
| Stockholders' EquityBook value | $18.6B | — |
| Total Assets | $68.9B | — |
| Debt / EquityLower = less leverage | 0.23× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $4.0B | $713.0M | ||
| Q3 25 | $4.0B | $404.0M | ||
| Q2 25 | $3.7B | $494.0M | ||
| Q1 25 | $4.2B | $2.0B | ||
| Q4 24 | $3.7B | $940.0M | ||
| Q3 24 | $3.9B | $895.0M | ||
| Q2 24 | $3.5B | $1.3B |
| Q1 26 | — | — | ||
| Q4 25 | $4.3B | $57.4B | ||
| Q3 25 | $4.3B | — | ||
| Q2 25 | $4.4B | — | ||
| Q1 25 | $4.4B | — | ||
| Q4 24 | $4.3B | $53.6B | ||
| Q3 24 | $4.4B | — | ||
| Q2 24 | $4.4B | — |
| Q1 26 | — | — | ||
| Q4 25 | $18.6B | $32.5B | ||
| Q3 25 | $18.0B | $32.0B | ||
| Q2 25 | $17.3B | $31.2B | ||
| Q1 25 | $17.1B | $30.7B | ||
| Q4 24 | $16.9B | $30.1B | ||
| Q3 24 | $17.0B | $26.8B | ||
| Q2 24 | $15.9B | $26.3B |
| Q1 26 | — | — | ||
| Q4 25 | $68.9B | $141.6B | ||
| Q3 25 | $67.4B | $138.2B | ||
| Q2 25 | $66.8B | $136.4B | ||
| Q1 25 | $64.6B | $135.4B | ||
| Q4 24 | $61.9B | $133.7B | ||
| Q3 24 | $62.3B | $132.3B | ||
| Q2 24 | $59.7B | $130.8B |
| Q1 26 | — | — | ||
| Q4 25 | 0.23× | 1.76× | ||
| Q3 25 | 0.24× | — | ||
| Q2 25 | 0.25× | — | ||
| Q1 25 | 0.26× | — | ||
| Q4 24 | 0.26× | 1.78× | ||
| Q3 24 | 0.26× | — | ||
| Q2 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 | $662.2M | — |
| Free Cash FlowOCF − Capex | $599.1M | — |
| FCF MarginFCF / Revenue | 16.7% | — |
| Capex IntensityCapex / Revenue | 1.8% | — |
| Cash ConversionOCF / Net Profit | 1.15× | — |
| TTM Free Cash FlowTrailing 4 quarters | $2.6B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $662.2M | $2.0B | ||
| Q3 25 | $1.2B | $2.9B | ||
| Q2 25 | $504.4M | $1.1B | ||
| Q1 25 | $376.2M | $2.8B | ||
| Q4 24 | $493.9M | $1.9B | ||
| Q3 24 | $890.8M | $3.1B | ||
| Q2 24 | $578.6M | $711.0M |
| Q1 26 | — | — | ||
| Q4 25 | $599.1M | $-1.2B | ||
| Q3 25 | $1.2B | $-80.0M | ||
| Q2 25 | $453.8M | $-2.0B | ||
| Q1 25 | $335.5M | $213.0M | ||
| Q4 24 | $420.0M | $-896.0M | ||
| Q3 24 | $838.9M | $526.0M | ||
| Q2 24 | $521.4M | $-1.6B |
| Q1 26 | — | — | ||
| Q4 25 | 16.7% | -17.6% | ||
| Q3 25 | 29.6% | -1.3% | ||
| Q2 25 | 9.9% | -34.0% | ||
| Q1 25 | 9.9% | 3.6% | ||
| Q4 24 | 10.9% | -13.5% | ||
| Q3 24 | 18.2% | 8.9% | ||
| Q2 24 | 14.1% | -26.5% |
| Q1 26 | — | — | ||
| Q4 25 | 1.8% | 46.4% | ||
| Q3 25 | 1.3% | 46.9% | ||
| Q2 25 | 1.1% | 52.0% | ||
| Q1 25 | 1.2% | 44.0% | ||
| Q4 24 | 1.9% | 42.6% | ||
| Q3 24 | 1.1% | 43.8% | ||
| Q2 24 | 1.5% | 38.4% |
| Q1 26 | — | — | ||
| Q4 25 | 1.15× | 2.93× | ||
| Q3 25 | 1.62× | 3.35× | ||
| Q2 25 | 0.77× | 1.93× | ||
| Q1 25 | 3.09× | 4.49× | ||
| Q4 24 | 0.90× | 2.87× | ||
| Q3 24 | 0.98× | 5.41× | ||
| Q2 24 | 2.16× | 1.36× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
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% |
PCG
| Electric | $5.0B | 72% |
| Other | $1.9B | 28% |
