financial statements

The full income statement, balance sheet, and cash-flow statement for W.R. Berkley Corporation (WRB), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	14.7B YoY+7.8%	13.6B YoY+12.3%	12.1B YoY+8.7%	11.2B YoY+18.1%	9.46B YoY+16.7%
Interest expense	127M YoY-0.0%	127M YoY-0.4%	127M YoY-2.2%	130M YoY-11.4%	147M YoY-2.2%
Equity-method income	27.6M YoY+340.0%	-11.5M YoY-168.6%	16.7M YoY-88.5%	145M YoY-34.1%	220M YoY+305.5%
Pre-tax income	2.28B YoY+0.7%	2.26B YoY+29.1%	1.75B YoY+2.0%	1.72B YoY+34.0%	1.28B YoY+82.0%
Income tax	496M YoY-2.8%	510M YoY+37.6%	371M YoY+10.7%	335M YoY+32.9%	252M YoY+46.6%
	1.78B YoY+1.3%	1.76B YoY+27.2%	1.38B YoY+0.0%	1.38B YoY+35.1%	1.02B YoY+92.6%
Net income to non-controlling interest	5.38M YoY+449.5%	-1.54M YoY-161.8%	2.49M YoY-36.1%	3.89M YoY-54.3%	8.53M YoY+268.3%
	$4.45 YoY+2.1%	$4.36 YoY+29.4%	$3.37 YoY+2.4%	$3.29 YoY-10.1%	$3.66 YoY+95.7%
EPS (basic)	$4.48 YoY+2.1%	$4.39 YoY+29.1%	$3.40 YoY+2.1%	$3.33 YoY-9.8%	$3.69 YoY+95.2%
Weighted-avg shares (basic)	397M YoY-0.7%	400M YoY-1.7%	407M YoY+97786.2%	415K YoY+49.7%	277K YoY-1.1%
Weighted-avg shares (diluted)	400M YoY-0.8%	403M YoY-1.6%	410M YoY+97694.8%	419K YoY+49.8%	280K YoY-1.2%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Cash & equivalents	2.54B YoY+28.6%	1.97B YoY+44.9%	1.36B YoY-5.9%	1.45B YoY-7.6%	1.57B YoY-33.9%
	43.9B YoY+8.3%	40.6B YoY+9.0%	37.2B YoY+9.9%	33.9B YoY+5.5%	32.1B YoY+12.2%
Property, plant & equipment	596M YoY+24.6%	479M YoY+12.1%	427M YoY+0.8%	423M YoY+0.8%	420M YoY+3.4%
Operating lease right-of-use	221M YoY+23.0%	180M YoY+2.0%	176M YoY+4.3%	169M YoY-1.7%	172M YoY+4.7%
Goodwill	184M YoY+0.0%	184M YoY+5.6%	175M YoY-5.9%	186M YoY+9.3%	170M YoY+0.0%
Intangible assets	86.0M YoY-11.3%	97.0M YoY+212.9%	31.0M YoY+0.0%	31.0M YoY+0.0%	31.0M YoY+0.0%
Deferred tax assets	141M YoY-35.7%	220M YoY-28.9%	310M YoY-9.1%	341M YoY+493.2%	57.4M YoY+97.6%
	34.2B YoY+6.4%	32.2B YoY+8.2%	29.7B YoY+9.7%	27.1B YoY+6.6%	25.4B YoY+14.1%
Deferred tax liabilities	39.0M YoY-40.1%	65.2M YoY+52.7%	42.7M YoY+266.3%	11.6M YoY-33.3%	17.5M YoY-58.6%
	9.70B YoY+15.6%	8.40B YoY+12.6%	7.46B YoY+10.5%	6.75B YoY+1.4%	6.65B YoY+5.4%
Preferred stock	0.00	0.00	0.00	0.00	0.00
Common stock	159M YoY+0.0%	159M YoY+0.0%	159M YoY+50.0%	106M YoY+0.0%	106M YoY+50.0%
Additional paid-in capital	988M YoY+0.3%	985M YoY+2.1%	965M YoY-3.3%	998M YoY+1.7%	981M YoY-3.1%
Retained earnings	13.3B YoY+8.8%	12.3B YoY+11.1%	11.0B YoY+8.7%	10.2B YoY+12.7%	9.02B YoY+8.0%
Treasury stock	4.34B YoY+6.4%	4.08B YoY+7.8%	3.78B YoY+16.4%	3.25B YoY+2.7%	3.17B YoY+3.6%
Accumulated other comprehensive income	-451M YoY+51.7%	-934M YoY-0.9%	-926M YoY+26.8%	-1.26B YoY-348.5%	-282M YoY-353.5%
Non-controlling interest	11.1M YoY-10.2%	12.3M YoY-10.7%	13.8M YoY-30.4%	19.8M YoY+34.7%	14.7M YoY-1.8%
Total equity incl. non-controlling	9.71B YoY+15.5%	8.41B YoY+12.6%	7.47B YoY+10.4%	6.77B YoY+1.5%	6.67B YoY+5.4%
Total liabilities & equity	43.9B YoY+8.3%	40.6B YoY+9.0%	37.2B YoY+9.9%	33.9B YoY+5.5%	32.1B YoY+12.2%
Common shares issued	377M YoY-0.8%	380M YoY-1.2%	385M YoY+45.5%	265M YoY-0.2%	265M YoY+49.1%
Common shares outstanding	377M YoY-0.8%	380M YoY-1.2%	385M YoY-3.0%	397M YoY-0.2%	398M YoY+49.1%
Shares outstanding (cover)	380M YoY-0.3%	381M YoY+47.8%	258M YoY-2.9%	265M YoY+50.3%	177M YoY-0.9%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	3.58B YoY-2.6%	3.68B YoY+25.6%	2.93B YoY+14.0%	2.57B YoY+17.6%	2.18B YoY+35.1%
Depreciation & amortization	-48.1M YoY+71.8%	-171M YoY-718.0%	-20.9M YoY-137.3%	55.9M YoY-56.9%	130M YoY-4.0%
Share-based compensation	54.5M YoY+0.3%	54.4M YoY+6.6%	51.0M YoY+3.2%	49.4M YoY+5.9%	46.7M YoY-6.0%
Deferred income taxes	-14.5M YoY-115.0%	96.4M YoY+460.9%	-26.7M YoY-565.7%	-4.01M YoY-131.3%	12.8M YoY+192.3%
	-2.03B YoY+7.1%	-2.18B YoY-11.3%	-1.96B YoY-3.7%	-1.89B YoY+36.7%	-2.99B YoY-2597.3%
Acquisitions	0.00	0.00 YoY-100.0%	11.6M YoY-76.7%	49.6M	0.00
Sales/maturities of investments	5.31B YoY+8.6%	4.89B YoY+39.5%	3.51B YoY-28.3%	4.89B YoY-19.4%	6.07B YoY+57.0%
	-1.03B YoY-20.4%	-852M YoY+19.8%	-1.06B YoY-37.6%	-772M YoY-13339.4%	5.83M YoY+101.5%
Long-term debt issued	0.00 YoY-100.0%	3.10M YoY+216.8%	980K	0.00 YoY-100.0%	1.03B YoY+39.4%
Long-term debt repaid	—	—	974K YoY-70.6%	3.31M	—
Common stock repurchased	270M YoY-11.0%	304M YoY-43.5%	537M YoY+470.6%	94.1M YoY-23.1%	122M YoY-64.7%
Dividends paid	700M YoY+31.6%	532M YoY+6.1%	501M YoY+113.2%	235M YoY-33.9%	356M YoY+322.8%
Other financing activities	-53.9M YoY-169.7%	-20.0M YoY+12.7%	-22.9M YoY-78.3%	-12.8M YoY+71.6%	-45.2M YoY+19.7%
FX effect on cash	38.4M YoY+228.5%	-29.8M YoY-429.0%	9.07M YoY+136.6%	-24.8M YoY-490.1%	-4.20M YoY-141.5%
Net change in cash	565M YoY-7.6%	612M YoY+809.9%	-86.2M YoY+27.9%	-119M YoY+85.1%	-804M YoY-159.6%
Interest paid	126M YoY-8.7%	138M YoY+21.1%	114M YoY-17.4%	138M YoY-2.1%	141M YoY-9.0%
Income taxes paid	407M YoY-0.7%	410M YoY+23.5%	332M YoY+12.5%	295M YoY+20.9%	244M YoY+136.9%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	26.6B YoY+19.5%	22.3B YoY+83.4%	12.2B YoY-5.3%	12.8B YoY+98.6%	6.47B YoY+22.9%
P/E	15.0× YoY+17.9%	12.7× YoY+42.9%	8.9× YoY-10.5%	9.9× YoY+56.9%	6.3× YoY-36.2%
P/S	1.8× YoY+10.8%	1.6× YoY+60.7%	1.0× YoY-14.9%	1.2× YoY+74.8%	0.7× YoY+5.3%
P/B	2.7× YoY+3.4%	2.7× YoY+51.3%	1.8× YoY-13.2%	2.0× YoY+108.0%	1.0× YoY+16.6%
P/FCF	7.4× YoY+22.7%	6.1× YoY+51.1%	4.0× YoY-24.0%	5.3× YoY+78.1%	3.0× YoY-9.0%
Earnings yield	6.7% YoY-15.2%	7.9% YoY-30.0%	11.3% YoY+11.7%	10.1% YoY-36.2%	15.8% YoY+56.6%
FCF yield	13.4% YoY-18.5%	16.5% YoY-33.8%	24.9% YoY+31.5%	19.0% YoY-43.9%	33.8% YoY+9.9%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: WRB's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all WRB filings on SEC EDGAR → Not investment advice.

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About this data

financial statements