W.R Berkley Financials
This page shows W.R Berkley (WRB) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Cash generation is funding a larger balance sheet, while equity growth gradually reduces leverage without crushing returns.
Between FY2023 and FY2025, assets expanded from$37.2B to$44.1B while FY2025 net income was only slightly above FY2024, which implies the latest round of growth used more balance-sheet capacity than it added to profit. That softer incremental return is tempered by operating cash flow of about$3.58B against net income of$1.78B , so reported earnings are still arriving as cash.
What improved structurally is the capital base: debt-to-equity eased to 3.5x by FY2025 as equity rose to
The business throws off more cash than its accounting profit suggests: FY2025 operating cash flow was
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of W.R Berkley's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
W.R Berkley's revenue grew 7.8% year-over-year to $14.7B, a solid pace of expansion. This earns a growth score of 50/100.
W.R Berkley has a moderate D/E ratio of 3.54. This balance of debt and equity financing earns a leverage score of 30/100.
W.R Berkley's ROE of 18.3% shows moderate profitability relative to equity, earning a score of 54/100. This is down from 20.9% the prior year.
W.R Berkley passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, W.R Berkley generates $2.01 in operating cash flow ($3.6B OCF vs $1.8B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
W.R Berkley generated $14.7B in revenue in fiscal year 2025. This represents an increase of 7.8% from the prior year.
W.R Berkley reported $1.8B in net income in fiscal year 2025. This represents an increase of 1.3% from the prior year.
W.R Berkley earned $4.45 per diluted share (EPS) in fiscal year 2025. This represents an increase of 2.1% from the prior year.
Cash & Balance Sheet
W.R Berkley held $2.5B in cash against $0 in long-term debt as of fiscal year 2025.
W.R Berkley paid $1.85 per share in dividends in fiscal year 2025. This represents an increase of 32.1% from the prior year.
W.R Berkley had 377M shares outstanding in fiscal year 2025. This represents a decrease of 0.5% from the prior year.
Margins & Returns
W.R Berkley's net profit margin was 12.1% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.8 percentage points from the prior year.
W.R Berkley's ROE was 18.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 2.6 percentage points from the prior year.
Capital Allocation
W.R Berkley spent $270.2M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 11.0% from the prior year.
WRB Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.7B-0.8% | $3.7B-1.2% | $3.8B+2.7% | $3.7B+3.5% | $3.5B-3.3% | $3.7B+7.9% | $3.4B+2.6% | $3.3B |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | $31.7M+0.3% | $31.6M-0.4% | $31.8M-0.1% | $31.8M+0.2% | $31.7M-0.1% | $31.8M+0.1% | $31.7M0.0% | $31.7M |
| Income Tax | $100.5M-14.2% | $117.2M-13.9% | $136.1M+12.4% | $121.2M-0.1% | $121.3M-20.7% | $153.0M+40.2% | $109.1M-5.7% | $115.8M |
| Net Income | $515.2M+14.7% | $449.1M-12.1% | $511.0M+27.3% | $401.3M-3.9% | $417.6M-27.5% | $576.0M+57.5% | $365.6M-1.7% | $371.9M |
| EPS (Diluted) | $1.31 | N/A | $1.28+28.0% | $1.00-3.8% | $1.04 | N/A | $0.91-1.1% | $0.92 |
WRB Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $44.3B+0.6% | $44.1B+0.8% | $43.7B+2.5% | $42.7B+3.2% | $41.3B+1.9% | $40.6B+0.5% | $40.4B+3.7% | $38.9B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $2.3B-10.2% | $2.5B+5.7% | $2.4B+21.1% | $2.0B+15.4% | $1.7B-12.9% | $2.0B+25.5% | $1.6B-0.4% | $1.6B |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $184.3M0.0% | $184.3M0.0% | $184.3M0.0% | $184.3M0.0% | $184.3M0.0% | $184.3M+0.1% | $184.1M0.0% | $184.1M |
| Total Liabilities | $34.6B+0.6% | $34.4B+1.3% | $33.9B+1.7% | $33.4B+2.9% | $32.4B+0.8% | $32.2B+0.8% | $31.9B+2.6% | $31.1B |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $9.7B+0.4% | $9.7B-1.0% | $9.8B+5.4% | $9.3B+4.3% | $8.9B+6.2% | $8.4B-0.4% | $8.4B+8.4% | $7.8B |
| Retained Earnings | $13.8B+3.6% | $13.3B+0.3% | $13.3B+3.7% | $12.8B+1.4% | $12.7B+3.2% | $12.3B+3.0% | $11.9B+2.1% | $11.7B |
WRB Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $667.9M-32.9% | $995.1M-12.7% | $1.1B+62.0% | $703.8M-5.4% | $743.8M-8.2% | $810.0M-34.7% | $1.2B+40.8% | $881.3M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | -$588.6M-142.1% | -$243.1M+61.3% | -$627.6M-168.0% | -$234.2M+74.7% | -$924.4M-961.8% | -$87.1M+92.1% | -$1.1B-1167.4% | -$87.2M |
| Financing Cash Flow | -$339.1M+45.1% | -$618.1M-548.8% | -$95.3M+58.9% | -$231.7M-184.6% | -$81.4M+72.0% | -$290.5M-88.9% | -$153.8M+59.4% | -$378.4M |
| Dividends Paid | $33.7M-91.8% | $411.9M+1104.7% | $34.2M-84.7% | $223.8M+637.8% | $30.3M-86.2% | $220.4M+75.2% | $125.8M-20.1% | $157.5M |
| Share Buybacks | $302.4M+54.0% | $196.4M+697.5% | $24.6M | $0-100.0% | $49.2M-27.0% | $67.4M+440.2% | $12.5M-94.4% | $223.8M |
WRB Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | 14.0%+1.9pp | 12.1%-1.5pp | 13.6%+2.6pp | 10.9%-0.8pp | 11.8%-3.9pp | 15.7%+5.0pp | 10.8%-0.5pp | 11.2% |
| Return on Equity | 5.3%+0.7pp | 4.6%-0.6pp | 5.2%+0.9pp | 4.3%-0.4pp | 4.7%-2.2pp | 6.9%+2.5pp | 4.3%-0.4pp | 4.8% |
| Return on Assets | 1.2%+0.1pp | 1.0%-0.1pp | 1.2%+0.2pp | 0.9%-0.1pp | 1.0%-0.4pp | 1.4%+0.5pp | 0.9%-0.0pp | 1.0% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 3.550.0 | 3.54+0.1 | 3.46-0.1 | 3.59-0.0 | 3.64-0.2 | 3.83+0.0 | 3.79-0.2 | 4.00 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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Frequently Asked Questions
What is W.R Berkley's annual revenue?
W.R Berkley (WRB) reported $14.7B in total revenue for fiscal year 2025. This represents a 7.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is W.R Berkley's revenue growing?
W.R Berkley (WRB) revenue grew by 7.8% year-over-year, from $13.6B to $14.7B in fiscal year 2025.
Is W.R Berkley profitable?
Yes, W.R Berkley (WRB) reported a net income of $1.8B in fiscal year 2025, with a net profit margin of 12.1%.
What is W.R Berkley's net profit margin?
W.R Berkley (WRB) had a net profit margin of 12.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does W.R Berkley pay dividends?
Yes, W.R Berkley (WRB) paid $1.85 per share in dividends during fiscal year 2025.
What is W.R Berkley's return on equity (ROE)?
W.R Berkley (WRB) has a return on equity of 18.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is W.R Berkley's operating cash flow?
W.R Berkley (WRB) generated $3.6B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are W.R Berkley's total assets?
W.R Berkley (WRB) had $44.1B in total assets as of fiscal year 2025, including both current and long-term assets.
What is W.R Berkley's debt-to-equity ratio?
W.R Berkley (WRB) had a debt-to-equity ratio of 3.54 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is W.R Berkley's return on assets (ROA)?
W.R Berkley (WRB) had a return on assets of 4.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is W.R Berkley's Piotroski F-Score?
W.R Berkley (WRB) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are W.R Berkley's earnings high quality?
W.R Berkley (WRB) has an earnings quality ratio of 2.01x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is W.R Berkley?
W.R Berkley (WRB) scores 22 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.