WRB BERKLEY W R CORP

Overview and Growth

BERKLEY W R CORP generated $14.71B of revenue in fiscal 2025, with net income of $1.78B and an operating cash inflow of $3.58B. The $14.71B revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Revenue was 7.8% above fiscal 2024 revenue of $13.64B, marking a year-over-year increase. The company reported diluted EPS of $4.45, adding a shareholder-level measure to the absolute income figures considered below. Diluted EPS increased by 2.1% from $4.36 in fiscal 2024, showing how the earnings change reached shareholders on a per-share basis. Diluted shares averaged 399.86M; this is the reported share base over which the company’s diluted per-share earnings were spread. The diluted share count was 0.8% lower than fiscal 2024, when diluted shares averaged 403.22M, adding context to the EPS comparison. The company employed $44.07B of total assets, the balance-sheet base supporting its current operating and cash-flow results. Revenue equaled 0.33x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

Net income came to $1.78B, completing the progression from revenue through gross and operating profitability to the final reported result. Measured against reported revenue, net income produced a 12.1% margin after operating costs and the remaining recognized items. The earnings statement records $2.28B of pretax income, the profit base against which the reported tax provision can be assessed. Measured against revenue, pretax income equaled 15.5%, adding a pre-tax profitability layer between revenue and net income. The reported income-tax provision was $495.76M, the amount recognized between pretax income and the final net-income result. The effective relationship between income tax and positive pretax income was 21.7%, without assuming a statutory-rate comparison. Return on period-end equity was 18.3%, relating annual net income to the equity capital on the balance sheet. Net income represented 4.0% of period-end assets, placing the company’s bottom-line result against the total resource base employed. The company moved from fiscal 2024 net income of $1.76B to $1.78B, with the current outcome ending above that comparison.

Liquidity and Capital Structure

Total assets were $44.07B, supported by $34.36B of liabilities and $9.71B of shareholder equity. Cash and equivalents totaled $2.54B, identifying the most liquid reported component available within the broader current-asset balance. The equity-to-assets relationship was 22.0%, placing book capital against the total resource base. The liabilities-to-assets relationship was 78.0%, placing reported obligations against the full positive asset balance. Cash and equivalents equaled 5.8% of total assets, showing the liquid cash component within the company’s broader resource base. The asset base changed 8.6% from $40.57B in fiscal 2024, leaving current total assets higher year over year. Against $8.41B of equity in fiscal 2024, the current book-equity balance moved 15.5% and ended higher. The reported cash balance changed 28.6% from $1.97B in fiscal 2024, ending higher year over year.

Cash Flow and Earnings Quality

The company reported $3.58B of operating cash flow, a cash inflow that shows the cash generated by operations. Against net income, operating cash flow measured 2.01x, showing the relationship between accrual earnings and operating cash. Compared with $3.68B in fiscal 2024, current operating cash flow of $3.58B was below the prior result.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.