Market Signal Briefing

Toll Brothers (TOL - Free Report) closed at $150.53 in the latest trading session, marking a +2.78% move from the prior day. The stock outpaced the S&P 500's daily loss of 0.51%. Elsewhere, the Dow gained 0.53%, while the tech-heavy Nasdaq lost 1.51%.

Shares of the home builder have appreciated by 7.62% over the course of the past month, outperforming the Construction sector's gain of 7.04%, and the S&P 500's gain of 0.93%.

Investors will be eagerly watching for the performance of Toll Brothers in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on February 17, 2026. The company's earnings per share (EPS) are projected to be $2.05, reflecting a 17.14% increase from the same quarter last year. In the meantime, our current consensus estimate forecasts the revenue to be $1.84 billion, indicating a 0.87% decline compared to the corresponding quarter of the prior year.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $12.69 per share and a revenue of $10.4 billion, indicating changes of -5.93% and -5.14%, respectively, from the former year.

It is also important to note the recent changes to analyst estimates for Toll Brothers. These revisions help to show the ever-changing nature of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.

Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 0.63% higher within the past month. Right now, Toll Brothers possesses a Zacks Rank of #5 (Strong Sell).

Digging into valuation, Toll Brothers currently has a Forward P/E ratio of 11.54. This expresses a discount compared to the average Forward P/E of 14.15 of its industry.

Investors should also note that TOL has a PEG ratio of 1.15 right now. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The average PEG ratio for the Building Products - Home Builders industry stood at 1.76 at the close of the market yesterday.

The Building Products - Home Builders industry is part of the Construction sector. With its current Zacks Industry Rank of 243, this industry ranks in the bottom 1% of all industries, numbering over 250.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

You can find more information on all of these metrics, and much more, on Zacks.com.

NIO Inc. (NIO - Free Report) closed at $4.44 in the latest trading session, marking a -2.42% move from the prior day. This move lagged the S&P 500's daily loss of 0.51%. On the other hand, the Dow registered a gain of 0.53%, and the technology-centric Nasdaq decreased by 1.51%.

Shares of the company witnessed a loss of 4.81% over the previous month, trailing the performance of the Auto-Tires-Trucks sector with its loss of 1.25%, and the S&P 500's gain of 0.93%.

Market participants will be closely following the financial results of NIO Inc. in its upcoming release. The company is expected to report EPS of -$0.07, up 85.11% from the prior-year quarter. Alongside, our most recent consensus estimate is anticipating revenue of $4.77 billion, indicating a 76.76% upward movement from the same quarter last year.

For the annual period, the Zacks Consensus Estimates anticipate earnings of -$1.03 per share and a revenue of $12.59 billion, signifying shifts of +31.79% and 0%, respectively, from the last year.

Additionally, investors should keep an eye on any recent revisions to analyst forecasts for NIO Inc. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Right now, NIO Inc. possesses a Zacks Rank of #3 (Hold).

The Automotive - Foreign industry is part of the Auto-Tires-Trucks sector. This industry currently has a Zacks Industry Rank of 172, which puts it in the bottom 30% of all 250+ industries.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.

In the latest trading session, Pinterest (PINS - Free Report) closed at $19.87, marking a -4.33% move from the previous day. The stock trailed the S&P 500, which registered a daily loss of 0.51%. Meanwhile, the Dow gained 0.53%, and the Nasdaq, a tech-heavy index, lost 1.51%.

Heading into today, shares of the digital pinboard and shopping tool company had lost 23.27% over the past month, lagging the Computer and Technology sector's loss of 0.27% and the S&P 500's gain of 0.93%.

The upcoming earnings release of Pinterest will be of great interest to investors. The company's earnings report is expected on February 12, 2026. On that day, Pinterest is projected to report earnings of $0.66 per share, which would represent year-over-year growth of 17.86%. At the same time, our most recent consensus estimate is projecting a revenue of $1.33 billion, reflecting a 15.15% rise from the equivalent quarter last year.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $1.62 per share and a revenue of $4.23 billion, indicating changes of +25.58% and 0%, respectively, from the former year.

Any recent changes to analyst estimates for Pinterest should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.

Based on our research, we believe these estimate revisions are directly related to near-term stock moves. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.

The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 0.56% downward. Pinterest is holding a Zacks Rank of #3 (Hold) right now.

Valuation is also important, so investors should note that Pinterest has a Forward P/E ratio of 11.05 right now. This valuation marks a discount compared to its industry average Forward P/E of 20.67.

We can additionally observe that PINS currently boasts a PEG ratio of 0.4. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Internet - Software industry had an average PEG ratio of 1.17 as trading concluded yesterday.

The Internet - Software industry is part of the Computer and Technology sector. At present, this industry carries a Zacks Industry Rank of 95, placing it within the top 39% of over 250 industries.

The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

To follow PINS in the coming trading sessions, be sure to utilize Zacks.com.

Kulicke and Soffa (KLIC - Free Report) came out with quarterly earnings of $0.44 per share, beating the Zacks Consensus Estimate of $0.33 per share. This compares to earnings of $0.37 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +33.33%. A quarter ago, it was expected that this semiconductor equipment maker would post earnings of $0.22 per share when it actually produced earnings of $0.28, delivering a surprise of +27.27%.

Over the last four quarters, the company has surpassed consensus EPS estimates three times.

Kulicke and Soffa, which belongs to the Zacks Electronics - Manufacturing Machinery industry, posted revenues of $199.63 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 5.07%. This compares to year-ago revenues of $166.12 million. The company has topped consensus revenue estimates three times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Kulicke and Soffa shares have added about 25.6% since the beginning of the year versus the S&P 500's gain of 1.1%.

What's Next for Kulicke and Soffa?While Kulicke and Soffa has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Kulicke and Soffa was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.36 on $188.8 million in revenues for the coming quarter and $1.55 on $759.5 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Electronics - Manufacturing Machinery is currently in the top 29% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Axcelis Technologies (ACLS - Free Report) , another stock in the same industry, has yet to report results for the quarter ended December 2025. The results are expected to be released on February 17.

This semiconductor services company is expected to post quarterly earnings of $1.12 per share in its upcoming report, which represents a year-over-year change of -27.3%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Axcelis Technologies' revenues are expected to be $215.3 million, down 14.7% from the year-ago quarter.

CVS Health (CVS - Free Report) closed at $75.24 in the latest trading session, marking a -2.07% move from the prior day. The stock fell short of the S&P 500, which registered a loss of 0.51% for the day. On the other hand, the Dow registered a gain of 0.53%, and the technology-centric Nasdaq decreased by 1.51%.

The drugstore chain and pharmacy benefits manager's stock has dropped by 4.8% in the past month, falling short of the Medical sector's gain of 3.1% and the S&P 500's gain of 0.93%.

The investment community will be closely monitoring the performance of CVS Health in its forthcoming earnings report. The company is scheduled to release its earnings on February 10, 2026. The company is expected to report EPS of $0.99, down 16.81% from the prior-year quarter. Simultaneously, our latest consensus estimate expects the revenue to be $103.13 billion, showing a 5.54% escalation compared to the year-ago quarter.

CVS's full-year Zacks Consensus Estimates are calling for earnings of $6.65 per share and revenue of $399.83 billion. These results would represent year-over-year changes of +22.69% and 0%, respectively.

Investors should also take note of any recent adjustments to analyst estimates for CVS Health. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.

Our research shows that these estimate changes are directly correlated with near-term stock prices. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 0.05% higher within the past month. At present, CVS Health boasts a Zacks Rank of #3 (Hold).

With respect to valuation, CVS Health is currently being traded at a Forward P/E ratio of 10.74. This indicates a discount in contrast to its industry's Forward P/E of 16.12.

We can also see that CVS currently has a PEG ratio of 0.7. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. By the end of yesterday's trading, the Medical Services industry had an average PEG ratio of 1.72.

The Medical Services industry is part of the Medical sector. This group has a Zacks Industry Rank of 157, putting it in the bottom 36% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.

Intuit (INTU - Free Report) closed the most recent trading day at $444.98, moving +2.51% from the previous trading session. This change outpaced the S&P 500's 0.51% loss on the day. Meanwhile, the Dow gained 0.53%, and the Nasdaq, a tech-heavy index, lost 1.51%.

The stock of maker of TurboTax, QuickBooks and other accounting software has fallen by 32.93% in the past month, lagging the Computer and Technology sector's loss of 0.27% and the S&P 500's gain of 0.93%.

Investors will be eagerly watching for the performance of Intuit in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on February 26, 2026. On that day, Intuit is projected to report earnings of $3.65 per share, which would represent year-over-year growth of 9.94%. Alongside, our most recent consensus estimate is anticipating revenue of $4.53 billion, indicating a 14.22% upward movement from the same quarter last year.

For the full year, the Zacks Consensus Estimates are projecting earnings of $23.13 per share and revenue of $21.13 billion, which would represent changes of +14.79% and +12.21%, respectively, from the prior year.

Investors should also take note of any recent adjustments to analyst estimates for Intuit. These recent revisions tend to reflect the evolving nature of short-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.

Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.24% higher. Right now, Intuit possesses a Zacks Rank of #4 (Sell).

Valuation is also important, so investors should note that Intuit has a Forward P/E ratio of 18.76 right now. This indicates a premium in contrast to its industry's Forward P/E of 18.28.

It is also worth noting that INTU currently has a PEG ratio of 1.32. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Computer - Software was holding an average PEG ratio of 1.47 at yesterday's closing price.

The Computer - Software industry is part of the Computer and Technology sector. With its current Zacks Industry Rank of 90, this industry ranks in the top 37% of all industries, numbering over 250.

The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

To follow INTU in the coming trading sessions, be sure to utilize Zacks.com.

Sterling Infrastructure (STRL - Free Report) ended the recent trading session at $360.16, demonstrating a -6.88% change from the preceding day's closing price. The stock's change was less than the S&P 500's daily loss of 0.51%. On the other hand, the Dow registered a gain of 0.53%, and the technology-centric Nasdaq decreased by 1.51%.

Heading into today, shares of the civil construction company had gained 21.85% over the past month, outpacing the Construction sector's gain of 7.04% and the S&P 500's gain of 0.93%.

Analysts and investors alike will be keeping a close eye on the performance of Sterling Infrastructure in its upcoming earnings disclosure. The company is forecasted to report an EPS of $2.63, showcasing a 80.14% upward movement from the corresponding quarter of the prior year. Meanwhile, the latest consensus estimate predicts the revenue to be $648.6 million, indicating a 30.02% increase compared to the same quarter of the previous year.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $10.43 per share and a revenue of $2.38 billion, indicating changes of +70.98% and 0%, respectively, from the former year.

It's also important for investors to be aware of any recent modifications to analyst estimates for Sterling Infrastructure. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. At present, Sterling Infrastructure boasts a Zacks Rank of #3 (Hold).

Valuation is also important, so investors should note that Sterling Infrastructure has a Forward P/E ratio of 32.37 right now. For comparison, its industry has an average Forward P/E of 25.99, which means Sterling Infrastructure is trading at a premium to the group.

One should further note that STRL currently holds a PEG ratio of 2.16. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Engineering - R and D Services industry currently had an average PEG ratio of 2.14 as of yesterday's close.

The Engineering - R and D Services industry is part of the Construction sector. This industry, currently bearing a Zacks Industry Rank of 62, finds itself in the top 26% echelons of all 250+ industries.

The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.

Home Depot (HD - Free Report) closed at $387.20 in the latest trading session, marking a +1.6% move from the prior day. The stock exceeded the S&P 500, which registered a loss of 0.51% for the day. On the other hand, the Dow registered a gain of 0.53%, and the technology-centric Nasdaq decreased by 1.51%.

Coming into today, shares of the home-improvement retailer had gained 9.11% in the past month. In that same time, the Retail-Wholesale sector gained 5.66%, while the S&P 500 gained 0.93%.

The investment community will be paying close attention to the earnings performance of Home Depot in its upcoming release. The company is slated to reveal its earnings on February 24, 2026. The company's upcoming EPS is projected at $2.51, signifying a 19.81% drop compared to the same quarter of the previous year. Meanwhile, our latest consensus estimate is calling for revenue of $38.25 billion, down 3.67% from the prior-year quarter.

For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $14.5 per share and a revenue of $164.69 billion, representing changes of -4.86% and 0%, respectively, from the prior year.

Investors should also note any recent changes to analyst estimates for Home Depot. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.

Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.02% lower. Home Depot currently has a Zacks Rank of #4 (Sell).

Digging into valuation, Home Depot currently has a Forward P/E ratio of 25.17. This expresses a premium compared to the average Forward P/E of 21.14 of its industry.

We can also see that HD currently has a PEG ratio of 13.6. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Retail - Home Furnishings industry currently had an average PEG ratio of 2.03 as of yesterday's close.

The Retail - Home Furnishings industry is part of the Retail-Wholesale sector. This industry currently has a Zacks Industry Rank of 216, which puts it in the bottom 12% of all 250+ industries.

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.

NEW YORK, Feb. 04, 2026 (GLOBE NEWSWIRE) --

WHY: Rosen Law Firm, a global investor rights law firm, reminds sellers of Endeavor Group Holdings, Inc. (NYSE: EDR) Class A common stock between January 15, 2025 and March 24, 2025, both dates inclusive (the “Class Period”), of the important March 18, 2026 lead plaintiff deadline.

SO WHAT: If you sold Endeavor Class A common stock during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Endeavor class action, go to https://rosenlegal.com/submit-form/?case_id=51048 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than March 18, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved the largest ever securities class action settlement against a Chinese Company at the time. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: The lawsuit seeks to recover damages on behalf of investors that were damaged as a result of allegedly false and misleading statements and omissions of material facts in the January 15, 2025 Information Statement (filed with the U.S. Securities and Exchange Commission (the “SEC”) pursuant to the securities laws) and subsequent amendment issued by defendants, and related filings with the SEC. Among other things, the complaint alleges the Information Statement and other solicitation materials misled investors regarding the true value of Endeavor’s shares, failed to adequately disclose the earnings of Endeavor’s executives under the terms of the Merger (a take-private merger), and failed to disclose conflicts of interests with Endeavor’s special committee and financial advisor.

To join the Endeavor class action, go to https://rosenlegal.com/submit-form/?case_id=51048 call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

-------------------------------

Contact Information:

        Laurence Rosen, Esq.
        Phillip Kim, Esq.
        The Rosen Law Firm, P.A.
        275 Madison Avenue, 40th Floor
        New York, NY 10016
        Tel: (212) 686-1060
        Toll Free: (866) 767-3653
        Fax: (212) 202-3827
        [email protected]
        www.rosenlegal.com

David Pokima

Author

David Pokima

Part of the Team Since

Jun 2023

About Author

David is a finance journalist and a contributor to Cryptonews.com with a keen interest in breaking comprehensive, accurate, and reliable blockchain news.

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2 hours ago

Gold is currently trading at $4,906/oz as macro desks keep paying for convexity in the oldest hedge, while Bitcoin is trading at $72,639 after a bounce to $78,376. Same tape. Different bid.

Gold Flows Tell the StoryThe “receipt” for gold’s new regime sits in flow math, not slogans. World Gold Council data for full-year 2025 shows global gold ETF holdings of +801 tonnes (second-strongest year on record) and Q4 ETF inflows of 175 tonnes, alongside Q4 bar-and-coin demand of 420 tonnes, the strongest Q4 in 12 years.

In the U.S., WGC reports U.S. gold demand of 679 tonnes in 2025 (+140% y/y) and U.S. gold-backed ETF demand of 437 tonnes, bringing holdings to 2,019 tonnes (about $280bn in AUM as of Dec. 31, 2025). That’s known as allocation-scale buying.

JP Morgan pushed the forward curve higher, as a Reuters-reported note set a $6,300/oz target for end-2026 and penciled in 800 tonnes of central-bank buying for 2026.

JPMorgan predicts gold will surge to $6,300 per ounce by year-end. Analyst Gregory Shearer remains bullish, citing robust demand from central banks. https://t.co/YFCCFq9K5O

— Business Insider (@BusinessInsider) February 2, 2026 Positioning mechanics have also amplified the move. CME raised margin requirements for Comex gold futures to 8% from 6% for non-heightened risk profiles (and to 8.8% from 6.6% for heightened-risk), with silver margins to 15% from 11%, tightening the noose on leveraged metals books after violent daily ranges.

Bitcoin did not print the same “forced buyer” profile in this drawdown. CoinMarketCap’s tape shows BTC is still ~40% below its ATH of $126,198, which keeps systematic vol-control and risk-parity style sizing mechanically smaller than in trend regimes. The market cleared risk by selling what trades like a high-beta liquidity proxy.

How Desks Treat Gold vs. BitcoinA gold bid backed by ETF balance-sheet absorption (801t in 2025) and central-bank flow expectations (800t in 2026) trades through rate scares and margin hikes because allocators can average in with low tracking error against benchmarks.

Bitcoin’s “hedge” bid behaves like a risk-budget inventory on desks that fund it through liquidity. When margins rise, real yields reprice, or equity vol spikes, those desks cut BTC first because BTC sizing keys off VAR, not a quarterly asset-allocation committee memo.

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Controversy is sweeping across the XRP community after a crypto market commentator shared shocking details linking Coinbase and American financier and convicted sex offender, Jeffrey Epstein, with former regulatory actions that impacted XRP. The claims have ignited debate within the community over whether compliance concerns solely drove previous exchange decisions and enforcement activity targeting XRP.

Claimed Ties Connect Coinbase, Epstein, And XRP’s SEC Lawsuit Shocked reactions have emerged from XRP community members after market expert Crypto Bitlord raised allegations suggesting a possible link between Coinbase’s early investment history, communications tied to Epstein’s legal counsel, and subsequent events surrounding XRP. He argued that emails shared from Coinbase’s early fundraising period showed that entities connected to Epstein invested early in the crypto exchange through intermediary Limited Liability Companies (LLCs). 

The emails show Coinbase Co-founder and CEO Brian Armstrong communicating with Darren Indyke, a lawyer who represented Epstein, about a $3 million investment made when Coinbase was still in its early stages. In the messages, Armstrong discussed the possibility of buying back the early investors’ stake since Coinbase had grown in value. He also mentioned changing the name of the company that had initially invested, possibly for privacy or legal reasons.  

Crypto Bitlord claimed that these Epstein emails suggest that funds linked to the deceased sex offender were previously invested in Coinbase. He argued that this link might help explain why the crypto exchange delisted XRP in the US after the Securities and Exchange Commission (SEC) lawsuit against Ripple Labs. 

According to the expert, the timing of XRP’s delisting and the SEC investigations suggests coordinated pressure from early Coinbase investors allegedly linked to Epstein, who reportedly wanted to limit XRP’s growth during its formative years. He claimed these investors had pushed for XRP to be removed from the market long before regulatory action followed. As a result, Crypto Bitlord described the SEC’s lawsuit against Ripple as a “rigged setup from day one.” 

While there is no public evidence supporting Crypto Bitlord’s claims, he said he is working to piece together the timelines and gather proof. So far, neither Coinbase nor the US SEC has confirmed any Epstein-linked involvement with XRP. The SEC has also consistently maintained that its lawsuit against Ripple was based on securities law concerns. 

Leaked Emails Show The Bill Gates Foundation Evaluating Ripple In 2017 In other news, leaked emails from the Bill Gates-backed Foundation reveal early assessments of Ripple and Stellar compared to the Mojaloop payment platform. The messages, dating back to October 2017, were shared by crypto analyst SMQKE and highlighted internal discussions on overlaps between blockchain systems and potential integrations. 

Myrle Krantz, a developer associated with Apache Fineract, an open-source platform for core banking systems, noted that Mojaloop, a Ripple fork, shares similarities with Stellar, which was also created as a fork of the original Ripple codebase. The correspondence highlights the Gates Foundation’s focus on Ripple’s technology and its influence on Mojaloop’s design. 

Price aims for another recovery | Source: XRPUSDT on Tradingview.com Featured image created with Dall.E, chart from Tradingview.com

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Arthur Hayes, co-founder of BitMEX, showcased his latest move by selling his holdings in PENDLE, ENA, and LDO to purchase the Hyperliquid (HYPE) token. On-chain data reveals that within the last 24 hours, Hayes invested over $1.91 million, increasing his total position in HYPE to more than $4.3 million amidst a broader market correction.

https://twitter.com/lookonchain/status/2019057178573742292

This operation highlights a tactical adjustment in Arthur Hayes’ crypto strategy. The executive seeks to capitalize on the growth of new decentralized protocols while maintaining a defensive stance. Despite the acquisitions, Hayes retains a $43 million portfolio where liquidity predominates, with $21.72 million held in the USDC stablecoin and significant exposure to Ethereum.

Moving forward, the market will be watchful to see if this rotation anticipates a recovery in infrastructure tokens or if Hayes will continue liquidating older positions to strengthen his bet on HYPE. Analysts suggest paying close attention to the support levels of his primary assets to determine if this institutional wealth redistribution signals a trend reversal for altcoins.

Source:https://x.com/lookonchain/status/2019057178573742292

Disclaimer: Crypto Economy Flash News is compiled from official and public sources verified by our editorial team. Its purpose is to provide rapid reporting on relevant facts within the crypto and blockchain ecosystem. This information does not constitute financial advice or investment recommendations. We recommend always verifying the official channels of each project before making related decisions.

TL;DR

The Bitcoin Rainbow Chart places the current price (~$75,900) near the lower edge of the “Accumulate” band. Lower bands (“BUY!” and “Basically a Fire Sale”) extend from ~$54,700 down toward the $40,000s. The model suggests a long-term fair value between $120,000 and $160,000 by late February. The Bitcoin Rainbow Chart, a long-running valuation model based on a logarithmic growth curve, places BTC price behavior within a wide but structured range as February 28, 2026 approaches. The model does not predict timing. Instead, it frames price zones where Bitcoin has historically traded relative to long-term adoption. Current readings place Bitcoin near $75,900, following a pullback from levels above $80,000 earlier in the month.

At current prices, Bitcoin sits close to the lower edge of the “Accumulate” band, which spans roughly $73,700 to $95,100. Historically, ranges inside this zone appear during recovery phases after corrections. Downside risk tends to compress while long-term value remains intact.

Lower bands remain visible. The “BUY!” zone begins near $54,700, while the “Basically a Fire Sale” area extends down toward the low $40,000 range, levels linked to panic selling and forced exits in prior cycles.

Price pressure meets long-term valuation signals Recent market action adds context to the chart. Bitcoin lost its 100-week moving average near $85,000, signaling firm seller control. Traders now monitor $75,000 as a near-term reference point, with deeper tests toward the 200-week average near $58,000 if stress persists. Outside crypto, broader risk assets show strain. 

A sharp drop in large technology stocks, paired with reversals in gold and silver, reflects profit taking after early-year gains. Crypto markets absorbed more than $1.6 billion in long liquidations, reinforcing short-term pressure.

Despite volatility, the Rainbow Chart keeps attention on structure rather than headlines. If Bitcoin tracks its historical growth path instead of speculative extremes, projected fair value by late February clusters between $120,000 and $160,000, spanning the upper “Still cheap” band and lower “HODL!” zone. Higher bands stretch toward far loftier levels, yet history links such areas to excess rather than stability.

The model does not replace macro or on-chain analysis. Still, at current levels, the Rainbow framework presents Bitcoin as undervalued on a long horizon, while short-term price action remains shaped by liquidity shifts and broader market correction.

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Ripple’s tech chief dropped a bomb. David Schwartz told XRP holders their $100 price dreams won’t happen under current market conditions, sparking immediate backlash from investors who’ve been banking on massive gains from the digital token.

Schwartz made his comments on January 29, basically telling the XRP community to get real about price expectations. The chief technology officer said reaching such astronomical levels would need major shifts in how people actually use XRP, not just wishful thinking from holders. “Expecting $100 under present circumstances is unrealistic,” Schwartz said, pretty much crushing dreams across social media platforms where XRP fans gather to share bullish predictions and moon memes.

Community reaction was swift and harsh.

Some XRP holders accused Schwartz of deliberately tanking confidence in his own company’s token. Others appreciated the honesty, admitting they’d gotten caught up in speculative fever without considering market fundamentals. The divide shows how split the XRP community has become between hardcore believers and those starting to question whether their investments make sense.

Certain analysts still see paths to major XRP gains, though these scenarios remain highly conditional. Increased adoption by banks, clearer regulations from government agencies, and deeper integration into existing financial systems could drive prices higher. But these factors need to align perfectly, and there’s no guarantee that’ll happen anytime soon.

XRP’s road has been bumpy from day one. Ripple faces ongoing legal drama with the Securities and Exchange Commission over whether XRP counts as a security under federal law. The case outcome could make or break XRP’s future in American markets, where much of the trading volume and institutional interest comes from.

Legal uncertainty has already hammered XRP’s price stability and investor confidence. Ripple executives like Schwartz remain optimistic about winning their court battle, but the dragging timeline has frustrated many holders who expected quicker resolution. Some investors have jumped ship entirely, moving funds to other cryptocurrencies with less regulatory baggage.

Meanwhile, Bitcoin and other major cryptocurrencies have been setting market trends that influence XRP’s daily movements. When Bitcoin rallies, XRP often follows, but when crypto markets tank, XRP typically falls harder than most established tokens.

Ripple keeps pushing forward with business development despite the legal headaches. The company announced partnerships with multiple banks and financial institutions to use XRP for cross-border payments. On January 25, Ripple signed a deal with a major Asian bank to streamline international transfers using their technology.

The company also expanded into Middle Eastern markets in late 2024, securing pilot programs with several regional banks for remittance services. These moves show Ripple’s commitment to finding real-world uses for XRP beyond speculation and trading.

XRP community members remain split between hope and caution. Many investors watch regulatory news closely, believing a favorable SEC ruling could trigger massive price appreciation. Others have grown tired of waiting and started diversifying into different crypto projects with clearer regulatory status.

Market analysts can’t agree on XRP’s prospects either. Crypto analyst Alex Krüger thinks regulatory clarity could send XRP soaring, while others warn that the SEC lawsuit’s outcome will determine everything. As of January 30, XRP trades around $0.60, reflecting ongoing uncertainty about its legal and market future.

Ripple CEO Brad Garlinghouse continues pushing an optimistic narrative about the company’s mission. In recent interviews, Garlinghouse emphasized solving actual financial problems rather than chasing speculative price targets. “Our goal is to build a network that delivers tangible benefits to users globally,” Garlinghouse said, highlighting Ripple’s focus on utility over hype.

The debate over XRP’s price potential reveals broader issues with cryptocurrency speculation and investor expectations. Many holders bought XRP expecting quick riches without understanding the regulatory and technical challenges facing the project.

Schwartz’s blunt assessment forces the community to confront market realities instead of living in fantasy land. For investors seeking fast profits, his comments probably sound discouraging. But long-term holders might benefit from Ripple’s emphasis on sustainable growth and real applications.

Regulatory pressure continues mounting globally as governments figure out how to handle cryptocurrencies. Ripple’s SEC experience could provide valuable lessons for other crypto companies navigating similar legal challenges. Success in court might establish important precedents for the entire industry.

The final SEC ruling remains months away, leaving XRP’s fate hanging in legal limbo. Schwartz’s candid price assessment leaves investors weighing hope against harsh reality as crypto markets continue their volatile dance.

Ripple hasn’t provided additional comments about XRP pricing since Schwartz’s January 29 remarks. Legal proceedings drag on while markets wait for the next major development in this ongoing saga.

The SEC case has already cost Ripple over $200 million in legal fees since 2020, according to company filings. Major exchanges like Coinbase delisted XRP during the lawsuit’s peak, cutting trading volume by roughly 40% and limiting retail access across key markets.

Several competing blockchain projects have gained ground while Ripple fights regulatory battles. Stellar Lumens and other payment-focused cryptocurrencies secured banking partnerships that might have gone to XRP under different circumstances, potentially reshaping the cross-border payments landscape permanently.

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Kyle Samani pledged to continue making personal investments in the crypto sector as he pursues other tech interests.

Price Prediction Token Unlock XRP

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16 minutes ago

Ripple has just released another one billion XRP from escrow, putting fresh supply back into the market at a time when demand remains muted.

This latest unlock could weigh on bullish XRP price predictions, as traders assess whether the market can absorb such a large injection of tokens.

Blockchain tracker Whale Alert reported that the one billion XRP was unlocked through four separate transactions, in line with Ripple’s routine monthly escrow schedule.

With liquidity still thin and sentiment cautious, this supply event is now a key factor shaping XRP’s near-term outlook.

XRP token unlocks. Source: X, @whale_alert.XRP is already on a fragile footing after the tenth-largest crypto liquidation event pushed prices to multi-year lows, and the added inflationary pressure is only compounding the strain.

This release of newly transferable tokens boosts liquidity at price levels where demand is still selective, making rebounds more likely to fade than evolve into sustained trends.

That said, XRP will not bear the full weight of the 1 bullion token release. Whale Alert reported that 700 million XRP was re-locked in a 55-month escrow, leaving a net 300 million unlocked for the February period.

Of that amount, only around $477.6 million worth of XRP is expected to enter circulation, primarily to support operational needs or liquidity requirements.

XRP Price Prediction: Price Shock Coming?The days since have seen the market absorb the excess supply well, as XRP consolidates within a symmetrical triangle following the crash, but price action suggests it may not be out of the woods yet.

The sharp sell-off has formed a clear flagpole, setting up a textbook bear flag continuation pattern. If confirmed, this structure leaves the door open to another leg lower.

XRP USD 4-hour chart, bear flag pattern. Source: TradingView.The setup remains fragile. However, momentum indicators are beginning to hint that downside pressure may be weakening.

The RSI has printed a bullish divergence against price, forming a series of higher lows that compress against the neutral 50 level — a sign that buying pressure is quietly building beneath the surface.

Pressure is building beneath the surface. And while the MACD is losing its lead above the signal line, it maintains a wide margin from a potential death cross, keeping the uptrend intact.

If demand continues to build and the triangle breaks to the upside, XRP could invalidate the bear flag entirely, triggering a breakout that reclaims $1.95 in a roughly 23% move.

Failure to do so, however, would likely confirm the continuation pattern, targeting another 20% drop to $1.25.

In either case, the immediate levels to watch are a break of $1.50 support for downside, and a flip of $1.68 resistance into support for upside.

Maxi Doge: New Dogecoin Presale Targets 1000x GainsWhen markets are struggling to find direction and macro FUD continues to suppress bullish momentum, presale investing can act as an effective hedge against short-term volatility.

And when momentum returns, one trend has proven stubbornly consistent across cycles: capital eventually concentrates on one Doge-themed token.

The pattern is clear. Dogecoin led the charge, Shiba Inu followed in 2021, then came Floki, Bonk, Dogwifhat, and Neiro. Every bull cycle eventually sees capital rotate into a new Doge-inspired frontrunner.

This time around, Maxi Doge ($MAXI) is tapping into those same early Dogecoin vibes with a community built around sharing early alpha, trading ideas, and competitive engagement.

Engagement drives the ecosystem. Weekly Maxi Ripped and Maxi Pump competitions keep activity high, rewarding top performers with leaderboard recognition, incentives, and bragging rights.

The hype is already showing in the numbers. The $MAXI presale has raised almost $4.6 million, while early backers are earning up to 68% APY through staking rewards.

For traders who missed previous Doge-led runs, Maxi Doge could offer another early entry before meme coins swing back into full focus.

Visit the Official Maxi Doge Website Here

Bitcoin’s Realized Profit/Loss Ratio (90-day SMA) continues trending lower near ~1.5, steadily approaching the neutral 1 level. 

This move reflects shrinking profit dominance as realized losses increase across the market. 

Traders now capture fewer gains, while loss realization appears more frequently during downside moves. 

However, this shift also highlights thinning liquidity. Smaller sell flows now exert greater influence on the Bitcoin [BTC] price. 

As a result, volatility intensifies even without panic behavior. Importantly, the ratio remains above 1. Historically, sustained breaks below that threshold aligned with broad-based capitulation. 

Therefore, current conditions signal mounting stress rather than full exhaustion. The market absorbs pressure gradually, creating hesitation instead of widespread forced selling.

MVRV compression pulls expectations back to fair value Bitcoin’s MVRV Z-Score has compressed to its lowest level since October 2022, a period when the price last traded near $29K. 

This compression confirms a deep reset in unrealized profitability. Price now trades closer to aggregate cost basis, removing excess speculative positioning. 

Consequently, emotional leverage fades across the market. Holders no longer sit on extreme paper gains, which tempers both greed and reactive selling. 

However, this reset also removes comfort. Investors must now rely on conviction rather than unrealized buffers. 

Historically, similar compressions marked transition zones rather than immediate trend reversals. 

Therefore, the metric frames a neutral environment where accumulation and distribution coexist without clear dominance.

Source: Glassnode

NVT Golden Cross weakens the valuation narrative Bitcoin’s NVT Golden Cross has fallen to -1.4357, reflecting a reported decline of -135.42%. This sharp deterioration signals weakening network valuation efficiency. 

Transaction value no longer supports prior market capitalization levels. As a result, on-chain economic throughput lags behind price expectations. 

However, this signal does not imply structural failure. Weak NVT readings often appear during late correction phases, when speculative excess unwinds faster than fundamentals recover. 

Therefore, the metric discourages premature bullish confidence. It also explains why rebounds struggle to sustain traction. 

Without stronger transaction demand, valuation faces continued friction before balance can return.

Source: CryptoQuant

Exchange reserves shrink as liquidity tightens Bitcoin’s Exchange Reserve USD currently stands near $210.26 billion, down 2.67% over the observed period. This decline confirms continued contraction in sell-side liquidity. 

Investors keep withdrawing coins from exchanges despite ongoing price weakness. This behavior contradicts panic-driven narratives. Instead, it reflects strategic repositioning. 

However, shrinking reserves also thin order books. Therefore, smaller flows now trigger sharper price movements. 

Brief demand spikes fuel quick rebounds, while modest selling causes abrupt drops. As a result, volatility remains elevated even as selling pressure eases. 

Importantly, declining reserves suggest holders favor custody over liquidation, reinforcing a controlled adjustment phase.

Source: CryptoQuant

Do persistent outflows signal absorption instead of fear? Bitcoin’s Spot Netflows remain consistently negative, with recent daily outflows around $45.7 million. 

Coins continue leaving exchanges without matching inflows. This pattern points toward absorption rather than distribution. Buyers appear willing to take custody, while sellers avoid aggressive liquidation. 

However, demand lacks urgency. Therefore, accumulation unfolds quietly instead of explosively. This dynamic explains the grinding price action. 

Outflows reduce available supply, yet muted inflows cap upside progress. Consequently, price drifts rather than trends decisively. 

Historically, such flow structures preceded either volatility expansion or extended basing phases.

Source: CoinGlass

Conclusion  Together, these metrics describe controlled stress rather than broad capitulation. Profitability compresses, valuation efficiency weakens, and liquidity tightens, yet withdrawals persist. 

Therefore, Bitcoin appears closer to stabilization than panic. However, thin liquidity keeps volatility elevated. 

Direction now depends on whether network activity and demand recover enough to support valuation, or whether prolonged compression continues to test conviction.

Final Thoughts Bitcoin’s Realized Profit/Loss Ratio (90-day SMA) trended lower toward ~1.5, edging closer to neutral territory. BTC’s MVRV Z-Score compressed to its lowest level since October 2022, indicating price traded closer to aggregate cost basis.

IREN Ltd., once known for mining Bitcoin, is undergoing a dramatic reinvention as an AI infrastructure provider—a transformation that will face a critical test when the company reports second-quarter earnings on Thursday.

Summary

IREN has pivoted from Bitcoin mining to AI cloud infrastructure, repurposing its energy sites into data centers and securing a $9.7 billion partnership with Microsoft to support next-generation compute. Shares have sold off sharply ahead of Q2 earnings as investors focus on dilution risk. The upcoming earnings report has investors concerned over whether funding roughly 140,000 GPUs by year-end could require equity issuance. Formerly Iris Energy, IREN has shifted away from crypto mining and into what it calls a “Neocloud” model, repurposing its stranded-energy Bitcoin sites into large-scale data centers designed to support artificial intelligence workloads.

A $9.7 billion partnership with Microsoft helped position IREN as a potential player in the race to supply next-generation compute capacity.

The ambition has not come cheap Ahead of earnings, IREN shares have tumbled, falling nearly 19% intraday on Wednesday and down about 28% over the past five days, as investors worry that funding the company’s GPU-heavy cloud expansion could require dilutive equity issuance.

After a 314% rally over the past year, the pullback underscores growing skepticism about whether IREN can scale its AI cloud business without eroding shareholder value.

The upcoming earnings report represents a clear break from the company’s Bitcoin mining past, shifting attention to cloud execution, financing discipline, and competition with established players like Amazon and Oracle—making it a critical test of the company’s pivot.

IREN isn’t alone Other companies have attempted comparable transformations—some successfully, others less so:

Core Scientific – Transitioned from pure Bitcoin mining to offering high-performance computing and AI colocation services after emerging from bankruptcy, leveraging existing infrastructure to attract AI customers. Hut 8 – Expanded beyond crypto mining into HPC and data center services, pitching its energy assets as ideal for AI workloads. Northern Data – Repositioned itself as a European AI and cloud infrastructure provider, shifting investor focus from Bitcoin exposure to GPU-based compute capacity. Nvidia (earlier era) – While not a crypto miner, Nvidia successfully pivoted from gaming-focused GPUs to becoming the backbone of AI compute, showing how infrastructure players can redefine their identity through demand shifts. IBM – Moved from legacy hardware to cloud and AI services over the past decade, using partnerships and hybrid infrastructure to reinvent its growth narrative. IREN now joins this list at a moment when AI infrastructure demand is booming—but capital markets patience is thinning. Whether it becomes a case study in smart reinvention or costly overreach may hinge on what it delivers this earnings season.

Key takeaways:

Heavy outflows from Bitcoin exchange-traded funds and massive liquidations show that the market is purging highly leveraged buyers.

Bitcoin options metrics reveal that pro traders are hedging for further price drops amid a tech stock sell-off.

Bitcoin (BTC) slid below $73,000 on Wednesday after briefly retesting the $79,500 level on Tuesday. This downturn mirrored a decline in the tech-heavy Nasdaq Index, driven by a weak sales outlook from chipmaker AMD (AMD US) and disappointing United States employment data. 

Traders now fear further Bitcoin price pressure as spot exchange-traded funds (ETFs) recorded over $2.9 billion in outflows across 12 trading days.

Bitcoin spot ETFs daily net flows, USD. Source: CoinGlassThe average $243 million daily net outflow from the US-listed Bitcoin ETFs since Jan. 16 nearly coincides with Bitcoin’s rejection at $98,000 on Jan. 14. The subsequent 26% correction over three weeks triggered $3.25 billion in liquidations for leveraged long BTC futures. Unless buyers deposited additional margin, any leverage exceeding 4x has already been wiped out.

Some market participants blamed the recent crash on the lingering aftermath of the $19 billion liquidation on Oct. 10, 2025. That incident was reportedly triggered by a performance glitch in database queries at Binance exchange, resulting in delayed transfers and incorrect data feeds. The exchange acknowledged having technical issues during the sell-off and disbursed over $283 million in compensation to affected users.

According to Haseeb Qureshi, managing partner at Dragonfly, huge liquidations at Binance “could not get filled, but liquidation engines keep firing regardless. This caused market makers to get wiped out, and they were unable to pick up the pieces.” Qureshi added that the October 2025 crash did not permanently “break the market,” but noted that market makers “will need time to recover.”

Source: X/hosseebThe analysis suggests that cryptocurrency exchanges’ liquidation mechanisms “are not designed to be self-stabilizing the way that TradFi mechanisms are (circuit breakers, etc.)” and instead focus solely on minimizing insolvency risks. Qureshi notes that cryptocurrencies are a “long series” of “bad things” happening, but historically, the market eventually recovers.

BTC options skew signals traders doubt $72,100 bottomTo determine if professional traders flipped bearish after the crash, one should assess BTC options markets. During periods of stress, demand for put (sell) instruments surges, pushing the delta skew metric above the 6% neutral threshold. Excess demand for downside protection typically signals a lack of confidence from bulls.

BTC 30-day options 25% delta skew (put-call) at Deribit. Source: laevitas.chThe BTC options delta skew reached 13% on Wednesday, a clear indication that professional traders are not convinced Bitcoin’s price has found a bottom at $72,100. This skepticism stems partly from fears that the tech sector could suffer from increased competition as Google (GOOG US) and AMD roll out proprietary artificial intelligence chips.

Another source of discomfort for Bitcoin holders involves two unrelated and unfounded rumors. First, a $9 billion Bitcoin sale by a Galaxy Digital customer in 2025 was previously attributed to quantum computing risks. However, Alex Thorn, Galaxy's head of research, denied those rumors in an X post on Tuesday.

The second speculation involves Binance’s solvency, which gained traction after the exchange faced technical issues that temporarily halted withdrawals on Tuesday. Current onchain metrics suggest that Bitcoin deposits at Binance remain relatively stable.

Given the current uncertainty in macroeconomic trends, many traders have opted to exit cryptocurrency markets. This shift makes it difficult to predict whether Bitcoin spot ETF outflows will continue to apply downward pressure on the price.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.

Tether has scaled back fundraising talks to about $5B after investors pushed back on a proposed $500B valuation.

Tether has reportedly scaled back its planned multibillion-dollar fundraising target after facing resistance from investors.

According to a report from the Financial Times on February 4, advisers for the stablecoin issuer are now examining the possibility of raising at least $5 billion, down from the $15 billion to $20 billion figure circulated during early talks in 2025.

Lower Target Follows Valuation Concerns The original range, first reported by Bloomberg in September 2025, was linked to a valuation of roughly $500 billion, placing Tether among the world’s most valuable private companies. However, the number has reportedly proven difficult to justify for several prospective investors.

In comments cited by the FT, Paolo Ardoino, Tether’s chief executive, said the higher figure was never a firm target. According to the executive, the amount discussed was only the maximum the company would consider selling. “If we were selling zero, we would be very happy as well,” Ardoino said, noting that the firm is profitable and does not urgently need external capital.

Tether is the issuer of USDT, the world’s largest dollar-pegged stablecoin, with about $185 billion in circulation. The company has generated strong earnings from returns on reserves backing USDT, mainly U.S. Treasuries. Ardoino said Tether made around $10 billion in profit last year, a figure that has featured prominently in valuation discussions.

Despite that profitability, some investors have taken a cautious stance, with the FT reporting that concerns centered on how the $500 billion valuation was calculated and whether it reflects realistic growth expectations in the current market environment.

Nonetheless, fundraising talks are still in the early stages, and no decision has been made on the size or timing of any raise.

You may also like: Stablecoin Growth Poses a $500B Risk to Bank Deposits and Net Interest Margins How Well Did the Tron Network Perform in 2025? CryptoQuant Offers Insights Warning Sign for Crypto: Stablecoins See Historic $7B Weekly Dip Profitability, Reserves, and Lingering Skepticism Tether’s capital plans have come against a backdrop of mixed sentiment around the stablecoin issuer. The firm has expanded beyond cash-like reserves in recent years, building large positions in Bitcoin and gold. Earlier in the year, Ardoino confirmed that the company bought about $779 million worth of Bitcoin in the fourth quarter of 2025, lifting its holdings to more than 96,000 BTC.

At the same time, scrutiny around transparency has not faded, especially considering that S&P Global Ratings assigned USDT its lowest score on the agency’s stablecoin stability scale in November 2025, citing gaps in disclosure and a higher share of assets such as Bitcoin, gold, and secured loans. Ardoino publicly criticized the rating, arguing that traditional frameworks fail to capture Tether’s business model.

The reduced fundraising target suggests Tether is adjusting to market feedback rather than pressing ahead with an aggressive valuation. Whether the company proceeds with a smaller raise or pauses altogether will likely depend on investor appetite and broader conditions in crypto markets over the coming months.

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TL;DR

In the first month of 2026, around 10% of Dogecoin millionaire wallets dropped below $1 million. Dogecoin’s price fell roughly 32% since early January, pushing many high-value wallets under the threshold. Analysts note that the decline reflects market dynamics and portfolio adjustments rather than a loss of confidence in Dogecoin’s long-term potential.
Just a few weeks into 2026, Dogecoin has already seen a significant change in its wealth distribution. On-chain data from wallet balances shows that a sizable share of the cryptocurrency’s richest holders no longer meets the millionaire threshold. The trend coincides with a period of price weakness, highlighting shifting behavior among large holders rather than a drop in overall market interest.

Finbold Data Highlights Drop In Dogecoin Millionaires The Dogecoin Rich List metric on BitInfoCharts shows a rapid decrease in the number of wallets holding at least $1 million in DOGE. At the start of the year, 1,052 wallets were above this level, with 163 holding over $10,000 each. By early February, that number fell to roughly 950 wallets, meaning nearly one in ten millionaire addresses exited that status in a single month.

This pace of change is faster than usual for Dogecoin’s top holders. Analysts suggest that such declines are often driven by valuation adjustments as prices shift, rather than mass selling of coins.

Price Decline Drives Wallets Below $1 Million Dogecoin has lost about 32% of its value since January 4, dropping from around $0.16 to $0.1084 at the time of writing. The correction traces back to late 2025, when Dogecoin was rejected at $0.29. Falling prices have caused wallets previously just above $1 million to slip below the threshold without necessarily liquidating holdings.

Although the reduction in millionaire wallets may appear concerning, experts emphasize it reflects portfolio rebalancing and profit-taking strategies. Some holders may be waiting for stronger market conditions, while others adjust allocations to manage risk.

Outlook For Dogecoin Millionaire Wallets A temporary drop in high-value wallets does not indicate long-term weakness. Large holders frequently adjust positions during price fluctuations, creating short-term changes in wealth rankings. If Dogecoin rebounds, the number of millionaire wallets could rise again. For now, these shifts show how volatile markets can quickly impact wealth metrics, while the broader interest in Dogecoin remains intact.

Bragar Eagel & Squire, P.C. Litigation Partner Brandon Walker Encourages Investors Who Suffered Losses In Bath & Body Works (BBWI) To Contact Him Directly To Discuss Their Options

If you purchased or acquired Bath & Body Works securities between June 4, 2024 and November 19, 2025 and would like to discuss your legal rights, call Bragar Eagel & Squire partner Brandon Walker or Melissa Forunato directly at (212) 355-4648.

Click here to participate in the action.

NEW YORK, Feb. 04, 2026 (GLOBE NEWSWIRE) --

What’s Happening:

Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against Bath & Body Works, Inc. (“Bath & Body Works” or the “Company”) (NYSE:BBWI) in the United States District Court for the Southern District of Ohio on behalf of all persons and entities who purchased or otherwise acquired Bath & Body Works securities between June 4, 2024 and November 19, 2025, both dates inclusive (the “Class Period”). Investors have until March 16, 2026 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Allegation Details:

According to the complaint, defendants failed to disclose to investors: (1) the Company's strategy of pursuing "adjacencies, collaborations and promotions" was not growing the customer base and/or delivering the level of growth in net sales touted; (2) as the Company's strategy of "adjacencies, collaborations and promotions" faltered, the Company relied on brand collaborations "to carry quarters" and obfuscate otherwise weak underlying financial results; and (3) as a result, the Company was unlikely to meet its own previously issued financial guidance.Plaintiff alleges that on November 20, 2025, Bath & Body Works released disappointing third quarter 2025 financial results, including that revenue declined 1% year over year, missed guidance of 1-3% growth for the quarter, and a decline in net income by 26% to $77 million. The Company slashed full-year guidance for net sales and cut expected earnings per diluted share from $3.28 to $3.53 to "at least $2.83."In an investor presentation published the same day, the Company announced a new business strategy and admitted its strategy of "adjacencies, collaborations and promotions" had "not grown our total customer base." The Company also offered a "diagnosis" of its underperformance, including that the focus on adjacencies had "reduced focus on investing in our core categories;" that collaborations "have been used to carry quarters;" and that the Company had become "overly reliant on deeper and more frequent promotions to drive growth. " The Company announced would exit certain adjacencies and instead focus on core categories.On this news, Bath & Body Works' stock price fell $5.22, or 24.8%, to close at $15.82 per share on November 20, 2025
Next Steps:

If you purchased or otherwise acquired Bath & Body Works shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at [email protected], telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:

Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, South Carolina, and California. The firm represents individual and institutional investors in securities, derivative, and commercial litigation as well as individuals in consumer protection and data privacy litigation. The firm has a nationwide practice and routinely handles cases in both federal and state courts. For more information about the firm, please visit www.bespc.com.  Attorney advertising.  Prior results do not guarantee similar outcomes.

Follow us for updates on LinkedIn and Facebook, and keep up with other news by following Brandon Walker, Esq. on LinkedIn.

Contact Information:

Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
(212) 355-4648
[email protected]
www.bespc.com

NEW YORK, Feb. 04, 2026 (GLOBE NEWSWIRE) --

WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of Phoenix Education Partners, Inc. (NYSE: PXED) resulting from allegations that Phoenix Education may have issued materially misleading business information to the investing public.

SO WHAT: If you purchased Phoenix Education securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.

WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=50770 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

WHAT IS THIS ABOUT: On January 3, 2026, Fox News published an article entitled “University of Phoenix data breach hits 3.5M people.” The story stated that the “University of Phoenix has confirmed a major data breach affecting nearly 3.5 million people. The incident traces back to August when attackers accessed the university’s network and quietly stole sensitive information.”

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved, at that time, the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

-------------------------------

Contact Information:

        Laurence Rosen, Esq.
        Phillip Kim, Esq.
        The Rosen Law Firm, P.A.
        275 Madison Avenue, 40th Floor
        New York, NY 10016
        Tel: (212) 686-1060
        Toll Free: (866) 767-3653
        Fax: (212) 202-3827
        [email protected]
        www.rosenlegal.com

Alphabet Inc (NASDAQ:GOOG), Google’s parent company, reported better-than-expected fourth quarter financial results, with both revenue and earnings per share exceeding Wall Street expectations.

For the fourth quarter ended December 31, 2025, Alphabet reported consolidated revenue of $113.8 billion, up 18% year-over-year, compared with the consensus estimate of $111.3 billion.

Net income increased 30% to $32.4 billion, and adjusted earnings per share rose 31% to $2.82, above the $2.63 average consensus estimate.

The company’s Google Services segment, which includes Search, YouTube, and subscriptions, generated $95.9 billion in revenue, driven by 17% growth in both Search & other services and Google subscriptions, platforms, and devices, while YouTube ad revenue grew 9%. YouTube’s total revenue for the full year 2025 exceeded $60 billion.

Google Cloud continued its rapid expansion, with quarterly revenue rising 48% to $17.7 billion, fueled by enterprise AI infrastructure and solutions, along with growth in core Google Cloud Platform products.

Alphabet’s operating margin for the quarter was 31.6%, with operating income reflecting a $2.1 billion employee compensation charge related to Waymo.

For the full year 2025, Alphabet reported revenue of $402.8 billion, up 15% from $350 billion in 2024, and diluted earnings per share of $10.81, compared with $8.04 the previous year.

CEO Sundar Pichai highlighted the company’s AI-driven momentum, noting that the recently launched Gemini 3 platform and related services now handle over 10 billion tokens per minute through direct API use.

“It was a tremendous quarter for Alphabet and annual revenues exceeded $400 billion for the first time,” Pichai said in a statement.

He added that the company expects capital expenditures in 2026 to range between $175 billion and $185 billion to support continued growth. This was more than the $119.5 billion expected, which saw Alphabet's shares move almost 2% lower. 

"Alphabet beat on both earnings and revenue, but the market took fright at the big forecast increase in capex for the year," IG chief market analyst Chris Beauchamp said. "A previous estimate of $119.5 billion was far too conservative, and the search engine giant now looks to spend 50% more. After years of Cloud revenue growth, it is now going all in to achieve a dominant position in AI."

, /PRNewswire/ -- Markel Group Inc. (NYSE: MKL) today reported its financial results for the quarter and year ended December 31, 2025.

"In 2025, the Markel Group delivered meaningful progress. Operating income was $3.2 billion and adjusted operating income exceeded $2.3 billion, with every reportable segment making meaningful contributions," said Tom Gayner, Chief Executive Officer. "Within Markel Insurance, we took a series of decisive actions to simplify and refocus the business. Thank you to that team, and to everyone across the Markel Group. By staying true to our values, while providing exceptional businesses and leaders a home in which to grow and thrive, we believe the Markel Group is well-positioned to continue compounding shareholder value across generations."

Summary of our fourth quarter and full year results:

Operating revenues increased 8% for the quarter and 5% for the year. Operating income, which includes market movements in our equity portfolio, increased 34% for the quarter and decreased 14% for the year. Adjusted operating income, which excludes market movements in our equity portfolio, increased 19% for the quarter and 10% for the year. For Markel Insurance, our cornerstone business: Operating revenues increased 7% for the quarter and 4% for the year. Adjusted operating income increased 31% for the quarter and 16% for the year due to improved underwriting profitability and higher net investment income. The combined ratio improved by three points for the quarter to 93% and one point for the year to 95%. The average annual return on equity was 13% for the past five years and 14% for 2025. Comprehensive income to shareholders was $2.6 billion for the year. Operating cash flows were $2.8 billion for the year. Share repurchases totaled $429.5 million for the year, and we had 12.6 million shares outstanding at December 31, 2025 compared to 12.8 million at December 31, 2024. The following table presents summary consolidated financial data.

Quarter Ended December 31,

Year Ended December 31,

(dollars in thousands)

2025

2024

2025

2024

Operating revenues

$      4,007,965

$      3,723,576

$    15,513,233

$    14,813,544

Operating income

$         795,146

$         595,470

$      3,194,852

$      3,712,562

Add: Amortization of acquired intangible assets

42,791

46,491

185,007

181,472

Less: Net investment gains

212,043

117,425

1,076,081

1,807,219

Adjusted operating income (1)

$         625,894

$         524,536

$      2,303,778

$      2,086,815

Comprehensive income to shareholders

$         606,325

$         125,951

$      2,614,632

$      2,608,150

(1)

See "Supplemental Financial Information - Non-GAAP Financial Measures" for additional information on this non-GAAP measure.

We believe our financial performance is most meaningfully measured over longer periods of time, which tends to mitigate the effects of short-term volatility and better aligns with the long-term perspective we apply to operating our businesses and making investment decisions. The following table presents a long-term view of our performance.

Year Ended December 31,

(dollars in thousands)

2025

2024

2023

2022

2021

Operating revenues

$  15,513,233

$    14,813,544

$    14,279,576

$    13,271,068

$    10,867,891

Operating income (loss)

$    3,194,852

$      3,712,562

$      2,928,828

$         (93,336)

$      3,241,505

Add: Amortization of acquired intangible assets

185,007

181,472

180,614

178,778

160,539

Add: Impairment of goodwill

—

—

—

80,000

—

Less: Net investment gains (losses)

1,076,081

1,807,219

1,524,054

(1,595,733)

1,978,534

Adjusted operating income (1)

$    2,303,778

$      2,086,815

$      1,585,388

$      1,761,175

$      1,423,510

5-year compound annual growth rate:

Closing stock price per share

16 %

Intrinsic value per share (2)

15 %

(1)

See "Supplemental Financial Information - Non-GAAP Financial Measures" for additional information on this non-GAAP measure.

(2)

See "Supplemental Financial Information - Growth in Intrinsic Value per Share" for additional information on this metric.

The following table summarizes our results by segment. We report our business operations in four segments: Markel Insurance, Industrial, Financial, and Consumer and Other. Our corporate operations are comprised of our holding company activities.

Year Ended December 31,

(dollars in thousands)

2025

2024

% Change

Operating revenues:

Markel Insurance

$        9,352,891

$        8,983,443

4 %

Industrial

3,928,249

3,779,616

4 %

Financial

736,964

593,313

24 %

Consumer and Other

1,382,912

1,327,333

4 %

Corporate and eliminations

112,217

129,839

(14) %

Total operating revenues

$      15,513,233

$      14,813,544

5 %

Adjusted operating income:

Markel Insurance

$        1,379,067

$        1,184,488

16 %

Industrial

343,183

365,034

(6) %

Financial

326,572

262,082

25 %

Consumer and Other

174,636

145,372

20 %

Corporate and eliminations

80,320

129,839

(38) %

Total adjusted operating income (1)

$        2,303,778

$        2,086,815

10 %

(1)

See "Supplemental Financial Information - Non-GAAP Financial Measures" for additional information on this non-GAAP measure.

Markel Insurance

Year Ended December 31,

(dollars in thousands)

2025

2024

% Change

Gross premium volume:

Underwriting

$ 10,643,703

$  10,259,862

4 %

Fronting

$   1,854,944

$    1,306,022

42 %

Operating revenues:

Earned premiums

$   8,401,323

$    8,130,712

3 %

Net investment income

871,531

797,907

9 %

Services and other revenues

80,037

54,824

46 %

Operating revenues

$   9,352,891

$    8,983,443

4 %

Adjusted operating income:

Underwriting profit

$       455,671

$        366,976

24 %

Net investment income

871,531

797,907

9 %

Services and other income

51,865

19,605

165 %

Adjusted operating income

$   1,379,067

$    1,184,488

16 %

Net investment gains

$       976,740

$    1,447,686

(33) %

Combined ratio

94.6 %

95.5 %

Return on equity (1)

14 %

18 %

5-Year average annual return on equity (1)

13 %

12 %

(1)

Markel Insurance return on equity includes adjusted operating income and net investment gains and losses attributed to investments held by Markel Insurance, which are not included in segment profit. See "Supplemental Financial Information - Markel Insurance Return on Equity" for additional information on this metric.

The increase in underwriting gross premium volume in our Markel Insurance segment was driven by significant growth within our personal lines and international professional liability product lines, as well as growth within our programs, marine and energy, and general liability product lines. These increases were partially offset by the impact of lower premium volume in our U.S. professional liability product lines, as a result of exiting our risk-managed directors and officers product line from our U.S. and Europe-based platforms. The increase in earned premiums was primarily due to the impact of the changes in underwriting gross premium volume in recent periods. 

The increase in fronting gross premium volume was driven by growth within our property catastrophe programs with Nephila and resulted in an increase in services and other revenues and income.

For further details of Markel Insurance's investment performance, see "Consolidated Investment Results."

Underwriting Results

Year Ended December 31,

(dollars in thousands)

2025

2024

% Change

Underwriting gross premium volume

$     10,643,703

$     10,259,862

4 %

Net written premiums

$       8,399,735

$       8,004,788

5 %

Earned premiums

$       8,401,323

$       8,130,712

3 %

Underwriting profit

$          455,671

$          366,976

24 %

Underwriting Ratios (1)

Point Change

Loss ratio

Current accident year loss ratio

64.2 %

65.6 %

(1.4)

Prior accident years loss ratio

(5.8) %

(5.6) %

(0.2)

Loss ratio

58.4 %

60.0 %

(1.6)

Expense ratio

36.1 %

35.5 %

0.6

Combined ratio

94.6 %

95.5 %

(0.9)

Current accident year loss ratio catastrophe impact (2)

0.7 %

0.9 %

(0.2)

Current accident year loss ratio, excluding catastrophe impact (3)

63.5 %

64.7 %

(1.2)

Combined ratio, excluding current accident year catastrophe impact (3)

93.8 %

94.6 %

(0.8)

(1)

Amounts may not reconcile due to rounding.

(2)

The point impact of catastrophes is calculated as the associated net losses and loss adjustment expenses divided by total earned premiums.

(3)

This metric is a non-GAAP financial measure. See "Supplemental Financial Information - Non-GAAP Financial Measures" for additional details.

Global Reinsurance

In August 2025, Markel Insurance sold the renewal rights for business written in its Global Reinsurance division, and the division entered into run-off. Gross premium volume in 2025 attributed to the Global Reinsurance division was $1.0 billion. Underwriting results attributable to the Global Reinsurance division had a two point unfavorable impact on the Markel Insurance segment combined ratio in 2025 and a one point unfavorable impact in 2024.

Natural Catastrophes

Underwriting results included $61.9 million and $70.6 million of net losses and loss adjustment expenses in 2025 and 2024, respectively, attributed to natural catastrophes. Losses from natural catastrophes in 2025 were attributed to the series of wildfires that occurred in southern California in January 2025.

Combined Ratio

Excluding losses attributed to natural catastrophes, the decrease in the Markel Insurance segment combined ratio was primarily attributable to a lower attritional loss ratio, which was driven by lower losses on our discontinued intellectual property collateral protection insurance (IP CPI) product line. Net losses and loss adjustment expenses on our IP CPI product line totaled $64.3 million and $168.5 million in 2025 and 2024, respectively. We believe any losses on our discontinued IP CPI product line in 2026 will not be material to the Markel Insurance segment.

Additionally, the Markel Insurance segment attritional loss ratio was unfavorably impacted by large losses within our credit and surety product line in the fourth quarter of 2025 and higher attritional loss ratios on our personal umbrella product line. Large losses within our credit and surety product line totaled $63.3 million in the fourth quarter of 2025, inclusive of the impact of ceded reinstatement premiums. These unfavorable impacts on our attritional loss ratio were largely offset by a favorable impact from changes in mix of business, as our growing lines of business generally have lower attritional loss ratios than the lines of business for which we have reduced our premium writings.

The 2025 combined ratio included $484.0 million of favorable development on prior accident years loss reserves compared to $454.9 million in 2024. In 2025, favorable development was most significant within our marine and energy, property, workers' compensation, programs, and general liability product lines. Favorable development in 2025 was net of adverse development on our run-off risk-managed directors and officers professional liability product lines.

The increase in the expense ratio was primarily attributable to higher personnel costs, including increased severance costs related to recent organizational changes, higher professional fees, and changes in mix of business. Many of the product lines and markets in which we are growing within our International division carry higher expense ratios and lower loss ratios than the rest of the segment. The expense ratio also reflects costs associated with our growth and expansion efforts in these targeted markets.

Industrial

Year Ended December 31,

(dollars in thousands)

2025

2024

% Change

Operating revenues

$        3,928,249

$        3,779,616

4 %

Adjusted operating income

$           343,183

$           365,034

(6) %

The increase in operating revenues reflected organic growth and a full-year contribution from our June 2024 Valor Environmental (Valor) acquisition compared to 2024. The Industrial segment results in 2024 included five months of results from Valor. Organic revenue growth of our Industrial segment was 2%. Organic revenue growth is a non-GAAP financial measure. See "Supplemental Financial Information - Non-GAAP Financial Measures" for additional details.

Organic revenue growth was primarily attributable to increased demand for our equipment leasing services within the wind energy market, as well as a combination of higher prices and sales volume for our services and products in the commercial and residential construction markets. These increases were partially offset by lower sales volume of our products within the transportation industry due to a down cycle in demand for the industry.

The decrease in adjusted operating income was primarily attributable to lower margins, due to higher materials and labor costs, and lower revenues within our industrial products businesses, partially offset by the impact of higher revenues within our industrial services businesses.

Financial

Year Ended December 31,

(dollars in thousands)

2025

2024

% Change

Operating revenues

$           736,964

$           593,313

24 %

Adjusted operating income (1)

$           326,572

$           262,082

25 %

(1)

Adjusted operating income for the year ended December 31, 2024 included $58.1 million from Markel CATCo Re Ltd (MCRe), all of which was attributable to noncontrolling interests. MCRe results in 2025 were minimal.

The increase in operating revenues reflected strong organic growth, as well as the impact of $41.4 million of income related to our minority investment in Velocity Holdco LLC (Velocity) resulting from the sales of its managing general agent operations and insurance carrier in 2025. Organic revenue growth of our Financial segment was 17%. Organic revenue growth is a non-GAAP financial measure. See "Supplemental Financial Information - Non-GAAP Financial Measures" for additional details.

Organic revenue growth was primarily attributable to the impact of performance fees earned in 2025 and a higher effective management fee rate for our insurance-linked securities investment management services, as well as higher premium volume within our program services and lender services offerings.

The increase in adjusted operating income was driven by the impact of higher revenues, including the income related to our minority investment in Velocity, as previously discussed. These increases were partially offset by the impact in 2024 of $58.1 million of favorable loss development on the run off of reinsurance contracts written by MCRe, all of which was attributable to noncontrolling interests.

Consumer and Other

Year Ended December 31,

(dollars in thousands)

2025

2024

% Change

Operating revenues

$        1,382,912

$        1,327,333

4 %

Adjusted operating income

$           174,636

$           145,372

20 %

The increase in operating revenues reflected the contribution from our acquisition of Education Partners International (EPI). Organic revenue growth of our Consumer and Other segment was 1%, primarily attributable to higher sales volume of ornamental plants driven by higher demand and prices. Organic revenue growth is a non-GAAP financial measure. See "Supplemental Financial Information - Non-GAAP Financial Measures" for additional details. The increase in adjusted operating income was driven by the contribution from EPI.

Corporate

Year Ended December 31,

(dollars in thousands)

2025

2024

Net investment income

$           108,672

$           130,931

Other revenues

52,020

46,591

Operating revenues

160,692

177,522

Operating expenses (1)

(31,897)

—

Corporate adjusted operating income

$           128,795

$           177,522

Markel Group consolidating eliminations

(48,475)

(47,683)

Corporate and eliminations adjusted operating income

$             80,320

$           129,839

(1)

Prior to the third quarter of 2025, corporate expenses were fully allocated to our segments.

Consolidated Investment Results

We hold investments across our operating businesses and at our holding company, with the majority of our investments held at our Markel Insurance business in support of its underwriting activities. For investment performance by segment, see "Supplemental Financial Information - Consolidating Investment Results."

Year Ended December 31,

(dollars in thousands)

2025

2024

Net investment income

$         970,427

$          920,496

Yield on fixed maturity securities (1)

3.5 %

3.2 %

Yield on short-term investments (1)

3.7 %

4.8 %

Yield on cash and cash equivalents and restricted cash and cash equivalents (1)

3.3 %

3.7 %

Net realized investment gains (losses)

$             (4,076)

$               4,423

Change in fair value of equity securities

1,080,157

1,802,796

Net investment gains

$       1,076,081

$        1,807,219

Return on equity securities (2)

One-year annual return

10.5 %

20.1 %

Five-year annual return

11.9 %

12.8 %

Ten-year annual return

13.5 %

12.1 %

Twenty-year annual return

11.0 %

10.5 %

(1)

Yield reflects the applicable annualized interest income as a percentage of the applicable monthly average invested assets at amortized cost.

(2)

Return on equity securities is calculated by dividing dividends and the change in fair value of equity securities by the monthly average equity securities at fair value and considers the timing of net purchases and sales.

The 5% increase in net investment income was primarily driven by higher interest income on fixed maturity securities due to a higher yield and higher average holdings of fixed maturity securities. These increases were partially offset by lower interest income on our short-term investments due to lower average short-term investment holdings and lower short-term interest rates.

Financial Condition and Capital Allocation

Investments, cash and cash equivalents, and restricted cash and cash equivalents (invested assets) were $37.4 billion at December 31, 2025 compared to $34.2 billion at December 31, 2024. The increase was primarily attributable to $2.8 billion of operating cash flows and a $1.7 billion increase in the fair value of our investment portfolio. In 2025, we deployed capital into $1.4 billion of net fixed maturity securities purchases and $206.9 million of capital expenditures. We made net investments of $142.9 million in equity securities and $170.4 million for acquisitions and purchases of noncontrolling interests in our majority-owned businesses. We also used $600.0 million to redeem our outstanding preferred shares and $429.5 million to repurchase common shares.

At December 31, 2025, our holding company held $4.4 billion of invested assets compared to $4.3 billion of invested assets at December 31, 2024. 

* * * * * * * *

Our previously announced conference call, which will involve discussion of our financial results and business developments and may include forward-looking information, will be held Thursday, February 5, 2026, beginning at 9:30 a.m. (Eastern Time). Investors, analysts, and the general public may listen to the call via live webcast at ir.mklgroup.com. The call may be accessed telephonically by dialing (888) 660-9916 in the U.S., or (646) 960-0452 internationally, and providing Conference ID: 4614568. A replay of the call will be available on our website approximately one hour after the conclusion of the call. Any person needing additional information can contact Markel Group's Investor Relations Department at [email protected].

Additionally, we will be discussing financial results and related business and investments updates at our shareholders meeting on May 20, 2026 at the University of Richmond Robins Center at 2:00 p.m. (Eastern Time). The shareholders meeting will be part of the 2026 Reunion, which is open to shareholders, employees, and friends of Markel Group. More information on the 2026 Reunion, including a sign-up form to receive event updates, is available at mklreunion.com.

Safe Harbor and Cautionary Statement

This release, and any related oral statements, contain statements concerning or incorporating our expectations, assumptions, plans, objectives, future financial or operating performance and other statements that are not historical facts. These statements are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may use words such as "anticipate," "believe," "estimate," "expect," "intend," "predict," "project," and similar expressions as they relate to us or our management.

There are risks and uncertainties that may cause actual results to differ materially from predicted results in forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Additional factors that could cause actual results to differ from those predicted are set forth under Business, Risk Factors, Management's Discussion and Analysis of Financial Condition and Results of Operations, and Quantitative and Qualitative Disclosures About Market Risk in our 2024 Annual Report on Form 10-K, or our most recent Quarterly Report on Form 10-Q, or are included in the items listed below:

the effect of cyclical trends or changes in market conditions on our operations, including demand and pricing in the markets in which we operate; actions by competitors, including the use of technology (e.g., artificial intelligence) and innovation to simplify the customer experience, increase efficiencies, redesign products, alter models and effect other potentially disruptive changes, and the effect of competition on market trends and pricing; our efforts to develop new products, expand in targeted markets or improve business processes and workflows, including through the use of artificial intelligence, may not be successful, may cost more, or take longer than expected and may increase or create new risks (e.g., insufficient demand, change to risk exposures, distribution channel conflicts, execution risk, regulatory risk, increased expenditures); the frequency and severity of man-made, health-related, and natural catastrophes may exceed expectations, are unpredictable and, in the case of some natural catastrophes, may be exacerbated by changing conditions in the climate, oceans and atmosphere, resulting in increased frequency and/or severity of extreme weather-related events; we offer coverage against terrorist acts in connection with some of our programs, and in other instances we are legally required to offer terrorism insurance; in both circumstances, we actively manage our exposure, but if there is a covered terrorist attack, we could sustain material losses; emerging claim and coverage issues, changing industry practices, and evolving legal, judicial, social, and other claims, and coverage trends or conditions, can increase the scope of coverage, the frequency and severity of claims, and the period over which claims may be reported; these factors, as well as uncertainties in the loss estimation process, can adversely impact the adequacy of our loss reserves and our allowance for reinsurance recoverables; reserves for our runoff reinsurance business are subject to greater uncertainty than insurance reserves, primarily because of reliance upon the original underwriting decisions made by ceding companies and the longer lapse of time from the occurrence of loss events to their reporting to the reinsurer for ultimate resolution; failures, inadequacies or inaccuracies (whether due to data error, human error or otherwise) in the various methods, modeling techniques, and data analytics (e.g., scenarios, predictive and stochastic modeling, and forecasting) we use to analyze and estimate exposures, loss trends, and other risks associated with our insurance businesses could cause us to misprice our products or fail to appropriately estimate the risks to which we are exposed; changes in the assumptions and estimates used in establishing reserves for our life and annuity reinsurance book (which is in runoff), for example, changes in assumptions and estimates of mortality, longevity, morbidity, and interest rates, could result in material changes in our estimated loss reserves for that business; adverse developments in insurance coverage litigation or other legal or administrative proceedings could result in material increases in our estimates of loss reserves; initial estimates for catastrophe losses and other significant, infrequent events are often based on limited information, are dependent on broad assumptions about the nature and extent of losses, coverage, liability and reinsurance, and those losses may ultimately differ materially from our expectations; changes in the availability, costs, quality, and providers of reinsurance coverage, which may impact our ability to write, or continue to write, certain lines of business or to mitigate the volatility of losses on our results of operations and financial condition; the ability or willingness of reinsurers to pay balances due may be adversely affected by industry and economic conditions, deterioration in reinsurer credit quality and coverage disputes, and collateral we hold, if any, may not be sufficient to cover a reinsurer's obligation to us; regulatory actions affecting our insurance operations can impede our ability to charge adequate rates and efficiently allocate capital; general economic and market conditions and industry specific conditions, including: extended economic recessions or expansions; prolonged periods of slow economic growth; inflation or deflation; significant fluctuations in foreign currency exchange rates, commodity and energy prices, and interest rates; volatility in the credit and capital markets; the imposition of duties, tariffs and other changes in international trade regulation, and other factors; economic conditions, actual or potential defaults in corporate bonds, municipal bonds, mortgage-backed securities or sovereign debt obligations, volatility in interest and foreign currency exchange rates, changes in U.S. government debt ratings, and changes in market value of concentrated investments can have a significant impact on the fair value of our fixed maturity securities and equity securities, as well as the carrying value of our other assets and liabilities, and this impact may be heightened by market volatility and our ability to mitigate our sensitivity to these changing conditions; the effects of government intervention, including material changes in the monetary policies of central banks, to address financial downturns, inflation, and other economic and currency concerns; the impacts that political and civil unrest and regional and military conflicts may have on our businesses and the markets they serve or that any disruptions in regional or worldwide economic conditions generally arising from these situations may have on our businesses, industries, or investments; the impacts of liability, transition, and physical risks associated with climate change; the significant volatility, uncertainty, and disruption caused by health epidemics and pandemics, as well as governmental, legislative, judicial, or regulatory actions or developments in response thereto; changes in U.S. tax laws, regulations, or interpretations, or in the tax laws, regulations, or interpretations of other jurisdictions in which we operate, and adjustments we may make in our operations or tax strategies in response to those changes; a failure or security breach of, or cyberattack on, enterprise information technology systems that we, or third parties who perform certain functions for us, use, or a failure to comply with data protection or privacy regulations or regulations related to the use of artificial intelligence or machine learning technology; third-party providers may perform poorly, breach their obligations to us, or expose us to enhanced risks; our acquisitions may increase our operational and internal control risks for a period of time; we may not realize the contemplated benefits, including cost savings and synergies, of our acquisitions; any developments requiring the write-off of a significant portion of our goodwill and intangible assets; the loss of services of any senior executive or other key personnel, or an inability to attract and retain qualified leaders to run any of our businesses could adversely impact one or more of our operations; the manner in which our businesses operate through independent local management teams could result in inconsistent management, governance, and oversight practices; our substantial international operations and investments expose us to increased political, civil, operational, and economic risks, including foreign currency exchange rate and credit risk; our ability to obtain additional capital for our operations on terms favorable to us; economic conditions, which may adversely affect our access to capital and credit markets; the compliance, or failure to comply, with covenants and other requirements under our credit facilities, senior debt, and other indebtedness; our ability to maintain or raise third-party capital for existing or new investment vehicles and risks related to our management of third-party capital; the effectiveness of our procedures for compliance with existing and future guidelines, policies and legal and regulatory standards, rules, laws, and regulations; the impact of economic and trade sanctions and embargo programs on our businesses, including instances in which the requirements and limitations imposed on the global operations of our companies by one or more jurisdictions are more restrictive than, or conflict with, applicable requirements and limitations imposed by other jurisdictions; regulatory changes or challenges by regulators, including regarding the use of certain issuing carrier or fronting arrangements; our dependence on a limited number of brokers for a large portion of our insurance revenues; adverse changes in our assigned financial strength or debt ratings, or outlook, could adversely impact us, including our ability to attract and retain business, the amount of capital our insurance subsidiaries must hold, and the availability and cost of capital; changes in the amount of statutory capital our insurance subsidiaries are required to hold, which can vary significantly and is based on many factors, some of which are outside our control; market fluctuations in the value of the equity securities we hold, both at our insurance subsidiaries and our holding company, can significantly impact our periodic results and the amount of statutory capital our insurance subsidiaries are required to hold; losses from litigation and regulatory investigations and actions; disruptions resulting from a threatened proxy contest or other actions by activist shareholders; considerations and limitations relating to the use of growth in intrinsic value as a performance metric, including the possibility that shareholders, analysts, or other market participants may have a different perception of our intrinsic value, which may result in growth in our stock price varying significantly from our growth in intrinsic value calculations; and a number of additional factors may adversely affect our Industrial, Financial, and Consumer and Other businesses, and the markets they serve, and negatively impact their revenues and profitability, including, among others: adverse weather conditions, plant disease and other contaminants; changes in government support for education, healthcare and infrastructure projects; changes in capital spending levels; changes in the housing, commercial and industrial construction markets; liability for environmental matters; supply chain and shipping issues, including increases in freight costs; volatility in the market prices for their products; and volatility in commodity, wholesale and raw materials prices, and interest and foreign currency exchange rates. Results from our operations have been and will continue to be potentially materially affected by these factors.

By making forward-looking statements, we do not intend to become obligated to publicly update or revise any such statements whether as a result of new information, future events, or other changes. Readers are cautioned not to place undue reliance on any forward-looking statements, which are based on our current knowledge and speak only as at their dates.

* * * * * * * *

About Markel Group

Markel Group Inc. is a diverse family of companies that includes everything from insurance to bakery equipment, building supplies, houseplants, and more. The leadership teams of these businesses operate with a high degree of independence, while at the same time living the values that we call the Markel Style. Our specialty insurance business sits at the core of our company. Through decades of sound underwriting, the Markel Insurance team has provided the capital base from which we built a system of businesses and investments that collectively increase Markel Group's durability and adaptability. It's a system that provides diverse income streams, access to a wide range of investment opportunities, and the ability to efficiently move capital to the best ideas across the company. Most importantly though, this system enables each of our businesses to advance our shared goal of helping our customers, associates, and shareholders win over the long term. Visit mklgroup.com to learn more.

MARKEL GROUP INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL INFORMATION

Consolidated Statements of Income and Comprehensive Income

Quarter Ended December 31,

Year Ended December 31,

(dollars in thousands, except per share data)

2025

2024

2025

2024

OPERATING REVENUES

Earned premiums

$   2,278,829

$   2,117,578

$   8,715,667

$   8,432,412

Net investment income

257,648

243,689

970,427

920,496

Products revenues

563,002

575,323

2,578,544

2,635,659

Services and other revenues

908,486

786,986

3,248,595

2,824,977

Total Operating Revenues

4,007,965

3,723,576

15,513,233

14,813,544

Net investment gains

212,043

117,425

1,076,081

1,807,219

OPERATING EXPENSES

Losses and loss adjustment expenses

1,283,320

1,241,815

5,079,845

5,052,749

Underwriting, acquisition, and insurance expenses

829,013

784,786

3,133,163

2,977,389

Products expenses

524,612

505,289

2,287,394

2,272,219

Services and other expenses

745,126

667,150

2,709,053

2,424,372

Amortization of acquired intangible assets

42,791

46,491

185,007

181,472

Total Operating Expenses

3,424,862

3,245,531

13,394,462

12,908,201

Operating Income

795,146

595,470

3,194,852

3,712,562

Interest expense

(50,016)

(52,794)

(205,910)

(204,300)

Net foreign exchange gains (losses)

(10,971)

180,839

(256,234)

129,438

Income Before Income Taxes

734,159

723,515

2,732,708

3,637,700

Income tax expense

(152,073)

(162,083)

(580,303)

(790,294)

Net Income

582,086

561,432

2,152,405

2,847,406

Net income attributable to noncontrolling interests

(5,274)

(12,254)

(45,395)

(100,384)

Net Income to Shareholders

576,812

549,178

2,107,010

2,747,022

Preferred stock dividends and redemption premiums

—

(18,000)

(26,109)

(36,000)

Net Income to Common Shareholders

$      576,812

$      531,178

$   2,080,901

$   2,711,022

OTHER COMPREHENSIVE INCOME (LOSS)

Change in net unrealized losses on available-for-sale investments, net of taxes

$        22,183

$    (413,287)

$      490,350

$    (130,295)

Other, net of taxes

7,330

(9,918)

17,237

(8,459)

Total Other Comprehensive Income (Loss)

29,513

(423,205)

507,587

(138,754)

Comprehensive Income

611,599

138,227

2,659,992

2,708,652

Comprehensive income attributable to noncontrolling interests

(5,274)

(12,276)

(45,360)

(100,502)

Comprehensive Income to Shareholders

$      606,325

$      125,951

$   2,614,632

$   2,608,150

NET INCOME PER COMMON SHARE

Basic

$          48.95

$          38.83

$        169.74

$        199.69

Diluted

$          48.75

$          38.74

$        169.22

$        199.32

Fourth Quarter Financial Data

Quarter Ended December 31,

(dollars in thousands)

2025

2024

% Change

Operating revenues:

Markel Insurance

$        2,448,176

$        2,278,227

7 %

Industrial

1,032,999

995,068

4 %

Financial

224,130

159,302

41 %

Consumer and Other

274,486

263,470

4 %

Corporate and eliminations

28,174

27,509

2 %

Total operating revenues

$        4,007,965

$        3,723,576

8 %

Adjusted operating income:

Markel Insurance

$           398,722

$           304,007

31 %

Industrial

79,604

107,808

(26) %

Financial

107,132

67,876

58 %

Consumer and Other

23,353

17,336

35 %

Corporate and eliminations

17,083

27,509

(38) %

Total adjusted operating income (1)

$           625,894

$           524,536

19 %

(1)

See "Non-GAAP Financial Measures" for additional information on this non-GAAP measure.

Markel Insurance Segment

Quarter Ended December 31,

(dollars in thousands)

2025

2024

% Change

Gross premium volume:

Underwriting

$    2,321,068

$     2,253,038

3 %

Fronting

$         16,445

$          89,612

(82) %

Operating revenues:

Earned premiums

$    2,193,514

$     2,044,294

7 %

Net investment income

232,877

214,558

9 %

Services and other revenues

21,785

19,375

12 %

Operating revenues

$    2,448,176

$     2,278,227

7 %

Adjusted operating income:

Underwriting profit

$       156,830

$          83,726

87 %

Net investment income

232,877

214,558

9 %

Services and other income

9,015

5,723

58 %

Adjusted operating income

$       398,722

$        304,007

31 %

Net investment gains

$       230,924

$        147,253

57 %

Combined ratio

92.9 %

95.9 %

Underwriting Results

Quarter Ended December 31,

(dollars in thousands)

2025

2024

% Change

Underwriting gross premium volume

$       2,321,068

$       2,253,038

3 %

Net written premiums

$       1,839,079

$       1,733,648

6 %

Earned premiums

$       2,193,514

$       2,044,294

7 %

Underwriting profit

$          156,830

$            83,726

87 %

Underwriting Ratios (1)

Point Change

Loss ratio

Current accident year loss ratio

61.9 %

64.1 %

(2.2)

Prior accident years loss ratio

(5.8) %

(5.5) %

(0.3)

Loss ratio

56.1 %

58.7 %

(2.6)

Expense ratio

36.7 %

37.2 %

(0.5)

Combined ratio

92.9 %

95.9 %

(3.0)

Current accident year loss ratio catastrophe impact (2)

0.2 %

0.4 %

(0.2)

Current accident year loss ratio, excluding catastrophe impact (3)

61.7 %

63.7 %

(2.0)

Combined ratio, excluding current accident year catastrophe impact (3)

92.6 %

95.5 %

(2.9)

(1)

Amounts may not reconcile due to rounding.

(2)

The point impact of catastrophes is calculated as the associated net losses and loss adjustment expenses divided by total earned premiums.

(3)

This metric is a non-GAAP financial measure. See "Non-GAAP Financial Measures" for additional details.

Industrial Segment

Quarter Ended December 31,

(dollars in thousands)

2025

2024

% Change

Operating revenues

$        1,032,999

$           995,068

4 %

Adjusted operating income

$             79,604

$           107,808

(26) %

Financial Segment

Quarter Ended December 31,

(dollars in thousands)

2025

2024

% Change

Operating revenues

$           224,130

$           159,302

41 %

Adjusted operating income

$           107,132

$             67,876

58 %

Consumer and Other Segment

Quarter Ended December 31,

(dollars in thousands)

2025

2024

% Change

Operating revenues

$           274,486

$           263,470

4 %

Adjusted operating income

$             23,353

$             17,336

35 %

Corporate

Quarter Ended December 31,

(dollars in thousands)

2025

2024

Net investment income

$             26,588

$             32,011

Other revenues

13,524

7,922

Operating revenues

40,112

39,933

Operating expenses (1)

(11,091)

—

Corporate adjusted operating income

$             29,021

$             39,933

Markel Group consolidating eliminations

(11,938)

(12,424)

Corporate and eliminations adjusted operating income

$             17,083

$             27,509

(1)

Prior to the third quarter of 2025, corporate expenses were fully allocated to our segments.

Consolidated Key Financial Metrics

(dollars in millions, except per share data)

2025

2024

2023

2022

2021

Operating Performance

Operating revenues

$  15,513

$  14,814

$  14,280

$  13,271

$  10,868

Operating cash flows

2,761

2,594

2,787

2,709

2,274

Operating income (loss)

3,195

3,713

2,929

(93)

3,242

Less: Net investment gains (losses)

1,076

1,807

1,524

(1,596)

1,979

Add: Amortization and impairment

185

181

181

259

161

Adjusted operating income (1)

2,304

2,087

1,585

1,761

1,424

Financial Position (at year end)

Equity securities

$  13,004

$  11,785

$     9,578

$     7,672

$     9,024

Invested assets

37,439

34,247

30,854

27,420

28,292

Insurance float (2)

18,827

17,519

16,733

14,947

13,543

Total assets

68,905

61,898

55,046

49,791

48,477

Shareholders' equity

18,598

16,916

14,984

13,151

14,700

Senior long-term debt and other debt

4,304

4,330

3,780

4,104

4,361

Debt to capital ratio

19 %

20 %

20 %

24 %

23 %

Per Share Data

Common shares outstanding (at year end, in thousands)

12,590

12,790

13,132

13,423

13,632

5-Year CAGR in closing stock price

16 %

9 %

6 %

3 %

6 %

5-Year CAGR in intrinsic value per share (3)

15 %

17 %

19 %

12 %

9 %

Invested assets per share (at year end)

$    2,974

$     2,678

$     2,350

$     2,043

$     2,075

Diluted net income (loss) per share

169

199

147

(24)

176

Operating income (loss) per share

253

290

223

(7)

238

Adjusted operating income per share (1)

182

163

121

131

104

(1)

Consolidated adjusted operating income and adjusted operating income per share are non-GAAP financial measures. See "Non-GAAP Financial Measures" for additional information on these metrics.

(2)

Insurance float, or net policyholder funds, is a subset of our invested assets and is comprised of unpaid losses and loss adjustment expenses, unearned premiums, payables to insurance and reinsurance companies, and life and annuity benefits, net of premium receivables, reinsurance recoverables, prepaid reinsurance premiums, and deferred policy acquisition costs.

(3)

See "Growth in Intrinsic Value per Share" for additional information on this metric.

Segment Key Financial Metrics

(dollars in millions)

2025

2024

2023

2022

2021

Markel Insurance

Operating revenues

$       9,353

$        8,983

$        8,688

$        7,804

$        6,736

Adjusted operating income (1)

$       1,379

$        1,184

$           747

$        1,008

$           964

Combined ratio

95 %

95 %

99 %

92 %

90 %

Return on equity (2)

14 %

18 %

16 %

(3) %

20 %

5-Year average annual return on equity (2)

13 %

12 %

Total investment return (3)

7 %

10 %

9 %

(4) %

8 %

Total equity

$     12,923

$     11,516

$        9,968

$        8,490

$        8,872

Industrial

Operating revenues

$       3,928

$        3,780

$        3,729

$        3,400

$        2,379

Revenue growth

4 %

1 %

10 %

43 %

52 %

Organic revenue growth (4)

2 %

0 %

8 %

18 %

21 %

Adjusted operating income (1)

$          343

$           365

$           378

$           286

$           169

Tangible capital (5)

$       1,475

$        1,437

$        1,417

$        1,315

$        1,023

Total capital (5)

$       2,772

$        2,771

$        2,657

$        2,604

$        2,297

Financial

Operating revenues

$          737

$           593

$           553

$           718

$           495

Revenue growth

24 %

7 %

(23) %

45 %

4 %

Organic revenue growth (4)

17 %

8 %

21 %

19 %

4 %

Adjusted operating income (1)

$          327

$           262

$           260

$           355

$           134

Tangible capital (5)

$       1,119

$           950

$           936

$           825

$           838

Total capital (5)

$       2,012

$        1,901

$        1,946

$        1,899

$        2,187

Consumer and Other

Operating revenues

$       1,383

$        1,327

$        1,247

$        1,349

$        1,250

Revenue growth

4 %

6 %

(8) %

8 %

3 %

Organic revenue growth (4)

1 %

2 %

(8) %

8 %

9 %

Adjusted operating income (1)

$          175

$           145

$           136

$           113

$           149

Tangible capital (5)

$          657

$           649

$           691

$           680

$           602

Total capital (5)

$       1,423

$        1,162

$        1,227

$        1,245

$        1,193

(1)

Adjusted operating income represents the segment profitability metric for each of our reportable segments. This metric excludes net investment gains and losses, amortization of acquired intangible assets, and impairment of goodwill and intangible assets, which are not considered when evaluating segment profitability.

(2)

Markel Insurance return on equity includes adjusted operating income and net investment gains and losses attributed to investments held by Markel Insurance, which are not included in segment profit. See "Markel Insurance Return on Equity" for additional information on this metric. Markel Insurance 5-year average annual return on equity is presented beginning in 2024 due to the impracticality of calculating return on equity prior to 2020 for the newly defined Markel Insurance business.

(3)

Markel Insurance total investment return reflects net investment income and net investment gains and losses attributed to investments held by Markel Insurance as a percentage of monthly average invested assets.

(4)

Organic revenue growth is a non-GAAP financial measure. See "Non-GAAP Financial Measures" for additional information on this metric.

(5)

Total capital is comprised of total equity, redeemable noncontrolling interests, debt, and obligations for finance leases. Tangible capital represents total capital less goodwill and intangible assets, net of deferred taxes.

Growth in Intrinsic Value per Share

As a diverse holding company, we use growth in intrinsic value as a measure to help us evaluate the value created by our businesses over five-year periods of time. While intrinsic value does not represent a precise valuation of our business, we believe growth in intrinsic value, considered among an array of other qualitative and quantitative factors, offers a useful tool to investors and management in understanding long-term value creation trends. A straightforward methodology can be used to measure intrinsic value growth using data from our financial statements.

First, we take an adjusted earnings metric and apply a consistent multiple to arrive at an earnings valuation. We exclude certain non-cash items from our adjusted earnings metric, such as amortization, as well as income attributed to our public equity portfolio and income from our cash and short-term investments, which are valued separately in our calculation. Using a three-year average of earnings in our calculation helps mitigate the impact of cyclicality and non-recurring items in the earnings valuation.

We consider a range of multiples in our earnings valuation calculation that reflects the diversity of our sources of cash flows, with 12x as the midpoint. Regardless of the multiple used, we believe using a consistent multiple for each year in the calculation is important when assessing the five-year compound annual growth rate in intrinsic value per share.

Second, we add certain items from our balance sheet that are not included in the earnings valuation. The balance sheet component of the valuation consists of adding cash, short term investments, and equity securities, then subtracting debt, preferred stock, and noncontrolling interests.

The sum of the earnings and balance sheet valuations divided by the number of shares outstanding represents our estimate of intrinsic value per share from which to calculate growth.

Our simplified intrinsic value growth calculation may differ from calculations that others may perform, and our stock price growth may vary significantly from our intrinsic value growth calculation. We believe that the key with any calculation is consistently applying a methodology to measure the compound annual growth in intrinsic value per share over five-year periods, which is aligned with our long-term aim of relentlessly compounding shareholder capital.

Year Ended December 31, 2025

8x Multiple

12x Multiple

16x Multiple

5-Year CAGR in intrinsic value per share

14.5 %

15.2 %

15.7 %

The following table shows the calculation of adjusted earnings used for our earnings valuation.

(dollars in thousands)

Year Ended December 31,

2025

2024

2023

2022

2021

2020

2019

2018

Operating income (loss)

$ 3,194,852

$ 3,712,562

$ 2,928,828

$    (93,336)

$ 3,241,505

$ 1,273,884

$ 2,477,346

$     39,759

Add: Amortization and impairment

185,007

181,472

180,614

258,778

160,539

159,315

148,638

315,128

Less: Net investment gains (losses)

1,076,081

1,807,219

1,524,054

(1,595,733)

1,978,534

617,979

1,601,722

(437,596)

Adjusted operating income

$ 2,303,778

$ 2,086,815

$ 1,585,388

$ 1,761,175

$ 1,423,510

$   815,220

$ 1,024,262

$   792,483

Less: Dividends on equity securities

156,169

142,367

116,911

107,213

98,099

89,303

100,222

90,840

Less: Interest on cash and short-term investments

228,120

286,063

251,821

62,383

2,954

14,321

50,425

48,765

Adjusted earnings

$ 1,919,489

$ 1,658,385

$ 1,216,656

$ 1,591,579

$ 1,322,457

$   711,596

$   873,615

$   652,878

Adjusted earnings - 3-year average

$ 1,598,177

$ 1,488,873

$ 1,376,897

$ 1,208,544

$    969,223

$   746,030

The following table shows the components of our balance sheet valuation and common shares outstanding.

(in thousands)

December 31,

2025

2024

2023

2022

2021

2020

Equity securities

$   13,004,312

$   11,784,521

$     9,577,871

$     7,671,912

$     9,023,927

$     6,994,110

Short-term investments and cash and cash equivalents

5,998,367

6,217,577

6,318,442

6,806,694

5,778,478

6,375,835

Senior long-term debt and other debt

(4,303,811)

(4,330,341)

(3,779,796)

(4,103,629)

(4,361,266)

(3,484,023)

Preferred stock

—

(591,891)

(591,891)

(591,891)

(591,891)

(591,891)

Redeemable noncontrolling interests and noncontrolling interests

(504,433)

(553,075)

(541,965)

(585,945)

(484,238)

(260,534)

Balance sheet valuation

$   14,194,435

$   12,526,791

$   10,982,661

$     9,197,141

$     9,365,010

$     9,033,497

Common shares outstanding

12,590

12,790

13,132

13,423

13,632

13,783

Markel Insurance Return on Equity

We believe return on equity is an important metric to evaluate the overall performance of Markel Insurance. This metric is representative of the total return generated by the business on the capital that it holds and provides a metric by which to evaluate Markel Insurance's capital efficiency.

Although we do not consider net investment gains and losses when assessing the periodic performance of our Markel Insurance segment, we believe it is important to consider the full contribution of the publicly traded equity securities held by Markel Insurance subsidiaries when evaluating the capital efficiency of the business due to the additional capital required to hold such investments.

Over the five-year period ended December 31, 2025, the average annual return on equity from Markel Insurance was 13%. The following table summarizes the calculation of return on equity for Markel Insurance.

Year Ended December 31,

(dollars in thousands)

2025

2024

2023

2022

2021

Underwriting profit

$        455,671

$        366,976

$         92,786

$       594,289

$       614,331

Net investment income

871,531

797,907

642,676

407,826

360,173

Services and other income (loss)

51,865

19,605

11,713

5,798

(10,881)

Adjusted operating income

$     1,379,067

$     1,184,488

$       747,175

$    1,007,913

$       963,623

Net investment gains (losses)

976,740

1,447,686

1,249,362

(1,203,958)

1,440,295

Interest expense (1)

(187,541)

(178,385)

(156,521)

(172,256)

(173,952)

Income tax expense (2)

(477,019)

(539,834)

(404,804)

81,026

(490,593)

$     1,691,247

$     1,913,955

$    1,435,212

$     (287,275)

$    1,739,373

Average equity

$   12,219,695

$   10,742,094

$    9,229,143

$    8,681,108

$    8,555,403

Return on equity

14 %

18 %

16 %

(3) %

20 %

5-Year average annual return on equity

13 %

12 %

(1)

Interest expense on our senior notes is attributed to the return on equity of Markel Insurance.

(2)

Income tax expense is based on a 22% tax rate, which is representative of our typical effective rate, however, it does not represent actual income tax expense of Markel Insurance. Income taxes are managed on a consolidated basis across Markel Group and are only attributed to Markel Insurance when assessing its return on equity.

Markel Insurance Divisional Results

The following tables present the divisional results of the Markel Insurance segment's underwriting and other insurance-related activities.

Quarter Ended December 31, 2025

(dollars in thousands)

U.S. Wholesale
and Specialty

Programs and
Solutions

International

Global
Reinsurance

Other

Markel
Insurance

Gross premium volume - underwriting

$       723,054

$       873,855

$   743,388

$   (19,263)

$            34

$   2,321,068

Gross premium volume - fronting

—

16,445

—

—

—

16,445

Gross premium volume

$       723,054

$       890,300

$   743,388

$   (19,263)

$            34

$   2,337,513

Net written premiums

$       608,752

$       590,122

$   660,450

$   (20,254)

$              9

$   1,839,079

Earned premiums

$       647,462

$       622,854

$   679,427

$   240,598

$        3,173

$   2,193,514

Losses and loss adjustment expenses:

Current accident year - attritional

(400,482)

(437,565)

(329,784)

(173,856)

(11,761)

(1,353,448)

Current accident year - catastrophe

(942)

107

(4,500)

1

—

(5,334)

Prior accident years

18,215

38,670

61,433

15,023

(6,212)

127,129

Underwriting, acquisition, and insurance expenses

(217,433)

(236,073)

(273,891)

(76,277)

(1,357)

(805,031)

Underwriting profit (loss)

$         46,820

$       (12,007)

$   132,685

$       5,489

$    (16,157)

$      156,830

Services and other revenues

$               —

$        13,988

$       7,385

$             3

$          638

$        22,014

Services and other expenses

—

(5,274)

(6,407)

—

(1,089)

(12,770)

Services and other income (loss)

$               —

$          8,714

$         978

$             3

$         (451)

$         9,244

Current accident year loss ratio

62.0 %

70.2 %

49.2 %

72.3 %

61.9 %

Prior accident years loss ratio

(2.8) %

(6.2) %

(9.0) %

(6.2) %

(5.8) %

Loss ratio

59.2 %

64.0 %

40.2 %

66.0 %

56.1 %

Expense ratio

33.6 %

37.9 %

40.3 %

31.7 %

36.7 %

Combined ratio

92.8 %

101.9 %

80.5 %

97.7 %

92.9 %

Quarter Ended December 31, 2024

(dollars in thousands)

U.S. Wholesale
and Specialty

Programs and
Solutions

International

Global
Reinsurance

Other

Markel
Insurance

Gross premium volume - underwriting

$        770,534

$       861,014

$    590,765

$      32,524

$      (1,799)

$    2,253,038

Gross premium volume - fronting

—

89,612

—

—

—

89,612

Gross premium volume

$        770,534

$       950,626

$    590,765

$      32,524

$      (1,799)

$    2,342,650

Net written premiums

$        621,357

$       590,130

$    497,151

$      28,801

$      (3,791)

$    1,733,648

Earned premiums

$        667,722

$       561,565

$    551,942

$    262,055

$        1,010

$    2,044,294

Losses and loss adjustment expenses:

Current accident year - attritional

(445,629)

(360,254)

(266,533)

(201,250)

(28,644)

(1,302,310)

Current accident year - catastrophe

(10,409)

430

3,810

(2,480)

—

(8,649)

Prior accident years

(87,647)

80,649

102,531

14,580

1,309

111,422

Underwriting, acquisition, and insurance expenses

(226,541)

(203,940)

(251,529)

(79,371)

350

(761,031)

Underwriting profit (loss)

$      (102,504)

$         78,450

$    140,221

$      (6,466)

$    (25,975)

$        83,726

Services and other revenues

$                —

$         13,606

$       4,243

$            —

$         (122)

$        17,727

Services and other expenses

—

(1,333)

(3,063)

—

(9,256)

(13,652)

Services and other income (loss)

$                —

$         12,273

$       1,180

$            —

$      (9,378)

$          4,075

Current accident year loss ratio

68.3 %

64.1 %

47.6 %

77.7 %

64.1 %

Prior accident years loss ratio

13.1 %

(14.4) %

(18.6) %

(5.6) %

(5.5) %

Loss ratio

81.4 %

49.7 %

29.0 %

72.2 %

58.7 %

Expense ratio

33.9 %

36.3 %

45.6 %

30.3 %

37.2 %

Combined ratio

115.4 %

86.0 %

74.6 %

102.5 %

95.9 %

Year Ended December 31, 2025

(dollars in thousands)

U.S. Wholesale
and Specialty

Programs and
Solutions

International

Global
Reinsurance

Other

Markel
Insurance

Gross premium volume - underwriting

$     3,060,929

$    3,708,179

$ 2,834,504

$ 1,046,111

$      (6,020)

$ 10,643,703

Gross premium volume - fronting

—

1,854,944

—

—

—

1,854,944

Gross premium volume

$     3,060,929

$    5,563,123

$ 2,834,504

$ 1,046,111

$      (6,020)

$ 12,498,647

Net written premiums

$     2,523,178

$    2,475,396

$ 2,459,485

$   943,686

$      (2,010)

$   8,399,735

Earned premiums

$     2,623,318

$    2,378,265

$ 2,317,475

$ 1,070,031

$      12,234

$   8,401,323

Losses and loss adjustment expenses:

Current accident year - attritional

(1,742,412)

(1,557,973)

(1,165,087)

(798,556)

(67,155)

(5,331,183)

Current accident year - catastrophe

(19,036)

(11,781)

(29,630)

(1,449)

—

(61,896)

Prior accident years

130,081

155,904

229,012

(18,635)

(12,362)

484,000

Underwriting, acquisition, and insurance expenses

(882,271)

(875,021)

(957,763)

(314,511)

(7,007)

(3,036,573)

Underwriting profit (loss)

$       109,680

$        89,394

$   394,007

$   (63,120)

$    (74,290)

$      455,671

Services and other revenues

$               —

$        50,261

$     17,214

$       6,807

$          823

$        75,105

Services and other expenses

—

(11,304)

(13,549)

—

(3,319)

(28,172)

Services and other income (loss)

$               —

$        38,957

$       3,665

$       6,807

$      (2,496)

$        46,933

Current accident year loss ratio

67.1 %

66.0 %

51.6 %

74.8 %

64.2 %

Prior accident years loss ratio

(5.0) %

(6.6) %

(9.9) %

1.7 %

(5.8) %

Loss ratio

62.2 %

59.4 %

41.7 %

76.5 %

58.4 %

Expense ratio

33.6 %

36.8 %

41.3 %

29.4 %

36.1 %

Combined ratio

95.8 %

96.2 %

83.0 %

105.9 %

94.6 %

Year Ended December 31, 2024

(dollars in thousands)

U.S. Wholesale
and Specialty

Programs and
Solutions

International

Global
Reinsurance

Other

Markel
Insurance

Gross premium volume - underwriting

$     3,200,616

$    3,440,216

$ 2,482,038

$ 1,166,247

$    (29,255)

$  10,259,862

Gross premium volume - fronting

—

1,306,022

—

—

—

1,306,022

Gross premium volume

$     3,200,616

$    4,746,238

$ 2,482,038

$ 1,166,247

$    (29,255)

$  11,565,884

Net written premiums

$     2,561,336

$    2,280,620

$ 2,114,780

$ 1,055,569

$      (7,517)

$    8,004,788

Earned premiums

$     2,783,439

$    2,195,619

$ 2,060,926

$ 1,067,468

$      23,260

$    8,130,712

Losses and loss adjustment expenses:

Current accident year - attritional

(1,887,518)

(1,371,624)

(1,088,544)

(778,503)

(135,816)

(5,262,005)

Current accident year - catastrophe

(37,309)

(19,670)

(10,190)

(3,480)

—

(70,649)

Prior accident years

(11,390)

144,836

367,278

(554)

(45,238)

454,932

Underwriting, acquisition, and insurance expenses

(925,798)

(773,920)

(860,746)

(313,378)

(12,172)

(2,886,014)

Underwriting profit (loss)

$        (78,576)

$       175,241

$    468,724

$    (28,447)

$  (169,966)

$      366,976

Services and other revenues

$                —

$         33,760

$      10,531

$            —

$         (715)

$        43,576

Services and other expenses

—

(6,199)

(10,581)

—

(18,439)

(35,219)

Services and other income (loss)

$                —

$         27,561

$          (50)

$            —

$    (19,154)

$          8,357

Current accident year loss ratio

69.2 %

63.4 %

53.3 %

73.3 %

65.6 %

Prior accident years loss ratio

0.4 %

(6.6) %

(17.8) %

0.1 %

(5.6) %

Loss ratio

69.6 %

56.8 %

35.5 %

73.3 %

60.0 %

Expense ratio

33.3 %

35.2 %

41.8 %

29.4 %

35.5 %

Combined ratio

102.8 %

92.0 %

77.3 %

102.7 %

95.5 %

Consolidating Investment Results

The following tables summarize our investing results by segment.

Quarter Ended December 31, 2025

(dollars in thousands)

Markel
Insurance

Other Reportable
Segments

Corporate

Eliminations

Total

Interest:

Fixed maturity securities

$         154,681

$              3,102

$             1,917

$                  —

$         159,700

Short-term investments

7,448

2,461

9,298

—

19,207

Cash and cash equivalents, including restricted

26,470

4,751

6,053

—

37,274

Intercompany loans receivable

7,076

—

4,862

(11,938)

—

Dividends on equity securities

40,313

—

5,087

—

45,400

Investment expenses

(3,111)

(193)

(629)

—

(3,933)

Net investment income

$         232,877

$            10,121

$           26,588

$         (11,938)

$         257,648

Net investment gains (losses)

$         230,924

$                   —

$         (18,881)

$                  —

$         212,043

Quarter Ended December 31, 2024

(dollars in thousands)

Markel
Insurance

Other Reportable
Segments

Corporate

Eliminations

Total

Interest:

Fixed maturity securities

$         134,892

$              1,819

$             1,244

$                  —

$         137,955

Short-term investments

10,452

3,134

16,180

—

29,766

Cash and cash equivalents, including restricted

27,397

4,628

6,623

—

38,648

Intercompany loans receivable

7,508

—

4,916

(12,424)

—

Dividends on equity securities

37,450

—

3,654

—

41,104

Investment expenses

(3,141)

(37)

(606)

—

(3,784)

Net investment income

$         214,558

$              9,544

$           32,011

$         (12,424)

$         243,689

Net investment gains (losses)

$         147,253

$                     8

$         (29,836)

$                  —

$         117,425

Year Ended December 31, 2025

(dollars in thousands)

Markel
Insurance

Other Reportable
Segments

Corporate

Eliminations

Total

Interest:

Fixed maturity securities

$         590,307

$              8,369

$             5,843

$                  —

$         604,519

Short-term investments

29,123

10,486

38,257

—

77,866

Cash and cash equivalents, including restricted

100,250

20,207

29,797

—

150,254

Intercompany loans receivable

28,895

—

19,580

(48,475)

—

Dividends on equity securities

138,773

—

17,396

—

156,169

Investment expenses

(15,817)

(363)

(2,201)

—

(18,381)

Net investment income

$         871,531

$            38,699

$         108,672

$         (48,475)

$         970,427

Net investment gains

$         976,740

$                   —

$           99,341

$                  —

$      1,076,081

Year Ended December 31, 2024

(dollars in thousands)

Markel
Insurance

Other Reportable
Segments

Corporate

Eliminations

Total

Interest:

Fixed maturity securities

$         498,196

$              7,192

$             4,656

$                  —

$         510,044

Short-term investments

47,331

14,334

62,910

—

124,575

Cash and cash equivalents, including restricted

114,268

17,995

29,225

—

161,488

Intercompany loans receivable

27,711

—

19,972

(47,683)

—

Dividends on equity securities

125,322

—

17,045

—

142,367

Investment expenses

(14,921)

(180)

(2,877)

—

(17,978)

Net investment income

$         797,907

$            39,341

$         130,931

$         (47,683)

$         920,496

Net investment gains (losses)

$      1,447,686

$               (150)

$         359,683

$                  —

$      1,807,219

Consolidated Underwriting Reconciliation

The following tables reconcile our Markel Insurance segment underwriting results to our consolidated underwriting operations. State National's underwriting results are included in our Financial segment.

Quarter Ended December 31, 2025

(dollars in thousands)

Markel Insurance

State National

Eliminations

Consolidated

Gross premium volume - underwriting

$    2,321,068

$         86,282

$                    —

$    2,407,350

Gross premium volume - fronting

16,445

931,613

(53,585)

894,473

Gross premium volume

$    2,337,513

$    1,017,895

$           (53,585)

$    3,301,823

Earned premiums

$    2,193,514

$         85,315

$                    —

$    2,278,829

Losses and loss adjustment expenses

(1,231,653)

(51,667)

—

(1,283,320)

Underwriting, acquisition, and insurance expenses

(805,031)

(23,982)

—

(829,013)

Underwriting profit

$       156,830

$           9,666

$                    —

$       166,496

Combined Ratio

92.9 %

88.7 %

92.7 %

Quarter Ended December 31, 2024

(dollars in thousands)

Markel Insurance

State National

Eliminations

Consolidated

Gross premium volume - underwriting

$     2,253,038

$          69,693

$                    —

$     2,322,731

Gross premium volume - fronting

89,612

1,017,063

(59,013)

1,047,662

Gross premium volume

$     2,342,650

$     1,086,756

$           (59,013)

$     3,370,393

Earned premiums

$     2,044,294

$          73,284

$                    —

$     2,117,578

Losses and loss adjustment expenses

(1,199,537)

(42,278)

—

(1,241,815)

Underwriting, acquisition, and insurance expenses

(761,031)

(23,755)

—

(784,786)

Underwriting profit

$          83,726

$            7,251

$                    —

$          90,977

Combined Ratio

95.9 %

90.1 %

95.7 %

Year Ended December 31, 2025

(dollars in thousands)

Markel Insurance

State National

Eliminations

Consolidated

Gross premium volume - underwriting

$  10,643,703

$       317,751

$                    —

$  10,961,454

Gross premium volume - fronting

1,854,944

3,928,671

(221,632)

5,561,983

Gross premium volume

$  12,498,647

$    4,246,422

$         (221,632)

$  16,523,437

Earned premiums

$    8,401,323

$       314,344

$                    —

$    8,715,667

Losses and loss adjustment expenses

(4,909,079)

(170,766)

—

(5,079,845)

Underwriting, acquisition, and insurance expenses

(3,036,573)

(96,590)

—

(3,133,163)

Underwriting profit

$       455,671

$         46,988

$                    —

$       502,659

Combined Ratio

94.6 %

85.1 %

94.2 %

Year Ended December 31, 2024

(dollars in thousands)

Markel Insurance

State National

Eliminations

Consolidated

Gross premium volume - underwriting

$   10,259,862

$        292,011

$                    —

$   10,551,873

Gross premium volume - fronting

1,306,022

3,781,697

(144,961)

4,942,758

Gross premium volume

$   11,565,884

$     4,073,708

$         (144,961)

$   15,494,631

Earned premiums

$     8,130,712

$        301,700

$                    —

$     8,432,412

Losses and loss adjustment expenses

(4,877,722)

(175,027)

—

(5,052,749)

Underwriting, acquisition, and insurance expenses

(2,886,014)

(91,375)

—

(2,977,389)

Underwriting profit

$        366,976

$          35,298

$                    —

$        402,274

Combined Ratio

95.5 %

88.3 %

95.2 %

Non-GAAP Financial Measures

Markel Group utilizes certain non-GAAP measures that we believe enhance the understanding of our performance. These measures should not be viewed as a substitute for measures determined in accordance with U.S. GAAP.

Consolidated Adjusted Operating Income and Adjusted Operating Income Per Share

Consolidated adjusted operating income and adjusted operating income per share, which exclude net investment gains and losses, amortization of acquired intangible assets, and impairment of goodwill, are non-GAAP financial measures. We believe adjusted operating income is generally an accurate representation of the operating performance of our businesses in our periodic results.

Net investment gains and losses are predominantly derived from our investments in publicly traded equity securities and include significant unrealized gains and losses from market value movements. We believe that net investment gains and losses, whether realized from sales or unrealized from market value movements, are distortive in understanding the short-term operating performance of our businesses. We do not view amortization of intangible assets and impairment of goodwill, which arise from purchase accounting for acquisitions, as ongoing costs of operating our businesses, and therefore exclude those amounts from our adjusted operating income metrics.

The following table reconciles operating income to adjusted operating income on both a consolidated and per share basis.

Year Ended December 31,

(dollars in thousands, except per share data)

2025

2024

2023

2022

2021

Operating income (loss)

$   3,194,852

$   3,712,562

$   2,928,828

$      (93,336)

$   3,241,505

Add: Amortization of acquired intangible assets

185,007

181,472

180,614

178,778

160,539

Add: Impairment of goodwill

—

—

—

80,000

—

Less: Net investment gains (losses)

1,076,081

1,807,219

1,524,054

(1,595,733)

1,978,534

Adjusted operating income

$   2,303,778

$   2,086,815

$   1,585,388

$   1,761,175

$   1,423,510

Operating income (loss) per share

$             253

$             290

$             223

$               (7)

$             238

Add: Amortization of acquired intangible assets impact

15

14

14

13

12

Add: Impairment of goodwill impact

—

—

—

6

—

Less: Net investment gains (losses) impact

85

141

116

(119)

145

Adjusted operating income per share (1)

$             182

$             163

$             121

$             131

$             104

(1)

Amounts may not reconcile due to rounding.

Combined Ratio and Current Accident Year Loss Ratio, Excluding Current Year Catastrophe Events

We use underwriting profit or loss and the combined ratio as a basis for evaluating our underwriting performance. The U.S. GAAP combined ratio is a measure of underwriting performance and represents the relationship of incurred losses, loss adjustment expenses, and underwriting acquisition and insurance expenses to earned premiums. The combined ratio is the sum of the loss ratio and the expense ratio.

When analyzing our loss ratio, we typically evaluate losses and loss adjustment expenses attributable to the current accident year separately from losses and loss adjustment expenses attributable to prior accident years. Prior accident year reserve development, which can be either favorable or unfavorable, represents changes in our estimates of losses and loss adjustment expenses related to loss events that occurred in prior years. We believe a discussion of the current accident year loss ratio that excludes prior accident year reserve development is helpful in most cases since it provides more insight into estimates of current underwriting performance and excludes changes in estimates related to prior year loss reserves.

In addition to the U.S. GAAP combined ratio, loss ratio, and expense ratio, we also evaluate our underwriting performance using measures that exclude the impacts of certain items on these ratios. We believe these adjusted measures, which are non‑GAAP measures, provide financial statement users with a better understanding of the significant factors that comprise our underwriting results and how management evaluates underwriting performance.

When analyzing our combined ratio, we exclude current accident year losses and loss adjustment expenses attributed to natural catastrophes and certain other significant, infrequent loss events. Gross and ceded losses for certain events may also result in receipt or payment of reinstatement premiums, which, if significant, may also be excluded when analyzing our combined ratio. Due to the unique characteristics of these events, there is inherent variability as to the timing and amount of the loss, which cannot be predicted in advance. We believe measures that exclude the effects of such events are meaningful to understand the underlying trends and variability in our underwriting results that may be obscured by these items.

We also analyze our current accident year loss ratio excluding losses and loss adjustment expenses attributable to catastrophes and other significant, infrequent loss events. The current accident year loss ratio excluding the impact of catastrophes and other significant, infrequent loss events is commonly referred to as an attritional loss ratio within the property and casualty insurance industry.

The components of Markel Insurance's combined ratios, including these non-GAAP measures, are included in "Markel Insurance".

Organic Revenue Growth

Organic revenue growth is a non-GAAP measure. We believe organic revenue growth is a meaningful measure as it provides growth in comparable revenues from period-to-period by adjusting for the impact of acquisitions and dispositions. For acquisitions and dispositions, the calculation of organic revenue growth excludes the revenue of the business from the two periods being compared unless our consolidated results include a full period of revenue from the business for both periods. The following table reconciles revenue growth to organic revenue growth.

Year Ended December 31,

2025

2024

2023

2022

2021

Industrial segment:

Revenue growth

3.9 %

1.4 %

9.7 %

42.9 %

51.5 %

Impact of inorganic activity

(1.4) %

(1.3) %

(2.0) %

(25.2) %

(30.4) %

Organic revenue growth

2.5 %

0.1 %

7.7 %

17.7 %

21.1 %

Financial segment:

Revenue growth

24.2 %

7.3 %

(23.0) %

45.2 %

3.5 %

Impact of inorganic activity

(7.0) %

0.5 %

43.6 %

(25.8) %

— %

Organic revenue growth

17.2 %

7.8 %

20.6 %

19.4 %

3.5 %

Consumer and Other segment:

Revenue growth

4.2 %

6.4 %

(7.5) %

7.9 %

2.6 %

Impact of inorganic activity

(3.2) %

(4.6) %

— %

0.6 %

6.2 %

Organic revenue growth

1.0 %

1.8 %

(7.5) %

8.5 %

8.8 %

SOURCE Markel Group