Finding the company…Gathering the key numbers…Turning it into plain words…
WRBFire, marine & casualty insurance
Explained from its latest yearly and quarterly reports to the SEC, filed November 2, 2026.
What the stock market pays for one share of Berkley W R today. Below is what the business behind it actually sells, earns, owes and keeps, from its own reports.
Live price from TradingView, shown for context. It changes every trading day, unlike the filed figures below. candor never says whether the price is right.
How its main figures link up, worked out with its own numbers.
Point at a box to see how it links. Click a box to keep it in place.
From its latest yearly report. Point at a term to see exactly what it means.
In the year to December 31, 2025, Berkley W R sold $14.7 billion of goods and services, up 7.8% on the year before. It kept about $12 of every $100 of sales as profit.
Berkley W R sold $14.7 billion of goods and services in the year to December 31, 2025.
Sales were up 7.8% on the year before.
After every cost, including interest and tax, about $12 of every $100 of sales was left as profit.
Not in its latest reports: the last figure it filed is more than a year old.
Not reported in its SEC filings.
It made about $20 of profit for every $100 of owners' money in the business.
US dollars, as the company reported them under US accounting rules (US GAAP). candor only combines figures that cover exactly the same period or date, and shows "Not reported" rather than a zero when one is missing.
Part 1 of 4 · Growth and profit
Whether it sells more each year, and how much of each sale it keeps as profit.
The short answer
In the year to December 2025, it kept $1.8 billion as profit after paying all its costs and taxes: about $12 of every $100 it made in sales, its profit margin.
more in sales than the year before
Part 2 of 4 · Financial health
Whether it can pay its bills and how much it owes: its cushion for bad times.
The short answer
On September 30, 2026, it held $2.1 billion in cash.
Part 3 of 4 · Cash
Whether profit turns into real cash, and how much is left after investing.
The short answer
In the year to December 2025, its everyday business brought in $3.6 billion in cash.
Part 4 of 4 · How it's run
How its leaders use the money: reinvesting, paying owners or buying other firms.
The short answer
on cash paid to shareholders, its biggest use
No change of auditor and no corrected accounts since November 11, 2023.
Each of its SEC filings, turned into plain English with pictures.
The figures behind everything above, side by side, with the original reports to check them.
Ratios compare two numbers so companies of different sizes can be compared. Each one only combines figures from the same period or date.
Year ended December 31, 2025
After every cost, including interest and tax, about $12 of every $100 of sales was profit.
What it is: Net income as a share of sales: what's left after every cost, including interest and tax. A 10% net profit margin means $10 of final profit for every $100 of sales.
Year ended December 31, 2025
If the year's profit were split equally across all its shares, each share would get $4.45, up 2.1% on the year before.
What it is: Net income divided by the average number of shares during the period. "Diluted" EPS also counts shares that could still be created, for example from staff stock awards, so it's usually slightly lower.
Year ended December 31, 2025
For every $100 that belongs to shareholders on paper, it made about $20 of profit in a year.
What it is: Net income for a year divided by the average shareholders' equity over that year. A 20% ROE means $20 of profit for every $100 of owners' money in the business.
On September 30, 2026
Everything it owns (buildings, cash, stock, money owed to it) is worth about $1.27 for every $1 it owes in total.
What it is: Everything the company owes: loans, bonds, bills to suppliers, taxes due, and other obligations.
Each figure next to the same figure a year earlier. Quarters are compared with the same quarter a year before, because many businesses are busier in some seasons.
$14.7 billion vs $13.6 billion a year earlier
Year ended December 31, 2025, vs the year before
It sold more than the year before.
What it is: All the money a company takes in from selling its products and services, before paying any costs. Also called sales.
$3.7 billion vs $3.8 billion a year earlier
Quarter ended September 30, 2026, vs the same quarter a year earlier
Its latest three months brought in fewer sales than the same three months a year earlier.
What it is: A three-month period. US public companies report their results every quarter.
$1.8 billion vs $1.8 billion a year earlier
Year ended December 31, 2025, vs the year before
It kept more profit after all costs and taxes than the year before.
Left out on purpose: gross profit, operating income, spending on buildings and equipment, long-term debt, current assets, current liabilities. The company either doesn't report these in SEC's standard data, or the latest figure isn't available yet. candor leaves a number out rather than guess.
What it is: The profit left over a period (such as a year or a quarter) after paying every cost, including wages, interest and taxes. Often called the bottom line.
$446 million vs $511 million a year earlier
Quarter ended September 30, 2026, vs the same quarter a year earlier
Profit in the latest three months was lower than a year earlier.
What it is: The profit left over a period (such as a year or a quarter) after paying every cost, including wages, interest and taxes. Often called the bottom line.
$3.6 billion vs $3.7 billion a year earlier
Year ended December 31, 2025, vs the year before
Its everyday business brought in less actual cash than the year before.
What it is: The cash that came in from customers minus the cash paid out to suppliers, staff, landlords, lenders (interest) and the tax office during the period. It differs from profit because of timing, such as customers paying later, and because some costs in profit, like wear and tear on equipment, aren't paid in cash.
$2.1 billion vs $2.4 billion a year earlier
On September 30, 2026, vs a year earlier
It had less cash on hand than a year earlier. That can mean it spent or returned cash, not necessarily trouble.
What it is: Money in the bank plus very safe investments that can be turned into cash almost immediately.
$9.6 billion vs $9.8 billion a year earlier
On September 30, 2026, vs a year earlier
What would be left for shareholders, if it sold everything and paid every debt, shrank over the year. Buybacks and dividends can cause this.
What it is: Total assets minus total liabilities, as valued in the company's accounts (also called book value): what the accounts say belongs to the shareholders. It isn't the same as what the stock market says the company is worth.
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