Cash Flow Statement

Operating Cash Flow

+39%

+122%

10Y

Currency: USD

	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Operating Cash Flow
Net Income	(67)	(50)	38	175	212	281	317	337	381	395	416	438	444	467	493	545	586	617	669	700	726	751	758	766	766	656	448	281	72	89	215	309	448	461	457	446	446	418	401	391	411	438	462	511	492	499	535	500	553	617	669	649	598	541	505	504	505	491	559	602	606	606	547	549	592	663	663	641	655	692	695	682	497	351	338	531	765	931	1 040	1 022	1 384	1 326	1 293	1 381	1 085	1 262	1 366	1 381	1 530	1 545	1 577	1 756	1 731	1 761	1 906	1 779
Depreciation & Amortization	16	17	18	18	21	21	18	20	28	37	42	55	56	57	60	63	66	66	73	66	68	74	77	74	90	73	72	84	70	90	80	79	76	74	87	83	84	74	76	88	88	102	96	103	102	107	118	103	107	103	86	89	83	80	91	85	96	90	89	86	74	84	95	113	124	125	111	131	130	126	97	113	111	126	168	135	144	142	140	130	121	96	74	56	41	26	13	0	0	0	0	0	0	0	0	0
Change in Deffered Taxes	(48)	(36)	(7)	41	55	24	(12)	(39)	(80)	(76)	(54)	(48)	(40)	(32)	(32)	0	(15)	(17)	(19)	(36)	(3)	(2)	13	(5)	(8)	(39)	(55)	(57)	(135)	(56)	(53)	(53)	54	(12)	3	62	24	71	70	43	30	18	23	13	49	(29)	(18)	56	104	111	93	31	5	72	100	47	49	7	56	9	13	(42)	(95)	(17)	(17)	(13)	(101)	(75)	(89)	(33)	9	7	(42)	14	(33)	(34)	26	(115)	(59)	8	84	22	(22)	(65)	(112)	(14)	96	(27)	16	7	(60)	95	110	96	150	9
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	21	27	35	39	24	25	23	25	24	24	24	26	27	29	28	27	27	28	30	29	27	24	23	24	24	25	25	27	28	30	29	31	32	33	35	35	37	39	42	42	40	39	38	37	37	42	44	47	49	46	48	49	50	50	47	48	47	46	48	46	49	50	50	51	51	52	53	54	54	54	55	55	55
Other Non-Cash Items	(4)	(11)	(12)	(0)	(2)	5	3	(3)	(5)	(9)	(9)	(5)	(7)	(6)	(9)	(1)	4	4	4	(6)	(14)	(12)	(6)	(1)	7	24	(3)	33	153	182	239	201	88	70	54	77	36	7	11	29	18	(6)	(9)	(50)	(36)	(24)	(51)	(39)	(85)	(88)	(137)	(103)	(48)	(45)	(1)	(30)	(39)	(33)	(36)	(61)	(68)	(55)	(45)	(25)	(40)	(45)	(68)	(64)	(30)	(62)	(41)	(18)	(50)	55	58	(2)	1	(121)	(165)	(165)	(178)	(149)	(122)	(92)	(42)	(8)	23	16	(34)	(124)	(136)	(106)	(92)	(43)	(40)	(16)
Cash Taxes Paid	11	13	13	19	24	82	117	170	177	243	269	255	246	230	206	202	215	238	270	296	284	300	280	289	294	290	258	182	182	53	10	16	39	84	96	123	98	66	86	48	39	73	114	133	135	184	109	186	170	201	191	314	0	0	0	165	0	0	0	232	0	0	0	207	0	0	0	186	0	0	0	125	0	0	221	103	0	280	244 036	244	244	250	(243 521)	295	295	270	211	332	332	340	424	410	429	409	386	407
Cash Interest Paid	45	45	45	45	46	44	50	48	57	57	61	61	65	65	69	78	83	92	89	94	90	82	90	81	89	90	93	84	84	80	80	80	91	92	103	103	107	108	111	111	101	100	177	119	185	186	114	125	120	119	120	120	0	0	0	130	0	0	0	137	0	0	0	145	0	0	0	155	0	0	0	160	215	233	287	155	146	154	119 409	141	149	144	(119 124)	138	126	126	102	114	101	114	151	138	151	138	126	126
Change in Working Capital	308	609	712	728	869	764	890	1 084	1 100	1 175	1 169	1 175	1 307	1 201	1 324	1 128	905	875	763	843	909	839	743	616	451	506	644	1 212	1 201	830	450	(221)	(315)	(80)	(59)	(217)	(141)	(89)	(13)	119	142	215	66	98	109	125	264	199	169	17	57	69	15	165	86	275	350	327	320	212	159	148	142	90	(44)	(124)	(73)	(12)	53	181	313	359	702	774	956	987	840	896	1 048	1 189	940	1 199	1 209	1 288	1 565	1 451	1 528	1 559	1 728	1 982	2 188	1 933	1 927	1 685	1 381	1 810
Cash from Operating Activities	205 N/A	529 +158%	750 +42%	962 +28%	1 156 +20%	1 096 -5%	1 216 +11%	1 400 +15%	1 423 +2%	1 523 +7%	1 563 +3%	1 614 +3%	1 759 +9%	1 687 -4%	1 836 +9%	1 734 -6%	1 547 -11%	1 545 0%	1 491 -4%	1 566 +5%	1 687 +8%	1 651 -2%	1 585 -4%	1 450 -9%	1 306 -10%	1 221 -7%	1 106 -9%	1 553 +40%	1 361 -12%	1 136 -17%	932 -18%	316 -66%	352 +11%	512 +46%	541 +6%	451 -17%	450 0%	481 +7%	546 +13%	670 +23%	689 +3%	766 +11%	638 -17%	675 +6%	717 +6%	677 -6%	849 +25%	820 -3%	848 +3%	760 -10%	768 +1%	735 -4%	653 -11%	813 +25%	780 -4%	881 +13%	961 +9%	881 -8%	987 +12%	848 -14%	783 -8%	741 -5%	644 -13%	711 +10%	615 -13%	605 -2%	532 -12%	620 +17%	719 +16%	903 +26%	1 073 +19%	1 144 +7%	1 218 +6%	1 321 +8%	1 486 +12%	1 617 +9%	1 775 +10%	1 733 -2%	2 004 +16%	2 184 +9%	2 351 +8%	2 494 +6%	2 433 -2%	2 569 +6%	2 536 -1%	2 717 +7%	3 026 +11%	2 929 -3%	3 230 +10%	3 403 +5%	3 566 +5%	3 678 +3%	3 676 0%	3 498 -5%	3 398 -3%	3 583 +5%
Investing Cash Flow
Capital Expenditures	(26)	(28)	(40)	(37)	(32)	(35)	(24)	(28)	(32)	(30)	(39)	(42)	(40)	(40)	(40)	(33)	(50)	(45)	(38)	(43)	(24)	(30)	(31)	(31)	(31)	(37)	(39)	(79)	(77)	(70)	(67)	(30)	(37)	(39)	(50)	(50)	(109)	(166)	(398)	(142)	(93)	(41)	149	(297)	(300)	(318)	(300)	(171)	(193)	(200)	(358)	(255)	(261)	(277)	(163)	(286)	(301)	(314)	(341)	(350)	(345)	(414)	(338)	(352)	(641)	(601)	(608)	(564)	(269)	(244)	(252)	(207)	(190)	(132)	(102)	(38)	(10)	(33)	(18)	(67)	(65)	(46)	(67)	(99)	(101)	(103)	(102)	(55)	(129)	(145)	(156)	(172)	(118)	(102)	(80)	(170)
Other Items	(298)	(729)	(949)	(994)	(1 145)	(607)	(861)	(862)	(1 227)	(1 540)	(1 809)	(2 244)	(2 265)	(2 492)	(2 307)	(2 333)	(1 839)	(1 496)	(1 608)	(1 125)	(1 613)	(1 591)	(1 296)	(987)	(470)	(387)	113	(536)	(693)	(739)	(1 331)	(1 086)	(798)	(364)	9	87	81	(187)	130	(62)	(315)	(644)	(684)	(478)	(53)	(314)	(438)	(375)	(630)	(15)	(31)	(553)	(407)	(213)	(256)	115	19	(564)	(803)	(445)	(614)	(176)	(89)	18	446	275	183	(150)	(272)	(191)	(127)	(218)	(246)	531	235	158	(1 096)	(2 135)	(2 268)	(2 923)	(1 210)	(2 331)	(2 432)	(1 793)	(2 668)	(1 159)	(1 636)	(1 907)	(2 379)	(2 648)	(2 507)	(2 012)	(2 086)	(2 249)	(1 793)	(1 859)
Cash from Investing Activities	(324) N/A	(757) -133%	(989) -31%	(1 030) -4%	(1 177) -14%	(642) +45%	(885) -38%	(890) -1%	(1 258) -41%	(1 570) -25%	(1 848) -18%	(2 285) -24%	(2 305) -1%	(2 532) -10%	(2 347) +7%	(2 365) -1%	(1 889) +20%	(1 541) +18%	(1 646) -7%	(1 168) +29%	(1 638) -40%	(1 621) +1%	(1 327) +18%	(1 018) +23%	(501) +51%	(423) +15%	74 N/A	(615) N/A	(770) -25%	(809) -5%	(1 398) -73%	(1 116) +20%	(835) +25%	(403) +52%	(41) +90%	37 N/A	(28) N/A	(352) -1 179%	(268) +24%	(204) +24%	(408) -100%	(685) -68%	(534) +22%	(775) -45%	(353) +54%	(632) -79%	(738) -17%	(545) +26%	(823) -51%	(215) +74%	(388) -80%	(808) -108%	(669) +17%	(489) +27%	(418) +15%	(171) +59%	(282) -65%	(878) -211%	(1 144) -30%	(794) +31%	(959) -21%	(589) +39%	(427) +28%	(333) +22%	(195) +41%	(326) -67%	(426) -31%	(714) -68%	(541) +24%	(435) +20%	(380) +13%	(425) -12%	(436) -3%	399 N/A	133 -67%	120 -10%	(1 106) N/A	(2 168) -96%	(2 286) -5%	(2 989) -31%	(1 275) +57%	(2 377) -86%	(2 499) -5%	(1 891) +24%	(2 769) -46%	(1 263) +54%	(1 737) -38%	(1 962) -13%	(2 508) -28%	(2 793) -11%	(2 663) +5%	(2 184) +18%	(2 204) -1%	(2 351) -7%	(1 873) +20%	(2 029) -8%
Financing Cash Flow
Net Issuance of Common Stock	223	220	226	180	177	178	181	13	16	16	14	11	11	9	12	11	14	(31)	(33)	(26)	(24)	(72)	(364)	(463)	(762)	(860)	(613)	(538)	(279)	(90)	(46)	(142)	(204)	(339)	(427)	(453)	(370)	(271)	(303)	(165)	(152)	(163)	(114)	(120)	(123)	(108)	(47)	(166)	(359)	(332)	(364)	(239)	(138)	(260)	(226)	(224)	(170)	(43)	(100)	(132)	(95)	(95)	(61)	(48)	(55)	(55)	(26)	(25)	(18)	(18)	(18)	(18)	(224)	(317)	(330)	(346)	(171)	(77)	(157)	(122)	(93)	(93)	(7)	(94)	(230)	(522)	(518)	(537)	(401)	(333)	(343)	(304)	(353)	(129)	(141)	(270)
Net Issuance of Debt	(8)	(8)	(8)	(8)	136	131	290	290	0	159	148	148	148	306	400	400	300	142	(100)	(310)	37	36	36	245	(14)	(104)	(102)	(102)	(90)	(0)	316	322	315	312	145	146	150	158	6	(1)	355	362	374	369	(190)	(109)	(121)	(119)	88	1	425	350	347	73	(357)	(272)	(192)	350	322	313	235	(39)	(5)	7	190	209	208	290	108	89	(357)	(165)	(161)	132	728	89	666	(27)	172	529	(477)	(79)	(424)	(430)	(5)	(5)	(6)	(1)	(0)	1	(0)	3	5	3	2	(2)
Cash Paid for Dividends	(16)	(16)	(17)	(18)	(24)	(20)	(27)	(28)	(23)	(23)	(23)	(24)	(18)	(30)	(19)	(19)	(25)	(28)	(28)	(29)	(31)	(25)	(35)	(36)	(46)	(37)	(47)	(47)	(39)	(49)	(38)	(29)	(38)	(39)	(31)	(49)	(41)	(41)	(51)	(43)	(33)	(33)	(47)	(184)	0	(185)	(188)	(53)	(65)	(67)	(54)	(181)	(182)	(183)	(184)	(58)	(59)	(60)	(45)	(184)	(169)	(169)	(247)	(188)	(205)	(250)	(191)	(255)	(238)	(195)	(289)	(308)	(328)	(331)	(241)	(84)	(85)	(64)	(177)	(356)	(357)	(357)	(382)	(235)	(371)	(399)	(240)	(501)	(371)	(500)	(626)	(532)	(534)	(600)	(509)	(700)
Other	(10)	11	(18)	(25)	(8)	(11)	34	52	40	16	(1)	24	25	37	36	(1)	(1)	(2)	(1)	22	21	25	16	11	10	11	22	24	26	21	21	22	16	11	2	(3)	10	18	14	15	9	11	14	32	29	20	23	7	1	2	1	0	(2)	(1)	(4)	(2)	3	(2)	0	(4)	(8)	(4)	(6)	(6)	(5)	(7)	(6)	(18)	(18)	(22)	(34)	(21)	(21)	(20)	(19)	(56)	(58)	(59)	(66)	(45)	(46)	(40)	(39)	(13)	(10)	(11)	(12)	(23)	(24)	(22)	(16)	(20)	(22)	(31)	(51)	(54)
Cash from Financing Activities	189 N/A	207 +10%	182 -12%	129 -29%	281 +118%	278 -1%	479 +72%	328 -32%	187 -43%	168 -10%	138 -18%	159 +16%	166 +4%	321 +93%	429 +34%	390 -9%	287 -26%	81 -72%	(162) N/A	(343) -111%	3 N/A	(35) N/A	(347) -885%	(244) +30%	(813) -233%	(989) -22%	(739) +25%	(663) +10%	(382) +42%	(118) +69%	253 N/A	173 -32%	89 -49%	(55) N/A	(311) -468%	(359) -15%	(250) +30%	(137) +45%	(333) -143%	(195) +41%	179 N/A	178 -1%	227 +28%	97 -57%	(468) N/A	(382) +18%	(331) +13%	(330) +0%	(336) -2%	(397) -18%	8 N/A	(70) N/A	25 N/A	(371) N/A	(770) -108%	(555) +28%	(419) +25%	245 N/A	177 -28%	(7) N/A	(37) -435%	(307) -728%	(319) -4%	(235) +26%	(75) +68%	(102) -36%	(16) +84%	(7) +54%	(166) -2 139%	(146) +12%	(698) -380%	(513) +27%	(734) -43%	(537) +27%	138 N/A	(398) N/A	352 N/A	(227) N/A	(228) 0%	6 N/A	(974) N/A	(569) +42%	(851) -50%	(772) +9%	(616) +20%	(937) -52%	(776) +17%	(1 062) -37%	(796) +25%	(855) -7%	(986) -15%	(852) +14%	(904) -6%	(757) +16%	(699) +8%	(1 026) -47%
Change in Cash
Effect of Foreign Exchange Rates	0	0	0	0	0	0	0	0	0	0	0	12	0	0	0	(18)	(16)	(9)	(3)	25	24	24	21	10	12	4	(28)	(92)	(102)	(53)	(55)	7	9	(45)	(4)	(2)	17	22	(1)	(2)	(8)	(42)	(8)	(4)	(33)	(16)	(3)	(10)	9	36	(12)	(22)	(37)	(39)	(54)	(66)	(38)	(56)	(27)	(15)	(16)	(5)	3	13	3	(55)	(44)	(31)	(31)	24	(1)	0	(20)	(11)	3	10	29	22	7	(4)	(2)	(21)	(21)	(25)	(23)	(10)	2	9	1	2	9	(30)	(17)	14	6	38
Net Change in Cash	70 N/A	(20) N/A	(57) -179%	60 N/A	260 +333%	732 +181%	810 +11%	837 +3%	352 -58%	121 -66%	(147) N/A	(499) -240%	(379) +24%	(524) -38%	(82) +84%	(259) -216%	(71) +73%	75 N/A	(320) N/A	81 N/A	77 -6%	19 -76%	(68) N/A	198 N/A	5 -98%	(187) N/A	413 N/A	183 -56%	108 -41%	157 +45%	(267) N/A	(619) -132%	(385) +38%	10 N/A	186 +1 767%	128 -31%	189 +48%	13 -93%	(56) N/A	269 N/A	452 +68%	217 -52%	323 +49%	(6) N/A	(137) -2 155%	(353) -158%	(223) +37%	(66) +70%	(302) -358%	184 N/A	376 +105%	(165) N/A	(29) +83%	(86) -199%	(462) -436%	89 N/A	223 +150%	192 -14%	(7) N/A	32 N/A	(229) N/A	(160) +30%	(99) +38%	155 N/A	348 +124%	123 -65%	45 -63%	(133) N/A	(19) +86%	347 N/A	(7) N/A	206 N/A	28 -87%	1 173 +4 151%	1 759 +50%	1 349 -23%	1 050 -22%	(641) N/A	(502) +22%	(804) -60%	100 N/A	(474) N/A	(938) -98%	(119) +87%	(872) -630%	507 N/A	515 +2%	(86) N/A	(73) +15%	(243) -232%	(73) +70%	612 N/A	551 -10%	404 -27%	831 +106%	565 -32%

Income Statement Balance Sheet Cash Flow Statement

W R Berkley Corp
NYSE:WRB

Cash Flow Statement

Cash Flow Statement
W R Berkley Corp

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W R Berkley Corp NYSE:WRB

Cash Flow Statement

Cash Flow Statement W R Berkley Corp

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W R Berkley Corp
NYSE:WRB

Cash Flow Statement
W R Berkley Corp