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Where the tokens are
Standardised from the company’s filings, newest period first, labelled with the company’s own fiscal calendar. A line the company does not report is left off rather than shown as zero; margins and free cash flow are worked out here, and only where every input is present.
| Line item | Q2 FY262026-06-30 | Q1 FY262026-03-31 | Q4 FY252025-12-31 | Q3 FY252025-09-30 | Q2 FY252025-06-30 | Q1 FY252025-03-31 | Q4 FY242024-12-31 | Q3 FY242024-09-30 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.72B | $3.69B | $3.72B | $3.77B | $3.67B | $3.55B | $3.67B | $3.40B |
| Cost of revenue | $1.96B | $1.94B | $1.95B | $1.97B | $1.96B | $1.90B | $1.86B | $1.83B |
| Gross profit | $1.76B | $1.75B | $1.77B | $1.80B | $1.72B | $1.65B | $1.81B | $1.57B |
| Gross margin | 47.2% | 47.5% | 47.7% | 47.8% | 46.7% | 46.4% | 49.3% | 46.3% |
| Operating expenses | $3.11B | $3.04B | $3.12B | $3.09B | $3.12B | $2.98B | $2.91B | $2.89B |
| Operating income | $606.93M | $647.81M | $603.59M | $679.87M | $553.64M | $570.33M | $760.05M | $506.17M |
| Operating margin | 16.3% | 17.6% | 16.2% | 18.0% | 15.1% | 16.1% | 20.7% | 14.9% |
| EBITDA | $584.79M | $632.34M | $588.29M | $670.80M | $539.67M | $560.55M | $746.41M | $494.24M |
| Interest expense | −$31.73M | −$31.71M | −$31.63M | −$31.76M | −$31.78M | −$31.73M | −$31.75M | −$31.72M |
| Income before taxes | $575.20M | $616.10M | $571.96M | $648.11M | $521.86M | $538.61M | $728.30M | $474.45M |
| Income taxes | $122.89M | $100.52M | $117.21M | $136.14M | $121.16M | $121.26M | $152.96M | $109.14M |
| Net income | $452.31M | $515.58M | $454.75M | $511.97M | $400.71M | $417.35M | $575.34M | $365.31M |
| Net margin | 12.2% | 14.0% | 12.2% | 13.6% | 10.9% | 11.8% | 15.7% | 10.7% |
| EPS, basic | $1.16 | $1.31 | $1.13 | $1.29 | $1.01 | $1.05 | $1.45 | $0.92 |
| EPS, diluted | $1.15 | $1.31 | $1.13 | $1.28 | $1.00 | $1.04 | $1.43 | $0.91 |
| Diluted shares | 391.80M | 394.78M | 399.05M | 400.20M | 400.37M | 399.83M | 401.59M | 401.82M |
Figures describe W.R. Berkley shares, not any token. As of Jul 31, 2026, from Massive's standardised financials. The company reports these figures; a token's issuer holds the shares and reports nothing of its own here.