Fundies.
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WHITE MOUNTAINS INSURANCE GROUP, LTD.

EDGAR
WTM Quarterly report (10-Q) · filed 2026-08-06

Annual consolidated revenue for 2025: about USD 3.735B, using the latest reported figures. The previous period, 2024, was about USD 2.24B.

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Watchlist

Latest quarter

Revenue

845 million USD

2026 Q2 · USD

Exact inputs and evidence

Net margin

23.62%

2026 Q2 · %

Exact inputs and evidence
  • Net Income: 199500000 USD Source
  • Revenue: 844600000 USD Source

Operating cash flow

-55.5 million USD

2026 Q2 · USD

Exact inputs and evidence
  • Operating Cash Flow: -25000000 USD Source
  • Operating Cash Flow: 30500000 USD Source
Cash and cash equivalents
136 million USD Source
Exact value

136400000 USD

Long-term debt including current maturities
933 million USD Source
Exact value

932500000 USD

Shares outstanding
2.39 million shares Source
Exact value

2386721 shares

Reported share-count change

-7.32% · -188 thousand shares

Year-over-year change in reported shares. Splits, issuance and buybacks can affect this figure; it does not isolate employee compensation or economic dilution.

Exact inputs and evidence
  • 2575136 shares · 2025-06-30· Source
  • 2386721 shares · 2026-06-30· Source

Trailing twelve months

The four most recent complete quarters added together. This gives a full-year view that includes the latest quarterly results.

Revenue

3.83 billion USD

2025-07-01 – 2026-06-30

Exact inputs and evidence
  • Revenue: 864200000 USD · 2025-07-01 – 2025-09-30 Source
  • Revenue: 3735000000 USD · 2025-01-01 – 2025-12-31 Source
  • Revenue: 2131200000 USD · 2025-01-01 – 2025-09-30 Source
  • Revenue: 517800000 USD · 2026-01-01 – 2026-03-31 Source
  • Revenue: 844600000 USD · 2026-04-01 – 2026-06-30 Source

Net income

1.12 billion USD

2025-07-01 – 2026-06-30

Exact inputs and evidence
  • Net income: 113800000 USD · 2025-07-01 – 2025-09-30 Source
  • Net income: 1106400000 USD · 2025-01-01 – 2025-12-31 Source
  • Net income: 270600000 USD · 2025-01-01 – 2025-09-30 Source
  • Net income: -27200000 USD · 2026-01-01 – 2026-03-31 Source
  • Net income: 199500000 USD · 2026-04-01 – 2026-06-30 Source

Operating cash flow

388 million USD

2025-07-01 – 2026-06-30

Exact inputs and evidence
  • Operating cash flow: 496600000 USD · 2025-01-01 – 2025-09-30 Source
  • Operating cash flow: 137300000 USD · 2025-01-01 – 2025-06-30 Source
  • Operating cash flow: 550500000 USD · 2025-01-01 – 2025-12-31 Source
  • Operating cash flow: 496600000 USD · 2025-01-01 – 2025-09-30 Source
  • Operating cash flow: 30500000 USD · 2026-01-01 – 2026-03-31 Source
  • Operating cash flow: -25000000 USD · 2026-01-01 – 2026-06-30 Source
  • Operating cash flow: 30500000 USD · 2026-01-01 – 2026-03-31 Source

Company performance

Up to ten complete financial years · consolidated figures

Includes later revisions to earlier periods. Annual charts exclude incomplete years.

Latest filing recorded: 2026-08-06.

Financial data available through: 2025-12-31.

Coverage by financial measure
  • Revenue: 11 of 11 periods available· newest 2025-12-31
  • operating income: No compatible figures in this window
  • Net income: 5 of 11 periods available· newest 2025-12-31
  • Operating cash flow: 11 of 11 periods available· newest 2025-12-31
  • capital expenditure: No compatible figures in this window
  • Total assets: 11 of 11 periods available· newest 2025-12-31
  • Total liabilities: 11 of 11 periods available· newest 2025-12-31
  • current assets: No compatible figures in this window
  • current liabilities: No compatible figures in this window
  • Cash and cash equivalents: 5 of 11 periods available· newest 2019-12-31
  • Long-term debt including current maturities: 11 of 11 periods available· newest 2025-12-31
  • Shares outstanding: 11 of 11 periods available· newest 2025-12-31

Coverage describes values retained in this snapshot. Missing values are not zero; loading limits are reported separately.

What changed year over year

Latest complete year compared with the corresponding period one year earlier. These are measured changes; they do not establish their business causes.

  • Revenue

    +66.8%

    Prior period

    USD 2.24 billion

    –

    Current period

    USD 3.74 billion

    –

    Exact inputs and evidence

    3735000000 − 2239800000 = 1495200000 USD

    2239800000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    3735000000 USD · 2025-01-01 – 2025-12-31

    Inspect current input Current source
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  • Net income

    +380.2%

    Prior period

    USD 230.4 million

    –

    Current period

    USD 1.11 billion

    –

    Exact inputs and evidence

    1106400000 − 230400000 = 876000000 USD

    230400000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    1106400000 USD · 2025-01-01 – 2025-12-31

    Inspect current input Current source
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  • Operating cash flow

    -6.2%

    Prior period

    USD 586.8 million

    –

    Current period

    USD 550.5 million

    –

    Exact inputs and evidence

    550500000 − 586800000 = -36300000 USD

    586800000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    550500000 USD · 2025-01-01 – 2025-12-31

    Inspect current input Current source
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Comparable inputs unavailable for: Capital expenditure.

Where revenue goes

How a period’s revenue divides into costs and what remains as profit. Items marked Derived are calculated by subtraction from reported figures.

2025 2025-01-01 – 2025-12-31

  • Revenue USD 3.74 billion 100% of revenue
  • Operating costs Derived Unavailable An input is unavailable.
  • Operating income Unavailable An input is unavailable.
  • Tax, interest and other Derived Unavailable An input is unavailable.
  • Net income USD 1.11 billion 30% of revenue

Cash

  • Operating cash flow USD 550.5 million 15% of revenue
  • Capital expenditure Unavailable An input is unavailable.
  • Free cash flow Derived Unavailable An input is unavailable.

Share of revenue by period

  • Net income
  • Tax, interest and other
  • Operating costs
  • 2016 Not shown: operating income or net income is not reported.
  • 2017 Not shown: operating income or net income is not reported.
  • 2018 Not shown: operating income or net income is not reported.
  • 2019 Not shown: operating income or net income is not reported.
  • 2020 Not shown: operating income or net income is not reported.
  • 2021 Not shown: operating income or net income is not reported.
  • 2022 Not shown: operating income or net income is not reported.
  • 2023 Not shown: operating income or net income is not reported.
  • 2024 Not shown: operating income or net income is not reported.
  • 2025 Not shown: operating income or net income is not reported.
Values and sources
Revenue breakdown by annual reporting period
PeriodRevenueOperating costsOperating incomeTax, interest and otherNet incomeFree cash flowSource
2016 2016-01-01 – 2016-12-31157700000 UnavailableUnavailableUnavailableUnavailableUnavailable
Source
2017 2017-01-01 – 2017-12-31373800000 UnavailableUnavailableUnavailableUnavailableUnavailable
Source
2018 2018-01-01 – 2018-12-31369100000 UnavailableUnavailableUnavailableUnavailableUnavailable
Source
2019 2019-01-01 – 2019-12-31893400000 UnavailableUnavailableUnavailableUnavailableUnavailable
Source
2020 2020-01-01 – 2020-12-31895600000 UnavailableUnavailableUnavailableUnavailableUnavailable
Source
2021 2021-01-01 – 2021-12-31614400000 UnavailableUnavailableUnavailable-275400000 Unavailable
Source
2022 2022-01-01 – 2022-12-311157900000 UnavailableUnavailableUnavailable792800000 Unavailable
Source
2023 2023-01-01 – 2023-12-312166700000 UnavailableUnavailableUnavailable509200000 Unavailable
Source
2024 2024-01-01 – 2024-12-312239800000 UnavailableUnavailableUnavailable230400000 Unavailable
Source
2025 2025-01-01 – 2025-12-313735000000 UnavailableUnavailableUnavailable1106400000 Unavailable
Source

Amounts are exact, in USD.

Growth

Sales over time and how quickly they are changing.

Revenue

Revenue reported for each complete financial period.

USD 3.7B 2025
Revenue historyRevenue reported for each complete financial period. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.4.0B3.0B2.0B1.0B0.0201620212025
Values and sources
Revenue values and source evidence
PeriodSeriesValue(USD)Source evidence
2016Revenue157700000
2017Revenue373800000
2018Revenue369100000
2019Revenue893400000
2020Revenue895600000
2021Revenue614400000
2022Revenue1157900000
2023Revenue2166700000
2024Revenue2239800000
2025Revenue3735000000

Revenue growth

Change in revenue from the same financial period one year earlier.

66.8% 2025
Revenue growth historyChange in revenue from the same financial period one year earlier. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.159%99%39%-21%-81%201620212025
Values and sources
Revenue growth values and source evidence
PeriodSeriesValueSource evidence
2016Year over year-64.2%
2017Year over year137%
2018Year over year-1.3%
2019Year over year142%
2020Year over year0.2%
2021Year over year-31.4%
2022Year over year88.5%
2023Year over year87.1%
2024Year over year3.4%
2025Year over year66.8%

Profit and cash

How much revenue becomes profit, and how much cash operations generate.

Profit margins

Operating income, net income and free cash flow as a share of revenue.

Net margin 29.6% 2025
Profit margins historyOperating income, net income and free cash flow as a share of revenue. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.78%45%12%-21%-54%2016-12-312021-12-312025-12-31
  • Operating margin
  • Net margin
  • Free cash flow margin
Values and sources
Profit margins values and source evidence
PeriodSeriesValueSource evidence
2016-12-31Operating marginNot reported
2017-12-31Operating marginNot reported
2018-12-31Operating marginNot reported
2019-12-31Operating marginNot reported
2020-12-31Operating marginNot reported
2021-12-31Operating marginNot reported
2022-12-31Operating marginNot reported
2023-12-31Operating marginNot reported
2024-12-31Operating marginNot reported
2025-12-31Operating marginNot reported
2016-12-31Net marginNot reported
2017-12-31Net marginNot reported
2018-12-31Net marginNot reported
2019-12-31Net marginNot reported
2020-12-31Net marginNot reported
2021Net margin-44.8%
2022Net margin68.5%
2023Net margin23.5%
2024Net margin10.3%
2025Net margin29.6%
2016Free cash flow marginNot reported
2017Free cash flow marginNot reported
2018Free cash flow marginNot reported
2019Free cash flow marginNot reported
2020Free cash flow marginNot reported
2021Free cash flow marginNot reported
2022Free cash flow marginNot reported
2023Free cash flow marginNot reported
2024Free cash flow marginNot reported
2025Free cash flow marginNot reported

Operating cash flow

Cash generated by the company’s normal business operations.

USD 550.5M 2025
Operating cash flow historyCash generated by the company’s normal business operations. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.646.2M431.0M215.9M699.0K-214.5M201620212025
Values and sources
Operating cash flow values and source evidence
PeriodSeriesValue(USD)Source evidence
2016Operating cash flow-155100000
2017Operating cash flow94600000
2018Operating cash flow-31100000
2019Operating cash flow-120500000
2020Operating cash flow-60600000
2021Operating cash flow38600000
2022Operating cash flow365000000
2023Operating cash flow404100000
2024Operating cash flow586800000
2025Operating cash flow550500000

Free cash flow

Operating cash flow minus capital expenditure for the same period and unit.

Not enough comparable data to show this history.
Values and sources
Free cash flow values and source evidence
PeriodSeriesValue(USD)Source evidence
2016Free cash flowUnavailable
2017Free cash flowUnavailable
2018Free cash flowUnavailable
2019Free cash flowUnavailable
2020Free cash flowUnavailable
2021Free cash flowUnavailable
2022Free cash flowUnavailable
2023Free cash flowUnavailable
2024Free cash flowUnavailable
2025Free cash flowUnavailable

Balance sheet

Liabilities and short-term ability to meet obligations at each period end.

Liabilities to assets

Total liabilities as a share of total assets.

49.2% 2025
Liabilities to assets historyTotal liabilities as a share of total assets. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.53%40%27%13%0%201620212025
Values and sources
Liabilities to assets values and source evidence
PeriodSeriesValueSource evidence
2016Liabilities / assets43%
2017Liabilities / assets8.2%
2018Liabilities / assets19.2%
2019Liabilities / assets21.1%
2020Liabilities / assets21%
2021Liabilities / assets47.1%
2022Liabilities / assets46.7%
2023Liabilities / assets45.6%
2024Liabilities / assets48.3%
2025Liabilities / assets49.2%

Current assets to current liabilities

Current assets divided by current liabilities.

Not enough comparable data to show this history.
Values and sources
Current assets to current liabilities values and source evidence
PeriodSeriesValueSource evidence
2016-12-31Current assets / current liabilitiesNot reportedNo source recorded
2017-12-31Current assets / current liabilitiesNot reportedNo source recorded
2018-12-31Current assets / current liabilitiesNot reportedNo source recorded
2019-12-31Current assets / current liabilitiesNot reportedNo source recorded
2020-12-31Current assets / current liabilitiesNot reportedNo source recorded
2021-12-31Current assets / current liabilitiesNot reportedNo source recorded
2022-12-31Current assets / current liabilitiesNot reportedNo source recorded
2023-12-31Current assets / current liabilitiesNot reportedNo source recorded
2024-12-31Current assets / current liabilitiesNot reportedNo source recorded
2025-12-31Current assets / current liabilitiesNot reportedNo source recorded

Cash generation

Compare reported profit with operating cash and capital spending. Free cash flow is calculated as operating cash flow minus capital expenditure when both exact, consolidated amounts match the same period and unit.

Cash generation by annual reporting period
PeriodNet incomeOperating cash flowCapital expenditureFree cash flow
2016 2016-01-01 – 2016-12-31
Unavailable Not reported for this period.
−USD 155.1 million
Exact value

Exact value: -155100000 USD

2016-01-01 – 2016-12-31: -155100000 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

2017 2017-01-01 – 2017-12-31
Unavailable Not reported for this period.
USD 94.6 million
Exact value

Exact value: 94600000 USD

2017-01-01 – 2017-12-31: 94600000 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

2018 2018-01-01 – 2018-12-31
Unavailable Not reported for this period.
−USD 31.1 million
Exact value

Exact value: -31100000 USD

2018-01-01 – 2018-12-31: -31100000 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

2019 2019-01-01 – 2019-12-31
Unavailable Not reported for this period.
−USD 120.5 million
Exact value

Exact value: -120500000 USD

2019-01-01 – 2019-12-31: -120500000 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

2020 2020-01-01 – 2020-12-31
Unavailable Not reported for this period.
−USD 60.6 million
Exact value

Exact value: -60600000 USD

2020-01-01 – 2020-12-31: -60600000 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

2021 2021-01-01 – 2021-12-31
−USD 275.4 million
Exact value

Exact value: -275400000 USD

2021-01-01 – 2021-12-31: -275400000 USD Inspect Net Income Open source
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USD 38.6 million
Exact value

Exact value: 38600000 USD

2021-01-01 – 2021-12-31: 38600000 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

2022 2022-01-01 – 2022-12-31
USD 792.8 million
Exact value

Exact value: 792800000 USD

2022-01-01 – 2022-12-31: 792800000 USD Inspect Net Income Open source
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USD 365 million
Exact value

Exact value: 365000000 USD

2022-01-01 – 2022-12-31: 365000000 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

2023 2023-01-01 – 2023-12-31
USD 509.2 million
Exact value

Exact value: 509200000 USD

2023-01-01 – 2023-12-31: 509200000 USD Inspect Net Income Open source
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USD 404.1 million
Exact value

Exact value: 404100000 USD

2023-01-01 – 2023-12-31: 404100000 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

2024 2024-01-01 – 2024-12-31
USD 230.4 million
Exact value

Exact value: 230400000 USD

2024-01-01 – 2024-12-31: 230400000 USD Inspect Net Income Open source
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USD 586.8 million
Exact value

Exact value: 586800000 USD

2024-01-01 – 2024-12-31: 586800000 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

2025 2025-01-01 – 2025-12-31
USD 1.11 billion
Exact value

Exact value: 1106400000 USD

2025-01-01 – 2025-12-31: 1106400000 USD Inspect Net Income Open source
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USD 550.5 million
Exact value

Exact value: 550500000 USD

2025-01-01 – 2025-12-31: 550500000 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

Capital expenditure uses the canonical mapped positive-spending convention. A missing, ambiguous, incompatible, or negative-sign input is left blank. Values use the latest reported version.

Dataset coverage and company identifiers

Coverage reflects filings processed into this Fundies dataset; it does not imply every source filing is loaded.

186 filings · 6,715 latest values · 6,715 originally reported values

Dataset published . Source filing dates and reporting periods are shown separately.

Identifiers: 0000776867, 776867, WTM, edgar:776867

Also known as FUND AMERICAN ENTERPRISES HOLDINGS INC, WHITE MOUNTAINS INSURANCE GROUP INC, WHITE MOUNTAINS INSURANCE GROUP LTD, WHITE MOUNTAINS INSURANCE GROUP, LTD., WHITE MOUNTAINS INSURANCE GROUP, LTD, WHITE MOUNTAINS INSURANCE GROUP, LTD., WHITE MOUNTAINS INSURANCE GROUP LTD