White Mountains Insurance Group (WTM) financial statements
White Mountains Insurance Group reported revenue of $3.7B in fiscal 2025, up 42.1% a year over 9 years.
Net income was $1.1B and the operating margin 35.6%, against -93.4% in 2016.
The diluted share count fell 49% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from White Mountains Insurance Group's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $158M | $374M | $369M | $893M | $896M | $614M | $1.2B | $2.2B | $2.2B | $3.7B |
| Cost of revenue | $102M | $139M | $249M | $48M | $11M | $69M | $99M | $40M | $30M | $152M |
| Gross profit | $56M | $234M | $120M | $845M | $884M | $545M | $1.1B | $2.1B | $2.2B | $3.6B |
| Selling, general and admin | $176M | $208M | $234M | $328M | $208M | $292M | $364M | $433M | $490M | $607M |
| Operating income | -$147M | $8M | -$178M | $405M | $660M | -$274M | -$149M | $565M | $317M | $1.3B |
| Interest expense | $3M | $2M | $10M | $18M | $7M | $20M | $40M | $63M | $61M | $78M |
| Pre-tax income | -$147M | $8M | -$178M | $405M | $660M | -$274M | -$149M | $565M | $317M | $1.3B |
| Income tax | -$33M | -$8M | -$4M | $29M | -$15M | $44M | $41M | -$16M | $33M | $127M |
| Net income | $402M | $627M | -$141M | $414M | $709M | -$275M | $793M | $509M | $230M | $1.1B |
| EPS (diluted) | $80.06 | $146.06 | -$41.76 | $130.27 | $226.97 | -$89.46 | $276.96 | $198.60 | $89.79 | $430.14 |
| Diluted shares | 5M | 4M | 3M | 3M | 3M | 3M | 3M | 3M | 3M | 3M |
| Gross margin | 35.3% | 62.7% | 32.6% | 94.6% | 98.7% | 88.7% | 91.5% | 98.1% | 98.7% | 95.9% |
| Operating margin | -93.4% | 2.1% | -48.3% | 45.3% | 73.7% | -44.5% | -12.9% | 26.1% | 14.1% | 35.6% |
| Net margin | 254.8% | 167.8% | -38.3% | 46.4% | 79.1% | -44.8% | 68.5% | 23.5% | 10.3% | 29.6% |
Balance sheet
Fiscal years, from White Mountains Insurance Group's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $255M | $97M | $110M | $161M | $85M | $148M | $255M | $122M | $266M | $186M |
| Receivables | $2M | — | — | — | — | — | — | — | — | — |
| Goodwill | $26M | $26M | $380M | $395M | $526M | $142M | $176M | $169M | $439M | $614M |
| Total assets | $6.5B | $3.7B | $3.4B | $4.0B | $4.8B | $7.0B | $7.4B | $8.4B | $9.9B | $12.3B |
| Total liabilities | $2.8B | $298M | $644M | $838M | $1.0B | $3.3B | $3.5B | $3.8B | $4.8B | $6.1B |
| Shareholders' equity | $3.6B | $3.5B | $2.8B | $3.3B | $3.9B | $3.5B | $3.7B | $4.2B | $4.5B | $5.4B |
| Net debt | -$80M | -$97M | -$110M | -$161M | -$85M | -$148M | -$255M | -$122M | -$266M | -$186M |
Cash flow
Fiscal years, from White Mountains Insurance Group's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$155M | $95M | -$31M | -$120M | -$61M | $39M | $365M | $404M | $587M | $550M |
| Stock-based compensation | — | — | — | — | — | $15M | $14M | $15M | $16M | $18M |
| Dividends paid | $5M | $5M | $4M | $3M | $3M | $3M | $3M | $3M | $2M | $3M |
| Share buybacks (net) | -$881M | -$715M | -$512M | $0 | -$85M | -$108M | -$616M | -$33M | -$8M | -$203M |
| Net borrowing | -$405M | -$365M | -$15M | -$23M | -$2M | $282M | $157M | -$13M | -$2M | $277M |
| Dividends per share | $1.09 | $1.09 | $1.14 | $1.02 | $1.04 | $1.02 | $1.06 | $1.03 | $0.99 | $1.03 |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for WTM.
Open WTM in InvestinglyQuestions
What was White Mountains Insurance Group's revenue in 2025?
$3.7B in fiscal 2025, from its 10-K filing.
From White Mountains Insurance Group's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.