White Mountains Insurance Group financials
$2,021.51+0.32%
Close Sep 29, 2026 · split-adjustedRevenue
Net income
Income statement & cash flow
| Fiscal year | FY25 Dec 31 | FY24 Dec 31 | FY23 Dec 31 | FY22 Dec 31 | FY21 Dec 31 | FY20 Dec 31 | FY19 Dec 31 | FY18 Dec 31 | FY17 Dec 31 | FY16 Dec 31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.73B | $2.24B | $2.17B | $1.16B | $614.4M | $895.6M | $893.4M | $369.1M | $373.8M | $157.7M |
| Gross profit | $2.43B | $1.01B | $1.15B | $370.9M | $113.3M | $888.6M | $887.7M | $363.8M | $368.6M | $144.1M |
| Gross margin | 65.1% | 45.1% | 53.1% | 32.0% | 18.4% | 99.2% | 99.4% | 98.6% | 98.6% | 91.4% |
| Operating income | $1.41B | $377.5M | $628.1M | -$109.1M | -$253.1M | $667.8M | $422.7M | -$168.7M | $10.1M | -$144.3M |
| Net income | $1.09B | $227.4M | $502.0M | -$108.4M | -$269.3M | $710.8M | $408.4M | -$17.0M | $49.0M | -$120.1M |
| Net margin | 29.2% | 10.2% | 23.2% | −9.4% | −43.8% | 79.4% | 45.7% | −4.6% | 13.1% | −76.2% |
| Diluted EPS | $430.14 | $89.79 | $198.60 | $-38.34 | $-88.52 | $230.67 | $130.02 | $-5.09 | $11.56 | $-24.26 |
| EBITDA | $1.42B | $371.1M | $610.3M | -$87.5M | -$226.0M | $677.4M | $465.1M | -$127.3M | $32.5M | -$123.9M |
| Operating cash flow | $550.5M | $586.8M | $404.1M | $365.0M | -$3.7M | -$96.1M | -$120.5M | -$31.1M | -$62.4M | -$178.7M |
| Free cash flow | $550.5M | $586.8M | $404.1M | $365.0M | -$3.7M | — | — | — | — | — |
| Diluted shares | 2.5M | 2.5M | 2.5M | 2.8M | 3.0M | 3.1M | 3.1M | 3.3M | 4.2M | 5.0M |
Balance sheet
| Period end | Dec 31 | Dec 31 | Dec 31 | Dec 31 | Dec 31 | Dec 31 |
|---|---|---|---|---|---|---|
| Cash & equivalents | $184.9M | $190.9M | $122.4M | $255.0M | $147.7M | $211.2M |
| Short-term investments | $0.00 | $0.00 | $0.00 | $0.00 | — | $646.3M |
| Total debt | $837.0M | $562.5M | $564.6M | $575.2M | $420.9M | $376.4M |
| Total assets | $12.31B | $9.93B | $8.39B | $7.39B | $7.00B | $4.83B |
| Total liabilities | $6.05B | $4.79B | $3.82B | $3.45B | $3.30B | $1.01B |
| Shareholders' equity | $6.26B | $5.13B | $4.56B | $3.94B | $3.70B | $3.82B |
From SEC filings via Massive. Fiscal periods follow the company's own calendar; free cash flow is operating cash flow minus capital expenditure.
Sources: Massive / Polygon daily aggregates (split-adjusted) · SEC filings via Massive · FINRA settlements via Massive · Financial Modeling Prep. Figures are dated where shown; research is informational, not investment advice. Methodology