White Mountains Insurance Group, Ltd. (WTM) Cash Flow Statement
Where WTM’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$7.2M −101.2% vs 2024
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- −$7.2M −0.3% margin
- Returned to shareholders
- $205.2M
- Change in cash
- $300,000 cash at year-end $400,000
Cash from operations
−$7.2M
Investments (net)
−$1.21B
Acquisitions & other
+$1.42B
Dividends
−$2.6M
Share buybacks (net)
−$202.6M
Net borrowing (repayment)
+$277.2M
Other financing
−$277.2M
Change in cash
$300,000
Drawn to scale: where the cash came from and how it was used. Hover for values.
WTM operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
WTM cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$130.6M2016 | −$7.2M2025 | — | |
| Capital expenditures | $4.3M2016 | $02025 | −100.0% | |
| Free cash flow | −$134.9M2016 | −$7.2M2025 | — | |
| Free cash flow margin | −85.5%2016 | −0.3%2025 | +85.3 pts | |
| Operating cash flow / net income | −1.732017 | −0.012025 | +1.72 | |
| Stock-based compensation | $18.5M2016 | $20.3M2025 | +1.0%/yr | |
| Dividends paid | $5.4M2016 | $2.6M2025 | −7.8%/yr | |
| Share buybacks (net) | $881.3M2016 | $202.6M2025 | −15.1%/yr | |
| Capex / revenue | 2.7%2016 | 0.0%2025 | −2.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
WTM cash flow by activity
OperatingInvestingFinancingChange in cash
WTM net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
WTM cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.09B | $284.1M | $509.2M | $712.4M | −$321.9M | $663.4M | $376.6M | −$174.2M | $36.1M | −$6.1M |
| Depreciation & amortization | $9.0M | −$6.4M | −$17.8M | $4.3M | $63.6M | $43.4M | $29.8M | $25.7M | $22.4M | $20.4M |
| Stock-based compensation | $20.3M | $62.9M | $15.3M | $13.9M | $14.7M | $16.6M | $10.5M | $13.0M | $14.8M | $18.5M |
| Change in working capital | $248.4M | $356.5M | $346.7M | $256.7M | $204.9M | $85.0M | $57.7M | $4.5M | $29.5M | −$192.2M |
| Other non-cash items | −$1.38B | −$110.3M | −$449.3M | −$661.0M | $77.3M | −$869.0M | −$595.1M | $99.9M | −$165.2M | $28.8M |
| Cash from operating activities | −$7.2M | $586.8M | $404.1M | $326.3M | $38.6M | −$60.6M | −$120.5M | −$31.1M | −$62.4M | −$130.6M |
| Investing activities | ||||||||||
| Capital expenditures | $0 | $0 | −$1 | $0 | −$106.4M | −$69.9M | −$29.4M | −$34.0M | −$195.4M | −$4.3M |
| Investments (net) | −$1.21B | −$447.0M | −$607.0M | $108.4M | −$818.0M | $51.8M | −$59.9M | −$129.9M | $1.07B | $2.57B |
| Acquisitions & other investing | $1.42B | $0 | $63.1M | $7.1M | $716.1M | $82.7M | $29.4M | $623.1M | −$163.7M | −$1.28B |
| Cash from investing activities | $212.7M | −$447.0M | −$543.9M | $115.5M | −$208.3M | $64.6M | −$59.9M | $459.2M | $715.5M | $1.28B |
| Financing activities | ||||||||||
| Dividends paid | −$2.6M | −$2.5M | −$2.6M | −$3.0M | −$3.1M | −$3.2M | −$3.2M | −$3.8M | −$4.6M | −$5.4M |
| Share repurchases & issuance (net) | −$202.6M | −$7.9M | −$32.7M | −$615.8M | −$100.1M | −$78.5M | $41.6M | −$511.9M | −$714.6M | −$881.3M |
| Net borrowing (repayment) | $277.2M | −$1.5M | −$13.3M | $157.1M | $282.0M | $80.1M | $183.5M | $68.7M | $11.0M | −$53.8M |
| Shares issued | $0 | $0 | $0 | $74.6M | $6.5M | $0 | $62.7M | $0 | $0 | $0 |
| Other financing | −$277.2M | $16.1M | $55.8M | $59.7M | $32.3M | $50.6M | −$54.1M | $32.7M | $71.1M | −$7.9M |
| Cash from financing activities | −$205.2M | $4.2M | $7.2M | −$327.4M | $217.6M | $49.0M | $230.5M | −$414.3M | −$637.1M | −$948.4M |
| Summary | ||||||||||
| Net change in cash | $300,000 | $144.0M | −$132.6M | $107.3M | $48.1M | $50.2M | $50.7M | $13.2M | $16.9M | −$17.4M |
| Cash at end of period | $400,000 | $266.4M | $122.4M | $255.0M | $259.3M | $211.2M | $161.0M | $110.3M | $97.1M | $80.2M |
| Free cash flow | −$7.2M | $586.8M | $404.1M | $326.3M | $145.0M | $9.3M | −$91.1M | −$31.1M | $133.0M | −$134.9M |
| Free cash flow margin | −0.3% | 24.9% | 18.7% | 28.2% | 23.6% | 1.0% | −10.2% | −8.4% | 35.6% | −85.5% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 17.3% | 7.8% | 3.3% | 9.2% | 52.3% | 2.7% |
| Operating cash flow / net income | −0.01 | 2.07 | 0.79 | 0.46 | — | −0.09 | −0.32 | — | −1.73 | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $204.9M | −$30.8M | $813.7M | $161.7M | $163.6M | $62.8M | −$124.4M | $227.9M | −$53.9M | $221.8M | $362.7M | $13.8M |
| Depreciation & amortization | $9.2M | $4.8M | $6.4M | $2.3M | −$800,000 | $1.1M | $1.1M | −$2.7M | −$2.7M | −$2.1M | −$7.5M | −$5.3M |
| Stock-based compensation | $9.5M | −$52.1M | $500,000 | $500,000 | −$39.0M | −$51.1M | $22.6M | −$22.6M | — | $22.6M | −$24.2M | $14.6M |
| Change in working capital | −$57.9M | −$11.4M | $18.4M | $286.4M | $110.9M | $6.2M | $51.9M | $134.5M | $173.5M | $50.3M | $3.2M | $159.1M |
| Other non-cash items | −$190.7M | $126.3M | −$785.1M | −$91.6M | −$57.2M | −$59.2M | $112.9M | −$67.7M | $124.5M | −$256.1M | −$309.7M | $40.7M |
| Cash from operating activities | −$25.0M | $36.8M | $53.9M | $359.3M | $177.5M | −$40.2M | $64.1M | $269.4M | $241.4M | $36.5M | $24.5M | $222.9M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$29.3M | −$14.6M |
| Investments (net) | $337.8M | −$28.4M | −$965.3M | −$295.4M | −$163.8M | $7.3M | −$163.2M | −$189.6M | −$194.8M | $100.6M | −$88.9M | −$232.2M |
| Acquisitions & other investing | −$224.2M | −$7.0M | $750.3M | $0 | $0 | $0 | $0 | $0 | −$21.2M | $0 | $29.3M | $14.6M |
| Cash from investing activities | $113.6M | −$35.4M | −$215.0M | −$295.4M | −$163.8M | $7.3M | −$163.2M | −$189.6M | −$216.0M | $100.6M | −$88.9M | −$232.2M |
| Financing activities | ||||||||||||
| Dividends paid | −$2.4M | −$2.4M | −$2.6M | −$2.6M | −$2.6M | −$2.6M | −$2.5M | −$2.5M | $0 | −$2.5M | $0 | −$2.6M |
| Share repurchases & issuance (net) | −$216.8M | −$25.9M | −$192.7M | −$9.9M | −$9.9M | −$9.9M | $200,000 | −$8.1M | $0 | −$8.1M | $0 | −$32.7M |
| Net borrowing (repayment) | $97.9M | −$2.3M | $70.4M | $77.6M | $13.9M | $115.3M | $19.7M | $12.9M | — | — | — | −$1.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$25.1M | −$19.4M | −$2.6M | $7.4M | $10.7M | −$24.3M | $2.1M | $8.7M | $4.5M | −$23.6M | $24.0M | $53.9M |
| Cash from financing activities | −$146.4M | −$50.0M | −$127.5M | $72.5M | $12.1M | $78.5M | $19.5M | $11.0M | $4.5M | −$34.2M | $24.0M | $17.6M |
| Summary | ||||||||||||
| Net change in cash | −$57.8M | −$49.0M | −$288.6M | $136.4M | $25.8M | $45.6M | −$79.6M | $90.8M | $29.9M | $102.9M | −$40.4M | $8.3M |
| Cash at end of period | $127.8M | $135.9M | $185.6M | $474.2M | $337.8M | $312.0M | $266.4M | $346.0M | $255.2M | $225.3M | $122.4M | $162.8M |
| Free cash flow | −$25.0M | $36.8M | $53.9M | $359.3M | $177.5M | −$40.2M | $64.1M | $269.4M | $241.4M | $36.5M | $24.5M | $222.9M |
| Free cash flow margin | −3.0% | 7.1% | 9.4% | 41.6% | 25.8% | −7.0% | 17.9% | 28.3% | 61.1% | 5.6% | 3.3% | 42.9% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 4.0% | 2.8% |
| Operating cash flow / net income | −0.12 | — | 0.07 | 2.22 | 1.08 | −0.64 | — | 1.18 | — | 0.16 | 0.07 | 16.15 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
WTM cash generation
In fiscal 2025 (ended December 31, 2025), White Mountains Insurance generated -$7.2 million of cash from operations (down 101.2%) and spent $0 on capital expenditures, leaving free cash flow of -$7.2 million, −0.3% of revenue. It returned $205.2 million to shareholders through dividends ($2.6 million) and net share buybacks ($202.6 million). Cash and equivalents rose by $0.3 million over the year.
Related: WTM income statement, WTM balance sheet, WTM dividend history. See the WTM stock overview for the latest quote and news.
WTM cash flow FAQ
What is White Mountains Insurance's free cash flow?
White Mountains Insurance's free cash flow was -$7.2 million in fiscal 2025: -$7.2 million of operating cash flow minus $0 of capital expenditures It was $586.8 million a year earlier..
How much cash does White Mountains Insurance generate from operations?
White Mountains Insurance generated -$7.2 million of cash from operating activities in fiscal 2025, −0.01 times its net income of $1.1 billion.
How much stock does White Mountains Insurance buy back?
White Mountains Insurance spent $202.6 million on net share repurchases in fiscal 2025.
How much does White Mountains Insurance pay in dividends?
White Mountains Insurance paid $2.6 million in dividends in fiscal 2025.