White Mountains Insurance Group, Ltd. (WTM) Income Statement
WTM 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsWTM revenue and net income
Where WTM's revenue goes
2025Each bar shows an amount and its share of revenue. WTM kept 40.9% of revenue as net income.
WTM profit margins
WTM growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +15.0% | +32.7% | +24.8% | +19.9% |
| Gross profit | +35.5% | +57.7% | +12.3% | +13.1% |
| Operating income | +319.5% | — | +15.0% | +26.2% |
| Net income | +380.2% | +11.8% | +9.3% | +14.1% |
| EPS (diluted) | +416.9% | +19.1% | +15.3% | +74.0% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
WTM quarterly EPS vs estimates
White Mountains Insurance beat the analyst EPS estimate in 4 of the last 5 quarters. Next report: November 5, 2026.
WTM income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.71B | $2.35B | $2.17B | $1.16B | $614.4M | $895.6M | $893.4M | $369.1M | $373.8M | $157.7M |
| Cost of revenue | $1.25B | $1.28B | $1.02B | $787.0M | $581.3M | $82.3M | $70.5M | $33.7M | $5.2M | $13.6M |
| Gross profit | $1.45B | $1.07B | $1.15B | $370.9M | $33.1M | $813.3M | $822.9M | $335.4M | $368.6M | $144.1M |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $700.2M | $519.7M | $473.0M | $462.7M | $291.6M | $207.9M | $342.7M | $237.2M | $211.5M | $179.7M |
| Total operating expenses | $125.7M | $756.3M | $584.4M | $520.3M | $306.7M | $152.9M | $417.8M | $513.6M | $360.8M | $291.4M |
| Operating income | $1.33B | $316.7M | $565.4M | −$149.4M | −$273.6M | $660.4M | $405.1M | −$178.2M | $7.8M | −$147.3M |
| Interest income | $29.8M | $15.8M | $62.7M | $40.3M | $43.8M | $26.2M | $19.7M | $9.5M | $2.3M | $3.0M |
| Interest expense | $58.8M | $60.8M | $62.7M | $40.3M | $20.5M | $7.4M | $17.6M | $9.5M | $2.3M | $3.0M |
| Income before taxes | $1.33B | $316.7M | $565.4M | −$149.4M | −$273.6M | $660.4M | $405.1M | −$178.2M | $7.8M | −$147.3M |
| Income taxes | $126.9M | $32.6M | −$15.5M | $41.4M | $44.4M | −$14.8M | $29.3M | −$4.0M | −$7.8M | −$32.9M |
| Net income | $1.11B | $230.4M | $509.2M | $792.8M | −$275.4M | $708.7M | $414.5M | −$141.2M | $627.2M | $401.8M |
| EBITDA | $1.42B | $371.1M | $610.3M | −$104.8M | −$231.5M | $677.4M | $452.5M | −$143.0M | $32.5M | −$123.9M |
| EPS (diluted) | $468.38 | $90.62 | $198.54 | $276.92 | −$89.05 | $229.39 | $130.49 | −$8.16 | −$13.82 | −$0.62 |
| Gross margin | 53.7% | 45.6% | 53.1% | 32.0% | 5.4% | 90.8% | 92.1% | 90.9% | 98.6% | 91.4% |
| Operating margin | 49.1% | 13.5% | 26.1% | −12.9% | −44.5% | 73.7% | 45.3% | −48.3% | 2.1% | −93.4% |
| Net margin | 40.9% | 9.8% | 23.5% | 68.5% | −44.8% | 79.1% | 46.4% | −38.3% | 167.8% | 254.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $844.6M | $515.4M | $576.1M | $864.2M | $689.2M | $577.8M | $358.0M | $953.6M | $395.4M | $647.3M | $736.8M | $519.6M |
| Cost of revenue | $175.6M | $207.0M | $195.4M | $397.3M | $285.8M | $374.4M | $322.9M | $419.2M | $259.8M | $266.7M | $218.0M | $358.2M |
| Gross profit | $669.0M | $308.4M | $380.7M | $466.9M | $403.4M | $203.4M | $35.1M | $534.4M | $135.6M | $380.6M | $518.8M | $161.4M |
| Sales, general & admin | $258.1M | $105.4M | $289.9M | $225.1M | $137.5M | $96.0M | $127.9M | $121.9M | $122.5M | $132.8M | $141.3M | $107.6M |
| Total operating expenses | $413.0M | $333.9M | −$520.3M | $288.1M | $226.9M | $131.0M | $155.8M | $294.9M | $170.3M | $148.0M | $191.0M | $140.3M |
| Operating income | $256.0M | −$25.5M | $901.0M | $178.8M | $176.5M | $72.4M | −$120.7M | $239.5M | −$34.7M | $232.6M | $327.8M | $21.1M |
| Interest income | $6.9M | $6.9M | $7.3M | $7.5M | $7.5M | $7.5M | $7.9M | $7.9M | $0 | $0 | — | $11.9M |
| Interest expense | $19.8M | $19.3M | $2.5M | $19.9M | $18.6M | $17.8M | $14.1M | $16.7M | $14.8M | $15.2M | $17.8M | $15.7M |
| Income before taxes | $256.0M | −$25.5M | $901.0M | $178.8M | $176.5M | $72.4M | −$120.7M | $239.5M | −$34.7M | $232.6M | $327.8M | $21.1M |
| Income taxes | $24.8M | $800,000 | $87.3M | $17.1M | $12.9M | $9.6M | $3.7M | $11.6M | $6.5M | $10.8M | −$34.9M | $7.3M |
| Net income | $199.5M | −$31.1M | $835.8M | $113.8M | $122.9M | $33.9M | −$130.4M | $179.0M | −$54.6M | $236.4M | $286.5M | $23.6M |
| EBITDA | $285.0M | −$1.4M | $929.5M | $201.0M | $194.3M | $91.3M | −$105.5M | $253.5M | −$22.6M | $245.7M | $338.1M | $31.5M |
| EPS (diluted) | −$3.84 | −$12.59 | $327.23 | $44.17 | $83.75 | $13.22 | −$50.15 | $69.68 | −$21.24 | $92.33 | $111.87 | $9.19 |
| Gross margin | 79.2% | 59.8% | 66.1% | 54.0% | 58.5% | 35.2% | 9.8% | 56.0% | 34.3% | 58.8% | 70.4% | 31.1% |
| Operating margin | 30.3% | −4.9% | 156.4% | 20.7% | 25.6% | 12.5% | −33.7% | 25.1% | −8.8% | 35.9% | 44.5% | 4.1% |
| Net margin | 23.6% | −6.0% | 145.1% | 13.2% | 17.8% | 5.9% | −36.4% | 18.8% | −13.8% | 36.5% | 38.9% | 4.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in WTM's financial statements (latest annual report filed February 27, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
WTM financial results
In fiscal year 2025 (ended December 31, 2025), White Mountains Insurance reported revenue of $2.7 billion, up 15.0% from the year before. It had net income of $1.1 billion (up 380.2%), a net profit margin of 40.9%. Diluted earnings per share came to $468.38. Over five years revenue grew at an average rate of 24.8% a year.
See the WTM stock overview for the latest quote and news, or the WTM chart for price history and technical indicators.
WTM income statement FAQ
What is White Mountains Insurance's annual revenue?
White Mountains Insurance reported total revenue of $2.7 billion for fiscal year 2025, which ended on December 31, 2025. That was up 15.0% from $2.4 billion the previous year.
Is White Mountains Insurance profitable?
Yes. White Mountains Insurance reported net income of $1.1 billion in fiscal 2025, a net profit margin of 40.9%; its operating margin was 49.1%.
What is White Mountains Insurance's gross margin?
White Mountains Insurance's gross margin was 53.7% in fiscal 2025: for every $100 of revenue, White Mountains Insurance kept $54 after the direct cost of its products and services.
How fast is White Mountains Insurance growing?
Revenue grew 24.8% a year on average over the last five fiscal years, from $895.6 million to $2.7 billion.
What are White Mountains Insurance's earnings per share?
White Mountains Insurance earned $468.38 per diluted share in fiscal 2025, compared with $90.62 a year earlier.
When will White Mountains Insurance report its next earnings?
White Mountains Insurance is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 before the market opens.
When does White Mountains Insurance's fiscal year end?
White Mountains Insurance's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 27, 2026.