Filing Flows › Financials › White Mountains Insurance Group (WTM)
White Mountains Insurance Group (WTM) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · White Mountains Insurance Group (WTM) Q3 2026 earnings results →
Q3 2026 Revenue down 26% year over year to $641M · 5¢ of every $1 of revenue lost · operating margin -3.6%
White Mountains Insurance Group made $641M in Q3 2026 (-26% Y/Y). Operating margin -3.6%, net loss $29.6M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $641.1M in Q3 2026, down 26% year over year and down 24% from the previous quarter.
Operating costs exceeded revenue by $23.2M, an operating margin of -3.6%. Total costs fell 3% while revenue fell 26%. The fastest-growing cost line was Cost of revenue (+66%). The quarter ended with a net loss of $29.6M, after a profit of $231.2M the previous quarter.
Operating cash flow was $356.6M (down 1% year over year). Non-cash charges added back $11.7M of depreciation and amortization and $5.4M of share-based compensation. Working capital and other items added $369.1M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $641M | -26% | -3.6% | −$29.6M | $357M |
| Q2 2026 | 10-Q | Aug 6, 2026 | $845M | +22% | 30.3% | $200M | −$55.5M |
| Q1 2026 | 10-Q | May 6, 2026 | $518M | -10% | -4.9% | −$26.3M | $30.5M |
| Q4 2025 | 10-K | Feb 27, 2026 | $1.6B | +348% | 56.2% | $836M | $53.9M |
| Q3 2025 | 10-Q | Nov 6, 2025 | $864M | +3% | 20.7% | $114M | $359M |
| Q2 2025 | 10-Q | Aug 7, 2025 | $689M | +74% | 25.6% | $123M | $178M |
| Q1 2025 | 10-Q | May 7, 2025 | $578M | -11% | 12.5% | $33.9M | −$40.2M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About White Mountains Insurance Group
White Mountains Insurance Group, Ltd. (the “Company” or the “Registrant”) is an exempted Bermuda limited liability company whose principal businesses are conducted through its subsidiaries and affiliates. Within this report, the term “White Mountains” is used to refer to one or more entities within the consolidated organization, as the context requires. The Company’s headquarters is located at 26 Reid Street, Hamilton, Bermuda HM 11, its principal executive office is located at 23 South Main Street, Suite 3B, Hanover, New Hampshire 03755-2053 and its registered office is located at Clarendon House, 2 Church Street, Hamilton, Bermuda HM 11. The Company’s website is located at www.whitemountains.com . The information contained on White Mountains’s website is not incorporated by reference into, and is not a part of, this report.
In its own words, from its 10-K, filed Feb 27, 2026.
White Mountains Insurance Group against its Fire, Marine & Casualty Insurance peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -26% against the peers' median +2%. Operating margin: -3.6% against the peers' median 15.1%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| WTM White Mountains Insurance Group | Q3 2026 | $641M | -26% | -3.6% |
| BRK-B Berkshire Hathaway | Q2 2026 | $101.8B | +10% | 15.5% |
| PGR Progressive | Q3 2026 | $23.2B | +3% | 14.0% |
| ALL Allstate | Q3 2026 | $17.3B | +0.5% | 15.1% |
| CB Chubb | Q3 2026 | $16.2B | +0.3% | 21.0% |
| TRV Travelers Companies | Q3 2026 | $12.4B | -0.5% | 19.1% |
| AIG American International Group | Q3 2026 | $7.4B | +17% | 15.0% |
| HIG Hartford Insurance Group | Q3 2026 | $7.2B | +4% | 21.9% |
| L Loews | Q3 2026 | $4.8B | +2% | 8.5% |
Source: White Mountains Insurance Group 10-Q on SEC EDGAR · CIK 776867 · Fire, Marine & Casualty Insurance
Guidance and outlook
More on WTM
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results