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White Mountains Insurance Group cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$357M in Q3 2026 · $386M over twelve months

Operating cash flow$357M
Free cash flow+$357M

Analysis

In Q3 2026, White Mountains Insurance Group generated $357M of operating cash flow. That is $2.7M less than in Q3 2025 ($359M).

Over the twelve months to Sep 30, 2026, operating cash flow was $386M; the largest uses were other investing ($974M), buybacks ($410M), acquisitions ($187M); besides operations, cash came from asset & business sales ($752M), net borrowing (+) / repaid (−) ($162M); the cash balance fell by $307M.

Operating cash flow was $357M against net income of −$29.6M. The largest differences: gains on investments +$123M, other operating capital +$36.6M, depreciation & amortization +$11.7M.

Free cash flow

White Mountains Insurance Group: free cash flow by quarterWhite Mountains Insurance Group: free cash flow by quarter$64.1MQ4 2024−$40.2MQ1 2025$178MQ2 2025$359MQ3 2025$53.9MQ4 2025$30.5MQ1 2026−$55.5MQ2 2026$357MQ3 2026
Operating cash flow less capital spending.
White Mountains Insurance Group: operating cash flow against capital spendingWhite Mountains Insurance Group: operating cash flow against capital spendingOperating cash flowCapital spending$64.1M$0Q4 2024−$40.2M$0Q1 2025$178M$0Q2 2025$359M$0Q3 2025$53.9M$0Q4 2025$30.5M$0Q1 2026−$55.5M$0Q2 2026$357M$0Q3 2026
Latest (Q3 2026): Operating cash flow $357M, Capital spending $0.

Capital allocation, year by year

White Mountains Insurance Group: where the cash came from (up) and went (down), by fiscal yearWhite Mountains Insurance Group: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesAcquisitionsBuybacksDividendsFY2021: Operating cash flow $38.6MFY2021: Net borrowing $683MFY2021: Acquisitions $10.6MFY2021: Buybacks −$108MFY2021: Dividends −$3.1M$732MFY2021FY2022: Operating cash flow $365MFY2022: Net borrowing $371MFY2022: Asset sales $1.4BFY2022: Acquisitions −$67.9MFY2022: Buybacks −$616MFY2022: Dividends −$3.0M$2.1BFY2022FY2023: Operating cash flow $404MFY2023: Net borrowing −$13.3MFY2023: Asset sales $17.3MFY2023: Buybacks −$32.7MFY2023: Dividends −$2.6M$421MFY2023FY2024: Operating cash flow $587MFY2024: Net borrowing −$1.5MFY2024: Acquisitions −$232MFY2024: Buybacks −$7.9MFY2024: Dividends −$2.5M$587MFY2024FY2025: Operating cash flow $550MFY2025: Net borrowing $277MFY2025: Asset sales $746MFY2025: Acquisitions −$350MFY2025: Buybacks −$203MFY2025: Dividends −$2.6M$1.6BFY2025
Over these 5 years operating cash flow totalled $1.9B; the largest uses were buybacks ($966M) and acquisitions ($649M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$167M
Debt$929M
Net debt$761M

White Mountains Insurance Group funds itself: free cash flow was $386M over the last twelve months, and $167M of cash and investments stands against $929M of debt.

Where the cash came from and went

White Mountains Insurance Group: sources (+) and uses (−) of cash, Q3 2026White Mountains Insurance Group: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$357MOther investing−$308MCash drawn (+) / kept (−)−$39.6MOther financing−$6.4MNet borrowing (+) / repaid (−)−$4.5MAcquisitions$2.0MPartners$200K
White Mountains Insurance Group: sources (+) and uses (−) of cash, TTM to Q3 2026White Mountains Insurance Group: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing−$974MAsset & business sales$752MBuybacks−$410MOperating cash flow$386MCash drawn (+) / kept (−)$307MAcquisitions−$187MNet borrowing (+) / repaid (−)$162MPartners−$36.2MDividends−$2.4MOther financing$2.0M

From profit to cash

White Mountains Insurance Group: net income to operating cash flow, Q3 2026White Mountains Insurance Group: net income to operating cash flow, Q3 2026Net income−$29.6MDepreciation & amortization$11.7MStock-based pay$5.4MDeferred taxes$7.9MGains on investments$123MOther operating capital$36.6MOperating cash flow$357M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$357M$2.0M——−$4.5M−$39.6M$357M
Q2 2026−$55.5M—−$191M—$97.9M$9.2M−$55.5M
Q1 2026$30.5M—−$25.9M−$2.4M−$2.3M$48.6M$30.5M
Q4 2025$53.9M−$7.3M−$193M—$70.4M$289M$53.9M
Q3 2025$359M−$272M——$77.6M−$136M$359M
Q2 2025$178M−$70.7M——$13.9M−$25.8M$178M
Q1 2025−$40.2M—−$9.9M−$2.6M$115M−$45.6M−$40.2M
Q4 2024$64.1M—$200K—$19.7M$79.6M$64.1M

White Mountains Insurance Group: income statement and cash flow

White Mountains Insurance Group, Q3 2026: revenue $641M (-26% year over year), operating margin -3.6%. The chart follows the revenue to costs, profit and cash.

White Mountains Insurance Group: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.