Filing Flows › White Mountains Insurance Group (WTM) › Q1 2025
White Mountains Insurance Group (WTM) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 7, 2025
White Mountains Insurance Group (WTM) reported revenue of $578M for the first quarter 2025 (Q1 2025), -11% from a year earlier and +61% from the quarter before. Operating margin was 12.5%, net earnings $33.9M (5.9% of revenue).
White Mountains Insurance Group, Q1 2025: revenue $578M (-11% year over year), operating margin 12.5%, net earnings $33.9M, operating cash flow −$40.2M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $578M | +61% | -11% |
| Operating profit | $72.4M | — | -69% |
| Net earnings | $33.9M | — | -86% |
| Operating cash flow | −$40.2M | — | — |
What changed
Revenue was $577.8M in Q1 2025, down 11% year over year and up 61% from the previous quarter.
Operating profit was $72.4M, a 12.5% margin (down 23.4 points year over year). Total costs grew 22% against a revenue fall of 11%. The fastest-growing cost line was Other operating costs (+43%). Net earnings were $33.9M, down 86% year over year. The effective tax rate was 13.3%.
Operating cash flow was −$40.2M. Non-cash charges added back $1.1M of depreciation and amortization and $3.8M of share-based compensation. Working capital and other items used $107.9M.
Questions
What was White Mountains Insurance Group's revenue in the first quarter 2025?
White Mountains Insurance Group (WTM) reported revenue of $578M for the first quarter 2025 (Q1 2025), -11% from a year earlier and +61% from the quarter before.
Was White Mountains Insurance Group profitable in the first quarter 2025?
Operating profit was $72.4M (12.5% of revenue) and net earnings $33.9M.