Filing Flows › White Mountains Insurance Group (WTM) › Q1 2026
White Mountains Insurance Group (WTM) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 6, 2026
White Mountains Insurance Group (WTM) reported revenue of $518M for the first quarter 2026 (Q1 2026), -10% from a year earlier and -68% from the quarter before. Operating margin was -4.9%, net loss $26.3M (5.1% of revenue).
White Mountains Insurance Group, Q1 2026: revenue $518M (-10% year over year), operating margin -4.9%, net loss $26.3M, operating cash flow $30.5M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $518M | -68% | -10% |
| Operating profit | −$25.5M | -103% | -135% |
| Net earnings | −$26.3M | -103% | -178% |
| Operating cash flow | $30.5M | -43% | — |
What changed
Revenue was $517.8M in Q1 2026, down 10% year over year and down 68% from the previous quarter.
Operating costs exceeded revenue by $25.5M, an operating margin of -4.9%. Total costs grew 7% against a revenue fall of 10%. The fastest-growing cost line was Cost of revenue (+469%). The quarter ended with a net loss of $26.3M, after a profit of $813.7M the previous quarter.
Operating cash flow was $30.5M. Non-cash charges added back $4.8M of depreciation and amortization and $4.1M of share-based compensation. Working capital and other items added $47.9M.
Questions
What was White Mountains Insurance Group's revenue in the first quarter 2026?
White Mountains Insurance Group (WTM) reported revenue of $518M for the first quarter 2026 (Q1 2026), -10% from a year earlier and -68% from the quarter before.
Was White Mountains Insurance Group profitable in the first quarter 2026?
Operating loss was $25.5M (-4.9% of revenue) and net loss $26.3M.