Filing Flows › White Mountains Insurance Group (WTM) › Q2 2025
White Mountains Insurance Group (WTM) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
White Mountains Insurance Group (WTM) reported revenue of $689M for the second quarter 2025 (Q2 2025), +74% from a year earlier and +19% from the quarter before. Operating margin was 25.6%, net earnings $123M (17.8% of revenue).
White Mountains Insurance Group, Q2 2025: revenue $689M (+74% year over year), operating margin 25.6%, net earnings $123M, operating cash flow $178M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $689M | +19% | +74% |
| Operating profit | $176M | +144% | — |
| Net earnings | $123M | +263% | — |
| Operating cash flow | $178M | — | -18% |
What changed
Revenue was $689.2M in Q2 2025, up 74% year over year and up 19% from the previous quarter.
Operating profit was $176.5M, a 25.6% margin (up 34.4 points year over year). Total costs grew 19% against revenue growth of 74%. The fastest-growing cost line was Cost of revenue (+506%). Net earnings were $122.9M. The effective tax rate was 7.3%.
Operating cash flow was $177.5M (down 18% year over year), 108% of net income including minority interests. Non-cash charges added back $4.9M of share-based compensation. Working capital and other items added $9.0M.
Questions
What was White Mountains Insurance Group's revenue in the second quarter 2025?
White Mountains Insurance Group (WTM) reported revenue of $689M for the second quarter 2025 (Q2 2025), +74% from a year earlier and +19% from the quarter before.
Was White Mountains Insurance Group profitable in the second quarter 2025?
Operating profit was $176M (25.6% of revenue) and net earnings $123M.