Filing Flows › White Mountains Insurance Group (WTM) › Q2 2026 › vs Q1 2026
White Mountains Insurance Group (WTM) Q2 2026 vs Q1 2026 (quarter over quarter)
White Mountains Insurance Group's revenue rose $327M (+63%) from $518M in Q1 2026 to $845M in Q2 2026. Operating margin 30.3% against -4.9% (+35.2 pts).
White Mountains Insurance Group, Q2 2026: revenue $845M (+22% year over year), operating margin 30.3%, net earnings $200M, operating cash flow −$55.5M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 30.3% | -4.9% | +35.2 pts |
| Net margin | 23.6% | -5.3% | +28.9 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Revenue | $845M | $518M | $327M | +63% |
| Operating profit | $256M | −$25.5M | $282M | — |
| Costs & expenses | $589M | $543M | $45.3M | +8% |
| Pre-tax earnings | $256M | −$25.5M | $282M | — |
| Cost of revenue | $80.1M | $42.7M | $37.4M | +88% |
| General & admin | $143M | $145M | −$1.6M | -1% |
| Other operating costs | $365M | $356M | $9.5M | +3% |
| Net earnings | $200M | −$27.2M | $227M | — |
| Minority interests | $31.7M | $900K | $30.8M | 35× |
| Income tax | $24.8M | $800K | $24.0M | 31× |
| Operating cash sources | $270M | −$48.8M | $318M | — |
| Depreciation & amortization | $9.2M | $4.8M | $4.4M | +92% |
| Share-based compensation | $5.4M | $4.1M | $1.3M | +32% |
| Cash used in operations | $55.5M | −$30.5M | $86.0M | — |
| Working capital & other | $270M | −$48.8M | $318M | — |
Questions
How much did White Mountains Insurance Group's revenue grow quarter over quarter in Q2 2026?
White Mountains Insurance Group's revenue rose $327M (+63%) from $518M in Q1 2026 to $845M in Q2 2026. Operating margin 30.3% against -4.9% (+35.2 pts).