Filing Flows › White Mountains Insurance Group (WTM) › Q2 2026
White Mountains Insurance Group (WTM) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 6, 2026
White Mountains Insurance Group (WTM) reported revenue of $845M for the second quarter 2026 (Q2 2026), +23% from a year earlier and +63% from the quarter before. Operating margin was 30.3%, net earnings $200M (23.6% of revenue).
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 follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $845M | +63% | +23% |
| Operating profit | $256M | — | +45% |
| Net earnings | $200M | — | +62% |
| Operating cash flow | −$55.5M | -282% | -131% |
What changed
Revenue was $844.6M in Q2 2026, up 23% year over year and up 63% from the previous quarter.
Operating profit was $256.0M, a 30.3% margin (up 4.7 points year over year). Of the extra revenue versus Q2 2025, 51% reached operating profit, above the 26% margin then. Total costs grew 15% against revenue growth of 23%. The fastest-growing cost line was Cost of revenue (+89%). Net earnings were $199.5M, up 62% year over year. The effective tax rate was 9.7%.
Operating cash flow was −$55.5M. Non-cash charges added back $9.2M of depreciation and amortization and $5.4M of share-based compensation. Working capital and other items used $301.3M.
Questions
What was White Mountains Insurance Group's revenue in the second quarter 2026?
White Mountains Insurance Group (WTM) reported revenue of $845M for the second quarter 2026 (Q2 2026), +23% from a year earlier and +63% from the quarter before.
Was White Mountains Insurance Group profitable in the second quarter 2026?
Operating profit was $256M (30.3% of revenue) and net earnings $200M.