Filing Flows › White Mountains Insurance Group (WTM) › Q3 2025
White Mountains Insurance Group (WTM) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
White Mountains Insurance Group (WTM) reported revenue of $864M for the third quarter 2025 (Q3 2025), +3% from a year earlier and +25% from the quarter before. Operating margin was 20.7%, net earnings $114M (13.2% of revenue).
White Mountains Insurance Group, Q3 2025: revenue $864M (+3% year over year), operating margin 20.7%, net earnings $114M, operating cash flow $359M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $864M | +25% | +3% |
| Operating profit | $179M | +1% | -25% |
| Net earnings | $114M | -7% | -36% |
| Operating cash flow | $359M | +102% | +33% |
What changed
Revenue was $864.2M in Q3 2025, up 3% year over year and up 25% from the previous quarter.
Operating profit was $178.8M, a 20.7% margin (down 7.9 points year over year). Operating profit fell $60.7M even though revenue rose $25.1M versus a year earlier, so costs grew faster than sales. Total costs grew 14% against revenue growth of 3%. The fastest-growing cost line was Cost of revenue (+628%). Net earnings were $113.8M, down 36% year over year. The effective tax rate was 9.6%.
Operating cash flow was $359.3M (up 33% year over year), 222% of net income including minority interests. Non-cash charges added back $2.3M of depreciation and amortization and $4.9M of share-based compensation. Working capital and other items added $190.4M.
Questions
What was White Mountains Insurance Group's revenue in the third quarter 2025?
White Mountains Insurance Group (WTM) reported revenue of $864M for the third quarter 2025 (Q3 2025), +3% from a year earlier and +25% from the quarter before.
Was White Mountains Insurance Group profitable in the third quarter 2025?
Operating profit was $179M (20.7% of revenue) and net earnings $114M.