Filing Flows › White Mountains Insurance Group (WTM) › Q4 2025
White Mountains Insurance Group (WTM) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 27, 2026
White Mountains Insurance Group (WTM) reported revenue of $1.6B for the fourth quarter 2025 (Q4 2025), +348% from a year earlier and +86% from the quarter before. Operating margin was 56.2%, net earnings $836M (52.1% of revenue).
White Mountains Insurance Group, Q4 2025: revenue $1.6B (+348% year over year), operating margin 56.2%, net earnings $836M, operating cash flow $53.9M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.6B | +86% | +348% |
| Operating profit | $901M | +404% | — |
| Net earnings | $836M | +634% | — |
| Operating cash flow | $53.9M | -85% | -16% |
What changed
Revenue was $1.6B in Q4 2025, up 348% year over year and up 86% from the previous quarter.
Operating profit was $0.90B, a 56.2% margin (up 89.9 points year over year). Total costs grew 47% against revenue growth of 348%. The fastest-growing cost line was Cost of revenue (+530%). Net earnings were $0.84B ($0.81B including minority interests, which bore $0.02B of losses). The effective tax rate was 9.7%.
Operating cash flow was $0.05B (down 16% year over year), 7% of net income including minority interests. Non-cash charges added back $0.01B of depreciation and amortization and $4.9M of share-based compensation. Working capital and other items used $0.77B.
Questions
What was White Mountains Insurance Group's revenue in the fourth quarter 2025?
White Mountains Insurance Group (WTM) reported revenue of $1.6B for the fourth quarter 2025 (Q4 2025), +348% from a year earlier and +86% from the quarter before.
Was White Mountains Insurance Group profitable in the fourth quarter 2025?
Operating profit was $901M (56.2% of revenue) and net earnings $836M.