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Insurance - Property & casualty · Financial Services · Fiscal year ends Dec 31
White Mountains Insurance reported revenue of $3.7B in the fiscal year ended Dec 2025, up 66.8% from the year before. Operating income was $1.4B, an operating margin of 37.7%, and net income was $1.1B. Net debt was $651M.
Ranks among the 30 insurance - property & casualty companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 614 | 1,158 | 2,167 | 2,240 | 3,735 |
| Cost of revenue | 69.3 | 98.6 | 40.4 | 29.6 | 152 |
| Gross profit | 545 | 1,059 | 2,126 | 2,210 | 3,583 |
| Operating incomederived: pre-tax income + interest | −253 | −109 | 628 | 378 | 1,407 |
| Interest expense | 20.5 | 40.3 | 62.7 | 60.8 | 78.4 |
| Pre-tax income | −274 | −149 | 565 | 317 | 1,329 |
| Income tax | 44.4 | 41.4 | −15.5 | 32.6 | 127 |
| Net income | −275 | 793 | 509 | 230 | 1,106 |
| Diluted EPS | −89.46 | 276.96 | 198.60 | 89.79 | 430.14 |
| Diluted shares | 3.0 | 2.8 | 2.5 | 2.5 | 2.5 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 148 | 255 | 122 | 266 | 186 |
| Goodwill | 142 | 177 | 169 | 439 | 614 |
| Total assets | 7,001 | 7,389 | 8,386 | 9,926 | 12,307 |
| Long-term debt | 421 | 575 | 565 | 563 | 837 |
| Total liabilities | 3,296 | 3,454 | 3,824 | 4,795 | 6,051 |
| Shareholders' equity | 3,548 | 3,747 | 4,241 | 4,484 | 5,425 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 38.6 | 365 | 404 | 587 | 551 |
| Depreciation & amortisation | 21.6 | 4.3 | −17.8 | −6.4 | 9.0 |
| Stock-based compensation | 14.7 | 14.0 | 15.3 | 16.3 | 18.5 |
| Acquisitions | −10.6 | 67.9 | 0.0 | 232 | 350 |
| Share buybacks | 108 | 616 | 32.7 | 7.9 | 203 |
| Dividends paid | 3.1 | 3.0 | 2.6 | 2.5 | 2.6 |
| Dividend per share | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 88.5% | 87.1% | 3.4% | 66.8% |
| Operating income growth (YoY) | – | – | – | −39.9% | 272.7% |
| EPS growth (YoY) | – | – | −28.3% | −54.8% | 379.1% |
| Gross margin | 88.7% | 91.5% | 98.1% | 98.7% | 95.9% |
| Operating margin | −41.2% | −9.4% | 29.0% | 16.9% | 37.7% |
| Net margin | −44.8% | 68.5% | 23.5% | 10.3% | 29.6% |
| Return on equityBlank when equity is negative | −7.8% | 21.2% | 12.0% | 5.1% | 20.4% |
| Cash conversion (CFO ÷ net income) | −0.14x | 0.46x | 0.79x | 2.55x | 0.50x |
| Interest cover | −12.3x | −2.71x | 10.0x | 6.21x | 17.9x |
| Debt ÷ equity | 0.12x | 0.15x | 0.13x | 0.13x | 0.15x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 273 | 320 | 442 | 296 | 651 |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.