10-K · February 27, 2026
White Mountains (WTM) positions itself as an opportunistic, value-oriented acquirer/operator in insurance and related financial services, focused on running and exiting businesses when attractive valuations arise. The…
Earnings analysis · 10-Q
WTM earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
White Mountains Insurance Group, Ltd. (WTM) reported a disappointing performance in Q1 2026 with revenues of $517.8 million and a diluted EPS of -$12.59, both falling short of expectations. The company experienced a…
Read full summary
White Mountains Insurance Group, Ltd. (WTM) reported a disappointing performance in Q1 2026 with revenues of $517.8 million and a diluted EPS of -$12.59, both falling short of expectations. The company experienced a decrease in book value per share by 1% to $2,170, attributed primarily to unrealized investment losses particularly from MediaAlpha, totaling $65 million in the quarter.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-12.59
What stood out
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Revenue Decline
Revenue was $517.8 million in Q1 2026, down 10.4% from $577.8 million in Q1 2025.
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Significant EPS Drop
EPS was -$12.59 for Q1 2026, a substantial decline from an EPS of $13.19 in Q1 2025.
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Combined Ratio Improvement
Ark’s combined ratio improved to 91% in Q1 2026 from 94% in Q1 2025, indicating better underwriting performance.
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Kudu's Steady Performance
Kudu reported total revenues of $63 million in Q1 2026, close to $64 million in Q1 2025, showing stability amid challenging conditions.
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Other Operations Revenue Spike
Other operations revenues increased by 186.3% to $21 million in Q1 2026 from $7.3 million in Q1 2025, buoyed by new business contributions.
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Strong Investment in Bishop Street
White Mountains deployed $125 million into Bishop Street, enhancing its capital allocation strategy.
What to watch
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Investment Losses from MediaAlpha
Unrealized losses from MediaAlpha were $65 million in Q1 2026; a significant driver of the EPS decline.
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Increased General and Administrative Expenses
Other Operations’ general and administrative expenses rose to $55 million in Q1 2026 from $35 million in Q1 2025, driven by higher compensation costs.
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Weakening Financial Guarantee Performance
Financial Guarantee revenues fell sharply to $17.2 million in Q1 2026 from $32.1 million in Q1 2025, highlighting a downward trend.
Management's outlook
No explicit numeric guidance provided; expectations indicated uncertainty due to market and operational challenges.
Earlier filings 4
10-Q · November 6, 2025
White Mountains reported Q3 revenue of $864.2M, up 25.4% from the prior quarter ($689.0M) and up 3.0% year-over-year (Q3 2024: $839.1M). Diluted EPS was $44.18, down versus the prior quarter ($47.75) and materially down…
10-K · February 28, 2025
White Mountains positions itself as an opportunistic acquirer and operator of insurance, reinsurance and financial services businesses, reporting growth at its Ark specialty insurance platform (gross written premiums of…
10-Q · November 6, 2024
White Mountains reported Q3 revenue of $839.1 million (Q3 2023: $519.6 million) and pre-tax income of $239.5 million, driving net income attributable to common shareholders of $179.0 million and diluted EPS of $69.68…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.