WTM earnings analysis
What we found in WTM's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Decline
- Revenue was $517.8 million in Q1 2026, down 10.4% from $577.8 million in Q1 2025.
- Significant EPS Drop
- EPS was -$12.59 for Q1 2026, a substantial decline from an EPS of $13.19 in Q1 2025.
- Combined Ratio Improvement
- Ark’s combined ratio improved to 91% in Q1 2026 from 94% in Q1 2025, indicating better underwriting performance.
- 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.
- 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.
- Strong Investment in Bishop Street
- White Mountains deployed $125 million into Bishop Street, enhancing its capital allocation strategy.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Investment Losses from MediaAlpha
- Unrealized losses from MediaAlpha were $65 million in Q1 2026; a significant driver of the EPS decline.
- 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.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-12.59
- Segment
- P&C Insurance and Reinsurance revenues: $376.3M
- Segment
- Asset Management revenues: $63.0M
- Segment
- Financial Guarantee revenues: $17.2M
- Segment
- Specialty Insurance Distribution revenues: $40.3M
- Segment
- Other Operations revenues: $21.0M
What they said about what is next.
No explicit numeric guidance provided; expectations indicated uncertainty due to market and operational challenges.
The filing reads worse than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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