White Mountains Insurance Group, Ltd. (WTM)

WTM Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	-	230.4	509.2	792.8	-275.4
Depreciation & Amortization	-	-6.4	-17.8	4.3	21.6
Gain (Loss) on Sale of Assets	-	114.5	-	-	-
Gain (Loss) on Sale of Investments	-	-185.4	-434.2	191.5	246.1
Stock-Based Compensation	-	16.3	15.3	14	14.7
Change in Accounts Receivable	-	-204.7	-67	-127.8	-179.3
Reinsurance Recoverable	-	-147	153.3	-79.8	88
Change in Unearned Revenue	-	174.4	147.9	159.3	198.6
Change in Insurance Reserves / Liabilities	-	543	308.6	401.8	198.7
Change in Other Net Operating Assets	-	-105.7	-92.5	118.5	-168.3
Other Operating Activities	-	116.1	73.5	-953.4	-2.4
Operating Cash Flow	-	586.8	404.1	326.3	38.6
Operating Cash Flow Growth	-	45.21%	23.84%	745.34%	-
Cash Acquisitions	-	-231.8	-	-67.9	10.6
Investment in Securities	-	-236.3	-627.8	-1,141	-812.5
Other Investing Activities	-	9.1	66.6	-74.4	593.6
Investing Cash Flow	-	-447	-543.9	108.4	-208.3
Long-Term Debt Issued	-	36.6	12.4	213.8	401.7
Total Debt Repaid	-	-38.1	-25.7	-56.7	-120.1
Net Debt Issued (Repaid)	-	-1.5	-13.3	157.1	281.6
Repurchases of Common Stock	-	-7.9	-32.7	-615.8	-107.5
Common Dividends Paid	-	-2.5	-2.6	-3	-3.1
Other Financing Activities	-	16.1	55.8	134.3	46.6
Financing Cash Flow	-	4.2	7.2	-327.4	217.6
Miscellaneous Cash Flow Adjustments	-	-	-	-	15.2
Net Cash Flow	-	144	-132.6	107.3	63.1
Cash Interest Paid	-	61	42.2	30.5	13.9
Cash Income Tax Paid	-	34.3	42.7	10.3	-0.1
Levered Free Cash Flow	-	1,247	-39.59	-144.86	-269.46
Unlevered Free Cash Flow	-	1,285	-0.4	-119.68	-256.65
Change in Working Capital	-	301.3	258.1	277.1	-8.3

Updated Feb 6, 2026. Source: S&P Global Market Intelligence. Insurance template. Financial Sources.

SEC Filings: 10-K · 10-Q