WHITE MOUNTAINS INSURANCE GROUP, LTD
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $1.11B | $230.4M | $509.2M | $792.8M | $-275.4M | $663.4M | $376.6M | $-191.4M |
| Depreciation & Amortization | $9.0M | $-6.4M | $-17.8M | $4.3M | $21.6M | $9.6M | $29.8M | $25.7M |
| Depreciation | — | — | — | — | — | — | — | — |
| Amortization | $28.4M | $22.0M | $7.2M | $5.2M | $4.6M | $1.6M | $21.8M | $18.8M |
| Stock-Based Compensation | $18.5M | $16.3M | $15.3M | $14.0M | $14.7M | — | — | — |
| Net Cash from Operating Activities | $550.5M | $586.8M | $404.1M | $365.0M | $38.6M | $-60.6M | $-120.5M | $-31.1M |
| Investing Activities | ||||||||
| Capital Expenditures | — | — | — | — | — | — | — | — |
| Business Acquisitions | $349.5M | $231.8M | $0 | $67.9M | $-10.6M | — | — | — |
| Net Cash from Investing Activities | $-666.9M | $-447.0M | $-543.9M | $115.5M | $-208.3M | $64.6M | $-59.9M | $459.2M |
| Financing Activities | ||||||||
| Dividends Paid | $2.6M | $2.5M | $2.6M | $3.0M | $3.1M | $3.2M | $3.2M | $3.8M |
| Stock Repurchases | $202.6M | $7.9M | $32.7M | $615.8M | $107.5M | $85.2M | $0 | $511.9M |
| Net Cash from Financing Activities | $35.6M | $4.2M | $7.2M | $-344.9M | $217.6M | $49.0M | $230.5M | $-414.3M |
| Net Change in Cash | — | — | — | $107.3M | $63.1M | $13.6M | $50.7M | $13.2M |
| Free Cash Flow | — | — | — | — | — | — | — | — |