WHITE MOUNTAINS INSURANCE GROUP, LTD
Income Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.74B | $2.24B | $2.17B | $1.16B | $614.4M | $895.6M | $893.4M | $369.1M |
| Cost of Revenue | $151.8M | $29.6M | $40.4M | $98.6M | $69.3M | $11.3M | $48.1M | $248.7M |
| Gross Profit | $3.58B | $2.21B | $2.13B | $1.06B | $545.1M | $884.3M | $845.3M | $120.4M |
| Gross Margin | 95.9% | 98.7% | 98.1% | 91.5% | 88.7% | 98.7% | 94.6% | 32.6% |
| Operating Expenses | ||||||||
| Research & Development | — | — | — | — | — | — | — | — |
| SG&A Expense | $606.6M | $490.1M | $432.6M | $364.1M | $291.6M | $207.9M | $328.2M | $233.5M |
| Operating Income | $1.41B | $377.5M | $628.1M | $-109.1M | $-253.1M | $667.8M | $422.7M | $-168.7M |
| Operating Margin | 37.7% | 16.9% | 29.0% | -9.4% | -41.2% | 74.6% | 47.3% | -45.7% |
| Interest Expense | $78.4M | $60.8M | $62.7M | $40.3M | $20.5M | $7.4M | $17.6M | $9.5M |
| Pretax Income | $1.33B | $316.7M | $565.4M | $-149.4M | $-273.6M | $660.4M | $405.1M | $-178.2M |
| Income Tax Expense | $126.9M | $32.6M | $-15.5M | $41.4M | $44.4M | $-14.8M | $29.3M | $-4.0M |
| Net Income | $1.11B | $230.4M | $509.2M | $792.8M | $-275.4M | $663.4M | $376.6M | $-191.4M |
| Net Margin | 29.6% | 10.3% | 23.5% | 68.5% | -44.8% | 74.1% | 42.2% | -51.9% |
| EPS (Basic) | $430.14 | $89.79 | $198.60 | $276.96 | $-89.46 | $226.97 | $130.27 | $-41.76 |
| EPS (Diluted) | $430.14 | $89.79 | $198.60 | $276.96 | $-89.46 | $226.97 | $130.27 | $-41.76 |
| Shares Outstanding (Basic) | 2.5M | 2.5M | 2.5M | 2.8M | 3.0M | 3.1M | 3.1M | 3.3M |
| Shares Outstanding (Diluted) | 2.5M | 2.5M | 2.5M | 2.8M | 3.0M | 3.1M | 3.1M | 3.3M |
| Dividends Per Share | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |