Hanover Insurance (THG) financial statements
Hanover Insurance reported revenue of $6.6B in fiscal 2025, up 5.6% a year over 9 years.
Net income was $662M and the operating margin 14.1%, against 4.8% in 2016.
Free cash flow was $1.2B, and the company returned $131M in dividends and $129M in net buybacks.
The diluted share count fell 16% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Hanover Insurance's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.1B | $4.3B | $4.5B | $4.9B | $4.8B | $5.2B | $5.5B | $6.0B | $6.2B | $6.6B |
| Operating income | $193M | $327M | $406M | $454M | $485M | $432M | $285M | $106M | $650M | $933M |
| Interest expense | $51M | $45M | $45M | $38M | $37M | $34M | $34M | $34M | $34M | $43M |
| Pre-tax income | $66M | $293M | $282M | $522M | $445M | $521M | $144M | $41M | $538M | $844M |
| Income tax | -$1M | $77M | $44M | $93M | $83M | $101M | $27M | $8M | $112M | $183M |
| Net income | $155M | $186M | $391M | $425M | $359M | $423M | $116M | $35M | $426M | $662M |
| EPS (diluted) | $3.59 | $4.33 | $9.09 | $10.46 | $9.42 | $11.60 | $3.21 | $0.98 | $11.70 | $18.16 |
| Diluted shares | 43M | 43M | 43M | 41M | 38M | 36M | 36M | 36M | 36M | 36M |
| Operating margin | 4.8% | 7.7% | 9.0% | 9.3% | 10.0% | 8.3% | 5.2% | 1.8% | 10.4% | 14.1% |
| Net margin | 3.8% | 4.4% | 8.7% | 8.7% | 7.4% | 8.1% | 2.1% | 0.6% | 6.8% | 10.0% |
Balance sheet
Fiscal years, from Hanover Insurance's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $147M | $298M | $1.0B | $216M | $121M | $231M | $305M | $316M | $436M | $1.1B |
| Goodwill | $185M | $179M | $179M | $179M | $179M | $179M | $179M | $179M | $179M | $179M |
| Total assets | $14.2B | $15.5B | $12.4B | $12.5B | $13.4B | $14.3B | $14.0B | $14.6B | $15.3B | $16.9B |
| Long-term debt | — | — | — | — | $0 | $0 | $0 | — | — | — |
| Total liabilities | $11.4B | $12.5B | $9.4B | $9.6B | $10.2B | $11.1B | $11.7B | $12.1B | $12.4B | $13.4B |
| Shareholders' equity | $2.9B | $3.0B | $3.0B | $2.9B | $3.2B | $3.1B | $2.3B | $2.5B | $2.8B | $3.6B |
| Net debt | -$147M | -$298M | -$1.0B | -$216M | -$121M | -$231M | -$305M | -$316M | -$436M | -$1.1B |
Cash flow
Fiscal years, from Hanover Insurance's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $743M | $705M | $551M | $603M | $708M | $824M | $722M | $362M | $806M | $1.2B |
| Capital spending | $16M | $19M | $13M | $13M | $15M | $8M | $18M | $12M | $10M | $8M |
| Free cash flow | $728M | $686M | $538M | $590M | $693M | $816M | $704M | $350M | $796M | $1.2B |
| Stock-based compensation | $12M | $12M | $13M | $17M | $20M | $23M | $29M | $31M | $31M | $36M |
| Dividends paid | $80M | $87M | $94M | $386M | $100M | $102M | $109M | $117M | $124M | $131M |
| Share buybacks (net) | -$106M | -$37M | -$58M | -$564M | -$213M | -$163M | -$31M | $0 | -$27M | -$129M |
| Net borrowing | -$105M | — | -$12M | -$151M | $121M | — | — | $0 | $0 | -$62M |
| Free cash flow margin | 18.0% | 16.1% | 12.0% | 12.1% | 14.4% | 15.6% | 12.9% | 5.8% | 12.8% | 17.7% |
| Dividends per share | $1.86 | $2.02 | $2.19 | $9.51 | $2.61 | $2.81 | $3.02 | $3.25 | $3.41 | $3.58 |
Questions
What was Hanover Insurance's revenue in 2025?
$6.6B in fiscal 2025, from its 10-K filing.
How much free cash flow does Hanover Insurance generate?
$1.2B in fiscal 2025 (operating cash flow minus capital spending).
From Hanover Insurance's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.