The Hanover Insurance Group, Inc. (THG) Income Statement
THG 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsTHG revenue and net income
Where THG's revenue goes
2025Each bar shows an amount and its share of revenue. THG kept 10.0% of revenue as net income.
THG profit margins
THG growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +6.1% | +6.7% | +6.5% | +2.7% |
| Gross profit | +131.7% | +58.8% | +22.9% | +9.8% |
| Operating income | +56.9% | +80.3% | +13.7% | +6.7% |
| Net income | +55.5% | +78.7% | +13.1% | +7.2% |
| EPS (diluted) | +43.3% | +51.3% | +15.4% | +11.8% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
THG quarterly EPS vs estimates
Hanover Insurance beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: October 28, 2026 (estimate $4.47).
THG income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.60B | $6.22B | $5.96B | $5.43B | $5.16B | $4.82B | $4.89B | $4.47B | $4.27B | $3.97B |
| Cost of revenue | $3.73B | $4.98B | $5.31B | $4.72B | $4.12B | $3.80B | $3.79B | $3.62B | $3.42B | $3.35B |
| Gross profit | $2.87B | $1.24B | $652.9M | $716.3M | $1.04B | $1.02B | $1.10B | $849.7M | $847.6M | $616.0M |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Total operating expenses | $2.02B | $699.9M | $611.8M | $572.3M | $521.4M | $577.6M | $576.4M | $567.2M | $554.7M | $550.0M |
| Operating income | $843.8M | $537.8M | $41.1M | $144.0M | $521.3M | $444.8M | $522.1M | $282.5M | $292.9M | $66.0M |
| Interest income | $24.4M | $19.9M | $39.7M | $97.4M | $85.1M | $23.7M | $37.5M | $45.1M | $45.2M | $51.4M |
| Interest expense | $43.2M | $34.1M | $34.1M | $34.1M | $34.0M | $37.1M | $37.5M | $45.1M | $45.2M | $51.4M |
| Income before taxes | $843.8M | $537.8M | $41.1M | $144.0M | $521.3M | $444.8M | $522.1M | $282.5M | $292.9M | $66.0M |
| Income taxes | $183.1M | $112.5M | $7.6M | $27.2M | $101.3M | $82.8M | $93.1M | $43.5M | $76.8M | −$1.0M |
| Net income | $662.5M | $426.0M | $35.3M | $116.0M | $422.8M | $358.7M | $425.1M | $391.0M | $186.2M | $155.1M |
| EBITDA | $882.4M | $573.4M | $81.5M | $191.0M | $572.2M | $500.1M | $581.2M | $352.2M | $368.2M | $148.1M |
| EPS (diluted) | $19.10 | $13.33 | $1.54 | $5.52 | $8.74 | $9.34 | $8.16 | $7.63 | $4.75 | $4.25 |
| Gross margin | 43.5% | 19.9% | 10.9% | 13.2% | 20.2% | 21.2% | 22.5% | 19.0% | 19.9% | 15.5% |
| Operating margin | 12.8% | 8.7% | 0.7% | 2.7% | 10.1% | 9.2% | 10.7% | 6.3% | 6.9% | 1.7% |
| Net margin | 10.0% | 6.9% | 0.6% | 2.1% | 8.2% | 7.4% | 8.7% | 8.8% | 4.4% | 3.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.73B | $1.70B | $1.67B | $1.66B | $1.65B | $1.60B | $1.58B | $1.56B | $1.54B | $1.54B | $1.53B | $1.52B |
| Cost of revenue | $962.5M | $957.6M | $889.7M | $1.25B | $1.28B | $1.27B | $1.17B | $1.26B | $1.31B | $1.23B | $1.21B | $1.36B |
| Gross profit | $763.7M | $743.8M | $782.2M | $406.2M | $374.7M | $326.5M | $406.3M | $299.5M | $224.2M | $307.7M | $315.1M | $158.5M |
| Sales, general & admin | $509.0M | $495.9M | — | — | — | — | — | — | — | — | — | — |
| Total operating expenses | $519.1M | $506.7M | $524.4M | $179.1M | $175.9M | $166.4M | $194.8M | $169.8M | $172.9M | $162.4M | $164.9M | $159.4M |
| Operating income | $244.6M | $237.1M | $257.8M | $227.1M | $198.8M | $160.1M | $211.5M | $129.7M | $51.3M | $145.3M | $150.2M | −$900,000 |
| Interest income | — | — | $13.1M | $200,000 | $3.6M | $7.5M | $13.6M | $3.2M | — | — | — | $13.7M |
| Interest expense | $10.1M | $10.8M | $14.5M | $11.6M | $8.6M | $8.5M | $8.5M | $8.5M | $8.6M | $8.5M | $8.5M | $8.5M |
| Income before taxes | $244.6M | $237.1M | $257.8M | $227.1M | $198.8M | $160.1M | $211.5M | $129.7M | $51.3M | $145.3M | $150.2M | −$900,000 |
| Income taxes | $53.2M | $50.3M | $60.8M | $48.5M | $41.9M | $31.9M | $44.2M | $27.6M | $10.9M | $29.8M | $42.9M | −$9.1M |
| Net income | $191.6M | $186.8M | $198.5M | $178.7M | $157.1M | $128.2M | $167.9M | $102.1M | $40.5M | $115.5M | $107.9M | $8.6M |
| EBITDA | $253.7M | $246.1M | $271.0M | $237.5M | $206.4M | $167.5M | $219.4M | $138.7M | $60.7M | $154.6M | $159.5M | $9.1M |
| EPS (diluted) | $5.31 | $5.25 | $5.79 | $5.09 | $4.35 | $3.87 | $5.32 | $3.05 | $1.88 | $3.08 | $3.13 | $0.19 |
| Gross margin | 44.2% | 43.7% | 46.8% | 24.5% | 22.7% | 20.5% | 25.7% | 19.2% | 14.6% | 20.0% | 20.6% | 10.5% |
| Operating margin | 14.2% | 13.9% | 15.4% | 13.7% | 12.0% | 10.0% | 13.4% | 8.3% | 3.3% | 9.4% | 9.8% | −0.1% |
| Net margin | 11.1% | 11.0% | 11.9% | 10.8% | 9.5% | 8.0% | 10.6% | 6.5% | 2.6% | 7.5% | 7.1% | 0.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in THG's financial statements (latest annual report filed February 20, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
THG financial results
In fiscal year 2025 (ended December 31, 2025), Hanover Insurance reported revenue of $6.6 billion, up 6.1% from the year before. It had net income of $662.5 million (up 55.5%), a net profit margin of 10.0%. Diluted earnings per share came to $19.10. Over five years revenue grew at an average rate of 6.5% a year.
See the THG stock overview for the latest quote and news, or the THG chart for price history and technical indicators.
THG income statement FAQ
What is Hanover Insurance's annual revenue?
Hanover Insurance reported total revenue of $6.6 billion for fiscal year 2025, which ended on December 31, 2025. That was up 6.1% from $6.2 billion the previous year.
Is Hanover Insurance profitable?
Yes. Hanover Insurance reported net income of $662.5 million in fiscal 2025, a net profit margin of 10.0%; its operating margin was 12.8%.
What is Hanover Insurance's gross margin?
Hanover Insurance's gross margin was 43.5% in fiscal 2025: for every $100 of revenue, Hanover Insurance kept $43 after the direct cost of its products and services.
How fast is Hanover Insurance growing?
Revenue grew 6.5% a year on average over the last five fiscal years, from $4.8 billion to $6.6 billion.
What are Hanover Insurance's earnings per share?
Hanover Insurance earned $19.10 per diluted share in fiscal 2025, compared with $13.33 a year earlier.
When will Hanover Insurance report its next earnings?
Hanover Insurance is expected to report results for the quarter ending September 30, 2026 on October 28, 2026 after the market closes.
When does Hanover Insurance's fiscal year end?
Hanover Insurance's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 20, 2026.