Filing Flows

Filing Flows › Companies › Hanover Insurance Group › Cash flow

Hanover Insurance Group cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$518M in Q3 2026 · $1.2B over twelve months

Operating cash flow$520M
Capital spending−$1.8M
Free cash flow+$518M
Cash / net income3.0×

Analysis

In Q3 2026, Hanover Insurance Group generated $520M of operating cash flow and spent $1.8M on capital projects, leaving free cash flow of $518M. That is $33.4M less than in Q3 2025 ($551M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.2B; the largest uses were other investing ($776M), other financing ($459M), buybacks ($283M); besides operations, cash came from shares issued ($19.7M); the cash balance fell by $412M.

Operating cash flow was $520M against net income of $173M — 3.0× profit, cash ran ahead of reported earnings. The largest differences: other operating capital +$69.4M, payables +$37.4M, gains on investments +$14.1M.

Free cash flow

Hanover Insurance Group: free cash flow by quarterHanover Insurance Group: free cash flow by quarter$210MQ4 2024$37.1MQ1 2025$205MQ2 2025$551MQ3 2025$377MQ4 2025$115MQ1 2026$209MQ2 2026$518MQ3 2026
Operating cash flow less capital spending.
Hanover Insurance Group: operating cash flow against capital spendingHanover Insurance Group: operating cash flow against capital spendingOperating cash flowCapital spending$214M$3.0MQ4 2024$38.9M$1.8MQ1 2025$207M$1.7MQ2 2025$554M$3.0MQ3 2025$378M$1.2MQ4 2025$119M$3.5MQ1 2026$212M$2.9MQ2 2026$520M$1.8MQ3 2026
Latest (Q3 2026): Operating cash flow $520M, Capital spending $1.8M.

Capital allocation, year by year

Hanover Insurance Group: where the cash came from (up) and went (down), by fiscal yearHanover Insurance Group: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingBuybacksDividendsFY2021: Operating cash flow $824MFY2021: Shares issued $20.5MFY2021: Capital spending −$8.0MFY2021: Buybacks −$163MFY2021: Dividends −$102M$844MFY2021FY2022: Operating cash flow $722MFY2022: Shares issued $13.3MFY2022: Capital spending −$17.8MFY2022: Buybacks −$30.8MFY2022: Dividends −$109M$736MFY2022FY2023: Operating cash flow $362MFY2023: Shares issued $6.5MFY2023: Capital spending −$11.9MFY2023: Dividends −$117M$368MFY2023FY2024: Operating cash flow $806MFY2024: Shares issued $16.7MFY2024: Capital spending −$10.2MFY2024: Buybacks −$26.7MFY2024: Dividends −$124M$823MFY2024FY2025: Operating cash flow $1.2BFY2025: Net borrowing $433MFY2025: Shares issued $15.4MFY2025: Capital spending −$7.7MFY2025: Buybacks −$129MFY2025: Dividends −$131M$1.6BFY2025
Over these 5 years operating cash flow totalled $3.9B; the largest uses were dividends ($583M) and buybacks ($349M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$506M
Debt$844M
Net debt$338M

Hanover Insurance Group funds itself: free cash flow was $1.2B over the last twelve months, and $506M of cash and investments stands against $844M of debt.

Where the cash came from and went

Hanover Insurance Group: sources (+) and uses (−) of cash, Q3 2026Hanover Insurance Group: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$520MCash drawn (+) / kept (−)−$240MOther investing−$160MBuybacks−$86.4MDividends−$32.9MShares issued$5.9MOther financing−$4.4MCapital spending−$1.8M
Hanover Insurance Group: sources (+) and uses (−) of cash, TTM to Q3 2026Hanover Insurance Group: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$1.2BOther investing−$776MOther financing−$459MCash drawn (+) / kept (−)$412MBuybacks−$283MDividends−$133MShares issued$19.7MCapital spending−$9.4M

From profit to cash

Hanover Insurance Group: net income to operating cash flow, Q3 2026Hanover Insurance Group: net income to operating cash flow, Q3 2026Net income$173MDepreciation & amortization−$2.3MStock-based pay$12.3MDeferred taxes−$5.6MGains on investments$14.1MPayables$37.4MOther operating capital$69.4MOperating cash flow$520M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$520M−$1.8M−$86.4M−$32.9M—$5.9M−$240M$518M
Q2 2026$212M−$2.9M−$55.0M−$33.1M—$8.2M−$23.0M$209M
Q1 2026$119M−$3.5M−$86.9M−$33.5M−$375M$3.9M$880M$115M
Q4 2025$378M−$1.2M−$54.6M−$33.7M—$1.7M−$205M$377M
Q3 2025$554M−$3.0M−$36.0M−$32.2M—$1.5M−$674M$551M
Q2 2025$207M−$1.7M−$27.6M−$32.3M—$5.4M$70.8M$205M
Q1 2025$38.9M−$1.8M−$11.0M−$32.4M—$6.8M$121M$37.1M
Q4 2024$214M−$3.0M−$26.7M−$32.4M—$5.2M−$8.6M$210M

Hanover Insurance Group: income statement and cash flow

Hanover Insurance Group, Q3 2026: revenue $1.7B (+4% year over year), operating margin 14.1%. The chart follows the revenue to costs, profit and cash.

Hanover Insurance Group: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.