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Side-by-side financial comparison of Maplebear Inc. (CART) and HANOVER INSURANCE GROUP, INC. (THG). Click either name above to swap in a different company.
HANOVER INSURANCE GROUP, INC. is the larger business by last-quarter revenue ($1.7B vs $992.0M, roughly 1.7× Maplebear Inc.). HANOVER INSURANCE GROUP, INC. runs the higher net margin — 11.0% vs 8.2%, a 2.8% gap on every dollar of revenue. On growth, Maplebear Inc. posted the faster year-over-year revenue change (12.3% vs 6.1%). Over the past eight quarters, Maplebear Inc.'s revenue compounded faster (10.0% CAGR vs 5.2%).
Maplebear Inc., doing business as Instacart, is an American retail media and delivery company based in San Francisco that operates a grocery delivery and pick-up service in the United States and Canada accessible via a website and mobile app. It allows customers to order groceries, and alcohol where legal, from participating retailers with the shopping being done by a personal shopper, who picks, packs, and delivers the order.
The Hanover Insurance Group, Inc. is an insurance company based in Worcester, Massachusetts. It was the original name of a property-liability insurance firm established in 1852, and it remained a publicly traded company under that name until the early 1990s, when it changed its name to Allmerica Property & Casualty Companies.
CART vs THG — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $992.0M | $1.7B |
| Net Profit | $81.0M | $186.8M |
| Gross Margin | 72.3% | — |
| Operating Margin | 9.9% | 11.1% |
| Net Margin | 8.2% | 11.0% |
| Revenue YoY | 12.3% | 6.1% |
| Net Profit YoY | -45.3% | 45.7% |
| EPS (diluted) | $0.31 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $1.7B | ||
| Q4 25 | $992.0M | $1.7B | ||
| Q3 25 | $939.0M | $1.7B | ||
| Q2 25 | $914.0M | $1.7B | ||
| Q1 25 | $897.0M | $1.6B | ||
| Q4 24 | $883.0M | $1.6B | ||
| Q3 24 | $852.0M | $1.6B | ||
| Q2 24 | $823.0M | $1.5B |
| Q1 26 | — | $186.8M | ||
| Q4 25 | $81.0M | $198.5M | ||
| Q3 25 | $144.0M | $178.7M | ||
| Q2 25 | $116.0M | $157.1M | ||
| Q1 25 | $106.0M | $128.2M | ||
| Q4 24 | $148.0M | $167.9M | ||
| Q3 24 | $118.0M | $102.1M | ||
| Q2 24 | $61.0M | $40.5M |
| Q1 26 | — | — | ||
| Q4 25 | 72.3% | — | ||
| Q3 25 | 73.7% | — | ||
| Q2 25 | 74.2% | — | ||
| Q1 25 | 74.8% | — | ||
| Q4 24 | 75.2% | — | ||
| Q3 24 | 75.2% | — | ||
| Q2 24 | 75.7% | — |
| Q1 26 | — | 11.1% | ||
| Q4 25 | 9.9% | 17.3% | ||
| Q3 25 | 17.7% | 14.9% | ||
| Q2 25 | 13.6% | 12.7% | ||
| Q1 25 | 12.3% | 11.6% | ||
| Q4 24 | 17.6% | 16.1% | ||
| Q3 24 | 16.2% | 9.6% | ||
| Q2 24 | 6.3% | 6.2% |
| Q1 26 | — | 11.0% | ||
| Q4 25 | 8.2% | 11.9% | ||
| Q3 25 | 15.3% | 10.7% | ||
| Q2 25 | 12.7% | 9.5% | ||
| Q1 25 | 11.8% | 8.0% | ||
| Q4 24 | 16.8% | 10.6% | ||
| Q3 24 | 13.8% | 6.5% | ||
| Q2 24 | 7.4% | 2.6% |
| Q1 26 | — | — | ||
| Q4 25 | $0.31 | $5.46 | ||
| Q3 25 | $0.51 | $4.90 | ||
| Q2 25 | $0.41 | $4.30 | ||
| Q1 25 | $0.37 | $3.50 | ||
| Q4 24 | $0.53 | $4.60 | ||
| Q3 24 | $0.42 | $2.80 | ||
| Q2 24 | $0.20 | $1.12 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $687.0M | $243.5M |
| Total DebtLower is stronger | — | $843.8M |
| Stockholders' EquityBook value | $2.5B | $3.0B |
| Total Assets | $3.7B | $16.5B |
| Debt / EquityLower = less leverage | — | 0.28× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $243.5M | ||
| Q4 25 | $687.0M | $1.1B | ||
| Q3 25 | $1.7B | $915.7M | ||
| Q2 25 | $1.6B | $244.1M | ||
| Q1 25 | $1.6B | $315.1M | ||
| Q4 24 | $1.4B | $435.5M | ||
| Q3 24 | $1.3B | $427.1M | ||
| Q2 24 | $1.4B | $337.6M |
| Q1 26 | — | $843.8M | ||
| Q4 25 | — | $843.3M | ||
| Q3 25 | — | $843.0M | ||
| Q2 25 | — | $347.8M | ||
| Q1 25 | — | $722.5M | ||
| Q4 24 | — | $722.3M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $3.0B | ||
| Q4 25 | $2.5B | $3.6B | ||
| Q3 25 | $3.5B | $3.4B | ||
| Q2 25 | $3.3B | $3.2B | ||
| Q1 25 | $3.2B | $3.0B | ||
| Q4 24 | $3.1B | $2.8B | ||
| Q3 24 | $2.9B | $2.9B | ||
| Q2 24 | $3.0B | $2.6B |
| Q1 26 | — | $16.5B | ||
| Q4 25 | $3.7B | $16.9B | ||
| Q3 25 | $4.5B | $16.8B | ||
| Q2 25 | $4.4B | $15.7B | ||
| Q1 25 | $4.3B | $15.5B | ||
| Q4 24 | $4.1B | $15.3B | ||
| Q3 24 | $3.9B | $15.4B | ||
| Q2 24 | $4.0B | $14.9B |
| Q1 26 | — | 0.28× | ||
| Q4 25 | — | 0.24× | ||
| Q3 25 | — | 0.25× | ||
| Q2 25 | — | 0.11× | ||
| Q1 25 | — | 0.24× | ||
| Q4 24 | — | 0.25× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $183.0M | — |
| Free Cash FlowOCF − Capex | $171.0M | — |
| FCF MarginFCF / Revenue | 17.2% | — |
| Capex IntensityCapex / Revenue | 1.2% | — |
| Cash ConversionOCF / Net Profit | 2.26× | — |
| TTM Free Cash FlowTrailing 4 quarters | $910.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $183.0M | $378.2M | ||
| Q3 25 | $287.0M | $554.4M | ||
| Q2 25 | $203.0M | $206.6M | ||
| Q1 25 | $298.0M | $38.9M | ||
| Q4 24 | $153.0M | $213.5M | ||
| Q3 24 | $185.0M | $394.7M | ||
| Q2 24 | $244.0M | $139.5M |
| Q1 26 | — | — | ||
| Q4 25 | $171.0M | $377.0M | ||
| Q3 25 | $272.0M | $551.4M | ||
| Q2 25 | $187.0M | $204.9M | ||
| Q1 25 | $280.0M | $37.1M | ||
| Q4 24 | $141.0M | $210.5M | ||
| Q3 24 | $171.0M | $392.3M | ||
| Q2 24 | $220.0M | $137.3M |
| Q1 26 | — | — | ||
| Q4 25 | 17.2% | 22.6% | ||
| Q3 25 | 29.0% | 33.1% | ||
| Q2 25 | 20.5% | 12.4% | ||
| Q1 25 | 31.2% | 2.3% | ||
| Q4 24 | 16.0% | 13.3% | ||
| Q3 24 | 20.1% | 25.1% | ||
| Q2 24 | 26.7% | 8.9% |
| Q1 26 | — | — | ||
| Q4 25 | 1.2% | 0.1% | ||
| Q3 25 | 1.6% | 0.2% | ||
| Q2 25 | 1.8% | 0.1% | ||
| Q1 25 | 2.0% | 0.1% | ||
| Q4 24 | 1.4% | 0.2% | ||
| Q3 24 | 1.6% | 0.2% | ||
| Q2 24 | 2.9% | 0.1% |
| Q1 26 | — | — | ||
| Q4 25 | 2.26× | 1.91× | ||
| Q3 25 | 1.99× | 3.10× | ||
| Q2 25 | 1.75× | 1.32× | ||
| Q1 25 | 2.81× | 0.30× | ||
| Q4 24 | 1.03× | 1.27× | ||
| Q3 24 | 1.57× | 3.87× | ||
| Q2 24 | 4.00× | 3.44× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CART
| Transaction | $698.0M | 70% |
| Advertising And Other | $294.0M | 30% |
THG
| Premiums earned | $1.6B | 92% |
| Other | $124.6M | 7% |
| Fees and other income | $6.2M | 0% |
