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Side-by-side financial comparison of QVC INC (QVCD) and HANOVER INSURANCE GROUP, INC. (THG). Click either name above to swap in a different company.
QVC INC is the larger business by last-quarter revenue ($2.4B vs $1.7B, roughly 1.4× HANOVER INSURANCE GROUP, INC.). HANOVER INSURANCE GROUP, INC. runs the higher net margin — 11.0% vs 1.5%, a 9.5% gap on every dollar of revenue. On growth, HANOVER INSURANCE GROUP, INC. posted the faster year-over-year revenue change (6.1% vs -8.9%). Over the past eight quarters, QVC INC's revenue compounded faster (7.1% CAGR vs 5.2%).
QVC Group, is an American media conglomerate controlled by company chairman John C. Malone, who owns a majority of the voting shares.
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.
QVCD vs THG — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $2.4B | $1.7B |
| Net Profit | $37.0M | $186.8M |
| Gross Margin | 32.5% | — |
| Operating Margin | 5.6% | 11.1% |
| Net Margin | 1.5% | 11.0% |
| Revenue YoY | -8.9% | 6.1% |
| Net Profit YoY | 103.0% | 45.7% |
| EPS (diluted) | — | — |
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 | $2.4B | $1.7B | ||
| Q3 25 | $2.0B | $1.7B | ||
| Q2 25 | $2.0B | $1.7B | ||
| Q1 25 | $1.9B | $1.6B | ||
| Q4 24 | $2.7B | $1.6B | ||
| Q3 24 | $2.1B | $1.6B | ||
| Q2 24 | $2.1B | $1.5B |
| Q1 26 | — | $186.8M | ||
| Q4 25 | $37.0M | $198.5M | ||
| Q3 25 | $2.0M | $178.7M | ||
| Q2 25 | $-2.2B | $157.1M | ||
| Q1 25 | $-42.0M | $128.2M | ||
| Q4 24 | $-1.2B | $167.9M | ||
| Q3 24 | $51.0M | $102.1M | ||
| Q2 24 | $53.0M | $40.5M |
| Q1 26 | — | — | ||
| Q4 25 | 32.5% | — | ||
| Q3 25 | 33.6% | — | ||
| Q2 25 | 35.4% | — | ||
| Q1 25 | 33.3% | — | ||
| Q4 24 | 32.6% | — | ||
| Q3 24 | 34.7% | — | ||
| Q2 24 | 35.6% | — |
| Q1 26 | — | 11.1% | ||
| Q4 25 | 5.6% | 17.3% | ||
| Q3 25 | 4.6% | 14.9% | ||
| Q2 25 | -114.5% | 12.7% | ||
| Q1 25 | 1.5% | 11.6% | ||
| Q4 24 | -47.1% | 16.1% | ||
| Q3 24 | 7.8% | 9.6% | ||
| Q2 24 | 7.6% | 6.2% |
| Q1 26 | — | 11.0% | ||
| Q4 25 | 1.5% | 11.9% | ||
| Q3 25 | 0.1% | 10.7% | ||
| Q2 25 | -109.1% | 9.5% | ||
| Q1 25 | -2.2% | 8.0% | ||
| Q4 24 | -46.0% | 10.6% | ||
| Q3 24 | 2.4% | 6.5% | ||
| Q2 24 | 2.5% | 2.6% |
| Q1 26 | — | — | ||
| Q4 25 | — | $5.46 | ||
| Q3 25 | — | $4.90 | ||
| Q2 25 | — | $4.30 | ||
| Q1 25 | — | $3.50 | ||
| Q4 24 | — | $4.60 | ||
| Q3 24 | — | $2.80 | ||
| Q2 24 | — | $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 | $1.5B | $243.5M |
| Total DebtLower is stronger | $1.0M | $843.8M |
| Stockholders' EquityBook value | $1.2B | $3.0B |
| Total Assets | $8.5B | $16.5B |
| Debt / EquityLower = less leverage | 0.00× | 0.28× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $243.5M | ||
| Q4 25 | $1.5B | $1.1B | ||
| Q3 25 | — | $915.7M | ||
| Q2 25 | — | $244.1M | ||
| Q1 25 | — | $315.1M | ||
| Q4 24 | $297.0M | $435.5M | ||
| Q3 24 | $297.0M | $427.1M | ||
| Q2 24 | $315.0M | $337.6M |
| Q1 26 | — | $843.8M | ||
| Q4 25 | $1.0M | $843.3M | ||
| Q3 25 | $5.0B | $843.0M | ||
| Q2 25 | $4.0B | $347.8M | ||
| Q1 25 | $4.0B | $722.5M | ||
| Q4 24 | $3.3B | $722.3M | ||
| Q3 24 | $3.4B | — | ||
| Q2 24 | $3.7B | — |
| Q1 26 | — | $3.0B | ||
| Q4 25 | $1.2B | $3.6B | ||
| Q3 25 | $1.2B | $3.4B | ||
| Q2 25 | $1.2B | $3.2B | ||
| Q1 25 | $3.3B | $3.0B | ||
| Q4 24 | $3.3B | $2.8B | ||
| Q3 24 | $4.6B | $2.9B | ||
| Q2 24 | $4.3B | $2.6B |
| Q1 26 | — | $16.5B | ||
| Q4 25 | $8.5B | $16.9B | ||
| Q3 25 | $8.3B | $16.8B | ||
| Q2 25 | $7.4B | $15.7B | ||
| Q1 25 | $9.7B | $15.5B | ||
| Q4 24 | $9.9B | $15.3B | ||
| Q3 24 | $9.9B | $15.4B | ||
| Q2 24 | $11.2B | $14.9B |
| Q1 26 | — | 0.28× | ||
| Q4 25 | 0.00× | 0.24× | ||
| Q3 25 | 4.30× | 0.25× | ||
| Q2 25 | 3.42× | 0.11× | ||
| Q1 25 | 1.22× | 0.24× | ||
| Q4 24 | 1.01× | 0.25× | ||
| Q3 24 | 0.73× | — | ||
| Q2 24 | 0.87× | — |
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 | $245.0M | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 6.62× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $245.0M | $378.2M | ||
| Q3 25 | $76.0M | $554.4M | ||
| Q2 25 | $52.0M | $206.6M | ||
| Q1 25 | $46.0M | $38.9M | ||
| Q4 24 | $189.0M | $213.5M | ||
| Q3 24 | $98.0M | $394.7M | ||
| Q2 24 | $164.0M | $139.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | $377.0M | ||
| Q3 25 | — | $551.4M | ||
| Q2 25 | — | $204.9M | ||
| Q1 25 | — | $37.1M | ||
| Q4 24 | — | $210.5M | ||
| Q3 24 | — | $392.3M | ||
| Q2 24 | — | $137.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | 22.6% | ||
| Q3 25 | — | 33.1% | ||
| Q2 25 | — | 12.4% | ||
| Q1 25 | — | 2.3% | ||
| Q4 24 | — | 13.3% | ||
| Q3 24 | — | 25.1% | ||
| Q2 24 | — | 8.9% |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 0.2% | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | — | 0.1% | ||
| Q4 24 | — | 0.2% | ||
| Q3 24 | — | 0.2% | ||
| Q2 24 | — | 0.1% |
| Q1 26 | — | — | ||
| Q4 25 | 6.62× | 1.91× | ||
| Q3 25 | 38.00× | 3.10× | ||
| Q2 25 | — | 1.32× | ||
| Q1 25 | — | 0.30× | ||
| Q4 24 | — | 1.27× | ||
| Q3 24 | 1.92× | 3.87× | ||
| Q2 24 | 3.09× | 3.44× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
QVCD
| Home | $754.0M | 31% |
| QVC International | $661.0M | 27% |
| Beauty | $260.0M | 11% |
| Apparel | $254.0M | 10% |
| Electronics | $187.0M | 8% |
| Accessories | $181.0M | 7% |
| Jewelry | $87.0M | 4% |
| Otherrevenue | $38.0M | 2% |
THG
| Premiums earned | $1.6B | 92% |
| Other | $124.6M | 7% |
| Fees and other income | $6.2M | 0% |
