Hershey
HSY NYSE Packaged Foods & Meats Financials FY2016–FY2025
Hershey's revenue rose 4.4% to $11.7 billion in fiscal 2025. Its operating margin was 12.3%, down from 25.9% a year earlier. Free cash flow was $1.8 billion, down 5.3%. It paid out $1.1 billion in dividends and buybacks, 60% of free cash flow.
About these figures. Hershey reports earnings per share and share counts separately for its two classes of stock, which the SEC's structured data leaves out, so per-share figures are blank.
What Hershey does
Hershey makes and sells chocolate and other candy, gum and mints, protein bars, salty snacks such as popcorn and pretzels, and pantry items such as baking ingredients, toppings and beverages. Its brands include Hershey's, Reese's, Kisses, Jolly Rancher, Twizzlers, Ice Breakers, SkinnyPop and Dot's Homestyle Pretzels, and it sells Kit Kat and Rolo in the United States under a license from Nestlé. It sells products under more than 85 brand names in approximately 65 countries.
Hershey reports three segments: North America Confectionery, which includes its Hershey's Chocolate World stores; North America Salty Snacks; and International, with operations in Mexico, Brazil, India and Malaysia. Its customers are mainly wholesale distributors, grocery chains, mass merchandisers, drugstores, convenience stores, wholesale clubs and dollar stores. In 2025 approximately 27% of its net sales were to McLane Company, a wholesale distributor that is the main distributor of its products to Walmart. Businesses outside the United States made up 12.3% of net sales in 2025. It competes with many global, national, regional and local firms, including large private companies and large retailers.
Cocoa products are the most significant raw materials for its chocolate, and its trading company in Switzerland handles all aspects of buying cocoa. Its sales are typically higher in the third and fourth quarters. In November 2025 it bought LesserEvil, which makes organic popcorn and puffed snacks. As of December 31, 2025, Hershey employed approximately 17,550 full-time and 2,045 part-time employees worldwide.
- Legal name
- HERSHEY CO
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 17, 2026
- Accession · CIK
- 0001628280-26-008586
0000047111
Revenue and margins
Hershey had $11.7B of revenue in fiscal 2025, up 4.4% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $1.8B in fiscal 2025, 15.6% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Hershey returned $1.1B to shareholders in fiscal 2025, 60% of free cash flow. The diluted share count rose 0.0%.
Value Hershey yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$4.5B and divides by 0.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Balance sheet
Cash, debt and the ratios that show how comfortably Hershey can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $329M | $464M | $402M | $731M | $926M |
| Debt incl. finance leases | $5.0B | $4.8B | $4.8B | $5.1B | $5.4B |
| Net debt / EBITDA | 2.0x | 1.6x | 1.5x | 1.3x | 2.3x |
| Debt / equity | 1.8x | 1.5x | 1.2x | 1.1x | 1.2x |
| Interest coverage | 15.7x | 16.1x | 15.9x | 16.6x | 6.4x |
| Current ratio | 0.9x | 0.8x | 1.0x | 1.0x | 1.2x |
| Quick ratio | 0.5x | 0.4x | 0.5x | 0.6x | 0.7x |
| Total assets | $10.4B | $10.9B | $11.9B | $12.9B | $13.7B |
| Total liabilities | $7.7B | $7.6B | $7.8B | $8.2B | $9.1B |
| Shareholders' equity | $2.8B | $3.3B | $4.1B | $4.7B | $4.6B |
| Net debt (− = net cash) | $4.7B | $4.3B | $4.4B | $4.4B | $4.5B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$19.8M
1 insider
Of sales under plans
100%
$19.8M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 21, 2026 | Hershey Trust Co Trustee In Trust For Milton Hershey School10% owner | Sold plan | 10,000 | $168.12 | $1.7M | Form 4 |
| Oct 20, 2026 | Hershey Trust Co Trustee In Trust For Milton Hershey School10% owner | Sold plan | 10,000 | $168.85 | $1.7M | Form 4 |
| Oct 19, 2026 | Hershey Trust Co Trustee In Trust For Milton Hershey School10% owner | Sold plan | 10,000 | $167.48 | $1.7M | Form 4 |
| Oct 16, 2026 | Hershey Trust Co Trustee In Trust For Milton Hershey School10% owner | Sold plan | 10,000 | $170.65 | $1.7M | Form 4 |
| Oct 15, 2026 | Hershey Trust Co Trustee In Trust For Milton Hershey School10% owner | Sold plan | 10,000 | $168.51 | $1.7M | Form 4 |
| Oct 14, 2026 | Hershey Trust Co Trustee In Trust For Milton Hershey School10% owner | Sold plan | 10,000 | $163.64 | $1.6M | Form 4 |
| Oct 13, 2026 | Hershey Trust Co Trustee In Trust For Milton Hershey School10% owner | Sold plan | 10,000 | $163.17 | $1.6M | Form 4 |
| Oct 12, 2026 | Hershey Trust Co Trustee In Trust For Milton Hershey School10% owner | Sold plan | 10,000 | $163.13 | $1.6M | Form 4 |
| Oct 9, 2026 | Hershey Trust Co Trustee In Trust For Milton Hershey School10% owner | Sold plan | 10,000 | $162.29 | $1.6M | Form 4 |
| Oct 8, 2026 | Hershey Trust Co Trustee In Trust For Milton Hershey School10% owner | Sold plan | 10,000 | $162.42 | $1.6M | Form 4 |
| Oct 7, 2026 | Hershey Trust Co Trustee In Trust For Milton Hershey School10% owner | Sold plan | 10,000 | $160.59 | $1.6M | Form 4 |
| Oct 6, 2026 | Hershey Trust Co Trustee In Trust For Milton Hershey School10% owner | Sold plan | 10,000 | $160.81 | $1.6M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✓ | ✓ |
| Current ratio rose | ✓ | ✕ | ✓ |
| Share count didn't rise | — | — | — |
| Gross margin rose | ✓ | ✓ | ✕ |
| Revenue rose relative to assets | ✓ | ✕ | ✕ |
| F-score | — / 9 | — / 9 | — / 9 |
| Accruals ratio | −4.0% | −2.5% | −10.5% |
| Altman Z'' | 3.19 | 3.45 | 2.82 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Hershey HSY | — | 4.4% | 12.3% | 15.6% | 11.5% | — | — | |
| Hormel Foods HRL | $11.6B | 1.6% | 5.9% | 4.4% | 5.1% | 33.4x | 5 | Compare → |
| Conagra Brands CAG | $7.1B | −2.9% | −14.4% | 8.7% | −8.3% | — | 5 | Compare → |
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| J.M. Smucker SJM | — | 3.7% | 4.0% | 12.8% | 2.2% | 60.7x | — | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $7.4B | $7.5B | $7.8B | $8.0B | $8.1B | $9.0B | $10.4B | $11.2B | $11.2B | $11.7B |
| Gross profit | $3.2B | $3.5B | $3.6B | $3.6B | $3.7B | $4.0B | $4.5B | $5.0B | $5.3B | $3.9B |
| Research and development | $47.3M | $45.9M | $38.5M | $37.1M | $37.6M | $40.1M | $46.9M | $50.0M | $55.8M | $61.7M |
| Operating income | $1.3B | $1.3B | $1.6B | $1.6B | $1.8B | $2.0B | $2.3B | $2.6B | $2.9B | $1.4B |
| Interest expense | $91.9M | $100M | $147M | $152M | $154M | $130M | $140M | $162M | $174M | $225M |
| Pretax income | $1.1B | $1.1B | $1.4B | $1.4B | $1.5B | $1.8B | $1.9B | $2.2B | $2.5B | $1.2B |
| Income tax | $379M | $354M | $239M | $234M | $220M | $314M | $272M | $310M | $253M | $331M |
| Net income | $720M | $783M | $1.2B | $1.1B | $1.3B | $1.5B | $1.6B | $1.9B | $2.2B | $883M |
| Cash flow | ||||||||||
| Cash from operations | $1.0B | $1.2B | $1.6B | $1.8B | $1.7B | $2.1B | $2.3B | $2.3B | $2.5B | $2.3B |
| Capital expenditure | $270M | $258M | $329M | $318M | $442M | $496M | $520M | $771M | $606M | $455M |
| Free cash flow | $744M | $992M | $1.3B | $1.4B | $1.3B | $1.6B | $1.8B | $1.6B | $1.9B | $1.8B |
| Depreciation and amortization | $302M | $262M | $295M | $292M | $295M | $315M | $379M | $420M | $455M | $504M |
| Stock-based compensation | $54.8M | $51.1M | $49.3M | $51.9M | $57.6M | $66.7M | $66.0M | $81.0M | $44.4M | $65.5M |
| Acquisitions | $285M | $0.0M | $1.3B | $402M | $0.0M | $1.6B | $0.0M | $166M | $75.5M | $756M |
| Share buybacks | $593M | $300M | $248M | $527M | $211M | $458M | $389M | $265M | $494M | $0.0M |
| Dividends paid | $500M | $526M | $563M | $610M | $641M | $686M | $775M | $889M | $1.1B | $1.1B |
| Dividends and buybacks | $1.1B | $827M | $810M | $1.1B | $852M | $1.1B | $1.2B | $1.2B | $1.6B | $1.1B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $297M | $380M | $588M | $493M | $1.1B | $329M | $464M | $402M | $731M | $926M |
| Total debt | $3.0B | $2.9B | $4.5B | $4.3B | $4.6B | $5.0B | $4.8B | $4.8B | $5.1B | $5.4B |
| Finance lease liabilities | $0.0M | $0.0M | $102M | $79.6M | $80.8M | $69.1M | $73.5M | $76.4M | $73.8M | $73.5M |
| Current assets | $1.8B | $2.0B | $2.2B | $2.1B | $3.0B | $2.2B | $2.6B | $2.9B | $3.8B | $3.6B |
| Current liabilities | $1.9B | $2.1B | $2.4B | $2.0B | $1.9B | $2.5B | $3.3B | $3.0B | $3.9B | $3.0B |
| Inventory | $746M | $753M | $785M | $815M | $964M | $989M | $1.2B | $1.3B | $1.3B | $1.4B |
| Property and equipment, net | $2.2B | $2.1B | $2.1B | $2.2B | $2.3B | $2.6B | $2.8B | $3.3B | $3.5B | $3.5B |
| Total assets | $5.5B | $5.6B | $7.7B | $8.1B | $9.1B | $10.4B | $10.9B | $11.9B | $12.9B | $13.7B |
| Total liabilities | $4.7B | $4.6B | $6.3B | $6.4B | $6.9B | $7.7B | $7.6B | $7.8B | $8.2B | $9.1B |
| Shareholders' equity | $786M | $915M | $1.4B | $1.7B | $2.2B | $2.8B | $3.3B | $4.1B | $4.7B | $4.6B |
| Margins | ||||||||||
| Gross margin | 42.6% | 46.0% | 45.9% | 45.4% | 45.4% | 45.1% | 43.2% | 44.8% | 47.3% | 33.6% |
| Operating margin | 16.9% | 17.5% | 20.8% | 20.0% | 21.9% | 22.8% | 21.7% | 22.9% | 25.9% | 12.3% |
| EBITDA margin | 20.9% | 21.0% | 24.6% | 23.6% | 25.5% | 26.3% | 25.3% | 26.7% | 29.9% | 16.6% |
| Net margin | 9.7% | 10.4% | 15.1% | 14.4% | 15.7% | 16.5% | 15.8% | 16.7% | 19.8% | 7.6% |
| FCF margin | 10.0% | 13.2% | 16.3% | 18.1% | 15.4% | 17.7% | 17.4% | 13.9% | 17.2% | 15.6% |
| Returns | ||||||||||
| Return on capital | 24.8% | 25.6% | 30.5% | 24.2% | 26.7% | 25.5% | 25.7% | 27.2% | 29.6% | 11.5% |
| Return on capital employed | 37.2% | 37.0% | 37.1% | 28.0% | 26.7% | 27.0% | 29.0% | 30.9% | 32.4% | 14.6% |
| Return on equity | 80.7% | 92.1% | 101.8% | 73.3% | 64.4% | 59.2% | 54.3% | 50.3% | 50.4% | 18.9% |
| Return on assets | 13.3% | 14.1% | 17.8% | 14.5% | 14.8% | 15.1% | 15.4% | 16.3% | 17.9% | 6.6% |
| Growth | ||||||||||
| Revenue growth | 0.7% | 1.0% | 3.7% | 2.5% | 2.1% | 10.1% | 16.1% | 7.2% | 0.3% | 4.4% |
| Net income growth | 40.4% | 8.7% | 50.4% | −2.4% | 11.2% | 15.6% | 11.3% | 13.2% | 19.3% | −60.2% |
| FCF growth | −17.3% | 33.3% | 28.2% | 13.7% | −13.0% | 26.2% | 14.0% | −14.2% | 24.1% | −5.3% |
| Financial health | ||||||||||
| Net debt / EBITDA | 1.7x | 1.6x | 2.1x | 2.0x | 1.7x | 2.0x | 1.6x | 1.5x | 1.3x | 2.3x |
| Debt / equity | 3.8x | 3.2x | 3.3x | 2.5x | 2.1x | 1.8x | 1.5x | 1.2x | 1.1x | 1.2x |
| Interest coverage | 13.7x | 13.1x | 11.1x | 10.5x | 11.6x | 15.7x | 16.1x | 15.9x | 16.6x | 6.4x |
| Current ratio | 1.0x | 1.0x | 0.9x | 1.1x | 1.6x | 0.9x | 0.8x | 1.0x | 1.0x | 1.2x |
| Quick ratio | 0.6x | 0.6x | 0.6x | 0.7x | 1.1x | 0.5x | 0.4x | 0.5x | 0.6x | 0.7x |
| Capital allocation | ||||||||||
| Capex / revenue | 3.6% | 3.4% | 4.2% | 4.0% | 5.4% | 5.5% | 5.0% | 6.9% | 5.4% | 3.9% |
| Stock comp / revenue | 0.7% | 0.7% | 0.6% | 0.7% | 0.7% | 0.7% | 0.6% | 0.7% | 0.4% | 0.6% |
| Payouts / FCF | 146.8% | 83.3% | 63.7% | 78.7% | 67.7% | 72.1% | 64.4% | 74.4% | 82.0% | 59.5% |
| Quality scores | ||||||||||
| Altman Z'' | 5.2 | 5.5 | 4.5 | 2.2 | 3.1 | 2.4 | 2.5 | 3.2 | 3.5 | 2.8 |
| Accruals ratio | −5.4% | −8.4% | −6.4% | −7.8% | −4.9% | −6.2% | −6.4% | −4.0% | −2.5% | −10.5% |
Source: SEC EDGAR XBRL filings (CIK 0000047111). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.