NYSE : HSY
The Hershey Company — Financial statements
Consumer Staples · Confectioners · United States
Last price 160.28 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 32.20B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
The Hershey Company (HSY) reported revenue of 12.26B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 12.26B | 11.69B | 11.20B | 11.16B | 10.42B | 8.97B |
| Cost of Revenue | 7.12B | 7.77B | 5.89B | 6.17B | 5.92B | 4.92B |
| Gross Profit | 5.14B | 3.92B | 5.31B | 5.00B | 4.50B | 4.05B |
| Selling, General & Admin | 2.48B | 2.39B | 2.26B | 2.41B | 2.21B | 1.96B |
| Research & Development | 61.66M | 61.66M | 55.80M | 50.03M | 46.94M | 40.11M |
| Operating Expenses | 2.54B | 2.45B | 2.32B | 2.46B | 2.25B | 2.00B |
| Operating Income | 2.60B | 1.47B | 2.99B | 2.54B | 2.25B | 2.06B |
| Interest Expense | -221.41M | -224.81M | -174.32M | -161.51M | -140.09M | -129.85M |
| Interest & Investment Income | 24.88M | 34.60M | 8.66M | 9.73M | 2.54M | 2.43M |
| Currency Exchange Gain (Loss) | -15.33M | 10.32M | 487.00K | |||
| Other Non Operating Income (Expenses) | -544.00K | 6.55M | 6.83M | 1.28M | 593.00K | -148.00K |
| EBT Excluding Unusual Items | 2.39B | 1.30B | 2.83B | 2.39B | 2.11B | 1.93B |
| Merger & Restructuring Charges | -42.82M | -59.40M | -117.54M | -3.44M | -4.42M | -16.60M |
| Gain (Loss) on Sale of Investments | -24.48M | -24.48M | -243.31M | -210.48M | -188.29M | -113.76M |
| Pretax Income | 2.32B | 1.21B | 2.47B | 2.17B | 1.92B | 1.80B |
| Income Tax Expense | 524.91M | 330.95M | 252.70M | 310.08M | 272.25M | 314.40M |
| Earnings From Continuing Operations | 1.79B | 883.26M | 2.22B | 1.86B | 1.64B | 1.48B |
| Minority Interest in Earnings | -5.31M | |||||
| Net Income | 1.79B | 883.26M | 2.22B | 1.86B | 1.64B | 1.48B |
| Net Income to Common | 1.79B | 883.26M | 2.22B | 1.86B | 1.64B | 1.48B |
| Shares Outstanding (Basic) | 202.34M | 202.90M | 202.96M | 204.74M | 205.53M | 206.73M |
| Shares Outstanding (Diluted) | 202.96M | 203.38M | 203.49M | 205.55M | 206.57M | 207.76M |
| EPS (Basic) | 8.86 | 4.35 | 10.94 | 9.09 | 8.00 | 7.15 |
| EPS (Diluted) | 8.84 | 4.34 | 10.92 | 9.06 | 7.96 | 7.11 |
| Free Cash Flow | 2.12B | 1.82B | 1.93B | 1.55B | 1.81B | 1.59B |
| Free Cash Flow Per Share | 10.46 | 8.96 | 9.46 | 7.55 | 8.75 | 7.64 |
| Dividend Per Share | 5.73 | 5.48 | 5.48 | 4.46 | 3.87 | 3.41 |
| Gross Margin | 41.95% | 33.55% | 47.42% | 44.77% | 43.18% | 45.19% |
| Operating Margin | 21.20% | 12.58% | 26.72% | 22.72% | 21.56% | 22.91% |
| Profit Margin | 14.63% | 7.55% | 19.83% | 16.68% | 15.79% | 16.47% |
| Free Cash Flow Margin | 17.31% | 15.59% | 17.19% | 13.90% | 17.36% | 17.69% |
| EBITDA | 3.14B | 1.98B | 3.45B | 2.96B | 2.63B | 2.37B |
| EBITDA Margin | 25.58% | 16.89% | 30.78% | 26.48% | 25.20% | 26.42% |
| D&A For EBITDA | 537.89M | 503.70M | 455.25M | 419.81M | 378.96M | 315.00M |
| EBIT | 2.60B | 1.47B | 2.99B | 2.54B | 2.25B | 2.06B |
| EBIT Margin | 21.20% | 12.58% | 26.72% | 22.72% | 21.56% | 22.91% |
| Effective Tax Rate | 22.64% | 27.26% | 10.21% | 14.28% | 14.20% | 17.49% |
| Advertising Expenses | 611.95M | 600.09M | 604.85M | 517.68M | 511.80M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 676.69M | 925.86M | 730.75M | 401.90M | 463.89M | 329.27M |
| Cash & Short-Term Investments | 676.69M | 925.86M | 730.75M | 401.90M | 463.89M | 329.27M |
| Receivables | 1.11B | 729.55M | 800.40M | 823.62M | 711.20M | 671.46M |
| Inventory | 1.61B | 1.43B | 1.25B | 1.34B | 1.17B | 988.51M |
| Prepaid Expenses | 141.07M | 201.53M | 269.79M | 227.57M | 143.89M | 129.29M |
| Other Current Assets | 322.53M | 302.71M | 704.42M | 118.02M | 128.31M | 127.68M |
| Total Current Assets | 3.86B | 3.59B | 3.76B | 2.91B | 2.62B | 2.25B |
| Property, Plant & Equipment | 3.79B | 3.85B | 3.80B | 3.62B | 3.10B | 2.94B |
| Long-Term Investments | 169.39M | 176.57M | 212.93M | 207.18M | 133.03M | 93.09M |
| Goodwill | 2.99B | 3.00B | 2.71B | 2.70B | 2.61B | 2.63B |
| Other Intangible Assets | 2.74B | 2.83B | 2.24B | 2.24B | 2.29B | 2.30B |
| Long-Term Deferred Tax Assets | 27.36M | 27.80M | 37.06M | 44.45M | 40.50M | 40.87M |
| Other Long-Term Assets | 315.50M | 270.09M | 194.11M | 186.07M | 165.45M | 162.75M |
| Total Assets | 13.89B | 13.74B | 12.95B | 11.90B | 10.95B | 10.41B |
| Accounts Payable | 1.41B | 1.26B | 1.16B | 1.09B | 970.56M | 692.34M |
| Accrued Expenses | 998.30M | 921.01M | 766.71M | 833.32M | 800.73M | 819.35M |
| Short-Term Debt | 436.01M | 218.55M | 1.31B | 719.84M | 693.79M | 939.42M |
| Current Portion of Long-Term Debt | 192.57M | 498.83M | 599.30M | 299.16M | 749.29M | |
| Current Portion of Leases | 56.61M | 54.08M | 46.30M | 40.39M | 36.07M | 39.14M |
| Current Income Taxes Payable | 20.47M | 63.73M | 51.04M | 29.46M | 6.71M | 3.07M |
| Total Current Liabilities | 3.12B | 3.01B | 3.93B | 3.01B | 3.26B | 2.49B |
| Long-Term Debt | 4.42B | 4.61B | 3.12B | 3.72B | 3.27B | 4.02B |
| Long-Term Leases | 322.65M | 354.94M | 372.90M | 347.57M | 364.04M | 377.20M |
| Pension & Post-Retirement Benefits | 132.23M | 141.09M | 120.84M | 119.67M | 174.87M | 230.63M |
| Long-Term Deferred Tax Liabilities | 779.31M | 679.54M | 424.24M | 345.70M | 328.40M | 288.00M |
| Other Long-Term Liabilities | 241.84M | 304.90M | 262.65M | 263.92M | 250.02M | 245.53M |
| Total Liabilities | 9.02B | 9.10B | 8.23B | 7.80B | 7.65B | 7.66B |
| Common Stock | 221.55M | 221.55M | 221.55M | 221.55M | 221.55M | 221.55M |
| Additional Paid-In Capital | 1.46B | 1.43B | 1.38B | 1.35B | 1.30B | 1.26B |
| Retained Earnings | 6.11B | 5.50B | 5.70B | 4.56B | 3.59B | 2.72B |
| Treasury Stock | -2.69B | -2.26B | -2.28B | -1.80B | -1.56B | -1.20B |
| Comprehensive Income & Other | -229.29M | -247.35M | -303.89M | -230.08M | -252.33M | -249.22M |
| Total Common Equity | 4.88B | 4.64B | 4.71B | 4.10B | 3.30B | 2.76B |
| Shareholders' Equity | 4.88B | 4.64B | 4.71B | 4.10B | 3.30B | 2.76B |
| Total Liabilities & Equity | 13.89B | 13.74B | 12.95B | 11.90B | 10.95B | 10.41B |
| Total Debt | 5.43B | 5.74B | 5.45B | 5.13B | 5.12B | 5.38B |
| Net Cash (Debt) | -4.75B | -4.81B | -4.72B | -4.72B | -4.65B | -5.05B |
| Net Cash Per Share | -23.42 | -23.66 | -23.18 | -22.98 | -22.53 | -24.29 |
| Filing Date Shares Outstanding | 200.98M | 202.69M | 202.41M | 203.95M | 204.04M | 205.24M |
| Total Common Shares Outstanding | 200.97M | 202.84M | 202.38M | 204.39M | 204.96M | 206.11M |
| Working Capital | 743.63M | 577.00M | -170.04M | -96.25M | -636.75M | -247.11M |
| Book Value Per Share | 24.26 | 22.86 | 23.30 | 20.05 | 16.10 | 13.38 |
| Tangible Book Value | -852.77M | -1.19B | -232.05M | -836.40M | -1.59B | -2.17B |
| Tangible Book Value Per Share | -4.24 | -5.85 | -1.15 | -4.09 | -7.78 | -10.55 |
| Land | 197.04M | 199.56M | 194.50M | 180.75M | 155.96M | 154.49M |
| Buildings | 2.13B | 2.10B | 1.99B | 1.76B | 1.55B | 1.51B |
| Machinery | 4.60B | 4.52B | 4.15B | 3.86B | 3.59B | 3.44B |
| Construction In Progress | 371.52M | 325.00M | 478.84M | 644.24M | 416.22M | 294.82M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.79B | 883.26M | 2.22B | 1.86B | 1.64B | 1.48B |
| Depreciation & Amortization | 537.89M | 503.70M | 455.25M | 419.81M | 378.96M | 315.00M |
| Asset Writedown & Restructuring Costs | 6.40M | 6.40M | ||||
| Loss (Gain) From Sale of Investments | 24.48M | 24.48M | 243.31M | 210.48M | 188.29M | 113.76M |
| Stock-Based Compensation | 72.15M | 65.46M | 44.41M | 81.02M | 65.99M | 66.71M |
| Other Operating Activities | 288.99M | 753.97M | -363.96M | 119.52M | 157.71M | 114.70M |
| Change in Accounts Receivable | -129.79M | 98.97M | 4.46M | -102.08M | -38.16M | -14.64M |
| Change in Inventory | 128.45M | -133.32M | 68.83M | -157.15M | -186.96M | 21.46M |
| Change in Accounts Payable | -149.86M | 163.50M | 28.90M | 50.23M | 216.48M | 39.73M |
| Change in Income Taxes | -92.68M | 82.19M | -17.09M | -32.48M | 5.00M | -29.68M |
| Change in Other Net Operating Assets | 85.72M | -171.24M | -153.76M | -127.96M | -104.28M | -21.66M |
| Operating Cash Flow | 2.57B | 2.28B | 2.53B | 2.32B | 2.33B | 2.08B |
| Capital Expenditures | -443.07M | -454.62M | -605.94M | -771.11M | -519.48M | -495.88M |
| Cash Acquisitions | -756.13M | -756.13M | -75.50M | -165.82M | -1.60B | |
| Sale (Purchase) of Intangibles | -73.60M | |||||
| Investment in Securities | 12.05M | 11.88M | -285.50M | -256.81M | -275.53M | -128.42M |
| Other Investing Activities | -3.45M | -6.24M | 6.63M | -4.93M | 7.64M | 2.54M |
| Investing Cash Flow | -1.19B | -1.28B | -960.31M | -1.20B | -787.38M | -2.22B |
| Short-Term Debt Issued | 607.01M | 26.05M | 869.03M | |||
| Long-Term Debt Issued | 1.98B | 744.09M | ||||
| Total Debt Issued | 220.44M | 1.98B | 607.01M | 770.14M | 869.03M | |
| Short-Term Debt Repaid | -1.10B | -245.63M | ||||
| Long-Term Debt Repaid | -606.39M | -306.36M | -755.41M | -4.74M | -439.44M | |
| Total Debt Repaid | -502.79M | -1.71B | -306.36M | -755.41M | -250.37M | -439.44M |
| Net Debt Issued (Repaid) | -282.35M | 279.42M | 300.65M | 14.73M | -250.37M | 429.59M |
| Issuance of Common Stock | 20.93M | 21.30M | 14.66M | 26.02M | 34.16M | 49.82M |
| Repurchase of Common Stock | -459.11M | -18.78M | -527.01M | -299.92M | -424.48M | -474.56M |
| Common Dividends Paid | -1.13B | -1.09B | -1.08B | -889.07M | -775.03M | -685.99M |
| Other Financing Activities | -16.63M | |||||
| Financing Cash Flow | -1.87B | -803.36M | -1.30B | -1.15B | -1.42B | -681.14M |
| Foreign Exchange Rate Adjustments | 6.65M | -180.00K | 54.06M | -38.25M | 9.89M | -5.08M |
| Miscellaneous Cash Flow Adjustments | 11.43M | |||||
| Net Cash Flow | -486.33M | 195.11M | 328.84M | -61.99M | 134.62M | -814.72M |
| Free Cash Flow | 2.12B | 1.82B | 1.93B | 1.55B | 1.81B | 1.59B |
| Free Cash Flow Margin | 17.31% | 15.59% | 17.19% | 13.90% | 17.36% | 17.69% |
| Free Cash Flow Per Share | 10.46 | 8.96 | 9.46 | 7.55 | 8.75 | 7.64 |
| Levered Free Cash Flow | 1.67B | 1.45B | 1.16B | 1.03B | 1.27B | 1.18B |
| Unlevered Free Cash Flow | 1.81B | 1.59B | 1.27B | 1.13B | 1.35B | 1.26B |
| Cash Interest Paid | 219.53M | 195.93M | 179.78M | 160.73M | 131.76M | 127.73M |
| Cash Income Tax Paid | 433.93M | 140.62M | 201.80M | 303.94M | 221.32M | 275.17M |
| Change in Working Capital | -158.16M | 40.10M | -68.66M | -369.44M | -107.92M | -4.79M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 34.39B | 36.90B | 34.27B | 38.13B | 47.49B | 39.86B |
| Enterprise Value | 39.15B | 41.48B | 39.30B | 42.89B | 52.38B | 43.89B |
| Last Close Price | 165.61 | 178.01 | 160.40 | 171.56 | 208.91 | 171.43 |
| PE Ratio | 19.37 | 41.78 | 15.43 | 20.48 | 28.87 | 26.98 |
| Forward PE | 18.45 | 28.47 | 20.35 | 18.94 | 26.17 | 25.65 |
| PS Ratio | 2.80 | 3.16 | 3.06 | 3.42 | 4.56 | 4.44 |
| PB Ratio | 6.83 | 7.96 | 7.27 | 9.30 | 14.39 | 14.46 |
| P/FCF Ratio | 16.18 | 20.25 | 17.80 | 24.57 | 26.26 | 25.11 |
| P/OCF Ratio | 13.39 | 16.20 | 13.54 | 16.41 | 20.40 | 19.14 |
| PEG Ratio | 1.10 | 10.29 | 10.29 | 2.27 | 2.55 | 2.98 |
| EV/Sales Ratio | 3.19 | 3.55 | 3.51 | 3.84 | 5.03 | 4.89 |
| EV/EBITDA Ratio | 12.47 | 21.00 | 11.40 | 14.51 | 19.95 | 18.52 |
| EV/EBIT Ratio | 15.05 | 28.19 | 13.13 | 16.91 | 23.31 | 21.36 |
| EV/FCF Ratio | 18.42 | 22.76 | 20.41 | 27.63 | 28.96 | 27.66 |
| Debt / Equity Ratio | 1.11 | 1.24 | 1.16 | 1.25 | 1.55 | 1.95 |
| Debt / EBITDA Ratio | 1.70 | 2.82 | 1.56 | 1.71 | 1.91 | 2.23 |
| Debt / FCF Ratio | 2.56 | 3.15 | 2.83 | 3.30 | 2.83 | 3.39 |
| Net Debt / Equity Ratio | 0.97 | 1.04 | 1.00 | 1.15 | 1.41 | 1.83 |
| Net Debt / EBITDA Ratio | 1.52 | 2.44 | 1.37 | 1.60 | 1.77 | 2.13 |
| Net Debt / FCF Ratio | 2.24 | 2.64 | 2.45 | 3.04 | 2.57 | 3.18 |
| Asset Turnover | 0.89 | 0.88 | 0.90 | 0.98 | 0.98 | 0.92 |
| Inventory Turnover | 4.29 | 5.79 | 4.54 | 4.91 | 5.48 | 5.04 |
| Quick Ratio | 0.57 | 0.55 | 0.39 | 0.41 | 0.36 | 0.40 |
| Current Ratio | 1.24 | 1.19 | 0.96 | 0.97 | 0.81 | 0.90 |
| Return on Equity (ROE) | 38.00% | 18.89% | 50.40% | 50.33% | 54.31% | 59.37% |
| Return on Assets (ROA) | 11.82% | 6.89% | 15.06% | 13.87% | 13.15% | 13.14% |
| Return on Invested Capital (ROIC) | 20.80% | 11.34% | 29.44% | 25.92% | 24.47% | 24.72% |
| Return on Capital Employed (ROCE) | 24.10% | 13.70% | 33.20% | 28.50% | 29.20% | 26.00% |
| Earnings Yield | 5.16% | 2.39% | 6.48% | 4.88% | 3.46% | 3.71% |
| FCF Yield | 6.18% | 4.94% | 5.62% | 4.07% | 3.81% | 3.98% |
| Dividend Yield | 3.40% | 3.01% | 3.24% | 2.39% | 1.67% | 1.76% |
| Payout Ratio | 65.73% | 122.87% | 48.84% | 47.75% | 47.12% | 46.43% |
| Buyback Yield / Dilution | 0.13% | 0.05% | 1.00% | 0.50% | 0.57% | 0.79% |
| Total Shareholder Return | 3.52% | 3.06% | 4.24% | 2.89% | 2.24% | 2.55% |