Hershey

HSY · NYSE · Consumer Staples · Financials, fiscal 2016 to 2025

HSY · Last close · October 26, 2026

$168.23

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.

HERSHEY CO Latest fiscal year ended December 31, 2025 10-K filed February 17, 2026 · 0001628280-26-008586 Updated October 9, 2026

Revenue

$11.7B

4.4%

Operating margin

12.3%

13.5 pts

Net income

$883M

60.2%

Free cash flow

$1.8B

5.3%

Return on capital

11.5%

18.1 pts

Market cap

—

No share count

P/E

—

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

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.

Its biggest risks, as it describes them

Rising costs or short supplies of cocoa and other raw materials and energy.
Price increases may not cover higher costs, or may lead people to buy less.
Damage to its reputation or brands from concerns about the quality and safety of its products, ingredients or packaging.
Disruption at its plants or in its supply chain that keeps it from making or delivering products.
Falling demand for its products, including from health concerns such as weight management and the use of medications.

From Hershey's annual report on Form 10-K, filed February 17, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, net income grew 2.3% a year; the filings' structured data doesn't give diluted earnings per share.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red. Where the filings' structured data doesn't give a year's earnings per share, the column is blank.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Hershey yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Hershey's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

The example scenarios need Hershey's diluted shares, which its filings' structured data doesn't give for its latest year. You can enter your own figure in the calculator.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Hershey's own revenue growth, as above. Cautious: growth of 2% then 2% a year, 2% after year 10, a 8% discount rate. Base: growth of 4% then 3% a year, 2.5% after year 10, a 7% discount rate. Optimistic: growth of 6% then 4.5% a year, 3% after year 10, a 6% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $168.23
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and Hershey's latest diluted earnings per share were not available.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	329	464	402	731	926
Debt incl. finance leases	5,029	4,791	4,814	5,102	5,403
Net debt (negative means net cash)	4,700	4,327	4,412	4,372	4,477
Net debt to EBITDA	2.0x	1.6x	1.5x	1.3x	2.3x
Debt to equity	1.8x	1.4x	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

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 3 insiders bought $445,416 of Hershey shares on the open market, and 6 insiders sold $287.8 million, all of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Oct 23, 2026	Hershey Trust Co Trustee In Trust For Milton Hershey School10% owner	Sold plan	10,000	$170.53	$1.7 million	Form 4
Oct 22, 2026	Hershey Trust Co Trustee In Trust For Milton Hershey School10% owner	Sold plan	10,000	$174.39	$1.7 million	Form 4
Oct 21, 2026	Hershey Trust Co Trustee In Trust For Milton Hershey School10% owner	Sold plan	10,000	$168.12	$1.7 million	Form 4
Oct 20, 2026	Hershey Trust Co Trustee In Trust For Milton Hershey School10% owner	Sold plan	10,000	$168.85	$1.7 million	Form 4
Oct 19, 2026	Hershey Trust Co Trustee In Trust For Milton Hershey School10% owner	Sold plan	10,000	$167.48	$1.7 million	Form 4
Oct 16, 2026	Hershey Trust Co Trustee In Trust For Milton Hershey School10% owner	Sold plan	10,000	$170.65	$1.7 million	Form 4
Oct 15, 2026	Hershey Trust Co Trustee In Trust For Milton Hershey School10% owner	Sold plan	10,000	$168.51	$1.7 million	Form 4
Oct 14, 2026	Hershey Trust Co Trustee In Trust For Milton Hershey School10% owner	Sold plan	10,000	$163.64	$1.6 million	Form 4
Oct 13, 2026	Hershey Trust Co Trustee In Trust For Milton Hershey School10% owner	Sold plan	10,000	$163.17	$1.6 million	Form 4
Oct 12, 2026	Hershey Trust Co Trustee In Trust For Milton Hershey School10% owner	Sold plan	10,000	$163.13	$1.6 million	Form 4
Oct 9, 2026	Hershey Trust Co Trustee In Trust For Milton Hershey School10% owner	Sold plan	10,000	$162.29	$1.6 million	Form 4
Oct 8, 2026	Hershey Trust Co Trustee In Trust For Milton Hershey School10% owner	Sold plan	10,000	$162.42	$1.6 million	Form 4

The latest 12 of 175 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Pass
Current ratio rose	Pass	Fail	Pass
Share count didn't rise	—	—	—
Gross margin rose	Pass	Pass	Fail
Revenue rose relative to assets	Pass	Fail	Fail
F-score	—	—	—
Accruals ratio	−4.0%	−2.5%	−10.4%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Hershey side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Hershey	FY25	4.4%	12.3%	15.6%	11.5%	2.3x	—
Hormel Foods	FY25	1.6%	5.9%	4.4%	5.1%	2.2x	5	Compare
Conagra Brands	FY26	−2.9%	−14.4%	8.7%	−8.3%	—	5	Compare
Campbell's	FY26	−5.0%	8.7%	7.0%	6.2%	5.3x	5	Compare
J.M. Smucker	FY26	3.7%	4.0%	12.8%	2.2%	7.5x	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	7,440	7,515	7,791	7,986	8,150	8,971	10,419	11,165	11,202	11,693
Revenue growth	0.7%	1.0%	3.7%	2.5%	2.0%	10.1%	16.1%	7.2%	0.3%	4.4%
Gross profit	3,170	3,455	3,575	3,622	3,701	4,049	4,499	4,998	5,301	3,923
Research and development	47	46	38	37	38	40	47	50	56	62
Operating income	1,255	1,313	1,624	1,596	1,783	2,044	2,261	2,561	2,898	1,442
Net income	720	783	1,178	1,150	1,279	1,478	1,645	1,862	2,221	883
Diluted EPS (US$)	—	—	—	—	—	—	—	—	—	—
Diluted shares (millions)	—	—	—	—	—	—	—	—	—	—
Cash flow
Cash from operations	1,013	1,250	1,600	1,764	1,700	2,083	2,328	2,323	2,532	2,277
Capital expenditure	270	258	329	318	442	496	520	771	606	455
Free cash flow	744	992	1,271	1,446	1,258	1,587	1,808	1,552	1,926	1,823
Dividends paid	500	526	562	610	641	686	775	889	1,085	1,085
Share buybacks	592	300	248	527	211	458	389	265	494	0
Acquisitions	285	0	1,338	402	0	1,601	0	166	76	756
Stock-based compensation	55	51	49	52	58	67	66	81	44	66
Balance sheet at fiscal year end
Cash and short-term investments	297	380	588	493	1,144	329	464	402	731	926
Debt incl. finance leases	2,980	2,920	4,560	4,346	4,683	5,029	4,791	4,814	5,102	5,403
Total assets	5,524	5,554	7,703	8,140	9,132	10,412	10,949	11,903	12,947	13,741
Total liabilities	4,697	4,622	6,296	6,395	6,894	7,655	7,649	7,804	8,232	9,104
Shareholders' equity	786	915	1,399	1,739	2,234	2,757	3,300	4,099	4,715	4,637
Margins and ratios
Gross margin	42.6%	46.0%	45.9%	45.4%	45.4%	45.1%	43.2%	44.8%	47.3%	33.5%
Operating margin	16.9%	17.5%	20.8%	20.0%	21.9%	22.8%	21.7%	22.9%	25.9%	12.3%
Net margin	9.7%	10.4%	15.1%	14.4%	15.7%	16.5%	15.8%	16.7%	19.8%	7.5%
Free cash flow margin	10.0%	13.2%	16.3%	18.1%	15.4%	17.7%	17.4%	13.9%	17.2%	15.6%
Return on capital	24.8%	25.6%	30.5%	24.1%	26.7%	25.5%	25.7%	27.2%	29.6%	11.5%
Return on equity	80.7%	92.0%	101.8%	73.3%	64.4%	59.2%	54.3%	50.3%	50.4%	18.9%
Return on assets	13.2%	14.1%	17.8%	14.5%	14.8%	15.1%	15.4%	16.3%	17.9%	6.6%
Net debt to EBITDA	1.7x	1.6x	2.1x	2.0x	1.7x	2.0x	1.6x	1.5x	1.3x	2.3x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Hershey's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Hershey.