FirmAtlas
Company handbook · HSY · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
HSY · CIK 47111 · LATEST FILING: 10-Q JUN '26 · FILED JUL 30, 2026
THE HERSHEY COMPANY
$170.83
+2.15 (+1.27%)
Close, Oct 16, 2026 · 52-week $156–239
Hershey makes chocolate and other candy, mints and gum (Hershey's, Reese's, Kit Kat in the U.S., Ice Breakers) and salty snacks (SkinnyPop, Dot's Pretzels, Pirate's Booty).
Business
- SegmentsNorth America Confectionery 81% · North America Salty Snacks 11% · International 8% (FY25)
- RegionsUS 88% · Outside US 12% (FY25)
- CustomersConsumers; sold to grocery stores, mass merchants, club stores, drug and convenience stores, dollar stores and wholesalers, mostly in the U.S.
- Cash useFY24–FY25: dividends $2.2B · capex $1.1B · acquisitions $832M · buybacks $494M
Reinvested 39% of operating cash flow · returned 71% of free cash flow
Last fiscal year
THE HERSHEY COMPANY reported revenue of $11.7B for the year ended Dec 31, 2025 (FY25), up 4.4% from FY24. Net income was $883M, operating cash flow $2.3B and free cash flow $1.8B. Source: 10-K filed Feb 17, 2026.
Market cap
$34.7B
P/E
23.3
EV/EBITDA
20.0x
P/B
7.6
Div yield
3.35%
ROIC
12.6%
Revenue 1Y
4.4%/yr
EPS 1Y
−60.3%/yr
Shares 1Y
+0.2%
Loading chart…
Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOKirk Tanner
HQHershey, PA
AuditorErnst & Young LLP
Employees17,550
Year endsDecember
Revenue by segment · FY25
North America Confectionery81%
North America Salty Snacks11%
International8%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
5.9%
−1.0%
−3.8%
−8.5%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$4.6B deployed
Capex
$1.1B
23.3%
Acquisitions
$832M
18.3%
Dividends
$2.2B
47.6%
Buybacks
$494M
10.8%
Operating cash flow over the period: $4.8B. Total debt changed by +$1.4B. R&D of $117M is already inside operating costs.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
11,202
11,693+4.4%
12,164
YoY
+4.4%
Gross profit
5,301
3,923−26.0%
4,668
Gross margin
47.3%
33.5%−13.8 pp
—
Operating income
2,898
1,442−50.3%
2,163
Operating margin
25.9%
12.3%−13.5 pp
—
EBITDA
3,353
1,945−42.0%
—
EBITDA margin
29.9%
16.6%−13.3 pp
—
Interest expense
174
225+29.0%
—
Interest coverage
19.24x
8.65x−10.58x
—
Net income
2,221
883−60.2%
1,489
YoY
−60.2%
Net margin
19.8%
7.6%−12.3 pp
—
EPS (diluted, $)
10.98
4.35−60.3%
—
YoY
−60.3%
Balance sheet
Total assets
12,947
13,741+6.1%
13,973
Cash & short-term investments
731
926+26.7%
—
Accounts receivable
800
730−8.9%
—
Inventory
1,254
1,429+14.0%
—
Net PP&E
3,459
3,530+2.0%
—
Other assets
6,703
7,127+6.3%
—
Total liabilities
8,232
9,105+10.6%
9,410
Accounts payable
1,159
1,256+8.3%
—
Total debt
3,795
5,185+36.6%
4,685
Other liabilities
3,278
2,664−18.7%
—
Shareholders’ equity
4,715
4,637−1.7%
4,563
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
2,532
2,277−10.0%
2,657
Net income
2,221
883−60.2%
—
Depreciation & amortization
455
504+10.6%
—
Stock-based compensation
44
65+47.4%
—
Working capital & other
(189)
825n/m
—
Cash from investing
(960)
(1,279)n/m
—
Capex
(606)
(455)n/m
—
Acquisitions
(76)
(756)n/m
—
Other investing
(279)
(68)n/m
—
Cash from financing
(1,297)
(803)n/m
—
Debt raised
0
1,985n/m
—
Debt repaid
(306)
(606)n/m
—
Dividends
(1,085)
(1,085)n/m
—
Buybacks
(494)
0n/m
—
Shares issued
15
21+45.2%
—
Other financing
574
(1,118)−294.6%
—
Net change in cash
329
195−40.7%
—
Free cash flow (OCF − capex)
1,926
1,823−5.3%
2,228
Where the cash went
Operating cash flow
2,532
2,277−10.0%
2,657
Reinvested in the business
681
1,211+77.7%
—
% of operating cash flow
26.9%
53.2%
Capex
606
455−25.0%
428
Acquisitions
76
756+901.5%
—
R&D (memo, already in costs)
56
62+10.5%
—
Free cash flow
1,926
1,823−5.3%
2,228
YoY
−5.3%
Returned to shareholders
1,579
1,085−31.3%
—
% of free cash flow
82.0%
59.5%
Dividends
1,085
1,085+0.0%
—
Buybacks
494
0−100.0%
—
Change in total debt
—
1,389
—
Cash left over
—
1,371
—
FCF conversion (FCF ÷ net income)
86.7%
206.4%+119.7 pp
—
Owner earnings
—
925
—
Owner earnings margin
—
7.9%
—
Buyback yield
1.4%
—
—
Returns & ratios
ROIC (all capital)
33.5%
12.6%−20.9 pp
—
ROIC (operating)
59.8%
23.9%−35.9 pp
—
Net debt / EBITDA
0.91x
2.19x+1.28x
—
Debt / equity
0.80x
1.12x+0.31x
—
Cash conversion cycle (days)
32
31−1 d
—
ROE
47.1%
19.0%−28.1 pp
—
ROA
17.2%
6.4%−10.7 pp
—
ROCE
32.1%
13.4%−18.7 pp
—
NOPAT
2,602
1,049−59.7%
—
Invested capital (operating)
4,354
4,433+1.8%
—
Invested capital (all)
7,779
8,895+14.4%
—
Reinvestment rate
—
7.5%
—
Debtor days
26
23−3 d
—
Inventory days
78
67−10 d
—
Days payable
72
59−13 d
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
3,181
3,091
3,104
2,787
vs year-ago quarter
Gross profit
1,037
1,145
1,223
1,263
Gross margin
32.6%
37.0%
39.4%
45.3%
Operating income
435
445
641
643
Net income
276
320
435
458
vs year-ago quarter
Net margin
8.7%
10.4%
14.0%
16.4%
EPS (diluted, $)
—
1.58
—
—
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
13,579
13,741
13,841
13,973
Cash & equivalents
1,163
926
877
791
Total debt
4,677
5,185
4,684
4,685
Shareholders’ equity
4,564
4,637
4,734
4,563
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
842
927
469
419
Capex
86
138
115
90
Free cash flow
756
788
354
329
vs year-ago quarter