← Filings of HSY
Tables in the 10-Q of HERSHEY CO
60 tables with numbers, filed Oct 29, 2026. Each one downloads as a CSV for Excel or
Google Sheets, with the filing's address in the last row. Only the layout is tidied (a "$" or ")" in a cell of its own is joined to its number); no value is changed.
Open the filing on sec.gov ↗
| PART I. FINANCIAL INFORMATION | 2 |
| Item 1. Financial Statements | 2 |
| Consolidated Statements of Income for the Three and Nine Months Ended September 27, 2026 and September 28, 2025 | 2 |
| Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 27, 2026 and September 28, 2025 | 3 |
| Consolidated Balance Sheets as of September 27, 2026 and December 31, 2025 | 4 |
| Consolidated Statements of Cash Flows for the Nine Months Ended September 27, 2026 and September 28, 2025 | 5 |
| Consolidated Statements of Stockholders’ Equity for the Three and Nine Months Ended September 27, 2026 and September 28, 2025 | 6 |
| Notes to Unaudited Consolidated Financial Statements | 8 |
First 8 of 38 rows. The CSV has all of them.
| Three Months Ended | Nine Months Ended | | | | |
| September 27, 2026 | September 28, 2025 | | September 27, 2026 | September 28, 2025 | |
| Net sales | $3,275,510 | | $3,181,418 | | $9,166,983 | $8,601,555 |
| Cost of sales | 1,764,483 | | 2,144,084 | | 5,169,917 | 5,823,681 |
| Gross profit | 1,511,027 | | 1,037,334 | | 3,997,066 | 2,777,874 |
| Selling, marketing and administrative expense | 692,869 | | 600,540 | | 1,889,461 | 1,762,419 |
| Business realignment costs | 505 | | 2,211 | | 6,618 | 18,840 |
| Operating profit | 817,653 | | 434,583 | | 2,100,987 | 996,615 |
First 8 of 19 rows. The CSV has all of them.
| For the Three Months Ended | For the Nine Months Ended | | | | | | | | | | | | | | | | | | | | | | | | |
| September 27, 2026 | September 28, 2025 | | September 27, 2026 | | September 28, 2025 | | | | | | | | | | | | | | | | | | | | |
| Pre-Tax Amount | Tax (Expense) Benefit | | After-Tax Amount | | Pre-Tax Amount | Tax (Expense) Benefit | | After-Tax Amount | | Pre-Tax Amount | Tax (Expense) Benefit | | After-Tax Amount | | Pre-Tax Amount | Tax (Expense) Benefit | | After-Tax Amount | | | | | | | |
| Net income | | | | $580,814 | | | | | | $276,320 | | | | | | $1,473,584 | | | | | $563,242 | | | | | |
| Other comprehensive income, net of tax: | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Foreign currency translation adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Foreign currency translation gains (losses) during period | $748 | | | | 748 | | $(2,190) | | | $— | | (2,190) | | | $(1,310) | | | | (1,310) | | $29,355 | | $— | | 29,355 | |
| Pension and post-retirement benefit plans: | | | | | | | | | | | | | | | | | | | | | | | | | | |
First 8 of 15 rows. The CSV has all of them.
Table 4 after “(in thousands, except share data)”
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| September 27, 2026 | December 31, 2025 | |
| (unaudited) | | |
| ASSETS | | | |
| Current assets: | | | |
| Cash and cash equivalents | $676,688 | | $925,859 |
| Accounts receivable—trade, net | 1,113,419 | | 729,547 |
| Inventories | 1,608,756 | | 1,429,254 |
| Prepaid expenses and other | 463,592 | | 504,239 |
First 8 of 38 rows. The CSV has all of them.
| Nine Months Ended | | |
| September 27, 2026 | September 28, 2025 | |
| Operating Activities | | | |
| Net income | $1,473,584 | | $563,242 |
| Adjustments to reconcile net income to net cash provided by operating activities: | | | |
| Depreciation and amortization | 405,371 | | 371,180 |
| Stock-based compensation expense | 53,145 | | 46,453 |
| Deferred income taxes | 72,026 | | 37,790 |
First 8 of 43 rows. The CSV has all of them.
| Preferred Stock | Common Stock | | Class B Common Stock | Additional Paid-in Capital | Retained Earnings | | Treasury Common Stock | | Accumulated Other Comprehensive (Loss) Income | Total Stockholders’ Equity | | | | |
| Balance, June 28, 2026 | $— | | $166,939 | | $54,614 | | $1,447,283 | | | $5,814,164 | | $(2,689,761) | | $(230,549) | $4,562,690 |
| Net income | | | | | | 580,814 | | | | | | 580,814 | | | |
| Other comprehensive income | | | | | | | | | | 1,254 | | 1,254 | | | |
| Dividends (including dividend equivalents): | | | | | | | | | | | | | | | |
| Common Stock, $1.452 per share | | | | | | (213,253) | | | | | | (213,253) | | | |
| Class B Common Stock, $1.320 per share | | | | | | (72,090) | | | | | | (72,090) | | | |
| Stock-based compensation | | | | | 16,892 | | | | | | | 16,892 | | | |
First 8 of 11 rows. The CSV has all of them.
| Preferred Stock | Common Stock | | Class B Common Stock | Additional Paid-in Capital | Retained Earnings | | Treasury Common Stock | | Accumulated Other Comprehensive (Loss) Income | | Total Stockholders’ Equity | | | |
| Balance, June 29, 2025 | $— | | $166,939 | | $54,614 | | $1,387,873 | | | $5,442,869 | $(2,267,253) | | | $(270,424) | $4,514,618 |
| Net income | | | | | | 276,320 | | | | | | | 276,320 | | |
| Other comprehensive income | | | | | | | | | | 20,400 | | | 20,400 | | |
| Dividends (including dividend equivalents): | | | | | | | | | | | | | | | |
| Common Stock, $1.370 per share | | | | | | (203,828) | | | | | | | (203,828) | | |
| Class B Common Stock, $1.245 per share | | | | | | (67,994) | | | | | | | (67,994) | | |
| Stock-based compensation | | | | | 15,597 | | | | | | | | 15,597 | | |
First 8 of 10 rows. The CSV has all of them.
| Preferred Stock | Common Stock | | Class B Common Stock | Additional Paid-in Capital | Retained Earnings | | Treasury Common Stock | | Accumulated Other Comprehensive (Loss) Income | | Total Stockholders’ Equity | | | |
| Balance, December 31, 2025 | $— | | $166,939 | | $54,614 | | $1,426,651 | | | $5,495,449 | $(2,259,553) | | | $(247,350) | $4,636,750 |
| Net income | | | | | | 1,473,584 | | | | | | | 1,473,584 | | |
| Other comprehensive income | | | | | | | | | | 18,055 | | | 18,055 | | |
| Dividends (including dividend equivalents): | | | | | | | | | | | | | | | |
| Common Stock, $4.356 per share | | | | | | (643,128) | | | | | | | (643,128) | | |
| Class B Common Stock, $3.960 per share | | | | | | (216,270) | | | | | | | (216,270) | | |
| Stock-based compensation | | | | | 51,584 | | | | | | | | 51,584 | | |
First 8 of 11 rows. The CSV has all of them.
| Preferred Stock | Common Stock | | Class B Common Stock | Additional Paid-in Capital | Retained Earnings | | Treasury Common Stock | | Accumulated Other Comprehensive (Loss) Income | | Total Stockholders’ Equity | | | |
| Balance, December 31, 2024 | $— | | $166,939 | | $54,614 | | $1,377,226 | | | $5,698,316 | $(2,278,551) | | | $(303,890) | $4,714,654 |
| Net income | | | | | | 563,242 | | | | | | | 563,242 | | |
| Other comprehensive income | | | | | | | | | | 53,866 | | | 53,866 | | |
| Dividends (including dividend equivalents): | | | | | | | | | | | | | | | |
| Common Stock, $4.110 per share | | | | | | (610,210) | | | | | | | (610,210) | | |
| Class B Common Stock, $3.735 per share | | | | | | (203,981) | | | | | | | (203,981) | | |
| Stock-based compensation | | | | | 46,799 | | | | | | | | 46,799 | | |
First 8 of 10 rows. The CSV has all of them.
Table 10 after “The purchase consideration, inclusive of the acquisition date fair value of the contingent consideration, was allocated to assets acquired a”
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| Final Allocation |
| Goodwill | $281,929 |
| Other intangible assets | 604,500 |
| Current assets acquired, including cash and cash equivalents | 65,060 |
| Property, plant and equipment, net | 17,785 |
| Other non-current assets, primarily operating lease ROU assets | 28,214 |
| Current liabilities assumed | (21,141) |
| Other long-term liabilities, primarily operating lease liabilities | (22,054) |
First 8 of 10 rows. The CSV has all of them.
Table 11 after “Other intangible assets include the following estimated useful lives and values:”
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| Estimated Useful Life | Initial Allocation |
| Trademarks | Indefinite | $303,000 |
| Customer relationships | 20 years | 301,500 |
| Other intangible assets | | $604,500 |
Table 12 after “The changes in the carrying value of goodwill by reportable segment for the nine months ended September 27, 2026 are as follows:”
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| North America Confectionery | North America Salty Snacks | | International | Total | |
| Balance at December 31, 2025 | $2,039,098 | | $946,143 | | $10,764 | $2,996,005 |
| Measurement period adjustments | — | | (7,213) | | — | (7,213) |
| Foreign currency translation | (3,158) | | — | | 179 | (2,979) |
| Balance at September 27, 2026 | $2,035,940 | | $938,930 | | $10,943 | $2,985,813 |
Table 13 after “The following table provides the gross carrying amount and accumulated amortization for each major class of intangible asset:”
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| September 27, 2026 | December 31, 2025 | | | | | |
| Gross Carrying Amount | Accumulated Amortization | | Gross Carrying Amount | | Accumulated Amortization | |
| Intangible assets subject to amortization: | | | | | | | |
| Trademarks | $1,824,766 | | $(374,536) | | | $1,803,973 | $(335,974) |
| Customer-related | 854,606 | | (220,678) | | | 855,556 | (185,995) |
| Patents | 7,707 | | (7,707) | | | 7,944 | (7,944) |
| Total | 2,687,079 | | (602,921) | | | 2,667,473 | (529,913) |
| Intangible assets not subject to amortization: | | | | | | | |
First 8 of 10 rows. The CSV has all of them.
Table 14 after “Short-term debt consisted of the following:”
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| September 27, 2026 | December 31, 2025 | |
| Short-term foreign bank borrowings against lines of credit | $166,896 | $218,546 | |
| U.S. commercial paper | 269,116 | — | |
| Total short-term debt | $436,012 | $218,546 | |
| Weighted average interest rate on outstanding commercial paper | 4.0% | | —% |
Table 15 after “Long-term debt consisted of the following:”
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| Debt Type and Rate | Maturity Date | September 27, 2026 | December 31, 2025 | |
| 2.300% Notes (1) | August 15, 2026 | — | | 500,000 |
| 7.200% Debentures | August 15, 2027 | 193,639 | | 193,639 |
| 4.550% Notes | February 24, 2028 | 500,000 | | 500,000 |
| 4.250% Notes | May 4, 2028 | 350,000 | | 350,000 |
| 2.450% Notes | November 15, 2029 | 300,000 | | 300,000 |
| 4.750% Notes | February 24, 2030 | 500,000 | | 500,000 |
| 1.700% Notes | June 1, 2030 | 350,000 | | 350,000 |
First 8 of 19 rows. The CSV has all of them.
Table 16 after “Net interest expense consists of the following:”
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| Three Months Ended | Nine Months Ended | | | | |
| September 27, 2026 | September 28, 2025 | | September 27, 2026 | September 28, 2025 | |
| Interest expense | $56,060 | | $61,456 | | $170,749 | $176,817 |
| Capitalized interest | (2,870) | | (2,257) | | (7,055) | (9,732) |
| Interest expense | 53,190 | | 59,199 | | 163,694 | 167,085 |
| Interest income | (4,515) | | (7,725) | | (15,238) | (24,954) |
| Interest expense, net | $48,675 | | $51,474 | | $148,456 | $142,131 |
Table 17 after “The following table presents the classification of derivative assets and liabilities within the Consolidated Balance Sheets as of September ”
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| September 27, 2026 | December 31, 2025 | | | | |
| Assets (1) | Liabilities (1) | | Assets (1) | Liabilities (1) | |
| Derivatives designated as cash flow hedging instruments: | | | | | | |
| Foreign exchange contracts | $2,512 | | $1,201 | | $691 | $3,095 |
| Derivatives not designated as hedging instruments: | | | | | | |
| Commodities futures and options (2) | 12,341 | | 1,182 | | 465 | 20,829 |
| Deferred compensation derivatives | 486 | | — | | 775 | — |
| Foreign exchange contracts | 14 | | 906 | | 1,752 | — |
First 8 of 10 rows. The CSV has all of them.
Table 18 after “The effect of derivative instruments on the Consolidated Statements of Income for the three months ended September 27, 2026 and September 28”
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| Non-designated Hedges | Cash Flow Hedges | | | | | | | | | |
| Gains (losses) recognized in income (a) | Gains (losses) recognized in other comprehensive income (“OCI”) | | Gains (losses) reclassified from accumulated OCI (“AOCI”) into income (b) | | | | | | | |
| 2026 | 2025 | | 2026 | 2025 | 2026 | | 2025 | | | |
| Commodities futures and options | $81,867 | | $32,745 | | $— | | $— | | $— | | $— |
| Foreign exchange contracts | 349 | | 212 | | (6,817) | | 400 | | (8,117) | | (56) |
| Interest rate swap agreements | — | | — | | — | | — | | (941) | | (2,150) |
| Deferred compensation derivatives | 486 | | 2,249 | | — | | — | | | — | |
| Total | $82,702 | | $35,206 | | $(6,817) | | $400 | | $(9,058) | | $(2,206) |
Table 19 after “The effect of derivative instruments on the Consolidated Statements of Income for the nine months ended September 27, 2026 and September 28,”
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| Non-designated Hedges | Cash Flow Hedges | | | | | | | | | |
| Gains (losses) recognized in income (a) | Gains (losses) recognized in other comprehensive income (“OCI”) | | Gains (losses) reclassified from accumulated OCI (“AOCI”) into income (b) | | | | | | | |
| 2026 | 2025 | | 2026 | 2025 | 2026 | | 2025 | | | |
| Commodities futures and options | $138,825 | | $(52,657) | | $— | | $— | | $— | | $— |
| Foreign exchange contracts | (1,122) | | 8,594 | | (11,171) | | (6,030) | | (14,886) | | 1,052 |
| Interest rate swap agreements | — | | — | | — | | — | | (4,946) | | (6,724) |
| Deferred compensation derivatives | 3,200 | | 7,012 | | — | | — | | | — | |
| Total | $140,903 | | $(37,051) | | $(11,171) | | $(6,030) | | $(19,832) | | $(5,672) |
Table 20 after “The following table presents assets and liabilities that were measured at fair value in the Consolidated Balance Sheets on a recurring basis”
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| Assets / Liabilities | | | | | |
| Level 1 | Level 2 | | Level 3 | Total | |
| September 27, 2026: | | | | | | |
| Derivative Instruments: | | | | | | |
| Assets: | | | | | | |
| Foreign exchange contracts (1) | $— | $2,526 | | $— | $2,526 | |
| Deferred compensation derivatives (2) | $— | $486 | | $— | $486 | |
| Commodities futures and options (3) | $12,341 | $— | | $— | $12,341 | |
First 8 of 19 rows. The CSV has all of them.
Table 21 after “The fair values and carrying values of long-term debt, including the current portion, were as follows:”
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| Fair Value | Carrying Value | | | | |
| September 27, 2026 | December 31, 2025 | | September 27, 2026 | December 31, 2025 | |
| Current portion of long-term debt | $201,702 | $498,788 | | $197,843 | $503,327 | |
| Long-term debt | 3,957,884 | | 4,373,815 | | 4,492,634 | 4,681,194 |
| Total | $4,159,586 | | $4,872,603 | | $4,690,477 | $5,184,521 |
Table 22 after “The following table presents the liability activity for contingent consideration for the nine months ended September 27, 2026:”
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| Total |
| Liability balance at December 31, 2025 | $77,820 |
| Changes in fair value | 43,797 |
| Payments | (19,087) |
| Liability balance at September 27, 2026 | $102,530 |
Table 23 after “The components of lease expense for the three months ended September 27, 2026 and September 28, 2025 were as follows:”
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| | Three Months Ended | | |
| Lease expense | Classification | September 27, 2026 | September 28, 2025 | |
| Operating lease cost | Cost of sales or SM&A (1) | $16,054 | | $15,651 |
| Finance lease cost: | | | | |
| Amortization of ROU assets | Depreciation and amortization (1) | 2,196 | | 1,896 |
| Interest on lease liabilities | Interest expense, net | 1,169 | | 1,096 |
| Net lease cost (2) | | $19,419 | | $18,643 |
Table 24 after “The components of lease expense for the nine months ended September 27, 2026 and September 28, 2025 were as follows:”
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| | Nine Months Ended | | |
| Lease expense | Classification | September 27, 2026 | September 28, 2025 | |
| Operating lease cost | Cost of sales or SM&A (1) | $48,700 | | $45,677 |
| Finance lease cost: | | | | |
| Amortization of ROU assets | Depreciation and amortization (1) | 6,656 | | 6,248 |
| Interest on lease liabilities | Interest expense, net | 3,509 | | 3,345 |
| Net lease cost (2) | | $58,865 | | $55,270 |
Table 25 after “Information regarding our lease terms and discount rates were as follows:”
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| September 27, 2026 | December 31, 2025 | |
| Weighted-average remaining lease term (years) | | | |
| Operating leases | 10.1 | 10.2 | |
| Finance leases | 24.0 | 25.2 | |
| Weighted-average discount rate | | | |
| Operating leases | 4.6% | | 4.6% |
| Finance leases | 6.2% | | 6.3% |
Table 26 after “Supplemental balance sheet information related to leases were as follows:”
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| Leases | Classification | September 27, 2026 | December 31, 2025 | |
| Assets | | | | |
| Operating lease ROU assets | Other non-current assets | $292,916 | | $325,345 |
| Finance lease ROU assets, at cost | Property, plant and equipment, gross | 83,000 | | 83,714 |
| Accumulated amortization | Accumulated depreciation | (26,895) | | (26,073) |
| Finance lease ROU assets, net | Property, plant and equipment, net | 56,105 | | 57,641 |
| Total leased assets | | $349,021 | | $382,986 |
| Liabilities | | | | |
First 8 of 15 rows. The CSV has all of them.
Table 27 after “The maturities of our lease liabilities as of September 27, 2026 were as follows:”
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| Operating leases | Finance leases | | Total | |
| 2026 (rest of year) | $16,121 | | $2,607 | | $18,728 |
| 2027 | 62,811 | | 9,321 | | 72,132 |
| 2028 | 43,622 | | 7,774 | | 51,396 |
| 2029 | 39,690 | | 5,031 | | 44,721 |
| 2030 | 32,977 | | 4,596 | | 37,573 |
| Thereafter | 191,486 | | 129,339 | | 320,825 |
| Total lease payments | 386,707 | | 158,668 | | 545,375 |
First 8 of 10 rows. The CSV has all of them.
Table 28 after “Supplemental cash flow and other information related to leases were as follows:”
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| Nine Months Ended | | |
| September 27, 2026 | September 28, 2025 | |
| Cash paid for amounts included in the measurement of lease liabilities: | | | |
| Operating cash flows from operating leases | $48,269 | | $43,965 |
| Operating cash flows from finance leases | 3,509 | | 3,345 |
| Financing cash flows from finance leases | 4,799 | | 4,595 |
| ROU assets obtained in exchange for lease liabilities: | | | |
| Operating leases | $5,686 | | $33,158 |
First 8 of 9 rows. The CSV has all of them.
Table 29 after “Costs associated with business realignment activities are classified in our Consolidated Statements of Income as follows:”
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| Three Months Ended | Nine Months Ended | | | | |
| September 27, 2026 | September 28, 2025 | | September 27, 2026 | September 28, 2025 | |
| Cost of sales | $283 | | $— | | $283 | $— |
| Selling, marketing and administrative expense | 12,480 | | 8,366 | | 28,086 | 32,729 |
| Business realignment costs | 505 | | 2,211 | | 6,618 | 18,840 |
| Costs associated with business realignment activities | $13,268 | | $10,577 | | $34,987 | $51,569 |
Table 30 after “Costs recorded by program during the three and nine months ended September 27, 2026 and September 28, 2025 related to these activities were ”
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| Three Months Ended | Nine Months Ended | | | | |
| September 27, 2026 | September 28, 2025 | | September 27, 2026 | September 28, 2025 | |
| Advancing Agility & Automation Initiative: | | | | | | |
| Severance and employee benefit costs | $505 | | $2,211 | | $6,618 | $18,840 |
| Other program costs | 12,763 | | 8,366 | | 28,369 | 32,729 |
| Total | $13,268 | | $10,577 | | $34,987 | $51,569 |
Table 31 after “The following table presents the liability activity for costs qualifying as exit and disposal costs for the nine months ended September 27, ”
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| Total |
| Liability balance at December 31, 2025 (1) | $8,590 |
| 2026 business realignment charges (2) | 6,618 |
| Cash payments | (4,332) |
| Liability balance at September 27, 2026 (1) | $10,876 |
Table 32 after “The components of net periodic benefit cost for the three months ended September 27, 2026 and September 28, 2025 were as follows:”
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| Pension Benefits | Other Benefits | | | | |
| Three Months Ended | Three Months Ended | | | | |
| September 27, 2026 | September 28, 2025 | | September 27, 2026 | September 28, 2025 | |
| Service cost | $2,716 | $3,544 | | $30 | $29 | |
| Interest cost | 8,280 | | 9,253 | | 1,252 | 1,235 |
| Expected return on plan assets | (12,200) | | (12,029) | | — | — |
| Amortization of prior service credit | (757) | | (888) | | (97) | (96) |
| Amortization of net loss | 1,156 | | 3,554 | | 990 | 312 |
First 8 of 10 rows. The CSV has all of them.
Table 33 after “The components of net periodic benefit cost for the nine months ended September 27, 2026 and September 28, 2025 were as follows:”
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| Pension Benefits | Other Benefits | | | | |
| Nine Months Ended | Nine Months Ended | | | | |
| September 27, 2026 | September 28, 2025 | | September 27, 2026 | September 28, 2025 | |
| Service cost | $8,658 | $10,583 | | $90 | $85 | |
| Interest cost | 24,282 | | 27,722 | | 3,763 | 3,695 |
| Expected return on plan assets | (36,931) | | (36,086) | | — | — |
| Amortization of prior service credit | (2,267) | | (2,667) | | (291) | (288) |
| Amortization of net loss | 4,866 | | 10,661 | | 2,971 | 941 |
First 8 of 10 rows. The CSV has all of them.
Table 34 after “For the periods presented, compensation expense for all types of stock-based compensation programs and the related income tax benefit recogn”
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| Three Months Ended | Nine Months Ended | | | | |
| September 27, 2026 | September 28, 2025 | | September 27, 2026 | September 28, 2025 | |
| Pre-tax compensation expense | $18,298 | | $15,451 | | $53,145 | $46,453 |
| Related income tax benefit | 4,465 | | 3,294 | | 12,967 | 15,478 |
Table 35 after “A summary of activity relating to grants of stock options for the period ended September 27, 2026 is as follows:”
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| Stock Options | Shares | Weighted-Average Exercise Price (per share) | Weighted-Average Remaining Contractual Term | Aggregate Intrinsic Value | |
| Outstanding at beginning of year | 368,560 | | $110.30 | 2.2 years | |
| Granted | 545 | | $208.99 | | |
| Exercised | (175,588) | | $101.42 | | |
| Forfeited | (708) | | $229.75 | | |
| Expired | (2,836) | | $165.00 | | |
| Outstanding as of September 27, 2026 | 189,973 | | $117.53 | 1.9 years | $9,747 |
| Options exercisable as of September 27, 2026 | 185,623 | | $116.09 | 1.7 years | $9,741 |
Table 36 after “The fair value was estimated on the date of grant using a Black-Scholes option-pricing model and the following weighted-average assumptions:”
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| Nine Months Ended | | |
| September 27, 2026 | September 28, 2025 | |
| Dividend yields | 3.0% | | 3.0% |
| Expected volatility | 24.4% | | 22.3% |
| Risk-free interest rates | 4.1% | | 4.2% |
| Expected term in years | 6.2 | 6.3 | |
Table 37 after “A summary of activity relating to grants of PSUs and RSUs for the period ended September 27, 2026 is as follows:”
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| Performance Stock Units and Restricted Stock Units | Number of units | Weighted-average grant date fair value for equity awards (per unit) | |
| Outstanding at beginning of year | 1,038,893 | | $192.65 |
| Granted | 360,004 | | $228.51 |
| Performance assumption change (1) | (54,873) | | $195.07 |
| Vested | (275,665) | | $216.84 |
| Forfeited | (105,890) | | $186.53 |
| Outstanding as of September 27, 2026 | 962,469 | | $199.69 |
Table 38 after “The following table sets forth information about the fair value of the PSUs and RSUs granted for potential future distribution to employees ”
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| Nine Months Ended | | |
| September 27, 2026 | September 28, 2025 | |
| Units granted | 360,004 | 643,726 | |
| Weighted-average fair value at date of grant | $228.51 | $168.32 | |
| Monte Carlo simulation assumptions: | | | |
| Estimated values | $128.04 | $110.81 | |
| Dividend yields | 2.5% | | 3.2% |
| Expected volatility | 24.6% | | 22.2% |
Table 39 after “Our segment net sales and earnings for the three months ended September 27, 2026 and September 28, 2025 were as follows:”
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| For the three months ended September 27, 2026 | North America Confectionery | North America Salty Snacks | | International | Total | |
| Net sales | $2,656,461 | | $392,683 | | $226,366 | $3,275,510 |
| Cost of sales | 1,395,636 | | 278,103 | | 203,812 | |
| SM&A expense | 311,138 | | 67,192 | | 52,562 | |
| Total segment income (loss) | $949,687 | | $47,388 | | $(30,008) | $967,067 |
| Unallocated corporate expense (1) | | | | | 249,498 | |
| Unallocated mark-to-market gains on commodity derivatives | | (113,352) | | | | |
| Costs associated with business realignment activities (see Note 9) | | 13,268 | | | | |
First 8 of 12 rows. The CSV has all of them.
Table 40 after “Our segment net sales and earnings for the three months ended September 27, 2026 and September 28, 2025 were as follows:”
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| For the three months ended September 28, 2025 | North America Confectionery | North America Salty Snacks | | International | Total | |
| Net sales | $2,615,600 | | $321,020 | | $244,798 | $3,181,418 |
| Cost of sales | 1,752,225 | | 206,267 | | 209,843 | |
| SM&A expense | 291,900 | | 57,006 | | 48,562 | |
| Total segment income (loss) | $571,475 | | $57,747 | | $(13,607) | $615,615 |
| Unallocated corporate expense (1) | | | | | 194,705 | |
| Unallocated mark-to-market gains on commodity derivatives | | (24,250) | | | | |
| Costs associated with business realignment activities (see Note 9) | | 10,577 | | | | |
First 8 of 12 rows. The CSV has all of them.
Table 41 after “Our segment net sales and earnings for the nine months ended September 27, 2026 and September 28, 2025 were as follows:”
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| For the nine months ended September 27, 2026 | North America Confectionery | North America Salty Snacks | | International | Total | |
| Net sales | $7,319,949 | | $1,130,598 | | $716,436 | $9,166,983 |
| Cost of sales | 3,982,913 | | 785,975 | | 586,822 | |
| SM&A expense | 889,185 | | 200,355 | | 149,508 | |
| Total segment income (loss) | $2,447,851 | | $144,268 | | $(19,894) | $2,572,225 |
| Unallocated corporate expense (1) | | | | | 622,326 | |
| Unallocated mark-to-market gains on commodity derivatives | | (186,075) | | | | |
| Costs associated with business realignment activities (see Note 9) | | 34,987 | | | | |
First 8 of 12 rows. The CSV has all of them.
Table 42 after “Our segment net sales and earnings for the nine months ended September 27, 2026 and September 28, 2025 were as follows:”
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| For the nine months ended September 28, 2025 | North America Confectionery | North America Salty Snacks | | International | Total | |
| Net sales | $7,001,208 | | $914,337 | | $686,010 | $8,601,555 |
| Cost of sales | 4,342,071 | | 581,440 | | 512,239 | |
| SM&A expense | 887,357 | | 166,817 | | 138,857 | |
| Total segment income | $1,771,780 | | $166,080 | | $34,914 | $1,972,774 |
| Unallocated corporate expense (1) | | | | | 536,659 | |
| Unallocated mark-to-market losses on commodity derivatives | | 387,932 | | | | |
| Costs associated with business realignment activities (see Note 9) | | 51,568 | | | | |
First 8 of 12 rows. The CSV has all of them.
Table 43 after “Activity within the unallocated mark-to-market adjustment for commodity derivatives is as follows:”
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| Three Months Ended | Nine Months Ended | | | | |
| September 27, 2026 | September 28, 2025 | | September 27, 2026 | September 28, 2025 | |
| Net (gains) losses on mark-to-market valuation of commodity derivative positions recognized in income | $(81,867) | | $(32,745) | | $(138,825) | $52,657 |
| Net (losses) gains on commodity derivative positions reclassified from unallocated to segment income | (31,485) | | 8,495 | | (47,250) | 335,275 |
| Net (gains) losses on mark-to-market valuation of commodity derivative positions recognized in unallocated derivative (gains) losses | $(113,352) | | $(24,250) | | $(186,075) | $387,932 |
Table 44 after “Depreciation and amortization expense included within segment income presented above is as follows:”
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| Three Months Ended | Nine Months Ended | | | | |
| September 27, 2026 | September 28, 2025 | | September 27, 2026 | September 28, 2025 | |
| North America Confectionery | $80,050 | | $78,752 | | $237,925 | $221,311 |
| North America Salty Snacks | 26,165 | | 19,414 | | 78,424 | 63,587 |
| International | 7,777 | | 7,276 | | 22,844 | 20,174 |
| Corporate | 22,282 | | 22,342 | | 66,178 | 66,108 |
| Total | $136,274 | | $127,784 | | $405,371 | $371,180 |
Table 45 after “Additional information regarding our net sales disaggregated by geographical region is as follows:”
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| Three Months Ended | Nine Months Ended | | | | |
| September 27, 2026 | September 28, 2025 | | September 27, 2026 | September 28, 2025 | |
| Net sales: | | | | | | |
| United States | $2,905,223 | | $2,799,716 | | $8,055,170 | $7,552,700 |
| All other countries | 370,287 | | 381,702 | | 1,111,813 | 1,048,855 |
| Total | $3,275,510 | | $3,181,418 | | $9,166,983 | $8,601,555 |
Table 46 after “A summary of our treasury stock activity is as follows:”
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| Nine Months Ended September 27, 2026 | | |
| Shares | Dollars | |
| | In thousands | |
| Shares repurchased in the open market under pre-approved share repurchase programs | 1,030,614 | | $200,000 |
| Shares repurchased in the open market to replace Treasury Stock issued for stock options and incentive compensation | 1,215,696 | | 239,354 |
| Total share repurchases | 2,246,310 | | 439,354 |
| Shares issued for stock options and incentive compensation | (379,233) | | $(15,779) |
| Total net share repurchases | 1,867,077 | | 423,575 |
First 8 of 10 rows. The CSV has all of them.
Table 47 after “We compute basic earnings per share for Common Stock and Class B common stock using the two-class method. The Class B common stock is conver”
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| Three Months Ended | | | | | |
| September 27, 2026 | September 28, 2025 | | | | |
| Common Stock | Class B Common Stock | | Common Stock | Class B Common Stock | |
| Basic earnings per share: | | | | | | |
| Numerator: | | | | | | |
| Allocation of distributed earnings (cash dividends paid) | $212,742 | | $72,090 | | $203,137 | $67,994 |
| Allocation of undistributed earnings | 221,080 | | 74,902 | | 3,889 | 1,300 |
| Total earnings—basic | $433,822 | | $146,992 | | $207,026 | $69,294 |
First 8 of 25 rows. The CSV has all of them.
Table 48 after “(amounts in thousands, except share data or if otherwise indicated)”
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| Nine Months Ended | | | | | |
| September 27, 2026 | September 28, 2025 | | | | |
| Common Stock | Class B Common Stock | | Common Stock | Class B Common Stock | |
| Basic earnings per share: | | | | | | |
| Numerator: | | | | | | |
| Allocation of distributed earnings (cash dividends paid) | $642,954 | | $216,270 | | $609,974 | $203,981 |
| Allocation of undistributed earnings | 459,640 | | 154,720 | | (187,827) | (62,886) |
| Total earnings—basic | $1,102,594 | | $370,990 | | $422,147 | $141,095 |
First 8 of 25 rows. The CSV has all of them.
Table 49 after “A summary of the components of other (income) expense, net is as follows:”
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| Three Months Ended | Nine Months Ended | | | | |
| September 27, 2026 | September 28, 2025 | | September 27, 2026 | September 28, 2025 | |
| Non-service cost components of net periodic benefit cost relating to pension and other post-retirement benefit plans (see Note 11) | 1,382 | | 11,938 | | 5,034 | 14,575 |
| Other (income) expense, net | (407) | | (739) | | (1,481) | (4,767) |
| Total | $975 | | $11,199 | | $3,553 | $9,808 |
Table 50 after “The components of certain asset accounts included within our Consolidated Balance Sheets are as follows:”
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| September 27, 2026 | December 31, 2025 | |
| Inventories: | | | |
| Raw materials | $768,778 | | $762,391 |
| Goods in process | 321,512 | | 294,374 |
| Finished goods | 1,213,704 | | 1,074,690 |
| Inventories at First In First Out | 2,303,994 | | 2,131,455 |
| Adjustment to Last In First Out | (695,238) | | (702,201) |
| Total inventories | $1,608,756 | | $1,429,254 |
First 8 of 27 rows. The CSV has all of them.
Table 51 after “(amounts in thousands, except share data or if otherwise indicated)”
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| The components of certain liability and stockholders’ equity accounts included within our Consolidated Balance Sheets are as follows: | | | |
| September 27, 2026 | December 31, 2025 | |
| Accounts payable: | | | |
| Accounts payable—trade | $961,870 | | $831,204 |
| Supplier finance program obligations | 319,735 | | 300,332 |
| Other | 133,258 | | 124,165 |
| Total accounts payable | $1,414,863 | | $1,255,701 |
| Accrued liabilities: | | | |
First 8 of 24 rows. The CSV has all of them.
Table 52 after “CONSOLIDATED RESULTS OF OPERATIONS”
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| Three Months Ended | | | Nine Months Ended | | | | | | |
| September 27, 2026 | September 28, 2025 | | Percent Change | September 27, 2026 | | September 28, 2025 | | Percent Change | |
| In millions of dollars except per share amounts | | | | | | | | | | |
| Net sales | $3,275.5 | $3,181.4 | | 3.0% | | $9,167.0 | | $8,601.6 | | 6.6% |
| Cost of sales | 1,764.5 | 2,144.1 | | (17.7)% | | 5,170.0 | | 5,823.7 | | (11.2)% |
| Gross profit | 1,511.0 | 1,037.3 | | 45.7% | | 3,997.0 | | 2,777.9 | | 43.9% |
| Gross margin | 46.1% | | 32.6% | | | | 43.6% | | | 32.3% |
| Selling, marketing & administrative (“SM&A”) expenses | 692.8 | 600.5 | | 15.4% | | 1,889.4 | | 1,762.4 | | 7.2% |
First 8 of 20 rows. The CSV has all of them.
Table 53 after “Our segment results, including a reconciliation to our consolidated results, were as follows:”
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| Three Months Ended | Nine Months Ended | | | | |
| September 27, 2026 | September 28, 2025 | | September 27, 2026 | September 28, 2025 | |
| In millions of dollars | | | | | | |
| Net Sales: | | | | | | |
| North America Confectionery | $2,656.5 | | $2,615.6 | | $7,319.9 | $7,001.2 |
| North America Salty Snacks | 392.7 | | 321.0 | | 1,130.6 | 914.3 |
| International | 226.4 | | 244.8 | | 716.4 | 686.0 |
| Total | $3,275.5 | | $3,181.4 | | $9,167.0 | $8,601.6 |
First 8 of 20 rows. The CSV has all of them.
Table 54 after “The North America Confectionery segment is responsible for our chocolate and non-chocolate confectionery market position in the United State”
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| Three Months Ended | | | Nine Months Ended | | | | | | | |
| September 27, 2026 | September 28, 2025 | | Percent Change | September 27, 2026 | September 28, 2025 | | Percent Change | | | |
| In millions of dollars | | | | | | | | | | | |
| Net sales | $2,656.5 | | $2,615.6 | | 1.6% | | $7,319.9 | | | $7,001.2 | 4.6% |
| Segment income | 949.7 | | 571.5 | | 66.2% | | 2,447.9 | | | 1,771.8 | 38.2% |
| Segment margin | 35.8% | | 21.8% | | | 33.4% | | | 25.3% | | |
| NOTE: Percentage changes may not compute directly as shown due to rounding of amounts presented above. | | | | | | | | | | | |
Table 55 after “The North America Salty Snacks segment is responsible for our grocery and snacks market positions, including our salty snacking products. No”
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| Three Months Ended | | | Nine Months Ended | | | | | | | |
| September 27, 2026 | September 28, 2025 | | Percent Change | September 27, 2026 | September 28, 2025 | | Percent Change | | | |
| In millions of dollars | | | | | | | | | | | |
| Net sales | $392.7 | | $321.0 | | 22.3% | | $1,130.6 | | | $914.3 | 23.7% |
| Segment income | 47.4 | | 57.7 | | (17.9)% | | 144.3 | | | 166.1 | (13.1)% |
| Segment margin | 12.1% | | 18.0% | | | 12.8% | | | 18.2% | | |
| NOTE: Percentage changes may not compute directly as shown due to rounding of amounts presented above. | | | | | | | | | | | |
Table 56 after “The International segment includes all other countries where we currently manufacture, import, market, sell or distribute chocolate and non-”
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| Three Months Ended | | | Nine Months Ended | | | | | | | |
| September 27, 2026 | September 28, 2025 | | Percent Change | September 27, 2026 | September 28, 2025 | | Percent Change | | | |
| In millions of dollars | | | | | | | | | | | |
| Net sales | $226.4 | | $244.8 | | (7.5)% | | $716.4 | | | $686.0 | 4.4% |
| Segment (loss) income | (30.0) | | (13.6) | | 120.5% | | (19.9) | | | 34.9 | (157.0)% |
| Segment margin | (13.3)% | | (5.6)% | | | (2.8)% | | | 5.1% | | |
| NOTE: Percentage changes may not compute directly as shown due to rounding of amounts presented above. | | | | | | | | | | | |
Table 57 after “The following table is derived from our Consolidated Statements of Cash Flows:”
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| Nine Months Ended | | |
| In millions of dollars | September 27, 2026 | September 28, 2025 | |
| Net cash provided by (used in): | | | |
| Operating activities | 1,638.8 | | 1,350.8 |
| Investing activities | (294.1) | | (382.2) |
| Financing activities | (1,600.8) | | (536.4) |
| Effect of exchange rate changes on cash and cash equivalents | 6.9 | | 0.1 |
| Net change in cash and cash equivalents | $(249.2) | | $432.3 |
Table 58 after “. Total dividend payments to holders of our Common Stock and Class B Common Stock were $859.2 million during the first nine months of 2026, ”
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| Quarter Ended | | | | |
| In millions of dollars except per share amounts | March 29, 2026 | June 28, 2026 | | September 27, 2026 | |
| Dividends paid per share – Common stock | $1.452 | | $1.452 | | $1.452 |
| Dividends paid per share – Class B common stock | $1.320 | | $1.320 | | $1.320 |
| Total cash dividends paid | $288.0 | | $286.4 | | $284.8 |
| Declaration date | February 4, 2026 | April 29, 2026 | | July 29, 2026 | |
| Record date | February 17, 2026 | May 15, 2026 | | August 14, 2026 | |
| Payment date | March 16, 2026 | June 15, 2026 | | September 15, 2026 | |
Table 59 after “. We repurchase shares of Common Stock to offset the dilutive impact of treasury shares issued under our equity compensation plans. The valu”
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| Nine Months Ended | | |
| In millions | September 27, 2026 | September 28, 2025 | |
| Shares repurchased in the open market under pre-approved share repurchase programs (1) | $200.0 | | $— |
| Shares repurchased in the open market to replace Treasury Stock issued for stock options and incentive compensation | 239.4 | | — |
| Cash used for total share repurchases (excluding excise tax) | $439.4 | | $— |
| Total shares repurchased under pre-approved share repurchase programs | 1.0 | | — |
Table 60 after “The following exhibits are filed as part of this Quarterly Report on Form 10-Q:”
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| Exhibit Number | Description |
| 3.1 | Restated Certificate of Incorporation, as amended by the Company’s Stockholders on May 6, 2025, is incorporated by reference from Exhibit 3.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 29, 2025. |
| 3.2 | The Company's By-laws, as amended and restated as of December 5, 2025, are incorporated by reference from Exhibit 3.1 to the Company's Current Report on Form 8-K filed December 5, 2025. |
| 10.1 | Service Agreement, dated July 14, 2026, by and between Hershey UK Finance LTD and Amanda Almond.+ |
| 31.1 | Certification of Kirk Tanner, Chief Executive Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* |
| 31.2 | Certification of Dave Hulays, Chief Financial Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* |
| 32.1 | Certification of Kirk Tanner, Chief Executive Officer, and Dave Hulays, Chief Financial Officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.** |
| 101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
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