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HSYHershey

Consumer staples · Confectionery · NYSE
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The 10-K against last year's

107 changes: 7 added, 5 removed, 93 reworded, 2 quiet changes

10-K Feb 17, 2026 vs Feb 18, 2025
Risk FactorsRedline ↓
13.7%
of the text changed · 4,507 words now
14.8%
of the text changed · 11,172 words now
Legal ProceedingsRedline ↓
0.4%
of the text changed · 538 words now
Accounting PoliciesRedline ↓
5.1%
of the text changed · 4,070 words now

10-K 0001628280-26-008586 (2026-02-17) vs 10-K 0000047111-25-000014 (2025-02-18)

The redline

The paragraph that changed most in each section

Marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

MD&A 164 words changed in this paragraph; it is 47% similar to last year's version.
Throughout 2024, U.S. 2025, we experienced net sales growth, positive changes in consumer behavior behavior, and price elasticity despite the persistent dynamic macro environment. However, increasing inflationary pressures, including ongoing price volatility for select commodities and higher manufacturing costs, continued to shift and evolve, as cost fatigue and labor markets restrict income growth and constrain consumer spending and purchasing patterns. As challenge the business. Despite a result, consumer behavior related to our products has shifted. As such, for strategic pricing action in the year ended December 31, 2024,we continued to experience a dynamic macroeconomic environment, including price volatility related to select commodities, resulting in corresponding incremental costs and gross margin pressures, and net sales and net income declines. Despite third quarter combined with other specific actions taken to mitigate these gross margin pressures, we our direct inputs continue to experience overall declines in consumer demands for our products, and higher prices for direct materials used to manufacture our products were, and continue to be, be the primary incremental cost to our business (see Consolidated Results of Operations included in this MD&A). We utilize many exchange traded commodities for our business that are subject to price volatility, specifically cocoa products, which experienced a continued to experience elevated market price increase of approximately 70% throughout 2024 prices compared to historical levels (see Item 7A - Quantitative and Qualitative Disclosures about Market Risk included in this Annual Report on Form 10-K).

Source: Item 7, 10-K 0001628280-26-008586 vs Item 7, 10-K 0000047111-25-000014

Risk Factors 143 words changed in this paragraph; it is 59% similar to last year's version.
Changes in U.S. and non-U.S. laws, regulations and policies and the manner in which they are interpreted or applied may alter our business environment. These negative impacts could result from changes in food and drug laws, laws related to advertising and marketing practices, accounting standards, taxation compliance and requirements, tariffs on U.S. imports and retaliatory tariffs in response, competition laws, employment laws, import/export requirements requirements, AI, and environmental laws, among others. For example, the European Union’s Deforestation Regulation (“EUDR”) will require the Company to conduct extensive diligence on seven commodities, including cocoa, palm oil and soy, as well as products derived from these commodities, such as chocolate, and the value chain, to ensure the goods do not result from recent deforestation, forest degradation, or breaches of local laws in order to sell such products in the European Union market or exported from it. The EUDR is scheduled to be effective in December 2025, following a one-year postponement. The EUDR, and other current or proposed regulations in markets in which we operate, are likely to increase our compliance costs, could depress sales in such markets if our products are not in compliance by applicable effective dates, and could result in fines and penalties or reputational harm if we do not fully comply. It is possible that we could become subject to additional liabilities in the future resulting from changes in laws and regulations that could result in an adverse effect on our financial condition and results of operations.

Source: Item 1A, 10-K 0001628280-26-008586 vs Item 1A, 10-K 0000047111-25-000014

Accounting Policies 67 words changed in this paragraph; it is 78% similar to last year's version.
In December 2023, the FASB Financial Accounting Standards Board (“FASB”) issued ASU Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU requires public business entities on an annual basis to disclose specific categories in a tabular rate reconciliation and provide additional information for reconciling items that meet a five percent quantitative threshold. Additionally, the ASU requires all entities to disclose the amount of income taxes paid disaggregated by federal, state, and foreign taxes, as well as individual jurisdictions where income taxes paid are equal to or greater than five percent of total income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted and the updated should be applied on a prospective basis, with a retrospective application permitted in the financial statements. We are currently evaluating the impact of the new standard on our consolidated financial statements and related disclosures. As a result, we intend to adopt adopted the provisions of this ASU in the fourth quarter of 2025. 2025 and applied the provisions on a prospective basis.

Source: Item 8, Note 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0001628280-26-008586 vs Item 8, Note 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0000047111-25-000014

Legal Proceedings 4 words changed in this paragraph; it is 98% similar to last year's version.
As of December 31, 2024, 2025, the Company employed approximately 18,540 17,550 full-time and 1,490 2,045 part-time employees worldwide. Collective bargaining agreements covered approximately 6,525 5,570 employees, or approximately 33% 28% of the Company’s employees worldwide. During 2025, 2026, agreements will be negotiated for certain employees at seven six facilities, none one of which are within the United States, comprising approximately 69% 76% of total employees under collective bargaining agreements. We currently expect that we will be able to renegotiate such agreements on satisfactory terms when they expire.

Source: Item 3, via Note 15 – COMMITMENTS AND CONTINGENCIES, 10-K 0001628280-26-008586 vs Item 3, via Note 15 – COMMITMENTS AND CONTINGENCIES, 10-K 0000047111-25-000014

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of HSY's Risk Factors and MD&A, 10-K 2026-02-17 against 10-K 2025-02-18. Each links to the text at sec.gov.

AddedRisk Factors
Furthermore, artificial intelligence (“AI”) technologies have developed rapidly, and our business may be adversely affected if we cannot successfully integrate AI into our business in a timely, cost-effective, and compliant manner. Our competitors may incorporate AI into their business more successfully than us, which could have an adverse effect on our competitive position, reputation and operations.

Read it in 10-K 2026-02-17 at sec.gov ↗

AddedRisk Factors
In November 2025, we completed the acquisition of LesserEvil, LLC, previously a privately held company that produces and sells organic popcorn and puffed snack products to retailers and distributors in the United States and

Read it in 10-K 2026-02-17 at sec.gov ↗

AddedRisk Factors
Additionally, compliance with new and evolving laws, regulations or industry standards relating to AI may require significant investment and resources, and may limit our ability to use AI, which may result in reputational harm, legal liability or other adverse effects on our operations and overall business.

Read it in 10-K 2026-02-17 at sec.gov ↗

AddedMD&A
On November 18, 2025, we completed the acquisition of LesserEvil, LLC (“LesserEvil”), previously a privately held company that produces and sells organic popcorn and puffed snack products to retailers and distributors in the United States and Canada. The acquisition complements Hershey’s existing portfolio and increases manufacturing capacity.

Read it in 10-K 2026-02-17 at sec.gov ↗

AddedMD&A
Additionally, evolving priorities of the U.S. administration, such as leadership changes at the U.S. Department of Health and Human Services and the U.S. Food and Drug Administration (“FDA”) in early 2025, as well as the Make America Healthy Again movement, subject the food industry to increasing laws and regulations, including nutrition, food date labeling and traceability recordkeeping requirements, as well as changes in consumer expectations and behavior. For example, in April 2025, the FDA announced that it would be phasing out the approved use of petroleum-based synthetic dyes in food products. Therefore, in an effort to be responsive to the evolving regulatory environment and to ensure consumers have options to fit their lifestyle while maintaining trust and confidence in our products, we announced our decision to remove all certified Food, Drug & Cosmetic colors from our great tasting snacks by the end of 2027. The estimated costs associated with this removal are not expected to have a material impact on our financial position, results of operations or liquidity.

Read it in 10-K 2026-02-17 at sec.gov ↗

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