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HSYHershey

Consumer staples · Confectionery · NYSE
HSY quote by TradingView
Compare with peers → Embed
FY2025 at a glance

Sales up 4.4%, free cash flow down to $1.8B

XBRL, from each 10-K
RevenueStatements ↓
$11.7B
from $11.2B in FY2024
FY2016FY2025
Net incomeStatements ↓
$883.3M
from $2.2B in FY2024
FY2016FY2025
Free cash flowStatements ↓
$1.8B
from $1.9B in FY2024
FY2016FY2025
Operating marginStatements ↓
12.3%
from 25.9% in FY2024
FY2016FY2025
Total debtStatements ↓
$5.4B
from $5.1B in FY2024
FY2016FY2025
Price and key numbers

The latest figures

All key numbers (36, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)-Sales (ttm)12.3BNet income (ttm)1.8BSales growth+4.4%EPS growth-Sales Q/Q+3.0%
Free cash flow2.1BGross margin41.9%Oper. margin20.8%Net margin14.6%FCF margin17.3%ROE36.8%
ROA12.9%R&D / sales0.5%Dividend-Debt/Eq1.05Curr. ratio1.24Cash676.7M
Op. cash flow (ttm)2.6BEBITDA1.9BEBITDA margin16.6%Net debt4.4BQuick ratio0.78Interest cover6.41
ROIC10.5%Tax rate27.3%Stock pay / sales0.6%Shares out.220.1MBook / share22.15Cash / share3.07
Sales / share55.70Asset turnover0.88Inventory turns5.44Days sales out.23Sales 3Y CAGR+3.9%Sales 5Y CAGR+7.5%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Operating margin narrowed to 12.3%25.9% → 12.3% · Operating income / revenue · 10-K ↗
What management wrote about it → · Every company →

HSY against Consumer staples peers

Ten years, side by side → · All 34 →
GrowthProfitBalanceCleanInsiders
HSYPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 34 companies, the better end on the right. Hover a dot for the company.

Sales growth
+4.4%12th of 33 · median +2.1%
Net margin
14.6%10th of 33 · median 8.0%
Return on equity
36.8%6th of 29 · median 18.6%
Free cash flow margin
17.3%10th of 33 · median 10.7%
Debt / equity (less is better)
1.0519th of 29 · median 0.82
HSY and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
HSY Hershey$12.3B +4.4%41.9%14.6%36.8%17.3%1.05
EL Estée Lauder Companies$15.3B +5.0%76.0%2.4%9.1%9.9%1.67
HRL Hormel Foods$12.1B +1.6%15.7%2.8%4.4%6.4%0.36
MNST Monster Beverage$9.6B +10.7%55.3%22.7%22.1%20.0%0.04
STZ Constellation Brands$9.2B -10.5%52.7%20.9%22.4%20.0%1.20
SJM J.M. Smucker$9.2B +3.7%38.7%2.5%4.0%17.3%1.17
Where each dollar goes

From $9.0B of sales to $1.5B of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $4.0BRevenue to Cost of revenue: $4.9BGross profit to Operating profit: $2.0BGross profit to Operating expenses: $2.0BOperating profit to Net profit: $1.5BOperating profit to Tax & other: $566.2MOperating expenses to R&D: $40.1MOperating expenses to SG&A: $2.0B Revenue: $9.0B Revenue$9.0B +10% Y/Y Gross profit: $4.0B · 45% margin Gross profit$4.0B45% margin +9% Y/Y Cost of revenue: $4.9B · 55% of revenue Cost of revenue$4.9B55% of revenue Operating profit: $2.0B · 23% margin Operating profit$2.0B23% margin +15% Y/Y Operating expenses: $2.0B · 22% of revenue Operating expenses$2.0B22% of revenue Net profit: $1.5B · 16% margin Net profit$1.5B16% margin +16% Y/Y Tax & other: $566.2M · 6% of revenue Tax & other$566.2M6% of revenue R&D: $40.1M · 0% of revenue R&D$40.1M0% of revenue SG&A: $2.0B · 22% of revenue SG&A$2.0B22% of revenue

Swipe sideways for the whole flow →

From $10.4B of sales to $1.6B of profit

FY2022, from the 10-K income statement and revenue by segment
North America Confectionery to Revenue: $8.5BNorth America Salty Snacks to Revenue: $1.0BInternational to Revenue: $853.4MRevenue to Gross profit: $4.5BRevenue to Cost of revenue: $5.9BGross profit to Operating profit: $2.3BGross profit to Operating expenses: $2.2BOperating profit to Net profit: $1.6BOperating profit to Tax & other: $616.0MOperating expenses to R&D: $46.9MOperating expenses to SG&A: $2.2B North America Confectionery: $8.5B · 82% North America Confectio…$8.5B82% North America Salty Snacks: $1.0B · 10% North America Salty Sna…$1.0B10% International: $853.4M · 8% International$853.4M8% Revenue: $10.4B Revenue$10.4B +16% Y/Y Gross profit: $4.5B · 43% margin Gross profit$4.5B43% margin +11% Y/Y Cost of revenue: $5.9B · 57% of revenue Cost of revenue$5.9B57% of revenue Operating profit: $2.3B · 22% margin Operating profit$2.3B22% margin +11% Y/Y Operating expenses: $2.2B · 21% of revenue Operating expenses$2.2B21% of revenue Net profit: $1.6B · 16% margin Net profit$1.6B16% margin +11% Y/Y Tax & other: $616.0M · 6% of revenue Tax & other$616.0M6% of revenue R&D: $46.9M · 0% of revenue R&D$46.9M0% of revenue SG&A: $2.2B · 21% of revenue SG&A$2.2B21% of revenue

Swipe sideways for the whole flow →

From $11.2B of sales to $1.9B of profit

FY2023, from the 10-K income statement and revenue by segment
North America Confectionery to Revenue: $9.1BNorth America Salty Snacks to Revenue: $1.1BInternational to Revenue: $949.2MRevenue to Gross profit: $5.0BRevenue to Cost of revenue: $6.2BGross profit to Operating profit: $2.6BGross profit to Operating expenses: $2.4BOperating profit to Net profit: $1.9BOperating profit to Tax & other: $699.1MOperating expenses to R&D: $50.0MOperating expenses to SG&A: $2.4B North America Confectionery: $9.1B · 82% North America Confectio…$9.1B82% North America Salty Snacks: $1.1B · 10% North America Salty Sna…$1.1B10% International: $949.2M · 9% International$949.2M9% Revenue: $11.2B Revenue$11.2B +7% Y/Y Gross profit: $5.0B · 45% margin Gross profit$5.0B45% margin +11% Y/Y Cost of revenue: $6.2B · 55% of revenue Cost of revenue$6.2B55% of revenue Operating profit: $2.6B · 23% margin Operating profit$2.6B23% margin +13% Y/Y Operating expenses: $2.4B · 22% of revenue Operating expenses$2.4B22% of revenue Net profit: $1.9B · 17% margin Net profit$1.9B17% margin +13% Y/Y Tax & other: $699.1M · 6% of revenue Tax & other$699.1M6% of revenue R&D: $50.0M · 0% of revenue R&D$50.0M0% of revenue SG&A: $2.4B · 21% of revenue SG&A$2.4B21% of revenue

Swipe sideways for the whole flow →

From $11.2B of sales to $2.2B of profit

FY2024, from the 10-K income statement and revenue by segment
North America Confectionery to Revenue: $9.1BNorth America Salty Snacks to Revenue: $1.1BInternational to Revenue: $948.0MRevenue to Gross profit: $5.3BRevenue to Cost of revenue: $5.9BGross profit to Operating profit: $2.9BGross profit to Operating expenses: $2.4BOperating profit to Net profit: $2.2BOperating profit to Tax & other: $677.0MOperating expenses to R&D: $55.8MOperating expenses to SG&A: $2.3B North America Confectionery: $9.1B · 81% North America Confectio…$9.1B81% North America Salty Snacks: $1.1B · 10% North America Salty Sna…$1.1B10% International: $948.0M · 8% International$948.0M8% Revenue: $11.2B Revenue$11.2B +0% Y/Y Gross profit: $5.3B · 47% margin Gross profit$5.3B47% margin +6% Y/Y Cost of revenue: $5.9B · 53% of revenue Cost of revenue$5.9B53% of revenue Operating profit: $2.9B · 26% margin Operating profit$2.9B26% margin +13% Y/Y Operating expenses: $2.4B · 21% of revenue Operating expenses$2.4B21% of revenue Net profit: $2.2B · 20% margin Net profit$2.2B20% margin +19% Y/Y Tax & other: $677.0M · 6% of revenue Tax & other$677.0M6% of revenue R&D: $55.8M · 0% of revenue R&D$55.8M0% of revenue SG&A: $2.3B · 21% of revenue SG&A$2.3B21% of revenue

Swipe sideways for the whole flow →

From $11.7B of sales to $883.3M of profit

FY2025, from the 10-K income statement and revenue by segment
North America Confectionery to Revenue: $9.5BNorth America Salty Snacks to Revenue: $1.3BInternational to Revenue: $941.6MRevenue to Gross profit: $3.9BRevenue to Cost of revenue: $7.8BGross profit to Operating profit: $1.4BGross profit to Operating expenses: $2.5BOperating profit to Net profit: $883.3MOperating profit to Tax & other: $558.3MOperating expenses to R&D: $61.7MOperating expenses to SG&A: $2.4B North America Confectionery: $9.5B · 81% North America Confectio…$9.5B81% North America Salty Snacks: $1.3B · 11% North America Salty Sna…$1.3B11% International: $941.6M · 8% International$941.6M8% Revenue: $11.7B Revenue$11.7B +4% Y/Y Gross profit: $3.9B · 34% margin Gross profit$3.9B34% margin −26% Y/Y Cost of revenue: $7.8B · 66% of revenue Cost of revenue$7.8B66% of revenue Operating profit: $1.4B · 12% margin Operating profit$1.4B12% margin −50% Y/Y Operating expenses: $2.5B · 21% of revenue Operating expenses$2.5B21% of revenue Net profit: $883.3M · 8% margin Net profit$883.3M8% margin −60% Y/Y Tax & other: $558.3M · 5% of revenue Tax & other$558.3M5% of revenue R&D: $61.7M · 1% of revenue R&D$61.7M1% of revenue SG&A: $2.4B · 21% of revenue SG&A$2.4B21% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • R&D
  • Sales, admin & other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

3 of 4
  • ✓
    Net margin above the peer median14.6% vs 8.0%
  • !
    Gross margin down over 5 years45.4% → 33.5%
  • ✓
    Return on equity above 15%36.8%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 9.7% → 7.6%

Balance sheet

3 of 4
  • ✓
    Interest covered more than 5 timesOperating income is 6.4× interest expense
  • !
    Debt larger than equityDebt / equity 1.05 on the latest balance sheet (peer median 0.82)
  • ✓
    Current assets cover current liabilitiesCurrent ratio 1.24
  • ✓
    Net debt under 3 years of free cash flow$4.4B net debt, 2.1 years
Debt / equity at each year end, FY2016 to FY2025: 3.79 → 1.17
What the debt is made of ↓

Cash and shareholders

2 of 2
  • ✓
    Free cash flow positive in every one of 10 years$1.8B last year
  • ✓
    Cash from operations above net income$2.3B vs $883.3M
Free cash flow, FY2016 to FY2025: 744.0M → 1.8B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$5.1B of principal due, schedule of Dec 31, 2025

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2016 to FY2025

Revenue 11.7B Net income 883.3M
FY2016 revenue 7.4B · Revenues, 0000047111-19-000010 FY2016 net income 720.0M · NetIncomeLoss, 0000047111-19-000010 7.4B FY2016 FY2017 revenue 7.5B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000047111-20-000007 FY2017 net income 783.0M · NetIncomeLoss, 0000047111-20-000007 7.5B FY2017 FY2018 revenue 7.8B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000047111-21-000007 FY2018 net income 1.2B · NetIncomeLoss, 0000047111-21-000007 7.8B FY2018 FY2019 revenue 8.0B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000047111-22-000017 FY2019 net income 1.1B · NetIncomeLoss, 0000047111-22-000017 8.0B FY2019 FY2020 revenue 8.1B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000047111-23-000012 FY2020 net income 1.3B · NetIncomeLoss, 0000047111-23-000012 8.1B FY2020 FY2021 revenue 9.0B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000047111-24-000009 FY2021 net income 1.5B · NetIncomeLoss, 0000047111-24-000009 9.0B FY2021 FY2022 revenue 10.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000047111-25-000014 FY2022 net income 1.6B · NetIncomeLoss, 0000047111-25-000014 10.4B FY2022 FY2023 revenue 11.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001628280-26-008586 FY2023 net income 1.9B · NetIncomeLoss, 0001628280-26-008586 11.2B FY2023 FY2024 revenue 11.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001628280-26-008586 FY2024 net income 2.2B · NetIncomeLoss, 0001628280-26-008586 11.2B FY2024 FY2025 revenue 11.7B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001628280-26-008586 FY2025 net income 883.3M · NetIncomeLoss, 0001628280-26-008586 11.7B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

HSY's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue11.7B
FY2016: 7.4BFY2017: 7.5BFY2018: 7.8BFY2019: 8.0BFY2020: 8.1BFY2021: 9.0BFY2022: 10.4BFY2023: 11.2BFY2024: 11.2BFY2025: 11.7B FY2017FY2019FY2021FY2023FY2025
Net income883.3M
FY2016: 720.0MFY2017: 783.0MFY2018: 1.2BFY2019: 1.1BFY2020: 1.3BFY2021: 1.5BFY2022: 1.6BFY2023: 1.9BFY2024: 2.2BFY2025: 883.3M FY2017FY2019FY2021FY2023FY2025
Free cash flow1.8B
FY2016: 744.0MFY2017: 991.8MFY2018: 1.3BFY2019: 1.4BFY2020: 1.3BFY2021: 1.6BFY2022: 1.8BFY2023: 1.6BFY2024: 1.9BFY2025: 1.8B FY2017FY2019FY2021FY2023FY2025

Revenue by business segment

year to Dec 31, 2025
RevenueSharevs year before
North America Confectionery 9.5B81.1% +4.0%
North America Salty Snacks 1.3B10.9% +11.9%
International 941.6M8.1% -0.7%

10-K 0001628280-26-008586, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025
RevenueSharevs year before
United States 10.3B87.7% +4.9%
Other 1.4B12.3% +0.7%

10-K 0001628280-26-008586, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue7.4B7.5B7.8B8.0B8.1B9.0B10.4B11.2B11.2B11.7B
Cost of revenue4.3B4.1B4.2B4.4B4.4B4.9B5.9B6.2B5.9B7.8B
Gross profit3.2B3.5B3.6B3.6B3.7B4.0B4.5B5.0B5.3B3.9B
R&D47.3M45.9M38.5M37.1M37.6M40.1M46.9M50.0M55.8M61.7M
SG&A1.9B1.9B1.9B1.9B1.9B2.0B2.2B2.4B2.4B2.5B
Operating income1.3B1.3B1.6B1.6B1.8B2.0B2.3B2.6B2.9B1.4B
Interest expense91.9M100.1M146.9M152.1M153.5M129.8M140.1M161.5M174.3M224.8M
Pretax income1.1B1.1B1.4B1.4B1.5B1.8B1.9B2.2B2.5B1.2B
Income tax379.4M354.1M239.0M234.0M219.6M314.4M272.3M310.1M252.7M330.9M
Net income720.0M783.0M1.2B1.1B1.3B1.5B1.6B1.9B2.2B883.3M
Depreciation & amortization301.8M261.9M295.1M291.5M294.9M315.0M379.0M419.8M455.3M503.7M
EBITDA1.6B1.6B1.9B1.9B2.1B2.4B2.6B3.0B3.4B1.9B
Gross margin42.6%46.0%45.9%45.4%45.4%45.1%43.2%44.8%47.3%33.5%
Operating margin16.9%17.5%20.8%20.0%21.9%22.8%21.7%22.9%25.9%12.3%
Net margin9.7%10.4%15.1%14.4%15.7%16.5%15.8%16.7%19.8%7.6%
Revenue growth-+1.0%+3.7%+2.5%+2.0%+10.1%+16.1%+7.2%+0.3%+4.4%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash297.0M380.2M588.0M493.3M1.1B329.3M463.9M401.9M730.7M925.9M
Receivables581.4M588.3M594.1M568.5M615.2M671.5M711.2M823.6M800.4M729.5M
Inventory745.7M752.8M784.9M815.3M964.2M988.5M1.2B1.3B1.3B1.4B
Current assets1.8B2.0B2.2B2.1B3.0B2.2B2.6B2.9B3.8B3.6B
Property & equipment2.2B2.1B2.1B2.2B2.3B2.6B2.8B3.3B3.5B3.5B
Goodwill812.3M821.1M1.8B2.0B2.0B2.6B2.6B2.7B2.7B3.0B
Total assets5.5B5.6B7.7B8.1B9.1B10.4B10.9B11.9B12.9B13.7B
Accounts payable522.5M523.2M502.3M550.8M580.1M692.3M970.6M1.1B1.2B1.3B
Current liabilities1.9B2.1B2.4B2.0B1.9B2.5B3.3B3.0B3.9B3.0B
Total debt3.0B2.9B4.5B4.3B4.6B5.0B4.8B4.8B5.1B5.4B
Total liabilities4.7B4.6B6.3B6.4B6.9B7.7B7.6B7.8B8.2B9.1B
Shareholders' equity785.9M915.3M1.4B1.7B2.2B2.8B3.3B4.1B4.7B4.6B
Retained earnings6.1B6.4B7.0B1.3B1.9B2.7B3.6B4.6B5.7B5.5B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow1.0B1.2B1.6B1.8B1.7B2.1B2.3B2.3B2.5B2.3B
Capital spending269.5M257.7M328.6M318.2M441.6M495.9M519.5M771.1M605.9M454.6M
Free cash flow744.0M991.8M1.3B1.4B1.3B1.6B1.8B1.6B1.9B1.8B
Stock-based pay (added back)54.8M51.1M49.3M51.9M57.6M66.7M66.0M81.0M44.4M65.5M
Dividends paid499.5M526.3M562.5M610.3M640.7M686.0M775.0M889.1M1.1B1.1B
Buybacks592.5M300.3M247.5M527.2M211.2M457.9M389.0M264.9M494.2M0
Acquisitions285.4M01.3B402.2M01.6B0165.8M75.5M756.1M
Debt raised793.0M954K1.2B989.6M989.9M00744.1M02.0B
Debt repaid500.0M0910.8M6.2M704.5M439.4M4.7M755.4M306.4M606.4M
Investing cash flow-595.5M-328.7M-1.5B-780.5M-531.3M-2.2B-787.4M-1.2B-960.3M-1.3B
Financing cash flow-464.4M-843.8M116.1M-1.1B-499.2M-681.1M-1.4B-1.1B-1.3B-803.4M

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)54.8M51.1M49.3M51.9M57.6M66.7M66.0M81.0M44.4M65.5M
Stock-based pay / revenue0.7%0.7%0.6%0.6%0.7%0.7%0.6%0.7%0.4%0.6%
Operating lease cost---42.6M44.5M44.4M49.0M48.6M53.1M62.0M
Operating lease cash paid---39.9M42.6M42.6M45.2M45.2M48.8M59.4M
Finance lease principal paid---4.0M4.5M4.4M4.7M5.4M6.5M6.3M
Right-of-use assets--0220.7M224.3M351.7M326.5M308.0M337.7M325.3M
Operating lease liabilities--0213.4M218.4M347.2M326.6M311.6M345.4M335.5M
Finance lease liabilities--102.0M79.6M80.8M69.1M73.5M76.4M73.8M73.5M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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