Hershey
HSY · NYSESugar & Confectionery Products · Fiscal year ends Dec 31
Hershey reported revenue of $11.7B in the fiscal year ended Dec 2025, up 4.4% from the year before. Operating income was $1.4B, an operating margin of 12.3%, and net income was $883M. Operating cash flow of $2.3B less capital expenditure of $455M left free cash flow of $1.8B. Net debt was $4.3B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $9B | $10.4B | $11.2B | $11.2B | $11.7B |
| Cost of revenue | $4.9B | $5.9B | $6.2B | $5.9B | $7.8B |
| Gross profit | $4B | $4.5B | $5B | $5.3B | $3.9B |
| Research & development | $40M | $47M | $50M | $56M | $62M |
| Selling, general & admin | $2B | $2.2B | $2.4B | $2.4B | $2.5B |
| Operating income | $2B | $2.3B | $2.6B | $2.9B | $1.4B |
| Interest expense | $130M | $140M | $162M | $174M | $225M |
| Pre-tax income | $1.8B | $1.9B | $2.2B | $2.5B | $1.2B |
| Income tax | $314M | $272M | $310M | $253M | $331M |
| Net income | $1.5B | $1.6B | $1.9B | $2.2B | $883M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $329M | $464M | $402M | $731M | $926M |
| Receivables | $671M | $711M | $824M | $800M | $730M |
| Inventory | $989M | $1.2B | $1.3B | $1.3B | $1.4B |
| Current assets | $2.2B | $2.6B | $2.9B | $3.8B | $3.6B |
| Net PP&E | $2.6B | $2.8B | $3.3B | $3.5B | $3.5B |
| Goodwill | $2.6B | $2.6B | $2.7B | $2.7B | $3B |
| Total assets | $10.4B | $10.9B | $11.9B | $12.9B | $13.7B |
| Payables | $692M | $971M | $1.1B | $1.2B | $1.3B |
| Current liabilities | $2.5B | $3.3B | $3B | $3.9B | $3B |
| Short-term debt | $3M | $754M | $305M | $605M | $503M |
| Long-term debt | $4.1B | $3.3B | $3.8B | $3.2B | $4.7B |
| Total liabilities | $7.7B | $7.6B | $7.8B | $8.2B | $9.1B |
| Shareholders' equity | $2.8B | $3.3B | $4.1B | $4.7B | $4.6B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $2.1B | $2.3B | $2.3B | $2.5B | $2.3B |
| Capital expenditure | $496M | $519M | $771M | $606M | $455M |
| Free cash flow | $1.6B | $1.8B | $1.6B | $1.9B | $1.8B |
| Depreciation & amortisation | $315M | $379M | $420M | $455M | $504M |
| Stock-based compensation | $67M | $66M | $81M | $44M | $65M |
| Acquisitions | $1.6B | $0 | $166M | $76M | $756M |
| Share buybacks | $458M | $389M | $265M | $494M | $0 |
| Dividends paid | $686M | $775M | $889M | $1.1B | $1.1B |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 16.1% | 7.2% | 0.3% | 4.4% |
| Operating income growth (YoY) | – | 10.6% | 13.3% | 13.2% | −50.3% |
| Gross margin | 45.1% | 43.2% | 44.8% | 47.3% | 33.5% |
| Operating margin | 22.8% | 21.7% | 22.9% | 25.9% | 12.3% |
| Net margin | 16.5% | 15.8% | 16.7% | 19.8% | 7.6% |
| Return on equityBlank when equity is negative | 53.6% | 49.8% | 45.4% | 47.1% | 19.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 25.8% | 29.4% | 28.8% | 32.1% | 13.4% |
| Free cash flow margin | 17.7% | 17.4% | 13.9% | 17.2% | 15.6% |
| Cash conversion (CFO ÷ net income) | 1.41x | 1.42x | 1.25x | 1.14x | 2.58x |
| Receivable days | 27 | 25 | 27 | 26 | 23 |
| Inventory days | 73 | 72 | 79 | 78 | 67 |
| Payable days | 51 | 60 | 64 | 72 | 59 |
| Interest cover | 15.7x | 16.1x | 15.9x | 16.6x | 6.41x |
| Debt ÷ equity | 1.48x | 1.24x | 1.00x | 0.80x | 1.12x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $3.8B | $3.6B | $3.7B | $3.1B | $4.3B |
| Current ratio | 0.90x | 0.80x | 0.97x | 0.96x | 1.19x |
Recent filings
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.