The Hershey Company

HSY · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$36,903	$34,269	$38,127	$47,491	$39,856	$31,381	$30,278	$22,079	$23,383	$21,307	$18,390	$23,130	$21,797	$16,252	$13,998	$10,738	$8,155	$7,903	$9,017	$11,410	$13,512	$10,482	$10,125	$9,195	$9,224	$8,857	$6,637	$8,906	$9,258	$6,754	$5,389	$4,202	$4,426	$4,255	$4,024	$3,404	$3,231	$2,357	$2,216	$2,304	$1,630
Enterprise value	$41,380	$38,986	$42,850	$52,145	$44,902	$35,061	$34,271	$25,958	$25,940	$24,032	$20,513	$24,900	$22,651	$17,442	$15,216	$11,716	$9,483	$9,905	$11,055	$13,405	$15,207	$11,740	$10,991	$9,777	$9,975	$9,960	$7,609	$10,092	$10,490	$7,663	$6,128	$4,657	$4,926	$4,768	$4,320	$3,675	$3,413	$2,574	$2,538	$2,496	$1,639
P/E (TTM) at period end	55.75×	20.59×	27.40×	39.40×	37.15×	33.68×	36.07×	25.67×	40.73×	40.25×	48.36×	36.57×	35.45×	24.59×	22.26×	21.06×	18.70×	25.38×	42.11×	20.41×	27.39×	17.74×	22.13×	22.78×	44.53×	26.47×	14.42×	26.13×	27.53×	24.72×	19.12×	22.81×	22.90×	17.54×	18.33×	15.76×	18.88×	11.02×	14.95×	17.35×	14.54×
P/S (TTM) at period end	3.16×	3.06×	3.41×	4.56×	4.44×	3.85×	3.79×	2.83×	3.11×	2.86×	2.49×	3.12×	3.05×	2.45×	2.30×	1.89×	1.54×	1.54×	1.82×	2.31×	2.79×	2.37×	2.43×	2.23×	2.02×	2.10×	1.67×	2.01×	2.15×	1.69×	1.46×	1.17×	1.27×	1.32×	1.39×	1.25×	1.33×	1.09×	0.91×	1.06×	0.82×
P/B at period end	7.96×	7.27×	9.30×	14.39×	14.45×	14.04×	17.41×	15.79×	25.55×	27.11×	18.43×	15.90×	13.58×	15.68×	16.33×	11.90×	11.32×	24.84×	15.21×	16.70×	13.29×	9.22×	7.91×	6.70×	8.04×	7.54×	6.04×	8.54×	10.86×	5.82×	4.98×	2.92×	3.13×	2.90×	3.01×	2.74×	2.89×	2.34×	2.66×	3.17×	2.24×
EV / EBITDA (TTM)	21.27×	11.63×	14.38×	19.75×	19.04×	16.88×	18.16×	13.53×	16.47×	15.43×	15.53×	15.53×	14.72×	9.10×	11.97×	10.63×	10.05×	11.80×	14.36×	11.24×	14.09×	10.75×	11.25×	11.16×	12.28×	12.47×	10.54×	12.60×	13.40×	11.00×	9.51×	7.72×	8.64×	9.08×	9.08×	8.66×	9.08×	–	–	–	–
EV / Sales (TTM)	3.54×	3.48×	3.84×	5.00×	5.01×	4.30×	4.29×	3.33×	3.45×	3.23×	2.78×	3.36×	3.17×	2.63×	2.50×	2.07×	1.79×	1.93×	2.23×	2.71×	3.14×	2.65×	2.63×	2.37×	2.19×	2.36×	1.92×	2.28×	2.44×	1.92×	1.66×	1.29×	1.41×	1.48×	1.49×	1.35×	1.41×	1.19×	1.04×	1.15×	0.82×
Returns
Return on equity	14.3%	35.3%	33.9%	36.5%	38.9%	41.7%	48.3%	61.5%	62.7%	67.4%	38.1%	43.5%	38.3%	63.8%	73.4%	56.5%	60.5%	97.9%	36.1%	81.8%	48.5%	52.0%	35.8%	29.4%	18.1%	28.5%	41.9%	32.7%	39.4%	23.5%	26.0%	12.8%	13.7%	16.6%	16.4%	17.4%	15.3%	21.3%	17.8%	18.2%	15.4%
Return on invested capital	11.5%	27.6%	24.9%	24.4%	21.6%	25.7%	23.1%	25.6%	25.8%	23.4%	19.6%	27.2%	35.7%	49.9%	33.2%	30.3%	24.1%	16.1%	11.0%	23.6%	20.3%	26.6%	23.5%	22.6%	19.8%	16.7%	17.1%	17.6%	18.3%	15.5%	17.0%	13.8%	13.9%	13.1%	14.4%	13.8%	14.1%	13.3%	14.0%	15.0%	17.2%
Dividend yield	2.9%	3.2%	2.3%	1.6%	1.7%	2.0%	2.0%	2.5%	2.3%	2.3%	2.6%	1.9%	1.8%	2.1%	2.2%	2.6%	3.2%	3.3%	2.8%	2.1%	1.6%	2.0%	1.8%	1.8%	1.7%	1.6%	2.1%	1.4%	1.3%	1.7%	2.0%	2.5%	2.3%	2.1%	2.1%	2.6%	2.0%	–	–	–	–
Financial health
Current ratio	1.19×	0.96×	0.97×	0.80×	0.90×	1.57×	1.05×	0.93×	0.96×	0.95×	0.83×	1.16×	1.77×	1.44×	1.74×	1.54×	1.52×	1.06×	0.88×	0.98×	0.93×	0.92×	1.93×	2.31×	1.93×	1.69×	1.80×	1.39×	1.30×	1.21×	1.07×	1.19×	1.09×	1.28×	1.58×	1.94×	1.99×	1.79×	1.62×	1.77×	2.11×
Debt / equity	1.06×	0.95×	1.10×	1.22×	1.82×	2.03×	2.43×	2.33×	2.58×	2.99×	2.06×	1.23×	1.12×	1.73×	2.15×	2.00×	2.11×	4.79×	3.60×	3.06×	1.73×	1.15×	0.77×	0.64×	0.77×	0.97×	0.99×	1.18×	1.51×	0.84×	0.71×	0.33×	0.37×	0.37×	0.28×	0.24×	0.21×	0.29×	0.41×	0.30×	0.16×
Effective tax rate	27.3%	10.2%	14.3%	14.2%	17.5%	14.7%	16.9%	17.0%	31.9%	34.5%	43.1%	35.2%	34.4%	34.9%	34.7%	37.0%	35.0%	36.7%	37.1%	36.2%	36.2%	29.3%	36.6%	36.7%	39.7%	38.8%	36.8%	38.8%	39.3%	43.1%	39.5%	44.7%	41.8%	39.5%	39.6%	40.3%	41.0%	38.8%	45.0%	49.1%	48.2%
Share count
Diluted shares outstanding	203	203	206	207	208	209	211	211	214	215	221	225	227	228	230	230	229	229	231	239	248	257	264	275	275	284	282	291	302	312	339	348	361	362	363	363	360	363	361	374	380

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$12,164	$11,693	$11,202	$11,165	$10,419	$8,971	$8,150	$7,986	$7,791	$7,515	$7,440	$7,387	$7,422	$7,146	$6,644	$6,081	$5,671	$5,299	$5,133	$4,947	$4,944	$4,836	$4,429	$4,173	$4,120	$4,557	$4,221	$3,971	$4,436	$4,302	$3,989	$3,691	$3,606	$3,488	$3,220	$2,899	$2,716	$2,421	$2,168	$2,434	$2,170	$1,996
Cost of revenue	($7,496)	($7,770)	($5,901)	($6,167)	($5,921)	($4,923)	($4,448)	($4,364)	($4,216)	($4,060)	($4,271)	($4,000)	($4,086)	($3,865)	($3,784)	($3,549)	($3,256)	($3,246)	($3,375)	($3,315)	($3,077)	($2,957)	($2,673)	($2,545)	($2,561)	–	–	($2,191)	($2,467)	($2,336)	($2,169)	($1,992)	($1,969)	($1,882)	($1,736)	($1,609)	($1,514)	($1,390)	($1,275)	($1,542)	($1,394)	($1,306)
Gross profit	$4,668	$3,923	$5,301	$4,998	$4,499	$4,049	$3,701	$3,622	$3,575	$3,455	$3,170	$3,387	$3,336	$3,281	$2,860	$2,532	$2,415	$2,053	$1,758	$1,632	$1,868	$1,863	$1,744	$1,628	$1,559	–	–	$1,780	$1,969	$1,966	$1,821	$1,698	$1,638	$1,606	$1,484	$1,290	$1,201	$1,031	$893	$892	$775	$690
Operating expenses
Research and development	–	($62)	($56)	($50)	($47)	($40)	($38)	($37)	($39)	($46)	($47)	($49)	($48)	($48)	($39)	($33)	($31)	($28)	($28)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($2,495)	($2,461)	($2,374)	($2,437)	($2,236)	($2,001)	($1,891)	($1,906)	($1,875)	($1,885)	($1,891)	($1,945)	($1,898)	($1,924)	($1,704)	($1,478)	($1,426)	($1,209)	($1,073)	($896)	($860)	($913)	($867)	($816)	($833)	($847)	($727)	($1,058)	($1,168)	($1,183)	($1,124)	($1,054)	($1,034)	($1,036)	($958)	($814)	($777)	($655)	($576)	($528)	($446)	($396)
Total operating expenses	($2,505)	($2,481)	($2,403)	($2,437)	($2,238)	($2,005)	($1,919)	($2,027)	($1,952)	($2,142)	($1,914)	($2,311)	($1,944)	($1,943)	($1,152)	($1,477)	($1,510)	($1,292)	($1,168)	($1,173)	($875)	($1,002)	($841)	($831)	($861)	–	–	($1,221)	($1,326)	($1,336)	($1,258)	($1,188)	($1,163)	($1,149)	($1,055)	($900)	($851)	($721)	($627)	($598)	($504)	($445)
Total costs and expenses	($10,001)	($10,251)	($8,304)	($8,604)	($8,159)	($6,928)	($6,367)	($6,390)	($6,167)	($6,202)	($6,185)	($6,311)	($6,030)	($5,808)	($4,937)	($5,026)	($4,766)	($4,537)	($4,543)	($4,488)	($3,952)	($3,975)	($3,527)	($3,376)	($3,422)	($3,936)	($3,598)	($3,412)	($3,793)	($3,672)	($3,426)	($3,180)	($3,132)	($3,031)	($2,792)	($2,509)	($2,365)	($2,111)	($1,902)	($2,140)	($1,899)	($1,751)
Operating income	$2,163	$1,442	$2,898	$2,561	$2,261	$2,044	$1,783	$1,596	$1,624	$1,313	$1,255	$1,076	$1,392	$1,338	$1,708	$1,055	$905	$762	$590	$459	$993	$861	$902	$796	$698	$622	$623	$558	$643	$630	$563	$511	$475	$457	$428	$390	$350	$310	$266	$294	$271	$245
Earnings
EBITDA	$2,692	$1,945	$3,353	$2,981	$2,640	$2,359	$2,078	$1,887	$1,919	$1,575	$1,557	$1,321	$1,604	$1,539	$1,918	$1,271	$1,102	$944	$839	$770	$1,192	$1,079	$1,092	$977	$876	$812	$799	$722	$801	$783	$697	$644	$604	$570	$525	$476	$424	$376	–	–	–	–
Interest income	$28	$35	$9	$10	$3	$2	$4	$8	$8	$2	$2	$4	$4	$3	$3	$3	$1	$1	$2	$2	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($227)	($225)	($174)	($162)	($140)	($130)	($153)	($152)	($147)	($100)	($92)	($109)	($88)	($92)	($99)	($95)	($98)	($91)	($100)	($121)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$1,922	$1,214	$2,474	$2,172	$1,917	$1,797	$1,495	$1,381	$1,410	$1,111	$1,099	$902	$1,306	$1,251	$1,016	$963	$809	$671	$492	$340	$877	$773	$836	$733	$638	$344	$547	$728	$557	$554	$480	$466	$333	$511	$401	$363	$362	$290	$236	$269	$261	$233
Income tax expense	($433)	($331)	($253)	($310)	($272)	($314)	($220)	($234)	($239)	($354)	($379)	($389)	($459)	($431)	($355)	($334)	($299)	($235)	($181)	($126)	($317)	($280)	($245)	($268)	($234)	($136)	($212)	($268)	($216)	($218)	($207)	($184)	($149)	($214)	($158)	($144)	($146)	($119)	($92)	($121)	($128)	($112)
Net income	$1,489	$883	$2,221	$1,862	$1,645	$1,478	$1,279	$1,150	$1,178	$783	$720	$513	$847	$820	$661	$629	$510	$436	$311	$214	$559	$493	$591	$458	$404	$207	$335	$460	$341	$336	$273	$282	$184	$193	$243	$220	$216	$171	$214	$148	$133	$112
Per share
Diluted EPS (GAAP)	$6.93	$4.34	$10.92	$9.06	$7.96	$7.11	$6.11	$5.46	$5.58	$3.66	$3.34	$2.32	–	$3.61	$2.89	$2.74	$2.21	$1.90	$1.36	$0.93	$2.34	$1.97	$2.24	$1.73	$1.47	$0.75	$1.18	$1.63	$1.17	$1.12	$0.88	$0.85	$0.53	$0.54	$0.67	$0.61	$0.60	$0.48	$0.59	$0.41	$0.36	$0.30
Basic EPS (GAAP)	$7.53	$4.46	$11.22	$9.31	$8.22	$7.34	$6.30	$5.64	$5.76	$3.79	$3.45	$2.40	$3.91	$3.76	$2.94	–	$2.24	$1.91	$1.37	$0.94	$2.44	$2.05	$2.31	$1.74	$1.48	$0.76	$1.23	$1.65	$1.19	$1.13	$0.89	$0.85	$0.53	$0.54	$0.67	$0.61	$0.60	$0.48	$0.59	$0.41	$0.36	$0.30
Basic shares outstanding	148	148	148	149	147	146	148	149	149	152	154	158	–	–	225	227	228	228	227	229	229	245	189	263	273	272	275	280	286	299	309	332	348	361	362	363	363	360	363	361	374	380
Margins
Gross margin	38.4%	33.5%	47.3%	44.8%	43.2%	45.1%	45.4%	45.4%	45.9%	46.0%	42.6%	45.8%	45.0%	45.9%	43.0%	41.6%	42.6%	38.7%	34.2%	33.0%	37.8%	38.5%	39.4%	39.0%	37.8%	–	–	44.8%	44.4%	45.7%	45.6%	46.0%	45.4%	46.0%	46.1%	44.5%	44.2%	42.6%	41.2%	36.7%	35.7%	34.6%
Operating margin	17.8%	12.3%	25.9%	22.9%	21.7%	22.8%	21.9%	20.0%	20.8%	17.5%	16.9%	14.6%	18.8%	18.7%	25.7%	17.4%	16.0%	14.4%	11.5%	9.3%	20.1%	17.8%	20.4%	19.1%	16.9%	13.6%	14.8%	14.1%	14.5%	14.6%	14.1%	13.8%	13.2%	13.1%	13.3%	13.5%	12.9%	12.8%	12.3%	12.1%	12.5%	12.3%
Net margin	12.2%	7.6%	19.8%	16.7%	15.8%	16.5%	15.7%	14.4%	15.1%	10.4%	9.7%	6.9%	11.4%	11.5%	9.9%	10.3%	9.0%	8.2%	6.1%	4.3%	11.3%	10.2%	13.3%	11.0%	9.8%	4.5%	7.9%	11.6%	7.7%	7.8%	6.8%	7.6%	5.1%	5.5%	7.5%	7.6%	8.0%	7.1%	9.9%	6.1%	6.1%	5.6%

Analyst consensus

Hold35 analysts

Bearish · 3 · Hold · 23 · Bullish · 9

Earnings history

	EPS	Estimate
Q3 2024	$2.34	$2.56	Miss
Q4 2024	$2.69	$2.40	Beat
Q1 2025	$2.09	$1.94	Beat
Q2 2025	$1.21	$0.99	Beat
Q3 2025	$1.30	$1.07	Beat
Q4 2025	$1.71	$1.40	Beat
Q1 2026	$2.35	$2.04	Beat
Q2 2026	$1.90	$1.43	Beat

Peers

Company overview

IPO dateMar 17, 1980

CEOKirk C. Tanner

Employees18,573

SectorConsumer Defensive

IndustryFood Confectioners

CountryUS

ExchangeNew York Stock Exchange

Websitewww.thehersheycompany.com

The Hershey Company, operating with its various subsidiaries, serves as a key manufacturer and distributor of both sweet confections and general household pantry items. Its market reach extends across the United States and globally. The enterprise strategically divides its operations into three main business segments: North America Confectionery, North America Salty Snacks, and an International division. Its extensive product catalog features a wide array of offerings. This includes various chocolate and non-chocolate candies, as well as refreshing chewing gums and mints. Beyond traditional treats, Hershey also supplies pantry essentials such as baking ingredients, dessert toppings, a range of beverages, and sundae syrups. Furthermore, their snack collection encompasses diverse items like spreads, meat snacks, various bars and snack bites, popcorn, and protein bars. The company markets its broad product line under numerous iconic brand names. Its extensive brand portfolio includes household names such as Hershey's, Reese's, Kisses, Jolly Rancher, Kit Kat, Twizzlers, York, and Ice Breakers, alongside other popular confectionery brands like Almond Joy, Cadbury, Heath, Payday, Rolo, and Whoppers. The snack segment features well-known names like SkinnyPop, Pirates Booty, Paqui, Dot's Homestyle Pretzels, and ONE Bar, complemented by international offerings such as Pelon Pelo Rico, IO-IO, and Sofit. Hershey distributes its merchandise through a comprehensive network of channels. These include wholesale distributors, major grocery store chains, large-scale retailers, pharmacies, vending machine operators, warehouse clubs, convenience stores, discount stores, concession stands, and department stores. Established in 1894, The Hershey Company maintains its corporate headquarters in Hershey, Pennsylvania.

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