The Hershey Company Common Stock (HSY) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$1.43	$1.9	+32.9%	—	—	—
Q4 26	$2.04	$2.35	+15.2%	—	—	—
Q3 26	$1.4	$1.71	+22.1%	—	—	—
Q2 26	$1.06	$1.3	+22.6%	—	—	—
Q1 26	$1	$1.21	+21.0%	—	—	—
Q4 25	$1.93	$2.09	+8.3%	—	—	—
Q3 25	$2.38	$2.69	+13.0%	—	—	—
Q2 25	$2.55	$2.34	-8.2%	—	—	—
Q1 25	$1.45	$1.27	-12.4%	—	—	—
Q4 24	$2.76	$3.07	+11.2%	—	—	—
Q3 24	$1.96	$2.02	+3.1%	—	—	—
Q2 24	$2.45	$2.6	+6.1%	—	—	—
Q1 24	$1.91	$2.01	+5.2%	—	—	—
Q4 23	$2.67	$2.96	+10.9%	—	—	—
Q3 23	$1.77	$2.02	+14.1%	—	—	—
Q2 23	$2.1	$2.17	+3.3%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$4.46	—	—	$11.7B	—
FY24	—	$11.2	—	—	$11.2B	—
FY23	—	$9.31	—	—	$11.2B	—
FY22	—	$8.22	—	—	$10.4B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$7.4B	$7.5B	$7.8B	$8B	$8.1B	$9B	$10.4B	$11.2B	$11.2B	$11.7B
YoY change	+0.73%	+1.01%	+3.67%	+2.51%	+2.05%	+10.1%	+16.1%	+7.16%	+0.33%	+4.38%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	7.4B	7.5B	7.8B	8B	8.1B	9B	10.4B	11.2B	11.2B	11.7B
Cost of revenue	4.3B	4.1B	4.2B	4.4B	4.4B	4.9B	5.9B	6.2B	5.9B	7.8B
Gross profit	3.2B	3.5B	3.6B	3.6B	3.7B	4B	4.5B	5B	5.3B	3.9B
Gross margin	42.6%	46%	45.9%	45.4%	45.4%	45.1%	43.2%	44.8%	47.3%	33.5%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	1.9B	1.9B	1.9B	1.9B	1.9B	2B	2.3B	2.5B	2.4B	2.5B
Operating expenses	1.9B	1.9B	1.9B	1.9B	1.9B	2B	2.3B	2.5B	2.4B	2.5B
Operating income	1.3B	1.6B	1.7B	1.7B	1.8B	2B	2.2B	2.5B	2.9B	1.5B
Operating margin	17.2%	20.9%	21.8%	21.5%	22.2%	22.8%	21.5%	22.7%	26.1%	12.5%
Non-operating income, net	-88.6M	-360.9M	-151.6M	-191.6M	-166M	-117.4M	-189.7M	-209.6M	-287.7M	-57.7M
Pretax income	1.1B	1.1B	1.4B	1.4B	1.5B	1.8B	1.9B	2.2B	2.5B	1.2B
Income tax	379.4M	354.1M	239M	234M	219.6M	314.4M	272.3M	310.1M	252.7M	330.9M
Net income	720M	756.5M	1.2B	1.1B	1.3B	1.5B	1.6B	1.9B	2.2B	883.3M
Net margin	9.68%	10.1%	15%	14.4%	15.6%	16.5%	15.8%	16.7%	19.8%	7.55%
EBITDA	1.5B	1.8B	2B	2B	2.1B	2.4B	2.6B	3B	3.4B	2B
EPS	3.45	3.79	5.76	5.64	6.3	7.34	8.22	9.31	11.2	4.46
Diluted EPS	3.34	3.66	5.58	5.46	6.11	7.11	7.96	9.06	10.9	4.34

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	3B	2.7B	3.3B	2.1B	3B	2.9B	2.8B	2.6B	3.2B	3.1B	3.1B	2.8B
Cost of revenue	1.7B	1.5B	1.6B	1.2B	1.8B	1.3B	1.9B	1.8B	2.1B	1.9B	1.9B	1.5B
Gross profit	1.4B	1.1B	1.7B	833.7M	1.2B	1.6B	944.3M	796.3M	1B	1.1B	1.2B	1.3B
Gross margin	44.9%	42.3%	51.5%	40.2%	41.3%	54%	33.7%	30.5%	32.6%	37%	39.4%	45.3%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	624.3M	686.8M	618.6M	541.6M	591.9M	622.7M	558.7M	603.2M	600.5M	698.1M	576M	620.6M
Operating expenses	624.3M	686.8M	618.6M	541.6M	591.9M	622.7M	558.7M	603.2M	600.5M	698.1M	576M	620.6M
Operating income	735.9M	436.3M	1.1B	292.2M	640.8M	935.6M	385.6M	193.1M	436.8M	446.7M	646.7M	642.8M
Operating margin	24.3%	16.4%	32.5%	14.1%	21.4%	32.4%	13.7%	7.38%	13.7%	14.5%	20.8%	23.1%
Non-operating income, net	-42.8M	-79M	-31.4M	-4.9M	-77.7M	-172.4M	-17.3M	2.1M	-13.4M	-29.1M	-4.2M	-4.5M
Pretax income	653.4M	319.7M	986.3M	245.9M	518.7M	723.1M	323.7M	149.1M	371.9M	369.5M	592.7M	588.3M
Income tax	134.8M	-29.4M	188.8M	65M	72.4M	-73.5M	99.5M	86.4M	95.6M	49.5M	157.6M	130.6M
Net income	518.6M	349M	797.5M	180.9M	446.3M	796.6M	224.2M	62.7M	276.3M	320M	435.1M	457.7M
Net margin	17.1%	13.1%	24.5%	8.72%	14.9%	27.6%	7.99%	2.4%	8.69%	10.4%	14%	16.4%
EBITDA	836.6M	571.5M	1.2B	405.5M	755.8M	1B	510.2M	330.5M	561.1M	586M	786.4M	780.2M
EPS	2.6	1.75	4	0.92	2.26	4.03	1.14	0.31	1.4	1.62	2.19	2.32
Diluted EPS	2.52	1.7	3.89	0.89	2.2	3.92	1.1	0.31	1.36	1.57	2.13	2.26

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	22.1B	24.1B	22.5B	30.8B	31.8B	40B	47.6B	38.2B	34.4B	36.9B	33B
Enterprise value	24.8B	26.6B	26.4B	34.8B	35.4B	45B	52.2B	42.9B	39.1B	41.7B	38.6B
Shares outstanding	214.1M	212.2M	210M	209.5M	208.4M	206.7M	205.5M	204.7M	203M	202.9M	202.9M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	30.8	31.8	19.2	26.8	24.9	27	28.9	20.5	15.5	41.8	22.6
P/S	2.98	3.21	2.89	3.85	3.9	4.46	4.57	3.42	3.07	3.16	2.73
P/B	26.8	25.9	16	17.6	14.2	14.5	14.4	9.31	7.29	7.96	7.28
EV/EBITDA	16.2	14.8	13.3	17.4	16.9	19.1	19.9	14.5	11.6	21	14.2
EV/Sales	3.34	3.54	3.39	4.35	4.35	5.02	5.01	3.84	3.49	3.57	3.17
Earnings yield	3.25%	3.14%	5.2%	3.72%	4.02%	3.71%	3.46%	4.88%	6.46%	2.39%	4.43%
FCF yield	3.36%	4.12%	5.65%	4.7%	3.96%	3.97%	3.8%	4.07%	5.6%	4.74%	5.28%
PEG	—	—	—	—	—	—	—	—	—	—	0.03

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	42.6%	46%	45.9%	45.4%	45.4%	45.1%	43.2%	44.8%	47.3%	33.5%	45.3%
Operating margin	17.2%	20.9%	21.8%	21.5%	22.2%	22.8%	21.5%	22.7%	26.1%	12.5%	23.1%
Net margin	9.68%	10.1%	15%	14.4%	15.6%	16.5%	15.8%	16.7%	19.8%	7.55%	12.2%
ROE	87%	81.2%	83.2%	65.7%	57%	53.8%	49.8%	45.4%	47.1%	19%	32.8%
ROA	13%	13.6%	15.2%	14.1%	14%	14.2%	15%	15.6%	17.2%	6.43%	9.92%
ROIC	23.8%	30.8%	26.8%	24.9%	26.1%	21.6%	24.2%	24.6%	27.9%	11.3%	17.4%
Return on tangible assets	26.4%	25.5%	90.7%	97.3%	58.2%	269.9%	141.5%	91.6%	72.7%	42.2%	59.8%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.95	0.96	0.93	1.05	1.57	0.9	0.8	0.97	0.96	1.19	1.18
Quick ratio	0.56	0.6	0.6	0.65	1.06	0.5	0.44	0.52	0.64	0.72	0.66
Debt / equity	3.6	3.14	3.17	2.57	2.15	1.95	1.55	1.25	1.16	1.24	1.3
Debt / assets	0.54	0.53	0.58	0.55	0.53	0.52	0.47	0.43	0.42	0.42	0.42
Net debt / EBITDA	1.75	1.41	1.96	2	1.75	2.14	1.77	1.59	1.4	2.42	1.89
Interest coverage	13	12.1	10.6	10.1	10.7	14.8	14.7	14.4	15.2	6.4	9.45
Effective tax rate	34.5%	31.9%	17%	16.9%	14.7%	17.5%	14.2%	14.3%	10.2%	27.3%	22.5%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	34.7	35.4	37.1	38.1	39.1	43.4	50.7	54.5	55.2	57.6	60
EPS (basic)	3.45	3.79	5.76	5.64	6.3	7.34	8.22	9.31	11.2	4.46	4.46
EPS (diluted)	3.34	3.66	5.58	5.46	6.11	7.11	7.96	9.06	10.9	4.34	7.32
Book value per share	3.87	4.39	6.7	8.33	10.7	13.3	16.1	20	23.2	22.9	22.7
FCF per share	3.47	4.67	6.05	6.9	6.04	7.68	8.8	7.58	9.49	8.62	11
Cash per share	1.39	1.79	2.8	2.35	5.49	1.59	2.26	1.96	3.6	4.56	3.94
Capex per share	0.02	0.04	0.24	0.13	0.01	—	—	—	—	2.24	2.11

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.05%	0.1%	0.64%	0.35%	0.01%	—	—	—	—	3.89%	3.52%
Capex / operating cash flow	0.35%	0.74%	3.42%	1.76%	0.07%	—	—	—	—	20%	16.1%
Payout ratio	69.4%	69.6%	48%	53.2%	50.2%	46.3%	47.1%	47.8%	48.8%	122.9%	77.1%
Dividend yield	2.26%	2.18%	2.5%	1.98%	2.02%	1.72%	1.63%	2.33%	3.16%	2.94%	3.53%

Yield

3.53%

trailing twelve months

Frequency

Quarterly

Last dividend

$1.452

ex-dividend Aug 14, 2026

Payout ratio

77%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 14, 2026	$1.452
May 15, 2026	$1.452
Feb 17, 2026	$1.452

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$3B	$2.7B	$3.3B	$2.1B	$3B	$2.9B	$2.8B	$2.6B	$3.2B	$3.1B	$3.1B	$2.8B
YoY change	+11.1%	+0.18%	+8.87%	-16.7%	-1.4%	+8.67%	-13.8%	+26%	+6.49%	+7.05%	+10.6%	+6.6%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	297M	380.2M	588M	493.3M	1.1B	329.3M	463.9M	401.9M	730.7M	925.9M
Receivables	581.4M	588.3M	594.1M	568.5M	615.2M	671.5M	711.2M	823.6M	800.4M	729.5M
Inventory	745.7M	752.8M	784.9M	815.3M	964.2M	988.5M	1.2B	1.3B	1.3B	1.4B
Total current assets	1.8B	2B	2.2B	2.1B	3B	2.2B	2.6B	2.9B	3.8B	3.6B
Property, plant & equipment	938.6M	892.5M	919.3M	1.1B	1.1B	1.4B	1.6B	1.9B	1.8B	1.8B
Goodwill & intangibles	2.8B	2.6B	6.4B	7B	6.9B	9.9B	9.8B	9.9B	9.9B	11.6B
Total assets	5.5B	5.6B	7.7B	8.1B	9.1B	10.4B	10.9B	11.9B	12.9B	13.7B
Accounts payable	522.5M	523.2M	502.3M	550.8M	580.1M	692.3M	970.6M	1.1B	807.9M	831.2M
Short-term debt	632.7M	859.5M	1.2B	764.9M	549.4M	978.6M	1.5B	1.1B	2B	771.5M
Total current liabilities	1.9B	2.1B	2.4B	2B	1.9B	2.5B	3.3B	3B	3.9B	3B
Long-term debt	2.3B	2.1B	3.3B	3.7B	4.3B	4.4B	3.6B	4.1B	3.5B	5B
Total liabilities	4.7B	4.6B	6.3B	6.4B	6.9B	7.7B	7.6B	7.8B	8.2B	9.1B
Shareholders' equity	827.7M	931.6M	1.4B	1.7B	2.2B	2.8B	3.3B	4.1B	4.7B	4.6B
Total debt	3B	2.9B	4.5B	4.5B	4.8B	5.4B	5.1B	5.1B	5.4B	5.7B
Net debt	2.7B	2.5B	3.9B	4B	3.7B	5B	4.7B	4.7B	4.7B	4.8B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	471.3M	401.9M	520.4M	467.1M	615M	730.7M	1.5B	912.3M	1.2B	925.9M	877M	791.2M
Receivables	1.1B	823.6M	1.2B	846.4M	1.1B	800.4M	879.6M	820.2M	966.4M	729.5M	974.6M	907.4M
Inventory	1.3B	1.3B	1.1B	1.5B	1.3B	1.3B	1.5B	1.8B	1.7B	1.4B	1.4B	1.7B
Total current assets	3.2B	2.9B	3.4B	3.3B	3.6B	3.8B	4.8B	4.4B	4.4B	3.6B	3.8B	4B
Property, plant & equipment	1.9B	1.9B	1.9B	1.9B	1.8B	1.8B	1.8B	1.7B	1.7B	1.8B	1.7B	1.7B
Goodwill & intangibles	9.9B	9.9B	9.8B	9.8B	9.8B	9.9B	9.8B	10B	9.9B	11.6B	11.6B	11.5B
Total assets	11.9B	11.9B	12.4B	12.4B	12.6B	12.9B	14B	13.6B	13.6B	13.7B	13.8B	14B
Accounts payable	675.4M	1.1B	532.3M	781.2M	774.1M	807.9M	775M	736.8M	803.8M	831.2M	986.8M	946.7M
Short-term debt	862M	1.1B	1.6B	2B	2.1B	2B	793.9M	514.5M	763.6M	771.5M	723.2M	976.5M
Total current liabilities	2.9B	3B	3.5B	3.9B	4.2B	3.9B	3B	2.9B	3.2B	3B	3B	3.4B
Long-term debt	4.4B	4.1B	4.1B	3.8B	3.5B	3.5B	5.5B	5.5B	5B	5B	5B	4.9B
Total liabilities	8B	7.8B	8.3B	8.4B	8.4B	8.2B	9.3B	9.1B	9B	9.1B	9.1B	9.4B
Shareholders' equity	4B	4.1B	4.1B	4B	4.2B	4.7B	4.7B	4.5B	4.6B	4.6B	4.7B	4.6B
Total debt	5.2B	5.1B	5.7B	5.8B	5.6B	5.4B	6.3B	6B	5.7B	5.7B	5.7B	5.9B
Net debt	4.8B	4.7B	5.2B	5.3B	5B	4.7B	4.8B	5.1B	4.6B	4.8B	4.8B	5.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	720M	756.5M	1.2B	1.1B	1.3B	1.5B	1.6B	1.9B	2.2B	883.3M
Depreciation & amortization	301.8M	261.9M	295.1M	291.5M	294.9M	315M	379M	419.8M	455.3M	503.7M
Stock-based compensation	54.8M	51.1M	49.3M	51.9M	57.6M	66.7M	66M	81M	44.4M	65.5M
Change in working capital	-12M	-81.5M	-106.9M	84.5M	-178M	67.4M	-19.9M	-286.9M	53.8M	127.1M
Operating cash flow	1B	1B	1.5B	1.6B	1.6B	2B	2.1B	2.2B	2.9B	2.3B
Capital expenditure	3.7M	7.6M	49.8M	28.1M	1.1M	—	—	—	—	-454.6M
Investing cash flow	-326M	-71M	-1.2B	-434.2M	-88.5M	-1.7B	-267.9M	-427.6M	-354.4M	-1.2B
Dividends paid	-499.5M	-526.3M	-562.5M	-610.3M	-640.7M	-686M	-775M	-889.1M	-1.1B	-1.1B
Share repurchases	-592.5M	-300.3M	-247.5M	-527.2M	-211.2M	-457.9M	-389M	-264.9M	-494.2M	0
Financing cash flow	-559.2M	-907.1M	52.8M	-1.3B	-545.6M	-731M	-1.4B	-1.2B	-1.3B	-824.7M
Net change in cash	151.1M	49.4M	334.8M	-159.5M	944.5M	-467.7M	431.3M	565.8M	1.2B	247.6M
Free cash flow	744M	991.8M	1.3B	1.4B	1.3B	1.6B	1.8B	1.6B	1.9B	1.7B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	—	—	—	—	—	—	—	—	276.3M	320M	435.1M	457.7M
Depreciation & amortization	103.3M	116.7M	107.8M	110.4M	113.3M	123.8M	119.6M	123.8M	127.8M	132.5M	133M	136.1M
Stock-based compensation	—	—	—	—	—	—	—	—	15.4M	19M	17.1M	17.7M
Change in working capital	—	—	—	—	—	—	—	—	48.8M	330.8M	-252.7M	-132.2M
Operating cash flow	103.3M	116.7M	107.8M	110.4M	113.3M	123.8M	119.6M	123.8M	841.9M	926.6M	468.8M	419.3M
Capital expenditure	—	—	—	—	—	—	—	—	-85.9M	-138.1M	-114.6M	-89.8M
Investing cash flow	—	—	—	—	—	—	—	—	-80.4M	-896.5M	-117.1M	-82.4M
Dividends paid	—	—	—	—	—	—	—	—	-271.1M	-271.3M	-288M	-286.4M
Share repurchases	—	—	—	—	—	—	—	—	0	0	-69.3M	-370.1M
Financing cash flow	—	—	—	—	—	—	—	—	-524.3M	-271M	-465.8M	-378.3M
Net change in cash	103.3M	116.7M	107.8M	110.4M	113.3M	123.8M	119.6M	123.8M	237.2M	-240.9M	-114.2M	-41.4M
Free cash flow	—	—	—	—	—	—	—	—	756M	788.5M	354.2M	329.5M

Date	Ratio
Jun 16, 2004	2:1
Sep 16, 1996	2:1
Sep 16, 1986	3:1
Sep 16, 1983	2:1

The Hershey Company Common Stock Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history