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Stocks · Consumer staples · Sugar & Confectionery Products

Hershey Company (The)

HSY Clue Score52
United States Fiscal year ends December CIK 0000047111
$162.74 +0.12% Close, 9 Oct 2026
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Price $162.74 −8.68% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue7.44Operating income1.26Net income0.72Fiscal year 2017Revenue7.52 +1.0%Operating income1.31Net income0.78 +8.7%Fiscal year 2018Revenue7.79 +3.7%Operating income1.62Net income1.18 +50.4%Fiscal year 2019Revenue7.99 +2.5%Operating income1.60Net income1.15 −2.4%Fiscal year 2020Revenue8.15 +2.0%Operating income1.78Net income1.28 +11.2%Fiscal year 2021Revenue8.97 +10.1%Operating income2.04Net income1.48 +15.5%Fiscal year 2022Revenue10.42 +16.1%Operating income2.26Net income1.64 +11.3%Fiscal year 2023Revenue11.16 +7.2%Operating income2.56Net income1.86 +13.2%Fiscal year 2024Revenue11.20 +0.3%Operating income2.90Net income2.22 +19.3%Fiscal year 2025Revenue11.69 +4.4%Operating income1.44Net income0.88 −60.2%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 7.44 7.52 7.79 7.99 8.15 8.97 10.42 11.16 11.20 11.69
Growth +1.0% +3.7% +2.5% +2.0% +10.1% +16.1% +7.2% +0.3% +4.4%
Operating income 1.26 1.31 1.62 1.60 1.78 2.04 2.26 2.56 2.90 1.44
Net income 0.72 0.78 1.18 1.15 1.28 1.48 1.64 1.86 2.22 0.88
Growth +8.7% +50.4% −2.4% +11.2% +15.5% +11.3% +13.2% +19.3% −60.2%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin42.6%Operating margin16.9%Net margin9.7%Free cash flow margin10.0%Fiscal year 2017Gross margin46.0%Operating margin17.5%Net margin10.4%Free cash flow margin13.2%Fiscal year 2018Gross margin45.9%Operating margin20.8%Net margin15.1%Free cash flow margin16.3%Fiscal year 2019Gross margin45.4%Operating margin20.0%Net margin14.4%Free cash flow margin18.1%Fiscal year 2020Gross margin45.4%Operating margin21.9%Net margin15.7%Free cash flow margin15.4%Fiscal year 2021Gross margin45.1%Operating margin22.8%Net margin16.5%Free cash flow margin17.7%Fiscal year 2022Gross margin43.2%Operating margin21.7%Net margin15.8%Free cash flow margin17.4%Fiscal year 2023Gross margin44.8%Operating margin22.9%Net margin16.7%Free cash flow margin13.9%Fiscal year 2024Gross margin47.3%Operating margin25.9%Net margin19.8%Free cash flow margin17.2%Fiscal year 2025Gross margin33.5%Operating margin12.3%Net margin7.6%Free cash flow margin15.6%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 42.6% 46.0% 45.9% 45.4% 45.4% 45.1% 43.2% 44.8% 47.3% 33.5%
Operating margin 16.9% 17.5% 20.8% 20.0% 21.9% 22.8% 21.7% 22.9% 25.9% 12.3%
Net margin 9.7% 10.4% 15.1% 14.4% 15.7% 16.5% 15.8% 16.7% 19.8% 7.6%
Free cash flow margin 10.0% 13.2% 16.3% 18.1% 15.4% 17.7% 17.4% 13.9% 17.2% 15.6%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow1.01Capital expenditure−0.27Free cash flow0.74Buybacks−0.59Dividends paid−0.50Fiscal year 2017Operating cash flow1.25Capital expenditure−0.26Free cash flow0.99 +33.3%Buybacks−0.30Dividends paid−0.53Fiscal year 2018Operating cash flow1.60Capital expenditure−0.33Free cash flow1.27 +28.2%Buybacks−0.25Dividends paid−0.56Fiscal year 2019Operating cash flow1.76Capital expenditure−0.32Free cash flow1.45 +13.7%Buybacks−0.53Dividends paid−0.61Fiscal year 2020Operating cash flow1.70Capital expenditure−0.44Free cash flow1.26 −13.0%Buybacks−0.21Dividends paid−0.64Fiscal year 2021Operating cash flow2.08Capital expenditure−0.50Free cash flow1.59 +26.2%Buybacks−0.46Dividends paid−0.69Fiscal year 2022Operating cash flow2.33Capital expenditure−0.52Free cash flow1.81 +13.9%Buybacks−0.39Dividends paid−0.78Fiscal year 2023Operating cash flow2.32Capital expenditure−0.77Free cash flow1.55 −14.2%Buybacks−0.26Dividends paid−0.89Fiscal year 2024Operating cash flow2.53Capital expenditure−0.61Free cash flow1.93 +24.1%Buybacks−0.49Dividends paid−1.08Fiscal year 2025Operating cash flow2.28Capital expenditure−0.45Free cash flow1.82 −5.3%Buybacks0.00Dividends paid−1.09
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 1.01 1.25 1.60 1.76 1.70 2.08 2.33 2.32 2.53 2.28
Capital expenditure −0.27 −0.26 −0.33 −0.32 −0.44 −0.50 −0.52 −0.77 −0.61 −0.45
Free cash flow 0.74 0.99 1.27 1.45 1.26 1.59 1.81 1.55 1.93 1.82
Growth +33.3% +28.2% +13.7% −13.0% +26.2% +13.9% −14.2% +24.1% −5.3%
Buybacks −0.59 −0.30 −0.25 −0.53 −0.21 −0.46 −0.39 −0.26 −0.49 0.00
Dividends paid −0.50 −0.53 −0.56 −0.61 −0.64 −0.69 −0.78 −0.89 −1.08 −1.09

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash0.30Total debt2.35Net cash (debt)−2.05Shareholders’ equity0.79Debt to equity2.99Fiscal year 2017Cash0.38Total debt2.36Net cash (debt)−1.98Shareholders’ equity0.92Debt to equity2.58Fiscal year 2018Cash0.59Total debt3.26Net cash (debt)−2.67Shareholders’ equity1.40Debt to equity2.33Fiscal year 2019Cash0.49Total debt4.23Net cash (debt)−3.74Shareholders’ equity1.74Debt to equity2.43Fiscal year 2020Cash1.14Total debt4.53Net cash (debt)−3.38Shareholders’ equity2.23Debt to equity2.03Fiscal year 2021Cash0.33Total debt4.09Net cash (debt)−3.76Shareholders’ equity2.76Debt to equity1.48Fiscal year 2022Cash0.46Total debt4.10Net cash (debt)−3.63Shareholders’ equity3.30Debt to equity1.24Fiscal year 2023Cash0.40Total debt4.09Net cash (debt)−3.69Shareholders’ equity4.10Debt to equity1.00Fiscal year 2024Cash0.73Total debt3.80Net cash (debt)−3.06Shareholders’ equity4.71Debt to equity0.80Fiscal year 2025Cash0.93Total debt5.18Net cash (debt)−4.26Shareholders’ equity4.64Debt to equity1.12
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.30 0.38 0.59 0.49 1.14 0.33 0.46 0.40 0.73 0.93
Total debt 2.35 2.36 3.26 4.23 4.53 4.09 4.10 4.09 3.80 5.18
Net cash (debt) −2.05 −1.98 −2.67 −3.74 −3.38 −3.76 −3.63 −3.69 −3.06 −4.26
Shareholders’ equity 0.79 0.92 1.40 1.74 2.23 2.76 3.30 4.10 4.71 4.64
Debt to equity 2.99 2.58 2.33 2.43 2.03 1.48 1.24 1.00 0.80 1.12

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
42.6% 46.0% 45.9% 45.4% 45.4% 45.1% 43.2% 44.8% 47.3% 33.5%
16.9% 17.5% 20.8% 20.0% 21.9% 22.8% 21.7% 22.9% 25.9% 12.3%
14.8% 14.8% 18.1% 17.3% 18.3% 20.0% 18.4% 19.5% 22.1% 10.4%
9.7% 10.4% 15.1% 14.4% 15.7% 16.5% 15.8% 16.7% 19.8% 7.6%
10.0% 13.2% 16.3% 18.1% 15.4% 17.7% 17.4% 13.9% 17.2% 15.6%
Spending
0.6% 0.6% 0.5% 0.5% 0.5% 0.4% 0.5% 0.4% 0.5% 0.5%
25.4% 25.1% 24.1% 23.9% 23.2% 22.3% 21.5% 21.8% 21.2% 21.0%
3.6% 3.4% 4.2% 4.0% 5.4% 5.5% 5.0% 6.9% 5.4% 3.9%
34.5% 31.9% 17.0% 16.9% 14.7% 17.5% 14.2% 14.3% 10.2% 27.3%
Returns
91.6% 85.5% 84.2% 66.1% 57.2% 53.6% 49.8% 45.4% 47.1% 19.0%
13.0% 14.1% 15.3% 14.1% 14.0% 14.2% 15.0% 15.6% 17.2% 6.4%
Balance and payout
2.99 2.58 2.33 2.43 2.03 1.48 1.24 1.00 0.80 1.12
85.0% 83.2% 81.7% 78.6% 75.5% 73.5% 69.9% 65.6% 63.6% 66.3%
69.4% 67.2% 47.8% 53.1% 50.1% 46.4% 47.1% 47.8% 48.8% 122.9%
146.8% 83.3% 63.7% 78.7% 67.7% 72.1% 64.4% 74.4% 82.0% 59.5%