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HSY

The Hershey Company

HSY

The Hershey Company • NYSE
$188.08 ▼ -0.06% (-0.12)
Market Cap $38.14 B
52w High $208.03
52w Low $140.13
Dividend Yield 5.48%
P/E 28.07
Volume 520.25K
Outstanding Shares 202.78M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $3.181B ▲ $594.579M ▼ $276.32M ▲ 8.685% ▲ $1.36 ▲ $551.168M ▲
Q2-2025 $2.615B ▼ $603.462M ▲ $62.719M ▼ 2.399% ▼ $0.31 ▼ $330.224M ▼
Q1-2025 $2.805B ▼ $575.046M ▼ $224.203M ▼ 7.992% ▼ $1.11 ▼ $493.825M ▼
Q4-2024 $2.888B ▼ $619.196M ▼ $796.591M ▲ 27.587% ▲ $3.93 ▲ $888.71M ▲
Q3-2024 $2.987B $619.555M $446.301M 14.939% $2.2 $678.565M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.163B ▲ $13.579B ▼ $9.015B ▼ $4.564B ▲
Q2-2025 $912.345M ▼ $13.646B ▼ $9.131B ▼ $4.515B ▼
Q1-2025 $1.515B ▲ $13.968B ▲ $9.283B ▲ $4.685B ▼
Q4-2024 $730.746M ▲ $12.947B ▲ $8.232B ▼ $4.715B ▲
Q3-2024 $614.951M $12.621B $8.416B $4.205B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $276.32M ▲ $841.916M ▲ $-80.401M ▲ $-513.95M ▲ $250.672M ▲ $1.146B ▲
Q2-2025 $62.719M ▼ $112.216M ▼ $-154.795M ▼ $-559.568M ▼ $-602.907M ▼ $-46.469M ▼
Q1-2025 $224.203M ▼ $396.682M ▼ $-146.986M ▲ $537.076M ▲ $784.506M ▲ $251.155M ▼
Q4-2024 $796.591M ▲ $941.602M ▲ $-410.99M ▼ $-449.532M ▼ $115.795M ▼ $807.075M ▲
Q3-2024 $446.301M $695.254M $-159.592M $-394.095M $147.893M $567.296M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
North America Confectionery Segment
North America Confectionery Segment
 $2.35Bn ▲$2.30Bn ▼$2.09Bn ▼$2.62Bn ▲
North America Salty Snacks Segment
North America Salty Snacks Segment
 $280.00M ▲$280.00M ▲$320.00M ▲$320.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Hershey’s income statement shows a business that has grown steadily while becoming more profitable. Sales have risen at a healthy pace over the past several years, and profits have grown even faster than revenue, which means margins have improved. This suggests strong pricing power, good cost control, or both. Earnings per share have climbed meaningfully as well, implying shareholders have benefited from both business growth and efficient capital management. The main watchpoint is that growth, while solid, is now coming off a larger base, so sustaining the same pace may be harder, especially if input costs (like cocoa) stay high or consumer demand softens.

Balance Sheet

Balance Sheet The balance sheet looks generally solid with a clear build-up of total assets and shareholders’ equity over time, indicating retained profitability and reinvestment in the business. Debt is sizeable but has been relatively stable in recent years, while equity has grown, which slightly eases leverage pressure compared to the past. Cash balances dipped mid-period and then recovered, suggesting some flexibility has been rebuilt after investment or acquisitions. Overall, the company appears sound but does rely on meaningful borrowing, so interest costs and refinancing conditions are important risk areas to monitor.

Cash Flow

Cash Flow Hershey’s cash flow profile is a key strength. The company consistently generates strong cash from operations, comfortably above what it spends on capital investments. Free cash flow has been positive and trending higher, which gives management room to fund dividends, buybacks, acquisitions, or debt reduction without stretching the balance sheet. Capital spending did move higher for a time, pointing to investment in capacity, efficiency, or new capabilities, but cash generation has kept up. The main consideration is that maintaining this strong cash profile depends on continued pricing power and demand resilience in a more volatile cost environment.

Competitive Edge

Competitive Edge Hershey holds a powerful competitive position in U.S. confectionery, with iconic brands, deep customer loyalty, and very broad distribution. Its products are deeply embedded in everyday snacking and major holidays, which helps stabilize demand even when the economy is soft. Scale advantages in marketing, procurement, and manufacturing further support profitability and create barriers for smaller rivals. The expansion into salty snacks adds a second growth pillar and reduces reliance on chocolate alone. Key risks include intense competition from global food giants, rising private-label offerings, changing health preferences, and heavy dependence on North American markets and cocoa sourcing conditions.

Innovation and R&D

Innovation and R&D Innovation at Hershey is less about flashy tech and more about quietly modernizing how it makes, moves, and sells products. The company is digitizing factories, using automation and robotics, and applying data and analytics to tailor store displays and assortments, all aimed at selling more with lower waste and better margins. On the product side, Hershey continues to refresh its portfolio with new flavors, formats, and co-branded items, while pushing into “better-for-you” options and plant-based concepts. It also uses R&D to improve cocoa processing and explore novel formats like 3D-printed chocolate. Continued success will depend on how well these efforts keep pace with changing tastes and health expectations.

Summary

Overall, Hershey looks like a mature, high-quality consumer brand business with steady growth, strong profitability, and robust cash generation. Its enduring moat comes from beloved brands, scale, and distribution strength, now complemented by a growing salty snacks platform and ongoing operational modernization. The financial statements reflect this resilience, though the company does carry meaningful debt and is exposed to commodity inflation and evolving consumer health trends. The key questions for the future are whether Hershey can keep innovating fast enough, maintain its pricing power in a more cost-sensitive world, and balance investment, shareholder returns, and debt over time without eroding its strong financial footing.

NEWS

November 25, 2025 · 9:33 AM UTC

Hershey's Kisses Celebrates 35 Years of Iconic 'Holiday Bells' Commercial on NBC's "Christmas in Rockefeller" Special

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November 19, 2025 · 8:35 AM UTC

Hershey Completes Acquisition of LesserEvil, Expanding Consumer Choice

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November 12, 2025 · 9:00 AM UTC

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November 6, 2025 · 3:00 PM UTC

The Hershey Company Delivers Holiday Magic with New Treats and Timeless Favorites

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October 30, 2025 · 7:00 AM UTC

Hershey Declares Quarterly Dividends

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