Hershey (HSY) Financials

$179.26 -2.33 (-1.28%)

Closing price 03:59 PM Eastern

Extended Trading

$179.61 +0.35 (+0.19%)

As of 07:54 PM Eastern

Annual Income Statements for Hershey

This table shows Hershey's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	847	513	720	783	1,178	1,150	1,279	1,478	1,645	1,862	2,221
Consolidated Net Income / (Loss)	847	513	720	757	1,171	1,147	1,275	1,483	1,645	1,862	2,221
Net Income / (Loss) Continuing Operations	847	513	720	757	1,171	1,147	1,275	1,483	1,645	1,862	2,221
Total Pre-Tax Income	1,306	902	1,099	1,111	1,410	1,381	1,495	1,797	1,917	2,172	2,474
Total Operating Income	1,392	1,038	1,255	1,313	1,624	1,596	1,783	2,044	2,261	2,561	2,898
Total Gross Profit	3,336	3,383	3,170	3,455	3,575	3,622	3,701	4,049	4,499	4,998	5,301
Total Revenue	7,422	7,387	7,440	7,515	7,791	7,986	8,150	8,971	10,419	11,165	11,202
Operating Revenue	7,422	7,387	7,440	7,515	7,791	7,986	8,150	8,971	10,419	11,165	11,202
Total Cost of Revenue	4,086	4,004	4,271	4,060	4,216	4,364	4,448	4,923	5,921	6,167	5,901
Operating Cost of Revenue	4,086	4,004	4,271	4,060	4,216	4,364	4,448	4,923	5,921	6,167	5,901
Total Operating Expenses	1,944	2,345	1,914	2,142	1,952	2,027	1,919	2,005	2,238	2,437	2,403
Selling, General & Admin Expense	1,898	1,969	1,891	1,885	1,875	1,906	1,891	2,001	2,236	2,437	2,374
Restructuring Charge	30	95	19	48	19	8.11	19	3.53	1.99	0.44	29
Total Other Income / (Expense), net	-86	-136	-156	-203	-214	-215	-288	-246	-344	-389	-424
Interest Expense	-	106	90	-	-	-	-	127	-	152	166
Other Income / (Expense), net	-2.69	-30	-66	-104	-75	-71	-138	-119	-206	-237	-259
Income Tax Expense	459	389	379	354	239	234	220	314	272	310	253
Basic Earnings per Share	$7.45	$4.59	$3.45	$3.79	$11.00	$5.64	$12.02	$14.02	$15.69	$17.83	$21.42
Weighted Average Basic Shares Outstanding	220.83M	234.20M	228.60M	227.60M	224.70M	209.75M	207.17M	205.24M	204.04M	203.95M	202.41M
Diluted Earnings per Share	$7.29	$4.51	$3.34	$3.66	$10.80	$5.46	$11.82	$13.77	$15.41	$17.56	$21.10
Weighted Average Diluted Shares Outstanding	220.83M	234.20M	228.60M	227.60M	224.70M	209.75M	207.17M	205.24M	204.04M	203.95M	202.41M
Weighted Average Basic & Diluted Shares Outstanding	220.83M	234.20M	228.60M	227.60M	224.70M	209.75M	207.17M	205.24M	204.04M	203.95M	202.41M
Cash Dividends to Common per Share	$3.88	$4.27	$2.40	$2.55	$5.26	$2.99	$6.02	$6.51	$7.40	$8.51	$10.46

This table shows Hershey's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	4/2/2023	7/2/2023	10/1/2023	12/31/2023	3/31/2024	6/30/2024	9/29/2024	12/31/2024	3/30/2025	6/29/2025
Net Income / (Loss) Attributable to Common Shareholders	396	587	407	519	349	797	181	446	797	224	63
Consolidated Net Income / (Loss)	396	587	407	519	349	797	181	446	797	224	63
Net Income / (Loss) Continuing Operations	396	587	407	519	349	797	181	446	797	224	63
Total Pre-Tax Income	363	759	440	653	320	986	246	519	723	324	149
Total Operating Income	527	800	561	736	464	1,058	288	613	939	369	193
Total Gross Profit	1,145	1,382	1,132	1,360	1,123	1,676	834	1,233	1,558	944	796
Total Revenue	2,652	2,988	2,490	3,030	2,657	3,253	2,074	2,987	2,888	2,805	2,615
Operating Revenue	2,652	2,988	2,490	3,030	2,657	3,253	2,074	2,987	2,888	2,805	2,615
Total Cost of Revenue	1,508	1,605	1,358	1,670	1,534	1,577	1,241	1,755	1,329	1,861	1,818
Operating Cost of Revenue	1,508	1,605	1,358	1,670	1,534	1,577	1,241	1,755	1,329	1,861	1,818
Total Operating Expenses	618	582	571	624	659	618	546	620	619	575	603
Selling, General & Admin Expense	616	582	572	624	659	618	541	592	623	559	603
Restructuring Charge	-	0.81	-	0.00	-	0.00	4.94	28	-3.54	16	0.26
Total Other Income / (Expense), net	-164	-41	-121	-83	-145	-72	-42	-94	-216	-46	-44
Interest & Investment Income	-	-38	-37	-	-	-40	-41	-	-	-45	-46
Other Income / (Expense), net	-128	-2.98	-84	-43	-107	-32	-0.57	-50	-176	-0.95	2.34
Income Tax Expense	-33	172	33	135	-29	189	65	72	-74	99	86
Basic Earnings per Share	$3.78	$5.61	$3.91	$4.96	$3.35	$7.64	$1.75	$4.31	$7.72	$2.17	$0.61
Weighted Average Basic Shares Outstanding	204.04M	204.40M	204.47M	204.50M	203.95M	202.23M	202.29M	202.35M	202.41M	202.60M	202.72M
Diluted Earnings per Share	$3.71	$5.51	$3.86	$4.88	$3.31	$7.52	$1.72	$4.25	$7.61	$2.13	$0.60
Weighted Average Diluted Shares Outstanding	204.04M	204.40M	204.47M	204.50M	203.95M	202.23M	202.29M	202.35M	202.41M	202.60M	202.72M
Weighted Average Basic & Diluted Shares Outstanding	204.04M	204.40M	204.47M	204.50M	203.95M	202.23M	202.29M	202.35M	202.41M	202.60M	202.72M
Cash Dividends to Common per Share	$1.98	$1.98	$1.98	$2.28	$2.28	$2.62	$2.62	$2.62	$2.62	$2.62	$2.62

This table details how cash moves in and out of Hershey's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-744	-28	-50	83	208	-95	651	-815	135	-62	329
Net Cash From Operating Activities	844	1,256	1,013	1,250	1,600	1,764	1,700	2,083	2,328	2,323	2,532
Net Cash From Continuing Operating Activities	844	1,256	1,013	1,250	1,600	1,764	1,700	2,083	2,328	2,323	2,532
Net Income / (Loss) Continuing Operations	847	513	720	757	1,171	1,147	1,275	1,483	1,645	1,862	2,221
Consolidated Net Income / (Loss)	847	513	720	757	1,171	1,147	1,275	1,483	1,645	1,862	2,221
Depreciation Expense	212	245	302	262	295	292	295	315	379	420	455
Non-Cash Adjustments To Reconcile Net Income	-37	347	34	270	131	195	181	129	176	264	-242
Changes in Operating Assets and Liabilities, net	-177	152	-43	-38	2.32	131	-51	156	128	-222	97
Net Cash From Investing Activities	-863	-477	-595	-329	-1,503	-780	-531	-2,223	-787	-1,199	-960
Net Cash From Continuing Investing Activities	-863	-477	-595	-329	-1,503	-780	-531	-2,223	-787	-1,199	-960
Purchase of Property, Plant & Equipment	-371	-357	-269	-258	-329	-318	-442	-496	-519	-771	-606
Acquisitions	-396	-249	-330	-79	-1,391	-482	-87	-1,729	-276	-423	-361
Other Investing Activities, net	-	-	-	0.00	0.00	20	-2.44	2.54	7.64	-4.93	6.63
Net Cash From Financing Activities	-719	-797	-464	-844	116	-1,081	-499	-681	-1,416	-1,148	-1,297
Net Cash From Continuing Financing Activities	-719	-797	-464	-844	116	-1,081	-499	-681	-1,416	-1,148	-1,297
Repayment of Debt	119	-355	-224	-81	-911	-1,174	-663	430	-250	-729	301
Repurchase of Common Equity	-577	-583	-593	-300	-248	-527	-211	-458	-389	-265	-494
Payment of Dividends	-440	-476	-499	-526	-563	-610	-641	-686	-775	-889	-1,085
Issuance of Debt	3.05	561	793	0.95	1,846	990	990	0.00	0.00	744	0.00
Other Financing Activities, net	176	56	59	63	-8.68	241	26	33	-1.36	-8.99	-18
Effect of Exchange Rate Changes	-6.16	-10	-3.14	6.13	-5.39	3.33	-6.99	-5.08	9.89	-38	54
Cash Interest Paid	88	88	91	102	132	140	151	128	132	161	180
Cash Income Taxes Paid	384	369	426	352	119	238	215	275	221	304	202

This table details how cash moves in and out of Hershey's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	4/2/2023	7/2/2023	10/1/2023	12/31/2023	3/31/2024	6/30/2024	9/29/2024	12/31/2024	3/30/2025	6/29/2025
Net Change in Cash & Equivalents	136	-3.54	-14	25	-69	119	-53	148	116	785	-603
Net Cash From Operating Activities	768	755	294	516	758	569	326	695	942	397	112
Net Cash From Continuing Operating Activities	768	755	294	516	758	569	326	695	942	397	112
Net Income / (Loss) Continuing Operations	396	587	407	519	349	797	181	446	797	224	63
Consolidated Net Income / (Loss)	396	587	407	519	349	797	181	446	797	224	63
Depreciation Expense	100	98	102	103	117	108	110	113	124	120	124
Non-Cash Adjustments To Reconcile Net Income	71	12	86	52	113	-235	87	51	-145	281	208
Changes in Operating Assets and Liabilities, net	200	58	-300	-158	179	-101	-53	85	166	-228	-282
Net Cash From Investing Activities	-277	-188	-328	-220	-463	-228	-162	-160	-411	-147	-155
Net Cash From Continuing Investing Activities	-277	-188	-328	-220	-463	-228	-162	-160	-411	-147	-155
Purchase of Property, Plant & Equipment	-159	-176	-154	-218	-223	-213	-130	-128	-135	-146	-85
Purchase of Investments	-	-	-	-	-	-14	-	-	-	3.56	5.47
Other Investing Activities, net	-2.09	0.09	-0.71	-2.36	-1.94	-0.32	0.10	0.51	6.34	-5.02	-1.58
Net Cash From Financing Activities	-340	-552	46	-278	-364	-222	-231	-394	-450	537	-560
Net Cash From Continuing Financing Activities	-340	-552	46	-278	-364	-222	-231	-394	-450	537	-560
Repayment of Debt	-102	-1.19	-751	-1.18	24	568	-1.46	-1.45	305	-1,168	-287
Payment of Dividends	-207	-207	-206	-238	-238	-273	-271	-270	-270	-272	-271
Issuance of Debt	-	-91	1,001	-40	-126	0.00	40	-127	-483	1,986	-1.48
Other Financing Activities, net	2.54	-13	2.16	1.11	0.83	-22	0.57	4.97	-1.40	-9.84	0.58
Effect of Exchange Rate Changes	-14	-	-	6.56	0.02	-1.41	-	6.33	35	-2.27	-0.76
Cash Interest Paid	41	33	44	35	49	34	54	41	51	38	54
Cash Income Taxes Paid	31	12	217	35	39	31	134	15	21	39	27

This table presents Hershey's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	5,623	5,344	5,524	5,554	7,703	8,140	9,132	10,412	10,949	11,903	12,947
Total Current Assets	2,247	1,849	1,817	2,002	2,239	2,117	2,978	2,246	2,620	2,912	3,759
Cash & Equivalents	375	347	297	380	588	493	1,144	329	464	402	731
Accounts Receivable	597	599	581	588	594	569	615	671	711	824	800
Inventories, net	801	751	746	753	785	815	964	989	1,173	1,341	1,254
Prepaid Expenses	277	152	193	281	272	240	254	257	272	346	974
Plant, Property, & Equipment, net	2,152	2,240	2,177	2,107	2,130	2,153	0.00	0.00	2,770	3,310	3,459
Total Noncurrent Assets	1,224	1,255	1,530	1,445	3,334	3,870	6,154	8,166	5,559	5,681	5,729
Goodwill	793	684	812	821	1,801	1,986	1,988	2,633	2,607	2,696	2,706
Intangible Assets	295	379	493	369	1,278	1,341	1,295	2,038	1,966	1,879	1,874
Noncurrent Deferred & Refundable Income Taxes	0.00	36	57	3.02	1.17	31	29	41	40	44	37
Other Noncurrent Operating Assets	136	155	168	252	253	512	2,841	3,454	945	1,061	1,112
Total Liabilities & Shareholders' Equity	5,623	5,344	5,524	5,554	7,703	8,140	9,132	10,412	10,949	11,903	12,947
Total Liabilities	4,103	4,297	4,697	4,622	6,296	6,395	6,894	7,655	7,649	7,804	8,232
Total Current Liabilities	1,936	2,218	1,909	2,077	2,419	2,009	1,892	2,493	3,257	3,008	3,929
Short-Term Debt	636	863	633	859	1,203	736	513	942	1,447	1,025	1,912
Accounts Payable	482	474	523	523	502	551	580	692	971	1,086	1,159
Accrued Expenses	814	857	751	676	679	702	782	856	833	868	807
Current Deferred & Payable Income Tax Liabilities	4.62	23	3.21	18	34	20	17	3.07	6.71	29	51
Total Noncurrent Liabilities	2,168	2,079	2,787	2,546	3,877	4,387	5,002	5,162	4,392	4,796	4,303
Long-Term Debt	1,542	1,557	2,347	2,061	3,254	3,531	4,090	4,087	3,344	3,789	3,190
Noncurrent Deferred & Payable Income Tax Liabilities	99	53	40	46	177	200	229	288	328	346	424
Other Noncurrent Operating Liabilities	526	469	400	439	446	656	683	787	720	661	688
Total Equity & Noncontrolling Interests	1,520	1,047	828	932	1,407	1,745	2,238	2,757	3,300	4,099	4,715
Total Preferred & Common Equity	1,455	998	786	915	1,399	1,739	2,234	2,757	3,300	4,099	4,715
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,455	998	786	915	1,399	1,739	2,234	2,757	3,300	4,099	4,715
Common Stock	1,114	1,144	1,230	1,285	1,342	1,364	1,413	1,482	1,518	1,567	1,599
Retained Earnings	5,861	5,898	6,116	6,371	7,032	1,290	1,929	2,720	3,590	4,562	5,698
Treasury Stock	-5,161	-5,672	-6,184	-6,427	-6,619	-591	-769	-	-1,556	-1,800	-2,279
Accumulated Other Comprehensive Income / (Loss)	-359	-371	-376	-314	-357	-324	-338	-249	-252	-230	-304

This table presents Hershey's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	4/2/2023	7/2/2023	10/1/2023	12/31/2023	3/31/2024	6/30/2024	9/29/2024	12/31/2024	3/30/2025	6/29/2025
Total Assets	10,949	11,112	11,526	11,936	11,903	12,390	12,416	12,621	12,947	13,968	13,646
Total Current Assets	2,620	2,726	2,881	3,190	2,912	3,387	3,336	3,552	3,759	4,804	4,426
Cash & Equivalents	464	460	446	471	402	520	467	615	731	1,515	912
Accounts Receivable	711	857	764	1,128	824	1,206	846	1,143	800	880	820
Inventories, net	1,173	1,180	1,385	1,348	1,341	1,138	1,459	1,302	1,254	1,467	1,842
Prepaid Expenses	272	229	285	244	346	523	563	492	974	942	851
Plant, Property, & Equipment, net	2,770	2,822	3,015	3,156	3,310	3,333	3,368	3,389	3,459	3,437	3,442
Total Noncurrent Assets	5,559	5,563	5,630	5,589	5,681	5,669	5,712	5,681	5,729	5,727	5,778
Goodwill	2,607	2,608	2,696	2,693	2,696	2,694	2,692	2,692	2,706	2,708	2,713
Intangible Assets	1,966	1,948	1,928	1,907	1,879	1,859	1,839	1,819	1,874	1,854	1,913
Noncurrent Deferred & Refundable Income Taxes	40	43	44	38	44	45	41	40	37	39	41
Other Noncurrent Operating Assets	945	965	962	950	1,061	1,071	1,140	1,129	1,112	1,127	1,111
Total Liabilities & Shareholders' Equity	10,949	11,112	11,526	11,936	11,903	12,390	12,416	12,621	12,947	13,968	13,646
Total Liabilities	7,649	7,653	7,831	7,968	7,804	8,281	8,406	8,416	8,232	9,283	9,131
Total Current Liabilities	3,257	3,281	2,726	2,936	3,008	3,489	3,886	4,195	3,929	3,016	2,893
Short-Term Debt	1,447	1,361	868	828	1,025	1,595	1,926	2,101	1,912	748	468
Accounts Payable	971	1,005	1,014	1,085	1,086	946	1,138	1,215	1,159	1,415	1,451
Accrued Expenses	833	780	828	969	868	872	784	807	807	827	876
Current Deferred & Payable Income Tax Liabilities	6.71	135	16	55	29	75	37	72	51	25	99
Total Noncurrent Liabilities	4,392	4,372	5,105	5,032	4,796	4,792	4,520	4,221	4,303	6,267	6,238
Long-Term Debt	3,344	3,341	4,086	4,086	3,789	3,790	3,489	3,189	3,190	5,177	5,176
Noncurrent Deferred & Payable Income Tax Liabilities	328	318	304	304	346	339	331	323	424	413	409
Other Noncurrent Operating Liabilities	720	712	715	642	661	664	700	709	688	676	652
Total Equity & Noncontrolling Interests	3,300	3,458	3,695	3,968	4,099	4,108	4,010	4,205	4,715	4,685	4,515
Total Preferred & Common Equity	3,300	3,458	3,695	3,968	4,099	4,108	4,010	4,205	4,715	4,685	4,515
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	3,300	3,458	3,695	3,968	4,099	4,108	4,010	4,205	4,715	4,685	4,515
Common Stock	1,518	1,507	1,523	1,543	1,567	1,537	1,547	1,564	1,599	1,594	1,609
Retained Earnings	3,590	3,971	4,171	4,451	4,562	5,087	4,997	5,173	5,698	5,652	5,443
Accumulated Other Comprehensive Income / (Loss)	-252	-238	-221	-251	-230	-231	-252	-252	-304	-291	-270
Other Equity Adjustments	-	-	-1,778	-1,776	-	-2,285	-2,283	-	-	-	-2,267

This table displays calculated financial ratios and metrics derived from Hershey's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	3.86%	-0.47%	0.73%	1.01%	3.67%	2.51%	2.05%	10.08%	16.14%	7.16%	0.33%
EBITDA Growth	3.92%	-21.77%	19.07%	-1.39%	25.38%	-1.50%	6.76%	15.49%	8.66%	12.73%	12.81%
EBIT Growth	3.72%	-27.49%	18.06%	1.62%	28.12%	-1.55%	7.83%	17.04%	6.75%	13.09%	13.60%
NOPAT Growth	2.90%	-34.62%	39.26%	8.84%	50.73%	-1.71%	14.74%	10.87%	15.04%	13.17%	18.54%
Net Income Growth	3.22%	-39.43%	40.37%	5.07%	54.79%	-2.08%	11.22%	16.26%	10.93%	13.19%	19.31%
EPS Growth	4.44%	-38.13%	-25.94%	9.58%	195.08%	-49.44%	116.48%	16.50%	11.91%	13.95%	20.16%
Operating Cash Flow Growth	-29.13%	48.79%	-19.33%	23.30%	28.05%	10.24%	-3.64%	22.55%	11.76%	-0.20%	8.97%
Free Cash Flow Firm Growth	-78.75%	406.62%	-37.68%	115.84%	-148.90%	337.45%	23.84%	-105.52%	2,486.77%	-25.91%	54.64%
Invested Capital Growth	31.14%	-3.22%	12.48%	-1.11%	51.99%	4.57%	3.23%	30.90%	2.28%	11.59%	6.75%
Revenue Q/Q Growth	0.73%	-1.35%	0.83%	-0.41%	0.62%	1.01%	1.46%	1.60%	3.23%	0.04%	2.10%
EBITDA Q/Q Growth	3.32%	-2.81%	-6.13%	5.13%	5.56%	-6.51%	2.86%	3.58%	1.79%	-0.89%	15.40%
EBIT Q/Q Growth	3.22%	-3.80%	-7.41%	5.61%	6.56%	-7.85%	3.10%	3.86%	1.28%	-1.75%	18.17%
NOPAT Q/Q Growth	2.63%	4.04%	-8.64%	7.81%	14.00%	-9.21%	11.21%	1.49%	5.62%	-2.89%	25.35%
Net Income Q/Q Growth	1.98%	2.17%	-11.82%	9.35%	14.70%	-9.98%	7.31%	3.38%	3.56%	-2.48%	25.23%
EPS Q/Q Growth	-9.78%	-24.83%	-54.43%	8.61%	0.00%	0.00%	36.18%	3.38%	3.84%	-2.23%	25.60%
Operating Cash Flow Q/Q Growth	-11.59%	19.42%	-8.86%	5.13%	5.51%	3.73%	-8.90%	3.72%	3.95%	-0.43%	7.84%
Free Cash Flow Firm Q/Q Growth	340.50%	-0.53%	1.08%	0.43%	-112.20%	77.15%	-13.78%	-106.85%	213.54%	-12.16%	26.25%
Invested Capital Q/Q Growth	-7.64%	-7.15%	-8.42%	-7.01%	2.83%	-7.72%	-1.62%	17.06%	-0.20%	1.20%	2.32%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	44.95%	45.79%	42.60%	45.98%	45.89%	45.36%	45.42%	45.13%	43.18%	44.76%	47.32%
EBITDA Margin	21.57%	16.96%	20.05%	19.57%	23.67%	22.74%	23.80%	24.96%	23.36%	24.57%	27.63%
Operating Margin	18.76%	14.05%	16.87%	17.48%	20.84%	19.98%	21.87%	22.78%	21.70%	22.94%	25.87%
EBIT Margin	18.72%	13.64%	15.99%	16.09%	19.88%	19.09%	20.18%	21.45%	19.72%	20.81%	23.56%
Profit (Net Income) Margin	11.41%	6.94%	9.68%	10.07%	15.03%	14.36%	15.65%	16.53%	15.79%	16.68%	19.83%
Tax Burden Percent	64.85%	56.88%	65.49%	68.12%	83.05%	83.05%	85.31%	82.51%	85.80%	85.72%	89.79%
Interest Burden Percent	93.99%	89.50%	92.42%	91.87%	91.04%	90.55%	90.92%	93.38%	93.31%	93.47%	93.72%
Effective Tax Rate	35.15%	43.12%	34.51%	31.88%	16.95%	16.95%	14.69%	17.49%	14.20%	14.28%	10.21%
Return on Invested Capital (ROIC)	31.76%	18.60%	24.79%	25.62%	30.83%	24.56%	27.12%	25.64%	25.72%	27.21%	29.58%
ROIC Less NNEP Spread (ROIC-NNEP)	27.38%	14.51%	20.50%	20.34%	25.29%	19.88%	20.33%	20.65%	19.19%	19.57%	20.90%
Return on Net Nonoperating Assets (RNNOA)	22.26%	21.37%	52.01%	60.38%	69.31%	48.20%	36.92%	33.73%	28.59%	23.12%	20.83%
Return on Equity (ROE)	54.02%	39.97%	76.80%	86.01%	100.14%	72.76%	64.04%	59.37%	54.31%	50.33%	50.40%
Cash Return on Invested Capital (CROIC)	4.82%	21.87%	13.04%	26.74%	-10.44%	20.09%	23.94%	-1.13%	23.46%	16.25%	23.04%
Operating Return on Assets (OROA)	25.31%	18.38%	21.89%	21.83%	23.37%	19.25%	19.04%	19.70%	19.24%	20.34%	21.24%
Return on Assets (ROA)	15.43%	9.35%	13.25%	13.66%	17.67%	14.48%	14.77%	15.17%	15.40%	16.29%	17.88%
Return on Common Equity (ROCE)	52.72%	38.19%	73.06%	83.17%	99.08%	72.43%	63.90%	59.33%	54.31%	50.33%	50.40%
Return on Equity Simple (ROE_SIMPLE)	58.20%	51.40%	91.63%	82.65%	83.72%	65.93%	57.08%	53.78%	49.85%	45.42%	47.11%
Net Operating Profit after Tax (NOPAT)	903	590	822	895	1,348	1,325	1,521	1,686	1,940	2,195	2,602
NOPAT Margin	12.16%	7.99%	11.05%	11.90%	17.31%	16.60%	18.66%	18.80%	18.62%	19.66%	23.23%
Net Nonoperating Expense Percent (NNEP)	4.39%	4.09%	4.29%	5.29%	5.54%	4.68%	6.79%	4.99%	6.53%	7.63%	8.67%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	23.97%	24.63%	26.51%
Cost of Revenue to Revenue	55.05%	54.21%	57.40%	54.02%	54.11%	54.64%	54.58%	54.87%	56.82%	55.24%	52.68%
SG&A Expenses to Revenue	25.58%	26.66%	25.42%	25.09%	24.06%	23.87%	23.20%	22.31%	21.46%	21.82%	21.19%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	26.19%	31.75%	25.73%	28.50%	25.05%	25.38%	23.54%	22.35%	21.48%	21.83%	21.45%
Earnings before Interest and Taxes (EBIT)	1,390	1,008	1,190	1,209	1,549	1,525	1,644	1,925	2,055	2,324	2,640
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,601	1,253	1,491	1,471	1,844	1,816	1,939	2,240	2,434	2,743	3,095
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	12.71	16.00	23.63	22.62	14.31	16.07	13.20	13.72	13.68	8.96	7.21
Price to Tangible Book Value (P/TBV)	50.37	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	251.61
Price to Revenue (P/Rev)	2.49	2.16	2.50	2.76	2.57	3.50	3.62	4.22	4.33	3.29	3.03
Price to Earnings (P/E)	21.84	31.14	25.79	26.45	17.00	24.31	23.06	25.60	27.43	19.73	15.30
Dividend Yield	2.44%	3.03%	2.75%	2.59%	2.89%	2.24%	2.23%	1.86%	1.76%	2.39%	3.26%
Earnings Yield	4.58%	3.21%	3.88%	3.78%	5.88%	4.11%	4.34%	3.91%	3.65%	5.07%	6.54%
Enterprise Value to Invested Capital (EV/IC)	6.28	5.80	6.07	6.70	4.53	5.75	5.78	5.70	6.48	4.83	4.22
Enterprise Value to Revenue (EV/Rev)	2.73	2.45	2.86	3.10	3.07	3.97	4.04	4.74	4.75	3.68	3.42
Enterprise Value to EBITDA (EV/EBITDA)	12.66	14.45	14.28	15.82	12.96	17.47	16.99	18.98	20.32	15.00	12.39
Enterprise Value to EBIT (EV/EBIT)	14.59	17.96	17.90	19.24	15.43	20.81	20.04	22.09	24.07	17.70	14.53
Enterprise Value to NOPAT (EV/NOPAT)	22.45	30.66	25.91	26.00	17.72	23.94	21.67	25.22	25.49	18.74	14.74
Enterprise Value to Operating Cash Flow (EV/OCF)	24.00	14.40	21.01	18.62	14.94	17.99	19.39	20.41	21.24	17.71	15.15
Enterprise Value to Free Cash Flow (EV/FCFF)	147.92	26.07	49.23	24.92	0.00	29.27	24.54	0.00	27.95	31.38	18.92
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.43	2.31	3.60	3.14	3.17	2.45	2.06	1.82	1.45	1.17	1.08
Long-Term Debt to Equity	1.02	1.49	2.84	2.21	2.31	2.02	1.83	1.48	1.01	0.92	0.68
Financial Leverage	0.81	1.47	2.54	2.97	2.74	2.42	1.82	1.63	1.49	1.18	1.00
Leverage Ratio	3.50	4.27	5.80	6.30	5.67	5.03	4.34	3.91	3.53	3.09	2.82
Compound Leverage Factor	3.29	3.82	5.36	5.79	5.16	4.55	3.94	3.65	3.29	2.89	2.64
Debt to Total Capital	58.90%	69.80%	78.26%	75.82%	76.01%	70.97%	67.28%	64.59%	59.22%	54.01%	51.97%
Short-Term Debt to Total Capital	17.19%	24.90%	16.62%	22.31%	20.52%	12.24%	7.50%	12.10%	17.89%	11.50%	19.48%
Long-Term Debt to Total Capital	41.71%	44.90%	61.65%	53.50%	55.49%	58.73%	59.79%	52.49%	41.33%	42.51%	32.50%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.74%	1.43%	1.10%	0.42%	0.15%	0.10%	0.05%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	39.35%	28.78%	20.64%	23.76%	23.85%	28.93%	32.66%	35.41%	40.78%	45.99%	48.03%
Debt to EBITDA	1.36	1.93	2.00	1.99	2.42	2.35	2.37	2.25	1.97	1.75	1.65
Net Debt to EBITDA	1.07	1.66	1.80	1.73	2.10	2.08	1.78	2.10	1.78	1.61	1.41
Long-Term Debt to EBITDA	0.96	1.24	1.57	1.40	1.76	1.94	2.11	1.82	1.37	1.38	1.03
Debt to NOPAT	2.41	4.10	3.63	3.26	3.31	3.22	3.03	2.98	2.47	2.19	1.96
Net Debt to NOPAT	1.89	3.51	3.26	2.84	2.87	2.85	2.27	2.79	2.23	2.01	1.68
Long-Term Debt to NOPAT	1.71	2.64	2.86	2.30	2.41	2.66	2.69	2.42	1.72	1.73	1.23
Altman Z-Score	6.37	5.70	5.96	6.35	4.83	4.46	4.49	4.77	5.50	4.93	4.61
Noncontrolling Interest Sharing Ratio	2.41%	4.44%	4.87%	3.30%	1.06%	0.45%	0.23%	0.07%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.16	0.83	0.95	0.96	0.93	1.05	1.57	0.90	0.80	0.97	0.96
Quick Ratio	0.55	0.43	0.46	0.47	0.49	0.53	0.93	0.40	0.36	0.41	0.39
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	137	694	433	934	-457	1,084	1,343	-74	1,770	1,311	2,027
Operating Cash Flow to CapEx	228.72%	353.29%	381.24%	499.67%	573.80%	554.34%	384.86%	420.04%	448.11%	301.28%	417.80%
Free Cash Flow to Firm to Interest Expense	0.00	6.56	4.80	0.00	0.00	0.00	0.00	-0.58	0.00	8.64	12.24
Operating Cash Flow to Interest Expense	0.00	11.88	11.24	0.00	0.00	0.00	0.00	16.35	0.00	15.31	15.28
Operating Cash Flow Less CapEx to Interest Expense	0.00	8.52	8.29	0.00	0.00	0.00	0.00	12.46	0.00	10.23	11.62
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.35	1.35	1.37	1.36	1.18	1.01	0.94	0.92	0.98	0.98	0.90
Accounts Receivable Turnover	13.81	12.35	12.61	12.85	13.18	13.74	13.77	13.94	15.07	14.55	13.80
Inventory Turnover	5.59	5.16	5.71	5.42	5.48	5.45	5.00	5.04	5.48	4.91	4.55
Fixed Asset Turnover	3.75	3.36	3.37	3.51	3.68	3.73	0.00	0.00	0.00	3.67	3.31
Accounts Payable Turnover	8.66	8.37	8.57	7.76	8.22	8.29	7.87	7.74	7.12	6.00	5.26
Days Sales Outstanding (DSO)	26.43	29.55	28.96	28.40	27.70	26.57	26.51	26.17	24.22	25.09	26.46
Days Inventory Outstanding (DIO)	65.24	70.74	63.96	67.36	66.57	66.92	73.00	72.39	66.63	74.40	80.25
Days Payable Outstanding (DPO)	42.15	43.59	42.60	47.01	44.40	44.04	46.40	47.17	51.26	60.86	69.44
Cash Conversion Cycle (CCC)	49.53	56.70	50.32	48.75	49.87	49.44	53.12	51.40	39.59	38.62	37.27
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,225	3,121	3,511	3,472	5,277	5,518	5,697	7,457	7,627	8,511	9,086
Invested Capital Turnover	2.61	2.33	2.24	2.15	1.78	1.48	1.45	1.36	1.38	1.38	1.27
Increase / (Decrease) in Invested Capital	766	-104	389	-39	1,805	241	178	1,760	170	884	575
Enterprise Value (EV)	20,268	18,096	21,294	23,265	23,898	31,728	32,950	42,517	49,452	41,138	38,348
Market Capitalization	18,497	15,973	18,569	20,708	20,020	27,949	29,487	37,818	45,124	36,726	33,977
Book Value per Share	$6.59	$4.60	$3.70	$4.34	$6.67	$8.32	$10.73	$13.38	$16.09	$20.04	$23.30
Tangible Book Value per Share	$1.66	($0.30)	($2.45)	($1.30)	($8.01)	($7.60)	($5.04)	($9.29)	($6.21)	($2.33)	$0.67
Total Capital	3,697	3,468	3,808	3,852	5,865	6,011	6,841	7,786	8,091	8,913	9,817
Total Debt	2,178	2,421	2,980	2,920	4,458	4,266	4,603	5,029	4,791	4,814	5,102
Total Long-Term Debt	1,542	1,557	2,347	2,061	3,254	3,531	4,090	4,087	3,344	3,789	3,190
Net Debt	1,706	2,074	2,683	2,540	3,870	3,773	3,459	4,700	4,327	4,412	4,371
Capital Expenditures (CapEx)	369	356	266	250	279	318	442	496	519	771	606
Debt-free, Cash-free Net Working Capital (DFCFNWC)	475	148	243	405	436	351	455	366	347	527	1,011
Debt-free Net Working Capital (DFNWC)	947	494	540	785	1,024	844	1,599	695	811	929	1,742
Net Working Capital (NWC)	311	-369	-93	-75	-179	108	1,086	-247	-637	-96	-170
Net Nonoperating Expense (NNE)	56	77	102	138	177	179	245	203	295	333	381
Net Nonoperating Obligations (NNO)	1,706	2,074	2,683	2,540	3,870	3,773	3,459	4,700	4,327	4,412	4,371
Total Depreciation and Amortization (D&A)	212	245	302	262	295	292	295	315	379	420	455
Debt-free, Cash-free Net Working Capital to Revenue	6.40%	2.00%	3.27%	5.38%	5.60%	4.39%	5.58%	4.08%	3.33%	4.72%	9.03%
Debt-free Net Working Capital to Revenue	12.76%	6.69%	7.26%	10.44%	13.14%	10.57%	19.62%	7.75%	7.78%	8.32%	15.55%
Net Working Capital to Revenue	4.20%	-5.00%	-1.25%	-0.99%	-2.30%	1.36%	13.33%	-2.75%	-6.11%	-0.86%	-1.52%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$7.45	$4.59	$6.60	$7.23	$5.76	$5.64	$6.30	$7.34	$15.69	$17.83	$21.42
Adjusted Weighted Average Basic Shares Outstanding	220.83M	216.52M	212.41M	210.48M	208.52M	209.75M	207.17M	205.24M	204.04M	203.95M	202.41M
Adjusted Diluted Earnings per Share	$7.29	$4.51	$6.48	$7.10	$5.58	$5.46	$6.11	$7.11	$15.41	$17.56	$21.10
Adjusted Weighted Average Diluted Shares Outstanding	220.83M	216.52M	212.41M	210.48M	208.52M	209.75M	207.17M	205.24M	204.04M	203.95M	202.41M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	220.83M	216.52M	212.41M	210.48M	208.52M	209.75M	207.17M	205.24M	204.04M	203.95M	202.41M
Normalized Net Operating Profit after Tax (NOPAT)	932	804	837	1,069	1,412	1,426	1,544	1,689	1,941	2,196	2,628
Normalized NOPAT Margin	12.56%	10.88%	11.25%	14.23%	18.13%	17.85%	18.95%	18.83%	18.63%	19.67%	23.46%
Pre Tax Income Margin	17.60%	12.21%	14.78%	14.78%	18.10%	17.29%	18.34%	20.03%	18.40%	19.45%	22.08%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	9.53	13.20	0.00	0.00	0.00	0.00	15.11	0.00	15.31	15.93
NOPAT to Interest Expense	0.00	5.58	9.12	0.00	0.00	0.00	0.00	13.23	0.00	14.46	15.71
EBIT Less CapEx to Interest Expense	0.00	6.16	10.25	0.00	0.00	0.00	0.00	11.21	0.00	10.23	12.28
NOPAT Less CapEx to Interest Expense	0.00	2.22	6.17	0.00	0.00	0.00	0.00	9.34	0.00	9.38	12.05
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	52.00%	92.82%	69.37%	69.56%	48.04%	53.22%	50.24%	46.26%	47.12%	47.75%	48.84%
Augmented Payout Ratio	120.10%	206.40%	151.66%	109.26%	69.17%	99.20%	66.80%	77.15%	70.77%	61.98%	71.09%

This table displays calculated financial ratios and metrics derived from Hershey's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	4/2/2023	7/2/2023	10/1/2023	12/31/2023	3/31/2024	6/30/2024	9/29/2024	12/31/2024	3/30/2025	6/29/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	14.02%	12.05%	4.96%	11.06%	0.18%	8.87%	-16.70%	-1.40%	8.67%	-13.75%	26.04%
EBITDA Growth	9.40%	11.67%	8.87%	32.16%	-4.92%	26.67%	-31.17%	-15.09%	87.10%	-56.97%	-19.79%
EBIT Growth	6.98%	12.15%	9.00%	36.33%	-10.37%	28.75%	-39.68%	-18.77%	113.57%	-64.11%	-32.06%
NOPAT Growth	26.33%	8.95%	45.40%	24.27%	-11.79%	38.29%	-59.21%	-9.68%	104.08%	-70.10%	-61.70%
Net Income Growth	16.63%	10.07%	28.97%	29.81%	-11.92%	35.81%	-55.55%	-13.94%	128.22%	-71.89%	-65.33%
EPS Growth	18.15%	10.64%	29.97%	30.13%	-10.78%	36.48%	-55.44%	-12.91%	129.91%	-71.68%	-65.12%
Operating Cash Flow Growth	13.03%	15.07%	-35.62%	15.53%	-1.30%	-24.66%	10.60%	34.81%	24.28%	-30.30%	-65.54%
Free Cash Flow Firm Growth	131.00%	134.62%	88.23%	77.06%	-193.23%	-190.60%	-340.86%	131.18%	221.89%	132.05%	61.98%
Invested Capital Growth	2.28%	2.10%	8.50%	10.05%	11.59%	16.52%	9.22%	5.59%	6.75%	1.36%	3.22%
Revenue Q/Q Growth	-2.78%	12.64%	-16.65%	21.67%	-12.31%	22.42%	-36.22%	44.01%	-3.35%	-2.84%	-6.80%
EBITDA Q/Q Growth	-17.27%	79.54%	-35.45%	37.85%	-40.48%	139.17%	-64.93%	70.07%	31.15%	-45.00%	-34.61%
EBIT Q/Q Growth	-21.59%	99.88%	-40.25%	45.57%	-48.45%	187.13%	-72.01%	96.02%	35.54%	-51.75%	-47.01%
NOPAT Q/Q Growth	22.28%	7.63%	-16.08%	12.51%	-13.20%	68.75%	-75.25%	149.12%	96.13%	-75.28%	-68.29%
Net Income Q/Q Growth	-0.80%	48.17%	-30.69%	27.42%	-32.69%	128.47%	-77.32%	146.72%	78.49%	-71.85%	-72.03%
EPS Q/Q Growth	-1.07%	48.52%	-29.95%	26.42%	-32.17%	127.19%	-77.13%	147.09%	79.06%	-72.01%	-71.83%
Operating Cash Flow Q/Q Growth	71.95%	-1.60%	-61.03%	75.17%	46.91%	-24.88%	-42.79%	113.53%	35.43%	-57.87%	-71.71%
Free Cash Flow Firm Q/Q Growth	150.45%	13.72%	-126.83%	-49.02%	-105.03%	-10.51%	-30.57%	110.54%	701.64%	-70.94%	-254.90%
Invested Capital Q/Q Growth	-0.20%	0.96%	6.52%	2.53%	1.20%	5.43%	-0.16%	-0.87%	2.32%	0.10%	1.67%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	43.16%	46.27%	45.46%	44.89%	42.27%	51.53%	40.19%	41.26%	53.97%	33.66%	30.45%
EBITDA Margin	18.80%	29.96%	23.20%	26.29%	17.84%	34.86%	19.17%	22.64%	30.72%	17.39%	12.20%
Operating Margin	19.86%	26.77%	22.51%	24.29%	17.48%	32.53%	13.87%	20.52%	32.52%	13.16%	7.37%
EBIT Margin	15.03%	26.67%	19.12%	22.88%	13.45%	31.55%	13.85%	18.85%	26.43%	13.13%	7.46%
Profit (Net Income) Margin	14.94%	19.65%	16.34%	17.11%	13.14%	24.52%	8.72%	14.94%	27.59%	7.99%	2.40%
Tax Burden Percent	109.14%	77.34%	92.60%	79.36%	109.19%	80.86%	73.57%	86.03%	110.17%	69.27%	42.06%
Interest Burden Percent	91.07%	95.27%	92.30%	94.26%	89.45%	96.12%	85.60%	92.13%	94.74%	87.88%	76.41%
Effective Tax Rate	-9.14%	22.66%	7.40%	20.64%	-9.19%	19.14%	26.43%	13.97%	-10.17%	30.73%	57.94%
Return on Invested Capital (ROIC)	29.94%	29.18%	28.72%	26.80%	26.40%	36.06%	13.10%	22.41%	45.62%	10.85%	3.85%
ROIC Less NNEP Spread (ROIC-NNEP)	25.98%	28.47%	26.28%	25.35%	22.79%	34.79%	12.45%	20.63%	40.20%	10.17%	3.47%
Return on Net Nonoperating Assets (RNNOA)	38.73%	39.62%	36.61%	32.36%	26.92%	41.87%	15.28%	23.01%	40.06%	10.73%	3.94%
Return on Equity (ROE)	68.66%	68.80%	65.33%	59.17%	53.32%	77.93%	28.38%	45.42%	85.68%	21.58%	7.79%
Cash Return on Invested Capital (CROIC)	23.46%	24.01%	19.12%	18.60%	16.25%	13.95%	16.03%	18.57%	23.04%	20.90%	17.56%
Operating Return on Assets (OROA)	14.66%	26.34%	18.78%	22.43%	13.14%	30.68%	12.74%	16.84%	23.83%	10.71%	6.47%
Return on Assets (ROA)	14.58%	19.41%	16.05%	16.78%	12.84%	23.85%	8.02%	13.35%	24.87%	6.52%	2.08%
Return on Common Equity (ROCE)	68.66%	68.80%	65.33%	59.17%	53.32%	77.93%	28.38%	45.42%	85.68%	21.58%	7.79%
Return on Equity Simple (ROE_SIMPLE)	0.00%	49.11%	48.45%	48.12%	0.00%	50.44%	46.04%	42.18%	0.00%	35.18%	0.00%
Net Operating Profit after Tax (NOPAT)	575	619	519	584	507	856	212	528	1,035	256	81
NOPAT Margin	21.67%	20.71%	20.85%	19.28%	19.08%	26.30%	10.21%	17.66%	35.83%	9.12%	3.10%
Net Nonoperating Expense Percent (NNEP)	3.95%	0.71%	2.45%	1.46%	3.61%	1.28%	0.65%	1.78%	5.42%	0.68%	0.38%
Return On Investment Capital (ROIC_SIMPLE)	7.10%	-	-	-	5.69%	-	-	-	10.54%	2.41%	0.80%
Cost of Revenue to Revenue	56.84%	53.73%	54.54%	55.11%	57.73%	48.47%	59.81%	58.74%	46.03%	66.34%	69.55%
SG&A Expenses to Revenue	23.24%	19.47%	22.96%	20.60%	24.79%	19.00%	26.08%	19.81%	21.57%	19.91%	23.07%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	23.31%	19.49%	22.95%	20.60%	24.79%	19.00%	26.32%	20.74%	21.44%	20.50%	23.08%
Earnings before Interest and Taxes (EBIT)	399	797	476	693	357	1,026	287	563	763	368	195
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	499	895	578	796	474	1,134	398	676	887	488	319
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	13.68	14.56	13.46	10.10	8.96	9.55	9.21	9.30	7.21	7.34	7.49
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	251.61	278.21	0.00
Price to Revenue (P/Rev)	4.33	4.69	4.58	3.59	3.29	3.43	3.35	3.57	3.03	3.20	3.00
Price to Earnings (P/E)	27.43	29.65	27.77	20.99	19.73	18.94	20.00	22.05	15.30	20.86	22.12
Dividend Yield	1.76%	1.62%	1.70%	2.19%	2.39%	1.88%	2.15%	2.13%	3.26%	3.23%	3.28%
Earnings Yield	3.65%	3.37%	3.60%	4.76%	5.07%	5.28%	5.00%	4.53%	6.54%	4.79%	4.52%
Enterprise Value to Invested Capital (EV/IC)	6.48	7.09	6.61	5.29	4.83	4.91	4.67	4.93	4.22	4.27	4.17
Enterprise Value to Revenue (EV/Rev)	4.75	5.08	4.99	3.99	3.68	3.86	3.80	3.99	3.42	3.61	3.41
Enterprise Value to EBITDA (EV/EBITDA)	20.32	21.61	21.06	16.08	15.00	14.79	14.94	16.33	12.39	15.84	16.27
Enterprise Value to EBIT (EV/EBIT)	24.07	25.51	24.87	18.82	17.70	17.27	17.71	19.60	14.53	19.57	20.41
Enterprise Value to NOPAT (EV/NOPAT)	25.49	27.47	25.22	19.69	18.74	18.11	19.64	21.09	14.74	19.30	20.44
Enterprise Value to Operating Cash Flow (EV/OCF)	21.24	22.50	23.95	19.08	17.71	20.64	19.31	18.65	15.15	16.44	17.97
Enterprise Value to Free Cash Flow (EV/FCFF)	27.95	29.85	35.98	29.82	31.38	37.93	30.44	27.27	18.92	20.55	24.13
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.45	1.36	1.34	1.24	1.17	1.31	1.35	1.26	1.08	1.26	1.25
Long-Term Debt to Equity	1.01	0.97	1.11	1.03	0.92	0.92	0.87	0.76	0.68	1.11	1.15
Financial Leverage	1.49	1.39	1.39	1.28	1.18	1.20	1.23	1.12	1.00	1.05	1.14
Leverage Ratio	3.53	3.41	3.36	3.23	3.09	3.11	3.11	3.00	2.82	3.00	3.06
Compound Leverage Factor	3.21	3.25	3.10	3.04	2.76	2.99	2.66	2.77	2.67	2.63	2.34
Debt to Total Capital	59.22%	57.62%	57.28%	55.33%	54.01%	56.72%	57.46%	55.72%	51.97%	55.85%	55.56%
Short-Term Debt to Total Capital	17.89%	16.68%	10.03%	9.32%	11.50%	16.80%	20.44%	22.13%	19.48%	7.05%	4.61%
Long-Term Debt to Total Capital	41.33%	40.94%	47.25%	46.01%	42.51%	39.92%	37.02%	33.59%	32.50%	48.79%	50.95%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	40.78%	42.38%	42.72%	44.67%	45.99%	43.28%	42.54%	44.28%	48.03%	44.15%	44.44%
Debt to EBITDA	1.97	1.86	1.92	1.78	1.75	1.81	1.93	1.97	1.65	2.42	2.38
Net Debt to EBITDA	1.78	1.68	1.75	1.61	1.61	1.63	1.77	1.74	1.41	1.80	2.00
Long-Term Debt to EBITDA	1.37	1.32	1.59	1.48	1.38	1.27	1.25	1.19	1.03	2.11	2.18
Debt to NOPAT	2.47	2.37	2.30	2.17	2.19	2.21	2.54	2.55	1.96	2.95	2.99
Net Debt to NOPAT	2.23	2.13	2.10	1.97	2.01	2.00	2.32	2.25	1.68	2.19	2.51
Long-Term Debt to NOPAT	1.72	1.68	1.90	1.81	1.73	1.56	1.64	1.54	1.23	2.58	2.74
Altman Z-Score	5.00	5.59	5.41	4.69	4.39	4.60	4.11	4.32	4.14	3.80	3.79
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.80	0.83	1.06	1.09	0.97	0.97	0.86	0.85	0.96	1.59	1.53
Quick Ratio	0.36	0.40	0.44	0.54	0.41	0.49	0.34	0.42	0.39	0.79	0.60
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	405	460	-123	-184	-377	-417	-544	57	460	134	-207
Operating Cash Flow to CapEx	481.32%	428.98%	190.67%	236.47%	340.50%	266.82%	250.17%	543.35%	699.94%	272.58%	131.88%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	-4.63	0.00	0.00	0.00	1.29	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	12.97	0.00	0.00	0.00	15.69	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	7.49	0.00	0.00	0.00	12.80	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.98	0.99	0.98	0.98	0.98	0.97	0.92	0.89	0.90	0.82	0.87
Accounts Receivable Turnover	15.07	12.45	15.31	10.85	14.55	11.08	13.68	9.67	13.80	10.31	13.55
Inventory Turnover	5.48	5.52	4.70	4.85	4.91	5.30	4.23	4.61	4.55	4.75	4.10
Fixed Asset Turnover	0.00	3.97	3.87	3.86	3.67	3.71	3.45	3.35	3.31	3.18	3.32
Accounts Payable Turnover	7.12	6.67	6.44	6.14	6.00	6.29	5.60	5.31	5.26	5.24	5.23
Days Sales Outstanding (DSO)	24.22	29.31	23.84	33.64	25.09	32.93	26.69	37.76	26.46	35.39	26.93
Days Inventory Outstanding (DIO)	66.63	66.12	77.72	75.26	74.40	68.92	86.23	79.20	80.25	76.86	89.09
Days Payable Outstanding (DPO)	51.26	54.71	56.64	59.45	60.86	58.00	65.24	68.73	69.44	69.67	69.85
Cash Conversion Cycle (CCC)	39.59	40.73	44.92	49.45	38.62	43.85	47.68	48.23	37.27	42.58	46.17
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	7,627	7,701	8,203	8,410	8,511	8,973	8,959	8,880	9,086	9,095	9,247
Invested Capital Turnover	1.38	1.41	1.38	1.39	1.38	1.37	1.28	1.27	1.27	1.19	1.24
Increase / (Decrease) in Invested Capital	170	159	643	768	884	1,272	756	470	575	122	288
Enterprise Value (EV)	49,452	54,609	54,223	44,509	41,138	44,099	41,866	43,790	38,348	38,792	38,565
Market Capitalization	45,124	50,367	49,715	40,067	36,726	39,234	36,917	39,114	33,977	34,381	33,833
Book Value per Share	$16.09	$16.95	$18.08	$19.40	$20.04	$20.32	$19.83	$20.79	$23.30	$23.15	$22.27
Tangible Book Value per Share	($6.21)	($5.38)	($4.55)	($3.10)	($2.33)	($2.20)	($2.57)	($1.51)	$0.67	$0.61	($0.55)
Total Capital	8,091	8,161	8,649	8,881	8,913	9,493	9,426	9,495	9,817	10,610	10,159
Total Debt	4,791	4,703	4,954	4,914	4,814	5,385	5,416	5,290	5,102	5,925	5,644
Total Long-Term Debt	3,344	3,341	4,086	4,086	3,789	3,790	3,489	3,189	3,190	5,177	5,176
Net Debt	4,327	4,242	4,508	4,443	4,412	4,865	4,949	4,675	4,371	4,410	4,732
Capital Expenditures (CapEx)	159	176	154	218	223	213	130	128	135	146	85
Debt-free, Cash-free Net Working Capital (DFCFNWC)	347	346	576	610	527	973	909	843	1,011	1,021	1,088
Debt-free Net Working Capital (DFNWC)	811	806	1,023	1,082	929	1,493	1,376	1,458	1,742	2,536	2,000
Net Working Capital (NWC)	-637	-555	155	254	-96	-102	-550	-643	-170	1,788	1,532
Net Nonoperating Expense (NNE)	178	31	112	66	158	58	31	81	238	32	18
Net Nonoperating Obligations (NNO)	4,327	4,242	4,508	4,443	4,412	4,865	4,949	4,675	4,371	4,410	4,732
Total Depreciation and Amortization (D&A)	100	98	102	103	117	108	110	113	124	120	124
Debt-free, Cash-free Net Working Capital to Revenue	3.33%	3.22%	5.31%	5.47%	4.72%	8.51%	8.26%	7.68%	9.03%	9.49%	9.63%
Debt-free Net Working Capital to Revenue	7.78%	7.50%	9.42%	9.69%	8.32%	13.07%	12.50%	13.29%	15.55%	23.58%	17.71%
Net Working Capital to Revenue	-6.11%	-5.17%	1.43%	2.28%	-0.86%	-0.89%	-4.99%	-5.86%	-1.52%	16.62%	13.57%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.78	$5.61	$3.91	$4.96	$3.35	$7.64	$1.75	$4.31	$7.72	$2.17	$0.61
Adjusted Weighted Average Basic Shares Outstanding	204.04M	204.40M	204.47M	204.50M	203.95M	202.23M	202.29M	202.35M	202.41M	202.60M	202.72M
Adjusted Diluted Earnings per Share	$3.71	$5.51	$3.86	$4.88	$3.31	$7.52	$1.72	$4.25	$7.61	$2.13	$0.60
Adjusted Weighted Average Diluted Shares Outstanding	204.04M	204.40M	204.47M	204.50M	203.95M	202.23M	202.29M	202.35M	202.41M	202.60M	202.72M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	204.04M	204.40M	204.47M	204.50M	203.95M	202.23M	202.29M	202.35M	202.41M	202.60M	202.72M
Normalized Net Operating Profit after Tax (NOPAT)	369	619	519	584	325	856	215	551	655	267	135
Normalized NOPAT Margin	13.90%	20.73%	20.85%	19.28%	12.23%	26.30%	10.38%	18.45%	22.68%	9.52%	5.17%
Pre Tax Income Margin	13.69%	25.41%	17.65%	21.56%	12.03%	30.32%	11.85%	17.36%	25.04%	11.54%	5.70%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	17.44	0.00	0.00	0.00	12.71	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	14.69	0.00	0.00	0.00	11.90	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	11.95	0.00	0.00	0.00	9.82	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	9.21	0.00	0.00	0.00	9.02	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	47.12%	47.18%	46.24%	44.96%	47.75%	46.10%	55.23%	59.32%	48.84%	65.72%	70.84%
Augmented Payout Ratio	70.77%	72.23%	61.52%	59.29%	61.98%	71.15%	83.35%	88.59%	71.09%	65.72%	70.84%

Frequently Asked Questions About Hershey's Financials

When does Hershey's financial year end?

According to the most recent income statement we have on file, Hershey's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Hershey's net income changed over the last 10 years?

Hershey's net income appears to be on an upward trend, with a most recent value of $2.22 billion in 2024, rising from $846.91 million in 2014. The previous period was $1.86 billion in 2023. Find out what analysts predict for Hershey in the coming months.

What is Hershey's operating income?

Hershey's total operating income in 2024 was $2.90 billion, based on the following breakdown:

Total Gross Profit: $5.30 billion
Total Operating Expenses: $2.40 billion

How has Hershey's revenue changed over the last 10 years?

Over the last 10 years, Hershey's total revenue changed from $7.42 billion in 2014 to $11.20 billion in 2024, a change of 50.9%.

How much debt does Hershey have?

Hershey's total liabilities were at $8.23 billion at the end of 2024, a 5.5% increase from 2023, and a 100.6% increase since 2014.

How much cash does Hershey have?

In the past 10 years, Hershey's cash and equivalents has ranged from $296.97 million in 2016 to $1.14 billion in 2020, and is currently $730.75 million as of their latest financial filing in 2024.

How has Hershey's book value per share changed over the last 10 years?

Over the last 10 years, Hershey's book value per share changed from 6.59 in 2014 to 23.30 in 2024, a change of 253.7%.

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This page (NYSE:HSY) was last updated on 8/21/2025 by MarketBeat.com Staff

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