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Hershey (HSY) Financials

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$185.83 -1.23 (-0.66%)
Closing price 03:59 PM Eastern
Extended Trading
$185.82 -0.01 (-0.01%)
As of 07:56 PM Eastern
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Annual Income Statements for Hershey

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 513 720 783 1,178 1,150 1,279 1,478 1,645 1,862 2,221 883
Consolidated Net Income / (Loss)		 513 720 757 1,171 1,147 1,275 1,483 1,645 1,862 2,221 883
Net Income / (Loss) Continuing Operations		 513 720 757 1,171 1,147 1,275 1,483 1,645 1,862 2,221 883
Total Pre-Tax Income 		902 1,099 1,111 1,410 1,381 1,495 1,797 1,917 2,172 2,474 1,214
Total Operating Income		 1,038 1,255 1,313 1,624 1,596 1,783 2,044 2,261 2,561 2,898 1,442
Total Gross Profit		 3,383 3,170 3,455 3,575 3,622 3,701 4,049 4,499 4,998 5,301 3,923
Total Revenue		 7,387 7,440 7,515 7,791 7,986 8,150 8,971 10,419 11,165 11,202 11,693
Operating Revenue		 7,387 7,440 7,515 7,791 7,986 8,150 8,971 10,419 11,165 11,202 11,693
Total Cost of Revenue		 4,004 4,271 4,060 4,216 4,364 4,448 4,923 5,921 6,167 5,901 7,770
Operating Cost of Revenue		 4,004 4,271 4,060 4,216 4,364 4,448 4,923 5,921 6,167 5,901 7,770
Total Operating Expenses		 2,345 1,914 2,142 1,952 2,027 1,919 2,005 2,238 2,437 2,403 2,481
Selling, General & Admin Expense		 1,969 1,891 1,885 1,875 1,906 1,891 2,001 2,236 2,437 2,374 2,461
Restructuring Charge		 95 19 48 19 8.11 19 3.53 1.99 0.44 29 21
Total Other Income / (Expense), net		 -136 -156 -203 -214 -215 -288 -246 -344 -389 -424 -227
Interest Expense		 106 90 - - - - 127 - 152 - 190
Other Income / (Expense), net		 -30 -66 -104 -75 -71 -138 -119 -206 -237 -259 -37
Income Tax Expense		 389 379 354 239 234 220 314 272 310 253 331
Basic Earnings per Share		 $4.59 $3.45 $3.79 $11.00 $5.64 $12.02 $14.02 $15.69 $17.83 $21.42 $8.51
Weighted Average Basic Shares Outstanding		 234.20M 228.60M 227.60M 224.70M 209.75M 207.17M 205.24M 204.04M 203.95M 202.41M 202.69M
Diluted Earnings per Share		 $4.51 $3.34 $3.66 $10.80 $5.46 $11.82 $13.77 $15.41 $17.56 $21.10 $8.39
Weighted Average Diluted Shares Outstanding		 234.20M 228.60M 227.60M 224.70M 209.75M 207.17M 205.24M 204.04M 203.95M 202.41M 202.69M
Weighted Average Basic & Diluted Shares Outstanding		 234.20M 228.60M 227.60M 224.70M 209.75M 207.17M 205.24M 204.04M 203.95M 202.41M 202.69M
Cash Dividends to Common per Share		 $4.27 $2.40 $2.55 $5.26 $2.99 $6.02 $6.51 $7.40 $8.51 $10.46 $10.46

Quarterly Income Statements for Hershey

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 10/1/2023 12/31/2023 3/31/2024 6/30/2024 9/29/2024 12/31/2024 3/30/2025 6/29/2025 9/28/2025 12/31/2025 3/29/2026
Net Income / (Loss) Attributable to Common Shareholders		 519 349 797 181 446 797 224 63 276 320 435
Consolidated Net Income / (Loss)		 519 349 797 181 446 797 224 63 276 320 435
Net Income / (Loss) Continuing Operations		 519 349 797 181 446 797 224 63 276 320 435
Total Pre-Tax Income 		653 320 986 246 519 723 324 149 372 370 593
Total Operating Income		 736 464 1,058 288 613 939 369 193 435 445 641
Total Gross Profit		 1,360 1,123 1,676 834 1,233 1,558 944 796 1,037 1,145 1,223
Total Revenue		 3,030 2,657 3,253 2,074 2,987 2,888 2,805 2,615 3,181 3,091 3,104
Operating Revenue		 3,030 2,657 3,253 2,074 2,987 2,888 2,805 2,615 3,181 3,091 3,104
Total Cost of Revenue		 1,670 1,534 1,577 1,241 1,755 1,329 1,861 1,818 2,144 1,946 1,881
Operating Cost of Revenue		 1,670 1,534 1,577 1,241 1,755 1,329 1,861 1,818 2,144 1,946 1,881
Total Operating Expenses		 624 659 618 546 620 619 575 603 603 700 582
Selling, General & Admin Expense		 624 659 618 541 592 623 559 603 601 698 576
Restructuring Charge		 0.00 - 0.00 4.94 28 -3.54 16 0.26 2.21 1.75 6.00
Total Other Income / (Expense), net		 -83 -145 -72 -42 -94 -216 -46 -44 -63 -75 -48
Interest & Investment Income		 - - -40 -41 - - - -46 - - -50
Other Income / (Expense), net		 -43 -107 -32 -0.57 -50 -176 -0.95 2.34 -11 -27 1.82
Income Tax Expense		 135 -29 189 65 72 -74 99 86 96 50 158
Basic Earnings per Share		 $4.96 $3.35 $7.64 $1.75 $4.31 $7.72 $2.17 $0.61 $2.67 $3.06 $4.18
Weighted Average Basic Shares Outstanding		 204.50M 203.95M 202.23M 202.29M 202.35M 202.41M 202.60M 202.72M 202.79M 202.69M 202.84M
Diluted Earnings per Share		 $4.88 $3.31 $7.52 $1.72 $4.25 $7.61 $2.13 $0.60 $2.63 $3.03 $4.12
Weighted Average Diluted Shares Outstanding		 204.50M 203.95M 202.23M 202.29M 202.35M 202.41M 202.60M 202.72M 202.79M 202.69M 202.84M
Weighted Average Basic & Diluted Shares Outstanding		 204.50M 203.95M 202.23M 202.29M 202.35M 202.41M 202.60M 202.72M 202.79M 202.69M 202.84M
Cash Dividends to Common per Share		 $2.28 $2.28 $2.62 $2.62 $2.62 $2.62 $2.62 $2.62 $2.62 $2.62 $2.77

Annual Cash Flow Statements for Hershey

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Net Change in Cash & Equivalents		 -28 -50 83 208 -95 651 -815 135 -62 329 195
Net Cash From Operating Activities		 1,256 1,013 1,250 1,600 1,764 1,700 2,083 2,328 2,323 2,532 2,277
Net Cash From Continuing Operating Activities		 1,256 1,013 1,250 1,600 1,764 1,700 2,083 2,328 2,323 2,532 2,277
Net Income / (Loss) Continuing Operations		 513 720 757 1,171 1,147 1,275 1,483 1,645 1,862 2,221 883
Consolidated Net Income / (Loss)		 513 720 757 1,171 1,147 1,275 1,483 1,645 1,862 2,221 883
Depreciation Expense		 245 302 262 295 292 295 315 379 420 455 504
Non-Cash Adjustments To Reconcile Net Income		 347 34 270 131 195 181 129 176 264 -242 611
Changes in Operating Assets and Liabilities, net		 152 -43 -38 2.32 131 -51 156 128 -222 97 279
Net Cash From Investing Activities		 -477 -595 -329 -1,503 -780 -531 -2,223 -787 -1,199 -960 -1,279
Net Cash From Continuing Investing Activities		 -477 -595 -329 -1,503 -780 -531 -2,223 -787 -1,199 -960 -1,279
Purchase of Property, Plant & Equipment		 -357 -269 -258 -329 -318 -442 -496 -519 -771 -606 -455
Acquisitions		 -249 -330 -79 -1,391 -482 -87 -1,729 -276 -166 -76 -830
Purchase of Investments		 - - - - - - - - -257 -285 12
Other Investing Activities, net		 - - 0.00 0.00 20 -2.44 2.54 7.64 -4.93 6.63 -6.24
Net Cash From Financing Activities		 -797 -464 -844 116 -1,081 -499 -681 -1,416 -1,148 -1,297 -803
Net Cash From Continuing Financing Activities		 -797 -464 -844 116 -1,081 -499 -681 -1,416 -1,148 -1,297 -803
Repayment of Debt		 -355 -224 -81 -911 -1,174 -663 430 -250 -729 301 -1,705
Repurchase of Common Equity		 -583 -593 -300 -248 -527 -211 -458 -389 -265 -494 0.00
Payment of Dividends		 -476 -499 -526 -563 -610 -641 -686 -775 -889 -1,085 -1,085
Issuance of Debt		 561 793 0.95 1,846 990 990 0.00 0.00 744 0.00 1,985
Other Financing Activities, net		 56 59 63 -8.68 241 26 33 -1.36 -8.99 -18 2.52
Effect of Exchange Rate Changes		 -10 -3.14 6.13 -5.39 3.33 -6.99 -5.08 9.89 -38 54 -0.18
Cash Interest Paid		 88 91 102 132 140 151 128 132 161 180 196
Cash Income Taxes Paid		 369 426 352 119 238 215 275 221 304 202 141

Quarterly Cash Flow Statements for Hershey

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 10/1/2023 12/31/2023 3/31/2024 6/30/2024 9/29/2024 12/31/2024 3/30/2025 6/29/2025 9/28/2025 12/31/2025 3/29/2026
Net Change in Cash & Equivalents		 25 -69 119 -53 148 116 785 -603 251 -237 -49
Net Cash From Operating Activities		 516 758 569 326 695 942 397 112 842 927 469
Net Cash From Continuing Operating Activities		 516 758 569 326 695 942 397 112 842 927 469
Net Income / (Loss) Continuing Operations		 519 349 797 181 446 797 224 63 276 320 435
Consolidated Net Income / (Loss)		 519 349 797 181 446 797 224 63 276 320 435
Depreciation Expense		 103 117 108 110 113 124 120 124 128 133 133
Non-Cash Adjustments To Reconcile Net Income		 52 113 -235 87 51 -145 281 208 88 34 119
Changes in Operating Assets and Liabilities, net		 -158 179 -101 -53 85 166 -228 -282 349 441 -218
Net Cash From Investing Activities		 -220 -463 -228 -162 -160 -411 -147 -155 -80 -897 -117
Net Cash From Continuing Investing Activities		 -220 -463 -228 -162 -160 -411 -147 -155 -80 -897 -117
Purchase of Property, Plant & Equipment		 -218 -223 -213 -130 -128 -135 -146 -85 -86 -138 -115
Purchase of Investments		 - - -14 - - - 3.56 5.47 5.24 -2.38 3.65
Other Investing Activities, net		 -2.36 -1.94 -0.32 0.10 0.51 6.34 -5.02 -1.58 0.29 0.07 -6.17
Net Cash From Financing Activities		 -278 -364 -222 -231 -394 -450 537 -560 -514 -267 -403
Net Cash From Continuing Financing Activities		 -278 -364 -222 -231 -394 -450 537 -560 -514 -267 -403
Repayment of Debt		 -1.18 24 568 -1.46 -1.45 305 -1,168 -287 -252 1.98 -50
Repurchase of Common Equity		 - -25 -494 - - - 0.00 - - - -69
Payment of Dividends		 -238 -238 -273 -271 -270 -270 -272 -271 -271 -271 -288
Issuance of Debt		 -40 -126 0.00 40 -127 -483 1,986 -1.48 - - 0.00
Other Financing Activities, net		 1.11 0.83 -22 0.57 4.97 -1.40 -9.84 0.58 9.33 2.44 4.03
Effect of Exchange Rate Changes		 6.56 0.02 -1.41 - 6.33 35 -2.27 -0.76 3.11 -0.26 2.28
Cash Interest Paid		 35 49 34 54 41 51 38 54 64 39 70
Cash Income Taxes Paid		 35 39 31 134 15 21 39 27 45 30 24

Annual Balance Sheets for Hershey

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Total Assets		 5,344 5,524 5,554 7,703 8,140 9,132 10,412 10,949 11,903 12,947 13,741
Total Current Assets		 1,849 1,817 2,002 2,239 2,117 2,978 2,246 2,620 2,912 3,759 3,589
Cash & Equivalents		 347 297 380 588 493 1,144 329 464 402 731 926
Accounts Receivable		 599 581 588 594 569 615 671 711 824 800 730
Inventories, net		 751 746 753 785 815 964 989 1,173 1,341 1,254 1,429
Prepaid Expenses		 152 193 281 272 240 254 257 272 346 974 504
Plant, Property, & Equipment, net		 2,240 2,177 2,107 2,130 2,153 0.00 0.00 2,770 3,310 3,459 3,530
Total Noncurrent Assets		 1,255 1,530 1,445 3,334 3,870 6,154 8,166 5,559 5,681 5,729 6,623
Goodwill		 684 812 821 1,801 1,986 1,988 2,633 2,607 2,696 2,706 2,996
Intangible Assets		 379 493 369 1,278 1,341 1,295 2,038 1,966 1,879 1,874 2,476
Noncurrent Deferred & Refundable Income Taxes		 36 57 3.02 1.17 31 29 41 40 44 37 28
Other Noncurrent Operating Assets		 155 168 252 253 512 2,841 3,454 945 1,061 1,112 1,123
Total Liabilities & Shareholders' Equity		 5,344 5,524 5,554 7,703 8,140 9,132 10,412 10,949 11,903 12,947 13,741
Total Liabilities		 4,297 4,697 4,622 6,296 6,395 6,894 7,655 7,649 7,804 8,232 9,105
Total Current Liabilities		 2,218 1,909 2,077 2,419 2,009 1,892 2,493 3,257 3,008 3,929 3,012
Short-Term Debt		 863 633 859 1,203 736 513 942 1,447 1,025 1,912 722
Accounts Payable		 474 523 523 502 551 580 692 971 1,086 1,159 1,256
Accrued Expenses		 857 751 676 679 702 782 856 833 868 807 971
Current Deferred & Payable Income Tax Liabilities		 23 3.21 18 34 20 17 3.07 6.71 29 51 64
Total Noncurrent Liabilities		 2,079 2,787 2,546 3,877 4,387 5,002 5,162 4,392 4,796 4,303 6,093
Long-Term Debt		 1,557 2,347 2,061 3,254 3,531 4,090 4,087 3,344 3,789 3,190 4,681
Noncurrent Deferred & Payable Income Tax Liabilities		 53 40 46 177 200 229 288 328 346 424 680
Other Noncurrent Operating Liabilities		 469 400 439 446 656 683 787 720 661 688 732
Total Equity & Noncontrolling Interests		 1,047 828 932 1,407 1,745 2,238 2,757 3,300 4,099 4,715 4,637
Total Preferred & Common Equity		 998 786 915 1,399 1,739 2,234 2,757 3,300 4,099 4,715 4,637
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		 998 786 915 1,399 1,739 2,234 2,757 3,300 4,099 4,715 4,637
Common Stock		 1,144 1,230 1,285 1,342 1,364 1,413 1,482 1,518 1,567 1,599 1,648
Retained Earnings		 5,898 6,116 6,371 7,032 1,290 1,929 2,720 3,590 4,562 5,698 5,495
Accumulated Other Comprehensive Income / (Loss)		 -371 -376 -314 -357 -324 -338 -249 -252 -230 -304 -247
Other Equity Adjustments		 - - - - - - -1,195 - - - -2,260

Quarterly Balance Sheets for Hershey

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 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 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 9/28/2025 3/29/2026
Total Assets		 11,526 11,936 11,903 12,390 12,416 12,621 12,947 13,968 13,646 13,579 13,841
Total Current Assets		 2,881 3,190 2,912 3,387 3,336 3,552 3,759 4,804 4,426 4,398 3,769
Cash & Equivalents		 446 471 402 520 467 615 731 1,515 912 1,163 877
Accounts Receivable		 764 1,128 824 1,206 846 1,143 800 880 820 966 975
Inventories, net		 1,385 1,348 1,341 1,138 1,459 1,302 1,254 1,467 1,842 1,708 1,429
Prepaid Expenses		 285 244 346 523 563 492 974 942 851 561 488
Plant, Property, & Equipment, net		 3,015 3,156 3,310 3,333 3,368 3,389 3,459 3,437 3,442 3,427 3,489
Total Noncurrent Assets		 5,630 5,589 5,681 5,669 5,712 5,681 5,729 5,727 5,778 5,755 6,584
Goodwill		 2,696 2,693 2,696 2,694 2,692 2,692 2,706 2,708 2,713 2,711 2,995
Intangible Assets		 1,928 1,907 1,879 1,859 1,839 1,819 1,874 1,854 1,913 1,891 2,450
Noncurrent Deferred & Refundable Income Taxes		 44 38 44 45 41 40 37 39 41 42 27
Other Noncurrent Operating Assets		 962 950 1,061 1,071 1,140 1,129 1,112 1,127 1,111 1,110 1,112
Total Liabilities & Shareholders' Equity		 11,526 11,936 11,903 12,390 12,416 12,621 12,947 13,968 13,646 13,579 13,841
Total Liabilities		 7,831 7,968 7,804 8,281 8,406 8,416 8,232 9,283 9,131 9,015 9,107
Total Current Liabilities		 2,726 2,936 3,008 3,489 3,886 4,195 3,929 3,016 2,893 3,228 3,040
Short-Term Debt		 868 828 1,025 1,595 1,926 2,101 1,912 748 468 717 674
Accounts Payable		 1,014 1,085 1,086 946 1,138 1,215 1,159 1,415 1,451 1,460 1,304
Accrued Expenses		 828 969 868 872 784 807 807 827 876 952 926
Current Deferred & Payable Income Tax Liabilities		 16 55 29 75 37 72 51 25 99 98 136
Total Noncurrent Liabilities		 5,105 5,032 4,796 4,792 4,520 4,221 4,303 6,267 6,238 5,787 6,068
Long-Term Debt		 4,086 4,086 3,789 3,790 3,489 3,189 3,190 5,177 5,176 4,677 4,684
Noncurrent Deferred & Payable Income Tax Liabilities		 304 304 346 339 331 323 424 413 409 471 706
Other Noncurrent Operating Liabilities		 715 642 661 664 700 709 688 676 652 639 677
Total Equity & Noncontrolling Interests		 3,695 3,968 4,099 4,108 4,010 4,205 4,715 4,685 4,515 4,564 4,734
Total Preferred & Common Equity		 3,695 3,968 4,099 4,108 4,010 4,205 4,715 4,685 4,515 4,564 4,734
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		 3,695 3,968 4,099 4,108 4,010 4,205 4,715 4,685 4,515 4,564 4,734
Common Stock		 1,523 1,543 1,567 1,537 1,547 1,564 1,599 1,594 1,609 1,629 1,657
Retained Earnings		 4,171 4,451 4,562 5,087 4,997 5,173 5,698 5,652 5,443 5,447 5,643
Treasury Stock		 - - -1,800 - - -2,280 -2,279 -2,270 - - -2,316
Accumulated Other Comprehensive Income / (Loss)		 -221 -251 -230 -231 -252 -252 -304 -291 -270 -250 -250

Annual Metrics And Ratios for Hershey

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

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -0.47% 0.73% 1.01% 3.67% 2.51% 2.05% 10.08% 16.14% 7.16% 0.33% 4.38%
EBITDA Growth		 -21.77% 19.07% -1.39% 25.38% -1.50% 6.76% 15.49% 8.66% 12.73% 12.81% -38.35%
EBIT Growth		 -27.49% 18.06% 1.62% 28.12% -1.55% 7.83% 17.04% 6.75% 13.09% 13.60% -46.79%
NOPAT Growth		 -34.62% 39.26% 8.84% 50.73% -1.71% 14.74% 10.87% 15.04% 13.17% 18.54% -59.70%
Net Income Growth		 -39.43% 40.37% 5.07% 54.79% -2.08% 11.22% 16.26% 10.93% 13.19% 19.31% -60.24%
EPS Growth		 -38.13% -25.94% 9.58% 195.08% -49.44% 116.48% 16.50% 11.91% 13.95% 20.16% -60.24%
Operating Cash Flow Growth		 48.79% -19.33% 23.30% 28.05% 10.24% -3.64% 22.55% 11.76% -0.20% 8.97% -10.04%
Free Cash Flow Firm Growth		 406.62% -37.68% 115.84% -148.90% 337.45% 23.84% -105.52% 2,486.77% -25.91% 54.64% -49.65%
Invested Capital Growth		 -3.22% 12.48% -1.11% 51.99% 4.57% 3.23% 30.90% 2.28% 11.59% 6.75% 0.31%
Revenue Q/Q Growth		 -1.35% 0.83% -0.41% 0.62% 1.01% 1.46% 1.60% 3.23% 0.04% 2.10% 1.77%
EBITDA Q/Q Growth		 -2.81% -6.13% 5.13% 5.56% -6.51% 2.86% 3.58% 1.79% -0.89% 15.40% -15.01%
EBIT Q/Q Growth		 -3.80% -7.41% 5.61% 6.56% -7.85% 3.10% 3.86% 1.28% -1.75% 18.17% -19.75%
NOPAT Q/Q Growth		 4.04% -8.64% 7.81% 14.00% -9.21% 11.21% 1.49% 5.62% -2.89% 25.35% -37.55%
Net Income Q/Q Growth		 2.17% -11.82% 9.35% 14.70% -9.98% 7.31% 3.38% 3.56% -2.48% 25.23% -35.05%
EPS Q/Q Growth		 -24.83% -54.43% 8.61% 0.00% 0.00% 36.18% 3.38% 3.84% -2.23% 25.60% -35.31%
Operating Cash Flow Q/Q Growth		 19.42% -8.86% 5.13% 5.51% 3.73% -8.90% 3.72% 3.95% -0.43% 7.84% -0.66%
Free Cash Flow Firm Q/Q Growth		 -0.53% 1.08% 0.43% -112.20% 77.15% -13.78% -106.85% 213.54% -12.16% 26.25% -42.12%
Invested Capital Q/Q Growth		 -7.15% -8.42% -7.01% 2.83% -7.72% -1.62% 17.06% -0.20% 1.20% 2.32% 3.62%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 45.79% 42.60% 45.98% 45.89% 45.36% 45.42% 45.13% 43.18% 44.76% 47.32% 33.55%
EBITDA Margin		 16.96% 20.05% 19.57% 23.67% 22.74% 23.80% 24.96% 23.36% 24.57% 27.63% 16.32%
Operating Margin		 14.05% 16.87% 17.48% 20.84% 19.98% 21.87% 22.78% 21.70% 22.94% 25.87% 12.33%
EBIT Margin		 13.64% 15.99% 16.09% 19.88% 19.09% 20.18% 21.45% 19.72% 20.81% 23.56% 12.01%
Profit (Net Income) Margin		 6.94% 9.68% 10.07% 15.03% 14.36% 15.65% 16.53% 15.79% 16.68% 19.83% 7.55%
Tax Burden Percent		 56.88% 65.49% 68.12% 83.05% 83.05% 85.31% 82.51% 85.80% 85.72% 89.79% 72.74%
Interest Burden Percent		 89.50% 92.42% 91.87% 91.04% 90.55% 90.92% 93.38% 93.31% 93.47% 93.72% 86.46%
Effective Tax Rate		 43.12% 34.51% 31.88% 16.95% 16.95% 14.69% 17.49% 14.20% 14.28% 10.21% 27.26%
Return on Invested Capital (ROIC)		 18.60% 24.79% 25.62% 30.83% 24.56% 27.12% 25.64% 25.72% 27.21% 29.58% 11.52%
ROIC Less NNEP Spread (ROIC-NNEP)		 14.51% 20.50% 20.34% 25.29% 19.88% 20.33% 20.65% 19.19% 19.57% 20.90% 7.79%
Return on Net Nonoperating Assets (RNNOA)		 21.37% 52.01% 60.38% 69.31% 48.20% 36.92% 33.73% 28.59% 23.12% 20.83% 7.37%
Return on Equity (ROE)		 39.97% 76.80% 86.01% 100.14% 72.76% 64.04% 59.37% 54.31% 50.33% 50.40% 18.89%
Cash Return on Invested Capital (CROIC)		 21.87% 13.04% 26.74% -10.44% 20.09% 23.94% -1.13% 23.46% 16.25% 23.04% 11.22%
Operating Return on Assets (OROA)		 18.38% 21.89% 21.83% 23.37% 19.25% 19.04% 19.70% 19.24% 20.34% 21.24% 10.52%
Return on Assets (ROA)		 9.35% 13.25% 13.66% 17.67% 14.48% 14.77% 15.17% 15.40% 16.29% 17.88% 6.62%
Return on Common Equity (ROCE)		 38.19% 73.06% 83.17% 99.08% 72.43% 63.90% 59.33% 54.31% 50.33% 50.40% 18.89%
Return on Equity Simple (ROE_SIMPLE)		 51.40% 91.63% 82.65% 83.72% 65.93% 57.08% 53.78% 49.85% 45.42% 47.11% 0.00%
Net Operating Profit after Tax (NOPAT)		 590 822 895 1,348 1,325 1,521 1,686 1,940 2,195 2,602 1,049
NOPAT Margin		 7.99% 11.05% 11.90% 17.31% 16.60% 18.66% 18.80% 18.62% 19.66% 23.23% 8.97%
Net Nonoperating Expense Percent (NNEP)		 4.09% 4.29% 5.29% 5.54% 4.68% 6.79% 4.99% 6.53% 7.63% 8.67% 3.74%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 23.97% 24.63% 26.51% 10.44%
Cost of Revenue to Revenue		 54.21% 57.40% 54.02% 54.11% 54.64% 54.58% 54.87% 56.82% 55.24% 52.68% 66.45%
SG&A Expenses to Revenue		 26.66% 25.42% 25.09% 24.06% 23.87% 23.20% 22.31% 21.46% 21.82% 21.19% 21.04%
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		 31.75% 25.73% 28.50% 25.05% 25.38% 23.54% 22.35% 21.48% 21.83% 21.45% 21.22%
Earnings before Interest and Taxes (EBIT)		 1,008 1,190 1,209 1,549 1,525 1,644 1,925 2,055 2,324 2,640 1,404
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1,253 1,491 1,471 1,844 1,816 1,939 2,240 2,434 2,743 3,095 1,908
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 16.00 23.63 22.62 14.31 16.07 13.20 13.72 13.68 8.96 7.21 7.91
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 251.61 0.00
Price to Revenue (P/Rev)		 2.16 2.50 2.76 2.57 3.50 3.62 4.22 4.33 3.29 3.03 3.14
Price to Earnings (P/E)		 31.14 25.79 26.45 17.00 24.31 23.06 25.60 27.43 19.73 15.30 41.51
Dividend Yield		 3.03% 2.75% 2.59% 2.89% 2.24% 2.23% 1.86% 1.76% 2.39% 3.26% 3.03%
Earnings Yield		 3.21% 3.88% 3.78% 5.88% 4.11% 4.34% 3.91% 3.65% 5.07% 6.54% 2.41%
Enterprise Value to Invested Capital (EV/IC)		 5.80 6.07 6.70 4.53 5.75 5.78 5.70 6.48 4.83 4.22 4.51
Enterprise Value to Revenue (EV/Rev)		 2.45 2.86 3.10 3.07 3.97 4.04 4.74 4.75 3.68 3.42 3.52
Enterprise Value to EBITDA (EV/EBITDA)		 14.45 14.28 15.82 12.96 17.47 16.99 18.98 20.32 15.00 12.39 21.56
Enterprise Value to EBIT (EV/EBIT)		 17.96 17.90 19.24 15.43 20.81 20.04 22.09 24.07 17.70 14.53 29.29
Enterprise Value to NOPAT (EV/NOPAT)		 30.66 25.91 26.00 17.72 23.94 21.67 25.22 25.49 18.74 14.74 39.23
Enterprise Value to Operating Cash Flow (EV/OCF)		 14.40 21.01 18.62 14.94 17.99 19.39 20.41 21.24 17.71 15.15 18.06
Enterprise Value to Free Cash Flow (EV/FCFF)		 26.07 49.23 24.92 0.00 29.27 24.54 0.00 27.95 31.38 18.92 40.30
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 2.31 3.60 3.14 3.17 2.45 2.06 1.82 1.45 1.17 1.08 1.17
Long-Term Debt to Equity		 1.49 2.84 2.21 2.31 2.02 1.83 1.48 1.01 0.92 0.68 1.01
Financial Leverage		 1.47 2.54 2.97 2.74 2.42 1.82 1.63 1.49 1.18 1.00 0.95
Leverage Ratio		 4.27 5.80 6.30 5.67 5.03 4.34 3.91 3.53 3.09 2.82 2.85
Compound Leverage Factor		 3.82 5.36 5.79 5.16 4.55 3.94 3.65 3.29 2.89 2.64 2.47
Debt to Total Capital		 69.80% 78.26% 75.82% 76.01% 70.97% 67.28% 64.59% 59.22% 54.01% 51.97% 53.82%
Short-Term Debt to Total Capital		 24.90% 16.62% 22.31% 20.52% 12.24% 7.50% 12.10% 17.89% 11.50% 19.48% 7.19%
Long-Term Debt to Total Capital		 44.90% 61.65% 53.50% 55.49% 58.73% 59.79% 52.49% 41.33% 42.51% 32.50% 46.63%
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		 1.43% 1.10% 0.42% 0.15% 0.10% 0.05% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 28.78% 20.64% 23.76% 23.85% 28.93% 32.66% 35.41% 40.78% 45.99% 48.03% 46.18%
Debt to EBITDA		 1.93 2.00 1.99 2.42 2.35 2.37 2.25 1.97 1.75 1.65 2.83
Net Debt to EBITDA		 1.66 1.80 1.73 2.10 2.08 1.78 2.10 1.78 1.61 1.41 2.35
Long-Term Debt to EBITDA		 1.24 1.57 1.40 1.76 1.94 2.11 1.82 1.37 1.38 1.03 2.45
Debt to NOPAT		 4.10 3.63 3.26 3.31 3.22 3.03 2.98 2.47 2.19 1.96 5.15
Net Debt to NOPAT		 3.51 3.26 2.84 2.87 2.85 2.27 2.79 2.23 2.01 1.68 4.27
Long-Term Debt to NOPAT		 2.64 2.86 2.30 2.41 2.66 2.69 2.42 1.72 1.73 1.23 4.46
Altman Z-Score		 5.70 5.96 6.35 4.83 4.46 4.49 4.77 5.50 4.93 4.61 4.21
Noncontrolling Interest Sharing Ratio		 4.44% 4.87% 3.30% 1.06% 0.45% 0.23% 0.07% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.83 0.95 0.96 0.93 1.05 1.57 0.90 0.80 0.97 0.96 1.19
Quick Ratio		 0.43 0.46 0.47 0.49 0.53 0.93 0.40 0.36 0.41 0.39 0.55
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 694 433 934 -457 1,084 1,343 -74 1,770 1,311 2,027 1,021
Operating Cash Flow to CapEx		 353.29% 381.24% 499.67% 573.80% 554.34% 384.86% 420.04% 448.11% 301.28% 417.80% 500.94%
Free Cash Flow to Firm to Interest Expense		 6.56 4.80 0.00 0.00 0.00 0.00 -0.58 0.00 8.64 12.24 5.37
Operating Cash Flow to Interest Expense		 11.88 11.24 0.00 0.00 0.00 0.00 16.35 0.00 15.31 15.28 11.97
Operating Cash Flow Less CapEx to Interest Expense		 8.52 8.29 0.00 0.00 0.00 0.00 12.46 0.00 10.23 11.62 9.58
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.35 1.37 1.36 1.18 1.01 0.94 0.92 0.98 0.98 0.90 0.88
Accounts Receivable Turnover		 12.35 12.61 12.85 13.18 13.74 13.77 13.94 15.07 14.55 13.80 15.28
Inventory Turnover		 5.16 5.71 5.42 5.48 5.45 5.00 5.04 5.48 4.91 4.55 5.79
Fixed Asset Turnover		 3.36 3.37 3.51 3.68 3.73 0.00 0.00 0.00 3.67 3.31 3.35
Accounts Payable Turnover		 8.37 8.57 7.76 8.22 8.29 7.87 7.74 7.12 6.00 5.26 6.44
Days Sales Outstanding (DSO)		 29.55 28.96 28.40 27.70 26.57 26.51 26.17 24.22 25.09 26.46 23.88
Days Inventory Outstanding (DIO)		 70.74 63.96 67.36 66.57 66.92 73.00 72.39 66.63 74.40 80.25 63.03
Days Payable Outstanding (DPO)		 43.59 42.60 47.01 44.40 44.04 46.40 47.17 51.26 60.86 69.44 56.72
Cash Conversion Cycle (CCC)		 56.70 50.32 48.75 49.87 49.44 53.12 51.40 39.59 38.62 37.27 30.19
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 3,121 3,511 3,472 5,277 5,518 5,697 7,457 7,627 8,511 9,086 9,114
Invested Capital Turnover		 2.33 2.24 2.15 1.78 1.48 1.45 1.36 1.38 1.38 1.27 1.28
Increase / (Decrease) in Invested Capital		 -104 389 -39 1,805 241 178 1,760 170 884 575 28
Enterprise Value (EV)		 18,096 21,294 23,265 23,898 31,728 32,950 42,517 49,452 41,138 38,348 41,139
Market Capitalization		 15,973 18,569 20,708 20,020 27,949 29,487 37,818 45,124 36,726 33,977 36,662
Book Value per Share		 $4.60 $3.70 $4.34 $6.67 $8.32 $10.73 $13.38 $16.09 $20.04 $23.30 $22.87
Tangible Book Value per Share		 ($0.30) ($2.45) ($1.30) ($8.01) ($7.60) ($5.04) ($9.29) ($6.21) ($2.33) $0.67 ($4.12)
Total Capital		 3,468 3,808 3,852 5,865 6,011 6,841 7,786 8,091 8,913 9,817 10,040
Total Debt		 2,421 2,980 2,920 4,458 4,266 4,603 5,029 4,791 4,814 5,102 5,403
Total Long-Term Debt		 1,557 2,347 2,061 3,254 3,531 4,090 4,087 3,344 3,789 3,190 4,681
Net Debt		 2,074 2,683 2,540 3,870 3,773 3,459 4,700 4,327 4,412 4,371 4,477
Capital Expenditures (CapEx)		 356 266 250 279 318 442 496 519 771 606 455
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 148 243 405 436 351 455 366 347 527 1,011 373
Debt-free Net Working Capital (DFNWC)		 494 540 785 1,024 844 1,599 695 811 929 1,742 1,299
Net Working Capital (NWC)		 -369 -93 -75 -179 108 1,086 -247 -637 -96 -170 577
Net Nonoperating Expense (NNE)		 77 102 138 177 179 245 203 295 333 381 165
Net Nonoperating Obligations (NNO)		 2,074 2,683 2,540 3,870 3,773 3,459 4,700 4,327 4,412 4,371 4,477
Total Depreciation and Amortization (D&A)		 245 302 262 295 292 295 315 379 420 455 504
Debt-free, Cash-free Net Working Capital to Revenue		 2.00% 3.27% 5.38% 5.60% 4.39% 5.58% 4.08% 3.33% 4.72% 9.03% 3.19%
Debt-free Net Working Capital to Revenue		 6.69% 7.26% 10.44% 13.14% 10.57% 19.62% 7.75% 7.78% 8.32% 15.55% 11.11%
Net Working Capital to Revenue		 -5.00% -1.25% -0.99% -2.30% 1.36% 13.33% -2.75% -6.11% -0.86% -1.52% 4.93%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $4.59 $6.60 $7.23 $5.76 $5.64 $6.30 $7.34 $15.69 $17.83 $21.42 $8.51
Adjusted Weighted Average Basic Shares Outstanding		 216.52M 212.41M 210.48M 208.52M 209.75M 207.17M 205.24M 204.04M 203.95M 202.41M 202.69M
Adjusted Diluted Earnings per Share		 $4.51 $6.48 $7.10 $5.58 $5.46 $6.11 $7.11 $15.41 $17.56 $21.10 $8.39
Adjusted Weighted Average Diluted Shares Outstanding		 216.52M 212.41M 210.48M 208.52M 209.75M 207.17M 205.24M 204.04M 203.95M 202.41M 202.69M
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		 216.52M 212.41M 210.48M 208.52M 209.75M 207.17M 205.24M 204.04M 203.95M 202.41M 202.69M
Normalized Net Operating Profit after Tax (NOPAT)		 804 837 1,069 1,412 1,426 1,544 1,689 1,941 2,196 2,628 1,064
Normalized NOPAT Margin		 10.88% 11.25% 14.23% 18.13% 17.85% 18.95% 18.83% 18.63% 19.67% 23.46% 9.10%
Pre Tax Income Margin		 12.21% 14.78% 14.78% 18.10% 17.29% 18.34% 20.03% 18.40% 19.45% 22.08% 10.38%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 9.53 13.20 0.00 0.00 0.00 0.00 15.11 0.00 15.31 15.93 7.38
NOPAT to Interest Expense		 5.58 9.12 0.00 0.00 0.00 0.00 13.23 0.00 14.46 15.71 5.51
EBIT Less CapEx to Interest Expense		 6.16 10.25 0.00 0.00 0.00 0.00 11.21 0.00 10.23 12.28 4.99
NOPAT Less CapEx to Interest Expense		 2.22 6.17 0.00 0.00 0.00 0.00 9.34 0.00 9.38 12.05 3.12
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 92.82% 69.37% 69.56% 48.04% 53.22% 50.24% 46.26% 47.12% 47.75% 48.84% 122.87%
Augmented Payout Ratio		 206.40% 151.66% 109.26% 69.17% 99.20% 66.80% 77.15% 70.77% 61.98% 71.09% 122.87%

Quarterly Metrics And Ratios for Hershey

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 10/1/2023 12/31/2023 3/31/2024 6/30/2024 9/29/2024 12/31/2024 3/30/2025 6/29/2025 9/28/2025 12/31/2025 3/29/2026
DEI Shares Outstanding		 - - - - - - - - - - 202,690,952.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 202,690,952.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 2.15
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 11.06% 0.18% 8.87% -16.70% -1.40% 8.67% -13.75% 26.04% 6.49% 7.05% 10.65%
EBITDA Growth		 32.16% -4.92% 26.67% -31.17% -15.09% 87.10% -56.97% -19.79% -18.50% -37.98% 58.97%
EBIT Growth		 36.33% -10.37% 28.75% -39.68% -18.77% 113.57% -64.11% -32.06% -24.81% -45.28% 74.47%
NOPAT Growth		 24.27% -11.79% 38.29% -59.21% -9.68% 104.08% -70.10% -61.70% -38.79% -62.76% 83.89%
Net Income Growth		 29.81% -11.92% 35.81% -55.55% -13.94% 128.22% -71.89% -65.33% -38.09% -59.83% 94.07%
EPS Growth		 30.13% -10.78% 36.48% -55.44% -12.91% 129.91% -71.68% -65.12% -38.12% -60.18% 93.43%
Operating Cash Flow Growth		 15.53% -1.30% -24.66% 10.60% 34.81% 24.28% -30.30% -65.54% 21.09% -1.60% 18.18%
Free Cash Flow Firm Growth		 77.06% -193.23% -190.60% -340.86% 131.18% 221.89% 132.05% 61.98% 610.25% -22.27% 162.51%
Invested Capital Growth		 10.05% 11.59% 16.52% 9.22% 5.59% 6.75% 1.36% 3.22% -0.95% 0.31% 1.32%
Revenue Q/Q Growth		 21.67% -12.31% 22.42% -36.22% 44.01% -3.35% -2.84% -6.80% 21.67% -2.84% 0.43%
EBITDA Q/Q Growth		 37.85% -40.48% 139.17% -64.93% 70.07% 31.15% -45.00% -34.61% 72.79% -0.19% 40.97%
EBIT Q/Q Growth		 45.57% -48.45% 187.13% -72.01% 96.02% 35.54% -51.75% -47.01% 116.96% -1.36% 53.86%
NOPAT Q/Q Growth		 12.51% -13.20% 68.75% -75.25% 149.12% 96.13% -75.28% -68.29% 298.13% 19.33% 22.07%
Net Income Q/Q Growth		 27.42% -32.69% 128.47% -77.32% 146.72% 78.49% -71.85% -72.03% 340.57% 15.81% 35.96%
EPS Q/Q Growth		 26.42% -32.17% 127.19% -77.13% 147.09% 79.06% -72.01% -71.83% 338.33% 15.21% 35.97%
Operating Cash Flow Q/Q Growth		 75.17% 46.91% -24.88% -42.79% 113.53% 35.43% -57.87% -71.71% 650.26% 10.05% -49.40%
Free Cash Flow Firm Q/Q Growth		 -49.02% -105.03% -10.51% -30.57% 110.54% 701.64% -70.94% -254.90% 296.86% -12.27% -1.87%
Invested Capital Q/Q Growth		 2.53% 1.20% 5.43% -0.16% -0.87% 2.32% 0.10% 1.67% -4.88% 3.62% 1.11%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 44.89% 42.27% 51.53% 40.19% 41.26% 53.97% 33.66% 30.45% 32.61% 37.04% 39.39%
EBITDA Margin		 26.29% 17.84% 34.86% 19.17% 22.64% 30.72% 17.39% 12.20% 17.32% 17.80% 24.98%
Operating Margin		 24.29% 17.48% 32.53% 13.87% 20.52% 32.52% 13.16% 7.37% 13.66% 14.39% 20.64%
EBIT Margin		 22.88% 13.45% 31.55% 13.85% 18.85% 26.43% 13.13% 7.46% 13.31% 13.51% 20.70%
Profit (Net Income) Margin		 17.11% 13.14% 24.52% 8.72% 14.94% 27.59% 7.99% 2.40% 8.69% 10.35% 14.02%
Tax Burden Percent		 79.36% 109.19% 80.86% 73.57% 86.03% 110.17% 69.27% 42.06% 74.30% 86.60% 73.41%
Interest Burden Percent		 94.26% 89.45% 96.12% 85.60% 92.13% 94.74% 87.88% 76.41% 87.84% 88.49% 92.25%
Effective Tax Rate		 20.64% -9.19% 19.14% 26.43% 13.97% -10.17% 30.73% 57.94% 25.70% 13.40% 26.59%
Return on Invested Capital (ROIC)		 26.80% 26.40% 36.06% 13.10% 22.41% 45.62% 10.85% 3.85% 13.19% 16.02% 19.85%
ROIC Less NNEP Spread (ROIC-NNEP)		 25.35% 22.79% 34.79% 12.45% 20.63% 40.20% 10.17% 3.47% 12.15% 14.54% 19.05%
Return on Net Nonoperating Assets (RNNOA)		 32.36% 26.92% 41.87% 15.28% 23.01% 40.06% 10.73% 3.94% 12.34% 13.76% 17.99%
Return on Equity (ROE)		 59.17% 53.32% 77.93% 28.38% 45.42% 85.68% 21.58% 7.79% 25.53% 29.78% 37.83%
Cash Return on Invested Capital (CROIC)		 18.60% 16.25% 13.95% 16.03% 18.57% 23.04% 20.90% 17.56% 19.95% 11.22% 12.50%
Operating Return on Assets (OROA)		 22.43% 13.14% 30.68% 12.74% 16.84% 23.83% 10.71% 6.47% 11.67% 11.84% 17.85%
Return on Assets (ROA)		 16.78% 12.84% 23.85% 8.02% 13.35% 24.87% 6.52% 2.08% 7.62% 9.07% 12.09%
Return on Common Equity (ROCE)		 59.17% 53.32% 77.93% 28.38% 45.42% 85.68% 21.58% 7.79% 25.53% 29.78% 37.83%
Return on Equity Simple (ROE_SIMPLE)		 48.12% 0.00% 50.44% 46.04% 42.18% 0.00% 35.18% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 584 507 856 212 528 1,035 256 81 323 385 470
NOPAT Margin		 19.28% 19.08% 26.30% 10.21% 17.66% 35.83% 9.12% 3.10% 10.15% 12.47% 15.15%
Net Nonoperating Expense Percent (NNEP)		 1.46% 3.61% 1.28% 0.65% 1.78% 5.42% 0.68% 0.38% 1.05% 1.48% 0.79%
Return On Investment Capital (ROIC_SIMPLE)		 - 5.69% - - - 10.54% 2.41% 0.80% 3.24% 3.84% 4.66%
Cost of Revenue to Revenue		 55.11% 57.73% 48.47% 59.81% 58.74% 46.03% 66.34% 69.55% 67.39% 62.96% 60.61%
SG&A Expenses to Revenue		 20.60% 24.79% 19.00% 26.08% 19.81% 21.57% 19.91% 23.07% 18.88% 22.59% 18.56%
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		 20.60% 24.79% 19.00% 26.32% 20.74% 21.44% 20.50% 23.08% 18.95% 22.64% 18.75%
Earnings before Interest and Taxes (EBIT)		 693 357 1,026 287 563 763 368 195 423 418 643
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 796 474 1,134 398 676 887 488 319 551 550 776
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 10.10 8.96 9.55 9.21 9.30 7.21 7.34 7.49 8.35 7.91 9.15
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 251.61 278.21 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 3.59 3.29 3.43 3.35 3.57 3.03 3.20 3.00 3.32 3.14 3.61
Price to Earnings (P/E)		 20.99 19.73 18.94 20.00 22.05 15.30 20.86 22.12 28.04 41.51 39.59
Dividend Yield		 2.19% 2.39% 1.88% 2.15% 2.13% 3.26% 3.23% 3.28% 2.91% 3.03% 2.60%
Earnings Yield		 4.76% 5.07% 5.28% 5.00% 4.53% 6.54% 4.79% 4.52% 3.57% 2.41% 2.53%
Enterprise Value to Invested Capital (EV/IC)		 5.29 4.83 4.91 4.67 4.93 4.22 4.27 4.17 4.82 4.51 5.19
Enterprise Value to Revenue (EV/Rev)		 3.99 3.68 3.86 3.80 3.99 3.42 3.61 3.41 3.69 3.52 3.99
Enterprise Value to EBITDA (EV/EBITDA)		 16.08 15.00 14.79 14.94 16.33 12.39 15.84 16.27 18.87 21.56 21.77
Enterprise Value to EBIT (EV/EBIT)		 18.82 17.70 17.27 17.71 19.60 14.53 19.57 20.41 24.21 29.29 28.48
Enterprise Value to NOPAT (EV/NOPAT)		 19.69 18.74 18.11 19.64 21.09 14.74 19.30 20.44 25.23 39.23 37.83
Enterprise Value to Operating Cash Flow (EV/OCF)		 19.08 17.71 20.64 19.31 18.65 15.15 16.44 17.97 18.48 18.06 20.35
Enterprise Value to Free Cash Flow (EV/FCFF)		 29.82 31.38 37.93 30.44 27.27 18.92 20.55 24.13 24.02 40.30 41.78
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.24 1.17 1.31 1.35 1.26 1.08 1.26 1.25 1.18 1.17 1.13
Long-Term Debt to Equity		 1.03 0.92 0.92 0.87 0.76 0.68 1.11 1.15 1.02 1.01 0.99
Financial Leverage		 1.28 1.18 1.20 1.23 1.12 1.00 1.05 1.14 1.02 0.95 0.94
Leverage Ratio		 3.23 3.09 3.11 3.11 3.00 2.82 3.00 3.06 2.99 2.85 2.95
Compound Leverage Factor		 3.04 2.76 2.99 2.66 2.77 2.67 2.63 2.34 2.62 2.53 2.72
Debt to Total Capital		 55.33% 54.01% 56.72% 57.46% 55.72% 51.97% 55.85% 55.56% 54.17% 53.82% 53.09%
Short-Term Debt to Total Capital		 9.32% 11.50% 16.80% 20.44% 22.13% 19.48% 7.05% 4.61% 7.20% 7.19% 6.67%
Long-Term Debt to Total Capital		 46.01% 42.51% 39.92% 37.02% 33.59% 32.50% 48.79% 50.95% 46.96% 46.63% 46.42%
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		 44.67% 45.99% 43.28% 42.54% 44.28% 48.03% 44.15% 44.44% 45.83% 46.18% 46.91%
Debt to EBITDA		 1.78 1.75 1.81 1.93 1.97 1.65 2.42 2.38 2.40 2.83 2.44
Net Debt to EBITDA		 1.61 1.61 1.63 1.77 1.74 1.41 1.80 2.00 1.88 2.35 2.04
Long-Term Debt to EBITDA		 1.48 1.38 1.27 1.25 1.19 1.03 2.11 2.18 2.08 2.45 2.13
Debt to NOPAT		 2.17 2.19 2.21 2.54 2.55 1.96 2.95 2.99 3.21 5.15 4.24
Net Debt to NOPAT		 1.97 2.01 2.00 2.32 2.25 1.68 2.19 2.51 2.52 4.27 3.55
Long-Term Debt to NOPAT		 1.81 1.73 1.56 1.64 1.54 1.23 2.58 2.74 2.79 4.46 3.71
Altman Z-Score		 4.69 4.39 4.60 4.11 4.32 4.14 3.80 3.79 4.15 3.98 4.51
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		 1.09 0.97 0.97 0.86 0.85 0.96 1.59 1.53 1.36 1.19 1.24
Quick Ratio		 0.54 0.41 0.49 0.34 0.42 0.39 0.79 0.60 0.66 0.55 0.61
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -184 -377 -417 -544 57 460 134 -207 407 357 351
Operating Cash Flow to CapEx		 236.47% 340.50% 266.82% 250.17% 543.35% 699.94% 272.58% 131.88% 979.86% 671.00% 409.09%
Free Cash Flow to Firm to Interest Expense		 -4.63 0.00 0.00 0.00 1.29 0.00 0.00 0.00 7.91 0.00 0.00
Operating Cash Flow to Interest Expense		 12.97 0.00 0.00 0.00 15.69 0.00 0.00 0.00 16.36 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 7.49 0.00 0.00 0.00 12.80 0.00 0.00 0.00 14.69 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.98 0.98 0.97 0.92 0.89 0.90 0.82 0.87 0.88 0.88 0.86
Accounts Receivable Turnover		 10.85 14.55 11.08 13.68 9.67 13.80 10.31 13.55 10.90 15.28 12.93
Inventory Turnover		 4.85 4.91 5.30 4.23 4.61 4.55 4.75 4.10 4.75 5.79 5.38
Fixed Asset Turnover		 3.86 3.67 3.71 3.45 3.35 3.31 3.18 3.32 3.37 3.35 3.46
Accounts Payable Turnover		 6.14 6.00 6.29 5.60 5.31 5.26 5.24 5.23 5.35 6.44 5.73
Days Sales Outstanding (DSO)		 33.64 25.09 32.93 26.69 37.76 26.46 35.39 26.93 33.50 23.88 28.22
Days Inventory Outstanding (DIO)		 75.26 74.40 68.92 86.23 79.20 80.25 76.86 89.09 76.78 63.03 67.86
Days Payable Outstanding (DPO)		 59.45 60.86 58.00 65.24 68.73 69.44 69.67 69.85 68.23 56.72 63.70
Cash Conversion Cycle (CCC)		 49.45 38.62 43.85 47.68 48.23 37.27 42.58 46.17 42.05 30.19 32.37
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 8,410 8,511 8,973 8,959 8,880 9,086 9,095 9,247 8,796 9,114 9,215
Invested Capital Turnover		 1.39 1.38 1.37 1.28 1.27 1.27 1.19 1.24 1.30 1.28 1.31
Increase / (Decrease) in Invested Capital		 768 884 1,272 756 470 575 122 288 -85 28 120
Enterprise Value (EV)		 44,509 41,138 44,099 41,866 43,790 38,348 38,792 38,565 42,366 41,139 47,802
Market Capitalization		 40,067 36,726 39,234 36,917 39,114 33,977 34,381 33,833 38,134 36,662 43,321
Book Value per Share		 $19.40 $20.04 $20.32 $19.83 $20.79 $23.30 $23.15 $22.27 $22.52 $22.87 $23.36
Tangible Book Value per Share		 ($3.10) ($2.33) ($2.20) ($2.57) ($1.51) $0.67 $0.61 ($0.55) ($0.19) ($4.12) ($3.51)
Total Capital		 8,881 8,913 9,493 9,426 9,495 9,817 10,610 10,159 9,959 10,040 10,092
Total Debt		 4,914 4,814 5,385 5,416 5,290 5,102 5,925 5,644 5,394 5,403 5,358
Total Long-Term Debt		 4,086 3,789 3,790 3,489 3,189 3,190 5,177 5,176 4,677 4,681 4,684
Net Debt		 4,443 4,412 4,865 4,949 4,675 4,371 4,410 4,732 4,231 4,477 4,481
Capital Expenditures (CapEx)		 218 223 213 130 128 135 146 85 86 138 115
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 610 527 973 909 843 1,011 1,021 1,088 725 373 525
Debt-free Net Working Capital (DFNWC)		 1,082 929 1,493 1,376 1,458 1,742 2,536 2,000 1,888 1,299 1,402
Net Working Capital (NWC)		 254 -96 -102 -550 -643 -170 1,788 1,532 1,170 577 729
Net Nonoperating Expense (NNE)		 66 158 58 31 81 238 32 18 47 65 35
Net Nonoperating Obligations (NNO)		 4,443 4,412 4,865 4,949 4,675 4,371 4,410 4,732 4,231 4,477 4,481
Total Depreciation and Amortization (D&A)		 103 117 108 110 113 124 120 124 128 133 133
Debt-free, Cash-free Net Working Capital to Revenue		 5.47% 4.72% 8.51% 8.26% 7.68% 9.03% 9.49% 9.63% 6.31% 3.19% 4.38%
Debt-free Net Working Capital to Revenue		 9.69% 8.32% 13.07% 12.50% 13.29% 15.55% 23.58% 17.71% 16.43% 11.11% 11.69%
Net Working Capital to Revenue		 2.28% -0.86% -0.89% -4.99% -5.86% -1.52% 16.62% 13.57% 10.19% 4.93% 6.08%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $4.96 $3.35 $7.64 $1.75 $4.31 $7.72 $2.17 $0.61 $2.67 $3.06 $4.18
Adjusted Weighted Average Basic Shares Outstanding		 204.50M 203.95M 202.23M 202.29M 202.35M 202.41M 202.60M 202.72M 202.79M 202.69M 202.84M
Adjusted Diluted Earnings per Share		 $4.88 $3.31 $7.52 $1.72 $4.25 $7.61 $2.13 $0.60 $2.63 $3.03 $4.12
Adjusted Weighted Average Diluted Shares Outstanding		 204.50M 203.95M 202.23M 202.29M 202.35M 202.41M 202.60M 202.72M 202.79M 202.69M 202.84M
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		 204.50M 203.95M 202.23M 202.29M 202.35M 202.41M 202.60M 202.72M 202.79M 202.69M 202.84M
Normalized Net Operating Profit after Tax (NOPAT)		 584 325 856 215 551 655 267 135 325 387 475
Normalized NOPAT Margin		 19.28% 12.23% 26.30% 10.38% 18.45% 22.68% 9.52% 5.17% 10.20% 12.51% 15.29%
Pre Tax Income Margin		 21.56% 12.03% 30.32% 11.85% 17.36% 25.04% 11.54% 5.70% 11.69% 11.96% 19.09%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 17.44 0.00 0.00 0.00 12.71 0.00 0.00 0.00 8.23 0.00 0.00
NOPAT to Interest Expense		 14.69 0.00 0.00 0.00 11.90 0.00 0.00 0.00 6.27 0.00 0.00
EBIT Less CapEx to Interest Expense		 11.95 0.00 0.00 0.00 9.82 0.00 0.00 0.00 6.56 0.00 0.00
NOPAT Less CapEx to Interest Expense		 9.21 0.00 0.00 0.00 9.02 0.00 0.00 0.00 4.60 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 44.96% 47.75% 46.10% 55.23% 59.32% 48.84% 65.72% 70.84% 79.75% 122.87% 100.69%
Augmented Payout Ratio		 59.29% 61.98% 71.15% 83.35% 88.59% 71.09% 65.72% 70.84% 79.75% 122.87% 107.02%

Financials Breakdown Chart

Key Financial Trends

Executive snapshot for HSY (Hershey) - last four years

Below is a concise, investor-focused view of Hershey’s quarterly results from 2022 through 2025, focusing on revenue, profitability, cash flow and balance-sheet trends. I’ve highlighted the 10 most material items, separating positive, neutral and negative items as requested.

  • Rising revenue over the four-year window: Operating revenue grew from about $2.65 billion in 2022 Q4 to $3.09 billion in 2025 Q4 (latest quarter provided), indicating sustained top-line expansion.
  • Solid operating cash flow remains a key strength: Net cash from continuing operating activities stayed near the $0.9 billion level in recent periods (e.g., 2025 Q4: $926.6M; 2024 Q4: $941.6M), underscoring strong cash generation.
  • Free cash flow remains modest but positive in the latest period: In 2025 Q4, after capex (~$138M) and acquisitions (~$756M), free cash flow was roughly in the low tens of millions range, illustrating ongoing capacity to fund dividends and debt service from cash flow.
  • Dividend support and consistency: Hershey has maintained a steady cash dividend per share around $2.615 in multiple quarters, signaling stable shareholder returns.
  • Strong balance-sheet size and liquidity indicators: As of 2025 Q3, total assets were about $13.58B with total equity around $4.56B and cash balances typically above $1B, suggesting solid liquidity and a durable capital base.
  • Capex and acquisitions indicate ongoing capacity and strategic moves: 2025 Q4 capex about $138M and acquisitions of roughly $756M imply continued investment in capabilities and growth initiatives, a neutral sign for near-term profitability depending on execution.
  • Debt levels appear substantial but historically stable: Long-term debt has been in the low-to-mid trillions of dollars (in the balance sheet context shown, generally several billions), with debt levels trending but not spiking dramatically over the period, a neutral factor for leverage risk assessment.
  • Quarterly profitability shows seasonality and variability in margins: Gross margin and operating margin have fluctuated meaningfully across quarters (for example, Q4 2025 gross margin near 37% vs. ~54–60% in some prior quarters), indicating margin volatility tied to mix and costs.
  • Profitability compression in the latest quarter vs prior year: 2025 Q4 net income attributable to common shareholders fell to about $320M from about $797M in 2024 Q4, signaling a meaningful decline in bottom-line profitability for that quarter.
  • Gross and operating margins weakened in 2025 Q4: Gross margin dropped to roughly 37% and operating margin to about 14% (vs. higher margins in 2024 Q4), pointing to margin headwinds that may warrant closer monitoring of cost structure and pricing/promo dynamics.
05/08/26 08:27 PM ETAI Generated. May Contain Errors.

Hershey Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Hershey's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Hershey's net income appears to be on an upward trend, with a most recent value of $883.26 million in 2025, rising from $512.95 million in 2015. The previous period was $2.22 billion in 2024. View Hershey's forecast to see where analysts expect Hershey to go next.

Hershey's total operating income in 2025 was $1.44 billion, based on the following breakdown:
  • Total Gross Profit: $3.92 billion
  • Total Operating Expenses: $2.48 billion

Over the last 10 years, Hershey's total revenue changed from $7.39 billion in 2015 to $11.69 billion in 2025, a change of 58.3%.

Hershey's total liabilities were at $9.10 billion at the end of 2025, a 10.6% increase from 2024, and a 111.9% increase since 2015.

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 $925.86 million as of their latest financial filing in 2025.

Over the last 10 years, Hershey's book value per share changed from 4.60 in 2015 to 22.87 in 2025, a change of 396.7%.


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Financial statements for NYSE:HSY last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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