The Hershey Company (HSY) Financials

HSY

Trailing 12 months to June 28, 2026

Revenue $12.2B +7.7% YoY

Net Income $1.5B -2.7% YoY

Free Cash Flow $2.2B +34.8% YoY

Operating Cash Flow $2.7B +23.8% YoY

Market Cap $32.7B as of Oct 10, 2026

Price / Sales 2.7x on $12.2B revenue, trailing 12 months to June 28, 2026

Price / Earnings 22.0x on $1.5B net income, trailing 12 months to June 28, 2026

Price / Book 7.2x on $4.6B equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 10, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 28, 2026 Reported Jul 30, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Jul 30, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the HSY SEC filings page.

The Hershey Company (HSY) reported $12.2B in revenue over the twelve months to Jun 28, 2026, up 7.7% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI HSY FY2025 2026-10-03

Revenue growth continued in FY2025, but sharply higher product costs compressed margins and cut profit far faster than sales.

Revenue increased in FY2025, but gross margin fell from 47.3% to 33.6%, making cost pressure—not volume—the main explanation for the profit collapse. Operating cash flow fell, yet free cash flow remained near $1.82B because capital spending dropped sharply; cash generation held up partly through reduced reinvestment, not preserved profitability.

Net income fell 60.2% and operating margin reached 12.3%, showing that the gross-cost shock flowed through operating expenses rather than being absorbed below the line. That divergence matters: sales were still expanding, but each dollar of sales produced materially less operating profit, indicating a margin problem rather than a volume contraction.

Debt-to-equity rose to 1.0x while the current ratio improved to 1.2x; the balance sheet therefore became more leveraged over the long term even as near-term liabilities were better covered. Free cash flow exceeded net income by about 2.1x, reflecting depressed earnings plus non-cash charges and reduced capital spending, so cash conversion should not be read as unchanged underlying profitability.

Financial Health Signals

Financial Health Score 58/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of The Hershey Company's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

The Hershey Company has an operating margin of 12.3%, meaning the company retains $12 of operating profit per $100 of revenue. This strong profitability earns a score of 81/100, reflecting efficient cost management and pricing power. This is down from 25.9% the prior year.

Growth

The Hershey Company's revenue grew a modest 4.4% year-over-year to $11.7B. This slow but positive growth earns a score of 39/100.

Leverage

The Hershey Company has a moderate D/E ratio of 1.01. This balance of debt and equity financing earns a leverage score of 33/100.

Liquidity

The Hershey Company's current ratio of 1.19 is below the typical benchmark, resulting in a score of 28/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

The Hershey Company converts 15.6% of revenue into free cash flow ($1.8B). This strong cash generation earns a score of 79/100.

Returns

The Hershey Company earns a strong 19.1% return on equity (ROE), meaning it generates $19 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 86/100. This is down from 47.1% the prior year.

Altman Z-Score Safe

3.96

The Hershey Company scores 3.96, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($32.7B) relative to total liabilities ($9.1B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Neutral

4/9

The Hershey Company passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

2.58x

For every $1 of reported earnings, The Hershey Company generates $2.58 in operating cash flow ($2.3B OCF vs $883.3M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe

6.41x

The Hershey Company earns $6.41 in operating income for every $1 of interest expense ($1.4B vs $224.8M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$2.8B

YoY+6.6%

QoQ-10.2%

5Y CAGR+4.7%

10Y CAGR+3.6%

The Hershey Company generated $2.8B in revenue in Q2 2026. This represents an increase of 6.6% from the same quarter a year earlier. Against the prior quarter it is down 10.2%.

EBITDA

$778.7M

YoY+145.9%

QoQ+0.7%

The Hershey Company's EBITDA was $778.7M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 145.9% from the same quarter a year earlier. Against the prior quarter it is up 0.7%.

Net Income

$457.7M

YoY+629.7%

QoQ+5.2%

5Y CAGR+0.5%

10Y CAGR+7.4%

The Hershey Company reported $457.7M in net income in Q2 2026. This represents an increase of 629.7% from the same quarter a year earlier. Against the prior quarter it is up 5.2%.

EPS (Diluted)

Not reported for Q2 2026.

Cash & Balance Sheet

Free Cash Flow

$329.5M

YoY+1114.6%

QoQ-7.0%

5Y CAGR-2.6%

10Y CAGR+9.1%

The Hershey Company generated $329.5M in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 1114.6% from the same quarter a year earlier. Against the prior quarter it is down 7.0%.

Cash & Debt

$791.2M

YoY-13.3%

QoQ-9.8%

5Y CAGR-8.1%

10Y CAGR+5.2%

The Hershey Company held $791.2M in cash against $4.7B in long-term debt as of Q2 2026.

Dividends Per Share

Not reported for Q2 2026.

Shares Outstanding

Not reported for Q2 2026.

Margins & Returns

Gross Margin

45.3%

YoY+14.9pp

QoQ+5.9pp

5Y change-3.3pp

10Y change+1.5pp

The Hershey Company's gross margin was 45.3% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 14.9 percentage points from the same quarter a year earlier. Against the prior quarter it is up 5.9 percentage points.

Operating Margin

23.1%

YoY+15.7pp

QoQ+2.4pp

The Hershey Company's operating margin was 23.1% in Q2 2026, reflecting core business profitability. This is up 15.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.4 percentage points.

Net Margin

16.4%

YoY+14.0pp

QoQ+2.4pp

5Y change-3.7pp

10Y change+5.0pp

The Hershey Company's net profit margin was 16.4% in Q2 2026, showing the share of revenue converted to profit. This is up 14.0 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.4 percentage points.

Return on Equity

10.0%

YoY+8.6pp

QoQ+0.8pp

5Y change-11.6pp

10Y change-4.5pp

The Hershey Company's ROE was 10.0% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 8.6 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.8 percentage points.

Capital Allocation

Share Buybacks

$370.1M

QoQ+434.3%

10Y CAGR+13.3%

The Hershey Company spent $370.1M on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. Against the prior quarter it is up 434.3%.

Capital Expenditures

$89.8M

YoY+5.6%

QoQ-21.6%

5Y CAGR-3.3%

10Y CAGR+1.5%

The Hershey Company invested $89.8M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 5.6% from the same quarter a year earlier. Against the prior quarter it is down 21.6%.

R&D Spending

Not reported for Q2 2026.

HSY Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

HSY quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$12.2B	$11.7B+4.4%	$11.2B+0.3%	$11.2B+7.2%	$10.4B+16.1%	$9.0B+10.1%	$8.1B+2.0%	$8.0B+2.5%	$7.8B+3.7%	$7.5B+1.0%	$7.4B+0.7%	$7.4B-0.5%	$7.4B+312.3%	$1.8B+20.0%	$1.5B+7.1%	$1.4B
Cost of Revenue	$7.5B	$7.8B+31.7%	$5.9B-4.3%	$6.2B+4.2%	$5.9B+20.3%	$4.9B+10.7%	$4.4B+1.9%	$4.4B+3.5%	$4.2B+3.8%	$4.1B-4.9%	$4.3B+6.8%	$4.0B-2.1%	$4.1B+5.7%	$3.9B+2.1%	$3.8B+6.6%	$3.5B
Gross Profit	$4.7B	$3.9B-26.0%	$5.3B+6.1%	$5.0B+11.1%	$4.5B+11.1%	$4.0B+9.4%	$3.7B+2.2%	$3.6B+1.3%	$3.6B+3.5%	$3.5B+9.0%	$3.2B-6.4%	$3.4B+1.5%	$3.3B+261.5%	-$2.1B+9.6%	-$2.3B-6.3%	-$2.1B
R&D Expenses	N/A	$61.7M+10.5%	$55.8M+11.5%	$50.0M+6.6%	$46.9M+17.0%	$40.1M+6.7%	$37.6M+1.2%	$37.1M-3.6%	$38.5M-16.0%	$45.9M-3.0%	$47.3M-4.1%	$49.3M+3.6%	$47.6M-0.2%	$47.6M+22.3%	$39.0M+17.3%	$33.2M
SG&A Expenses	$2.5B	$2.5B+3.7%	$2.4B-2.6%	$2.4B+9.0%	$2.2B+11.7%	$2.0B+5.8%	$1.9B-0.8%	$1.9B+1.7%	$1.9B-0.6%	$1.9B-0.3%	$1.9B-2.8%	$1.9B+2.5%	$1.9B-1.3%	$1.9B+12.9%	$1.7B+15.3%	$1.5B
Operating Income	$2.2B	$1.4B-50.3%	$2.9B+13.2%	$2.6B+13.3%	$2.3B+10.6%	$2.0B+14.6%	$1.8B+11.7%	$1.6B-1.7%	$1.6B+23.6%	$1.3B+4.6%	$1.3B+16.7%	$1.1B-22.7%	$1.4B+4.1%	$1.3B-21.6%	$1.7B	N/A
EBITDA	N/A	$1.9B-42.0%	$3.4B+12.5%	$3.0B+12.9%	$2.6B+11.9%	$2.4B+13.5%	$2.1B+10.1%	$1.9B-1.6%	$1.9B+21.8%	$1.6B+1.2%	$1.6B+17.9%	$1.3B-17.7%	$1.6B+4.2%	$1.5B-19.7%	$1.9B	N/A
Interest Expense	$227.4M	$224.8M+29.0%	$174.3M+7.9%	$161.5M+15.3%	$140.1M+7.9%	$129.8M-15.4%	$153.5M+0.9%	$152.1M+3.6%	$146.9M+46.8%	$100.1M+8.8%	$91.9M-15.9%	$109.3M+24.8%	$87.6M-4.3%	$91.5M-7.1%	$98.5M+3.9%	$94.8M
Income Tax	$433.3M	$330.9M+31.0%	$252.7M-18.5%	$310.1M+13.9%	$272.3M-13.4%	$314.4M+43.2%	$219.6M-6.2%	$234.0M-2.1%	$239.0M-32.5%	$354.1M-6.7%	$379.4M-2.4%	$388.9M-15.3%	$459.1M+6.6%	$430.8M+21.5%	$354.6M+6.2%	$333.9M
Net Income	$1.5B	$883.3M-60.2%	$2.2B+19.3%	$1.9B+13.2%	$1.6B+11.3%	$1.5B+15.5%	$1.3B+11.2%	$1.1B-2.4%	$1.2B+50.4%	$783.0M+8.7%	$720.0M+40.4%	$513.0M-39.4%	$846.9M+3.2%	$820.5M+24.1%	$660.9M+5.1%	$629.0M
Diluted Shares (Avg)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	225M-1.0%	227M-0.5%	228M-0.7%	230M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$2.8B+6.6%	$3.1B+10.6%	$3.1B+7.0%	$3.2B+6.5%	$2.6B+26.0%	$2.8B-13.8%	$2.9B-4.7%	$3.0B+20.0%
Cost of Revenue	$1.5B-16.2%	$1.9B+1.1%	$1.9B+46.4%	$2.1B+22.2%	$1.8B+46.6%	$1.9B+18.0%	$1.3B-20.4%	$1.8B+29.2%
Gross Profit	$1.3B+58.7%	$1.2B+29.5%	$1.1B-26.5%	$1.0B-15.8%	$796.3M-4.5%	$944.3M-43.7%	$1.6B+14.6%	$1.2B+8.9%
SG&A Expenses	$620.6M+2.9%	$576.0M+3.1%	$698.1M+12.1%	$600.5M+1.5%	$603.2M+11.5%	$558.7M-9.6%	$622.7M-0.3%	$591.9M+3.5%
Operating Income	$642.6M+233.3%	$640.7M+73.5%	$444.9M-52.6%	$434.6M-29.1%	$192.8M-33.0%	$369.2M-65.1%	$939.1M+27.6%	$613.2M+9.4%
EBITDA	$778.7M+145.9%	$773.7M+58.3%	$577.4M-45.7%	$562.4M-22.6%	$316.6M-20.5%	$488.8M-58.1%	$1.1B+26.7%	$726.4M+9.7%
Interest Expense	$55.8M-2.7%	$54.8M+8.2%	$57.7M+38.0%	$59.2M+27.1%	$57.3M+29.3%	$50.6M+21.6%	$41.8M0.0%	$46.6M+15.9%
Income Tax	$130.6M+51.2%	$157.6M+58.5%	$49.5M+167.3%	$95.6M+31.9%	$86.4M+33.0%	$99.5M-47.3%	-$73.5M-154.5%	$72.4M+122.7%
Net Income	$457.7M+629.7%	$435.1M+94.1%	$320.0M-59.8%	$276.3M-38.1%	$62.7M-65.3%	$224.2M-71.9%	$796.6M+53.6%	$446.3M+9.7%

Not reported in any period shown, so not listed: R&D Expenses, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).

HSY Balance Sheet

HSY quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$13.7B+6.1%	$12.9B+8.8%	$11.9B+8.7%	$10.9B+5.2%	$10.4B+14.0%	$9.1B+12.2%	$8.1B+5.7%	$7.7B+38.7%	$5.6B+0.5%	$5.5B+3.4%	$5.3B-5.0%	$5.6B+5.0%	$5.4B+12.7%	$4.8B+7.9%	$4.4B
Current Assets	$3.6B-4.5%	$3.8B+29.1%	$2.9B+11.1%	$2.6B+16.7%	$2.2B-24.6%	$3.0B+40.7%	$2.1B-5.5%	$2.2B+11.9%	$2.0B+10.2%	$1.8B-1.7%	$1.8B-17.7%	$2.2B-9.7%	$2.5B+17.7%	$2.1B+3.3%	$2.0B
Cash & Equivalents	$925.9M+26.7%	$730.7M+81.8%	$401.9M-13.4%	$463.9M+40.9%	$329.3M-71.2%	$1.1B+131.9%	$493.3M-16.1%	$588.0M+54.7%	$380.2M+28.0%	$297.0M-14.3%	$346.5M-7.6%	$374.9M-66.5%	$1.1B+53.6%	$728.3M+5.0%	$693.7M
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0-100.0%	$97.1M	$0	$0	$0
Inventory	$1.4B+14.0%	$1.3B-6.5%	$1.3B+14.3%	$1.2B+18.7%	$988.5M+2.5%	$964.2M+18.3%	$815.3M+3.9%	$784.9M+4.3%	$752.8M+1.0%	$745.7M-0.7%	$751.0M-6.3%	$801.0M+21.5%	$659.5M+4.1%	$633.3M-2.4%	$649.0M
Accounts Receivable	$729.5M-8.9%	$800.4M-2.8%	$823.6M+15.8%	$711.2M+5.9%	$671.5M+9.1%	$615.2M+8.2%	$568.5M-4.3%	$594.1M+1.0%	$588.3M+1.2%	$581.4M-3.0%	$599.1M+0.4%	$596.9M+24.9%	$477.9M+3.6%	$461.4M+15.5%	$399.5M
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$3.0B+10.7%	$2.7B+0.4%	$2.7B+3.4%	$2.6B-1.0%	$2.6B+32.4%	$2.0B+0.1%	$2.0B+10.3%	$1.8B+119.4%	$821.1M+1.1%	$812.3M+18.7%	$684.3M-13.7%	$793.0M+37.5%	$576.6M-1.9%	$588.0M+13.8%	$516.7M
Total Liabilities	$9.1B+10.6%	$8.2B+5.5%	$7.8B+2.0%	$7.6B-0.1%	$7.7B+11.0%	$6.9B+7.8%	$6.4B+1.6%	$6.3B+36.2%	$4.6B-1.6%	$4.7B+9.3%	$4.3B+4.7%	$4.1B+9.7%	$3.7B+0.9%	$3.7B+5.1%	$3.5B
Current Liabilities	$3.0B-23.4%	$3.9B+30.6%	$3.0B-7.6%	$3.3B+30.6%	$2.5B+31.8%	$1.9B-5.8%	$2.0B-16.9%	$2.4B+16.5%	$2.1B+8.8%	$1.9B-13.9%	$2.2B+14.6%	$1.9B+37.5%	$1.4B-4.3%	$1.5B+25.3%	$1.2B
Non-Current Liabilities	$6.1B+41.6%	$4.3B-10.3%	$4.8B+9.2%	$4.4B-14.9%	$5.2B+3.2%	$5.0B+14.0%	$4.4B+13.1%	$3.9B+52.3%	$2.5B-8.7%	$2.8B+34.1%	$2.1B-4.1%	$2.2B-7.1%	$2.3B+4.4%	$2.2B-5.0%	$2.4B
Long-Term Debt	$4.7B+46.7%	$3.2B-15.8%	$3.8B+13.3%	$3.3B-18.2%	$4.1B-0.1%	$4.1B+15.8%	$3.5B+8.5%	$3.3B+57.9%	$2.1B-12.2%	$2.3B+50.8%	$1.6B+1.0%	$1.5B-14.1%	$1.8B+17.3%	$1.5B-12.4%	$1.7B
Total Equity	$4.6B-1.7%	$4.7B+15.0%	$4.1B+24.2%	$3.3B+19.7%	$2.8B+23.4%	$2.2B+28.5%	$1.7B+24.3%	$1.4B+52.8%	$915.3M+16.5%	$785.9M-21.3%	$998.0M-31.4%	$1.5B-9.3%	$1.6B+54.8%	$1.0B+20.9%	$857.3M
Retained Earnings	$5.5B-3.6%	$5.7B+24.9%	$4.6B+27.1%	$3.6B+32.0%	$2.7B+41.0%	$1.9B+49.5%	$1.3B-81.6%	$7.0B+10.4%	$6.4B+4.2%	$6.1B+3.7%	$5.9B+0.6%	$5.9B+7.5%	$5.5B+8.5%	$5.0B+6.8%	$4.7B

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$14.0B+2.4%	$13.8B-0.9%	$13.7B+6.1%	$13.6B+7.6%	$13.6B+9.9%	$14.0B+12.7%	$12.9B+8.5%	$12.6B+9.5%
Current Assets	$4.0B-10.6%	$3.8B-21.6%	$3.6B-4.5%	$4.4B+23.8%	$4.4B+32.7%	$4.8B+41.8%	$3.8B+17.8%	$3.6B+23.3%
Cash & Equivalents	$791.2M-13.3%	$877.0M-42.1%	$925.9M+26.7%	$1.2B+89.1%	$912.3M+95.3%	$1.5B+191.2%	$730.7M+55.1%	$615.0M+37.8%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$1.7B-5.4%	$1.4B-2.6%	$1.4B+14.0%	$1.7B+31.2%	$1.8B+26.2%	$1.5B+29.0%	$1.3B-7.0%	$1.3B-6.0%
Accounts Receivable	$907.4M+10.6%	$974.6M+10.8%	$729.5M-8.9%	$966.4M-15.4%	$820.2M-3.1%	$879.6M-27.0%	$800.4M-29.0%	$1.1B+49.5%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$3.0B+10.0%	$3.0B+10.6%	$3.0B+10.7%	$2.7B+0.7%	$2.7B+0.8%	$2.7B+0.5%	$2.7B+0.5%	$2.7B-0.1%
Total Liabilities	$9.4B+3.1%	$9.1B-1.9%	$9.1B+10.6%	$9.0B+7.1%	$9.1B+8.6%	$9.3B+12.1%	$8.2B+3.3%	$8.4B+7.5%
Current Liabilities	$3.4B+15.9%	$3.0B+0.8%	$3.0B-23.4%	$3.2B-23.1%	$2.9B-25.5%	$3.0B-13.6%	$3.9B+33.8%	$4.2B+53.9%
Non-Current Liabilities	$6.1B-2.9%	$6.1B-3.2%	$6.1B+41.6%	$5.8B+37.1%	$6.2B+38.0%	$6.3B+30.8%	$4.3B-14.5%	$4.2B-17.3%
Long-Term Debt	$4.7B-9.5%	$4.7B-9.5%	$4.7B+46.7%	$4.7B+46.7%	$5.2B+48.3%	$5.2B+36.6%	$3.2B-21.9%	$3.2B-22.0%
Total Equity	$4.6B+1.1%	$4.7B+1.0%	$4.6B-1.7%	$4.6B+8.5%	$4.5B+12.6%	$4.7B+14.0%	$4.7B+18.8%	$4.2B+13.8%
Retained Earnings	$5.8B+6.8%	$5.6B-0.2%	$5.5B-3.6%	$5.4B+5.3%	$5.4B+8.9%	$5.7B+11.1%	$5.7B+28.0%	$5.2B+24.0%

HSY Cash Flow Statement

HSY quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$2.7B	$2.3B-10.0%	$2.5B+9.0%	$2.3B-0.2%	$2.3B+11.8%	$2.1B+22.5%	$1.7B-3.6%	$1.8B+10.2%	$1.6B+28.0%	$1.2B+23.3%	$1.0B-19.3%	$1.3B+48.8%	$844.4M-29.1%	$1.2B+8.8%	$1.1B+86.2%	$587.9M
Depreciation & Amortization	N/A	$503.7M+10.6%	$455.3M+8.4%	$419.8M+10.8%	$379.0M+20.3%	$315.0M+6.8%	$294.9M+1.2%	$291.5M-1.2%	$295.1M+12.7%	$261.9M-13.2%	$301.8M+23.2%	$244.9M+15.8%	$211.5M+5.2%	$201.0M-4.3%	$210.0M-2.7%	$215.8M
Stock-Based Compensation	N/A	$65.5M+47.4%	$44.4M-45.2%	$81.0M+22.8%	$66.0M-1.1%	$66.7M+15.8%	$57.6M+11.0%	$51.9M+5.3%	$49.3M-3.5%	$51.1M-6.8%	$54.8M+6.3%	$51.5M-4.7%	$54.1M+0.2%	$54.0M+6.9%	$50.5M+16.1%	$43.5M
Capital Expenditures	$428.4M	$454.6M-25.0%	$605.9M-21.4%	$771.1M+48.4%	$519.5M+4.8%	$495.9M+12.3%	$441.6M+38.8%	$318.2M-3.2%	$328.6M+27.5%	$257.7M-4.4%	$269.5M-24.5%	$356.8M-3.8%	$370.8M+14.6%	$323.6M+25.1%	$258.7M-20.1%	$324.0M
Free Cash Flow	$2.2B	$1.8B-5.3%	$1.9B+24.1%	$1.6B-14.2%	$1.8B+13.9%	$1.6B+26.2%	$1.3B-13.0%	$1.4B+13.7%	$1.3B+28.2%	$991.8M+33.3%	$744.0M-17.3%	$899.5M+89.9%	$473.6M-45.4%	$867.8M+3.8%	$836.1M+216.8%	$263.9M
Investing Cash Flow	-$1.2B	-$1.3B-33.2%	-$960.3M+19.9%	-$1.2B-52.2%	-$787.4M+64.6%	-$2.2B-318.4%	-$531.3M+31.9%	-$780.5M+48.1%	-$1.5B-357.3%	-$328.7M+44.8%	-$595.5M-24.8%	-$477.3M+44.7%	-$862.6M-145.3%	-$351.6M+25.7%	-$473.4M-39.2%	-$340.0M
Financing Cash Flow	-$1.6B	-$803.4M+38.0%	-$1.3B-12.9%	-$1.1B+18.9%	-$1.4B-107.8%	-$681.1M-36.4%	-$499.2M+53.8%	-$1.1B-1031.4%	$116.1M+113.8%	-$843.8M-81.7%	-$464.4M+41.7%	-$797.0M-10.8%	-$719.3M-61.1%	-$446.6M+23.9%	-$586.9M-33.7%	-$438.8M
Dividends Paid	$1.1B	$1.1B0.0%	$1.1B+22.0%	$889.1M+14.7%	$775.0M+13.0%	$686.0M+7.1%	$640.7M+5.0%	$610.3M+8.5%	$562.5M+6.9%	$526.3M+5.4%	$499.5M+4.9%	$476.1M+8.1%	$440.4M+11.8%	$393.8M+15.4%	$341.2M+12.2%	$304.1M
Share Buybacks	$439.4M	$0-100.0%	$494.2M+86.5%	$264.9M-31.9%	$389.0M-15.1%	$457.9M+116.8%	$211.2M-59.9%	$527.2M+113.0%	$247.5M-17.6%	$300.3M-49.3%	$592.5M+1.7%	$582.6M+1.0%	$576.8M+88.8%	$305.6M-40.2%	$510.6M+32.8%	$384.5M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$419.3M+273.7%	$468.8M+18.2%	$926.6M-1.6%	$841.9M+21.1%	$112.2M-65.5%	$396.7M-30.3%	$941.6M+82.6%	$695.3M+136.2%
Depreciation & Amortization	$136.1M+9.9%	$133.0M+11.2%	$132.5M+7.0%	$127.8M+12.8%	$123.8M+12.1%	$119.6M+10.9%	$123.8M+19.8%	$113.3M+11.5%
Stock-Based Compensation	$17.7M+1.6%	$17.1M+26.4%	N/A	$15.5M+2.5%	$17.4M+51.5%	$13.6M+126.5%	N/A	$15.1M-10.5%
Capital Expenditures	$89.8M+5.6%	$114.6M-21.3%	$138.1M+2.6%	$85.9M-32.9%	$85.1M-34.6%	$145.5M-31.8%	$134.5M-38.3%	$128.0M-17.1%
Free Cash Flow	$329.5M+1114.6%	$354.2M+41.0%	$788.5M-2.3%	$756.0M+33.3%	$27.1M-86.1%	$251.2M-29.4%	$807.1M+171.2%	$567.3M+305.2%
Investing Cash Flow	-$82.4M+46.7%	-$117.1M+20.3%	-$896.5M-118.1%	-$80.4M+49.6%	-$154.8M+4.5%	-$147.0M+35.4%	-$411.0M-87.2%	-$159.6M+51.3%
Financing Cash Flow	-$425.2M+24.0%	-$402.8M-175.0%	-$266.9M+40.6%	-$514.0M-30.4%	-$559.6M-142.0%	$537.1M+342.3%	-$449.5M-61.9%	-$394.1M-964.8%
Dividends Paid	$286.4M+5.6%	$288.0M+6.0%	$271.3M+0.3%	$271.1M+0.3%	$271.2M+0.3%	$271.6M-0.7%	$270.5M+13.8%	$270.4M+31.1%
Share Buybacks	$370.1M	$69.3M	$0	$0	$0	$0-100.0%	$0	$0

HSY Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

HSY quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	33.6%-13.8pp	47.3%+2.6pp	44.8%+1.6pp	43.2%-1.9pp	45.1%-0.3pp	45.4%+0.1pp	45.4%-0.5pp	45.9%-0.1pp	46.0%+3.4pp	42.6%-3.3pp	45.9%+0.9pp	45.0%	-114.7%	-152.3%	-153.5%
Operating Margin	12.3%-13.5pp	25.9%+2.9pp	22.9%+1.2pp	21.7%-1.1pp	22.8%+0.9pp	21.9%+1.9pp	20.0%-0.9pp	20.8%+3.4pp	17.5%+0.6pp	16.9%+2.3pp	14.6%-4.2pp	18.8%-55.6pp	74.3%	113.8%	N/A
Net Margin	7.5%-12.3pp	19.8%+3.1pp	16.7%+0.9pp	15.8%-0.7pp	16.5%+0.8pp	15.7%+1.3pp	14.4%-0.7pp	15.1%+4.7pp	10.4%+0.7pp	9.7%+2.7pp	6.9%-4.5pp	11.4%-34.2pp	45.6%+1.5pp	44.1%-0.9pp	44.9%
Return on Equity	19.1%-28.1pp	47.1%+1.7pp	45.4%-4.4pp	49.9%-3.7pp	53.6%-3.6pp	57.2%-8.9pp	66.1%-18.1pp	84.2%-1.4pp	85.5%-6.1pp	91.6%+40.2pp	51.4%-6.8pp	58.2%+7.1pp	51.1%-12.6pp	63.7%-9.6pp	73.4%
Return on Assets	6.4%-10.7pp	17.2%+1.5pp	15.6%+0.6pp	15.0%+0.8pp	14.2%+0.2pp	14.0%-0.1pp	14.1%-1.2pp	15.3%+1.2pp	14.1%+1.1pp	13.0%+3.4pp	9.6%-5.5pp	15.1%-0.3pp	15.3%+1.4pp	13.9%-0.4pp	14.3%
Current Ratio	1.19+0.2x	0.960.0x	0.97+0.2x	0.80-0.1x	0.90-0.7x	1.57+0.5x	1.05+0.1x	0.930.0x	0.960.0x	0.95+0.1x	0.83-0.3x	1.16-0.6x	1.77+0.3x	1.44-0.3x	1.74
Debt-to-Equity	1.01+0.3x	0.68-0.2x	0.92-0.1x	1.01-0.5x	1.48-0.3x	1.83-0.2x	2.03-0.3x	2.33+0.1x	2.25-0.7x	2.99+1.4x	1.56+0.5x	1.06-0.1x	1.12-0.4x	1.48-0.6x	2.04
Asset Turnover	0.850.0x	0.87-0.1x	0.940.0x	0.95+0.1x	0.860.0x	0.89-0.1x	0.980.0x	1.01-0.3x	1.350.0x	1.350.0x	1.38+0.1x	1.32+1.0x	0.340.0x	0.320.0x	0.32
FCF Margin	15.6%-1.6pp	17.2%+3.3pp	13.9%-3.5pp	17.4%-0.3pp	17.7%+2.2pp	15.4%-2.7pp	18.1%+1.8pp	16.3%+3.1pp	13.2%+3.2pp	10.0%-2.2pp	12.2%+5.8pp	6.4%-41.8pp	48.2%-7.5pp	55.7%+36.9pp	18.9%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Gross Margin	45.3%+14.9pp	39.4%+5.7pp	37.0%-16.9pp	32.6%-8.7pp	30.4%-9.7pp	33.7%-17.9pp	54.0%+9.1pp	41.3%-4.2pp
Operating Margin	23.1%+15.7pp	20.6%+7.5pp	14.4%-18.1pp	13.7%-6.9pp	7.4%-6.5pp	13.2%-19.4pp	32.5%+8.2pp	20.5%-2.0pp
Net Margin	16.4%+14.0pp	14.0%+6.0pp	10.3%-17.2pp	8.7%-6.3pp	2.4%-6.3pp	8.0%-16.5pp	27.6%+10.5pp	14.9%-1.4pp
Return on Equity	10.0%+8.6pp	9.2%+4.4pp	6.9%-10.0pp	6.0%-4.6pp	1.4%-3.1pp	4.8%-14.6pp	16.9%+3.8pp	10.6%-0.4pp
Return on Assets	3.3%+2.8pp	3.1%+1.5pp	2.3%-3.8pp	2.0%-1.5pp	0.5%-1.0pp	1.6%-4.8pp	6.2%+1.8pp	3.5%0.0pp
Current Ratio	1.18-0.3x	1.24-0.4x	1.19+0.2x	1.36+0.5x	1.53+0.7x	1.59+0.6x	0.96-0.1x	0.85-0.2x
Debt-to-Equity	1.03-0.1x	0.99-0.1x	1.01+0.3x	1.02+0.3x	1.15+0.3x	1.11+0.2x	0.68-0.4x	0.76-0.3x
Asset Turnover	0.200.0x	0.220.0x	0.220.0x	0.230.0x	0.190.0x	0.20-0.1x	0.220.0x	0.240.0x
FCF Margin	11.8%+10.8pp	11.4%+2.5pp	25.5%-2.4pp	23.8%+4.8pp	1.0%-8.4pp	8.9%-2.0pp	28.0%+18.1pp	19.0%+13.4pp

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
The Hershey Company HSY	FY2025	$11.7B	$883.3M	7.5%	$32.7B	58/100
Mondelez International, Inc. MDLZ	FY2025	$38.5B	$2.5B	6.4%	$77.1B	46/100
Sysco Corporation SYY	FY2026	$84.6B	$1.8B	2.1%	$38.4B	49/100
Keurig Dr Pepper Inc. KDP	FY2025	$16.6B	$2.1B	12.5%	$43.2B	50/100
FOMENTO ECONOMICO MEXICANO, S.A.B. DE C.V. FMX	FY2025	$46.7B	$1.8B	3.9%	$40.6B	27/100

Where The Hershey Company Ranks

Frequently Asked Questions

What is The Hershey Company's annual revenue?

The Hershey Company (HSY) reported $11.7B in total revenue for fiscal year 2025. This represents a 4.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is The Hershey Company's revenue growing?

The Hershey Company (HSY) revenue grew by 4.4% year-over-year, from $11.2B to $11.7B in fiscal year 2025.

Is The Hershey Company profitable?

Yes, The Hershey Company (HSY) reported a net income of $883.3M in fiscal year 2025, with a net profit margin of 7.5%.

What is The Hershey Company's EBITDA?

The Hershey Company (HSY) had EBITDA of $1.9B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does The Hershey Company have?

As of fiscal year 2025, The Hershey Company (HSY) had $925.9M in cash and equivalents against $4.7B in long-term debt.

What is The Hershey Company's gross margin?

The Hershey Company (HSY) had a gross margin of 33.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is The Hershey Company's operating margin?

The Hershey Company (HSY) had an operating margin of 12.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is The Hershey Company's net profit margin?

The Hershey Company (HSY) had a net profit margin of 7.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is The Hershey Company's return on equity (ROE)?

The Hershey Company (HSY) has a return on equity of 19.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is The Hershey Company's free cash flow?

The Hershey Company (HSY) generated $1.8B in free cash flow during fiscal year 2025. This represents a -5.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is The Hershey Company's operating cash flow?

The Hershey Company (HSY) generated $2.3B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are The Hershey Company's total assets?

The Hershey Company (HSY) had $13.7B in total assets as of fiscal year 2025, including both current and long-term assets.

What are The Hershey Company's capital expenditures?

The Hershey Company (HSY) invested $454.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does The Hershey Company spend on research and development?

The Hershey Company (HSY) invested $61.7M in research and development during fiscal year 2025.

How many shares does The Hershey Company have outstanding?

The Hershey Company (HSY) had 203M shares outstanding as of fiscal year 2025.

What is The Hershey Company's current ratio?

The Hershey Company (HSY) had a current ratio of 1.19 as of fiscal year 2025, which is considered adequate.

What is The Hershey Company's debt-to-equity ratio?

The Hershey Company (HSY) had a debt-to-equity ratio of 1.01 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is The Hershey Company's return on assets (ROA)?

The Hershey Company (HSY) had a return on assets of 6.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is The Hershey Company's P/E ratio?

The Hershey Company (HSY) trades at 22.0x earnings, its market capitalization divided by net income of $1.5B net income, trailing 12 months to June 28, 2026. The market capitalization is $32.7B as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is The Hershey Company's price-to-sales ratio?

The Hershey Company (HSY) trades at 2.7x sales, its market capitalization divided by revenue of $12.2B revenue, trailing 12 months to June 28, 2026. The market capitalization is $32.7B as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is The Hershey Company's Altman Z-Score?

The Hershey Company (HSY) has an Altman Z-Score of 3.96, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is The Hershey Company's Piotroski F-Score?

The Hershey Company (HSY) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are The Hershey Company's earnings high quality?

The Hershey Company (HSY) has an earnings quality ratio of 2.58x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can The Hershey Company cover its interest payments?

The Hershey Company (HSY) has an interest coverage ratio of 6.41x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is The Hershey Company?

The Hershey Company (HSY) scores 58 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.