[Form 4] The Hershey Company Insider Trading Activity

Rhea-AI Filing Summary

Aptiv PLC (APTV) Q2 2025 10-Q highlights

• Sales: Q2 net sales rose 3 % YoY to $5.21 bn; YTD sales up 1 % to $10.03 bn.
• Profitability: Q2 operating income increased to $486 m (9.3 % margin) from $441 m. However, net income attributable to Aptiv fell to $393 m ($1.80 dil. EPS) versus $938 m last year, largely because the prior-year period included a $641 m equity-method gain (current period $46 m).
• Six-month results: Net income dropped to $382 m (EPS $1.70) from $1.16 bn; tax expense climbed to $401 m (vs. $127 m).
• Cash & liquidity: Cash & equivalents $1.45 bn (-$125 m YTD). Operating cash flow $783 m (-12 % YoY); capex cut to $346 m.
• Capital structure: Short-term debt reduced to $32 m (from $509 m); long-term debt slightly lower at $7.76 bn. 6-month share repurchases totaled $750 m, shrinking ordinary shares outstanding to 217.8 m (-7 % since Dec-24).
• Equity & AOCI: Accumulated other comprehensive loss improved by $460 m, driven by favorable FX and hedge movements.
• Strategic actions: Announced intention (Jan 22 2025) to spin off Electrical Distribution Systems into a separate public company by 31 Mar 2026; business realigned into three reportable segments.

Balance sheet totals as of 30 Jun 2025: Assets $23.94 bn; Liabilities $13.97 bn; Total equity $9.87 bn.

Positive

• Revenue grew 3 % YoY and operating income rose, indicating core business momentum.
• Gross leverage stable with short-term debt cut from $509 m to $32 m.
• AOCI improved by $460 m, strengthening equity.
• $750 m share repurchase reduced share count by 17.3 m shares, enhancing per-share metrics.
• Capex reduced by $145 m, supporting free cash flow.

Negative

• Net income down 58 % YoY; six-month net income down 67 %.
• Tax expense quadrupled YTD to $401 m, weighing on earnings.
• Operating cash flow fell 12 % YoY and cash balance declined $125 m.
• Spin-off of Electrical Distribution Systems adds execution and separation risk through FY 2026.

Insights

Sell-side Financial Analyst

TL;DR Net sales up, EPS down; spin-off announced; leverage steady—overall mixed.

Revenue growth and margin expansion signal resilient core operations despite a soft auto backdrop. Yet EPS collapsed 48 % YoY as last year’s one-off $641 m equity gain did not recur and tax expense surged. Cash generation remains solid; lower capex lifts FCF, while $750 m in buybacks shows confidence and supports EPS but reduced cash. Debt metrics stable (gross leverage ≈3.2× EBITDA). Planned spin-off of Electrical Distribution Systems could unlock value but introduces execution risk through 2026. Overall, filing is neutral: fundamentals intact, but headline earnings decline may pressure sentiment.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Buck Michele

(Last) (First) (Middle)

19 E. CHOCOLATE AVENUE

(Street)

HERSHEY PA 17033

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
HERSHEY CO [ HSY ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chairman, President and CEO

3. Date of Earliest Transaction (Month/Day/Year)
07/30/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/30/2025		M		19,290	A	$109.4	212,914	D
Common Stock	07/30/2025		S(1)		19,290	D	$194	193,624	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Non-qualified Stock Option (Right to Buy)	$109.4	07/30/2025		M			19,290	(2)	02/28/2027	Common Stock	19,290	$0	0	D

Explanation of Responses:

1. The sale reported in this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on February 27, 2025 (modified February 28, 2025).

2. The options vested according to the following schedule: 25% vested on March 1, 2018, 25% vested on March 1, 2019, 25% vested on March 1, 2020 and 25% vested on March 1, 2021.

	/s/ Kathleen Purcell, Agent for Michele G. Buck	07/31/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How did APTV's Q2 2025 revenue compare to last year?

Net sales rose 3 % to $5.21 billion from $5.05 billion.

Why did Aptiv's net income drop in Q2 2025?

Prior-year results included a $641 m equity-method gain; current period gain was only $46 m, leading to a 58 % EPS decline.

What is Aptiv's plan for its Electrical Distribution Systems business?

The company intends to spin off the segment into an independent public company by 31 Mar 2026, pending customary conditions.

How much stock did APTV repurchase in the first half of 2025?

Aptiv executed $750 million in share repurchases, lowering shares outstanding to 217.8 million.

What is Aptiv's cash position as of 30 June 2025?

Cash and equivalents stood at $1.45 billion, down $125 million year-to-date.

Did Aptiv reduce its debt levels?

Yes. Short-term debt fell to $32 million; long-term debt inched down to $7.76 billion.