HERSHEY CO financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data HERSHEY CO files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	7,440	7,515	7,791	7,986	8,150	8,971	10,419	11,165	11,202	11,693
Cost of revenue	4,271	4,060	4,216	4,364	4,448	4,923	5,921	6,167	5,901	7,770
Gross profit	3,170	3,455	3,575	3,622	3,701	4,049	4,499	4,998	5,301	3,923
Research and development	47.3	45.9	38.5	37.1	37.6	40.1	46.9	50	55.8	61.7
Selling, general and administrative	1,891	1,885	1,875	1,906	1,891	2,001	2,236	2,437	2,374	2,461
Operating income	1,255	1,313	1,624	1,596	1,783	2,044	2,261	2,561	2,898	1,442
Interest expense	91.9	100	147	152	153	130	140	162	174	225
Interest income	1.81	1.78	8.02	8	4.1	2.43	2.54	9.73	8.66	34.6
Other non-operating income	-65.5	-104	-74.8	-71	-138	-119	-206	-237	-259	-37.1
Pre-tax income	1,099	1,111	1,410	1,381	1,495	1,797	1,917	2,172	2,474	1,214
Income tax	379	354	239	234	220	314	272	310	253	331
Net income to minority interests	0	-26.4	-6.51	-2.94	-3.3	5.31	0	0
Net income	720	783	1,178	1,150	1,279	1,478	1,645	1,862	2,221	883
EBITDA	1,557	1,575	1,919	1,887	2,078	2,359	2,640	2,981	3,353	1,945

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	297	380	588	493	1,144	329	464	402	731	926
Receivables	581	588	594	569	615	671	711	824	800	730
Inventory	746	753	785	815	964	989	1,173	1,341	1,254	1,429
Other current assets	193	131	180	156	159	128	128	118	704	303
Total current assets	1,817	2,002	2,239	2,117	2,978	2,246	2,620	2,912	3,759	3,589
Property, plant and equipment	2,177	2,107	2,130	2,153	2,285	2,586	2,770	3,310	3,459	3,530
Lease right-of-use assets			0	221	224	352	326	308	338	325
Goodwill	812	821	1,801	1,986	1,988	2,633	2,607	2,696	2,706	2,996
Intangible assets	493	369	1,278	1,341	1,295	2,038	1,966	1,879	1,874	2,476
Other non-current assets	168	252	253	512	556	868	945	1,061	1,112	1,123
Total assets	5,524	5,554	7,703	8,140	9,132	10,412	10,949	11,903	12,947	13,741
Accounts payable	523	523	502	551	580	692	971	1,086	1,159	1,256
Accrued liabilities	751	676	679	702	782	856	833	868	807	971
Short-term debt	0.24	300	5.39	703	439	2.84	754	305	605	503
Total current liabilities	1,909	2,077	2,419	2,009	1,892	2,493	3,257	3,008	3,929	3,012
Long-term debt	2,347	2,061	3,254	3,531	4,090	4,087	3,344	3,789	3,190	4,681
Lease liabilities			0	184	182	311	295	277	305	286
Other non-current liabilities	400	439	446	656	683	787	720	661	688	732
Total liabilities	4,697	4,622	6,296	6,395	6,894	7,655	7,649	7,804	8,232	9,105
Total debt	2,348	2,361	3,260	4,234	4,529	4,089	4,098	4,094	3,795	5,185
Paid-in capital	870	925	982	1,142	1,191	1,260	1,297	1,346	1,377	1,427
Retained earnings	6,116	6,371	7,032	1,290	1,929	2,720	3,590	4,562	5,698	5,495
Treasury stock	-6,184	-6,427	-6,619	-591	-769	-1,195	-1,556	-1,800	-2,279	-2,260
Other comprehensive income	-376	-314	-357	-324	-338	-249	-252	-230	-304	-247
Shareholders' equity	786	915	1,399	1,739	2,234	2,757	3,300	4,099	4,715	4,637
Minority interests	41.8	16.2	8.55	5.77	3.53	0
Total equity	828	932	1,407	1,745	2,238	2,757	3,300	4,099	4,715	4,637
Total liabilities and equity	5,524	5,554	7,703	8,140	9,132	10,412	10,949	11,903	12,947	13,741
Shares outstanding	212	211	210	209	208	206	205	204	202	203

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	720	757	1,171	1,147	1,275	1,483	1,645	1,862	2,221	883
Depreciation and amortization	302	262	295	292	295	315	379	420	455	504
Stock-based compensation	54.8	51.1	49.3	51.9	57.6	66.7	66	81	44.4	65.5
Deferred income tax	-38.1	18.6	36.3	-15.1	26.9	13.4	36.9	16.2	73.2	122
Change in receivables	21.1	-6.88	8.59	40.3	-55.5	-14.6	-38.2	-102	4.46	99
Change in inventory	14	-71.4	-12.7	-21.2	-152	21.5	-187	-157	68.8	-133
Change in payables	-63.5	-53	-100	41.1	41.5	39.7	216	50.2	28.9	163
Cash from operations	1,013	1,250	1,600	1,764	1,700	2,083	2,328	2,323	2,532	2,277
Capital expenditures	-269	-258	-329	-318	-442	-496	-519	-771	-606	-455
Acquisitions	-285	0	-1,338	-402	0	-1,601	0	-166	-75.5	-756
Cash from investing	-595	-329	-1,503	-780	-531	-2,223	-787	-1,199	-960	-1,279
Debt issued	793	0.95	1,200	990	990	0	0	744	0	1,985
Debt repaid	-500	0	-911	-6.15	-704	-439	-4.74	-755	-306	-606
Stock issued	94.8	63.3	63.3	241	46.4	49.8	34.2	26	14.7	21.3
Share buybacks	-593	-300	-248	-527	-211	-458	-389	-265	-494	0
Dividends paid	-499	-526	-563	-610	-641	-686	-775	-889	-1,085	-1,085
Cash from financing	-464	-844	116	-1,081	-499	-681	-1,416	-1,148	-1,297	-803
Exchange rate effect	-3.14	6.13	-5.39	3.33	-6.99	-5.08	9.89	-38.3	54.1	-0.18
Net change in cash	-49.6	83.2	208	-94.7	651	-815	135	-62	329	195
Free cash flow	744	992	1,271	1,446	1,258	1,587	1,808	1,552	1,926	1,823
Interest paid	91	102	132	140	151	128	132	161	180	196
Income taxes paid	426	352	119	238	215	275	221	304	202	141

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 28, 2026; growth uses fiscal years. Valuation uses the share price of $166.37 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	38.4%	Gross profit / revenue.
Operating margin	17.8%	Operating income / revenue.
EBITDA margin	22.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	15.8%	Pre-tax income / revenue.
Net margin	12.2%	Net income / revenue.
FCF margin	18.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	21.8%	Cash from operations / revenue.
Effective tax rate	22.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	10.7%	Net income / average total assets.
SG&A / revenue	20.5%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.5%	Capital expenditures / revenue.
D&A / revenue	4.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	4.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	7.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-26.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-4.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	1.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-50.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-13.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-4.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-42.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-9.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-1.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-60.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-18.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-7.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-10.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-0.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	6.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-5.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	0.3%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	7.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-1.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	12.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	15.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	6.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	7.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	8.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.18x	Current assets / current liabilities.
Quick ratio	0.51x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.24x	(Cash + short-term investments) / current liabilities.
Debt / assets	37.1%	Total debt / total assets.
Liabilities / assets	67.3%	Total liabilities / total assets.
Net debt	$4.40B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.63x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	9.51x	Operating income / interest expense.
Working capital	$603.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	38.7%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.87x	Revenue / average total assets.
Fixed asset turnover	3.50x	Revenue / average property, plant and equipment.
Inventory turnover	4.30x	Cost of revenue / average inventory.
Days inventory	85 days	365 x average inventory / cost of revenue.
Receivables turnover	13.4x	Revenue / average receivables.
Days sales outstanding	27 days	365 x average receivables / revenue.
Days payables	68 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	44 days	Days inventory + days sales outstanding - days payables.
FCF conversion	149.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	16.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
Payout ratio	75.0%	Dividends paid / net income, when net income is positive.
Dividends / FCF	50.1%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	19.7%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$33.43B	Share price x shares outstanding.
Enterprise value	$37.83B	Market cap + total debt - cash - short-term investments.
P/E	22.4x	Market cap / net income. Only when net income is positive.
P/S	2.75x	Market cap / revenue.
P/FCF	15.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	12.6x	Market cap / cash from operations, when positive.
EV/Sales	3.11x	Enterprise value / revenue.
EV/EBIT	17.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	14.1x	Enterprise value / EBITDA, when both are positive.
EV/FCF	17.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.7%	Free cash flow / market cap.
Earnings yield	4.5%	Net income / market cap (the inverse of P/E).
Dividend yield	3.3%	Dividends paid over the period / market cap.
Shareholder yield	4.7%	(Dividends paid + share buybacks) / market cap.

What was HERSHEY CO's revenue in fiscal 2025?

HERSHEY CO reported revenue of $11.69B for fiscal 2025, 4.4% higher than the year before.

Was HERSHEY CO profitable in fiscal 2025?

Yes. Net income was $883.3M, a net margin of 7.6%.

How much free cash flow did HERSHEY CO generate in fiscal 2025?

Cash from operations of $2.28B minus capital expenditures of $454.6M left free cash flow of $1.82B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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