Hershey (HSY) financial statements
Hershey reported revenue of $11.7B in fiscal 2025, up 5.2% a year over 9 years.
Net income was $883M and the operating margin 12.3%, against 16.9% in 2016.
Free cash flow was $1.8B, and the company returned $1.1B in dividends.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Hershey's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.4B | $7.5B | $7.8B | $8.0B | $8.1B | $9.0B | $10.4B | $11.2B | $11.2B | $11.7B |
| Cost of revenue | $4.3B | $4.1B | $4.2B | $4.4B | $4.4B | $4.9B | $5.9B | $6.2B | $5.9B | $7.8B |
| Gross profit | $3.2B | $3.5B | $3.6B | $3.6B | $3.7B | $4.0B | $4.5B | $5.0B | $5.3B | $3.9B |
| Research and development | $47M | $46M | $39M | $37M | $38M | $40M | $47M | $50M | $56M | $62M |
| Selling, general and admin | $1.9B | $1.9B | $1.9B | $1.9B | $1.9B | $2.0B | $2.2B | $2.4B | $2.4B | $2.5B |
| Operating income | $1.3B | $1.3B | $1.6B | $1.6B | $1.8B | $2.0B | $2.3B | $2.6B | $2.9B | $1.4B |
| Interest expense | $92M | $100M | $147M | $152M | $153M | $130M | $140M | $162M | $174M | $225M |
| Pre-tax income | $1.1B | $1.1B | $1.4B | $1.4B | $1.5B | $1.8B | $1.9B | $2.2B | $2.5B | $1.2B |
| Income tax | $379M | $354M | $239M | $234M | $220M | $314M | $272M | $310M | $253M | $331M |
| Net income | $720M | $783M | $1.2B | $1.1B | $1.3B | $1.5B | $1.6B | $1.9B | $2.2B | $883M |
| Gross margin | 42.6% | 46.0% | 45.9% | 45.4% | 45.4% | 45.1% | 43.2% | 44.8% | 47.3% | 33.5% |
| Operating margin | 16.9% | 17.5% | 20.8% | 20.0% | 21.9% | 22.8% | 21.7% | 22.9% | 25.9% | 12.3% |
| Net margin | 9.7% | 10.4% | 15.1% | 14.4% | 15.7% | 16.5% | 15.8% | 16.7% | 19.8% | 7.6% |
Balance sheet
Fiscal years, from Hershey's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $297M | $380M | $588M | $493M | $1.1B | $329M | $464M | $402M | $731M | $926M |
| Receivables | $581M | $588M | $594M | $569M | $615M | $671M | $711M | $824M | $800M | $730M |
| Inventory | $746M | $753M | $785M | $815M | $964M | $989M | $1.2B | $1.3B | $1.3B | $1.4B |
| Total current assets | $1.8B | $2.0B | $2.2B | $2.1B | $3.0B | $2.2B | $2.6B | $2.9B | $3.8B | $3.6B |
| Property, plant and equipment | $2.2B | $2.1B | $2.1B | $2.2B | $2.3B | $2.6B | $2.8B | $3.3B | $3.5B | $3.5B |
| Goodwill | $812M | $821M | $1.8B | $2.0B | $2.0B | $2.6B | $2.6B | $2.7B | $2.7B | $3.0B |
| Total assets | $5.5B | $5.6B | $7.7B | $8.1B | $9.1B | $10.4B | $10.9B | $11.9B | $12.9B | $13.7B |
| Total current liabilities | $1.9B | $2.1B | $2.4B | $2.0B | $1.9B | $2.5B | $3.3B | $3.0B | $3.9B | $3.0B |
| Long-term debt | $2.3B | $2.1B | $3.3B | $3.5B | $4.1B | $4.1B | $3.3B | $3.8B | $3.2B | $4.7B |
| Total liabilities | $4.7B | $4.6B | $6.3B | $6.4B | $6.9B | $7.7B | $7.6B | $7.8B | $8.2B | $9.1B |
| Shareholders' equity | $786M | $915M | $1.4B | $1.7B | $2.2B | $2.8B | $3.3B | $4.1B | $4.7B | $4.6B |
| Net debt | $2.1B | $2.0B | $2.7B | $3.7B | $3.4B | $3.8B | $3.6B | $3.7B | $3.1B | $4.3B |
Cash flow
Fiscal years, from Hershey's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.0B | $1.2B | $1.6B | $1.8B | $1.7B | $2.1B | $2.3B | $2.3B | $2.5B | $2.3B |
| Capital spending | $269M | $258M | $329M | $318M | $442M | $496M | $519M | $771M | $606M | $455M |
| Free cash flow | $744M | $992M | $1.3B | $1.4B | $1.3B | $1.6B | $1.8B | $1.6B | $1.9B | $1.8B |
| Stock-based compensation | $55M | $51M | $49M | $52M | $58M | $67M | $66M | $81M | $44M | $65M |
| Dividends paid | $499M | $526M | $563M | $610M | $641M | $686M | $775M | $889M | $1.1B | $1.1B |
| Share buybacks (net) | -$593M | -$300M | -$248M | -$527M | -$211M | -$458M | -$389M | -$265M | -$494M | $0 |
| Net borrowing | $569M | -$80M | $935M | -$185M | $327M | $430M | -$250M | $15M | $301M | $279M |
| Free cash flow margin | 10.0% | 13.2% | 16.3% | 18.1% | 15.4% | 17.7% | 17.4% | 13.9% | 17.2% | 15.6% |
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Open HSY in InvestinglyQuestions
What was Hershey's revenue in 2025?
$11.7B in fiscal 2025, from its 10-K filing.
How much free cash flow does Hershey generate?
$1.8B in fiscal 2025 (operating cash flow minus capital spending).
From Hershey's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.