The Hershey Company, together with its subsidiaries, engages in the manufacture and sale of confectionery products and pantry items in the United States and internationally. It operates through three segments: North America Confectionery, North America Salty Snacks, and International. The company offers chocolate and non-chocolate confectionery products; gum and mint refreshment products, including mints, chewing gums, and bubble gums; protein bars; pantry items, such as baking ingredients, toppings, beverages, and sundae syrups; and snack items comprising spreads, bars, snack bites, mixes, popcorn, and pretzels. It provides its products primarily under the Hershey's, Reese's, Kisses, Jolly Rancher, Almond Joy, Brookside, barkTHINS, Cadbury, Good & Plenty, Heath, Kit Kat, Payday, Rolo, Twizzlers, Sour Strips, Whoppers, York, Ice Breakers, Breath Savers, Bubble Yum, Lily's, SkinnyPop, Pirates Booty, Dot's Homestyle Pretzels, and ONE Bar brands, as well as under the Pelon Pelo Rico, IO-IO, and Sofit brands. The company markets and sells its products to wholesale distributors, chain grocery stores, mass merchandisers, chain drug stores, vending companies, wholesale clubs, convenience stores, dollar stores, concessionaires, and department stores. It exports its products in approximately 65 countries worldwide. The Hershey Company was founded in 1894 and is based in Hershey, Pennsylvania.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $11.7B | $1.9B | $883M | $1.7B | 19.0% | 4.4% | -60.2% |
| 2024 | $11.2B | $3.1B | $2.2B | $1.9B | 47.1% | 0.3% | 19.3% |
| 2023 | $11.2B | $2.8B | $1.9B | $1.6B | 45.4% | 7.2% | 13.2% |
| 2022 | $10.4B | $2.4B | $1.6B | $1.8B | 49.8% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 10,419.29 | 11,164.99 | 11,202.26 | 11,692.58 |
| Operating Revenue | - | 10,419.29 | 11,164.99 | 11,202.26 | 11,692.58 |
| Cost Of Revenue | - | 5,920.51 | 6,167.18 | 5,901.38 | 7,769.88 |
| Gross Profit | - | 4,498.78 | 4,997.82 | 5,300.89 | 3,922.69 |
| Operating Expense | - | 2,236.01 | 2,436.51 | 2,373.62 | 2,460.57 |
| Selling General And Administration | - | 2,236.01 | 2,436.51 | 2,373.62 | 2,460.57 |
| Total Expenses | - | 8,156.52 | 8,603.68 | 8,275 | 10,230.45 |
| Operating Income | - | 2,262.78 | 2,561.31 | 2,927.27 | 1,462.12 |
| Total Operating Income As Reported | - | 2,260.79 | 2,560.87 | 2,898.23 | 1,441.53 |
| EBITDA | - | 2,436.12 | 2,753.19 | 3,103.51 | 1,942.72 |
| Normalized EBITDA | - | 2,626.40 | 2,964.12 | 3,375.85 | 1,987.79 |
| EBIT | - | 2,057.17 | 2,333.38 | 2,648.25 | 1,439.01 |
| Interest Income | - | 2.54 | 9.73 | 8.66 | 34.60 |
| Interest Expense | - | 140.10 | 161.51 | 174.32 | 224.81 |
| Net Interest Income | - | -137.56 | -151.78 | -165.66 | -190.21 |
| Other Non Operating Income Expenses | - | -17.87 | -26.73 | -15.33 | -12.63 |
| Other Income Expense | - | -208.15 | -237.66 | -287.68 | -57.71 |
| Interest Income Non Operating | - | 2.54 | 9.73 | 8.66 | 34.60 |
| Interest Expense Non Operating | - | 140.10 | 161.51 | 174.32 | 224.81 |
| Net Non Operating Interest Income Expense | - | -137.56 | -151.78 | -165.66 | -190.21 |
| Pretax Income | - | 1,917.07 | 2,171.86 | 2,473.94 | 1,214.21 |
| Tax Provision | - | 272.25 | 310.08 | 252.70 | 330.95 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -27.02 | -30.16 | -27.82 | -12.29 |
| Net Income Continuous Operations | - | 1,644.82 | 1,861.79 | 2,221.24 | 883.26 |
| Net Income From Continuing And Discontinued Operation | - | 1,644.82 | 1,861.79 | 2,221.24 | 883.26 |
| Net Income From Continuing Operation Net Minority Interest | - | 1,644.82 | 1,861.79 | 2,221.24 | 883.26 |
| Net Income | - | 1,644.82 | 1,861.79 | 2,221.24 | 883.26 |
| Net Income Common Stockholders | - | 1,644.82 | 1,861.79 | 2,221.24 | 883.26 |
| Net Income Including Noncontrolling Interests | - | 1,644.82 | 1,861.79 | 2,221.24 | 883.26 |
| Normalized Income | - | 1,808.07 | 2,042.55 | 2,465.77 | 916.05 |
| Diluted NI Availto Com Stockholders | - | 1,644.82 | 1,861.79 | 2,221.24 | 883.26 |
| Basic Average Shares | - | 205.54 | 204.74 | 202.96 | 202.90 |
| Diluted Average Shares | - | 206.58 | 205.55 | 203.49 | 203.38 |
| Reconciled Depreciation | - | 378.96 | 419.82 | 455.26 | 503.70 |
| Reconciled Cost Of Revenue | - | 5,920.51 | 6,167.18 | 5,901.38 | 7,769.88 |
| Total Unusual Items | - | -190.28 | -210.92 | -272.35 | -45.08 |
| Total Unusual Items Excluding Goodwill | - | -190.28 | -210.92 | -272.35 | -45.08 |
| Minority Interests | -5.31 | 0 | 0 | - | - |
| Special Income Charges | - | -190.28 | -210.92 | -272.35 | -45.08 |
| Write Off | - | 188.29 | 210.48 | 243.31 | 24.48 |
| Impairment Of Capital Assets | 0 | 0 | - | - | - |
| Restructuring And Mergern Acquisition | - | 1.99 | 0.44 | 29.04 | 20.59 |
| General And Administrative Expense | 2,006.53 | 2,254.48 | 2,464.52 | - | - |
| Other Gand A | 2,001.35 | 2,236.01 | 2,436.51 | - | - |
| Salaries And Wages | 5.18 | 18.47 | 28.01 | - | - |
Consumer Defensive sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| The Hershey Companythis co. | HSY | $37.1B | 41.96β premium | 7.99 | 19.0% | 21.55 |
| Keurig Dr Pepper Inc. | KDP | $40.9B | 19.67 | 1.60 | 8.1% | 13.36 |
| Coca-Cola Europacific Partners PLC | CCEP | $40.7B | 20.98 | 5.20 | 24.8% | 13.40 |
| Archer-Daniels-Midland Company | ADM | $40.2B | 37.27 | 1.77 | 4.7% | 16.05 |
| The Kroger Co. | KR | $38.4B |
| - |
| - |
| - |
| - |
| - |
| 37.77 |
| 6.47 |
| 17.1% |
| 10.37 |
| Sysco Corporation | SYY | $35.6B | 19.45 | 19.43 | 99.9% | 11.84 |
| Kenvue Inc. | KVUE | $32.4B | 22.05 | 3.01 | 13.7% | 13.40 |
| Kimberly-Clark Corporation | KMB | $31.4B | 15.52 | 20.88 | 134.6% | 12.17 |
| The EstΓ©e Lauder Companies Inc. | EL | $30.0B | - | 7.76 | -29.3% | 250.27 |
| Peer Median | - | 20.98 | 5.84 | 15.4% | 13.38 | |