H

HERSHEY CO

HSY · CIK 0000047111

19 fiscal years · 0 SEC filings · every number carries its receipt

Revenue (FY)
$11.69B4.4%
FY2025
Net income (FY)
$883.3M60.2%
FY2025
Free cash flow (FY)
$1.82B5.3%
FY2025
The story, charted

The shape of the business

FY2007–FY2025 · hover any year for its receipt
Revenue & net incomeRevenueNet income
$0$5B$10BFY2007 · Revenue $4.95B · Net income $214.2M · 0001193125-10-034780 · filed 2010-02-19FY07Revenue $4.95BNet income $214.2M0001193125-10-034780 · filed 2010-02-19FY2008 · Revenue $5.13B · Net income $311.4M · 0001193125-11-039789 · filed 2011-02-18FY08Revenue $5.13BNet income $311.4M0001193125-11-039789 · filed 2011-02-18FY2009 · Revenue $5.30B · Net income $436.0M · 0001193125-12-067143 · filed 2012-02-17 · 0001193125-11-039789 · filed 2011-02-18FY09Revenue $5.30BNet income $436.0M0001193125-12-067143 · filed 2012-02-17 · 0001193125-11-039789 · filed 2011-02-18FY2010 · Revenue $5.67B · Net income $509.8M · 0000047111-13-000007 · filed 2013-02-22 · 0001193125-11-039789 · filed 2011-02-18FY10Revenue $5.67BNet income $509.8M0000047111-13-000007 · filed 2013-02-22 · 0001193125-11-039789 · filed 2011-02-18FY2011 · Revenue $1.40B · Net income $629.0M · 0000047111-14-000006 · filed 2014-02-21FY11Revenue $1.40BNet income $629.0M0000047111-14-000006 · filed 2014-02-21FY2012 · Revenue $1.50B · Net income $660.9M · 0000047111-14-000006 · filed 2014-02-21 · 0000047111-15-000010 · filed 2015-02-20FY12Revenue $1.50BNet income $660.9M0000047111-14-000006 · filed 2014-02-21 · 0000047111-15-000010 · filed 2015-02-20FY2013 · Revenue $1.80B · Net income $820.5M · 0000047111-14-000006 · filed 2014-02-21 · 0000047111-16-000095 · filed 2016-02-26FY13Revenue $1.80BNet income $820.5M0000047111-14-000006 · filed 2014-02-21 · 0000047111-16-000095 · filed 2016-02-26FY2014 · Revenue $7.42B · Net income $846.9M · 0000047111-17-000005 · filed 2017-02-21FY14Revenue $7.42BNet income $846.9M0000047111-17-000005 · filed 2017-02-21FY2015 · Revenue $7.39B · Net income $513.0M · 0000047111-18-000011 · filed 2018-02-27FY15Revenue $7.39BNet income $513.0M0000047111-18-000011 · filed 2018-02-27FY2016 · Revenue $7.44B · Net income $720.0M · 0000047111-19-000010 · filed 2019-02-22FY16Revenue $7.44BNet income $720.0M0000047111-19-000010 · filed 2019-02-22FY2017 · Revenue $7.52B · Net income $783.0M · 0000047111-20-000007 · filed 2020-02-20FY17Revenue $7.52BNet income $783.0M0000047111-20-000007 · filed 2020-02-20FY2018 · Revenue $7.79B · Net income $1.18B · 0000047111-21-000007 · filed 2021-02-17FY18Revenue $7.79BNet income $1.18B0000047111-21-000007 · filed 2021-02-17FY2019 · Revenue $7.99B · Net income $1.15B · 0000047111-22-000017 · filed 2022-02-18FY19Revenue $7.99BNet income $1.15B0000047111-22-000017 · filed 2022-02-18FY2020 · Revenue $8.15B · Net income $1.28B · 0000047111-23-000012 · filed 2023-02-17FY20Revenue $8.15BNet income $1.28B0000047111-23-000012 · filed 2023-02-17FY2021 · Revenue $8.97B · Net income $1.48B · 0000047111-24-000009 · filed 2024-02-20FY21Revenue $8.97BNet income $1.48B0000047111-24-000009 · filed 2024-02-20FY2022 · Revenue $10.42B · Net income $1.64B · 0000047111-25-000014 · filed 2025-02-18FY22Revenue $10.42BNet income $1.64B0000047111-25-000014 · filed 2025-02-18FY2023 · Revenue $11.16B · Net income $1.86B · 0001628280-26-008586 · filed 2026-02-17FY23Revenue $11.16BNet income $1.86B0001628280-26-008586 · filed 2026-02-17FY2024 · Revenue $11.20B · Net income $2.22B · 0001628280-26-008586 · filed 2026-02-17FY24Revenue $11.20BNet income $2.22B0001628280-26-008586 · filed 2026-02-17FY2025 · Revenue $11.69B · Net income $883.3M · 0001628280-26-008586 · filed 2026-02-17FY25Revenue $11.69BNet income $883.3M0001628280-26-008586 · filed 2026-02-17FY25Revenue $11.69BNet income $883.3M0001628280-26-008586 · filed 2026-02-17FY07FY10FY13FY16FY19FY22FY25

revenue 2.4× since FY2007 · net margin 4.3% → 7.6%

MarginsNet marginFCF margin
0%20%40%60%FY2007 · Net margin 4.3% · FCF margin 11.9%FY07Net margin 4.3%FCF margin 11.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2008 · Net margin 6.1% · FCF margin 5.0%FY08Net margin 6.1%FCF margin 5.0%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2009 · Net margin 8.2% · FCF margin 17.7%FY09Net margin 8.2%FCF margin 17.7%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2010 · Net margin 9.0% · FCF margin 12.7%FY10Net margin 9.0%FCF margin 12.7%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2011 · Net margin 44.9% · FCF margin 18.9%FY11Net margin 44.9%FCF margin 18.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2012 · Net margin 44.1% · FCF margin 55.7%FY12Net margin 44.1%FCF margin 55.7%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2013 · Net margin 45.6% · FCF margin 48.2%FY13Net margin 45.6%FCF margin 48.2%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2014 · Net margin 11.4% · FCF margin 6.4%FY14Net margin 11.4%FCF margin 6.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2015 · Net margin 6.9% · FCF margin 12.2%FY15Net margin 6.9%FCF margin 12.2%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2016 · Net margin 9.7% · FCF margin 10.0%FY16Net margin 9.7%FCF margin 10.0%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2017 · Net margin 10.4% · FCF margin 13.2%FY17Net margin 10.4%FCF margin 13.2%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2018 · Net margin 15.1% · FCF margin 16.3%FY18Net margin 15.1%FCF margin 16.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2019 · Net margin 14.4% · FCF margin 18.1%FY19Net margin 14.4%FCF margin 18.1%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2020 · Net margin 15.7% · FCF margin 15.4%FY20Net margin 15.7%FCF margin 15.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2021 · Net margin 16.5% · FCF margin 17.7%FY21Net margin 16.5%FCF margin 17.7%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2022 · Net margin 15.8% · FCF margin 17.4%FY22Net margin 15.8%FCF margin 17.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2023 · Net margin 16.7% · FCF margin 13.9%FY23Net margin 16.7%FCF margin 13.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2024 · Net margin 19.8% · FCF margin 17.2%FY24Net margin 19.8%FCF margin 17.2%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2025 · Net margin 7.6% · FCF margin 15.6%FY25Net margin 7.6%FCF margin 15.6%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY25Net margin 7.6%FCF margin 15.6%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue’09’13’17’21’25

FY2025: net 7.6% · free cash flow 15.6% of revenue

Cash engineOperating cash flowFree cash flow
$0$1B$2BFY2007 · OCF $778.8M · FCF $589.1M · 0001193125-10-034780 · filed 2010-02-19FY07OCF $778.8MFCF $589.1M0001193125-10-034780 · filed 2010-02-19FY2008 · OCF $519.6M · FCF $256.9M · 0001193125-11-039789 · filed 2011-02-18FY08OCF $519.6MFCF $256.9M0001193125-11-039789 · filed 2011-02-18FY2009 · OCF $1.07B · FCF $939.4M · 0001193125-11-039789 · filed 2011-02-18FY09OCF $1.07BFCF $939.4M0001193125-11-039789 · filed 2011-02-18FY2010 · OCF $901.4M · FCF $721.9M · 0000047111-13-000007 · filed 2013-02-22FY10OCF $901.4MFCF $721.9M0000047111-13-000007 · filed 2013-02-22FY2011 · OCF $587.9M · FCF $263.9M · 0000047111-14-000006 · filed 2014-02-21FY11OCF $587.9MFCF $263.9M0000047111-14-000006 · filed 2014-02-21FY2012 · OCF $1.09B · FCF $836.1M · 0000047111-15-000010 · filed 2015-02-20FY12OCF $1.09BFCF $836.1M0000047111-15-000010 · filed 2015-02-20FY2013 · OCF $1.19B · FCF $867.8M · 0000047111-16-000095 · filed 2016-02-26FY13OCF $1.19BFCF $867.8M0000047111-16-000095 · filed 2016-02-26FY2014 · OCF $844.4M · FCF $473.6M · 0000047111-17-000005 · filed 2017-02-21FY14OCF $844.4MFCF $473.6M0000047111-17-000005 · filed 2017-02-21FY2015 · OCF $1.26B · FCF $899.5M · 0000047111-18-000011 · filed 2018-02-27FY15OCF $1.26BFCF $899.5M0000047111-18-000011 · filed 2018-02-27FY2016 · OCF $1.01B · FCF $744.0M · 0000047111-19-000010 · filed 2019-02-22FY16OCF $1.01BFCF $744.0M0000047111-19-000010 · filed 2019-02-22FY2017 · OCF $1.25B · FCF $991.8M · 0000047111-20-000007 · filed 2020-02-20FY17OCF $1.25BFCF $991.8M0000047111-20-000007 · filed 2020-02-20FY2018 · OCF $1.60B · FCF $1.27B · 0000047111-21-000007 · filed 2021-02-17FY18OCF $1.60BFCF $1.27B0000047111-21-000007 · filed 2021-02-17FY2019 · OCF $1.76B · FCF $1.45B · 0000047111-22-000017 · filed 2022-02-18FY19OCF $1.76BFCF $1.45B0000047111-22-000017 · filed 2022-02-18FY2020 · OCF $1.70B · FCF $1.26B · 0000047111-23-000012 · filed 2023-02-17FY20OCF $1.70BFCF $1.26B0000047111-23-000012 · filed 2023-02-17FY2021 · OCF $2.08B · FCF $1.59B · 0000047111-24-000009 · filed 2024-02-20FY21OCF $2.08BFCF $1.59B0000047111-24-000009 · filed 2024-02-20FY2022 · OCF $2.33B · FCF $1.81B · 0000047111-25-000014 · filed 2025-02-18FY22OCF $2.33BFCF $1.81B0000047111-25-000014 · filed 2025-02-18FY2023 · OCF $2.32B · FCF $1.55B · 0001628280-26-008586 · filed 2026-02-17FY23OCF $2.32BFCF $1.55B0001628280-26-008586 · filed 2026-02-17FY2024 · OCF $2.53B · FCF $1.93B · 0001628280-26-008586 · filed 2026-02-17FY24OCF $2.53BFCF $1.93B0001628280-26-008586 · filed 2026-02-17FY2025 · OCF $2.28B · FCF $1.82B · 0001628280-26-008586 · filed 2026-02-17FY25OCF $2.28BFCF $1.82B0001628280-26-008586 · filed 2026-02-17FY25OCF $2.28BFCF $1.82B0001628280-26-008586 · filed 2026-02-17’09’13’17’21’25

FY2025: $2.28B operating cash − $454.6M capex = $1.82B free cash flow

Returns on capitalReturn on equityReturn on assets
0%50%100%FY2008 · ROE 97.9% · ROA 8.6%FY08ROE 97.9%ROA 8.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2009 · ROE 60.5% · ROA 11.9%FY09ROE 60.5%ROA 11.9%derived: net income ÷ equity · derived: net income ÷ assetsFY2010 · ROE 56.5% · ROA 11.9%FY10ROE 56.5%ROA 11.9%derived: net income ÷ equity · derived: net income ÷ assetsFY2011 · ROE 73.4% · ROA 14.3%FY11ROE 73.4%ROA 14.3%derived: net income ÷ equity · derived: net income ÷ assetsFY2012 · ROE 63.8% · ROA 13.9%FY12ROE 63.8%ROA 13.9%derived: net income ÷ equity · derived: net income ÷ assetsFY2013 · ROE 51.1% · ROA 15.3%FY13ROE 51.1%ROA 15.3%derived: net income ÷ equity · derived: net income ÷ assetsFY2014 · ROE 58.2% · ROA 15.1%FY14ROE 58.2%ROA 15.1%derived: net income ÷ equity · derived: net income ÷ assetsFY2015 · ROE 51.4% · ROA 9.6%FY15ROE 51.4%ROA 9.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2016 · ROE 91.6% · ROA 13.0%FY16ROE 91.6%ROA 13.0%derived: net income ÷ equity · derived: net income ÷ assetsFY2017 · ROE 85.5% · ROA 14.1%FY17ROE 85.5%ROA 14.1%derived: net income ÷ equity · derived: net income ÷ assetsFY2018 · ROE 84.2% · ROA 15.3%FY18ROE 84.2%ROA 15.3%derived: net income ÷ equity · derived: net income ÷ assetsFY2019 · ROE 66.1% · ROA 14.1%FY19ROE 66.1%ROA 14.1%derived: net income ÷ equity · derived: net income ÷ assetsFY2020 · ROE 57.2% · ROA 14.0%FY20ROE 57.2%ROA 14.0%derived: net income ÷ equity · derived: net income ÷ assetsFY2021 · ROE 53.6% · ROA 14.2%FY21ROE 53.6%ROA 14.2%derived: net income ÷ equity · derived: net income ÷ assetsFY2022 · ROE 49.8% · ROA 15.0%FY22ROE 49.8%ROA 15.0%derived: net income ÷ equity · derived: net income ÷ assetsFY2023 · ROE 45.4% · ROA 15.6%FY23ROE 45.4%ROA 15.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2024 · ROE 47.1% · ROA 17.2%FY24ROE 47.1%ROA 17.2%derived: net income ÷ equity · derived: net income ÷ assetsFY2025 · ROE 19.0% · ROA 6.4%FY25ROE 19.0%ROA 6.4%derived: net income ÷ equity · derived: net income ÷ assetsFY25ROE 19.0%ROA 6.4%derived: net income ÷ equity · derived: net income ÷ assets’09’13’17’21’25

return on equity 98% (FY2008) → 19% (FY2025) · on assets 6.4%

Balance sheetLiabilitiesEquity
$0$5B$10BFY2008 · Liabilities $3.28B · Equity $318.2MFY08Liabilities $3.28BEquity $318.2M0001193125-10-034780 · filed 2010-02-19FY2009 · Liabilities $2.91B · Equity $720.5MFY09Liabilities $2.91BEquity $720.5M0001193125-11-039789 · filed 2011-02-18FY2010 · Liabilities $3.34B · Equity $902.3MFY10Liabilities $3.34BEquity $902.3M0001193125-12-067143 · filed 2012-02-17FY2011 · Liabilities $3.53B · Equity $857.3MFY11Liabilities $3.53BEquity $857.3M0000047111-13-000007 · filed 2013-02-22FY2012 · Liabilities $3.71B · Equity $1.04BFY12Liabilities $3.71BEquity $1.04B0000047111-14-000006 · filed 2014-02-21FY2013 · Liabilities $3.74B · Equity $1.60BFY13Liabilities $3.74BEquity $1.60B0000047111-15-000010 · filed 2015-02-20FY2014 · Liabilities $4.10B · Equity $1.46BFY14Liabilities $4.10BEquity $1.46B0000047111-16-000095 · filed 2016-02-26FY2015 · Liabilities $4.30B · Equity $998.0MFY15Liabilities $4.30BEquity $998.0M0000047111-17-000005 · filed 2017-02-21FY2016 · Liabilities $4.70B · Equity $785.9MFY16Liabilities $4.70BEquity $785.9M0000047111-18-000011 · filed 2018-02-27FY2017 · Liabilities $4.62B · Equity $915.3MFY17Liabilities $4.62BEquity $915.3M0000047111-19-000010 · filed 2019-02-22FY2018 · Liabilities $6.30B · Equity $1.40BFY18Liabilities $6.30BEquity $1.40B0000047111-20-000007 · filed 2020-02-20FY2019 · Liabilities $6.40B · Equity $1.74BFY19Liabilities $6.40BEquity $1.74B0000047111-21-000007 · filed 2021-02-17FY2020 · Liabilities $6.89B · Equity $2.23BFY20Liabilities $6.89BEquity $2.23B0000047111-22-000017 · filed 2022-02-18FY2021 · Liabilities $7.66B · Equity $2.76BFY21Liabilities $7.66BEquity $2.76B0000047111-23-000012 · filed 2023-02-17 · 0000047111-22-000017 · filed 2022-02-18FY2022 · Liabilities $7.65B · Equity $3.30BFY22Liabilities $7.65BEquity $3.30B0000047111-24-000009 · filed 2024-02-20FY2023 · Liabilities $7.80B · Equity $4.10BFY23Liabilities $7.80BEquity $4.10B0000047111-25-000014 · filed 2025-02-18FY2024 · Liabilities $8.23B · Equity $4.71BFY24Liabilities $8.23BEquity $4.71B0001628280-26-008586 · filed 2026-02-17FY2025 · Liabilities $9.10B · Equity $4.64BFY25Liabilities $9.10BEquity $4.64B0001628280-26-008586 · filed 2026-02-17FY25Liabilities $9.10BEquity $4.64B0001628280-26-008586 · filed 2026-02-17’09’13’17’21’25

FY2025: $13.74B assets · $9.10B liabilities · $4.64B equity

The receipts