HSY

MKT CAP:$39B

The Hershey Company

Market Cap

$39B

Consumer Defensive·Food Confectioners·🇺🇸 United States·NYSE

Consumer Def.·Food Confectioners·🇺🇸·NYSE

Stock Price

$190.36+$7.95 (+4.36%)

Apr 24, 2026

Company Details

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. The company operates through three segments: North America Confect...

CEO

Kirk C. Tanner

IPO Date

Mar 17, 1980

Website

www.thehersheycompany.com

Key Metrics TTM

Revenue

$11.7B

+4.4% YoY

Net Income

$883M

EPS (Diluted)

$4.34

Free Cash Flow

$2.1B

Revenue / Share

$57.52

Gross Margin

33.3%

Operating Margin

12.1%

Net Margin

7.6%

FCF Margin

17.7%

P/S

3.3x

P/E

43.7x

Earnings Reports

Q1 2026

Apr 30, 2026

PENDING

FY 2025

Feb 17, 2026

$11.7B+4.4%EPS $4.34

Q4 2025

Feb 17, 2026

$3.1B+7.0%EPS $1.57

Q3 2025

Oct 30, 2025

$3.2B+6.5%EPS $1.36

Q2 2025

Jul 30, 2025

$2.6B+26.0%EPS $0.31

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$2.7B	$1.2B	$721M
Q2 22	$2.4B	$1000M	$457M
Q3 22	$2.7B	$1.1B	$557M
Q4 22	$2.7B	$1.1B	$527M
Q1 23	$3.0B	$1.4B	$800M
Q2 23	$2.5B	$1.1B	$561M
Q3 23	$3.0B	$1.4B	$736M
Q4 23	$2.7B	$1.1B	$464M
Q1 24	$3.3B	$1.7B	$1.1B
Q2 24	$2.1B	$834M	$288M
Q3 24	$3.0B	$1.2B	$613M
Q4 24	$2.9B	$1.6B	$939M
Q1 25	$2.8B	$944M	$369M
Q2 25	$2.6B	$796M	$193M
Q3 25	$3.2B	$1.0B	$410M
Q4 25	$3.1B	$1.1B	$445M

Valuation

Quarter	P/S	P/E
Q1 22	4.8x	26.6x
Q2 22	4.8x	28.5x
Q3 22	4.6x	27.2x
Q4 22	4.4x	28.1x
Q1 23	4.9x	31.0x
Q2 23	4.7x	28.8x
Q3 23	3.7x	21.3x
Q4 23	3.5x	21.0x
Q1 24	3.5x	19.4x
Q2 24	3.4x	20.0x
Q3 24	3.5x	21.9x
Q4 24	3.1x	15.4x
Q1 25	3.2x	21.1x
Q2 25	3.0x	22.1x
Q3 25	3.3x	27.6x
Q4 25	3.1x	41.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$656M	$515M
Q2 22	$457M	$357M
Q3 22	$446M	$327M
Q4 22	$768M	$608M
Q1 23	$755M	$579M
Q2 23	$294M	$140M
Q3 23	$516M	$298M
Q4 23	$758M	$535M
Q1 24	$569M	$356M
Q2 24	$326M	$195M
Q3 24	$695M	$567M
Q4 24	$942M	$807M
Q1 25	$397M	$251M
Q2 25	$112M	-$46M
Q3 25	$842M	$1.1B
Q4 25	$927M	$715M

Capital Expenditures

Quarter	CapEx
Q1 22	$141M
Q2 22	$100M
Q3 22	$119M
Q4 22	$159M
Q1 23	$176M
Q2 23	$154M
Q3 23	$218M
Q4 23	$223M
Q1 24	$213M
Q2 24	$130M
Q3 24	$128M
Q4 24	$135M
Q1 25	$146M
Q2 25	$159M
Q3 25	$304M
Q4 25	$212M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+22.0%	+9.3%
Q2 22	+3.3%	+9.9%
Q3 22	+37.1%	+41.7%
Q4 22	+12.4%	+19.1%
Q1 23	+12.1%	+12.5%
Q2 23	+5.0%	+0.7%
Q3 23	+11.1%	+5.6%
Q4 23	+0.2%	+3.2%
Q1 24	+8.9%	+0.3%
Q2 24	-16.7%	-7.4%
Q3 24	-1.4%	+3.5%
Q4 24	+8.7%	-11.1%
Q1 25	-13.8%	+11.0%
Q2 25	+26.0%	+35.6%
Q3 25	+6.5%	+16.7%
Q4 25	+7.0%	+35.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$15M	0.6%
Q2 22	$17M	0.7%
Q3 22	$18M	0.7%
Q4 22	$15M	0.6%
Q1 23	$19M	0.6%
Q2 23	$17M	0.7%
Q3 23	$21M	0.7%
Q4 23	$25M	0.9%
Q1 24	$6M	0.2%
Q2 24	$12M	0.6%
Q3 24	$15M	0.5%
Q4 24	$12M	0.4%
Q1 25	$14M	0.5%
Q2 25	$17M	0.7%
Q3 25	$15M	0.5%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 22	—	—	—	$524M
Q2 22	—	—	—	$543M
Q3 22	—	$552M	—	—
Q4 22	—	—	—	$616M
Q1 23	—	$585M	—	—
Q2 23	—	$579M	—	—
Q3 23	—	$624M	—	—
Q4 23	$50M	$687M	—	—
Q1 24	—	$619M	—	—
Q2 24	—	$542M	—	—
Q3 24	—	$540M	—	—
Q4 24	—	—	$600M	—
Q1 25	—	$560M	—	—
Q2 25	—	—	—	$603M
Q3 25	—	—	—	$595M
Q4 25	—	—	—	$698M

Revenue Segments

Quarter

Revenue by Geography

Quarter	International and Other Segment	North America Segment
Q1 22	$326M	$2.3B
Q2 22	$313M	$2.1B
Q3 22	$336M	$2.4B
Q4 22	$324M	$2.3B
Q1 23	$370M	$2.6B
Q2 23	$332M	$2.2B
Q3 23	$347M	$2.7B
Q4 23	$365M	$2.3B
Q1 24	$398M	$2.9B
Q2 24	$296M	$1.8B
Q3 24	$347M	$2.6B
Q4 24	$389M	$2.5B
Q1 25	$338M	$2.5B
Q2 25	$329M	$2.3B
Q3 25	$382M	$2.8B
Q4 25	$392M	$2.7B

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$338M	$0	$338M
Q2 22	$340M	$0	$340M
Q3 22	$328M	$0	$328M
Q4 22	$464M	$0	$464M
Q1 23	$460M	$0	$460M
Q2 23	$446M	$0	$446M
Q3 23	$471M	$0	$471M
Q4 23	$402M	$0	$402M
Q1 24	$520M	$0	$520M
Q2 24	$467M	$0	$467M
Q3 24	$615M	$0	$615M
Q4 24	$731M	$0	$731M
Q1 25	$1.5B	$0	$1.5B
Q2 25	$912M	$0	$912M
Q3 25	$1.2B	$0	$1.2B
Q4 25	$926M	$0	$926M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	207M	-0.1%	-1.0%
Q2 22	206M	-0.4%	-1.0%
Q3 22	206M	-0.1%	-0.7%
Q4 22	206M	+0.0%	-0.5%
Q1 23	206M	-0.2%	-0.7%
Q2 23	206M	-0.1%	-0.4%
Q3 23	205M	-0.0%	-0.4%
Q4 23	205M	-0.1%	-0.5%
Q1 24	205M	-0.2%	-0.5%
Q2 24	203M	-0.9%	-1.2%
Q3 24	203M	+0.0%	-1.2%
Q4 24	203M	+0.2%	-0.9%
Q1 25	203M	-0.2%	-0.8%
Q2 25	203M	+0.0%	+0.1%
Q3 25	203M	+0.2%	+0.2%
Q4 25	203M	-0.1%	-0.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$160.4K	17K
Q2 22	$142.8K	17K
Q3 22	$164.1K	17K
Q4 22	$146.7K	18K
Q1 23	$165.3K	18K
Q2 23	$137.8K	18K
Q3 23	$167.6K	18K
Q4 23	$142.5K	19K
Q1 24	$174.4K	19K
Q2 24	$111.2K	19K
Q3 24	$160.2K	19K
Q4 24	$155.7K	19K
Q1 25	$151.3K	19K
Q2 25	$141.0K	19K
Q3 25	$171.6K	19K
Q4 25	$176.1K	18K

Revenue / Employee