The Hershey Company: financial statements
Price
$174.27
November 13, 2026Market cap $35.3B
What Ploutos Investor adds for Hershey
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- The full history: 17 fiscal years, from 2009
- The estimated fair value, with its range and its certainty
- The full analysis, 18 a month
- More questions to the chat on its filings
- Excel with every year
- An email when it reports, changes its dividend or an officer buys
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Financial statements
Each fiscal year's income statement, balance sheet and cash flow as the company filed them, and the latest quarters.
Click a line to see it on the chart.
Revenue
+2.3% a year over 2 years
Financial statements
HSY's revenue, profits and cash flows from 2009 to 2022, 14 more fiscal years
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By segment
Revenue and operating income by business segment or by product, as the company itself reports them in each year's 10-K. Each year from the latest filing that carries it, so a segment renamed or re-cut shows in its current form.
- 2023: North America Confectionery $9.1B, North America Salty Snacks $1.1B, International $949M
- 2024: North America Confectionery $9.1B, North America Salty Snacks $1.1B, International $948M
- 2025: North America Confectionery $9.5B, North America Salty Snacks $1.3B, International $942M
By segment
HSY's revenue by segment from 2012 to 2022, 11 more fiscal years
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From the XBRL of 17 of the company's annual reports to the SEC (ASC 280). Amounts in dollars.
Amounts are in dollars as the company filed them in its annual reports (10-K or 20-F). Those reporting in another currency are converted at each fiscal year-end rate. Shares and earnings per share are adjusted for splits.
Debt and obligations
What the company owes beyond the loans on its balance sheet, and when it pays, from the notes to its annual report: debt maturities, leases, pension plans, goodwill by segment, and how it gets to the tax it pays.
When the debt falls due
Dec 31, 2025Due within 2 years
$694M
Principal of loans and bonds falling due, from the annual report dated December 31, 2025, without leases and interest. The filing
- 2026: $500M
- 2027: $194M
Leases
Dec 31, 2025Operating leases
$336M
Finance leases
$74M
The liability is the present value of the rent still to pay, at December 31, 2025. It is not counted in the ladder's debt. The filing
Pension plans
Dec 31, 2025Defined-benefit pensions
103%funded
Surplus $21M.
The obligation is the present value of the pensions employees have already earned, at December 31, 2025. A deficit is the company's to fill with contributions. The filing
Goodwill by segment
Dec 31, 2025Total goodwill
$3.0B
- North America Confectionery$2.0B68%
Goodwill is what the company paid in acquisitions above the value of what it bought, at December 31, 2025. If an acquisition earns less, the goodwill is impaired and earnings fall. Impairment in the year: $6.4M.The filing
From the statutory to the effective tax rate, 2025
Dec 31, 2025Statutory rate
21.0%
Effective rate
27.3%
The company paid 27.3% in tax on its profit, 6.3 points above the US federal rate (21.0%). Below, the reasons it gives.
Statutory rate
21.0%
Uncertain tax positions
+4.8 pts
Difference the filing does not itemize
+1.5 pts
Effective rate
27.3%
One point is 1% of profit before tax. The lines are as the company states them in the notes to its annual report. The filing
Earnings quality
How the reported earnings were made, read from the filings. A description, not a score: our tests found no link between these measures and later share returns.
Receivables and inventory against sales
In the quarter to Sep 27, 2026, sales were +3.0% on the same quarter a year earlier, and receivables +15.2%. Inventory was -5.8%, against -17.7% for the cost of sales.
- a year earlier 27 days
- 31 days
- a year earlier 72 days
- 82 days
Balances at Sep 27, 2026 and Sep 28, 2025, against the sales and cost of sales of the quarter ending on each date; a fourth quarter is the fiscal year less its first nine months. Same quarter against same quarter, so the season is the same.
Taxes: deferred and paid
The deferred part was 37.0% of the tax charge in the year to Dec 31, 2025. The rows show the last 3 years.
Cash taxes paid were 67.4% of the current tax charge in the year to Dec 31, 2025.
- Deferred share, year to Dec 31, 2025$122M of $331M
- 37.0%
- Deferred share, year to Dec 31, 2024$73M of $253M
- 29.0%
- Deferred share, year to Dec 31, 2023$16M of $310M
- 5.2%
- $141M paid, $209M current
- 67.4%
When profit in the accounts runs ahead of taxable profit, the deferred part grows. It also moves for reasons unrelated to how earnings are booked: tax-law changes, the use of past losses, and the US rule since 2022 that spreads research costs over five years. Where the notes report it, the tax-rate bridge under Debt and obligations shows how the rate gets from the statutory one to the effective one.
The earnings per share split is not shown: a figure it needs is missing from the company's structured filings.
The allowance for doubtful accounts is not shown: the company does not tag it in its structured filings.
A reading is called out when it is above the 90th percentile of the same reading across the S&P 500, or, for a fall, below the 10th, as measured on 9 November 2026. Each part uses only the company's own filings.
The full analysis
What do Hershey's filings show?
These are Hershey's figures from its filings. The full Ploutos AI analysis reads everything the company has filed and shows what stands behind it, with a source for every figure.
- A fair value range built from the filings
- Earnings quality, debt and red flags
- Insider and institutional moves
- The case for and the case against
How much revenue did HSY have in 2025?
Hershey had revenue of $11.7B and net income of $883M in fiscal 2025, a net margin of 7.6%.
How much debt does HSY have?
On December 31, 2025 Hershey had total assets of $13.7B, debt of $5.2B and shareholders' equity of $4.6B.
How much free cash flow does HSY have?
In fiscal 2025 Hershey had cash from operations of $2.3B and spent $455M on capital expenditure, leaving $1.8B of free cash flow.
Where are the figures from?
From The Hershey Company's annual and quarterly reports to the SEC, read from the structured data (XBRL) it files itself.
Related pages
The other pages on US stocks, free to read. On the company pages, the last three fiscal years are open to everyone, five with a free account, and every year with Ploutos Investor.
The figures come from the company's SEC filings and the share price, and describe what it has reported. They are not a score or a fair value.