Hershey Company (HSY) financial statements: income statement, balance sheet and cash flow

Hershey Company's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Hershey Company reported revenue of $11.7B (+4.4% year on year) and net income of $883.3M (-60.2% year on year).

Income statement

Hershey Company income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net sales	$11.7B	$11.2B	$11.2B	$10.4B
Cost of sales	$7.8B	$5.9B	$6.2B	$5.9B
Gross profit	$3.9B	$5.3B	$5.0B	$4.5B
Selling, marketing and administrative expense	$2.5B	$2.4B	$2.4B	$2.2B
Business realignment costs	$20.6M	$29.0M	$441.0K	$2.0M
Operating profit	$1.4B	$2.9B	$2.6B	$2.3B
Interest expense, net	$190.2M	$165.7M	$151.8M	$137.6M
Other (income) expense, net	$37.1M	$258.6M	$237.2M	$206.2M
Income before income taxes	$1.2B	$2.5B	$2.2B	$1.9B
Provision for income taxes	$330.9M	$252.7M	$310.1M	$272.3M
Net income	$883.3M	$2.2B	$1.9B	$1.6B
Net income per share - basic (USD per share)	$8.51	$21.42	$17.83	$15.69
Net income per share - diluted (USD per share)	$8.39	$21.10	$17.56	$15.41
Dividends paid per share (USD per share)	$10.46	$10.46	$8.51	$7.40

Hershey Company income statement, quarters

Line item	Jun 28, 2026 · Q2	Mar 29, 2026 · Q1	Sep 28, 2025 · Q3	Jun 29, 2025 · Q2
Net sales	$2.8B	$3.1B	$3.2B	$2.6B
Cost of sales	$1.5B	$1.9B	$2.1B	$1.8B
Gross profit	$1.3B	$1.2B	$1.0B	$796.3M
Selling, marketing and administrative expense	$620.6M	$576.0M	$600.5M	$603.2M
Business realignment costs	$115.0K	$6.0M	$2.2M	$255.0K
Operating profit	$642.6M	$640.7M	$434.6M	$192.8M
Interest expense, net	$50.0M	$49.8M	$51.5M	$46.0M
Other (income) expense, net	$4.4M	($1.8M)	$11.2M	($2.3M)
Income before income taxes	$588.3M	$592.7M	$371.9M	$149.1M
Provision for income taxes	$130.6M	$157.6M	$95.6M	$86.4M
Net income	$457.7M	$435.1M	$276.3M	$62.7M
Net income per share - basic (USD per share)	$4.43	$4.18	$2.67	$0.61
Net income per share - diluted (USD per share)	$4.37	$4.12	$2.63	$0.60
Dividends paid per share (USD per share)	$2.77	$2.77	$2.62	$2.62

Balance sheet

Hershey Company balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Cash and cash equivalents	$925.9M	$730.7M	$401.9M	$463.9M
Accounts receivable—trade, net	$729.5M	$800.4M	$823.6M	$711.2M
Inventories	$1.4B	$1.3B	$1.3B	$1.2B
Prepaid expenses and other	$504.2M	$974.2M	$345.6M	$272.2M
Total current assets	$3.6B	$3.8B	$2.9B	$2.6B
Property, plant and equipment, net	$3.5B	$3.5B	$3.3B	$2.8B
Goodwill	$3.0B	$2.7B	$2.7B	$2.6B
Other intangibles	$2.5B	$1.9B	$1.9B	$2.0B
Other non-current assets	$1.1B	$1.1B	$1.1B	$945.0M
Deferred income taxes	$27.8M	$37.1M	$44.5M	$40.5M
Total assets	$13.7B	$12.9B	$11.9B	$10.9B
Accounts payable	$1.3B	$1.2B	$1.1B	$970.6M
Accrued liabilities	$970.6M	$807.3M	$867.8M	$832.5M
Accrued income taxes	$63.7M	$51.0M	$29.5M	$6.7M
Short-term debt	$218.5M	$1.3B	$719.8M	$693.8M
Current portion of long-term debt	$503.3M	$605.0M	$305.1M	$753.6M
Total current liabilities	$3.0B	$3.9B	$3.0B	$3.3B
Long-term debt	$4.7B	$3.2B	$3.8B	$3.3B
Other long-term liabilities	$731.9M	$688.3M	$660.7M	$719.7M
Deferred income taxes	$679.5M	$424.2M	$345.7M	$328.4M
Total liabilities	$9.1B	$8.2B	$7.8B	$7.6B
Preferred stock, shares issued: none in 2025 and 2024	0	0	0	0
Common stock	$221.6M	$221.6M	$221.6M	$221.6M
Additional paid-in capital	$1.4B	$1.4B	$1.3B	$1.3B
Retained earnings	$5.5B	$5.7B	$4.6B	$3.6B
Treasury—common stock shares, at cost: 18,713,369 in 2025 and 19,169,956 in 2024	-2.3B	-2.3B	-1.8B	-1.6B
Accumulated other comprehensive loss	($247.3M)	($303.9M)	($230.1M)	($252.3M)
Total stockholders’ equity	$4.6B	$4.7B	$4.1B	$3.3B
Total liabilities and stockholders’ equity	$13.7B	$12.9B	$11.9B	$10.9B

Hershey Company balance sheet, quarters

Line item	Jun 28, 2026	Mar 29, 2026	Sep 28, 2025	Jun 29, 2025
Cash and cash equivalents	$791.2M	$877.0M	$1.2B	$912.3M
Accounts receivable—trade, net	$907.4M	$974.6M	$966.4M	$820.2M
Inventories	$1.7B	$1.4B	$1.7B	$1.8B
Prepaid expenses and other	$514.3M	$487.9M	$561.2M	$850.7M
Total current assets	$4.0B	$3.8B	$4.4B	$4.4B
Property, plant and equipment, net	$3.5B	$3.5B	$3.4B	$3.4B
Goodwill	$3.0B	$3.0B	$2.7B	$2.7B
Other intangibles	$2.4B	$2.5B	$1.9B	$1.9B
Other non-current assets	$1.1B	$1.1B	$1.1B	$1.1B
Deferred income taxes	$27.7M	$26.9M	$42.0M	$41.0M
Total assets	$14.0B	$13.8B	$13.6B	$13.6B
Accounts payable	$1.4B	$1.3B	$1.5B	$1.5B
Accrued liabilities	$966.3M	$926.2M	$952.3M	$876.0M
Accrued income taxes	$59.6M	$136.4M	$98.5M	$98.8M
Short-term debt	$421.5M	$169.5M	$215.0M	$165.0M
Current portion of long-term debt	$504.2M	$504.1M	$502.3M	$303.0M
Total current liabilities	$3.4B	$3.0B	$3.2B	$2.9B
Long-term debt	$4.7B	$4.7B	$4.7B	$5.2B
Other long-term liabilities	$652.1M	$676.8M	$639.2M	$652.2M
Deferred income taxes	$720.8M	$706.5M	$471.0M	$409.2M
Total liabilities	$9.4B	$9.1B	$9.0B	$9.1B
Preferred stock, shares issued: none in 2026 and 2025	0	0	0	0
Common stock	$221.6M	$221.6M	$221.6M	$221.6M
Additional paid-in capital	$1.4B	$1.4B	$1.4B	$1.4B
Retained earnings	$5.8B	$5.6B	$5.4B	$5.4B
Treasury—common stock shares, at cost: 20,637,517 at June 28, 2026 and 18,713,369 at December 31, 2025	-2.7B	-2.3B	-2.3B	-2.3B
Accumulated other comprehensive loss	($230.5M)	($249.9M)	($250.0M)	($270.4M)
Total stockholders’ equity	$4.6B	$4.7B	$4.6B	$4.5B
Total liabilities and stockholders’ equity	$14.0B	$13.8B	$13.6B	$13.6B

Cash flow statement

Hershey Company cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net income	$883.3M	$2.2B	—	—
Depreciation and amortization	$503.7M	$455.3M	$419.8M	$379.0M
Stock-based compensation expense	$65.5M	$44.4M	$81.0M	$66.0M
Deferred income taxes	$122.3M	$73.2M	$16.2M	$36.9M
Goodwill impairment charges	$6.4M	—	—	—
Write-down of equity investments	$24.5M	$243.3M	$210.5M	$188.3M
Unrealized losses (gains) on derivative contracts	$530.4M	($513.8M)	—	—
Other	$101.2M	$76.6M	$103.3M	$120.8M
Accounts receivable—trade, net	$99.0M	$4.5M	($102.1M)	($38.2M)
Inventories	($133.3M)	$68.8M	($157.2M)	($187.0M)
Prepaid expenses and other current assets	($153.5M)	($89.8M)	($22.4M)	($14.5M)
Accounts payable and accrued liabilities	$163.5M	$28.9M	$50.2M	$216.5M
Accrued income taxes	$82.2M	($17.1M)	($32.5M)	$5.0M
Contributions to pension and other benefit plans	($15.7M)	($15.6M)	($27.6M)	($78.5M)
Other assets and liabilities	($2.0M)	($48.3M)	($77.9M)	($11.2M)
Net cash provided by operating activities	$2.3B	$2.5B	$2.3B	$2.3B
Capital additions (including software)	($454.6M)	($605.9M)	($771.1M)	($519.5M)
Receipts (payments) related to equity investments in tax credit qualifying partnerships	$11.9M	—	—	—
Business acquisitions, net of cash and cash equivalents acquired	($756.1M)	($75.5M)	($165.8M)	$0
Purchase of intangible assets	($73.6M)	—	—	—
Other investing activities	($6.2M)	$6.6M	($4.9M)	$7.6M
Net cash used in investing activities	($1.3B)	($960.3M)	($1.2B)	($787.4M)
Net (decrease) increase in short-term debt	($1.1B)	$607.0M	$26.0M	($245.6M)
Long-term borrowings, net of debt issuance costs	$2.0B	$0	$744.1M	$0
Repayment of long-term debt and finance leases	($606.4M)	($306.4M)	($755.4M)	($4.7M)
Cash dividends paid	($1.1B)	($1.1B)	($889.1M)	($775.0M)
Repurchase of common stock	$0	($494.2M)	($264.9M)	($389.0M)
Exercise of stock options	$21.3M	$14.7M	$26.0M	$34.2M
Payment, Tax Withholding, Share-Based Payment Arrangement	($18.8M)	($32.8M)	($35.0M)	($35.5M)
Net cash used in financing activities	($803.4M)	($1.3B)	($1.1B)	($1.4B)
Effect of exchange rate changes on cash and cash equivalents	($180.0K)	$54.1M	($38.3M)	$9.9M
Net (decrease) increase in cash and cash equivalents	$195.1M	$328.8M	($62.0M)	$134.6M
Cash and cash equivalents, beginning of period	$730.7M	$401.9M	$463.9M	$329.3M
Cash and cash equivalents, end of period	$925.9M	$730.7M	$401.9M	$463.9M
Interest paid	$195.9M	$179.8M	$160.7M	$131.8M
Income taxes paid	$140.6M	$201.8M	$303.9M	$221.3M

Hershey Company cash flow statement, quarters

Line item	Jun 28, 2026 · YTD	Mar 29, 2026 · Q1	Sep 28, 2025 · YTD	Jun 29, 2025 · YTD
Net income	$892.8M	$435.1M	$563.2M	$286.9M
Depreciation and amortization	$269.1M	$133.0M	$371.2M	$243.4M
Stock-based compensation expense	$34.8M	$17.1M	$46.5M	$31.0M
Deferred income taxes	$35.5M	$26.2M	$37.8M	($16.0M)
Unrealized (gains) losses on derivative contracts	($10.2M)	$105.2M	$541.1M	$464.7M
Other	$60.8M	$24.9M	$77.5M	$42.8M
Accounts receivable—trade, net	($177.7M)	($247.6M)	($157.0M)	($10.4M)
Inventories	($318.7M)	($4.2M)	($445.0M)	($576.6M)
Prepaid expenses and other current assets	($33.7M)	($135.7M)	($231.7M)	($447.7M)
Accounts payable and accrued liabilities	$134.5M	$21.2M	$453.6M	$382.7M
Accrued income taxes	$30.1M	$119.0M	$158.9M	$162.8M
Contributions to pension and other benefit plans	($6.2M)	($3.3M)	($10.0M)	($6.5M)
Other assets and liabilities	($23.0M)	($22.1M)	($55.3M)	($48.1M)
Net cash provided by operating activities	$888.1M	$468.8M	$1.4B	$508.9M
Capital additions (including software)	($204.4M)	($114.6M)	($316.5M)	($230.6M)
Receipts related to equity investments in tax credit qualifying partnerships	$8.5M	$3.6M	$14.3M	$9.0M
Purchase of intangible assets	$0	—	($73.6M)	($73.6M)
Other investing activities	($3.6M)	($6.2M)	($6.3M)	($6.6M)
Net cash used in investing activities	($199.6M)	($117.1M)	($382.2M)	($301.8M)
Net increase (decrease) in short-term debt	$206.1M	($48.0M)	($1.1B)	($1.2B)
Long-term borrowings, net of debt issuance costs	$0	$0	$2.0B	$2.0B
Repayment of long-term debt and finance leases	($3.1M)	($1.6M)	($604.6M)	($303.3M)
Cash dividends paid	($574.4M)	($288.0M)	($814.0M)	($542.8M)
Repurchase of common stock	($439.4M)	($69.3M)	$0	$0
Proceeds from exercised stock options	$16.1M	$15.0M	$17.3M	$6.9M
Taxes withheld and paid on employee stock awards	($16.7M)	($11.0M)	($17.2M)	($16.2M)
Contingent consideration paid	($16.6M)	—	—	—
Net cash used in financing activities	($828.1M)	($402.8M)	($536.4M)	($22.5M)
Effect of exchange rate changes on cash and cash equivalents	$4.9M	$2.3M	$81.0K	($3.0M)
Net (decrease) increase in cash and cash equivalents	($134.6M)	($48.9M)	$432.3M	$181.6M
Cash and cash equivalents, beginning of period	$925.9M	$925.9M	$730.7M	$730.7M
Cash and cash equivalents, end of period	$791.2M	$877.0M	$1.2B	$912.3M
Interest paid	$108.6M	$70.0M	$156.4M	$92.3M
Income taxes paid	$207.0M	$24.4M	$110.6M	$65.5M

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Figures as reported in SEC filings. General information, not investment advice.