HERSHEY CO
Fiscal years labelled by the calendar year in which they end. Bars in $ billions; per-share figures as reported.
CAPITALIZATION 12/31/25
| ($ millions) | Amount | % |
|---|---|---|
| Total debt | 5,403 | 53.8 |
| Stockholders' equity | 4,637 | 46.2 |
| Total capitalization | 10,040 | 100.0 |
223,805,223 shares outstanding at 7 February 2014 (cover page of the 10-K filed 21 February 2014).
LONG-TERM DEBT 12/31/25
| ($ millions) | Amount |
|---|---|
| Long-term debt, noncurrent | 4,681 |
| Current maturities | 503 |
| Short-term borrowings / commercial paper | 219 |
CAPITAL STOCK 12/31/25
| Common shares issued | 221,553,025 |
| Treasury shares | 18,713,369 |
| Preferred stock ($ millions) | 0 |
| Outstanding at 2/7/14 | 223,805,223 |
DIVIDENDS DECLARED/PAID
| Fiscal year | Per share $ | Payout % |
|---|---|---|
| 2025 | – | – |
| 2024 | – | – |
| 2023 | – | – |
| 2022 | – | – |
| 2021 | – | – |
HISTORY AND BUSINESS
HISTORY: Incorporated in Delaware. Formerly known as HERSHEY FOODS CORP (to 20 April 2005).
BUSINESS: Classified by the SEC under Standard Industrial Classification 2060, Sugar & Confectionery Products. Large accelerated filer. Principal executive office: 19 East Chocolate Avenue, External Rptg & Compliance, Hershey, PA 17033. Fiscal year ends December 31. For a description of the business, see Item 1 of the latest 10-K.
CONSOLIDATED INCOME ACCOUNT, YEARS ENDED
| ($ millions) | 12/31/25 | 12/31/24 | 12/31/23 |
|---|---|---|---|
| Revenues | 11,693 | 11,202 | 11,165 |
| Cost of revenues | 7,770 | 5,901 | 6,167 |
| Gross profit | 3,923 | 5,301 | 4,998 |
| Research and development | 62 | 56 | 50 |
| Selling, general and administrative | 2,461 | 2,374 | 2,437 |
| Depreciation and amortization | 504 | 455 | 420 |
| Operating income | 1,442 | 2,898 | 2,561 |
| Interest expense | 225 | 174 | 162 |
| Income before income taxes | 1,214 | 2,474 | 2,172 |
| Income taxes | 331 | 253 | 310 |
| Net income | 883 | 2,221 | 1,862 |
| Earned per share, diluted ($) | – | – | – |
| Dividends per share ($) | – | – | – |
CONSOLIDATED BALANCE SHEET
| ($ millions) | 12/31/25 | 12/31/24 |
|---|---|---|
| Receivables, net | 730 | 800 |
| Inventories | 1,429 | 1,254 |
| Total current assets | 3,589 | 3,759 |
| Property, plant and equipment, net | 3,530 | 3,459 |
| Goodwill | 2,996 | 2,706 |
| Total assets | 13,741 | 12,947 |
| Total current liabilities | 3,012 | 3,929 |
| Long-term debt | 4,681 | 3,190 |
| Total liabilities | 9,105 | 8,232 |
| Stockholders' equity | 4,637 | 4,715 |
| Total liabilities and equity | 13,741 | 12,947 |
TEN-YEAR STATISTICS: FISCAL YEARS ($ millions except per share)
| Fiscal year ended | Revenues | Oper. income | Net income | Net margin % | EPS diluted $ | Div. per share $ | Oper. cash flow | Capital expend. | Free cash flow | Total assets | Total liabilities | Total debt | Stockholders' equity | ROE % | Debt / equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 12/31/25 | 11,693 | 1,442 | 883 | 7.6 | – | – | 2,277 | 455 | 1,823 | 13,741 | 9,105 | 5,403 | 4,637 | 19.0 | 1.17 |
| 12/31/24 | 11,202 | 2,898 | 2,221 | 19.8 | – | – | 2,532 | 606 | 1,926 | 12,947 | 8,232 | 5,102 | 4,715 | 47.1 | 1.08 |
| 12/31/23 | 11,165 | 2,561 | 1,862 | 16.7 | – | – | 2,323 | 771 | 1,552 | 11,903 | 7,804 | 4,814 | 4,099 | 45.4 | 1.17 |
| 12/31/22 | 10,419 | 2,261 | 1,645 | 15.8 | – | – | 2,328 | 519 | 1,808 | 10,949 | 7,649 | 4,791 | 3,300 | 49.8 | 1.45 |
| 12/31/21 | 8,971 | 2,044 | 1,478 | 16.5 | – | – | 2,083 | 496 | 1,587 | 10,412 | 7,655 | 5,029 | 2,757 | 53.6 | 1.82 |
| 12/31/20 | 8,150 | 1,783 | 1,279 | 15.7 | – | – | 1,700 | 442 | 1,258 | 9,132 | 6,894 | 4,603 | 2,234 | 57.2 | 2.06 |
| 12/31/19 | 7,986 | 1,596 | 1,150 | 14.4 | – | – | 1,764 | 318 | 1,446 | 8,140 | 6,395 | 4,266 | 1,739 | 66.1 | 2.45 |
| 12/31/18 | 7,791 | 1,624 | 1,178 | 15.1 | – | – | 1,600 | 329 | 1,271 | 7,703 | 6,296 | 4,458 | 1,399 | 84.2 | 3.19 |
| 12/31/17 | 7,515 | 1,313 | 783 | 10.4 | – | – | 1,250 | 258 | 992 | 5,554 | 4,622 | 2,920 | 915 | 85.5 | 3.19 |
| 12/31/16 | 7,440 | 1,255 | 720 | 9.7 | – | – | 1,013 | 269 | 744 | 5,524 | 4,697 | 2,980 | 786 | 91.6 | 3.79 |
Net margin = net income ÷ revenues; ROE = net income ÷ year-end stockholders’ equity; total debt = long-term debt including current maturities plus short-term borrowings/commercial paper, as tagged in XBRL; free cash flow = operating cash flow − purchases of property, plant and equipment; d = derived as total assets − total equity where the filing does not tag total liabilities; – = not reported in XBRL for that year.
REGISTRANT:
HERSHEY CO
CIK 47111 · EIN 23-0691590
PRINCIPAL OFFICE:
19 East Chocolate Avenue, External Rptg & Compliance, Hershey, PA 17033
Tel.: 7175344200
INCORPORATED:
Delaware
INDUSTRY (SEC SIC CODE):
2060 · Sugar & Confectionery Products
FILER STATUS:
Large accelerated filer
LATEST ANNUAL REPORT:
10-K for period ended 12/31/25, filed 17 February 2026
FORMER NAMES:
HERSHEY FOODS CORP
Sources: SEC XBRL company facts (all financial figures) · SEC submissions (registrant, address, SIC, filings) · annual reports: 10-K FY2025 (filed 2/17/26) · 10-K FY2024 (filed 2/18/25) · 10-K FY2023 (filed 2/20/24) · 10-K FY2022 (filed 2/17/23) · 10-K FY2021 (filed 2/18/22) · 10-K FY2020 (filed 2/17/21) · 10-K FY2019 (filed 2/20/20) · 10-K FY2018 (filed 2/22/19). Values are the latest figures filed for each fiscal year (restated where a later 10-K restated them). Ratios and free cash flow are Pathos calculations from those figures. Retrieved 31 October 2026.
Data from SEC filings. © 2026 Pathos Investments · pathosinvestments.com · For educational purposes only. Not investment advice.