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The Hershey Company (HSY) stock

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NYSE: HSY NYSE Packaged Foods & Meats Next results ~January 27, 2027

B Fundamentals grade

The Hershey Company is a US-listed company in the packaged foods & meats industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$240

Cash-flow model

Base case. Range ~$170–$330 across our lower- and higher-growth cases (-0.1%–9.9% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 28% below our base value.

Price used: $171.25, November 2, 2026

The Hershey Company valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter The Hershey files

10-Q filed October 29: The Hershey

Model value +121.4%

Hershey's revenue reached $12.3bn over the twelve months to September 2026, up 6.7% on a year earlier but a step down from 7.7% growth the previous quarter. Free-cash-flow margin improved to 17.3% from 16.0%, while operating margin widened more sharply, to 20.8% from 16.8%. These gains lift the fundamentals grade from C+ to B. Our model value climbs from $103 to $229 a share, well above the $162 share price, and the rating remains Buy. At current prices, the market appears to be pricing in cash flow shrinking by about 0.3% a year over five years, a marked contrast with the 6.4% a year revenue growth Hershey has actually delivered.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Hershey stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $12.2bn, up 7.7% on a year earlier, slower than 11.5% a quarter earlier. That growth ranks 2 of 8 among the packaged foods & meats companies we cover. Free-cash-flow margin rose to 18.3% from 14.6% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 4 of our 7 financial-health checks. Our justified price-to-book value is $176 a share, against a share price of $169.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 27, 2027 (estimated)

The Hershey Company's trailing-twelve-month revenue grew 6.7% year on year, with a free-cash-flow margin of 17.3%. Where it stands out: operating margin of 20.8% ranks 1 of 42 packaged foods & meats companies we cover.

Our discounted-cash-flow model values the business at ~$240 per share in the base case (~$170–$330 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 15.3% while net income grew 31.9%: a 17pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $171.25 is 39% below our value per share of $240.
  • Margins widening. Operating margin is up 3.9 points on a year ago.
  • Shrinking share count. Diluted shares fell 1.9% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Weakest spot: long-term debt as % of assets. Long-term debt as % of assets of 32.3% ranks 25 of 35 packaged foods & meats companies we cover (median 18.5%).

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$2.64 against an average estimate of $2.11: beat by 25.1%
Revenue
$3.28bn, up 3.0% on a year earlier
Share reaction
+1.1% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
net sales growth growth 5% (2026 Full-Year Outlook); organic net sales growth growth 3% (2026 Full-Year Outlook)
Next report
October 29, 2026; average EPS estimate $1.87

The Hershey's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+3.4%
  • 1 week+1.8%
  • 1 month+6.9%
  • This year-3.8%
  • 1 year+4.0%
  • 5 years+10.0%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$12.3B
Operating margin
20.8%
Net margin
14.6%

Growth

Revenue growth
+6.7%
Change in growth rate
−1.0 pts

Cash

Free cash flow (TTM)
$2.1B
FCF margin
17.3%
Stock pay % of revenue
0.6%

Earnings

Last results
October 29, 2026
Next results (est.)
January 27, 2027

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Insider trade
  2. Results

    Hershey reports third-quarter sales and earnings

    The Hershey Company said it announced sales and earnings information for the third quarter ended September 27, 2026. The firm filed a Form 8-K with the SEC on October 29, 2026. A press release containing the financial details was included as an exhibit to the filing.

    SEC 8-KRead source ↗
  3. Insider trade
  4. Guidance
  5. Insider trade
  6. Insider trade
  7. Insider trade
  8. Leadership
  9. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

The Hershey Company valuation models and calculator

What the price is pricing in

The share price implies cash flow shrinking about 0.9% a year for five years.That is slower than the 6.4% a year revenue growth The Hershey has delivered.

  • Priced in-0.9%
  • Last 12 months6.7%
  • 3 years a year3.2%
  • 5 years a year6.4%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($169.39, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$240
Price used
$169.39close November 3, 2026
Implied change
▲ +40%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of The Hershey Company's free cash flow after stock-based pay with after-tax interest added back ($2.1B, FY2026 Q3 TTM), growing 2.5% and 3.9% in the next two years (forecasts, guidance and its record), then back to 4.9% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$170–~$330 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of The Hershey Company's free cash flow after stock-based pay ( $2.1B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value The Hershey Company as an operating company, with every model that fits that kind of business. Cost of equity 7%: the 10-year Treasury yield (4.9%) plus a beta of 0.4 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$240 ~$170–$330 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$93 ~$97–$160 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: return on equity above 40%: buybacks or intangibles make book value too small an anchor
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$270 ~$210–$360 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$210 ~$93–$270 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare The Hershey Company with Packaged Foods & Meats in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −27%
  • Revenue growth 5 points higher ▲ +36%
  • Free-cash-flow margin 1 point lower ▼ −6%
  • Last year's free-cash-flow margin change, if it persists ▲ +8%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $175$248$346$474$641$858
8.5% $126$180$250$342$461$615
10% $97$138$192$263$354$470

Moat

87 /100

Strong moat

How hard The Hershey's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 20.3% of total assets over 10 years.

  • Pricing power 15 / 20

    Gross margin has been a median 44.7%, moving by 2.3 percentage points (standard deviation) across 10 years.

  • Durability 17 / 20

    Operating margin has been a median 21.3%; its worst year was 16.7%.

  • Cash conversion 18 / 20

    Free cash flow was positive in 10 of 10 years, at a median 16.6% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $8.64 +37% $12.3bn +5%
Next $9.59 +11% $12.6bn +2%

Next year's EPS estimate has moved −2.8% in 90 days, across 21 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +1.8% on 90 days ago. In the last 30 days, 1 analyst raised The Hershey Company's forecast and 2 cut it.

Consensus EPS forecast The Hershey Company, last 90 days
$8.00 $8.50 $9.00 $9.50 $10.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $8.49 Current fiscal year, 60 days ago: $8.49 Current fiscal year, 30 days ago: $8.49 Current fiscal year, 7 days ago: $8.48 Current fiscal year, Now: $8.64 $8.64 Next fiscal year, 90 days ago: $9.87 Next fiscal year, 60 days ago: $9.87 Next fiscal year, 30 days ago: $9.86 Next fiscal year, 7 days ago: $9.84 Next fiscal year, Now: $9.59 $9.59

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $8.49$9.87
60 days ago $8.49$9.87
30 days ago $8.49$9.86
7 days ago $8.48$9.84
Now $8.64$9.59

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $2.11 $2.64 +25.1%
Jun 2026 $1.43 $1.90 +33.1%
Mar 2026 $2.04 $2.35 +14.9%
Dec 2025 $1.40 $1.71 +21.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 29, 2026
  • Net sales growth 2026 Full-Year Outlook about 5% growth Raised vs 3 to 3.5
    “Net sales growth* 4.5% to 5% ~5%” source
  • Organic net sales growth 2026 Full-Year Outlook about 3% growth Non-GAAP
    “Organic net sales growth 3% to 3.5% ~3%” source
  • Reported earnings per share growth 2026 Full-Year Outlook 84% growth to 90% growth GAAP Raised vs 82 to 89
    “Reported earnings per share growth 82% to 89% 84% to 90%” source
  • Adjusted earnings per share growth 2026 Full-Year Outlook 36% growth to 38.5% growth Non-GAAP Raised vs 32.5 to 35
    “Adjusted earnings per share growth** 32.5% to 35% 36% to 38.5%” source
  • Reported EPS – Diluted 2026 (Projected) $8.00 to $8.26 GAAP Raised vs 7.89 to 8.17
    “Reported EPS - Diluted $8.00 - $8.26 $4.34” source
  • Adjusted EPS – Diluted 2026 (Projected) $8.58 to $8.74 Non-GAAP Raised vs 8.36 to 8.52
    “Adjusted EPS - Diluted $8.58 - $8.74 $6.31” source
Show 5 more items
  • Reported and adjusted effective tax rate 2026 Full-Year Outlook about 25% Lowered vs 25 to 27
    “A reported and adjusted effective tax rate of approximately 25%;” source
  • Other expense 2026 Full-Year Outlook $5m to $10m Lowered vs about 100m
    “Other expense, which primarily reflects periodic benefit costs relating to pension and other post-retirement benefit plans, of approximately $5 million to $10 million;” source
  • Interest expense 2026 Full-Year Outlook about $200m Raised vs about 100m
    “Interest expense of approximately $200 million;” source
  • Capital expenditures 2026 Full-Year Outlook about $450m Maintained vs 425m to 475m
    “Capital expenditures of approximately $450 million; and” source
  • Advancing Agility & Automation Initiative savings 2026 Full-Year Outlook about $100m Maintained vs about 100m
    “Advancing Agility & Automation Initiative savings of approximately $100 million.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows The Hershey Company's revenue by +2.5% next year and +3.9% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+1.9%, weight 47%) , management guidance (+1.8%, weight 32%) and the company's own record (+4.9%, weight 21%) . How the weights are set.

Analyst recommendations

23 analysts, Oct 2026
Buy730%
Hold1565%
Sell14%

Monthly trend

  1. Oct 2026251523
  2. Sep 2026261423
  3. Aug 2026261423
  4. Jul 2026261423

Counts of recommendations published by analysts covering The Hershey Company, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
7.1%
of tradable shares
Days to cover
5.87
at average volume
Short interest, 1 month
−4%
to October 15, 2026
Held by institutions
91%
of shares
Held by insiders
0.3%
of shares
Employees
17,550
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +4.0%

$164.66 on October 31, 2025 to $171.25

ThenNowEffect
Revenue (last 12 months) $11.3bn $12.2bn +7.7%
Net margin 13.5% 12.2% −9.6%
P/E multiple 23.8x 25.5x +6.8%
Share count 221m 221m 0.0%

Biggest factor: net margin.

Last 3 years −0.4%

$171.93 on November 3, 2023 to $171.25

ThenNowEffect
Revenue (last 12 months) $10.9bn $12.2bn +12.0%
Net margin 16.5% 12.2% −25.7%
P/E multiple 21.3x 25.5x +19.7%
Share count 221m 221m 0.0%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
HSY+30%+22%−18%−7%+11%−4%
Industry peers (median)+8%−4%−4%−2%−19%−16%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
HSY75%58%33%33%42%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
HSY−7%−12%−34%−18%−18%−32%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 45% from May 1, 2023 to February 4, 2025. Getting back needed a 83% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$157.56 – $232.65
From 52-week high
−26.4%
vs 50-day average
+1.1%
vs 200-day average
−8.4%
Volatility (1 year)
28%
Beta vs S&P 500
-0.28

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±3.4%
After a week
7 up, 4 down
typical move ±3.6%
After a month
5 up, 6 down
typical move ±7.3%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 +1.1% −2.1% — —
July 30, 2026 −4.8% +2.4% −0.5% −1.9%
April 30, 2026 −3.6% +1.3% −1.1% −0.7%
March 31, 2026 −5.0% +3.7% −2.1% −13.0%
February 5, 2026 +12.5% +0.6% +9.9% +9.0%
October 30, 2025 −3.2% −0.8% −4.4% +6.4%
July 30, 2025 −0.1% −0.5% +1.3% −2.6%
May 1, 2025 −2.3% +2.2% +1.8% −2.6%
February 6, 2025 +6.2% −0.6% +10.2% +28.8%
November 7, 2024 −0.7% +1.2% +1.2% +10.4%
August 1, 2024 +0.8% −3.3% +2.3% −1.6%
May 3, 2024 +0.3% +2.3% +4.5% +2.8%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How The Hershey Company’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.19× the last 60 days’ realised volatility , richer than 53% of the 229 stocks we screen today.
  • Puts are priced 4 points richer than calls (25-delta): the market is paying up for downside protection, which favours selling puts over calls.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

The Hershey Company in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) The Hershey Company
$10.5B $11B $11.5B $12B $12.5B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $11.2B Revenue (TTM), FY24 Q1: $11.4B Revenue (TTM), FY24 Q2: $11B Revenue (TTM), FY24 Q3: $11B Revenue (TTM), FY24 Q4: $11.2B Revenue (TTM), FY25 Q1: $10.8B Revenue (TTM), FY25 Q2: $11.3B Revenue (TTM), FY25 Q3: $11.5B Revenue (TTM), FY25 Q4: $11.7B Revenue (TTM), FY26 Q1: $12B Revenue (TTM), FY26 Q2: $12.2B Revenue (TTM), FY26 Q3: $12.3B $12.3B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $11.2B
FY24 Q1 $11.4B
FY24 Q2 $11B
FY24 Q3 $11B
FY24 Q4 $11.2B
FY25 Q1 $10.8B
FY25 Q2 $11.3B
FY25 Q3 $11.5B
FY25 Q4 $11.7B
FY26 Q1 $12B
FY26 Q2 $12.2B
FY26 Q3 $12.3B
Revenue growth, TTM YoY The Hershey Company
-10% -5% 0% 5% 10% 15% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 7.2% Revenue growth, TTM YoY, FY24 Q1: 6.4% Revenue growth, TTM YoY, FY24 Q2: 1.4% Revenue growth, TTM YoY, FY24 Q3: -1.7% Revenue growth, TTM YoY, FY24 Q4: 0.3% Revenue growth, TTM YoY, FY25 Q1: -5.9% Revenue growth, TTM YoY, FY25 Q2: 2.5% Revenue growth, TTM YoY, FY25 Q3: 4.7% Revenue growth, TTM YoY, FY25 Q4: 4.4% Revenue growth, TTM YoY, FY26 Q1: 11.5% Revenue growth, TTM YoY, FY26 Q2: 7.7% Revenue growth, TTM YoY, FY26 Q3: 6.7% 6.7%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 7.2%
FY24 Q1 6.4%
FY24 Q2 1.4%
FY24 Q3 -1.7%
FY24 Q4 0.3%
FY25 Q1 -5.9%
FY25 Q2 2.5%
FY25 Q3 4.7%
FY25 Q4 4.4%
FY26 Q1 11.5%
FY26 Q2 7.7%
FY26 Q3 6.7%
Operating margin (TTM) The Hershey Company
10% 15% 20% 25% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 22.9% Operating margin (TTM), FY24 Q1: 24.7% Operating margin (TTM), FY24 Q2: 23.1% Operating margin (TTM), FY24 Q3: 22.1% Operating margin (TTM), FY24 Q4: 25.9% Operating margin (TTM), FY25 Q1: 20.5% Operating margin (TTM), FY25 Q2: 18.7% Operating margin (TTM), FY25 Q3: 16.8% Operating margin (TTM), FY25 Q4: 12.3% Operating margin (TTM), FY26 Q1: 14.3% Operating margin (TTM), FY26 Q2: 17.8% Operating margin (TTM), FY26 Q3: 20.8% 20.8%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 22.9%
FY24 Q1 24.7%
FY24 Q2 23.1%
FY24 Q3 22.1%
FY24 Q4 25.9%
FY25 Q1 20.5%
FY25 Q2 18.7%
FY25 Q3 16.8%
FY25 Q4 12.3%
FY26 Q1 14.3%
FY26 Q2 17.8%
FY26 Q3 20.8%
FCF margin (TTM) The Hershey Company
10% 12% 14% 16% 18% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 13.9% FCF margin (TTM), FY24 Q1: 11.6% FCF margin (TTM), FY24 Q2: 12.6% FCF margin (TTM), FY24 Q3: 15.1% FCF margin (TTM), FY24 Q4: 17.2% FCF margin (TTM), FY25 Q1: 16.9% FCF margin (TTM), FY25 Q2: 14.6% FCF margin (TTM), FY25 Q3: 16.0% FCF margin (TTM), FY25 Q4: 15.6% FCF margin (TTM), FY26 Q1: 16.1% FCF margin (TTM), FY26 Q2: 18.3% FCF margin (TTM), FY26 Q3: 17.3% 17.3%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 13.9%
FY24 Q1 11.6%
FY24 Q2 12.6%
FY24 Q3 15.1%
FY24 Q4 17.2%
FY25 Q1 16.9%
FY25 Q2 14.6%
FY25 Q3 16.0%
FY25 Q4 15.6%
FY26 Q1 16.1%
FY26 Q2 18.3%
FY26 Q3 17.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar The Hershey took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $11.7B
  2. Cost of revenue $7.8B · 66.5%
  3. Gross profit $3.9B · 33.5%
  4. Research and development $61.7M · 0.5%
  5. Selling, general and admin $2.5B · 21.0%
  6. Operating income $1.4B · 12.3%
  7. Income tax $331M · 2.8%
  8. Interest and other $227M · 1.9%
  9. Net income $883M · 7.6%

Shares of revenue. Source: The Hershey's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 5.3 5.7 6.1 6.6 7.1 7.4 7.4 7.4 7.5 7.8 8.0 8.1 9.0 10.4 11.2 11.2 11.7 12.3
Gross profit — — — — — 3.3 3.4 3.2 3.5 3.6 3.6 3.7 4.0 4.5 5.0 5.3 3.9 5.1
EBITDA — — — 1.9 1.5 1.6 1.3 1.6 1.6 1.9 1.9 2.1 2.4 2.6 3.0 3.4 1.9 3.1
Operating income — — — 1.7 1.3 1.4 1.0 1.3 1.3 1.6 1.6 1.8 2.0 2.3 2.6 2.9 1.4 2.5
Net income 0.4 0.5 0.6 0.7 0.8 0.8 0.5 0.7 0.8 1.2 1.1 1.3 1.5 1.6 1.9 2.2 0.9 1.8
Growth (year on year)
Revenue +3.2% +7.0% +7.2% +9.3% +7.6% +3.9% −0.5% +0.7% +1.0% +3.7% +2.5% +2.0% +10.1% +16.1% +7.2% +0.3% +4.4% +6.7%
EBITDA — — — — −19.7% +4.2% −20.0% +21.4% +1.2% +21.8% −1.6% +10.1% +13.5% +11.9% +12.9% +12.5% −42.0% +26.9%
Operating income — — — — −21.6% +4.1% −25.5% +21.0% +4.6% +23.6% −1.7% +11.7% +14.6% +10.6% +13.3% +13.2% −50.3% +31.5%
Net income +40.0% +16.9% +23.4% +5.1% +24.1% +3.2% −39.4% +40.4% +8.7% +50.4% −2.4% +11.2% +15.5% +11.3% +13.2% +19.3% −60.2% +31.9%
Margins
Gross margin — — — — — 45.0% 45.8% 42.6% 46.0% 45.9% 45.4% 45.4% 45.1% 43.2% 44.8% 47.3% 33.5% 41.9%
EBITDA margin — — — 28.9% 21.5% 21.6% 17.4% 20.9% 21.0% 24.6% 23.6% 25.5% 26.3% 25.3% 26.7% 29.9% 16.6% 25.2%
Operating margin — — — 25.7% 18.7% 18.8% 14.0% 16.9% 17.5% 20.8% 20.0% 21.9% 22.8% 21.7% 22.9% 25.9% 12.3% 20.8%
Net margin 8.2% 9.0% 10.3% 9.9% 11.5% 11.4% 6.9% 9.7% 10.4% 15.1% 14.4% 15.7% 16.5% 15.8% 16.7% 19.8% 7.6% 14.6%
Free-cash-flow margin 17.7% 12.7% 4.3% 12.6% 12.1% 6.4% 12.2% 10.0% 13.2% 16.3% 18.1% 15.4% 17.7% 17.4% 13.9% 17.2% 15.6% 17.3%
Cash flow
Cash from operations 1.1 0.9 0.6 1.1 1.2 0.8 1.3 1.0 1.2 1.6 1.8 1.7 2.1 2.3 2.3 2.5 2.3 2.6
Capital spending 0.1 0.2 0.3 0.3 0.3 0.4 0.4 0.3 0.3 0.3 0.3 0.4 0.5 0.5 0.8 0.6 0.5 0.4
Free cash flow 0.9 0.7 0.3 0.8 0.9 0.5 0.9 0.7 1.0 1.3 1.4 1.3 1.6 1.8 1.6 1.9 1.8 2.1
Stock-based pay 0.1 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.1 0.1 0.1 0.1 0.1 0.0 0.1 0.1
Free cash flow after stock pay 0.9 0.7 0.2 0.8 0.8 0.4 0.8 0.7 0.9 1.2 1.4 1.2 1.5 1.7 1.5 1.9 1.8 2.1
Balance sheet
Cash 0.3 0.9 0.7 0.7 1.1 0.4 0.3 0.3 0.4 0.6 0.5 1.1 0.3 0.5 0.4 0.7 0.9 0.7
Total debt 1.5 1.8 1.9 1.9 2.0 2.2 2.4 3.0 2.9 4.5 4.3 4.6 5.0 4.8 4.8 5.1 5.4 5.1
Net debt (negative = net cash) 1.3 0.9 1.2 1.2 0.8 1.8 2.1 2.7 2.5 3.9 3.8 3.5 4.7 4.3 4.4 4.4 4.5 4.4
Diluted shares 229m 230m 230m 228m 227m 225m — — — — — — — — — — — —
Returned to shareholders
Dividends 0.3 0.3 0.3 0.3 0.4 0.4 0.5 0.5 0.5 0.6 0.6 0.6 0.7 0.8 0.9 1.1 1.1 1.1
Buybacks 0.0 0.2 0.4 0.5 0.3 0.6 0.6 0.6 0.3 0.2 0.5 0.2 0.5 0.4 0.3 0.5 0.0 0.4
Total returned 0.3 0.5 0.7 0.9 0.7 1.0 1.1 1.1 0.8 0.8 1.1 0.9 1.1 1.2 1.2 1.6 1.1 1.6

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 7 checks passed · September 27, 2026
What it owns · $13.9bn
Short-term assets $3.9bnLonger-term assets $10.0bn
What it owes, and who funded it · $13.9bn
Short-term liabilities $3.1bnLonger-term liabilities $5.9bnShareholders' equity $4.9bn
  • Short-term assets cover short-term liabilities $3.9bn of assets due within a year against $3.1bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $3.9bn short-term assets against $5.9bn of longer-dated liabilities.
  • More cash than debt $677m of cash against $4.7bn of debt.
  • Debt below 40% of shareholders' equity Debt is 96% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 140% to 96% over five years.
  • A year's operating cash flow covers at least 20% of debt $2.6bn of operating cash flow against $4.7bn of debt.
  • Operating profit covers interest at least five times over Operating income of $2.5bn against $221m of interest.

From The Hershey Company's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$439M
Dividends (TTM)
$1.1B
Returned to shareholders
74%
of free cash flow
Buybacks, last 3 fiscal years
$759M
Total shareholder yield
6.3%
dividends 4.5% + buybacks 1.8% of market value
Dividend payout ratio
63%
of net income paid out
Sales & admin spending
21.1%
of revenue
Days sales outstanding
33 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in packaged foods & meats
Last 12 months unless stated HSY HRL CAG SEB SFD CPB Median
Revenue, last 12 months $12.3bn $12.1bn $11.2bn $10.3bn $15.2bn $9.7bn $1.5bn
Revenue growth, last 12 months 6.7% 0.7% −1.8% 8.2% −0.6% −5.0% 2.1%
Revenue growth, 3-year average 3.2% −0.1% −2.9% −0.6% −2.4% 1.4% 1.5%
Revenue growth, latest quarter 3.0% −2.4% −1.4% 17.8% −8.3% −7.9% −1.8%
Gross margin 41.9% 15.7% 23.8% 8.1% 12.6% 28.1% 25.6%
Operating margin 20.8% 4.7% −15.2% 3.4% 7.6% 8.7% 3.1%
Operating margin, 3-year average 19.9% 7.3% 0.8% 2.8% 7.2% 10.0% 4.8%
Net margin 14.6% 2.8% −17.0% 6.2% 5.9% 4.1% 2.1%
Cash from operations / revenue 20.9% 9.0% 11.4% 4.6% 8.6% 10.7% 8.0%
Free-cash-flow margin 17.3% 6.4% 7.8% −0.2% 6.1% 6.4% 3.9%
Free-cash-flow margin, 3-year average 16.1% 6.4% 10.0% 0.0% — 6.2% 5.7%
Stock pay / revenue 0.6% 0.2% 0.4% — 0.1% 0.6% 0.6%
Change in share count −1.9% 0.1% −0.1% −1.3% 1.4% 0.0% 0.0%

Median of all 44 companies we cover in packaged foods & meats. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

44 packaged foods & meats companies
Measure Company Peer median Rank
Revenue growth Growth 6.7% 2.2% 13 of 44
Change in growth rate Growth -1.0pp -1.0pp 23 of 44
Gross margin Profitability 41.9% 25.6% 4 of 43
Operating margin Profitability 20.8% 3.4% 1 of 42
Net margin Profitability 14.6% 2.3% 4 of 44
Free-cash-flow margin Cash generation 17.3% 4.3% 2 of 43
Stock pay as % of revenue Cash generation 0.6% 0.6% 20 of 39
Long-term debt as % of assets Balance sheet 32.3% 18.5% 25 of 35
Days sales outstanding Balance sheet 33 days 33 days 19 of 35

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Geography
Region Revenue Share YoY
United States $10.3B 87.7% ▲ 4.9%
Outside the US $1.4B 12.3% ▲ 0.7%

From The Hershey Company's 10-K filed February 17, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$23B
Institutions reporting
1,405
Shares held vs prior quarter
▲ 5.0%
Positions opened / closed
105 / 177

Top buyers and sellers, Q2 2026: 641 institutions bought and 685 sold ; the biggest buyer was GQG Partners LLC (+2.8M shares) and the biggest seller Two Sigma Investments, LP (−1.9M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $2.3B 13.1M 10.0% ▲ 2.7%
Vanguard Capital Management LLC $1.7B 9.7M 7.4% ▲ 0.6%
Vanguard Portfolio Management LLC $1.3B 7.3M 5.6% ▲ 0.9%
State Street Corp $1.3B 7.2M 5.5% ▼ 1.3%
Morgan Stanley $991M 5.6M 4.3% ▲ 43.2%
Charles Schwab Investment Management Inc $835M 4.8M 3.6% ▲ 10.7%
Geode Capital Management, LLC $748M 4.3M 3.3% ▲ 2.0%
Capital World Investors $614M 3.5M 2.7% ▲ 27.3%
FMR LLC $527M 3.0M 2.3% ▲ 0.5%
Royal Bank Of Canada $507M 2.9M 2.2% ▼ 4.8%
GQG Partners LLC $485M 2.8M 2.1% New
Capital Research Global Investors $474M 2.7M 2.1% ▲ 13.3%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not The Hershey Company's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $445,411 3 trades by 3 insiders, last 12 months Insider sales History → $295M 794 trades by 6 insiders · 100% under pre-set plans
Net ▼ $295M net selling
Insider Date Trade Shares Price Value
Hershey Trust Co Trustee In Trust For Milton Hershey School 10% owner October 30, 2026 Sell pre-set plan 5,574 $165.40 $921,915
Hershey Trust Co Trustee In Trust For Milton Hershey School 10% owner October 30, 2026 Sell pre-set plan 3,883 $164.59 $639,115
Hershey Trust Co Trustee In Trust For Milton Hershey School 10% owner October 30, 2026 Sell pre-set plan 260 $163.31 $42,460
Hershey Trust Co Trustee In Trust For Milton Hershey School 10% owner October 30, 2026 Sell pre-set plan 208 $162.13 $33,723
Hershey Trust Co Trustee In Trust For Milton Hershey School 10% owner October 30, 2026 Sell pre-set plan 75 $161.77 $12,133
Hershey Trust Co Trustee In Trust For Milton Hershey School 10% owner October 29, 2026 Sell pre-set plan 65 $165.67 $10,769
Hershey Trust Co Trustee In Trust For Milton Hershey School 10% owner October 29, 2026 Sell pre-set plan 300 $164.12 $49,237
Hershey Trust Co Trustee In Trust For Milton Hershey School 10% owner October 29, 2026 Sell pre-set plan 1,627 $163.44 $265,922
Hershey Trust Co Trustee In Trust For Milton Hershey School 10% owner October 29, 2026 Sell pre-set plan 930 $162.35 $150,988
Hershey Trust Co Trustee In Trust For Milton Hershey School 10% owner October 29, 2026 Sell pre-set plan 2,126 $161.59 $343,532
Hershey Trust Co Trustee In Trust For Milton Hershey School 10% owner October 29, 2026 Sell pre-set plan 4,952 $160.45 $794,551
Hershey Trust Co Trustee In Trust For Milton Hershey School 10% owner October 28, 2026 Sell pre-set plan 716 $164.09 $117,488

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 41 trades and filings

In the last 12 months, 2 members of Congress disclosed 0 purchases and 4 sales of The Hershey Company shares.

  • Dan Newhouse(R-WA 4):Sale (full), $1,001 - $15,000, traded July 10, 2026, filed July 17, 2026
  • Scott Franklin(R-FL 18):Sale (full), $1,001 - $15,000, traded February 10, 2026, filed February 23, 2026
  • Scott Franklin(R-FL 18):Sale (full), $1,001 - $15,000, traded February 10, 2026, filed February 23, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 27, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 30, 2026
  • April 30, 2026
  • March 31, 2026
  • February 5, 2026
  • October 30, 2025

Recent SEC filings

Data status

When each part of this page on The Hershey Company was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

The Hershey Company in brief

What does The Hershey Company do?
The Hershey Company is a US-listed company in the packaged foods & meats industry. Its financial year ends in December.
What is The Hershey Company's stock ticker?
The Hershey Company trades under the ticker HSY on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is The Hershey Company's revenue, and how fast is it growing?
Over its most recent trailing twelve months, The Hershey Company reported revenue of $12.3B, 6.7% higher than a year earlier, according to its SEC filings.
What is The Hershey Company's free cash flow?
The Hershey Company's free-cash-flow margin is 17.3% of revenue over the trailing twelve months, ranking 2 of the 43 packaged foods & meats companies we cover.
What is The Hershey Company's fair value (intrinsic value) per share?
Our discounted-cash-flow model of The Hershey Company's free cash flow after stock-based pay gives ~$240 per share in the base case, and ~$170–$330 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are The Hershey Company's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Does The Hershey Company pay a dividend?
Yes: The Hershey Company paid $1.1B in dividends over the trailing twelve months, a dividend yield of 4.51% and a payout ratio of 63.0%.
How much debt does The Hershey Company have?
The Hershey Company's debt-to-equity ratio is 96.2%, from its latest balance sheet (140.2% five years earlier). The financial health section below sets out its other solvency checks.
Who are The Hershey Company's competitors?
In our Packaged Foods & Meats peer group, the companies closest to The Hershey Company are Hormel Foods, Conagra Brands Inc., Seaboard Corp, Smithfield Foods Inc and Campbell's Co. The side-by-side comparison below sets their revenue, margins and growth against The Hershey Company's.
Are insiders buying or selling The Hershey Company stock?
Over the last 12 months, The Hershey Company's directors and officers reported 3 open-market purchases and 794 sales on Form 4. The insider trading page charts every trade.
When is The Hershey Company's next earnings date?
Around January 27, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — The Hershey Company announces its own schedule.