The Hershey Company manufactures and distributes branded confectionery and snacks, including Hershey’s, Reese’s, Kisses, SkinnyPop and Dot’s. Its three reporting segments are North America Confectionery, North America Salty Snacks and International. Some important U.S. brands, including Kit Kat, Rolo and Cadbury, are sold under licenses rather than owned outright.
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A snapshot of what HERSHEY CO owns and owes at a point in time.
Read the company’s balance sheet in the original annual reports below.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230000047111-24-000009 | Feb 20, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240000047111-25-000014 | Feb 18, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001628280-26-008586 | Feb 17, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Hershey’s first-half 2026 recovery followed a severe 2025 earnings decline, but the rebound was not simply stronger consumer demand. Pricing supported sales while confectionery and International volumes weakened; derivative-accounting timing and a favorable tax comparison amplified reported earnings growth. Confectionery profitability recovered, whereas acquisition-led Salty Snacks growth concealed lower profit and International posted a second-quarter loss. Operating cash generation improved, but dividends and repurchases exceeded operating cash flow after capital additions. Lower cocoa futures prices offer potential relief, not an immediate reduction of equal size in realized costs, because purchasing and hedging introduce delays. July guidance anticipated further recovery, conditional on execution and cost assumptions. This view uses financial results through June 28, 2026, July 30 guidance and the September 2 CFO succession disclosure—not October financial balances.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-28 · EX-99.1 · 2026-07-30 · 8-K · 2026-09-02
Hershey’s brands reach consumers principally through distributors and retailers. North America Confectionery supplied 81.1% of 2025 sales; its scope includes Canadian operations, protein bars, pantry products, owned stores and licensing alongside candy. International therefore does not represent all sales outside the United States. Salty Snacks adds popcorn and pretzels, including acquired businesses. McLane accounted for approximately 27% of 2025 revenue and is Hershey’s primary distributor to Walmart. Revenue generally reflects delivery to customers, not subsequent consumer purchases. Holiday demand concentrates sales in the third and fourth quarters, while working-capital needs generally peak in summer.
Sources: 10-K · 2025-12-31
For the year ended December 31, 2025, sales reached $11.693 billion, but audited GAAP operating profit fell to $1.442 billion and net income to $883.3 million. Gross margin contracted to 33.5% from 47.3%. Management identified higher commodities, supply-chain costs including tariffs, and a much less favorable commodity-derivative comparison. Pricing and productivity provided offsets, not full protection. Approximately 6% pricing and 1% acquisition contribution accompanied approximately 1% lower volume. Salty Snacks increased profit, but Confectionery weakened and International income nearly disappeared. These annual findings come from the February 17, 2026 filing and are distinct from the subsequent recovery.
Sources: 10-K · 2025-12-31
First-half sales reached $5.891 billion and GAAP operating profit $1.283 billion, versus $5.420 billion and $562.0 million a year earlier. Adjusted operating profit, a non-GAAP measure, improved to $1.250 billion from $1.019 billion—a less dramatic recovery. Second-quarter organic constant-currency sales increased 3.6%, as approximately 12 points of pricing outweighed an 8-point volume/mix decline. Confectionery benefited from pricing, productivity and lower net commodity costs. Salty Snacks’ 22.9% sales growth was predominantly acquisition-related, while its profit fell. International incurred a $5.1 million quarterly loss. Derivative gains and the comparison with prior-year tax reserves magnified consolidated earnings growth.
Sources: 10-Q · 2026-06-28 · EX-99.1 · 2026-07-30
First-half 2026 operating cash flow was $888.1 million, compared with $508.9 million a year earlier. Improved earnings adjusted for noncash items and lower absorption by other assets and liabilities helped; greater selected working-capital consumption and higher cash taxes offset part of the improvement. Capital additions used $204.4 million, dividends $574.4 million and repurchases $439.4 million. Distributions therefore exceeded operating cash flow after capital additions. Cash declined to $791.2 million and short-term borrowing increased. This does not make operating cash flow equivalent to profit or establish that each distribution was financed by a particular borrowing.
Sources: 10-Q · 2026-06-28
LesserEvil closed in November 2025 for $769.1 million initial cash consideration, with up to $200 million of additional payments conditional on earnings targets. Its purchase allocation was finalized in second-quarter 2026; that accounting value is not another cash payment. Sour Strips also carries contingent consideration with an undisclosed remaining ceiling. At June 28, Hershey maintained a $1.875 billion revolver expiring in October 2030 and reported covenant compliance. The commitment is not cash or verified unused availability. The supplied evidence does not confirm subsequent repayment or refinancing of $500 million of notes due August 15, 2026.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-28
Cocoa purchasing and hedging can delay both cost inflation and relief. Price increases risk further volume losses, while product withdrawals, logistics and execution problems can impair snack growth. July 30 guidance projected 2026 sales growth of 4.5%–5%, GAAP diluted EPS of $7.89–$8.17 and adjusted EPS of $8.36–$8.52, excluding potential future tariff rebates. These are forecasts, not achieved results. The approximately $400 million annual automation-savings target is an eventual run rate, distinct from approximately $100 million expected during 2026. The School Trust’s approximately 79% voting control also limits public shareholders’ influence over corporate decisions.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-28 · EX-99.1 · 2026-07-30
USD 11.692576 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 11.692576 bn | 4.4% |
| 2024 | USD 11.202263 bn | 0.3% |
| 2023 | USD 11.164992 bn | — |
Consolidated revenue net of trade promotions, incentives, allowances and discounts.
Sources: 10-K · 2025-12-31
USD 883.259 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 883.259 m | -60.2% |
| 2024 | USD 2.221239 bn | 19.3% |
| 2023 | USD 1.861787 bn | — |
Consolidated GAAP income after income taxes.
Sources: 10-K · 2025-12-31
USD 2.277367 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 2.277367 bn | -10.0% |
| 2024 | USD 2.531596 bn | 9.0% |
| 2023 | USD 2.32319 bn | — |
GAAP operating cash flow, including operating derivative cash flows and supplier-finance payments.
Sources: 10-K · 2025-12-31
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