Company file · HSY
Hershey
North America Salty Snacks was Hershey's fastest-growing segment in FY2025, up 11.9%
Revenue rose 4.4% to $11.7B in FY2025, from $11.2B in FY2024. Net income fell 60.2% to $883M. North America Confectionery was the largest segment, at 81% of revenue.
Key facts
In fiscal 2025, which ended Dec 31, 2025, Hershey (NYSE: HSY) took in $11.7B of revenue (up 4.4% on fiscal 2024); net income was $883M (down 60.2%). The most recent quarter, ended Sep 27, 2026, brought revenue of $3.3B, up 3.0% year over year, with net income of $581M. North America Confectionery was the biggest single line by segment: 81% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 17, 2026) and 10-Q for the quarter ended Sep 27, 2026 (filed Oct 29, 2026).
Source: 10-K FY2025, filed Feb 17, 2026
Source: 10-Q filed Apr 30, 2026 · 10-Q filed Jul 30, 2026 · 10-Q filed Oct 29, 2026
How it makes money
By segment, FY2025
- LineAmountSharevs FY2024
- North America Confectionery$9.5B81%+4.0%
- North America Salty Snacks$1.3B11%+11.9%
- International$942M8%−0.7%
Source: 10-K FY2025, XBRL breakdown
By segment in FY2025: North America Confectionery (81%), North America Salty Snacks (11%) and International (8%), as shares of total revenue. Total revenue was $11.7B.
Source: 10-K FY2025
By region, FY2025
Share is of the FY2025 total; the last column is the change from FY2024.
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
Source: Hershey 10-Q for the quarter ended Sep 27, 2026, filed Oct 29, 2026
By segment
Source: Hershey 10-Q for the quarter ended Sep 27, 2026, filed Oct 29, 2026
The bull case and the bear case
The bull case
- Revenue rose 4.4% in FY2025 to $11.7B, from $11.2B a year earlier. 10-K, FY2025
- Revenue in the quarter ended Sep 27, 2026 was $3.3B, up 3.0% on a year earlier. 10-Q, quarter ended Sep 27, 2026
- Net income in the quarter ended Sep 27, 2026 was $581M, up 110.2% on a year earlier. 10-Q, quarter ended Sep 27, 2026
- North America Salty Snacks revenue grew 11.9% in FY2025 to $1.3B. 10-K, FY2025
The bear case
- Net income fell 60.2% in FY2025 to $883M, from $2.2B. 10-K, FY2025
- Operating cash flow fell 10.0% in FY2025 to $2.3B. 10-K, FY2025
- Total debt rose 5.9% in FY2025 to $5.4B. 10-K, FY2025
- International revenue fell 0.7% in FY2025 to $942M. 10-K, FY2025
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Hershey is in the packaged foods & meats industry, part of the consumer staples sector. The SEC files it under Sugar & Confectionery Products.
Hershey reports 3 segments: North America Confectionery, North America Salty Snacks and International.
Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the packaged foods & meats industry. They are not a summary of Hershey’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- CostsCommodity, packaging and freight costs can rise faster than prices.
- Consumer habitsShoppers can trade down to store brands or change what they buy.
- Retail customersA few large retailers account for much of its sales.
- Regulation and safetyFood and product safety rules and recalls can bring cost and reputational harm.
- CompetitionRivals and private-label products compete for shelf space and prices.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $11.2B | $11.2B | $11.7B |
| Net income | $1.9B | $2.2B | $883M |
| Operating cash flow | $2.3B | $2.5B | $2.3B |
| Cash & equivalents (year end) | $402M | $731M | $926M |
| Total debt (year end) | $4.8B | $5.1B | $5.4B |
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash, cash equivalents and restricted cash, the only cash total tagged in its filings.
- Total debt: Short-term borrowings and the current part of long-term debt plus long-term debt, at carrying value.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Segment reporting
- Net debt and net cash
- Debt-to-equity ratio
- Risk factors (Item 1A)
- The cash flow statement
- Large accelerated filers
- Form 144: notice of a proposed sale
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
What we left out
- Diluted shares: the company's filing data doesn't carry them for all the years shown, so they aren't shown.
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Oct 29, 2026 | Sep 27, 2026 |
| 10-Q | Jul 30, 2026 | Jun 28, 2026 |
| 10-Q | Apr 30, 2026 | Mar 29, 2026 |
| DEF 14A | Mar 25, 2026 | May 5, 2026 |
| 10-K | Feb 17, 2026 | Dec 31, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about Hershey
How does Hershey make money?
In fiscal 2025, revenue totaled $11.7B. By segment in FY2025: North America Confectionery (81%), North America Salty Snacks (11%) and International (8%), as shares of total revenue. Total revenue was $11.7B. Source: 10-K for fiscal 2025, filed Feb 17, 2026.
What was Hershey's revenue in fiscal 2025?
Revenue came to $11.7B in the year ended Dec 31, 2025. Going back two years, it was $11.2B in fiscal 2023 and $11.2B in fiscal 2024, so the latest year was up 4.4%. Source: 10-K for fiscal 2025, filed Feb 17, 2026.
Is Hershey profitable?
Yes, by US accounting rules (GAAP): net income was $883M in fiscal 2025, down 60.2% from $2.2B a year earlier. For the quarter ended Sep 27, 2026, net income was $581M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 17, 2026.
What did Hershey report in its latest quarterly filing?
The 10-Q for the quarter ended Sep 27, 2026 shows revenue of $3.3B, against $3.2B in the same quarter a year before (up 3.0%), and net income of $581M, against $276M (up 110.2%). Source: 10-Q for the quarter ended Sep 27, 2026, filed Oct 29, 2026.
How much cash and debt does Hershey have?
On Sep 27, 2026, cash and cash equivalents stood at $677M and total debt at $5.1B. Total debt here is short-term borrowings and the current part of long-term debt plus long-term debt, at carrying value. Source: 10-Q filed Oct 29, 2026.
What are the main risks Hershey faces?
Hershey's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 17, 2026. Risks that are common among companies in the packaged foods & meats industry include Costs; consumer habits; retail customers; regulation and safety; competition. The first: Commodity, packaging and freight costs can rise faster than prices. Source: 10-K, Item 1A Risk Factors.
Where do these Hershey numbers come from?
Two filings Hershey made with the SEC: its fiscal 2025 10-K, filed Feb 17, 2026, and its 10-Q for the quarter ended Sep 27, 2026, filed Oct 29, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning Hershey
- GQG Partners: 2,766,786 shares, reported value $485.4M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 12, 2026.
- Citadel Advisors: 364,672 shares, reported value $64.0M at Jun 30, 2026 (−50.0% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Millennium Management: 226,821 shares, reported value $39.8M at Jun 30, 2026 (−58.1% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Markel Group: 75,000 shares, reported value $11.8M at Sep 30, 2026 (same number of shares as in the filing for Jun 30, 2026). Form 13F filed Oct 30, 2026.
- Two Sigma Investments: 45,163 shares, reported value $7.9M at Jun 30, 2026 (−97.7% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Bridgewater Associates: 8,635 shares, reported value $1.5M at Jun 30, 2026 (−40.2% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Maverick Capital: 6,924 shares, reported value $1.2M at Jun 30, 2026 (−70.3% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in HSY
- The editor holds no position in Hershey (HSY). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell HSY from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 9, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold HSY, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| HersheyHSY | FY2025 | $11.7B | +4.4% | $883M |
| MondelezMDLZ | FY2025 | $38.5B | +5.8% | $2.5B |
| Kraft HeinzKHC | FY2025 | $24.9B | −3.5% | −$5.8B |
| Tyson FoodsTSN | FY2025 | $54.4B | +2.1% | $474M |
| General MillsGIS | FY2026 | $18.4B | −5.4% | −$88M |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.