HersheyHSYRevenue: is the business selling more than it used to?
$11.7B+4% YoYFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Revenue reached $11.7B in 2025, compounding +4% a year since 2022 though the pace has cooled. The trailing twelve months are already running at $12.2B, ahead of the last full year.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-28
HersheyHSYNet income: how much of that revenue becomes profit?
$883M−60% YoYFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Net income was $883M in 2025, compounding -19% a year over three years. Trailing twelve-month profit stands at $1.5B.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-28
HersheyHSYHow fast is it growing, year by year?
+4.4%revenue growth, FY 2025
→Revenue grew +4% in 2025 against a five-year average of +8%. Earnings went the other way (-60%) even as sales grew, so margins compressed: costs rose faster than revenue.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-28
HersheyHSYFree cash flow: what is left in real cash after everything?
$1.8B−5% YoYFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Free cash flow was $1.8B in 2025, compounding +0% a year since 2022. The trailing twelve months stand at $2.2B.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-28
HersheyHSYWhere does each dollar of revenue actually go?
→Of $11.7B in 2025 sales, $883M reaches net profit - 8 cents on the dollar. The largest single deduction is producing the product ($7.8B).
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-28
HersheyHSYHow much of every sales dollar ends up as free cash?
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→16 cents of every sales dollar became free cash in 2025, and it has held steady since 2022.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-28
HersheyHSYWhat does staying competitive cost, per dollar of sales?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-28), not a full fiscal year
→The biggest claim on each sales dollar is capital spending, at 4% of revenue (stock compensation 1%, research and development 1%). That share has fallen since 2022, so the cost of competing is easing.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-28
HersheyHSYWhen sales grow, do profits grow faster?
→Operating profit outgrew revenue in 3 of the last 5 years, most recently -50% against +4%. Each additional dollar of sales is landing more profitably than the last - the definition of operating leverage.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-28
HersheyHSYMargins: of every $1 of sales, how much survives each cost layer?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-28), not a full fiscal year
→Operating margin compressed 9 points to 12% since 2022. After everything, 8 cents of each sales dollar reaches net profit.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-28
HersheyHSYWhat does it earn on the money it uses?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-28), not a full fiscal year
→ROE of 33% sits well above ROCE of 13%. A meaningful share of the shareholder return is manufactured with leverage rather than operations.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-28
HersheyHSYCould it handle its debt if things went wrong?
→Debt of $5.2B sits against $791M of cash, or 1.1x shareholders' equity. Earnings cover the interest bill 10 times over, so the debt is comfortably serviced.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-28
HersheyHSYIs the company's own capital growing?
→The company's own capital grew from $4.1B in 2023 to $4.6B (+11%). The business is building book value rather than consuming it.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-28
HersheyHSYHow much goes back, and how much leaks out as stock comp?
→Shareholders received $1.1B in dividends in 2025. Stock compensation issued $65M of new shares in the same year, offsetting 6% of that.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-28
HersheyHSYDoes HSY earn more on its capital than that capital costs?
→HSY earns 13.4% on the capital it employs, comfortably above the 10% most investors treat as the cost of capital. It was 29.4% in 2022, so the trend is down, though the path has been bumpy. That is the lowest in HSY's filed history.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-28
HersheyHSYAre the people running it buying or selling?
→Insiders sold $94M on the open market and bought nothing. Many sales are pre-scheduled diversification rather than a view on the price.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-28