The Hershey Company
Financial Performance
Hershey Revenue & Financials
Revenue
$11.7B (FY2025)
Market Cap
$34.1B
Net Income
$883.3M
Employees
19,595
What is Hershey's revenue?
Hershey had $11.7B in revenue for fiscal year 2025, up 4.4% from 2024. Net income was $883.3M.
- Latest revenue
- $11.7B (FY2025)
- Year-over-year
- +4.4%
- Growth rate (CAGR)
- 5.2% over 9 years
- Peak revenue
- $11.7B (FY2025)
- Years of data
- 10
- Employees
- 19,595
Financial Analysis
Hershey's net sales grew from $7.44 billion in 2016 to $11.69 billion in 2025, with the biggest jumps in 2021 (+10.1%) and 2022 (+16.1%) as pricing and acquisitions kicked in. Net income peaked at $2.22 billion in 2024, then fell to $883.3 million in 2025 when record cocoa prices flowed through costs; fourth-quarter 2025 adjusted gross margin dropped 650 basis points to 38.3%. 2026 is a recovery year: first-half net sales rose 8.7% to $5.89 billion, and after the second quarter Hershey guided to 4.5%-5% net sales growth and adjusted EPS of $8.36-$8.52, up 32.5%-35%. The Hershey Company is a monumental American multinational manufacturer of baked goods and chocolates, commanding a market valuation frequently exceeding $40 billion.
Revenue Trend Analysis
YoY Change
+4.4%
9-Year CAGR
+5.2%
Peak Year
2025
Trend
Consistent Growth
The Hershey Company has 10 full fiscal year figures on this page, compounding at +5.2% annually over 9 years. The most recent year saw a 4.4% increase versus the prior year. Annual revenue peaked in fiscal year 2025 at $11.7B. Of 9 comparable year-over-year steps, 9 showed growth and 0 showed a decline.
Annual revenue history
Click any row to see year details.
The Hershey Company balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row. Free cash flow here is operating cash flow less capital expenditures, calculated by CorpDigest.
| Fiscal Year | Operating cash flow | Capital expenditures | Total assets | Total liabilities | Shareholders' equity | Free cash flow | Source |
|---|---|---|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | $2.3B | $454.6M | $13.7B | $9.1B | $4.6B | $1.8B | Form 10-K |
| FY2024ended Dec 31, 2024 | $2.5B | $605.9M | $12.9B | $8.2B | $4.7B | $1.9B | Form 10-K |
| FY2023ended Dec 31, 2023 | $2.3B | $771.1M | $11.9B | $7.8B | $4.1B | $1.6B | Form 10-K |
| FY2022ended Dec 31, 2022 | $2.3B | $519.5M | $10.9B | $7.6B | $3.3B | $1.8B | Form 10-K |
| FY2021ended Dec 31, 2021 | $2.1B | $495.9M | $10.4B | $7.7B | $2.8B | $1.6B | Form 10-K |
| FY2020ended Dec 31, 2020 | $1.7B | $441.6M | $9.1B | $6.9B | $2.2B | $1.3B | Form 10-K |
| FY2019ended Dec 31, 2019 | $1.8B | $318.2M | $8.1B | $6.4B | $1.7B | $1.4B | Form 10-K |
| FY2018ended Dec 31, 2018 | $1.6B | $328.6M | $7.7B | $6.3B | $1.4B | $1.3B | Form 10-K |
| FY2017ended Dec 31, 2017 | $1.2B | $257.7M | $5.6B | $4.6B | $915.3M | $991.8M | Form 10-K |
| FY2016ended Dec 31, 2016 | $1B | $269.5M | $5.5B | $4.7B | $785.9M | $744M | Form 10-K |
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Hershey Revenue and Financial FAQ
What is the annual revenue magnitude and operating profit scale of The Hershey Company?
The Hershey Company reported revenue of $11.7 billion for fiscal year 2025, up from $11.2 billion in fiscal 2024.
What is Hershey's Capital Allocation framework regarding dividends and reinvestment?
Hershey maintains a long-standing capital return commitment, targeting a ~50% dividend payout ratio, having increased its annual common stock cash dividend for over 14 consecutive years, while funding automated supply chain capacity and disciplined tuck-in M&A.
Why did Hershey's net income fall in 2025?
Hershey's 2025 net income fell to $883.3 million from $2.22 billion in 2024 because record cocoa prices raised input costs faster than price increases could offset them. Net sales still rose 4.4% to $11.69 billion, and fourth-quarter adjusted gross margin fell 650 basis points to 38.3%.
How do historic spikes in global cocoa commodity futures impact Hershey's gross margins?
Unprecedented global cocoa bean price surges (driven by West African crop shortages) increase raw material costs. Hershey mitigates this through rolling 12-to-24-month commodity futures hedges, recipe formula optimization, expanding non-cocoa sweets (gummies, licorice), and salty snacks diversification.
What is Hershey's 2026 financial outlook?
After second-quarter 2026 results, Hershey guided to full-year net sales growth of about 4.5%-5%, organic net sales growth of 3%-3.5%, and adjusted EPS of $8.36-$8.52, an increase of 32.5%-35%.
How does the Milton Hershey School Trust influence corporate financial governance?
Because the Milton Hershey School Trust relies on Hershey's quarterly cash dividends to fund its multi-hundred-million-dollar annual school operating budget, the Board maintains an uncompromised commitment to steady, growing cash dividend distributions and conservative balance sheet stewardship.
What is the contribution of the North America Salty Snacks segment to consolidated margins?
North America Salty Snacks is roughly 11% of Hershey's net sales, or around $1.3 billion on 2025's $11.69 billion total. It is less seasonal than candy and less exposed to cocoa, though management flagged supply-chain cost pressure in the segment in 2026.
Who owns The Hershey Company?
Despite being a massive publicly traded company, it is entirely controlled by a charity. Before his death, Milton Hershey (who had no children) transferred his entire fortune and voting control of the company to the Milton Hershey School Trust. Today, this massive $17 billion trust operates a school for orphans and completely controls the corporate board.
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Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Hershey Revenue & Financials." CorpDigest, https://corpdigest.com/company/hershey/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Hershey reported $11.7B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/hershey/financials" target="_blank" rel="noopener">CorpDigest — Hershey financials</a></div>Related Financial Audits
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