Hershey vs Kellanova: Revenue, Profit and Business Model
Hershey had $11.7B of annual revenue in FY2025 and $883.3M of net income. Kellanova had $12.7B of annual revenue in FY2024 and $1.3B of net income.
Latest financial snapshot
Financial summary
Hershey
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.
Kellanova
Kellanova's last standalone Form 10-K reported FY2024 net sales of $12.749 billion, down 2.8% from $13.122 billion in FY2023, and net income of $1.343 billion, up from $951 million. Figures for 2021 and later reflect continuing operations after the WK Kellogg Co spin-off; earlier years are the legacy Kellogg Company. Mars paid $83.50 per share in cash, valuing Kellanova at about $35.9 billion including debt. Since the December 11, 2025 close, Kellanova no longer files quarterly or annual results with the SEC, and Mars, a private company, does not break out Kellanova's numbers. Kellanova (formerly the global snacking division of Kellogg's) is a monumental multinational food manufacturing company, recently targeted for acquisition by Mars in a massive $35.9 billion deal.
Revenue and profit by year
Hershey
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $11.7B | $883.3M | 7.6% | +4.4% | Source |
| FY2024 | $11.2B | $2.2B | 19.8% | +0.3% | Source |
| FY2023 | $11.2B | $1.9B | 16.7% | +7.2% | Source |
| FY2022 | $10.4B | $1.6B | 15.8% | +16.1% | Source |
| FY2021 | $9B | $1.5B | 16.5% | +10.1% | Source |
| FY2020 | $8.1B | $1.3B | 15.7% | +2.0% | Source |
| FY2019 | $8B | $1.1B | 14.4% | +2.5% | Source |
| FY2018 | $7.8B | $1.2B | 15.1% | +3.7% | Source |
| FY2017 | $7.5B | $783M | 10.4% | +1.0% | Source |
| FY2016 | $7.4B | $720M | 9.7% | — | Source |
Kellanova
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2024 | $12.7B | $1.3B | 10.5% | -2.8% | Source |
| FY2023 | $13.1B | $951M | 7.2% | +3.7% | Source |
| FY2022 | $12.7B | $960M | 7.6% | +7.7% | Source |
| FY2021 | $11.7B | $1.5B | 12.7% | -14.7% | Source |
| FY2020 | $13.8B | $1.3B | 9.1% | +1.4% | Source |
| FY2019 | $13.6B | $960M | 7.1% | +0.2% | Source |
| FY2018 | $13.5B | $1.3B | 9.9% | +5.4% | Source |
| FY2017 | $12.9B | $1.3B | 9.8% | -0.9% | Source |
| FY2016 | $13B | $699M | 5.4% | -11.1% | Source |
| FY2015 | $14.6B | $632M | 4.3% | — | Source |
Where the revenue comes from
Hershey
- North America Confectionery~81%
Chocolate, candy, mints, gum, and seasonal confectionery brands including Reese's, Hershey's, Kisses, Twizzlers, and U.S. Kit Kat licensing.
- North America Salty Snacks~11%
SkinnyPop, Dot's, Pirate's Booty, and related salty-snack brands that diversify occasions beyond chocolate.
- International~8%
Sales in markets outside the United States and Canada, including Mexico, Brazil, China, and other international operations.
- Licensing and Other
Included in segments
Licensing and partner economics associated with selected brands, formats, and international arrangements.
Kellanova
- Snacking Brands
largest contributor
Pringles, Cheez-It, Pop-Tarts, Rice Krispies Treats, RXBAR, and other snack brands drove the growth profile that made Kellanova attractive to Mars Snacking.
- International Cereal and Noodles
meaningful global base
Kellanova kept Kellogg's international cereal brands and noodle businesses after the North American cereal spin-off, giving it a global grocery footprint beyond U.S. snacks.
- Frozen and Plant-Based Foods
smaller portfolio segment
Frozen breakfast and plant-based products added category breadth but were smaller than the company's global snacks platform.
Business model and strategy
Hershey
How it makes money
Hershey is a branded consumer packaged goods manufacturer. It buys cocoa, sugar, dairy, peanuts and packaging, converts them into branded chocolate, candy and snacks in its own plants, and sells them wholesale to retailers such as Walmart, grocery chains, convenience stores, dollar stores and club stores.
Growth strategy
Under Kirk Tanner, Hershey's ONE Hershey strategy aims to lead U.S. snacking across sweet and salty occasions. The salty push began with Amplify Snack Brands (SkinnyPop) in 2018, followed by Pirate's Booty (2018), Dot's Homestyle Pretzels and Pretzels Inc. (2021), and LesserEvil, closed in November 2025 for a reported $750 million.
Competitive advantage
Hershey's advantage is a portfolio of category-leading U.S. brands, led by Reese's, plus scale in retail merchandising and seasonal candy. The company describes itself as No. 1 in U.S. confection and No. 2 in U.S. snacking. Its exclusive U.S. license for Kit Kat and the Hershey Trust's voting control also give it unusual stability against takeovers and short-term activist pressure.
Kellanova
How it makes money
Kellanova makes money by manufacturing branded packaged foods and selling them to grocery chains, mass merchants, club stores, convenience stores, foodservice operators and e-commerce retailers in roughly 180 markets.
Growth strategy
Before the sale, Kellanova's stated plan was to grow its biggest snack brands (Pringles, Cheez-It, Pop-Tarts, Rice Krispies Treats) faster than its other categories, expand Cheez-It internationally, and keep building in emerging markets, especially Africa through Multipro.
Competitive advantage
Kellanova's edge is a small number of very large brands with global reach. Pringles sells in more than 140 countries using a single, standardized product and tube format, and Cheez-It is one of the leading cracker brands in the U.S. That brand scale, plus decades of retailer relationships and an emerging-markets footprint in Africa, Latin America and Asia, is what Mars paid a premium for.
Questions about Hershey vs Kellanova
Which company has higher revenue — The Hershey Company or Kellanova?
The Hershey Company had $11.7B (FY2025), while Kellanova had $12.7B (FY2024). By latest annual revenue, Kellanova is the larger business, with The Hershey Company showing a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of The Hershey Company vs Kellanova?
The Hershey Company has a market capitalisation of $34.1B. A public market cap figure for Kellanova was not available (it may be privately held).
How does revenue per employee compare for The Hershey Company and Kellanova?
The Hershey Company has $597k / employee in revenue per employee, while Kellanova has $554k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do The Hershey Company and Kellanova make money?
The Hershey Company and Kellanova generate revenue in fundamentally different ways. The Hershey Company: Hershey is a branded consumer packaged goods manufacturer. Kellanova: Kellanova makes money by manufacturing branded packaged foods and selling them to grocery chains, mass merchants, club stores, convenience stores, foodservice operators and e-commerce retailers in roughly 180 markets.
Is The Hershey Company bigger than Kellanova?
By last reported revenue, Kellanova ($12.7B (FY2024)) is the larger company compared to The Hershey Company ($11.7B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Hershey vs Kellanova overview