Hershey vs Mondelez: Revenue, Profit and Business Model
Hershey reported $11.7B of revenue in FY2025 and $883.3M of net income. Mondelez reported $38.5B of revenue in FY2025 and $2.5B 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%.
Mondelez
Mondelez grew net revenues from $25.9 billion in 2016 to $38.5 billion in 2025, helped by pricing, emerging-market growth and acquisitions such as Chipita, Clif Bar and Ricolino in 2022. Profit has been more volatile: net earnings fell from $4.61 billion in 2024 to $2.45 billion in 2025 as record cocoa costs squeezed margins. Q2 2026 net revenues rose 4.1% to $9.355 billion (2.2% organic growth) and net income rose to about $1.55 billion from $641 million a year earlier, and management raised its 2026 organic revenue growth outlook.
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 |
Mondelez
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $38.5B | $2.5B | 6.4% | +5.8% | Source |
| FY2024 | $36.4B | $4.6B | 12.7% | +1.2% | Source |
| FY2023 | $36B | $5B | 13.8% | +14.4% | Source |
| FY2022 | $31.5B | $2.7B | 8.6% | +9.7% | Source |
| FY2021 | $28.7B | $4.3B | 15.0% | +8.0% | Source |
| FY2020 | $26.6B | $3.6B | 13.4% | +2.8% | Source |
| FY2019 | $25.9B | $3.9B | 15.2% | -0.3% | Source |
| FY2018 | $25.9B | $3.3B | 12.8% | +0.2% | Source |
| FY2017 | $25.9B | $2.8B | 10.9% | -0.1% | Source |
| FY2016 | $25.9B | $1.6B | 6.3% | — | 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.
Mondelez
- Biscuits and baked snacks
Revenue from brands such as Oreo, Ritz, belVita, Chips Ahoy!, LU, and Tate's.
- Chocolate
Revenue from Cadbury, Milka, Toblerone, and regional chocolate brands.
- Gum and candy
Revenue from products including Sour Patch Kids, Halls, and other confectionery brands.
- Bars and adjacent snacks
Revenue from Clif Bar and other broader snacking products.
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.
Mondelez
How it makes money
Mondelez manufactures and sells branded snacks: biscuits and baked snacks (Oreo, Ritz, LU, belVita, Chips Ahoy!, Tate's, 7Days), chocolate (Cadbury, Milka, Toblerone, Côte d'Or), gum and candy (Halls, Sour Patch Kids, Ricolino) and smaller beverage and cheese & grocery lines. Biscuits and chocolate generate the large majority of revenue.
Growth strategy
Management focuses on the core categories of chocolate, biscuits and baked snacks, on emerging markets (Latin America organic growth was 8.4% and AMEA 7.1% in Q2 2026), and on selective bolt-on acquisitions. At CAGNY in February 2026, CEO Dirk Van de Put said many acquisition targets had become too expensive, so M&A stays disciplined while pricing, portion-size packs and premium lines support growth.
Competitive advantage
Mondelez's advantage is brand depth plus distribution. Oreo, Cadbury and Milka are category leaders in many countries, and the company reaches traditional trade in emerging markets such as India, Brazil and Mexico where small competitors struggle to build routes to market.
Questions about Hershey vs Mondelez
Which company has higher revenue — The Hershey Company or Mondelez International, Inc.?
The Hershey Company reported $11.7B (FY2025), while Mondelez International, Inc. reported $38.5B (FY2025). By last reported revenue, Mondelez International, Inc. is the larger business, with The Hershey Company reporting a smaller revenue base.
What is the market cap of The Hershey Company vs Mondelez International, Inc.?
The Hershey Company's market capitalisation stands at $34.1B, while Mondelez International, Inc.'s is $76.8B. Mondelez International, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to The Hershey Company.
Which is more financially efficient — The Hershey Company or Mondelez International, Inc.?
The Hershey Company generates $597k / employee in revenue per employee, while Mondelez International, Inc. generates $423k / employee. The Hershey Company shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do The Hershey Company and Mondelez International, Inc. make money?
The Hershey Company and Mondelez International, Inc. generate revenue in fundamentally different ways. The Hershey Company: Hershey is a branded consumer packaged goods manufacturer. Mondelez International, Inc.: Mondelez manufactures and sells branded snacks: biscuits and baked snacks (Oreo, Ritz, LU, belVita, Chips Ahoy!
Which company is valued higher relative to revenue — The Hershey Company or Mondelez International, Inc.?
On a price-to-sales (P/S) basis, The Hershey Company trades at 2.9x P/S and Mondelez International, Inc. at 2.0x P/S. The Hershey Company commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Mondelez International, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is The Hershey Company bigger than Mondelez International, Inc.?
By last reported revenue, Mondelez International, Inc. ($38.5B (FY2025)) 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 Mondelez overview