15 years of revenue, profit, cash flow and balance-sheet history through FY2025,
from SEC filings — with a computed, factual read of the trend.
Updated Overview →
Growth & profitability
Revenue has grown 7.5% per year over the past 5 years.
Net income has grown slower than revenue (-7.1% vs 7.5% per year).
Operating margin has contracted, at 12.3% in the latest year.
Free cash flow has grown 7.7% per year over the past 5 years.
Financial health
Total debt ($5.4B) exceeds cash ($926M); net debt is $4.5B.
Total debt has grown slower than revenue (3.3% vs 7.5% per year).
Operating income covered interest expense 6.4× in the latest year, down from 12× 5 years ago.
Total debt is 2.8× EBITDA.
Shareholder returns
Dividends have been paid for 15 consecutive years, consuming 122.9% of earnings and 59.5% of free cash flow.
The dividend has grown 11.1% per year over the past 5 years.
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Return on equity & assets (ROE / ROA)
ROEROA
Free cash flow (CFO − capex)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key annual figures
FY
Revenue
Net income
Gross M
Op M
ROE
ROA
FCF
Total debt
Cash
2025
$11.7B
$883M
33.5%
12.3%
19.0%
6.4%
$1.8B
$5.4B
$926M
2024
$11.2B
$2.2B
47.3%
25.9%
47.1%
17.2%
$1.9B
$5.1B
$731M
2023
$11.2B
$1.9B
44.8%
22.9%
45.4%
15.6%
$1.6B
$4.8B
$402M
2022
$10.4B
$1.6B
43.2%
21.7%
49.8%
15.0%
$1.8B
$4.8B
$464M
2021
$9.0B
$1.5B
45.1%
22.8%
53.6%
14.2%
$1.6B
$5.0B
$329M
2020
$8.1B
$1.3B
45.4%
21.9%
57.1%
14.0%
$1.3B
$4.6B
$1.1B
2019
$8.0B
$1.1B
45.4%
20.0%
65.9%
14.1%
$1.4B
$4.3B
$493M
2018
$7.8B
$1.2B
45.9%
20.8%
83.7%
15.3%
$1.3B
$4.5B
$588M
2017
$7.5B
$783M
46.0%
17.5%
84.1%
14.1%
$992M
$2.9B
$380M
2016
—
$720M
—
—
87.0%
13.0%
$744M
$3.0B
$297M
2015
—
$513M
—
—
49.0%
9.6%
$900M
$2.4B
—
2014
—
$847M
—
—
55.7%
15.1%
$474M
$2.2B
—
2013
—
$820M
—
—
50.8%
15.3%
$868M
$2.0B
—
2012
—
$661M
—
—
63.0%
13.9%
$836M
$1.9B
—
2011
—
$629M
—
—
71.4%
14.3%
$264M
$1.9B
—
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Return on equity & assets (ROE / ROA)
ROEROA
Free cash flow (CFO − capex, quarterly)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key quarterly figures
Quarter
Revenue
Net income
Gross M
Op M
ROE
ROA
FCF
Total debt
Cash
Sep '26
$3.3B
$581M
46.1%
25.0%
11.9%
4.2%
$650M
$5.1B
$677M
Jun '26
$2.8B
$458M
45.3%
23.1%
10.0%
3.3%
$329M
$5.6B
$791M
Mar '26
$3.1B
$435M
39.4%
20.6%
9.2%
3.1%
$354M
$5.4B
$877M
Dec '25
$3.1B
$320M
37.0%
14.4%
6.9%
2.3%
$788M
$5.4B
$926M
Sep '25
$3.2B
$276M
32.6%
13.7%
6.1%
2.0%
$756M
$5.4B
$1.2B
Jun '25
$2.6B
$63M
30.5%
7.4%
1.4%
0.5%
$27M
$5.6B
$912M
Mar '25
$2.8B
$224M
33.7%
13.2%
4.8%
1.6%
$251M
$5.9B
$1.5B
Dec '24
$2.9B
$797M
54.0%
32.5%
16.9%
6.2%
$807M
$5.1B
$731M
Sep '24
$3.0B
$446M
41.3%
20.5%
10.6%
3.5%
$567M
$5.3B
$615M
Jun '24
$2.1B
$181M
40.2%
13.9%
4.5%
1.5%
$195M
$5.4B
$467M
Mar '24
$3.3B
$797M
51.5%
32.5%
19.4%
6.4%
$356M
$5.4B
$520M
Dec '23
$2.7B
$349M
42.3%
17.5%
8.5%
2.9%
$535M
$4.8B
$402M
Oct '23
$3.0B
$519M
44.9%
24.3%
13.1%
4.3%
$298M
$4.9B
$471M
Jul '23
$2.5B
$407M
45.5%
22.5%
11.0%
3.5%
$140M
$5.0B
$446M
Apr '23
$3.0B
$587M
46.3%
26.8%
17.0%
5.3%
$579M
$4.7B
$460M
Dec '22
$2.7B
$396M
43.2%
19.9%
12.0%
3.6%
$608M
$4.8B
$464M
Oct '22
$2.7B
$399M
40.6%
20.4%
13.0%
3.7%
$327M
$4.9B
$328M
Jul '22
$2.4B
$316M
42.1%
19.2%
10.9%
3.0%
$357M
$5.0B
$340M
Apr '22
$2.7B
$533M
46.7%
27.0%
18.3%
5.0%
$515M
$5.0B
$338M
Dec '21
$2.3B
$336M
43.5%
19.7%
12.2%
3.2%
$531M
$5.0B
$329M
Valuation over time
How the market has priced HSY against its own fundamentals since 2023-03 —
each month-end's share price set against the most recent annual filing, so the multiple moves
as price runs ahead of (or behind) earnings. Split-adjusted.
The price-to-earnings ratio has risen from 30.3× (Mar '23) to 38.0× (Nov '26).
The price-to-sales ratio has fallen from 4.8× (Mar '23) to 2.9× (Nov '26).
The dividend yield has risen from 1.6% (Mar '23) to 3.2% (Nov '26).
Price / earnings (P/E)
P/E
Price / sales (P/S)
P/S
Dividend yield (%)
Dividend yield %
Frequently asked questions
Is HSY growing its revenue and profit?
Over the past 5 years, Hershey Company (The)'s revenue has grown 7.5% per year, and net income declined 7.1% per year. These are computed facts, not advice.
How much debt does HSY have?
As of FY2025, Hershey Company (The) reported $5.4B of total debt against $926M of cash; operating income covered interest expense 6.4×.
What is HSY's profit margin?
In FY2025, gross margin was 33.5%, operating margin 12.3%, and net margin 7.6%.
What is HSY's P/E ratio?
Hershey Company (The)'s P/E (TTM) is 18.71 as of the 2026-11-02 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the HSY stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 38.0× as of Nov '26) can differ. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.