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
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
FCF
Total debt
Cash
2025
$11.7B
$883M
33.5%
12.3%
$1.8B
$5.4B
$926M
2024
$11.2B
$2.2B
47.3%
25.9%
$1.9B
$5.1B
$731M
2023
$11.2B
$1.9B
44.8%
22.9%
$1.6B
$4.8B
$402M
2022
$10.4B
$1.6B
43.2%
21.7%
$1.8B
$4.8B
$464M
2021
$9.0B
$1.5B
45.1%
22.8%
$1.6B
$5.0B
$329M
2020
$8.1B
$1.3B
45.4%
21.9%
$1.3B
$4.6B
$1.1B
2019
$8.0B
$1.1B
45.4%
20.0%
$1.4B
$4.3B
$493M
2018
$7.8B
$1.2B
45.9%
20.8%
$1.3B
$4.5B
$588M
2017
$7.5B
$783M
46.0%
17.5%
$992M
$2.9B
$380M
2016
—
$720M
—
—
$744M
$3.0B
$297M
2015
—
$513M
—
—
$900M
$2.4B
—
2014
—
$847M
—
—
$474M
$2.2B
—
2013
—
$820M
—
—
$868M
$2.0B
—
2012
—
$661M
—
—
$836M
$1.9B
—
2011
—
$629M
—
—
$264M
$1.9B
—
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
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
FCF
Total debt
Cash
Mar '26
$3.1B
$435M
39.4%
20.6%
$354M
$5.4B
$877M
Dec '25
$3.1B
$320M
37.0%
14.4%
$788M
$5.4B
$926M
Sep '25
$3.2B
$276M
32.6%
13.7%
$756M
$5.4B
$1.2B
Jun '25
$2.6B
$63M
30.5%
7.4%
$27M
$5.6B
$912M
Mar '25
$2.8B
$224M
33.7%
13.2%
$251M
$5.9B
$1.5B
Dec '24
$2.9B
$797M
54.0%
32.5%
$807M
$5.1B
$731M
Sep '24
$3.0B
$446M
41.3%
20.5%
$567M
$5.3B
$615M
Jun '24
$2.1B
$181M
40.2%
13.9%
$195M
$5.4B
$467M
Mar '24
$3.3B
$797M
51.5%
32.5%
$356M
$5.4B
$520M
Dec '23
$2.7B
$349M
42.3%
17.5%
$535M
$4.8B
$402M
Oct '23
$3.0B
$519M
44.9%
24.3%
$298M
$4.9B
$471M
Jul '23
$2.5B
$407M
45.5%
22.5%
$140M
$5.0B
$446M
Apr '23
$3.0B
$587M
46.3%
26.8%
$579M
$4.7B
$460M
Dec '22
$2.7B
$396M
43.2%
19.9%
$608M
$4.8B
$464M
Oct '22
$2.7B
$399M
40.6%
20.4%
$327M
$4.9B
$328M
Jul '22
$2.4B
$316M
42.1%
19.2%
$357M
$5.0B
$340M
Apr '22
$2.7B
$533M
46.7%
27.0%
$515M
$5.0B
$338M
Dec '21
$2.3B
$336M
43.5%
19.7%
$531M
$5.0B
$329M
Oct '21
$2.4B
$445M
45.0%
24.4%
$266M
$4.5B
$676M
Jul '21
$2.0B
$301M
46.5%
23.0%
$295M
$4.3B
$426M
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 31.4× (Mar '23) to 40.6× (Jun '26).
The price-to-sales ratio has fallen from 5.0× (Mar '23) to 3.1× (Jun '26).
The dividend yield has risen from 1.5% (Mar '23) to 3.0% (Jun '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?
As of Jun '26, Hershey Company (The) traded at a price-to-earnings ratio of about 40.6× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. 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), corporate-action-adjusted ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.