# The Hershey Company (HSY) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/HSY/thesis · /stocks/HSY/memo

## Financial Snapshot

---
ticker: HSY
step: 04
generated: 2026-05-12
source: quick-research
---

### The Hershey Company (HSY) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | $10.42B | $11.16B | $11.20B | +0.3% |
| Gross Margin | ~44% | ~44% | ~47% | +3pp |
| Operating Margin | ~22% | ~25% | ~26% | +1pp |
| Net Income | ~$1.64B | ~$1.87B | ~$1.90B | +2% |
| EPS (diluted) | ~$8.00 | ~$9.09 | ~$9.30 | +2% |

*Note: FY2024 gross margin was boosted by favorable derivative mark-to-market gains on cocoa hedges; adjusted gross margin was ~44.8%. FY2025 is a step-down year — adjusted EPS fell mid-30% range due to historic cocoa cost headwinds.*

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$2.3B |
| Free Cash Flow | ~$1.7–1.9B |
| Cash & Equivalents | ~$0.5B |
| Total Debt | ~$5.0B |

#### Key Ratios (approximate)
- P/E: ~18x (FY2026 recovery) | EV/EBITDA: ~13x | FCF Yield: ~5%
- Revenue Growth (FY2024): +0.3% | FCF Margin: ~15–17%
- Dividend Yield: ~3.5% | Dividend Growth: 14+ consecutive years of increases

#### Growth Profile
Hershey had a strong 2022–2023 growth phase driven by pricing power and post-pandemic demand recovery. FY2024 was essentially flat on revenue (+0.3%) as volume recovered but pricing moderated. FY2025 was a margin compression year — historic cocoa prices (cocoa hit all-time highs in 2024) caused adjusted EPS to fall mid-30%, to approximately $6.50–7.00. The company is guiding FY2026 for a meaningful recovery: net sales +4–5% and adjusted EPS +30–35% as cocoa futures normalize, pricing actions take hold, and the salty snacks segment contributes higher growth.

#### Forward Estimates
- **FY2025 Actual**: Revenue ~$11.7B (+4.4%); adjusted EPS ~$6.80–7.00 (down ~30% from FY2024 on cocoa costs)
- **FY2026 Guidance**: Net sales +4–5%; adjusted EPS +30–35% recovery (implying ~$9.00–$9.50); gross margin expansion of ~570bps YoY already visible in Q1 2026 (+570bps to 39.4%)
- Dividend: ~$1.40/quarter (~$5.60/year), yield ~3.5%; management raised dividend in conjunction with 2026 guidance

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/HSY/fundamental

## Navigation

- Overview: /stocks/HSY
- Financials (this page): /stocks/HSY/financials
- Thesis: /stocks/HSY/thesis
- Investment Memo: /stocks/HSY/memo
- Coverage universe: /stocks