financial statements

The full income statement, balance sheet, and cash-flow statement for The Hershey Company (HSY), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	11.7B YoY+4.4%	11.2B YoY+0.3%	11.2B YoY+7.2%	10.4B YoY+16.1%	8.97B YoY+10.1%
	3.92B YoY-26.0%	5.30B YoY+6.1%	5.00B YoY+11.1%	4.50B YoY+11.1%	4.05B YoY+9.4%
Cost of revenue	7.77B YoY+31.7%	5.90B YoY-4.3%	6.17B YoY+4.2%	5.92B YoY+20.3%	4.92B YoY+10.7%
Research & development	61.7M YoY+10.5%	55.8M YoY+11.5%	50.0M YoY+6.6%	46.9M YoY+17.0%	40.1M YoY+6.7%
Selling, general & administrative	2.46B YoY+3.7%	2.37B YoY-2.6%	2.44B YoY+9.0%	2.24B YoY+11.7%	2.00B YoY+5.8%
Restructuring	59.4M YoY-49.5%	118M YoY+3316.7%	3.44M YoY-22.1%	4.42M YoY-73.4%	16.6M YoY-47.3%
Amortization of intangibles	85.4M YoY+0.9%	84.6M YoY-4.7%	88.8M YoY+11.4%	79.7M YoY+52.9%	52.1M YoY+12.2%
Operating income	1.44B YoY-50.3%	2.90B YoY+13.2%	2.56B YoY+13.3%	2.26B YoY+10.6%	2.04B YoY+14.6%
Interest expense	225M YoY+29.0%	174M YoY+7.9%	162M YoY+15.3%	140M YoY+7.9%	130M YoY-15.4%
Interest & investment income	34.6M YoY+299.4%	8.66M YoY-10.9%	9.73M YoY+283.2%	2.54M YoY+4.5%	2.43M YoY-40.7%
Other non-operating income	-37.1M YoY+85.7%	-259M YoY-9.0%	-237M YoY-15.1%	-206M YoY-73.1%	-119M YoY+13.9%
Pre-tax income	1.21B YoY-50.9%	2.47B YoY+13.9%	2.17B YoY+13.3%	1.92B YoY+6.7%	1.80B YoY+20.2%
Income tax	331M YoY+31.0%	253M YoY-18.5%	310M YoY+13.9%	272M YoY-13.4%	314M YoY+43.2%
	883M YoY-60.2%	2.22B YoY+19.3%	1.86B YoY+13.2%	1.64B YoY+11.3%	1.48B YoY+15.5%
Net income to non-controlling interest	—	—	0.00	0.00 YoY-100.0%	5.31M YoY+261.1%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	3.59B YoY-4.5%	3.76B YoY+29.1%	2.91B YoY+11.1%	2.62B YoY+16.7%	2.25B YoY-24.6%
Cash & equivalents	926M YoY+26.7%	731M YoY+81.8%	402M YoY-13.4%	464M YoY+40.9%	329M YoY-71.2%
Short-term investments	0.00	0.00	0.00	0.00	0.00
Accounts receivable	730M YoY-8.9%	800M YoY-2.8%	824M YoY+15.8%	711M YoY+5.9%	671M YoY+9.1%
Inventory	1.43B YoY+14.0%	1.25B YoY-6.5%	1.34B YoY+14.3%	1.17B YoY+18.7%	989M YoY+2.5%
Prepaid expenses	504M YoY-48.2%	974M YoY+181.9%	346M YoY+27.0%	272M YoY+5.9%	257M YoY+1.0%
Other current assets	303M YoY-57.0%	704M YoY+496.9%	118M YoY-8.0%	128M YoY+0.5%	128M YoY-19.6%
	13.7B YoY+6.1%	12.9B YoY+8.8%	11.9B YoY+8.7%	10.9B YoY+5.2%	10.4B YoY+14.0%
Property, plant & equipment	3.53B YoY+2.0%	3.46B YoY+4.5%	3.31B YoY+19.5%	2.77B YoY+7.1%	2.59B YoY+13.2%
Operating lease right-of-use	325M YoY-3.7%	338M YoY+9.7%	308M YoY-5.7%	326M YoY-7.2%	352M YoY+56.8%
Goodwill	3.00B YoY+10.7%	2.71B YoY+0.4%	2.70B YoY+3.4%	2.61B YoY-1.0%	2.63B YoY+32.4%
Intangible assets	2.48B YoY+32.1%	1.87B YoY-0.3%	1.88B YoY-4.4%	1.97B YoY-3.5%	2.04B YoY+57.3%
Deferred tax assets	27.8M YoY-25.0%	37.1M YoY-16.6%	44.5M YoY+9.8%	40.5M YoY-0.9%	40.9M YoY+39.2%
Other non-current assets	1.12B YoY+1.0%	1.11B YoY+4.8%	1.06B YoY+12.3%	945M YoY+8.8%	868M YoY+56.2%
Total non-current assets	77.9M YoY+0.0%	77.9M YoY+0.0%	77.9M YoY+0.0%	77.9M YoY+0.0%	77.9M YoY+0.0%
	3.01B YoY-23.4%	3.93B YoY+30.6%	3.01B YoY-7.6%	3.26B YoY+30.6%	2.49B YoY+31.8%
Accounts payable	1.26B YoY+8.3%	1.16B YoY+6.7%	1.09B YoY+11.9%	971M YoY+40.2%	692M YoY+19.4%
Accrued liabilities	971M YoY+20.2%	807M YoY-7.0%	868M YoY+4.2%	833M YoY-2.7%	856M YoY+9.4%
Short-term & current debt	503M YoY-16.8%	605M YoY+98.3%	305M YoY-59.5%	754M YoY+26397.1%	2.84M YoY-99.4%
Current lease liability	49.6M YoY+22.0%	40.6M YoY+17.8%	34.5M YoY+8.5%	31.8M YoY-12.4%	36.3M YoY-0.8%
Other current liabilities	163M YoY+0.0%	163M YoY+0.0%	163M YoY+0.0%	163M YoY+0.0%	163M YoY+0.0%
	9.10B YoY+10.6%	8.23B YoY+5.5%	7.80B YoY+2.0%	7.65B YoY-0.1%	7.66B YoY+11.0%
Long-term debt	4.68B YoY+46.7%	3.19B YoY-15.8%	3.79B YoY+13.3%	3.34B YoY-18.2%	4.09B YoY-0.1%
Non-current lease liability	286M YoY-6.2%	305M YoY+10.0%	277M YoY-6.0%	295M YoY-5.2%	311M YoY+70.9%
Deferred tax liabilities	680M YoY+60.2%	424M YoY+22.7%	346M YoY+5.3%	328M YoY+14.0%	288M YoY+25.8%
Other non-current liabilities	732M YoY+6.3%	688M YoY+4.2%	661M YoY-8.2%	720M YoY-8.6%	787M YoY+15.2%
	4.64B YoY-1.7%	4.71B YoY+15.0%	4.10B YoY+24.2%	3.30B YoY+19.7%	2.76B YoY+23.4%
Preferred stock	0.00	0.00	0.00	0.00	0.00
Common stock	299M YoY+0.0%	299M YoY+0.0%	299M YoY+0.0%	299M YoY+0.0%	299M YoY+0.0%
Additional paid-in capital	1.43B YoY+3.6%	1.38B YoY+2.4%	1.35B YoY+3.8%	1.30B YoY+2.9%	1.26B YoY+5.8%
Retained earnings	5.50B YoY-3.6%	5.70B YoY+24.9%	4.56B YoY+27.1%	3.59B YoY+32.0%	2.72B YoY+41.0%
Treasury stock	2.26B YoY-0.8%	2.28B YoY+26.6%	1.80B YoY+15.7%	1.56B YoY+30.2%	1.20B YoY+55.4%
Accumulated other comprehensive income	-247M YoY+18.6%	-304M YoY-32.1%	-230M YoY+8.8%	-252M YoY-1.3%	-249M YoY+26.3%
Non-controlling interest	0.00	0.00	0.00	0.00	0.00 YoY-100.0%
Total equity incl. non-controlling	4.64B YoY-1.7%	4.71B YoY+15.0%	4.10B YoY+24.2%	3.30B YoY+19.7%	2.76B YoY+23.2%
Total liabilities & equity	13.7B YoY+6.1%	12.9B YoY+8.8%	11.9B YoY+8.7%	10.9B YoY+5.2%	10.4B YoY+14.0%
Common shares issued	222M YoY+0.0%	222M YoY+0.0%	222M YoY+0.0%	222M YoY+0.0%	222M YoY+0.0%
Common shares outstanding	203M YoY+0.2%	202M YoY-1.0%	204M YoY-0.3%	205M YoY-0.6%	206M YoY-1.0%
Shares outstanding (cover)	224M YoY+0.0%	224M YoY+0.0%	224M YoY+0.0%	224M YoY+0.0%	224M YoY+0.0%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	2.28B YoY-10.0%	2.53B YoY+9.0%	2.32B YoY-0.2%	2.33B YoY+11.8%	2.08B YoY+22.5%
Depreciation & amortization	504M YoY+10.6%	455M YoY+8.4%	420M YoY+10.8%	379M YoY+20.3%	315M YoY+6.8%
Share-based compensation	65.5M YoY+47.4%	44.4M YoY-45.2%	81.0M YoY+22.8%	66.0M YoY-1.1%	66.7M YoY+15.8%
Deferred income taxes	122M YoY+67.0%	73.2M YoY+351.1%	16.2M YoY-56.0%	36.9M YoY+175.8%	13.4M YoY-50.2%
Change in receivables	-99.0M YoY-2121.0%	-4.46M YoY-104.4%	102M YoY+167.5%	38.2M YoY+160.7%	14.6M YoY-73.6%
Change in inventory	133M YoY+293.7%	-68.8M YoY-143.8%	157M YoY-15.9%	187M YoY+971.3%	-21.5M YoY-114.1%
Other operating activities	101M YoY+32.1%	76.6M YoY-25.8%	103M YoY-14.5%	121M YoY+25.8%	96.0M YoY-15.4%
	-1.28B YoY-33.2%	-960M YoY+19.9%	-1.20B YoY-52.2%	-787M YoY+64.6%	-2.22B YoY-318.4%
Capital expenditure	455M YoY-25.0%	606M YoY-21.4%	771M YoY+48.4%	519M YoY+4.8%	496M YoY+12.3%
Acquisitions	756M YoY+901.5%	75.5M YoY-54.5%	166M	0.00 YoY-100.0%	1.60B
Other investing activities	6.24M YoY+194.2%	-6.63M YoY-234.3%	4.93M YoY+164.6%	-7.64M YoY-200.9%	-2.54M YoY-203.9%
	-803M YoY+38.0%	-1.30B YoY-12.9%	-1.15B YoY+18.9%	-1.42B YoY-107.8%	-681M YoY-36.4%
Long-term debt issued	1.98B	0.00 YoY-100.0%	744M	0.00	0.00 YoY-100.0%
Long-term debt repaid	606M YoY+97.9%	306M YoY-59.4%	755M YoY+15833.6%	4.74M YoY-98.9%	439M YoY-37.6%
Net short-term debt	-1.10B YoY-281.0%	607M YoY+2230.2%	26.0M YoY+110.6%	-246M YoY-128.3%	869M YoY+1981.1%
Common stock repurchased	0.00 YoY-100.0%	494M YoY+86.5%	265M YoY-31.9%	389M YoY-15.1%	458M YoY+116.8%
Dividends paid	1.09B YoY+0.0%	1.08B YoY+22.0%	889M YoY+14.7%	775M YoY+13.0%	686M YoY+7.1%
FX effect on cash	-180K YoY-100.3%	54.1M YoY+241.3%	-38.3M YoY-486.9%	9.89M YoY+294.8%	-5.08M YoY+27.4%
Net change in cash	195M YoY-40.7%	329M YoY+630.5%	-62.0M YoY-146.0%	135M YoY+116.5%	-815M YoY-225.2%
Interest paid	196M YoY+9.0%	180M YoY+11.9%	161M YoY+22.0%	132M YoY+3.2%	128M YoY-15.4%
Income taxes paid	141M YoY-30.3%	202M YoY-33.6%	304M YoY+37.3%	221M YoY-19.6%	275M YoY+27.7%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	40.7B YoY+7.5%	37.9B YoY-9.2%	41.7B YoY-19.5%	51.8B YoY+19.7%	43.3B YoY+27.0%
P/E	46.1× YoY+170.2%	17.1× YoY-21.9%	21.9× YoY-33.2%	32.7× YoY+11.6%	29.3× YoY+9.9%
P/S	3.5× YoY+3.0%	3.4× YoY-9.5%	3.7× YoY-27.2%	5.1× YoY+6.4%	4.8× YoY+15.4%
P/B	8.8× YoY+9.3%	8.0× YoY-23.6%	10.5× YoY-37.4%	16.8× YoY+7.0%	15.7× YoY+2.9%
P/FCF	22.3× YoY+13.5%	19.7× YoY-23.3%	25.7× YoY-14.2%	29.9× YoY+9.7%	27.3× YoY+0.7%
Earnings yield	2.2% YoY-63.0%	5.9% YoY+28.1%	4.6% YoY+49.7%	3.1% YoY-10.4%	3.4% YoY-9.0%
FCF yield	4.5% YoY-11.9%	5.1% YoY+30.5%	3.9% YoY+16.6%	3.3% YoY-8.9%	3.7% YoY-0.7%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: HSY's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all HSY filings on SEC EDGAR → Not investment advice.

HSY▼ financial statements

About this data

financial statements