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HersheyHSY

Legal name
Hershey Co.
Sector
Other
Industry
Sugar & Confectionery Products
Exchange
NYSE

Stock Price $HSY

Latest filings

You are here#17 of 25 in Consumer Staples by market cap

Filing record · 2016–202610-K1110-Q358-K142

HSY filed 11 annual reports (10-K), 35 quarterly reports (10-Q) and 142 current reports (8-K) between 2016 and 2026.

  1. Restructuring8-K · Feb ’17Feb ’17
  2. Material agreement8-K · Nov ’18Nov ’18
  3. Leadership change8-K · Feb ’21Feb ’21
  4. Material agreement8-K · Oct ’25Oct ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025

Last reported FY2009

Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $11.69B
YoY changeLargest recent move+16.1%in FY22Latest +4.4%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All HSY Financial Metrics63 metrics

Income Statement16

Balance Sheet27

Cash Flow15

Per Share5

02—Overview

Hershey Financial Overview 2021–2025

Updated Nov 4, 2026

Hershey's diluted EPS fell from $10.92 in FY2024 to $4.34a in FY2025, a 60% drop, even though net sales rose 4.4% to $11,692.6 million. That gap is the story. Pricing power kept the top line growing, but cocoa and tariff costs gutted profitability. The core thesis: Hershey's earnings are hostage to input costs, and FY2025 was the trough, not the trend.

Revenue grew from $8.97 billion in FY2021 to $11.69 billionb in FY2025, a steady climb built largely on price. Gross margin tells the cost story. It rose from 45.1% in FY2021 to 47.3% in FY2024, then collapsed to 33.5% in FY2025. Operating profit halved to $1,441.5 million, as $736.6 million of higher commodity costs and $491.0 million of unfavorable derivative marks hit. Volume slipped about 1%, and the International segment earned just $3.3 million. Cash generation held up at $2,277.4 million, and dividends of $1,085.3 million were covered about twice over.

The recovery is visible in 2026. Cocoa futures averaged $1.86 per poundc in Q1 2026, down about 49% from the 2025 average. Gross margin reached 46.1% in Q3 2026, and nine-month diluted EPS hit $7.27 versus $2.77. But volume fell about 10% in Q3 2026, so price is doing the work. At the close of FY2025, the shares were $181.98, a market value of $36.9 billion, roughly 42x that year's depressed $4.34 EPS.

Recent Developments (Q2 and Q3 2026)

Management raised 2026 adjusted EPS growth guidance to 36% to 38.5% in Q3, up from 32.5% to 35% after the Q2 update, which had projected adjusted EPS of $8.36 to $8.52d. Net sales growth slowed from 6.6% in Q2 to 3.0% in Q3, while organic constant-currency growth fell from 3.6% to 0.8%. Operating margin reached 23.1% in Q2, and Q3 operating profit rose to $817.7 million from $434.6 million. Leadership turned over: Mitchell Arends became Chief Supply Chain Officer in June, and Dave Hulays replaced Steven Voskuil as CFO on September 2. International lost $30.0 million in Q3, and $113.4 million of derivative gains aided margin.

Bull case: lower cocoa costs and automation savings are lifting profit faster than sales. Bear case: volume fell about 10% and the stock traded at 118.7x trailing earnings as of October 28, 2026, not today, so the multiple still reflects depressed annual EPS of $1.35e.

What to watch: volume trends as price realization fades; International losses and Salty Snacks segment income

03—Filings

Recent SEC Filings

  1. 8-KHershey 8-K Report, Financial Results (Oct 29, 2026)The Hershey Company reported third-quarter 2026 results for the quarter ended September 27, 2026, with consolidated net sales of $3,275.5 million, up 3.0%, and organic, constant currency net sales up 0.8%. Reported net income was $580.8 million, or $2.88 per share-diluted, and adjusted earnings per share-diluted was $2.64. Growth was driven by net price realization of approximately 11 points, offset by volume declining approximately 10 points. Reported gross margin rose to 46.1% from 32.6%, and reported operating profit rose to $817.7 million, though the filing attributes part of this to derivative mark-to-market gains of $113.4 million. The company updated its 2026 full-year outlook. Net sales growth is now expected to be about 5% (previously 4.5% to 5%), organic net sales growth about 3% (previously 3% to 3.5%), and adjusted EPS growth 36% to 38.5% (previously 32.5% to 35%). Reported EPS is projected at $8.00 to $8.26 and adjusted EPS at $8.58 to $8.74. The outlook includes approximately $0.22 from tariff refunds received in Q3 2026 and $0.03 in Q2 2026, and excludes potential future tariff refunds. Segment performance was mixed. North America Confectionery net sales rose 1.6% with segment margin of 35.8%, while North America Salty Snacks net sales rose 22.3%, including the LesserEvil acquisition, but segment income fell 17.9%. The International segment posted a loss of $30.0 million on net sales down 7.5%. Management described consumers as growing more cautious while expecting second-half demand creation initiatives to gain momentum.
  2. 8-KHershey 8-K Report, Executive Changes (Sep 2, 2026)The Hershey Company announced that Dave Hulays has been appointed Senior Vice President, Chief Financial Officer, effective September 2, 2026, succeeding Steven E. Voskuil as principal financial officer. Hulays, who has been with the Company since March 2012 and has served as Senior Vice President, Finance since May 2025, will oversee the global finance organization. Voskuil steps down from the CFO role effective the same day and will remain with the Company as Senior Vice President, Strategic Projects until his retirement in the first quarter of 2027. Hulays's Offer Letter sets an annual base salary of $725,000, a target 2026 annual incentive of 85% of base salary until his appointment date and 100% thereafter under the One Hershey Incentive Program, and an LTIP target of $2 million. He will also participate in Executive Benefits Protection Plan 3A, which provides two years of severance after a qualifying termination following a change in control or eighteen months otherwise, and in the DC SERP, with an annual Company contribution equal to 12.5% of base salary and incentive award. The filing states there are no arrangements under which he was selected as an officer and no related-party transactions requiring disclosure under Item 404(a). A press release dated September 2, 2026 (Exhibit 99.1), quoted CEO Kirk Tanner describing Hulays as a proven, enterprise-minded finance leader and thanking Voskuil for seven years of leadership of the finance organization. The release notes Hulays's roughly 30 years of experience across Hershey and Procter & Gamble.
  3. 8-KHershey 8-K Report, Financial Results (Jul 30, 2026)The Hershey Company (NYSE: HSY) reported second-quarter 2026 results for the quarter ended June 28, 2026, and narrowed its full-year 2026 outlook. Consolidated net sales rose 6.6% to $2,787.3 million, with organic, constant currency net sales up 3.6%. Reported net income was $457.7 million, or $2.26 per diluted share, versus $62.7 million in the prior-year quarter, and adjusted diluted EPS was $1.90, an increase of 57.0%. Net price realization of about 12 points offset volume declines of about 8 points, with volume pressured by elasticity in North America Confectionery and International. For the six months ended June 28, 2026, net sales were $5.89 billion, up 8.7%, with organic, constant currency growth of 5.8%. Reported diluted EPS was $4.39 and adjusted diluted EPS was $4.25, an increase of 28.4%. Reported results were boosted by derivative mark-to-market gains of $102.9 million in the quarter. North America Confectionery segment income rose 40.1% to $705.8 million, while North America Salty Snacks segment income fell 5.9% to $62.6 million and International swung to a segment loss of $5.1 million. For 2026, the company narrowed guidance: net sales growth is now 4.5% to 5% (previously 4% to 5%), organic net sales growth 3% to 3.5% (previously 2.5% to 3.5%), reported EPS growth 82% to 89%, and adjusted EPS growth 32.5% to 35% (previously 30% to 35%). Projected 2026 adjusted diluted EPS is $8.36 to $8.52. The outlook excludes potential future tariff rebates. Management cited a fuller recovery in earnings and increased investment in brands, merchandising and innovation for the second half.
  4. 8-KHershey 8-K Report, Executive Changes (Jun 9, 2026)The Hershey Company (HSY) filed a Current Report on Form 8-K dated June 9, 2026, disclosing a board appointment under Item 5.02. On June 3, 2026, the Board of Directors, acting on the recommendation of its Governance Committee, appointed Joe Park as a director, effective June 29, 2026. Mr. Park will serve on the Audit and Finance and Risk Management Committees of the Board. Mr. Park is currently Executive Vice President and Chief Digital and Information Officer at State Farm, responsible for technology, data, and innovation. The filing describes his prior roles at Yum! Brands, including Chief Digital and Technology Officer and President of Byte by Yum!, an AI-driven restaurant technology platform, and Chief Innovation Officer, as well as earlier service as Vice President, Associate Digital Experience and Enterprise Architecture at Walmart. The Board has determined he is independent under New York Stock Exchange listing standards. The filing states there is no arrangement or understanding under which he was selected as a director and no related-person transactions requiring disclosure under Item 404(a) of Regulation S-K. Mr. Park will receive compensation under the Company's non-employee director compensation program, as described in the proxy statement for the 2026 Annual Meeting of Stockholders filed March 25, 2026. The only listed exhibit is the Cover Page Interactive Data File (Exhibit 104).
  5. 8-KHershey 8-K Report, Executive Changes (May 28, 2026)The Hershey Company (NYSE: HSY) announced on May 28, 2026 that Jason Reiman, Senior Vice President, Chief Supply Chain Officer, intends to retire. Reiman will step down from his current role on June 22, 2026, and will remain with the Company as Senior Vice President, Supply Chain Modernization to assist with the transition until his retirement, which the filing says he intends to take in the second quarter of 2027. The press release states he will remain through April 2027. The Company named Mitchell Arends as Senior Vice President, Chief Supply Chain Officer, effective June 22, 2026. Arends joins from UTZ Brands, where he was Executive Vice President, Principal Operating Officer, and Chief Integrated Supply Chain Officer over a $1.5 billion business, and previously served as Chief Supply Chain Officer of North America at Kraft Heinz, responsible for a $22 billion supply chain. He will have end-to-end accountability for manufacturing, procurement, logistics, and planning, with a focus on digital integration, automation, and insights-driven planning. The filing describes a planned, structured leadership transition rather than a financial disclosure. No financial results or guidance are included in the filing. The press release is furnished under Item 7.01 and is not deemed filed for Section 18 purposes.
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04—See also

Related Companies

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