Revenue growth remains highly erratic, swinging from a 13.8% contraction in 2025Q1 to a 26.0% expansion in 2025Q2, while gross margins have compressed significantly to 39.4% as of 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 11.99B | 11.69B | 11.2B | 11.16B | 10.42B | 8.97B | 8.15B | 7.99B | 7.79B | 7.52B | 7.44B | 7.39B | 7.42B | 7.15B | 6.64B | 6.08B | 5.67B | 5.3B | 5.13B | 4.95B | 4.94B | 4.84B | 4.43B | 4.17B | 4.12B | 4.56B | 4.22B | 3.97B | 4.44B | 4.3B | 3.99B |
| Revenue Growth % | 11.5% | 4.38% | 0.33% | 7.16% | 16.14% | 10.08% | 2.05% | 2.51% | 3.67% | 1.01% | 0.73% | -0.47% | 3.86% | 7.55% | 9.27% | 7.23% | 7.03% | 3.23% | 3.76% | 0.05% | 2.24% | 9.18% | 6.15% | 1.27% | -9.59% | 7.97% | 6.3% | -10.48% | 3.1% | 7.84% | 8.09% |
| Cost of Goods Sold | 7.82B | 7.8B | 5.9B | 6.17B | 5.92B | 4.92B | 4.45B | 4.36B | 4.22B | 4.06B | 4.27B | 4B | 4.09B | 3.87B | 3.78B | 3.55B | 3.26B | 3.25B | 3.38B | 3.32B | 3.08B | 2.96B | 2.67B | 2.54B | 2.56B | 2.67B | 2.47B | 2.19B | 2.47B | 2.34B | 2.17B |
| COGS % of Revenue | - | 66.73% | 52.68% | 55.24% | 56.82% | 54.87% | 54.58% | 54.64% | 54.11% | 54.02% | 57.4% | 54.21% | 55.05% | 54.09% | 56.96% | 58.36% | 57.41% | 61.25% | 65.75% | 67.02% | 62.23% | 61.14% | 60.34% | 60.99% | 62.16% | 58.56% | 58.54% | 55.19% | 55.62% | 54.3% | 54.36% |
| Gross Profit | 4.17B | 3.89B | 5.3B | 5B | 4.5B | 4.05B | 3.7B | 3.62B | 3.58B | 3.46B | 3.17B | 3.38B | 3.34B | 3.28B | 2.86B | 2.53B | 2.42B | 2.05B | 1.76B | 1.63B | 1.87B | 1.86B | 1.74B | 1.63B | 1.56B | 1.47B | 1.35B | 1.78B | 1.97B | 1.97B | 1.82B |
| Gross Margin % | 34.76% | 33.27% | 47.32% | 44.76% | 43.18% | 45.13% | 45.42% | 45.36% | 45.89% | 45.98% | 42.6% | 45.79% | 44.95% | 45.91% | 43.04% | 41.64% | 42.59% | 38.75% | 34.24% | 32.98% | 37.77% | 38.53% | 39.37% | 39.01% | 37.84% | 32.23% | 31.97% | 44.81% | 44.38% | 45.7% | 45.64% |
| Gross Profit Growth % | - | -26.62% | 6.06% | 11.09% | 11.12% | 9.38% | 2.18% | 1.32% | 3.47% | 9.02% | -6.3% | 1.39% | 1.69% | 14.72% | 12.95% | 4.83% | 17.64% | 16.81% | 7.73% | -12.63% | 0.23% | 6.85% | 7.12% | 4.4% | 6.17% | 8.85% | -24.18% | -9.61% | 0.13% | 7.99% | 7.21% |
| Operating Expenses | 2.48B | 2.47B | 2.4B | 2.44B | 2.24B | 2B | 1.92B | 2.03B | 1.95B | 2.14B | 1.91B | 2.34B | 1.94B | 1.94B | 1.7B | 1.48B | 1.51B | 1.29B | 1.17B | 1.17B | 874.95M | 1.01B | 867.1M | 831.47M | 860.98M | 1.06B | 726.62M | 1.22B | 1.33B | 1.34B | 1.26B |
| OpEx % of Revenue | - | 21.15% | 21.45% | 21.83% | 21.48% | 22.35% | 23.54% | 25.38% | 25.05% | 28.5% | 25.73% | 31.75% | 26.19% | 27.19% | 25.64% | 24.29% | 26.63% | 24.37% | 22.75% | 23.71% | 17.7% | 20.88% | 19.58% | 19.93% | 20.9% | 23.17% | 17.21% | 30.75% | 29.9% | 31.05% | 31.52% |
| Selling, General & Admin | 2.47B | 2.45B | 2.26B | 2.44B | 2.24B | 2B | 1.89B | 1.91B | 1.87B | 1.89B | 1.89B | 1.97B | 1.9B | 1.92B | 1.7B | 1.48B | 1.43B | 1.21B | 1.07B | 895.87M | 860.38M | 912.99M | 867.1M | 816.44M | 833.43M | 846.98M | 726.62M | 1.06B | 1.17B | 1.18B | 1.12B |
| SG&A % of Revenue | - | 20.99% | 20.2% | 21.82% | 21.46% | 22.31% | 23.2% | 23.87% | 24.06% | 25.09% | 25.42% | 26.66% | 25.58% | 26.93% | 25.64% | 24.3% | 25.15% | 22.81% | 20.91% | 18.11% | 17.4% | 18.88% | 19.58% | 19.57% | 20.23% | 18.59% | 17.21% | 26.64% | 26.33% | 27.5% | 28.18% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3.25M | 18.38M | 139.87M | 441K | 1.99M | 3.52M | 27.65M | 120.6M | 76.83M | 256.48M | 23.06M | 375.61M | 45.62M | 18.66M | 0 | -886K | 83.43M | 82.88M | 94.8M | 276.87M | 14.58M | 96.54M | 0 | 15.03M | 27.55M | 209.08M | 0 | 163.3M | 158.2M | 152.8M | 133.5M |
| Operating Income | 1.69B | 1.42B | 2.9B | 2.56B | 2.26B | 2.04B | 1.78B | 1.6B | 1.62B | 1.31B | 1.21B | 1.04B | 1.44B | 1.36B | 1.16B | 1.06B | 905.3M | 761.59M | 589.9M | 458.83M | 992.56M | 860.91M | 902.18M | 796.36M | 698.29M | 621.71M | 622.65M | 558.4M | 642.6M | 630.2M | 563.1M |
| Operating Margin % | 14.08% | 12.12% | 25.87% | 22.94% | 21.7% | 22.78% | 21.87% | 19.98% | 20.84% | 17.48% | 16.21% | 14.05% | 19.34% | 19.01% | 17.4% | 17.35% | 15.96% | 14.37% | 11.49% | 9.28% | 20.08% | 17.8% | 20.37% | 19.09% | 16.95% | 13.64% | 14.75% | 14.06% | 14.49% | 14.65% | 14.12% |
| Operating Income Growth % | - | -51.11% | 13.17% | 13.27% | 10.62% | 14.64% | 11.7% | -1.71% | 23.62% | 8.93% | 16.19% | -27.69% | 5.66% | 17.49% | 9.58% | 16.54% | 18.87% | 29.11% | 28.57% | -53.77% | 15.29% | -4.57% | 13.29% | 14.04% | 12.32% | -0.15% | 11.51% | -13.1% | 1.97% | 11.92% | 10.28% |
| EBITDA | 2.01B | 1.45B | 3.35B | 2.98B | 2.64B | 2.36B | 2.08B | 1.89B | 1.92B | 1.58B | 1.51B | 1.28B | 1.65B | 1.56B | 1.37B | 1.27B | 1.1B | 944M | 839.39M | 769.75M | 1.19B | 1.08B | 1.09B | 976.92M | 876.2M | 812.21M | 798.61M | 721.7M | 800.8M | 783M | 696.6M |
| EBITDA Margin % | 16.75% | 12.39% | 29.94% | 26.7% | 25.34% | 26.29% | 25.49% | 23.63% | 24.63% | 20.96% | 20.26% | 17.36% | 22.19% | 21.82% | 20.56% | 20.9% | 19.44% | 17.82% | 16.35% | 15.56% | 24.12% | 22.31% | 24.65% | 23.41% | 21.27% | 17.82% | 18.92% | 18.17% | 18.05% | 18.2% | 17.46% |
| EBITDA Growth % | -24.95% | -56.79% | 12.51% | 12.92% | 11.91% | 13.53% | 10.07% | -1.63% | 21.81% | 4.49% | 17.54% | -22.11% | 5.6% | 14.15% | 7.5% | 15.27% | 16.78% | 12.46% | 9.05% | -35.45% | 10.52% | -1.18% | 11.76% | 11.5% | 7.88% | 1.7% | 10.66% | -9.88% | 2.27% | 12.4% | 8.08% |
| D&A (Non-Cash Add-back) | 384.62M | 0 | 455.25M | 419.81M | 378.96M | 315M | 294.91M | 291.54M | 295.14M | 261.85M | 301.84M | 244.93M | 211.53M | 201.03M | 210.04M | 215.76M | 197.12M | 182.41M | 249.49M | 310.93M | 199.91M | 218.03M | 189.66M | 180.57M | 177.91M | 190.49M | 175.96M | 163.3M | 158.2M | 152.8M | 133.5M |
| EBIT | 1.65B | 1.45B | 2.65B | 2.33B | 2.06B | 1.93B | 1.65B | 1.53B | 1.56B | 1.21B | 1.19B | 982.83M | 1.39B | 1.34B | 1.11B | 1.06B | 906.57M | 762.47M | 591.7M | 461.31M | 1.01B | 950.16M | 876.57M | 819.71M | 725.84M | 412.63M | 622.65M | 558.4M | 642.6M | 630.2M | 563.1M |
| Net Interest Income | -184.2M | -179.01M | -165.66M | -151.78M | -137.56M | -127.42M | -149.37M | -144.13M | -138.84M | -98.28M | -90.14M | -77.45M | -83.53M | -88.36M | -95.57M | -92.18M | -96.43M | -90.46M | -97.88M | -118.58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 22.44M | 28.43M | 8.66M | 9.73M | 2.54M | 2.43M | 4.1M | 8M | 8.02M | 1.78M | 1.8M | 3.54M | 4.07M | 3.16M | 2.94M | 2.6M | 1.27M | 877K | 1.8M | 2.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 206.65M | 207.44M | 174.32M | 161.51M | 140.09M | 129.85M | 153.47M | 152.12M | 146.86M | 100.07M | 91.95M | 80.98M | 87.6M | 91.51M | 98.51M | 94.78M | 97.7M | 91.34M | 99.68M | 121.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -205.18M | -202.75M | -424.3M | -389M | -343.72M | -246.5M | -287.7M | -215.17M | -213.6M | -202.74M | -155.69M | -135.91M | -86.22M | -86.73M | -140.51M | -92.18M | -96.43M | -192.43M | -278.65M | -531.92M | -134.07M | -207.02M | -66.53M | -63.53M | -60.72M | -69.09M | -76.01M | 169.5M | -85.6M | -76.2M | -83.3M |
| Pretax Income | 1.48B | 1.21B | 2.47B | 2.17B | 1.92B | 1.8B | 1.49B | 1.38B | 1.41B | 1.11B | 1.1B | 901.85M | 1.31B | 1.25B | 1.02B | 962.85M | 808.86M | 671.13M | 492.02M | 340.24M | 876.5M | 772.93M | 835.64M | 732.83M | 637.57M | 343.54M | 546.64M | 727.9M | 557M | 554M | 479.8M |
| Pretax Margin % | 12.37% | 10.38% | 22.08% | 19.45% | 18.4% | 20.03% | 18.34% | 17.29% | 18.1% | 14.78% | 14.78% | 12.21% | 17.6% | 17.51% | 15.29% | 15.83% | 14.26% | 12.67% | 9.59% | 6.88% | 17.73% | 15.98% | 18.87% | 17.56% | 15.47% | 7.54% | 12.95% | 18.33% | 12.56% | 12.88% | 12.03% |
| Income Tax | 389.09M | 330.95M | 252.7M | 310.08M | 272.25M | 314.4M | 219.58M | 234.03M | 239.01M | 354.13M | 379.44M | 388.9M | 459.13M | 430.85M | 354.65M | 333.88M | 299.06M | 235.14M | 180.62M | 126.09M | 317.44M | 279.68M | 244.76M | 267.88M | 233.99M | 136.38M | 212.1M | 267.6M | 216.1M | 217.7M | 206.6M |
| Effective Tax Rate % | 26.23% | 27.26% | 10.21% | 14.28% | 14.2% | 17.49% | 14.69% | 16.95% | 16.95% | 31.88% | 34.51% | 43.12% | 35.15% | 34.43% | 34.92% | 34.68% | 36.97% | 35.04% | 36.71% | 37.06% | 36.22% | 36.18% | 29.29% | 36.55% | 36.7% | 39.7% | 38.8% | 36.76% | 38.8% | 39.3% | 43.06% |
| Net Income | 1.09B | 883.26M | 2.22B | 1.86B | 1.64B | 1.48B | 1.28B | 1.15B | 1.18B | 782.98M | 720.04M | 512.95M | 846.91M | 820.47M | 660.93M | 628.96M | 509.8M | 435.99M | 311.4M | 214.15M | 559.06M | 493.24M | 590.88M | 457.58M | 403.58M | 207.16M | 334.54M | 460.3M | 340.9M | 336.3M | 273.2M |
| Net Margin % | 9.12% | 7.55% | 19.83% | 16.68% | 15.79% | 16.47% | 15.69% | 14.4% | 15.11% | 10.42% | 9.68% | 6.94% | 11.41% | 11.48% | 9.95% | 10.34% | 8.99% | 8.23% | 6.07% | 4.33% | 11.31% | 10.2% | 13.34% | 10.97% | 9.79% | 4.55% | 7.93% | 11.59% | 7.69% | 7.82% | 6.85% |
| Net Income Growth % | -33.61% | -60.24% | 19.31% | 13.19% | 11.32% | 15.55% | 11.22% | -2.37% | 50.39% | 8.74% | 40.37% | -39.43% | 3.22% | 24.14% | 5.08% | 23.37% | 16.93% | 40.01% | 45.41% | -61.69% | 13.34% | -16.52% | 29.13% | 13.38% | 94.82% | -38.08% | -27.32% | 35.02% | 1.37% | 23.1% | -3.09% |
| Net Income (Continuing) | 1.09B | 883.26M | 2.22B | 1.86B | 1.64B | 1.48B | 1.28B | 1.15B | 1.17B | 756.54M | 720.04M | 512.95M | 846.91M | 820.47M | 660.93M | 628.96M | 509.8M | 435.99M | 311.4M | 214.15M | 559.06M | 488.55M | 590.88M | 464.95M | 403.58M | 207.16M | 334.54M | 460.3M | 340.9M | 336.3M | 273.2M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 3.53M | 5.77M | 8.54M | 16.23M | 41.83M | 49.47M | 64.47M | 11.22M | 11.62M | 23.63M | 35.28M | 39.88M | 31.75M | 30.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 5.36 | 4.34 | 10.94 | 9.06 | 7.96 | 7.11 | 6.11 | 5.46 | 5.58 | 3.66 | 3.34 | 2.32 | 3.54 | 3.61 | 2.89 | 2.74 | 2.21 | 1.90 | 1.36 | 0.93 | 2.34 | 1.97 | 2.24 | 1.73 | 1.47 | 0.75 | 1.18 | 1.63 | 1.17 | 1.12 | 0.88 |
| EPS Growth % | -33.79% | -60.33% | 20.75% | 13.82% | 11.96% | 16.37% | 11.9% | -2.15% | 52.46% | 9.58% | 43.97% | -34.46% | -1.94% | 24.91% | 5.47% | 23.98% | 16.32% | 39.71% | 46.24% | -60.26% | 18.78% | -12.05% | 29.48% | 17.69% | 96% | -36.44% | -27.61% | 39.32% | 4.46% | 27.27% | 3.53% |
| EPS (Basic) | - | 4.40 | 10.97 | 9.09 | 8.00 | 7.15 | 6.13 | 5.49 | 5.61 | 3.79 | 3.45 | 2.40 | 3.91 | 3.76 | 3.01 | 2.78 | 2.24 | 1.91 | 1.37 | 0.94 | 2.44 | 2.05 | 2.31 | 1.74 | 1.48 | 0.76 | 1.23 | 1.65 | 1.19 | 1.13 | 0.89 |
| Diluted Shares Outstanding | 204.27M | 203.27M | 203.49M | 205.55M | 206.57M | 207.76M | 209.41M | 210.7M | 210.99M | 213.74M | 215.3M | 220.65M | 224.84M | 227.2M | 228.34M | 229.92M | 230.31M | 229M | 228.7M | 231.45M | 238.91M | 248.29M | 256.93M | 264.5M | 275.48M | 275.39M | 283.51M | 282.39M | 291.37M | 301.61M | 312.23M |
| Basic Shares Outstanding | 198.68M | 203.49M | 202.96M | 204.74M | 205.53M | 206.73M | 208.45M | 209.46M | 209.99M | 212.25M | 214.14M | 219.09M | 222.56M | 224.18M | 225.04M | 226.57M | 227.74M | 227.84M | 227.49M | 228.86M | 229.12M | 244.57M | 188.73M | 262.98M | 272.69M | 272.49M | 275.14M | 279.82M | 286.47M | 298.93M | 308.7M |
| Dividend Payout Ratio | - | 122.87% | 48.84% | 47.75% | 47.12% | 46.43% | 50.11% | 53.08% | 47.77% | 67.21% | 69.37% | 92.82% | 52% | 48% | 51.63% | 48.35% | 55.6% | 60.41% | 84.44% | 117.8% | 42.06% | 44.85% | 34.82% | 40.36% | 41.58% | 74.7% | 43.31% | 29.7% | 37.84% | 36.13% | 42.02% |
Volatile commodity input costs
According to recent quarterly filings, HSY's revenue growth has exhibited significant volatility, swinging from a 13.8% contraction in 2025Q1 to a 26.0% expansion in 2025Q2, suggesting that seasonal inventory loading and trade promotion timing continue to obscure the underlying demand trajectory for the company's core confectionery portfolio.
The inconsistent revenue performance indicates that the company's reliance on seasonal holiday sell-in creates substantial quarterly noise that complicates trend analysis. Investors should monitor whether the recent growth spikes are driven by sustainable volume gains or merely represent aggressive channel stuffing ahead of anticipated price increases.
As reported in financial statements, the company's gross margin has experienced notable degradation, falling from a peak of 54.0% in 2024Q4 to 39.4% in 2026Q1, which likely reflects the severe impact of rising cocoa and sugar input costs on the firm's core manufacturing profitability.
The sharp contraction in gross margins suggests that the company's pricing power may be reaching an inflection point where further cost pass-throughs could trigger volume erosion. This margin profile warrants close scrutiny, as it deviates significantly from historical norms and may indicate a structural shift in the cost of goods sold.
Based on the provided income statement data, operating margins have fluctuated wildly between 7.4% and 32.5% over the last ten quarters, demonstrating that the company's ability to scale operating income against gross profit remains highly sensitive to both seasonal revenue shifts and periodic spikes in overhead expenses.
The lack of consistent operating leverage suggests that management's efforts to integrate the salty snacks segment have yet to yield the expected efficiency gains. The wide variance in operating margins implies that fixed costs are not being absorbed effectively during periods of lower revenue, potentially exposing the firm to earnings volatility.
Analysis of the reported figures reveals that EPS has been subject to extreme swings, such as the 130.6% growth in 2024Q4 followed by a 71.7% decline in 2025Q1, highlighting that net income is heavily influenced by non-operating items and significant quarterly fluctuations in tax and expense recognition.
The erratic nature of bottom-line performance suggests that investors should focus on normalized earnings rather than GAAP figures, which appear distorted by the timing of acquisitions and commodity hedging activities. The presence of stock-based compensation, while relatively modest, adds another layer of complexity to assessing the true cash-generative capacity of the business.
While management maintains a defensive posture, the data suggests that the company's reliance on price-led growth may be unsustainable, as evidenced by the 31.6% gross margin reported in 2025Q3, which indicates that the firm is struggling to fully offset the inflationary pressures within its primary supply chain.
Short-term margin recovery may be masking deeper structural issues related to the integration of lower-margin salty snack acquisitions. If the company cannot stabilize its gross margins despite its dominant shelf position, the market may be forced to re-evaluate the long-term valuation premium typically afforded to this consumer staple.
Quick answers to the most common questions about buying HSY stock.
For fiscal year 2025, The Hershey Company (HSY) reported total revenue of $11.69B. This represents a 193.1% increase compared to $3.99B in 1996.
The Hershey Company (HSY) is profitable, generating $883.3M in net income for the fiscal year ending 2025 with a net profit margin of 7.6%.
The Hershey Company (HSY) reported an operating income of $1.42B, resulting in an operating profit margin of 12.1%. This margin reflects the operational efficiency of the business before interest and taxes.
The Hershey Company (HSY) generated $3.89B in gross profit for the year, representing a gross profit margin of 33.3%. This demonstrates the company's core pricing power and production efficiency.