HSY HERSHEY CO

Overview and Growth

Fiscal 2025 results for HERSHEY CO combined $11.69B of revenue with net income of $883.26M and an operating cash inflow of $2.28B. The $11.69B revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. The top line expanded 4.4% from $11.20B in fiscal 2024, increasing the company’s operating scale. At period end, total assets were $13.74B, framing the scale of the company’s operating and financing commitments. Revenue equaled 0.85x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

The first profit layer was $3.92B of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. Gross margin was 33.5%, so that share of each revenue unit remained after the cost of revenue reported for the period. The reported operating result was $1.44B, capturing profitability after direct costs and the operating expenses reflected in the statements. Relative to revenue, operating income represented 12.3%, showing how efficiently sales converted into operating profit. After all reported below-operating-line items, the company recorded net income of $883.26M for the fiscal year. Measured against reported revenue, net income produced a 7.6% margin after operating costs and the remaining recognized items. Before income taxes, the company reported $1.21B of earnings, providing a bridge between the operating result and final net income. Pretax income represented 10.4% of revenue, placing earnings before tax in the context of the company’s operating scale. The reported income-tax provision was $330.95M, the amount recognized between pretax income and the final net-income result. The income-tax provision equaled 27.3% of pretax income, showing the tax burden absorbed by the year’s earnings. The relationship between net income and period-end equity was 19.0%, indicating the profitability achieved on book capital. The net-income-to-assets relationship measured 6.4%, showing earnings relative to the full balance sheet.

Liquidity and Capital Structure

Total assets were $13.74B, supported by $9.10B of liabilities and $4.64B of shareholder equity. Current assets were $3.59B against $3.01B of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. Current assets covered current liabilities by 1.19x, leaving a positive buffer for near-term obligations. Cash and equivalents totaled $925.86M, identifying the most liquid reported component available within the broader current-asset balance. Cash and equivalents represented 30.7% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. Relative to total assets, liabilities measured 66.3%, complementing the separate equity-based view of the company’s capital structure. Cash and equivalents equaled 6.7% of total assets, showing the liquid cash component within the company’s broader resource base. The asset base changed 6.1% from $12.95B in fiscal 2024, leaving current total assets higher year over year. Against $4.71B of equity in fiscal 2024, the current book-equity balance moved 1.7% and ended lower.

Cash Flow and Earnings Quality

Cash flow from operations was $2.28B, a reported cash inflow that can be compared directly with net income and capital spending. Against net income, operating cash flow measured 2.58x, showing the relationship between accrual earnings and operating cash. Capital expenditures used $454.62M, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Relative to operating cash flow, capital expenditures measured 20.0%, connecting investment intensity with the company’s cash-generation base. The combination of operating cash flow and capital spending produced $1.82B of positive free cash flow for the period. The free-cash-flow margin was 15.6%, measuring cash remaining after capital spending against revenue. Measured against total assets, free cash flow represented 13.3%, showing the cash productivity of the company’s assets.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.