The Hershey Company HSY
NYSEPackaged foodFinancials to Jun 28, 2026 · Updated Oct 8, 2026
Moat ranks
Balance sheet
| $B | Dec 31 | Jun 28 |
|---|---|---|
| Cash | 0.9 | 0.8 |
| Securities | 0.0 | 0.0 |
| Debt | 5.3 | 5.5 |
| Net cash | -4.4 | -4.7 |
| Equity | 4.6 | 4.6 |
- Debt / EBITDA
- 2.06×
- Debt / equity
- 1.21×
- Leases (6/28/26)
- $388M
- Diluted shares
- 203M
- Book value / share
- $22.50
- Price / book
- 7.2×
- Net cash / share
- −$23.40
- Market cap
- $32.7B
- Enterprise value
- $37.4B
Per-share record
Key indicators
| Indicator | Latest | Vs year ago | Last 8 quarters |
|---|---|---|---|
| Revenue growth | 6.6% | -19.4 pts | |
| Operating margin | 23.1% | +15.7 pts | |
| FCF margin | 11.8% | +10.8 pts | |
| Capex / revenue | 3.2% | -0.0 pts | |
| North America Confectionery net price realization growth | ~+14% | +8 pts | |
| North America Confectionery volume growth | ~-10% | -35 pts | |
| North America Confectionery segment income | $706M | +40% | |
| U.S. candy, mint and gum retail takeaway growth | -9% | -30 pts | |
| U.S. candy, mint and gum market share change (basis points) · 9/28/25 | -4 | +96% |
Margins and growth from reported quarters; company KPIs as reported in results releases.
About HSY
Hershey makes chocolate, candy, gum, pretzels and popcorn. North America Confectionery supplied 81.1% of 2025 sales and carries the clearest moat: familiar Hershey’s and Reese’s brands support consumer preference.
- Brand Trust
Iconic brands support consumer preference and help sustain price realization even when volumes soften.
- Oct 1, 2026
Hershey named Amanda Almond President, International, effective October 12, succeeding Rohit Grover after a weak year for the segment.
- Sep 16, 2026
A Florida court dismissed the Reese’s pumpkin-label case without prejudice for lack of standing and closed it. The ruling is not a decision on the merits of the packaging claims.
- Sep 2, 2026
Dave Hulays became CFO, succeeding Steve Voskuil as Hershey works to restore earnings and fund brand growth.
- Aug 1, 2026
Hershey Canada recalled selected Kisses milk-chocolate packs nationally because they could contain undeclared almonds. One reaction was reported; the recall adds a concrete food-safety risk to the brand-trust case.
- Jul 30, 2026
Hershey narrowed 2026 sales-growth guidance to 4.5%-5% and adjusted EPS-growth guidance to 32.5%-35%, preserving the upper ends as profit recovered.
Ownership
Go deeper on HSY
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On this page
Financial record
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM | Trend | Change 2016–25 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Per share ($) | |||||||||||||
| Revenue | 34.56 | 35.16 | 36.93 | 37.90 | 38.92 | 43.18 | 50.44 | 54.32 | 55.05 | 57.49 | 60.00 | +5.8%/yr | |
| Cash flow | 4.71 | 5.85 | 7.58 | 8.37 | 8.12 | 10.03 | 11.27 | 11.30 | 12.44 | 11.20 | 13.10 | +10.1%/yr | |
| Earnings | 3.34 | 3.66 | 5.58 | 5.46 | 6.11 | 7.11 | 7.96 | 9.06 | 10.92 | 4.34 | 7.34 | +2.9%/yr | |
| Free cash flow | 3.46 | 4.64 | 6.03 | 6.86 | 6.01 | 7.64 | 8.75 | 7.55 | 9.46 | 8.60 | 10.63 | +10.7%/yr | |
| Capex | 1.25 | 1.21 | 1.56 | 1.51 | 2.11 | 2.39 | 2.51 | 3.75 | 2.98 | 2.60 | 2.48 | +8.4%/yr | |
| Dividends | 2.32 | 2.46 | 2.67 | 2.90 | 3.06 | 3.30 | 3.75 | 4.33 | 5.33 | 5.34 | 5.51 | +9.7%/yr | |
| Book value | 3.65 | 4.28 | 6.63 | 8.25 | 10.67 | 13.27 | 15.97 | 19.94 | 23.17 | 22.80 | 22.50 | +22.6%/yr | |
| Diluted shares (M) | 215 | 214 | 211 | 211 | 209 | 208 | 207 | 206 | 203 | 203 | 203 | -0.6%/yr | |
| Totals ($B) | |||||||||||||
| Revenue | 7.4 | 7.5 | 7.8 | 8.0 | 8.1 | 9.0 | 10.4 | 11.2 | 11.2 | 11.7 | 12.2 | +5.2%/yr | |
| Operating income | 1.3 | 1.3 | 1.6 | 1.6 | 1.8 | 2.0 | 2.3 | 2.6 | 2.9 | 1.4 | 2.2 | +1.6%/yr | |
| Net income | 0.7 | 0.8 | 1.2 | 1.1 | 1.3 | 1.5 | 1.6 | 1.9 | 2.2 | 0.9 | 1.5 | +2.3%/yr | |
| Free cash flow | 0.7 | 1.0 | 1.3 | 1.4 | 1.3 | 1.6 | 1.8 | 1.6 | 1.9 | 1.7 | 2.2 | +10.0%/yr | |
| Buybacks | 0.6 | 0.3 | 0.2 | 0.5 | 0.2 | 0.5 | 0.4 | 0.3 | 0.5 | 0.0 | 0.4 | – | |
| Dividends | 0.5 | 0.5 | 0.6 | 0.6 | 0.6 | 0.7 | 0.8 | 0.9 | 1.1 | 1.1 | 1.1 | +9.0%/yr | |
| Net cash | -2.6 | -2.4 | -3.8 | -3.7 | -3.4 | -4.6 | -4.3 | -4.3 | -4.3 | -4.4 | -4.7 | −$1.8B | |
| Margins & returns (%) | |||||||||||||
| Gross margin | 42.6 | 46.0 | 45.9 | 45.4 | 45.4 | 45.1 | 43.2 | 44.8 | 47.3 | 33.5 | 38.4 | -9.1 pts | |
| Operating margin | 16.9 | 17.5 | 20.8 | 20.0 | 21.9 | 22.8 | 21.7 | 22.9 | 25.9 | 12.3 | 17.8 | -4.5 pts | |
| Net margin | 9.7 | 10.4 | 15.1 | 14.4 | 15.7 | 16.5 | 15.8 | 16.7 | 19.8 | 7.6 | 12.2 | -2.1 pts | |
| FCF margin | 10.0 | 13.2 | 16.3 | 18.1 | 15.4 | 17.7 | 17.4 | 13.9 | 17.2 | 15.0 | 17.7 | +5.0 pts | |
| ROIC | 31.4 | 33.2 | 26.6 | 24.9 | 26.9 | 23.4 | 25.4 | 25.7 | 27.3 | 13.5 | 19.7 | -17.9 pts | |
| Return on equity | 91.6 | 85.5 | 84.2 | 66.1 | 57.2 | 53.6 | 49.8 | 45.4 | 47.1 | 19.0 | 32.6 | -72.6 pts | |
| R&D % of revenue | 0.6 | 0.6 | 0.5 | 0.5 | 0.5 | 0.4 | 0.5 | 0.4 | 0.5 | 0.5 | – | -0.1 pts | |
| Stock pay % of revenue | 0.7 | 0.7 | 0.6 | 0.6 | 0.7 | 0.7 | 0.6 | 0.7 | 0.4 | 0.6 | 0.6 | -0.2 pts | |
| Capex % of revenue | 3.6 | 3.4 | 4.2 | 4.0 | 5.4 | 5.5 | 5.0 | 6.9 | 5.4 | 4.5 | 4.1 | +0.9 pts | |
Change uses 2016 and 2025 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2016 base. Trend shows the fiscal years.
Moat
Moat scorecard
- Strength
- Confidence
- Structure
- Oligopoly
- Durability
- durable
- Trajectory
- narrowing
- Pricing power
- moderate
- North America Confectionery81.1%1 claim
- North America Salty Snacks10.9%Not scored: evidence insufficient
- International8.1%Not scored: evidence insufficient
Moat claims
- Applies to
- North America Confectionery
- Confidence
- Durability
- durable
- Trajectory
- narrowingas of Oct 8, 2026
Iconic brands support consumer preference and help sustain price realization even when volumes soften.
Q2 2026 price realization of about 14% came with a 10% volume decline and lost U.S. candy, mint and gum share, showing that the price premium is under pressure.
- North America Confectionery net price realization growth~+14%
- North America Confectionery volume growth~-10%
- North America Confectionery segment income$706M+40%
- U.S. candy, mint and gum retail takeaway growth-9%
- U.S. candy, mint and gum market share change (basis points)-4+96%
- Advertising expense$612M+2%
- Food-safety recalls and labeling failures can weaken repeat purchases and retailer trust
- Cocoa/input-cost inflation forces price hikes that can reduce unit volume
- Health/wellness trends and GLP-1 adoption reducing discretionary snacking
- Competitor promotion intensity and innovation cycles
- Retailer shelf-space reallocation toward faster-growing snack categories
- FilingThe Hershey Company 2025 Form 10-K (Description of Business)Feb 17, 2026
- NewsHershey Reports First-Quarter 2026 Financial ResultsApr 30, 2026
Profile change log
- Oct 8, 2026 · analyst revision
The debt history counted finance leases both in borrowings and in lease liabilities. Borrowings now exclude those leases, reducing Q2 2026 debt from $5.611 billion to $5.535 billion. Added consumer retail sales, share-change and advertising history to test demand and brand support, completed the numeric FY2026 guidance ranges, and updated International pricing evidence. Replaced the mixed-source global market leader list with finished-confectionery leaders named by one global industry report; Mars portfolio evidence remains a separate fact.
- Oct 8, 2026 · business change
Hershey Canada recalled selected Kisses milk-chocolate packs nationally because they could contain undeclared almonds. One reaction was reported; the recall adds a concrete food-safety risk to the brand-trust case.
- Oct 8, 2026 · business change
Hershey named Amanda Almond President, International, effective October 12, succeeding Rohit Grover after a weak year for the segment.
- Oct 8, 2026 · business change
A Florida court dismissed the Reese’s pumpkin-label case without prejudice for lack of standing and closed it. The ruling is not a decision on the merits of the packaging claims.
- Oct 8, 2026 · business change
Dave Hulays became CFO, succeeding Steve Voskuil as Hershey works to restore earnings and fund brand growth.
- Oct 8, 2026 · business change
Hershey narrowed 2026 sales-growth guidance to 4.5%-5% and adjusted EPS-growth guidance to 32.5%-35%, preserving the upper ends as profit recovered.
- Oct 8, 2026 · business change
A California court left Lily’s unlawful-label and unjust-enrichment claims open while dismissing other claims. The ruling keeps a packaging-trust risk unresolved; it does not establish liability.
- Oct 8, 2026 · business change
Hershey announced that a small part of its chocolate portfolio will move toward classic recipes in 2027, responding to consumer concerns while keeping the iconic Reese’s cup recipe unchanged.
- Oct 8, 2026 · business change
Hershey bought LesserEvil for $769.090 million initial cash consideration, adding organic popcorn, puffed snacks and manufacturing capacity; up to $200 million more depends on earnings targets.
- Oct 8, 2026 · analyst revision
Q2 2026 and FY2025 filings show growth and individual brands in Salty Snacks but falling profit, while International loses money. Neither source establishes a durable segment-wide barrier; both empty moat lists are explicitly marked insufficient evidence, with no claim removed.
- Oct 8, 2026 · analyst revision
Replaced seasonal H1 weights with FY2025 sales: Confectionery 81.1%, Salty Snacks 10.9%, International 8.1%. Removed segment profit shares because corporate and hedge costs are excluded. Removed an unsupported 90-brand quote. Added a narrowing brand trajectory, debate and management review.
Industry & peers
Peer map
Hover a point for its values; click a peer to compare. Dashed lines: industry medians.
Global confectionery
Chocolate confectionery, sugar candy, mints and gum sold worldwide through retail and online channels. Excludes salty snacks, biscuits, drinks and industrial cocoa ingredients.
- Ferrero
- Nestlé
- Mondelez International
- Meiji Holdings
- Hershey
- Lindt & Sprüngli
- Ezaki Glico
- Haribo
- Pladis
| Stocks | Moat | Gross m. | Op. m. | |
|---|---|---|---|---|
| HSY | 78 | 38.4% | 17.8% | |
| Industry median | 8 | 67 | 33.1% | 10.9% |
| Sector median | 85 | 74 | 55.5% | 16.9% |
| All stocks median | 398 | 76 | 52.9% | 19.6% |
Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.
Drivers & risks
- Frequent treats and seasonal gifts sustain repeat purchase.
- Premium formats and local brand preferences support product mix.
- Candy and gum innovation creates new occasions alongside chocolate.
- Distribution and household-income growth support emerging markets.
- Cocoa, sugar, dairy and packaging inflation can outrun price increases; hedges delay cost changes.
- Price elasticity, promotion and private label limit brand premiums.
- Health preferences, ingredient labeling and color reformulation create demand and trust risks.
- Currencies and tariffs affect imported inputs and translated profit.
- Retailer concentration limits suppliers’ shelf access; higher interest rates add financing costs.
Bulls & bears
Can Hershey restore confectionery volume and market share while keeping enough of its price increases to fund brand investment and cover cocoa costs?
Arguments
What to watch
- 1North America Confectionery net price realization and volume
- 2U.S. candy, mint and gum retail takeaway and market share
- 3Confectionery segment income and operating cash flow
- 4Salty Snacks organic sales and International segment income
Next check: Q3 2026 results and Halloween sell-through; no results date was confirmed on the company events page on October 8.
Sources: company filings and dated sources collected for Find My Moat; market cap as of Oct 8, 2026. Not investment advice.
Free to reuse, commercially too, with a credit link. See the data license.
Moat Score 78/100 by <a href="https://www.findmymoat.com/stocks/XNYS:HSY">Find My Moat</a> (as of September 2026)Request update
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