At a glance
Hershey Co. (The) is worth $34.54B, about 39 times its fiscal 2025 earnings. Revenue grew 4.4% to $11.69B in fiscal 2025, with 7.6% kept as profit; over 5 years it has grown 7.5% a year. It pays no dividend; it spent $1.61B buying back its shares over FY2021–FY2025. The stock returned +4.0% over the past year with dividends reinvested and +2.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 30.8% in the 2020 crash (S&P 500: 33.7%) and 11.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 12 months and 2 months after the lows.
The business in plain English
Hershey makes chocolate, candy, mints, gum and salty snacks. It traces its roots to a business Milton S. Hershey founded in 1894, and it calls itself the largest producer of quality chocolate in North America. It markets more than 85 brands in about 65 countries. These include Hershey's, Reese's, Kisses, Twizzlers, Ice Breakers and SkinnyPop popcorn. Hershey licenses some famous names instead of owning them. For example, it makes and sells Kit Kat and Rolo in the United States under a license from Nestlé.
Hershey makes these products and sells them to wholesale distributors, grocery chains, mass merchandisers, drug, convenience and dollar stores, and wholesale clubs. Most of these customers resell the products to shoppers in stores. One distributor, McLane Company, accounted for about 27% of Hershey's 2025 sales. McLane is also the main distributor of Hershey products to Walmart. Sales run higher in the third and fourth quarters because of holiday demand.
In fiscal 2025, which ended December 31, 2025, revenue was $11.7 billion. North America Confectionery brought in 81.1% of it, North America Salty Snacks 10.9% and International 8.1%. The International segment makes products in Mexico, Brazil, India and Malaysia. The United States alone made up 87.7% of sales. On November 18, 2025, Hershey added to its snack line by acquiring LesserEvil, which makes organic popcorn and puffed snacks.
Price history
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HSY +4.0% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| North America Confectionery | $9.48B | 81.1% |
| North America Salty Snacks | $1.27B | 10.9% |
| International | $941.6M | 8.1% |
By geography
| United States | $10.25B | 87.7% |
| Other | $1.44B | 12.3% |
Latest results
- In Q3 FY2026 (ended Sep 27, 2026), revenue was $3.28B, up 3% from a year earlier, and net income was $580.8M (+110.2%).
- For fiscal 2025, revenue was $11.69B (+4.4% year over year; +7.5% a year from FY2020 to FY2025) with a 7.6% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +7.5% good |
|---|---|
| Operating margin | 12.3% watch |
| Free cash flow margin | 15.6% good |
| Return on equity (FY2025) | 19% good |
| Return on assets (FY2025) | 6.4% watch |
| Net cash (cash minus debt) | $-4.45B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $8.15B | $1.28B | $1.26B |
| FY2021 | $8.97B | $1.48B | $1.59B |
| FY2022 | $10.42B | $1.64B | $1.81B |
| FY2023 | $11.16B | $1.86B | $1.55B |
| FY2024 | $11.20B | $2.22B | $1.93B |
| FY2025 | $11.69B | $883.3M | $1.82B |
Valuation snapshot
| Market value | $34.54B |
|---|---|
| P/E ratio | 39.1 |
| Dividend yield | 3.34% |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| HSY price data to Nov 2, 2026 | -3.8% | +4.0% | -0.4% | +2.1% | +7.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -3.8% |
| 2025 | +11.0% |
| 2024 | -6.5% |
| 2023 | -17.9% |
| 2022 | +21.9% |
| 2021 | +29.6% |
| 2020 | +5.9% |
| 2019 | +40.2% |
| 2018 | -2.9% |
| 2017 | +12.3% |
| 2016 | +18.8% |
| 2015 | -12.0% |
| 2014 | +9.2% |
| 2013 | +37.4% |
| 2012 | +19.6% |
| 2011 | +34.4% |
| 2010 | +35.5% |
| 2009 | +6.5% |
| 2008 | -8.9% |
| 2007 | -18.9% |
| 2006 | -8.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 29.5% over that stretch · deepest drop along the way 29.5%, back to its old high 12.1 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 30.2% over that stretch · deepest drop along the way 30.8%, back to its old high 12.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 17.8% over that stretch · deepest drop along the way 11.6%, back to its old high 1.5 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 123 sales ($49.5M), 123 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 25, 2026 | Hershey Trust Co Trustee In Trust For Milton Hershey School 10% owner | sell (plan) | $1.4M |
| Oct 7, 2026 | Hershey Trust Co Trustee In Trust For Milton Hershey School 10% owner | sell (plan) | $1.4M |
| Oct 19, 2026 | Hershey Trust Co Trustee In Trust For Milton Hershey School 10% owner | sell (plan) | $1.3M |
| Oct 9, 2026 | Hershey Trust Co Trustee In Trust For Milton Hershey School 10% owner | sell (plan) | $1.3M |
| Sep 22, 2026 | Hershey Trust Co Trustee In Trust For Milton Hershey School 10% owner | sell (plan) | $1.3M |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.51% | Mar 31, 2026 |
ETFs with the most weight in HSY
| FTXG First Trust Nasdaq Food & Beverage ETF | 3.88% |
| WBIF WBI BullBear Value 3000 ETF | 3.56% |
| STNC Hennessy Stance ESG ETF | 3.52% |
| ABEQ Absolute Select Value ETF | 3.14% |
| QVAL Alpha Architect U.S. Quantitative Value ETF | 2.13% |
| LVHD Franklin U.S. Low Volatility High Dividend Index ETF | 2.04% |
| CVAR Cultivar ETF | 1.84% |
| FDVV Fidelity High Dividend ETF | 1.81% |
What could go wrong
- Cocoa costs and supply. Cocoa is Hershey's most important raw material, and West Africa grows about 70% of the world's beans. Bad weather, crop disease or political unrest there can drive up prices or squeeze supply.
- Price increases may not keep up. Hershey raises prices or changes product weights to offset higher costs. Increases take time to show up in sales because of promotions already promised, and higher prices can lead shoppers to purchase less.
- Most production is in the United States. About 74% of Hershey's manufacturing capacity is in the United States. Natural disasters, fires, strikes, disease outbreaks or supplier failures could halt production or deliveries and hurt results.
- Shifting tastes and tougher competition. Demand for new and existing products could fall as tastes change. Hershey competes with global and private food companies, large retailers and a widening range of other snacks on price, quality and marketing.
- Product safety and reputation. Hershey has recalled products before. A quality or safety problem, or criticism of its human rights, workplace or environmental record, could damage its brands, reduce demand and bring lawsuits or fines.
- New business software could disrupt operations. Hershey is putting in a new enterprise resource planning (ERP) system, the software that ties together ordering, production and accounting. Problems with its design or rollout could disrupt operations and hurt results.
Recent events
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Executive or board change
- Executive or board change; Investor presentation or announcement
- Shareholder vote results
- Quarterly results released
- Executive or board change
- Quarterly results released; Investor presentation or announcement
- Quarterly results released
For income and retirement investors
Hershey pays a dividend. Its dividend yield (yearly dividends as a share of the stock price) was 3.49% as of October 28, 2026. Total dividends paid rose every year from $641 million in fiscal 2020 to $1.09 billion in fiscal 2025, though 2025 barely topped 2024. Net income fell 60.2% in fiscal 2025, so dividends equaled 122.9% of earnings. That is more than the company earned. Dividends used 59.5% of free cash flow (cash left after running and investing in the business), which leaves a wider cushion. Share repurchases (buybacks) totaled $1.61 billion from fiscal 2021 to 2025, with none in 2025.
The shares fell 29.5% in the 2008 financial crisis and 30.8% in the 2020 COVID crash. Both times they got back to their earlier peak about 12 months after the low. Over the 2022 bear market the stock gained 17.8% while the broad market fell, and its worst drop was 11.6%. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Hershey make money?
Hershey makes money by selling chocolate, candy, mints, gum and salty snacks to retailers and wholesale distributors, who get them to shoppers. In fiscal 2025, which ended December 31, 2025, revenue was $11.7 billion. North America Confectionery, home to Hershey's, Reese's and Kisses, supplied 81.1%. North America Salty Snacks, including SkinnyPop and Dot's Homestyle Pretzels, added 10.9%, and International added 8.1%. One distributor, McLane Company, accounted for about 27% of sales.
Does Hershey own Kit Kat?
No. Hershey makes and sells Kit Kat and Rolo in the United States under a license from Nestlé. The license sets a minimum number of units sold, and Hershey beat it in 2025. Hershey also sells Cadbury and Caramello in the US under license from Cadbury UK. It holds worldwide licenses for York, Almond Joy, Mounds, Heath, Jolly Rancher and Whoppers. Hershey says it can extend these agreements long term at its option.
Does Hershey pay a dividend?
Yes. The dividend yield was 3.49% as of October 28, 2026, and Hershey paid $1.09 billion in dividends in fiscal 2025. Net income fell 60.2% that year, so dividends came to 122.9% of earnings. Free cash flow covered them more easily, since dividends used 59.5% of it. From fiscal 2021 through 2025, Hershey paid $4.52 billion in dividends and spent $1.61 billion on buybacks. It repurchased no stock in 2025.
How do cocoa prices affect Hershey?
Cocoa is Hershey's most important raw material, so its price has a big effect on costs. West Africa grows about 70% of the world's cocoa beans. Weather, crop disease and political unrest in growing regions have caused price swings in the past. Hershey's trading company in Switzerland handles cocoa purchasing and price risk. When costs rise, Hershey raises prices or changes product weights. Those increases take time to show up in sales, and they can lead shoppers to purchase less.
How has Hershey stock performed over the long term?
Results have been mixed. Based on share price, the stock returned about 7.4% a year over the 10 years to October 28, 2026, or 104% in total. Over five years it returned 0.7% a year. In the year to that date the shares fell 6.4%, and at their low point they were down 32.3% from their peak. The price was 37.6 times fiscal 2025 earnings (the price-to-earnings ratio). The ratio is high partly because net income fell 60.2% in 2025.