The Hershey Company (HSY) Cash Flow Statement
Where HSY’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $2.28B −10.0% vs 2024
- Capital expenditures
- $528.2M 4.5% of revenue
- Free cash flow
- $1.75B 15.0% margin
- Returned to shareholders
- $1.09B 62% of free cash flow
- Change in cash
- $195.1M cash at year-end $925.9M
Cash from operations
$2.28B
Capital expenditures
−$528.2M
Acquisitions & other
−$750.5M
Dividends
−$1.09B
Share buybacks (net)
+$21.3M
Net borrowing (repayment)
+$279.4M
Other financing
−$18.8M
Change in cash
$195.1M
Drawn to scale: where the cash came from and how it was used. Hover for values.
HSY operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
HSY cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $983.5M2016 | $2.28B2025 | +9.8%/yr | |
| Capital expenditures | $269.5M2016 | $528.2M2025 | +7.8%/yr | |
| Free cash flow | $714.0M2016 | $1.75B2025 | +10.5%/yr | |
| Free cash flow margin | 9.6%2016 | 15.0%2025 | +5.4 pts | |
| Operating cash flow / net income | 1.372016 | 2.582025 | +1.21 | |
| Stock-based compensation | $54.8M2016 | $65.5M2025 | +2.0%/yr | |
| Dividends paid | $499.5M2016 | $1.09B2025 | +9.0%/yr | |
| Share buybacks (net) | $592.5M2016 | $02025 | −100.0% | |
| Capex / revenue | 3.6%2016 | 4.5%2025 | +0.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
HSY cash flow by activity
OperatingInvestingFinancingChange in cash
HSY net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
HSY cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $883.3M | $2.22B | $1.86B | $1.64B | $1.48B | $1.28B | $1.15B | $1.17B | $756.5M | $720.0M |
| Depreciation & amortization | $503.7M | $455.3M | $419.8M | $379.0M | $315.0M | $294.9M | $291.5M | $295.1M | $261.9M | $301.8M |
| Stock-based compensation | $65.5M | $44.4M | $81.0M | $66.0M | $66.7M | $57.6M | $51.9M | $49.3M | $51.1M | $54.8M |
| Change in working capital | $40.1M | −$53.1M | −$341.9M | −$29.4M | $46.3M | −$191.6M | $88.5M | −$71.2M | −$134.3M | −$63.7M |
| Other non-cash items | $784.9M | −$136.2M | $302.4M | $267.4M | $172.0M | $263.4M | $185.2M | $155.7M | $314.4M | −$29.4M |
| Cash from operating activities | $2.28B | $2.53B | $2.32B | $2.33B | $2.08B | $1.70B | $1.76B | $1.60B | $1.25B | $983.5M |
| Investing activities | ||||||||||
| Capital expenditures | −$528.2M | −$605.9M | −$771.1M | −$519.5M | −$495.9M | −$441.6M | −$318.2M | −$328.6M | −$257.7M | −$269.5M |
| Investments (net) | — | −$960.3M | −$1.01B | −$275.5M | −$128.4M | −$87.2M | −$80.2M | −$52.6M | −$78.6M | −$44.3M |
| Acquisitions & other investing | −$750.5M | $605.9M | $585.4M | $7.6M | −$1.60B | −$2.4M | −$382.1M | −$1.12B | $7.6M | −$281.7M |
| Cash from investing activities | −$1.28B | −$960.3M | −$1.20B | −$787.4M | −$2.22B | −$531.3M | −$780.5M | −$1.50B | −$328.7M | −$595.5M |
| Financing activities | ||||||||||
| Dividends paid | −$1.09B | −$1.08B | −$889.1M | −$775.0M | −$686.0M | −$640.7M | −$610.3M | −$562.5M | −$526.3M | −$499.5M |
| Share repurchases & issuance (net) | $21.3M | −$494.2M | −$264.9M | −$389.0M | −$457.9M | −$211.2M | −$527.2M | −$247.5M | −$300.3M | −$592.5M |
| Net borrowing (repayment) | $279.4M | $300.6M | $14.7M | −$250.4M | $429.6M | $327.2M | −$184.7M | $934.8M | −$80.5M | $568.6M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$18.8M | −$18.2M | −$9.0M | −$1.4M | $33.2M | $25.5M | $240.8M | −$8.7M | $63.3M | $89.0M |
| Cash from financing activities | −$803.4M | −$1.30B | −$1.15B | −$1.42B | −$681.1M | −$499.2M | −$1.08B | $116.1M | −$843.8M | −$434.4M |
| Summary | ||||||||||
| Net change in cash | $195.1M | $328.8M | −$62.0M | $134.6M | −$814.7M | $650.7M | −$94.7M | $207.8M | $83.2M | −$49.6M |
| Cash at end of period | $925.9M | $730.7M | $401.9M | $463.9M | $329.3M | $1.14B | $493.3M | $588.0M | $380.2M | $297.0M |
| Free cash flow | $1.75B | $1.93B | $1.55B | $1.81B | $1.59B | $1.26B | $1.45B | $1.27B | $991.8M | $714.0M |
| Free cash flow margin | 15.0% | 17.2% | 13.9% | 17.4% | 17.7% | 15.4% | 18.1% | 16.3% | 13.2% | 9.6% |
| Capex / revenue | 4.5% | 5.4% | 6.9% | 5.0% | 5.5% | 5.4% | 4.0% | 4.2% | 3.4% | 3.6% |
| Operating cash flow / net income | 2.58 | 1.14 | 1.25 | 1.42 | 1.40 | 1.33 | 1.54 | 1.37 | 1.65 | 1.37 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $457.7M | $435.1M | $320.0M | $276.3M | $62.7M | $224.2M | $796.6M | $446.3M | $180.9M | $797.5M | $349.0M | $518.6M |
| Depreciation & amortization | $136.1M | $133.0M | $132.5M | $127.8M | $123.8M | $119.6M | $123.8M | $113.3M | $110.4M | $107.8M | $116.7M | $103.3M |
| Stock-based compensation | $17.7M | $17.1M | $19.0M | $15.4M | $17.4M | $13.6M | $11.8M | $15.1M | $11.5M | $6.0M | $24.7M | $20.5M |
| Change in working capital | −$120.3M | −$287.1M | $332.3M | $260.8M | −$303.0M | −$234.4M | $44.1M | $178.1M | −$63.2M | −$114.8M | $118.3M | −$190.2M |
| Other non-cash items | −$71.9M | $170.7M | $122.7M | $161.6M | $211.2M | $273.7M | −$34.8M | −$57.4M | $86.0M | −$227.2M | $148.9M | $63.5M |
| Cash from operating activities | $419.3M | $468.8M | $926.6M | $841.9M | $112.2M | $396.7M | $941.6M | $695.3M | $325.6M | $569.1M | $757.6M | $515.7M |
| Investing activities | ||||||||||||
| Capital expenditures | −$89.8M | −$114.6M | −$211.7M | −$304.2M | −$158.7M | −$145.5M | −$134.5M | −$128.0M | −$130.2M | −$213.3M | −$222.5M | −$218.1M |
| Investments (net) | — | — | — | −$80.4M | −$154.8M | −$147.0M | −$411.0M | −$159.6M | −$162.2M | −$227.6M | −$463.1M | −$219.5M |
| Acquisitions & other investing | $7.4M | −$2.5M | −$684.9M | $304.2M | $158.7M | $145.5M | $134.5M | $128.0M | $130.2M | $213.3M | $222.5M | −$297.9M |
| Cash from investing activities | −$82.4M | −$117.1M | −$896.5M | −$80.4M | −$154.8M | −$147.0M | −$411.0M | −$159.6M | −$162.2M | −$227.6M | −$463.1M | −$735.5M |
| Financing activities | ||||||||||||
| Dividends paid | −$286.4M | −$288.0M | −$271.3M | −$271.1M | −$271.2M | −$271.6M | −$270.5M | −$270.4M | −$270.5M | −$273.4M | −$237.8M | −$237.7M |
| Share repurchases & issuance (net) | −$370.1M | −$69.3M | $21.3M | $17.3M | $6.9M | $2.7M | −$2.3M | −$534,000 | −$3.6M | −$494.2M | −$25.0M | −$215.7M |
| Net borrowing (repayment) | $252.6M | −$49.6M | $2.0M | −$252.2M | −$288.9M | $818.5M | −$177.6M | −$128.7M | — | — | — | −$41.1M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$21.3M | $4.0M | −$18.9M | −$7.9M | −$6.4M | −$12.6M | $877,000 | $5.5M | $42.9M | $545.9M | −$101.1M | $216.8M |
| Cash from financing activities | −$425.2M | −$402.8M | −$266.9M | −$514.0M | −$559.6M | $537.1M | −$449.5M | −$394.1M | −$231.2M | −$221.7M | −$363.9M | −$277.7M |
| Summary | ||||||||||||
| Net change in cash | −$85.8M | −$48.9M | −$237.2M | $250.7M | −$602.9M | $784.5M | $115.8M | $147.9M | −$53.3M | $118.5M | −$69.3M | $25.1M |
| Cash at end of period | $791.2M | $877.0M | $925.9M | $1.16B | $912.3M | $1.52B | $730.7M | $615.0M | $467.1M | $520.4M | $401.9M | $471.3M |
| Free cash flow | $329.5M | $354.2M | $714.9M | $1.15B | −$46.5M | $251.2M | $807.1M | $567.3M | $195.5M | $355.8M | $535.1M | $297.6M |
| Free cash flow margin | 11.8% | 11.4% | 23.1% | 36.0% | −1.8% | 9.0% | 28.0% | 19.0% | 9.4% | 10.9% | 20.1% | 9.8% |
| Capex / revenue | 3.2% | 3.7% | 6.8% | 9.6% | 6.1% | 5.2% | 4.7% | 4.3% | 6.3% | 6.6% | 8.4% | 7.2% |
| Operating cash flow / net income | 0.92 | 1.08 | 2.90 | 3.05 | 1.79 | 1.77 | 1.18 | 1.56 | 1.80 | 0.71 | 2.17 | 0.99 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
HSY cash generation
In fiscal 2025 (ended December 31, 2025), Hershey generated $2.3 billion of cash from operations (down 10.0%) and spent $528.2 million on capital expenditures, leaving free cash flow of $1.7 billion, 15.0% of revenue. It returned $1.1 billion to shareholders through dividends ($1.1 billion) and net share buybacks ($0). Cash and equivalents rose by $195.1 million over the year.
Related: HSY income statement, HSY balance sheet, HSY dividend history. See the HSY stock overview for the latest quote and news.
HSY cash flow FAQ
What is Hershey's free cash flow?
Hershey's free cash flow was $1.7 billion in fiscal 2025: $2.3 billion of operating cash flow minus $528.2 million of capital expenditures It was $1.9 billion a year earlier..
How much cash does Hershey generate from operations?
Hershey generated $2.3 billion of cash from operating activities in fiscal 2025, 2.58 times its net income of $883.3 million.
How much does Hershey spend on capital expenditures?
Hershey spent $528.2 million on capital expenditures in fiscal 2025, 4.5% of revenue, compared with $605.9 million the year before.
How much does Hershey pay in dividends?
Hershey paid $1.1 billion in dividends in fiscal 2025, 62.0% of free cash flow.