The Hershey Company (HSY) Income Statement
HSY 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsHSY revenue and net income
Where HSY's revenue goes
2025Each bar shows an amount and its share of revenue. HSY kept 7.6% of revenue as net income.
HSY profit margins
HSY growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +4.4% | +3.9% | +7.5% | +4.7% |
| Gross profit | −26.6% | −4.7% | +1.0% | +1.4% |
| Operating income | −51.1% | −14.4% | −4.5% | +3.2% |
| Net income | −60.2% | −18.7% | −7.1% | +5.6% |
| EPS (diluted) | −32.7% | −9.5% | +0.1% | +4.4% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
HSY quarterly EPS vs estimates
Hershey beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: October 29, 2026 (estimate $2.10).
HSY income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.69B | $11.20B | $11.16B | $10.42B | $8.97B | $8.15B | $7.99B | $7.79B | $7.52B | $7.44B |
| Cost of revenue | $7.80B | $5.90B | $6.17B | $5.92B | $4.92B | $4.45B | $4.36B | $4.22B | $4.06B | $4.27B |
| Gross profit | $3.89B | $5.30B | $5.00B | $4.50B | $4.05B | $3.70B | $3.62B | $3.58B | $3.46B | $3.17B |
| Research & development | — | $55.8M | $50.0M | $46.9M | $40.1M | $37.6M | $37.1M | $38.5M | $45.9M | $47.3M |
| Sales, general & admin | $2.45B | $2.26B | $2.46B | $2.25B | $2.01B | $1.89B | $1.91B | $1.87B | $1.89B | $1.39B |
| Total operating expenses | $2.47B | $2.40B | $2.44B | $2.24B | $2.00B | $1.92B | $2.03B | $1.95B | $2.14B | $1.91B |
| Operating income | $1.42B | $2.90B | $2.56B | $2.26B | $2.04B | $1.78B | $1.60B | $1.62B | $1.31B | $1.21B |
| Interest income | $190.2M | $8.7M | $9.7M | $137.6M | $127.4M | $149.4M | $8.0M | $8.0M | $1.8M | $1.8M |
| Interest expense | $207.4M | $174.3M | $161.5M | $140.1M | $129.8M | $153.5M | $152.1M | $146.9M | $100.1M | $91.9M |
| Income before taxes | $1.21B | $2.47B | $2.17B | $1.92B | $1.80B | $1.49B | $1.38B | $1.41B | $1.11B | $1.10B |
| Income taxes | $330.9M | $252.7M | $310.1M | $272.3M | $314.4M | $219.6M | $234.0M | $239.0M | $354.1M | $379.4M |
| Net income | $883.3M | $2.22B | $1.86B | $1.64B | $1.48B | $1.28B | $1.15B | $1.18B | $783.0M | $720.0M |
| EBITDA | $1.95B | $3.10B | $2.75B | $2.44B | $2.24B | $1.94B | $1.82B | $1.85B | $1.47B | $1.49B |
| EPS (diluted) | $6.31 | $9.37 | $9.59 | $8.52 | $7.18 | $6.29 | $5.79 | $5.36 | $4.76 | $4.41 |
| Gross margin | 33.3% | 47.3% | 44.8% | 43.2% | 45.1% | 45.4% | 45.4% | 45.9% | 46.0% | 42.6% |
| Operating margin | 12.1% | 25.9% | 22.9% | 21.7% | 22.8% | 21.9% | 20.0% | 20.8% | 17.5% | 16.2% |
| Net margin | 7.6% | 19.8% | 16.7% | 15.8% | 16.5% | 15.7% | 14.4% | 15.1% | 10.4% | 9.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.79B | $3.10B | $3.09B | $3.18B | $2.61B | $2.81B | $2.89B | $2.99B | $2.07B | $3.25B | $2.66B | $3.03B |
| Cost of revenue | $1.52B | $1.88B | $1.95B | $2.18B | $1.82B | $1.86B | $1.33B | $1.75B | $1.24B | $1.58B | $1.53B | $1.67B |
| Gross profit | $1.26B | $1.22B | $1.14B | $1.00B | $796.3M | $944.3M | $1.56B | $1.23B | $833.7M | $1.68B | $1.12B | $1.36B |
| Research & development | — | — | — | — | — | — | $55.8M | — | — | — | $50.0M | — |
| Sales, general & admin | $620.6M | $576.0M | $698.1M | $600.5M | $560.0M | $561.3M | $37.4M | $579.8M | $542.2M | $618.6M | $686.8M | $629.3M |
| Total operating expenses | $620.7M | $582.0M | $699.9M | $594.6M | $603.5M | $575.0M | $619.2M | $619.6M | $545.9M | $618.0M | $658.8M | $624.3M |
| Operating income | $642.6M | $640.7M | $444.9M | $410.0M | $192.8M | $369.2M | $939.1M | $613.2M | $287.8M | $1.06B | $464.3M | $735.9M |
| Interest income | $5.8M | $4.9M | $48.1M | $7.7M | $11.2M | $6.0M | $1.7M | $2.2M | $2.9M | $1.8M | $2.4M | $2.1M |
| Interest expense | $55.8M | $49.8M | $57.7M | $51.5M | $57.3M | $50.6M | $41.8M | $46.6M | $44.3M | $41.6M | $40.1M | $41.8M |
| Income before taxes | $588.3M | $592.7M | $369.5M | $371.9M | $149.1M | $323.7M | $723.1M | $518.7M | $245.9M | $986.3M | $319.7M | $653.4M |
| Income taxes | $130.6M | $157.6M | $49.5M | $95.6M | $86.4M | $99.5M | −$73.5M | $72.4M | $65.0M | $188.8M | −$29.4M | $134.8M |
| 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 |
| EBITDA | $774.3M | $775.5M | $513.1M | $551.2M | $330.2M | $493.8M | $888.7M | $678.6M | $400.6M | $1.14B | $476.4M | $798.6M |
| EPS (diluted) | $1.90 | $2.35 | $1.71 | $1.30 | $1.21 | $2.09 | $2.69 | $2.34 | $1.27 | $3.07 | $2.02 | $2.60 |
| Gross margin | 45.3% | 39.4% | 37.0% | 31.6% | 30.5% | 33.7% | 54.0% | 41.3% | 40.2% | 51.5% | 42.3% | 44.9% |
| Operating margin | 23.1% | 20.6% | 14.4% | 12.9% | 7.4% | 13.2% | 32.5% | 20.5% | 13.9% | 32.5% | 17.5% | 24.3% |
| Net margin | 16.4% | 14.0% | 10.4% | 8.7% | 2.4% | 8.0% | 27.6% | 14.9% | 8.7% | 24.5% | 13.1% | 17.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in HSY's financial statements (latest annual report filed February 17, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
HSY financial results
In fiscal year 2025 (ended December 31, 2025), Hershey reported revenue of $11.7 billion, up 4.4% from the year before. It had net income of $883.3 million (down 60.2%), a net profit margin of 7.6%. Diluted earnings per share came to $6.31. Over five years revenue grew at an average rate of 7.5% a year.
See the HSY stock overview for the latest quote and news, or the HSY chart for price history and technical indicators.
HSY income statement FAQ
What is Hershey's annual revenue?
Hershey reported total revenue of $11.7 billion for fiscal year 2025, which ended on December 31, 2025. That was up 4.4% from $11.2 billion the previous year.
Is Hershey profitable?
Yes. Hershey reported net income of $883.3 million in fiscal 2025, a net profit margin of 7.6%; its operating margin was 12.1%.
What is Hershey's gross margin?
Hershey's gross margin was 33.3% in fiscal 2025: for every $100 of revenue, Hershey kept $33 after the direct cost of its products and services.
How fast is Hershey growing?
Revenue grew 7.5% a year on average over the last five fiscal years, from $8.1 billion to $11.7 billion.
What are Hershey's earnings per share?
Hershey earned $6.31 per diluted share in fiscal 2025, compared with $9.37 a year earlier.
When will Hershey report its next earnings?
Hershey is expected to report results for the quarter ending September 30, 2026 on October 29, 2026 before the market opens.
When does Hershey's fiscal year end?
Hershey's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 17, 2026.