The Hershey Company

thehersheycompany.com

What Do They Do?

Sells chocolate and other confectionery, salty snacks, and pantry foods to wholesale distributors, grocery chains and mass retailers.

How Do They Make Money?

Retailers and wholesale distributors pay for Hershey's packaged food products, typically shortly after delivery. Hershey also earns royalties when third-party licensees sell products under its brands.

revenue

Segment	Share	How money arrives
North America Confectionery Sold outright	81% FY2022: 82%	Sold outright
North America Salty Snacks Sold outright	11% FY2022: 9.9%	Sold outright
International Sold outright	8.1% FY2022: 8.2%	Sold outright

Who Are Their Customers?

Wholesale distributors and retail stores buy Hershey products; most retail customers resell them to consumers, and McLane distributes Hershey products to Walmart.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2023: 28% from one customer

Do Revenues Turn Into Profits?

Yes. It kept 8 cents of every revenue dollar as net income in FY2025 and turned 16 cents into free cash flow.

Operating income, FY2025

12% of revenue

▼ −50% vs FY2024 ($2.9B, 26%)

Net income, FY2025

8% of revenue

▼ −60% vs FY2024 ($2.2B, 20%)

Free cash flow, FY2025

16% of revenue

▼ −5% vs FY2024 ($1.9B, 17%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 28, 2026

Revenue: ▲ +7%; vs $2.6B in Q2 FY2025
Net income: ▲ +630%; vs $62.7M in Q2 FY2025

North America Confectionery share of revenue vs 79.8% in Q2 FY2025

Sep 2, 2026 Hershey named Dave Hulays CFO as Steve Voskuil stepped down Voskuil moved to strategic projects and plans to retire in the first quarter of 2027.
Mar 31, 2026 Hershey reaffirmed its 2026 financial outlook The outlook includes net sales growth of 4% to 5%, organic sales growth of 2.5% to 3.5%, and adjusted earnings per share growth of 30% to 35%.

Growing. Revenue grew 30% in 4 years, from $9B in FY2021 to $11.7B in FY2025, about 7% a year.

Salty-snack range The latest report adds LesserEvil's organic popcorn and puffed snacks to the salty-snack business; the older report described popcorn, pretzels and other snacks.

Revenue over time

North America Confectionery North America Salty Snacks International

$20B$10B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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