What is the primary revenue source for The Hershey Company (HSY)?

According to the latest financial reports, the company's revenue is driven by its core business segments and operational services. You can explore the exact breakdown and proportions of each revenue stream using the interactive charts on this page.

How can I visualize and analyze HSY's financial statements?

gkcal provides interactive Sankey diagrams and profit waterfall charts that map out The Hershey Company's total revenue, cost of goods sold, operating expenses, and net income, making it easy to understand their business model and cash flow at a glance.

How The Hershey Company Makes Money: HSY Revenue Breakdown (2026)

Operations

Where did the money come from, and where was it spent?

Steady

Revenue and operating profit grew together, indicating healthy core operations.

The largest revenue segment accounts for 79.16% of revenue, indicating concentration.

Operating margin improved by 11.41 percentage points year over year.

Revenue: USD 5.89B
Largest revenue segment share (North America Confectionery): 79.16%
Cost of revenue: USD 3.41B
Selling, general and administrative: USD 1.20B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

RevenueNet sales · RevenueFromContractWithCustomerExcludingAssessedTax
Cost of revenueCost of sales · CostOfGoodsAndServicesSold
Selling, general and administrativeSelling, marketing and administrative expense · SellingGeneralAndAdministrativeExpense
Largest revenue segment share (North America Confectionery)North America Confectionery · segment_value / revenue * 100
Operating marginOperating profit · operating_income / revenue * 100

Assets

Where is the money tied up, and how is the company financed?

Neutral

Liabilities and shareholder equity jointly fund the asset base, with a broadly stable mix.

Property, plant and equipment: USD 3.48B
Goodwill: USD 2.99B
Inventory: USD 1.74B
Total liabilities: USD 9.41B
Shareholder equity: USD 4.56B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

GoodwillGoodwill · Goodwill
Property, plant and equipmentProperty, plant and equipment, net · PropertyPlantAndEquipmentNet
Shareholder equityTotal stockholders’ equity · StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
Total liabilitiesTotal liabilities · Liabilities
InventoryInventories · InventoryNet

Cash

Did accounting profit ultimately turn into cash?

Steady

Operating cash flow covers accounting profit, showing good cash conversion.

Operating cash flow equals 99.48% of net income.

Free cash flow remains positive after capital expenditure.

Net income: USD 892.77M
Operating cash flow: USD 888.12M
Cash conversion: 99.48%
Free cash flow: USD 683.70M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Net incomeNet income · NetIncomeLoss
Free cash flowcfo - capex
Cash conversionoperating_cash_flow / net_income * 100
Operating cash flowsum(waterfull.operating)

Shareholders

Did the money earned actually make its way back to shareholders?

Watch

Dividends and net buybacks exceed free cash flow, raising questions about sustainability.

Cash dividends: USD 574.39M
Share repurchases: USD 439.35M
Stock issuance proceeds: USD 16.05M
Net shareholder return: USD 997.70M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Cash dividendsPayments of ordinary dividends, common stock · PaymentsOfDividendsCommonStock · abs(node_value)
Net shareholder returndividends_paid + share_repurchases - stock_issuance_proceeds
Share repurchasesPayments for repurchase of common stock · PaymentsForRepurchaseOfCommonStock · abs(node_value)
Stock issuance proceedsProceeds from exercised stock options · ProceedsFromStockOptionsExercised · abs(node_value)

Diluted share count is missing, so dilution cannot be assessed against buybacks.

Financial Insights

Please select a report to view

Where did the money come from, and where was it spent?

Where is the money tied up, and how is the company financed?

Did accounting profit ultimately turn into cash?

Did the money earned actually make its way back to shareholders?