Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.44B | $7.52B | $7.79B | $7.99B | $8.15B | $8.97B | $10.4B | $11.2B | $11.2B | $11.7B |
| Revenue growth | — | 1.0% | 3.7% | 2.5% | 2.0% | 10.1% | 16.1% | 7.2% | 0.3% | 4.4% |
| Gross profit | $3.17B | $3.46B | $3.58B | $3.62B | $3.70B | $4.05B | $4.50B | $5.00B | $5.30B | $3.92B |
| Gross margin | 42.6% | 46.0% | 45.9% | 45.4% | 45.4% | 45.1% | 43.2% | 44.8% | 47.3% | 33.5% |
| Operating income | $1.26B | $1.31B | $1.62B | $1.60B | $1.78B | $2.04B | $2.26B | $2.56B | $2.90B | $1.44B |
| Operating margin | 16.9% | 17.5% | 20.8% | 20.0% | 21.9% | 22.8% | 21.7% | 22.9% | 25.9% | 12.3% |
| Net income | $720M | $783M | $1.18B | $1.15B | $1.28B | $1.48B | $1.64B | $1.86B | $2.22B | $883M |
| Net margin | 9.7% | 10.4% | 15.1% | 14.4% | 15.7% | 16.5% | 15.8% | 16.7% | 19.8% | 7.6% |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.01B | $1.25B | $1.60B | $1.76B | $1.70B | $2.08B | $2.33B | $2.32B | $2.53B | $2.28B |
| Capital expenditures | $269M | $258M | $329M | $318M | $442M | $496M | $519M | $771M | $606M | $455M |
| Free cash flow | $744M | $992M | $1.27B | $1.45B | $1.26B | $1.59B | $1.81B | $1.55B | $1.93B | $1.82B |
| Share buybacks | $593M | $300M | $248M | $527M | $211M | $458M | $389M | $265M | $494M | $0.00 |
| Dividends paid | $499M | $526M | $563M | $610M | $641M | $686M | $775M | $889M | $1.08B | $1.09B |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $297M | $380M | $588M | $493M | $1.14B | $329M | $464M | $402M | $731M | $926M |
| Total assets | $5.52B | $5.55B | $7.70B | $8.14B | $9.13B | $10.4B | $10.9B | $11.9B | $12.9B | $13.7B |
| Total liabilities | $4.70B | $4.62B | $6.30B | $6.40B | $6.89B | $7.66B | $7.65B | $7.80B | $8.23B | $9.10B |
| Long-term debt | $2.35B | $2.06B | $3.25B | $3.53B | $4.09B | — | — | — | — | — |
| Shareholders' equity | $786M | $915M | $1.40B | $1.74B | $2.23B | $2.76B | $3.30B | $4.10B | $4.71B | $4.64B |
| Retained earnings | $6.12B | $6.37B | $7.03B | $1.29B | $1.93B | $2.72B | $3.59B | $4.56B | $5.70B | $5.50B |
| Shares (wtd avg diluted) | 212M | 211M | 210M | 209M | 208M | 206M | 205M | 204M | 202M | 203M |
Every figure is extracted from HERSHEY CO’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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