The Hershey Company

HSYNYSEConsumer Defensive● Active

$177.97

$-6.61(-3.58%)

Market Cap$36.1B

P/E Ratio—

52W High$239.48

52W Low$160.07

Avg Volume1.9M

Open$183.39

Beta0.08

Free Cash Flow Financials Revenue

The Hershey Company (HSY) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

HSY · free cash flow · updated Jun 8, 2026

Core FCF metrics

HSY · FCF · TTM · margin & CAGR

Free cash flow was $1.75B for FY2025 (fiscal year ending 2025-12-31), down 9.2% year-over-year The FCF margin was 15.0%. Five-year CAGR stands at +6.8%.

FY2025 Free Cash Flow$1.75B▼ -9.2% YoY

Trailing 12M (TTM)$2.17Btrailing 4 quarters sum

FCF Margin15.0%$1.75B ÷ revenue

3-Year CAGR-1.1%FY2022 → FY2025

5-Year CAGR+6.8%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

HSY · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$2.28B(528M)$1.75B▼ 9.2%15.0%

FY2024$2.53B(606M)$1.93B▲ +24.1%17.2%

FY2023$2.32B(771M)$1.55B▼ 14.2%13.9%

FY2022$2.33B(519M)$1.81B▲ +13.9%17.4%

FY2021$2.08B(496M)$1.59B▲ +26.2%17.7%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

HSY · P/FCF · FCF yield · FCF per share

The Hershey Company (HSY) trades at a FCF yield of 5.79% and a price-to-free-cash-flow ratio of 16.7x. FCF per share stands at $10.66, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

5.79%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$10.66

TTM FCF ÷ Shares Outstanding

Price / FCF

x16.7

Share Price ÷ FCF per Share

EV / FCF (TTM)

x19.3

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

HSY · cash flow statement · operating / investing / financing

For FY2025, The Hershey Company generated $2.28B in operating cash flow and spent 528M in capital expenditures, yielding $1.75B in free cash flow.

Operating Activities

+$2.28B

Cash from core business operations

2025-12-31

Investing Activities

−$1.28B

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$803.4M

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($2.28B) − |CapEx| (528M) = FCF ($1.75B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Consumer Defensive)

HSY vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

The Hershey CompanyYOU

HSY

$1.75B-9.2%15.0%

12%

The Procter & Gamble Company

$14.04B-15.0%16.7%

94%

Philip Morris International Inc.

$10.66B-1.0%26.2%

71%

Costco Wholesale Corporation

COST

$7.84B+18.2%2.8%

53%

The Coca-Cola Company

$5.30B+11.7%11.0%

35%

Consumer Defensive · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

The Hershey Company (HSY) reported free cash flow of $1.75B for FY2025 (fiscal year ending 2025-12-31), down 9.2% year-over-year. The FCF margin was 15.0%.

Based on available data, The Hershey Company has maintained positive free cash flow for at least 15 fiscal year(s). FCF peaked at $1.93B in FY2024. The 5-year CAGR stands at +6.8%.

The Hershey Company's FCF yield is 5.79% and price-to-FCF ratio is 16.7x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

HSY free cash flow · 8 questions

The Hershey Company free cash flow was $1.75B for FY2025, down 9.2% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $2.17B.

HSY free cash flowHSY FCFHSY FCF 2025HSY free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · The Hershey Company · The Hershey Company SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026