Hershey (HSY)

Market Price (10/21/2026): $168.0 | Market Cap: $34.0 BilInvestor Relations Sector: Consumer Staples | Industry: Packaged Foods & Meats

Hershey (HSY)

Market Price (10/21/2026): $168.0
Market Cap: $34.0 Bil
Sector: Consumer Staples
Industry: Packaged Foods & Meats

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Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.6%, Dividend Yield is 3.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.6%, FCF Yield is 6.5%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 18%, CFO LTM is 2.7 Bil, FCF LTM is 2.2 Bil

Low stock price volatility
Vol 12M is 27%

Megatrend and thematic drivers
Megatrends include Health & Wellness Trends, E-commerce & DTC Adoption, and Sustainable Consumption. Themes include Organic & Natural Products, Show more.

Weak multi-year price returns
2Y Excs Rtn is -34%, 3Y Excs Rtn is -80%

Short seller report
Grizzly Reports report on 10/23/2024.

Key risks
HSY key risks include [1] eroding profitability and increased leverage from volatile cocoa prices and [2] reputational damage from product safety litigation, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.6%, Dividend Yield is 3.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.6%, FCF Yield is 6.5%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 18%, CFO LTM is 2.7 Bil, FCF LTM is 2.2 Bil
2	Low stock price volatility Vol 12M is 27%
3	Megatrend and thematic drivers Megatrends include Health & Wellness Trends, E-commerce & DTC Adoption, and Sustainable Consumption. Themes include Organic & Natural Products, Show more.
4	Weak multi-year price returns 2Y Excs Rtn is -34%, 3Y Excs Rtn is -80%
5	Short seller report Grizzly Reports report on 10/23/2024.
6	Key risks HSY key risks include [1] eroding profitability and increased leverage from volatile cocoa prices and [2] reputational damage from product safety litigation, Show more.

HSY in ETFs

Weight = HSY's share of each fund

SPY0.04%

VOO0.04%

IVV0.04%

VTI0.03%

ITOT0.03%

IWB0.04%

RSP0.20%

VTV0.09%

+30 more covered ETFs

Valuation & Metrics

FYE: 12/31	Forward FYE		Now	Historical (CYE & TTM)
	2027	2026	10/21/26	2025	2024	2023	2022
Share Price			$168.00	$181.98	$169.35	$186.44	$231.57
Mkt Cap ($ Bil)			34.0	36.9	34.3	38.2	47.5
+ Debt ($ Bil)			5.9	5.7	5.4	5.1	5.1
- Cash ($ Bil)			0.8	0.9	0.7	0.4	0.5
TEV ($ Bil)			39.1	42.6	39.7	43.3	52.6
Valuation Ratios
P/S	2.7	2.8	2.8	3.2	3.1	3.4	4.6
P/EBIT	13.3	15.1	15.8	25.7	13.0	16.4	23.1
P/E	17.2	19.8	22.8	41.8	15.4	20.5	28.9
P/FCF	—	—	15.2	21.1	17.8	24.6	26.3
Sector Ratios (* = sector average)
P/S *			0.7	0.9	1.0	1.0	1.0
P/EBIT *			9.3	9.6	10.9	10.6	11.9
P/E *			12.4	13.8	16.1	15.7	16.0
P/FCF *			11.2	12.4	16.3	14.8	16.7

FYE: 12/31	Forward FYE		Now
	2027	2026	10/21/26
Share Price			$168.00
Mkt Cap ($ Bil)			34.0
+ Debt ($ Bil)			5.9
- Cash ($ Bil)			0.8
TEV ($ Bil)			39.1
Valuation Ratios
P/S	2.7	2.8	2.8
P/EBIT	13.3	15.1	15.8
P/E	17.2	19.8	22.8
P/FCF	—	—	15.2
Sector Ratios (* = sector average)
P/S *			0.7
P/EBIT *			9.3
P/E *			12.4
P/FCF *			11.2

FYE: 12/31	HSY [1]	S&P 500 [2]
REVENUE GROWTH
LTM Revenue [3]	$12.2 Bil	—
FY 2026 Sales	$12.3 Bil	—
FY 2027 Sales	$12.6 Bil	—
FY 2026 Sales Growth	1.0%	—
FY 2027 Sales Growth	2.5%	13.2%
EARNINGS
LTM Net Income (GAAP) [3]	$1.5 Bil	—
FY 2026 Net Income (Non-GAAP)	$1.7 Bil	—
FY 2027 Net Income (Non-GAAP)	$2.0 Bil	—
FY 2027 Net Income Growth	14.8%	18.8%
FY 2026 EPS (Non-GAAP)	$8.48	—
FY 2027 EPS (Non-GAAP)	$9.86	—
FY 2027 EPS Growth	16.2%	—
VALUATION
FY 2026 P/S	2.8	1.7
FY 2027 P/S	2.7	—
FY 2026 P/E	19.8	7.8
FY 2027 P/E	17.2	—

[1] HSY forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
[2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 10/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
[3] LTM = reported trailing-twelve-month actuals (GAAP).

	HSY	S&P 500
REVENUE GROWTH	FAIR
Rev LTM ($ Bil)	12.2
Rev Chg Q	6.6%	9.3%
Rev Chg LTM	7.7%	8.3%
Rev Chg 3Y Avg	3.9%	5.9%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	2.2
CFO LTM ($ Bil)	2.7
Net Inc LTM ($ Bil)	1.5
Op Mgn LTM	17.9%	18.5%
CFO/Rev LTM	21.8%	21.8%
Net Inc Mgn	12.2%	13.3%
VALUATION	MODERATE
P/S	2.8	3.1
P/CFO	12.8	15.1
P/FCF	15.2	19.8
P/E	22.8	23.0
STABILITY	GOOD
Debt/Equity	0.17	0.20
Cash/Assets	0.06	0.06

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Metric	Value	Date	Source
Organic Constant Currency Net Sales Growth	6.2%	10302025	Link
US Confectionery Market Share	24%	1282025	Link
Net Price Realization	approximately 6 points	10302025	Link
Volume Growth (North America Confectionery)	-1%	10302025	Link
U.S. Candy, Mint, and Gum (CMG) Retail Takeaway (12-week period)	5.4%	9282025	Link
U.S. Salty Snack Retail Takeaway (12-week period)	14.2%	9282025	Link
Scope 1 and 2 Greenhouse Gas Emission Reduction (against 2018 baseline)	43%	6052024	Link
Reduction in Packaging Material	1.7 million pounds	6042024	Link
Absolute Reduction in Combined Water Use (since 2022)	20%	6052024	Link
Cocoa For Good Strategy Investment (as a percentage of $500 million commitment)	51%	6052024	Link
Daily Production of Hershey's Kisses	over 70 million	9202012	Link

Price Chart

Upcoming
10/29/2026	Earnings Release	Rev: $3.0 Bil (E) EPS: $2.12 (E)

Why The Stock Moved

Qualitative Assessment

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Updated on 10/15/2026

Hershey (HSY) stock has lost about 5% since 6/30/2026 because of the following key factors:

1. Elevated Cocoa Costs and Sustained Margin Pressure. The Hershey Company has experienced continued margin pressure due to persistently high cocoa costs, a significant raw material expense. While pricing actions have been implemented, concerns over adverse weather conditions and disease in West Africa, coupled with lower sugar production expectations in other regions, led to rising spot prices for cocoa in fiscal Q3 2026 (July-September 2026) and early fiscal Q4 2026. This macroeconomic factor has squeezed profitability, leading investors to remain cautious regarding the pace of earnings recovery.

2. Weakening Consumer Demand and Market Share Erosion. Increased product prices, implemented to offset higher input costs, have weighed on consumer demand and resulted in lower sales volumes. In fiscal Q2 2026 (ended June 28, 2026), Hershey's International segment saw an approximate 8% decrease in volume due to price elasticity. This trend of unrecovered volumes continued into fiscal Q3 2026, with Jefferies noting that Hershey is ceding market share to competitors. The company's core chocolate business lost approximately 135 basis points of dollar share and 145 basis points of volume share in fiscal Q2 2026, with a mid-teens price premium to competitors like Mars intensifying volume losses.

3. Negative Analyst Sentiment and Price Target Reductions. Multiple financial institutions revised their outlook on Hershey, contributing to negative investor sentiment. During the period, JPMorgan Chase & Co. lowered its price target from $193 to $183 in October 2026, while Wells Fargo & Company cut its price objective from $190 to $170 earlier in October. Royal Bank of Canada also reduced its price target from $212 to $206 in August 2026, citing ongoing market share challenges.

4. Significant Insider Selling by Hershey Trust Co. The Hershey Trust Co., a 10% owner, executed substantial share sales, which can signal a lack of confidence to the market. Notably, the trust sold approximately $5.2 million worth of shares in mid-July 2026 and another roughly $5.62 million in late August 2026. These transactions exceeded the $5 million threshold, indicating significant insider disposition activity during the period.

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Stock Movement Drivers

Fundamental Drivers

The -2.6% change in HSY stock from 6/30/2026 to 10/20/2026 was primarily driven by a -28.8% change in the company's P/E Multiple.

(LTM values as of)	6302026	10202026	Change
Stock Price ($)	174.08	169.58	-2.6%
Change Contribution By:
Total Revenues ($ Mil)	11,991	12,164	1.4%
Net Income Margin (%)	9.1%	12.2%	34.2%
P/E Multiple	32.3	23.0	-28.8%
Shares Outstanding (Mil)	203	202	0.5%
Cumulative Contribution			-2.6%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2026 to 10/20/2026

	Return	Correlation
HSY	-2.6%
Market (SPY)	3.0%	-17.5%
Sector (XLP)	5.6%	72.2%

Fundamental Drivers

The -17.2% change in HSY stock from 3/31/2026 to 10/20/2026 was primarily driven by a -51.1% change in the company's P/E Multiple.

(LTM values as of)	3312026	10202026	Change
Stock Price ($)	204.69	169.58	-17.2%
Change Contribution By:
Total Revenues ($ Mil)	11,693	12,164	4.0%
Net Income Margin (%)	7.6%	12.2%	62.1%
P/E Multiple	47.1	23.0	-51.1%
Shares Outstanding (Mil)	203	202	0.4%
Cumulative Contribution			-17.2%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 10/20/2026

	Return	Correlation
HSY	-17.2%
Market (SPY)	18.6%	-13.2%
Sector (XLP)	7.8%	67.1%

Fundamental Drivers

The -6.6% change in HSY stock from 9/30/2025 to 10/20/2026 was primarily driven by a -9.6% change in the company's Net Income Margin (%).

(LTM values as of)	9302025	10202026	Change
Stock Price ($)	181.57	169.58	-6.6%
Change Contribution By:
Total Revenues ($ Mil)	11,295	12,164	7.7%
Net Income Margin (%)	13.5%	12.2%	-9.6%
P/E Multiple	24.1	23.0	-4.4%
Shares Outstanding (Mil)	203	202	0.3%
Cumulative Contribution			-6.6%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 10/20/2026

	Return	Correlation
HSY	-6.6%
Market (SPY)	16.4%	-8.0%
Sector (XLP)	14.3%	59.2%

Fundamental Drivers

The -7.9% change in HSY stock from 9/30/2023 to 10/20/2026 was primarily driven by a -25.7% change in the company's Net Income Margin (%).

(LTM values as of)	9302023	10202026	Change
Stock Price ($)	184.11	169.58	-7.9%
Change Contribution By:
Total Revenues ($ Mil)	10,858	12,164	12.0%
Net Income Margin (%)	16.5%	12.2%	-25.7%
P/E Multiple	21.1	23.0	9.4%
Shares Outstanding (Mil)	205	202	1.2%
Cumulative Contribution			-7.9%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2023 to 10/20/2026

	Return	Correlation
HSY	-7.9%
Market (SPY)	86.1%	2.9%
Sector (XLP)	37.4%	53.9%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
HSY Return	30%	22%	-18%	-7%	11%	-6%	25%
Peers Return	18%	18%	-10%	-7%	-7%	7%	16%
S&P 500 Return	27%	-19%	24%	23%	16%	12%	104%
Monthly Win Rates [3]
HSY Win Rate	75%	58%	33%	33%	42%	50%
Peers Win Rate	53%	58%	42%	43%	45%	58%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
HSY Max Drawdown	-7%	-12%	-34%	-18%	-18%	-32%
Peers Max Drawdown	-18%	-17%	-29%	-19%	-23%	-22%
S&P 500 Max Drawdown	-5%	-25%	-10%	-8%	-19%	-9%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: MDLZ, TR, GIS, KHC, SJM. See HSY Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/20/2026 (YTD)

Event	HSY	S&P 500
Summer-Fall 2023 Five Percent Yield Shock
% Loss	-24.1%	-9.5%
% Gain to Breakeven	31.8%	10.5%
Time to Breakeven	833 days	24 days
2020 COVID-19 Crash
% Loss	-30.2%	-33.7%
% Gain to Breakeven	43.3%	50.9%
Time to Breakeven	364 days	140 days
2008-2009 Global Financial Crisis
% Loss	-19.1%	-53.4%
% Gain to Breakeven	23.7%	114.4%
Time to Breakeven	127 days	1085 days
Summer 2007 Credit Crunch
% Loss	-13.1%	-8.6%
% Gain to Breakeven	15.1%	9.5%
Time to Breakeven	980 days	47 days

Compare to MDLZ, TR, GIS, KHC, SJM

In The Past

Hershey's stock fell -6.9% during the 2025 US Tariff Shock. Such a loss loss requires a 7.4% gain to breakeven.

Preserve Wealth

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Asset Allocation

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Event	HSY	S&P 500
Summer-Fall 2023 Five Percent Yield Shock
% Loss	-24.1%	-9.5%
% Gain to Breakeven	31.8%	10.5%
Time to Breakeven	833 days	24 days
2020 COVID-19 Crash
% Loss	-30.2%	-33.7%
% Gain to Breakeven	43.3%	50.9%
Time to Breakeven	364 days	140 days

Compare to MDLZ, TR, GIS, KHC, SJM

In The Past

Hershey's stock fell -6.9% during the 2025 US Tariff Shock. Such a loss loss requires a 7.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Hershey (HSY)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

The Hershey Company (HSY) is a leading global manufacturer and seller of confectionery products and snack items. Founded in 1894, the company operates through three primary segments: North America Confectionery, North America Salty Snacks, and International. Hershey's business strategy focuses on satisfying consumer demand for sweet and savory treats across a wide range of occasions and geographies.

Hershey's product portfolio is renowned for its iconic chocolate and non-chocolate confectionery brands, such as Hershey's, Reese's, Kisses, Jolly Rancher, Kit Kat, and Twizzlers. The company also offers gum and mint refreshment products, including Ice Breakers. Expanding beyond traditional sweets, Hershey has significantly grown its presence in the salty snack category with popular brands like SkinnyPop popcorn, Pirate's Booty puffed snacks, Dot's Homestyle Pretzels, Paqui chips, and ONE Bar protein bars. Additionally, it provides pantry items such as baking ingredients, toppings, and sundae syrups.

The company distributes and sells its extensive range of products through a comprehensive network of channels. These include major wholesale distributors, large chain grocery stores, mass merchandisers, drug stores, vending companies, wholesale clubs, convenience stores, and dollar stores. This broad market access ensures that Hershey's products are widely available to consumers in the United States and internationally, solidifying its position in the global food industry.

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The Coca-Cola of chocolate and candy.
Like PepsiCo's Frito-Lay, but for both sweet and savory snacks.

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Confectionery Products: This category includes a wide range of chocolate and non-chocolate candies, as well as gum and mint refreshment products.
Pantry Items: Hershey offers various baking ingredients, dessert toppings, beverages, and sundae syrups for home use.
Snack Items: The company provides a diverse selection of snacks, such as spreads, meat snacks, bars, mixes, popcorn, and protein bars.

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The Hershey Company (HSY) primarily sells its products to other companies rather than directly to individuals. Its major customers are large retailers and distributors that then sell to consumers. Based on the company's description, key types of customers include:

Walmart Inc. (WMT) - A leading mass merchandiser and grocery retailer.
Target Corporation (TGT) - Another major mass merchandiser and general merchandise retailer.
The Kroger Co. (KR) - One of the largest grocery retailers in the United States.
CVS Health Corporation (CVS) - A prominent chain drug store operator.
Costco Wholesale Corporation (COST) - A major wholesale club.
Dollar General Corporation (DG) - A leading dollar store chain.

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Barry Callebaut (BARN.SW)

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Kirk Tanner
President and Chief Executive Officer

Kirk Tanner joined The Hershey Company as President and CEO in August 2025. He brings over 30 years of experience in the food and beverage industry, driving strategic growth for iconic brands. Before joining Hershey, Tanner served as President and Chief Executive Officer of Wendy's. Prior to Wendy's, he spent three decades at PepsiCo, Inc., where he was Chief Executive Officer of PepsiCo Beverages North America, overseeing a $25 billion business that included brands such as Gatorade, Mountain Dew, and Celsius. His career at PepsiCo encompassed numerous leadership roles across various sectors and regions, including President and Chief Operating Officer, North America Beverages, and President, Global Foodservice. Tanner holds a bachelor's degree in accounting from the University of Utah.

Steve Voskuil
Senior Vice President, Chief Financial Officer

Steve Voskuil joined Hershey in May 2019 and oversees the company's global finance organization, including financial planning and analysis, accounting and reporting, tax, treasury, internal audit, and investor relations. Before his tenure at Hershey, Voskuil was the Chief Financial Officer at Avanos Medical, a global medical device company, a position he held since 2014. Avanos Medical was previously Halyard Health, Inc., where Voskuil served as Senior Vice President and Chief Financial Officer for four years and led its successful spinoff from Kimberly-Clark. This experience involved a significant corporate transaction. He also spent over two decades as a finance executive at Kimberly-Clark, gaining extensive experience in mergers and acquisitions. Voskuil earned a bachelor's degree from the University of Wisconsin, Madison, and a Master of Science in management from Stanford Graduate School of Business.

Rohit Grover
President, International

Rohit Grover is responsible for leading Hershey's international business, including its scale markets, focused emerging markets, and export priorities. Grover has held various senior management roles within The Hershey Company since joining in 1999. Most recently, he served as Vice President and General Manager, Greater China, where he was instrumental in a major turnaround and restructuring of that business. His previous roles include General Manager of Hershey Canada and General Manager of Southeast Asia, and he also spearheaded Hershey's entry into the Middle East region. Grover began his career in marketing at Colgate Palmolive and MTV in India. He holds a Master of Business Administration in Finance and Marketing from the University of Miami and has attended executive programs at the University of Chicago and Harvard Business School.

Jason Reiman
Senior Vice President, Chief Supply Chain Officer

Jason Reiman oversees all global supply chain-related strategies and activities for Hershey, encompassing procurement, manufacturing, quality and regulatory, engineering, logistics, supply chain planning, and network strategy and optimization. A veteran of Hershey for over 20 years, Reiman has held senior executive roles leading all aspects of the supply chain across the company's U.S. and international businesses. Before joining Hershey in 1996, he worked as a supply chain consultant with Manugistics, Inc. Reiman holds a bachelor's degree in business logistics from Penn State University. He serves on the board of directors of the World Cocoa Foundation.

Andrew Archambault
President, U.S. Confection

Andrew Archambault serves as President of Hershey's U.S. Confection business, where he is responsible for leading brand and commercial strategies and execution, P&L oversight, and building the future portfolio to advance the company's vision. He brings nearly three decades of experience leading iconic consumer brands, with deep expertise in business transformation, team development, and customer relationships.

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The Hershey Company (HSY) faces several key risks to its business operations and financial performance.

The most significant risk is the volatility and elevated cost of key commodities, particularly cocoa. Sky-high cocoa prices have led to a substantial increase in production costs, pressuring operating margins and significantly impacting net income. This commodity inflation is considered a "structural cost shock" that is projected to contract the company's adjusted gross profit margin by a massive 650 to 700 basis points and contribute to a mid-30% range decline in adjusted earnings per share for the full year 2025.

Another crucial risk is the stagnation of sales volumes and evolving consumer preferences. While The Hershey Company has implemented price increases to offset higher costs, its revenue growth has primarily been driven by these price hikes rather than an increase in the quantity of products sold. Sales volumes have reportedly shrunk, and the company faces "growth headwinds" and "top-line stagnation risk." Additionally, a shift in consumer preferences towards healthier options presents a challenge for the traditional confectionery business.

Finally, the company operates in highly competitive markets, which poses a continuous risk to maintaining demand and market share. The competitive landscape means The Hershey Company must consistently offer products that appeal to consumers, and there is a risk that market demand for both new and existing products could decline.

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The emergence of lab-grown cocoa and chocolate alternatives, presenting a potential fundamental disruption to traditional cocoa sourcing and chocolate manufacturing.

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The Hershey Company (HSY) operates within several large addressable markets, primarily in North America. Below are the estimated market sizes for its main products and services:

Addressable Markets for The Hershey Company (HSY)

Confectionery Products (Chocolate and Non-Chocolate)
- The global confectionery market size was estimated at USD 284.23 billion in 2025.
- In North America, the confectionery market was valued at USD 74.55 billion in 2025 and is projected to reach USD 101.8 billion by 2030.
- In the United States, total confectionery sales (including chocolate, non-chocolate candy, and gum) reached USD 55 billion in 2025.
  - Within the U.S. confectionery market, chocolate sales accounted for USD 28.4 billion in 2025.
  - Non-chocolate candy sales in the U.S. were USD 22.5 billion in 2025.
Gum and Mint Refreshment Products
- In the United States, gum sales accounted for USD 4.1 billion in 2025.
Pantry Items (e.g., Baking Ingredients, Spreads, Syrups)
- The U.S. baking ingredients market is projected to reach USD 5,491.4 million (approximately USD 5.49 billion) in 2025, growing to USD 17,991.6 million by 2035.
- The demand for sweet spreads in the USA is projected to be USD 5.9 billion in 2025.
Snack Items (e.g., Meat Snacks, Bars, Popcorn)
- The U.S. salty snacks market sales are forecasted to reach USD 31.6 billion in 2026.
- The U.S. meat snacks market size reached USD 4.55 billion in 2025 and is anticipated to grow to USD 8.46 billion by 2035.
- The North America snack bar market size reached USD 14.85 billion in 2025 and is projected to grow to approximately USD 32.66 billion by 2035.

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The Hershey Company (HSY) is expected to drive future revenue growth over the next 2-3 years through several key strategies: * Strategic Price Increases: Hershey has been implementing price increases across its portfolio to offset higher commodity costs, particularly for cocoa and sugar. These pricing actions are a key lever in managing the business and are expected to continue contributing to net sales growth. * Product Innovation and Portfolio Expansion: The company is focused on accelerating innovation and launching new products. Recent successes, such as Reese's Caramel, have driven market share gains and strong sales. This focus on innovation is a significant part of their strategy to meet consumer demands and drive growth within its confectionery and pantry items. * Growth in the North America Salty Snacks Segment: Hershey's North America Salty Snacks segment has demonstrated robust performance, contributing significantly to overall revenue growth. This growth is fueled by a combination of organic price increases, volume/mix improvements, and strategic acquisitions in the snack category. * International Market Performance and Expansion: The company's International segment continues to be a contributor to revenue. Despite some specific market adjustments, the segment has shown mid-single-digit net sales increases in regions like Europe, AMEA, and India, indicating ongoing opportunities for expansion and growth outside North America.

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Share Repurchases

A $500 million share repurchase authorization approved in May 2021 was completed by March 31, 2024.
An additional $500 million share repurchase authorization was approved in December 2023, which commenced after the completion of the earlier program.
Significant quarterly repurchases include $493.86 million in Q1 2024 and $25.05 million in Q4 2023.

Share Issuance

Hershey's shares outstanding experienced slight declines, with a 0.05% decrease in 2025, a 1% decrease in 2024, and a 0.5% decrease in 2023, indicating that share repurchases have generally outweighed any new issuances.

Outbound Investments

In April 2025, Hershey acquired LesserEvil, an organic snack manufacturer, for $750 million to expand its snacking portfolio.
Hershey acquired Sour Strips in November 2024 for an undisclosed amount.
In November 2021, the company acquired Dot's Homestyle Pretzels and its co-packer, Pretzel Inc., for $1.2 billion, significantly bolstering its salty snacks segment.

Capital Expenditures

Capital expenditures were $771.1 million in 2023 and $605.9 million in 2024.
Projected capital expenditures are between $425 million and $450 million for 2025, and $425 million to $475 million for 2026.
These expenditures are primarily focused on expanding core confection capacity, enhancing digital infrastructure, including a new enterprise resource planning (ERP) system, and the Advancing Agility & Automation Initiative to improve supply chain efficiency.

Interactive Breakdown

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Better Bets vs. Hershey (HSY)

INDUSTRY: Packaged Foods & Meats

Higher Rev Chg 3Y Avg | Lower P/S (Values for HSY: 3.9% | 2.8x)

MKC (5.3% | 1.7x)

McCormick

LW (4.1% | 1.1x)

Lamb Weston

POST (8.5% | 0.4x)

Post

FRPT (21.0% | 2.8x)

Freshpet

CALM (4.4% | 1.1x)

Cal-Maine Foods

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for HSY: 3.9% | 15.8x)

MKC (5.3% | 10.1x)

McCormick

LW (4.1% | 12.3x)

Lamb Weston

POST (8.5% | 4.2x)

Post

BRBR (14.6% | 3.5x)

BellRing Brands

SENEA (4.9% | 7.3x)

Seneca Foods

Higher Rev Chg LTM (Value for HSY: 7.7%)

OFRM (42.9%)

Once Upon a Farm PBC

WEST (38.6%)

Westrock Coffee

MKC (13.2%)

McCormick

FRPT (12.8%)

Freshpet

SENEA (12.5%)

Seneca Foods

Higher Rev Chg 3Y Avg (Value for HSY: 3.9%)

FRPT (21.0%)

Freshpet

POST (8.5%)

Post

MKC (5.3%)

McCormick

MDLZ (5.2%)

Mondelez International

LW (4.1%)

Lamb Weston

Higher Op Mgn LTM (Value for HSY: 17.9%)

SJM (19.7%)

JM Smucker

Higher Total Yield (Value for HSY: 7.6%)

SFD (17.1%)

Smithfield Foods

MKC (15.8%)

McCormick

PPC (15.6%)

Pilgrims Pride

CPB (14.8%)

Campbell's

HRL (8.7%)

Hormel Foods

SECTOR: Consumer Staples

Higher Rev Chg 3Y Avg | Lower P/S (Values for HSY: 3.9% | 2.8x)

WMT (5.3% | 1.3x)

Walmart

COST (7.8% | 1.5x)

Costco Wholesale

KDP (11.8% | 2.3x)

Keurig Dr Pepper

DG (4.0% | 0.7x)

Dollar General

CASY (8.8% | 1.4x)

Casey's General Stores

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for HSY: 3.9% | 15.8x)

KDP (11.8% | 14.1x)

Keurig Dr Pepper

DG (4.0% | 12.1x)

Dollar General

DLTR (16.8% | 10.8x)

Dollar Tree

BG (19.7% | 9.6x)

Bunge Global

COKE (5.8% | 14.2x)

Coca-Cola Consolidated

Higher Rev Chg LTM (Value for HSY: 7.7%)

KDP (27.5%)

Keurig Dr Pepper

MNST (20.4%)

Monster Beverage

CASY (13.8%)

Casey's General Stores

COST (10.1%)

Costco Wholesale

PM (8.9%)

Philip Morris International

Higher Rev Chg 3Y Avg (Value for HSY: 3.9%)

PM (8.7%)

Philip Morris International

COST (7.8%)

Costco Wholesale

WMT (5.3%)

Walmart

MDLZ (5.2%)

Mondelez International

KO (4.4%)

Coca-Cola

Higher Op Mgn LTM (Value for HSY: 17.9%)

MO (59.9%)

Altria

PM (37.7%)

Philip Morris International

KO (31.8%)

Coca-Cola

BUD (27.0%)

Anheuser-Busch InBev

PG (22.7%)

Procter & Gamble

Higher CFO/Rev LTM (Value for HSY: 21.8%)

MO (46.0%)

Altria

PM (33.5%)

Philip Morris International

KO (32.6%)

Coca-Cola

MNST (24.3%)

Monster Beverage

PG (22.5%)

Procter & Gamble

Higher FCF/Rev LTM (Value for HSY: 18.3%)

MO (44.6%)

Altria

PM (29.9%)

Philip Morris International

KO (28.5%)

Coca-Cola

MNST (22.6%)

Monster Beverage

CL (18.3%)

Colgate-Palmolive

Higher Total Yield (Value for HSY: 7.6%)

MO (12.1%)

Altria

PEP (10.3%)

PepsiCo

KMB (10.1%)

Kimberly-Clark

TGT (9.2%)

Target

KVUE (8.8%)

Kenvue

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for HSY: 3.9% | 2.8x)

UNH (8.9% | 0.8x)

UnitedHealth Group

DELL (19.2% | 2.0x)

Dell Technologies

RTX (10.0% | 2.8x)

RTX

C (6.5% | 2.3x)

Citigroup

DIS (4.0% | 2.0x)

Walt Disney

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for HSY: 3.9% | 15.8x)

MU (122.3% | 10.2x)

Micron Technology

DIS (4.0% | 12.9x)

Walt Disney

MCD (4.6% | 13.8x)

McDonald's

TMUS (5.5% | 9.2x)

T-Mobile US

ACN (5.0% | 12.3x)

Accenture

Higher Rev Chg LTM (Value for HSY: 7.7%)

NVDA (83.4%)

NVIDIA

GOOGL (20.1%)

Alphabet

MSFT (17.8%)

Microsoft

AMZN (15.8%)

Amazon.com

AAPL (14.2%)

Apple

Higher Rev Chg 3Y Avg (Value for HSY: 3.9%)

NVDA (116.5%)

NVIDIA

MSFT (16.1%)

Microsoft

GOOGL (15.5%)

Alphabet

AMZN (13.0%)

Amazon.com

AAPL (6.9%)

Apple

Higher Op Mgn LTM (Value for HSY: 17.9%)

NVDA (65.2%)

NVIDIA

MSFT (46.8%)

Microsoft

META (38.1%)

Meta Platforms

AAPL (33.2%)

Apple

GOOGL (33.1%)

Alphabet

Higher CFO/Rev LTM (Value for HSY: 21.8%)

META (57.1%)

Meta Platforms

MSFT (55.1%)

Microsoft

NVDA (44.3%)

NVIDIA

GOOGL (41.6%)

Alphabet

AAPL (31.4%)

Apple

Higher FCF/Rev LTM (Value for HSY: 18.3%)

MU (44.3%)

Micron Technology

AVGO (44.2%)

Broadcom

NVDA (41.9%)

NVIDIA

AAPL (29.3%)

Apple

MSFT (20.2%)

Microsoft

Higher Total Yield (Value for HSY: 7.6%)

BAC (12.0%)

Bank of America

MS (9.6%)

Morgan Stanley

JPM (9.1%)

JPMorgan Chase

MU (8.5%)

Micron Technology

CVX (7.7%)

Chevron

Best Bets in Consumer Staples

What You Pay

P/EBIT (Value for HSY: 15.9x)

MO (10.8x)

Altria

PM (18.7x)

Philip Morris International

CART (20.1x)

Maplebear

MNST (33.6x)

Monster Beverage

STZ (8.0x)

Constellation Brands

PG (17.5x)

Procter & Gamble

HSY (15.9x)

Hershey

CELH (39.0x)

Celsius

COCO (26.2x)

Vita Coco

WDFC (22.9x)

WD-40

P/E (Value for HSY: 23.0x)

MO (15.6x)

Altria

PM (28.6x)

Philip Morris International

CART (24.8x)

Maplebear

MNST (43.3x)

Monster Beverage

STZ (11.8x)

Constellation Brands

PG (23.1x)

Procter & Gamble

HSY (23.0x)

Hershey

CELH (59.1x)

Celsius

COCO (32.3x)

Vita Coco

WDFC (30.4x)

WD-40

What You Get

Rev Chg 3Y Avg (Value for HSY: 3.9%)

MO (-0.4%)

Altria

PM (8.7%)

Philip Morris International

CART (11.3%)

Maplebear

MNST (11.5%)

Monster Beverage

STZ (-1.9%)

Constellation Brands

PG (2.0%)

Procter & Gamble

HSY (3.9%)

Hershey

CELH (50.4%)

Celsius

COCO (15.2%)

Vita Coco

WDFC (8.6%)

WD-40

Rev Chg LTM (Value for HSY: 7.7%)

MO (0.9%)

Altria

PM (8.9%)

Philip Morris International

CART (12.6%)

Maplebear

MNST (20.4%)

Monster Beverage

STZ (-4.3%)

Constellation Brands

PG (3.3%)

Procter & Gamble

HSY (7.7%)

Hershey

CELH (82.9%)

Celsius

COCO (26.1%)

Vita Coco

WDFC (10.2%)

WD-40

Rev Chg Q (Value for HSY: 6.6%)

MO (1.2%)

Altria

PM (10.4%)

Philip Morris International

CART (14.1%)

Maplebear

MNST (20.2%)

Monster Beverage

STZ (6.1%)

Constellation Brands

PG (1.5%)

Procter & Gamble

HSY (6.6%)

Hershey

CELH (10.6%)

Celsius

COCO (28.1%)

Vita Coco

WDFC (24.3%)

WD-40

FCF/Rev 3Y Avg (Value for HSY: 15.0%)

MO (43.7%)

Altria

PM (26.9%)

Philip Morris International

CART (23.6%)

Maplebear

MNST (22.3%)

Monster Beverage

STZ (18.4%)

Constellation Brands

PG (17.9%)

Procter & Gamble

HSY (15.0%)

Hershey

CELH (14.8%)

Celsius

COCO (14.6%)

Vita Coco

WDFC (14.3%)

WD-40

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 8.7%, alpha of 1.4%, and sharpe of 0.50

Peer Outperformance in Packaged Foods & Meats

HSY has outperformed 79% of its 47 Packaged Foods & Meats peers over 5Y. Among the peers that beat it are CALM, TR and SJM. Packaged Foods & Meats ranks 10th of 12 industries in Consumer Staples by median 5Y return. The sector’s gains have largely come from elsewhere.

Share of Packaged Foods & Meats constituents that HSY has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.

75%

of 52 industry peers · -6.2% return

66%

of 50 industry peers · -3.5% return

79%

of 47 industry peers · 6.1% return

Packaged Foods & Meats peers with revenue growth within 4pp of HSY's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.

Ticker	Name	Rev Growth 3Y Avg	P/E	1Y	3Y	5Y	5Y Gap
HSY	Hershey	3.9%	23.0x	-6.2%	-3.5%	6.1%	—
CALM	Cal-Maine Foods	4.4%	49.1x	-30.4%	55.3%	125.0%	+119pp
TR	Tootsie Roll Industries	0.5%	29.0x	-10.1%	39.1%	41.0%	+35pp
SJM	JM Smucker	2.7%	60.3x	28.1%	29.2%	27.6%	+21pp

Price returns, excluding dividends. P/E shown for context only and not used for matching.

Median price return by industry across the Consumer Staples sector, ranked by 5Y. Packaged Foods & Meats is HSY's own industry. Use this to see which corners of the sector have carried the returns.

Industry	Names	1Y med	3Y med	5Y med	Top 3 by 5Y
Food Distributors	8	3.8%	38.4%	64.4%	CHEF 237% · USFD 178% · ANDE 122%
Consumer Staples Merchandise Retail	12	11.0%	47.7%	64.3%	WMT 158% · PSMT 135% · COST 123%
Food Retail	6	-6.9%	52.7%	42.0%	CASY 270% · SFM 191% · KR 79%
Tobacco	6	-35.0%	4.0%	26.9%	PM 159% · MO 126%
Soft Drinks & Non-alcoholic Beverages	13	-0.6%	-5.6%	13.3%	COKE 461% · COCO 357% · MNST 122%
Brewers	3	-9.8%	-23.7%	4.6%	BUD 59% · TAP 5%
Household Products	19	10.5%	-0.2%	-11.5%	IPAR 73% · CL 42% · CHD 35%
Personal Care Products	4	5.0%	10.8%	-15.0%	ELF 289% · PG 28% · COTY -58%
Agricultural Products & Services	11	-18.8%	-3.1%	-23.4%	ADM 43% · BG 34% · INGR 15%
Packaged Foods & Meats ←	48	-26.7%	-28.6%	-39.5%	CALM 125% · TR 41% · SJM 28%
Distillers & Vintners	5	-41.8%	-54.6%	-76.0%	STZ -33% · BF-B -55%
Drug Retail	3	-20.4%	-56.3%	-95.0%

Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	Hershey Stock Plummets 7.6% With 6-Day Losing Streak	06/05/2026
2	HSY Stock Surges 22% With A 6-day Spree On Record Earnings Beat	02/07/2026
3	Is Hershey Stock Built to Withstand a Pullback?	02/06/2026
4	HSY Stock Surges 12% With A 7-day Winning Spree On Analyst Upgrades	01/16/2026
5	HSY Stock Surges 8.9% With A 5-day Winning Spree On Analyst Upgrades	01/14/2026
6	Hershey Earnings Notes	12/23/2025
7	Hershey vs Keurig Dr Pepper: Which Is A Better Investment?	08/18/2025
8	Hershey vs Cal-Maine Foods: Which Is A Better Investment?	08/18/2025
9	How Does Hershey Stock Stack Up Against Its Peers?	08/13/2025
10	ARTICLES
11	S&P 500 Movers \| Winners: INTC, MU, KLAC \| Losers: AKAM, HSY, CIEN	06/08/2026
12	Hershey Stock Plummets -7.6% With 6-Day Losing Streak	06/05/2026
13	Cal-Maine Foods or Hershey: Which Stock Has More Upside?	03/03/2026
14	HSY Stock Surges 22% With A 6-day Winning Spree On Q4 Earnings Beat	02/07/2026
15	With Hershey Stock Surging, Have You Considered The Downside?	02/06/2026

	Title
0	DASHBOARDS
1	Hershey Stock Plummets 7.6% With 6-Day Losing Streak
2	HSY Stock Surges 22% With A 6-day Spree On Record Earnings Beat
3	Is Hershey Stock Built to Withstand a Pullback?
4	HSY Stock Surges 12% With A 7-day Winning Spree On Analyst Upgrades
5	HSY Stock Surges 8.9% With A 5-day Winning Spree On Analyst Upgrades
6	Hershey Earnings Notes
7	Hershey vs Keurig Dr Pepper: Which Is A Better Investment?
8	Hershey vs Cal-Maine Foods: Which Is A Better Investment?
9	How Does Hershey Stock Stack Up Against Its Peers?
10	ARTICLES
11	S&P 500 Movers \| Winners: INTC, MU, KLAC \| Losers: AKAM, HSY, CIEN
12	Hershey Stock Plummets -7.6% With 6-Day Losing Streak
13	Cal-Maine Foods or Hershey: Which Stock Has More Upside?
14	HSY Stock Surges 22% With A 6-day Winning Spree On Q4 Earnings Beat
15	With Hershey Stock Surging, Have You Considered The Downside?

Trade Ideas

Select ideas related to HSY.

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Peer Comparisons

Peers to compare with:

Financials

	HSY	MDLZ	TR	GIS	KHC	SJM	Median
Name	Hershey	Mondelez.	Tootsie .	General .	Kraft He.	JM Smuck.
Mkt Price	167.80	62.73	36.43	32.60	23.52	127.84	49.58
Mkt Cap	33.9	241.6	2.7	17.5	27.9	13.7	22.7
Rev LTM	12,164	39,675	735	18,297	24,900	9,157	15,230
Op Inc LTM	2,173	4,583	87	2,774	4,228	1,804	2,474
FCF LTM	2,228	3,085	80	1,546	3,816	1,588	1,908
FCF 3Y Avg	1,730	3,183	90	2,140	3,409	962	1,935
CFO LTM	2,657	4,436	125	2,067	4,621	1,910	2,362
CFO 3Y Avg	2,323	4,496	119	2,769	4,375	1,374	2,546

Growth & Margins

	HSY	MDLZ	TR	GIS	KHC	SJM	Median
Name	Hershey	Mondelez.	Tootsie .	General .	Kraft He.	JM Smuck.
Rev Chg LTM	7.7%	6.9%	1.6%	-4.5%	-1.6%	5.1%	3.4%
Rev Chg 3Y Avg	3.9%	5.2%	0.5%	-3.4%	-2.8%	2.7%	1.6%
Rev Chg Q	6.6%	4.1%	-0.6%	-2.8%	-1.4%	5.0%	1.8%
QoQ Delta Rev Chg LTM	1.4%	0.9%	-0.1%	-0.7%	-0.4%	1.2%	0.4%
Op Inc Chg LTM	0.8%	-6.0%	-20.0%	-11.7%	-18.1%	33.6%	-8.9%
Op Inc Chg 3Y Avg	-3.5%	2.6%	-0.1%	-5.4%	-4.1%	12.9%	-1.8%
Op Mgn LTM	17.9%	11.6%	11.9%	15.2%	17.0%	19.7%	16.1%
Op Mgn 3Y Avg	20.0%	14.0%	13.5%	16.5%	19.2%	17.6%	17.1%
QoQ Delta Op Mgn LTM	3.5%	1.9%	-1.9%	-0.1%	-1.4%	4.9%	0.9%
CFO/Rev LTM	21.8%	11.2%	17.0%	11.3%	18.6%	20.9%	17.8%
CFO/Rev 3Y Avg	20.2%	12.0%	16.2%	14.4%	17.2%	15.5%	15.9%
FCF/Rev LTM	18.3%	7.8%	10.9%	8.5%	15.3%	17.3%	13.1%
FCF/Rev 3Y Avg	15.0%	8.5%	12.2%	11.1%	13.4%	10.8%	11.7%

Valuation

	HSY	MDLZ	TR	GIS	KHC	SJM	Median
Name	Hershey	Mondelez.	Tootsie .	General .	Kraft He.	JM Smuck.
Mkt Cap	33.9	241.6	2.7	17.5	27.9	13.7	22.7
P/S	2.8	6.1	3.7	1.0	1.1	1.5	2.1
P/Op Inc	15.6	52.7	31.3	6.3	6.6	7.6	11.6
P/EBIT	15.8	49.4	22.0	-158.1	6.4	17.4	16.6
P/E	22.8	68.7	28.6	-19.6	-8.2	59.5	25.7
P/CFO	12.8	54.5	21.9	8.5	6.0	7.1	10.6
Total Yield	7.6%	2.5%	4.4%	2.3%	-5.3%	5.0%	3.4%
Dividend Yield	3.3%	1.0%	1.0%	7.3%	6.7%	3.4%	3.3%
FCF Yield 3Y Avg	4.9%	2.9%	3.5%	7.8%	10.8%	8.3%	6.3%
D/E	0.2	0.1	0.0	0.8	0.7	0.5	0.3
Net D/E	0.2	0.1	-0.0	0.8	0.6	0.5	0.3

Returns

	HSY	MDLZ	TR	GIS	KHC	SJM	Median
Name	Hershey	Mondelez.	Tootsie .	General .	Kraft He.	JM Smuck.
1M Rtn	-1.2%	4.0%	-2.9%	-8.5%	-3.7%	4.0%	-2.0%
3M Rtn	-0.9%	5.7%	-6.1%	-10.6%	-7.3%	11.5%	-3.5%
6M Rtn	-9.7%	13.7%	-12.7%	-3.6%	10.7%	36.3%	3.6%
12M Rtn	-7.2%	3.4%	-11.3%	-28.6%	-2.3%	26.3%	-4.7%
3Y Rtn	-4.5%	7.0%	37.3%	-40.3%	-11.2%	27.4%	1.3%
1M Excs Rtn	1.3%	6.5%	-0.7%	-4.9%	-2.1%	8.0%	0.3%
3M Excs Rtn	-4.0%	1.9%	-9.5%	-12.1%	-10.1%	7.2%	-6.7%
6M Excs Rtn	-18.0%	5.4%	-21.0%	-11.8%	2.4%	28.0%	-4.7%
12M Excs Rtn	-22.7%	-10.6%	-27.7%	-42.5%	-16.3%	11.7%	-19.5%
3Y Excs Rtn	-80.6%	-64.0%	-41.2%	-115.2%	-87.5%	-49.1%	-72.3%

Comparison Analyses

	Title
0	How Does Hershey Stock Stack Up Against Its Peers?
1	The Hershey Company vs. McCormick & Company: With Return Forecast Of 30%, McCormick & Company Is A Better Bet
2	ADM or HSY - With 35% Return Forecast, HSY Probably Deserves Your Money
3	HSY Could Deliver 35% Returns And Outperform HRL
4	The Hershey Company vs. Kimberly Clark Corporaton: Similar Market Cap, But Kimberly Clark Corporaton Is A Better Bet
5	The Hershey Company vs. General Mills: Industry Competitors, Similar Bets
6	Hershey Co vs AutoZone: Similar Market Cap, But Hershey Co Is A Better Bet
7	Hershey Co vs Paychex: Similar Market Cap, Similar Bets
8	Hershey Co vs Air Products and Chemicals: Similar Revenue, But Hershey Co Is A Better Bet
9	Hershey Co vs Zoetis: Similar Revenue, Similar Bets

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

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Clinical Pipeline

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Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022	2021	2020
Period End	6/28/2026	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	7/30/2026	2/17/2026	2/18/2025	2/20/2024	2/17/2023	2/18/2022	2/17/2021
Key Financials
Total Revenue	12,164	11,693	11,202	11,165	10,419	8,971	8,150
Gross Profit	4,668	3,923	5,301	4,998	4,499	4,049	3,701
EBITDA	2,679	1,943	3,104	2,753	2,436	2,242	1,943
Operating Income	2,173	1,462	2,927	2,561	2,263	2,047	1,810
Net Income	1,489	883	2,221	1,862	1,645	1,478	1,279
EPS	7.53	4.46	11.22	9.31	8.22	7.34	6.30
Growth Rates
Total Revenue Growth	7.7%	4.4%	0.3%	7.2%	16.1%	10.1%	2.0%
EBITDA Growth	12.0%	-37.4%	12.7%	13.0%	8.7%	15.4%	6.5%
Operating Income Growth	0.8%	-50.1%	14.3%	13.2%	10.5%	13.1%	5.5%
Net Income Growth	-2.7%	-60.2%	19.3%	13.2%	11.3%	15.5%	11.2%
Margins
Gross Margin	38.4%	33.5%	47.3%	44.8%	43.2%	45.1%	45.4%
EBITDA Margin	22.0%	16.6%	27.7%	24.7%	23.4%	25.0%	23.8%
Operating Income Margin	17.9%	12.5%	26.1%	22.9%	21.7%	22.8%	22.2%
Net Income Margin	12.2%	7.6%	19.8%	16.7%	15.8%	16.5%	15.7%
Cash & Debt
Total Cash	791	926	731	402	464	329	1,144
Total Debt	5,923	5,739	5,448	5,126	5,118	5,376	4,821
Net Debt / (Cash)	5,132	4,813	4,717	4,724	4,654	5,047	3,677
Cash Flows & CapEx
Net Cash from Operations	2,657	2,277	2,532	2,323	2,328	2,083	1,700
Total CapEx	-428	-528	-606	-771	-519	-496	-442
Free Cash from Operations	2,228	1,749	1,926	1,552	1,808	1,587	1,258
Returns to Shareholders
Dividends	1,117	1,085	1,085	889	775	686	641
Share Repurchases	439	-0	494	265	389	458	211

$ Mil \| FY: 12/31	2026Q2	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3
Period End	6/28/2026	3/29/2026	12/31/2025	9/28/2025	6/29/2025	3/30/2025	12/31/2024	9/29/2024	6/30/2024	3/31/2024	12/31/2023	10/1/2023
Filing Date	7/30/2026	4/30/2026	2/17/2026	10/30/2025	7/30/2025	5/1/2025	2/18/2025	11/7/2024	8/1/2024	5/3/2024	2/20/2024	10/26/2023
Key Financials Quarterly
Total Revenue	2,787	3,104	3,091	3,181	2,615	2,805	2,888	2,987	2,074	3,253	2,657	3,030
Ebitda	780	780	560	559	330	494	889	679	401	1,136	476	799
Operating Income	643	647	447	437	193	386	936	641	293	1,058	464	736
Net Income	458	435	320	276	63	224	797	446	181	797	349	519
EPS	2.32	2.19	1.62	1.40	0.32	1.14	4.03	2.26	0.92	4.00	1.75	2.60
Key Financials TTM
Total Revenue TTM	12,164	11,991	11,693	11,489	11,295	10,755	11,202	10,972	11,014	11,430	11,165	11,160
Ebitda TTM	2,679	2,229	1,943	2,272	2,391	2,462	3,104	2,691	2,811	2,992	2,753	2,776
Operating Income TTM	2,173	1,723	1,462	1,951	2,155	2,255	2,927	2,456	2,551	2,819	2,561	2,625
Net Income TTM	1,489	1,094	883	1,360	1,530	1,648	2,221	1,774	1,846	2,072	1,862	1,909
Growth Rates Quarterly
Total Revenue Growth	6.6%	10.6%	7.0%	6.5%	26.0%	-13.8%	8.7%	-1.4%	-16.7%	8.9%	0.2%	11.1%
EBITDA Growth	136.2%	58.0%	-37.0%	-17.6%	-17.6%	-56.5%	86.5%	-15.0%	-31.1%	26.6%	-4.7%	32.4%
Operating Income Growth	232.9%	67.7%	-52.3%	-31.8%	-34.1%	-63.6%	101.5%	-12.9%	-47.7%	32.1%	-12.1%	32.2%
Net Income Growth	629.7%	94.1%	-59.8%	-38.1%	-65.3%	-71.9%	128.2%	-13.9%	-55.6%	35.8%	-11.9%	29.8%
Margins Quarterly
EBITDA Margin	28.0%	25.1%	18.1%	17.6%	12.6%	17.6%	30.8%	22.7%	19.3%	34.9%	17.9%	26.4%
Operating Income Margin	23.1%	20.8%	14.5%	13.7%	7.4%	13.7%	32.4%	21.4%	14.1%	32.5%	17.5%	24.3%
Net Income 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%
Cash & Debt
Total Cash	791	877	926	1,163	912	1,515	731	615	467	520	402	471
Total Debt	5,923	5,681	5,739	5,740	6,001	6,291	5,448	5,644	5,762	5,697	5,126	5,232
Net Debt / (Cash)	5,132	4,804	4,813	4,577	5,089	4,776	4,717	5,029	5,295	5,176	4,724	4,761
Cash Flows Quarterly
FCF from Operations	419	469	927	842	112	397	942	695	326	569	758	516
Cash Flows TTM
FCF from Operations TTM	2,657	2,349	2,277	2,292	2,146	2,359	2,532	2,348	2,168	2,137	2,323	2,333
Returns to Shareholders Quarterly
Dividends	286	288	271	271	271	272	270	270	271	273	238	238
Share Repurchases	370	69	-0	-0	-0	-0	-0	-0	-0	494	25	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	39.0%	39.5%	32.1%	28.4%	6.4%	22.4%	79.3%	43.8%	16.3%	66.1%	39.3%	49.1%
Return on Invested Capital (ROIC) TTM
ROIC TTM	32.8%	26.5%	22.1%	37.0%	37.8%	43.0%	55.7%	41.8%	40.3%	47.0%	46.5%	47.5%

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022	2021
North America Confectionery	9,480	9,119	9,123	8,536	7,682
North America Salty Snacks	1,271	1,136	1,093	1,029	555
International	942	948	949	853	733
Total	11,693	11,202	11,165	10,419	8,971

Operating Income by Segment

$ Mil	2025	2024	2023	2022	2021
North America Confectionery	2,494	2,946	3,117	2,811	2,476
North America Salty Snacks	241	199	158	160	101
International	3	112	148	108	74
Costs associated with business realignment activities	-59	-118	-3	-4	-17
Unallocated mark-to-market losses on commodity derivatives	-423	460	-59	-78	24
Unallocated corporate expense	-814	-701	-800	-736	-615
Total	1,442	2,898	2,561	2,261	2,044

Price Behavior

Price Behavior

Market Price	$169.58
Market Cap ($ Bil)	34.3
First Trading Date	07/01/1985
Distance from 52W High	-27.1%
	50 Days	200 Days
DMA Price	$172.46	$187.66
DMA Trend	down	down
Distance from DMA	-1.7%	-9.6%
	3M	1YR
Volatility	21.7%	27.0%
Downside Capture	35.06	-4.77
Upside Capture	30.27	-11.61
Correlation (S&P 500)	-12.2%	-8.2%

HSY Betas & Captures as of 9/30/2026

	1M	2M	3M	6M	1Y	3Y
Beta	-0.29	0.03	-0.37	-0.27	-0.16	0.05
Up Beta	-1.66	-0.15	-1.32	0.13	-0.10	0.09
Down Beta	-0.80	-0.08	0.28	-0.00	0.08	0.07
Up Capture	-69%	-20%	-37%	-47%	-18%	-0%
Bmk +ve Days	6	16	27	66	132	424
Stock +ve Days	7	17	28	56	119	375
Down Capture	135%	73%	14%	-27%	-31%	12%
Bmk -ve Days	16	26	37	60	120	328
Stock -ve Days	15	25	36	70	133	377

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with HSY
HSY	-7.0%	27.0%	-0.30	-
Sector ETF (XLP)	12.4%	14.7%	0.56	60.6%
Equity (SPY)	16.8%	12.7%	0.93	-9.0%
Gold (GLD)	-2.9%	29.3%	-0.10	-0.4%
Commodities (DBC)	52.5%	20.7%	1.93	-17.4%
Real Estate (VNQ)	5.1%	13.8%	0.11	31.1%
Bitcoin (BTCUSD)	-23.7%	43.6%	-0.50	-15.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with HSY
HSY	1.3%	23.4%	0.01	-
Sector ETF (XLP)	7.3%	13.7%	0.30	57.6%
Equity (SPY)	13.6%	17.1%	0.61	13.3%
Gold (GLD)	18.1%	18.9%	0.77	3.9%
Commodities (DBC)	9.7%	19.5%	0.38	-2.6%
Real Estate (VNQ)	1.4%	18.9%	-0.03	29.3%
Bitcoin (BTCUSD)	7.7%	51.7%	0.33	-2.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with HSY
HSY	8.4%	22.9%	0.34	-
Sector ETF (XLP)	8.1%	14.9%	0.40	63.3%
Equity (SPY)	15.3%	17.9%	0.72	33.4%
Gold (GLD)	12.1%	16.4%	0.60	8.0%
Commodities (DBC)	8.2%	18.1%	0.37	5.9%
Real Estate (VNQ)	5.2%	20.7%	0.21	45.0%
Bitcoin (BTCUSD)	62.9%	66.2%	1.03	5.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	9302026
Short Interest: Shares Quantity	9.0 Mil
Short Interest: % Change Since 9152026	-2.3%
Average Daily Volume	1.6 Mil
Days-to-Cover Short Interest	5.6 days
Basic Shares Quantity	202.2 Mil
Short % of Basic Shares	4.4%

Returns Analyses

	Title
0	Is Hershey Stock Built to Withstand a Pullback?
1	HSY YTD Stock Return Of 1.5% Outperforms MDLZ by 9.5% and Underperforms GIS by -1.8%
2	HSY YTD Stock Return Of -0.7% Outperforms K by 0.9% and Underperforms KHC by -5.0%
3	Hershey Stock Return Comparison
4	[10/2/2021] Hershey Co (HSY) Stock Price Forecast: AI Forecasts HSY Stock Price To Be Around $172 In A Month (Up 0.9%)

Earnings Returns History

Updated 9/2/2026

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
7/30/2026	-3.6%	-2.4%	-0.6%
3/31/2026	-2.7%	-3.1%	-11.4%
2/5/2026	9.0%	12.2%	10.0%
10/30/2025	-2.4%	-3.1%	6.4%
7/30/2025	1.4%	1.5%	-1.7%
5/1/2025	-0.0%	0.9%	-3.1%
2/6/2025	4.4%	8.3%	27.9%
11/7/2024	-2.2%	4.3%	-0.4%
...
SUMMARY STATS
# Positive	15	16	12
# Negative	9	8	12
Median Positive	2.8%	3.4%	6.3%
Median Negative	-2.4%	-2.8%	-1.6%
Max Positive	9.0%	12.2%	27.9%
Max Negative	-3.6%	-3.4%	-11.4%

Collapse to Preview

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
7/30/2026	-3.6%	-2.4%	-0.6%
3/31/2026	-2.7%	-3.1%	-11.4%
2/5/2026	9.0%	12.2%	10.0%
10/30/2025	-2.4%	-3.1%	6.4%
7/30/2025	1.4%	1.5%	-1.7%
5/1/2025	-0.0%	0.9%	-3.1%
2/6/2025	4.4%	8.3%	27.9%
11/7/2024	-2.2%	4.3%	-0.4%
8/1/2024	1.1%	1.2%	-2.2%
5/3/2024	1.0%	2.1%	0.9%
2/8/2024	4.1%	-1.5%	0.9%
10/26/2023	-2.8%	-3.4%	-1.4%
7/27/2023	-2.9%	-3.0%	-10.6%
4/27/2023	4.4%	4.8%	-0.1%
2/2/2023	4.0%	4.2%	6.3%
11/4/2022	-1.3%	-2.5%	1.0%
7/28/2022	2.8%	4.5%	7.4%
4/28/2022	2.6%	1.4%	-5.3%
2/3/2022	2.7%	2.6%	7.7%
10/28/2021	-0.1%	-1.6%	-0.4%
7/29/2021	1.1%	0.9%	-0.3%
4/29/2021	3.4%	6.0%	9.7%
2/4/2021	0.4%	2.3%	3.1%
11/6/2020	3.3%	6.2%	4.1%
SUMMARY STATS
# Positive	15	16	12
# Negative	9	8	12
Median Positive	2.8%	3.4%	6.3%
Median Negative	-2.4%	-2.8%	-1.6%
Max Positive	9.0%	12.2%	27.9%
Max Negative	-3.6%	-3.4%	-11.4%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
06/30/2026	07/30/2026	10-Q
03/31/2026	04/30/2026	10-Q
12/31/2025	02/17/2026	10-K
09/30/2025	10/30/2025	10-Q
06/30/2025	07/30/2025	10-Q
03/31/2025	05/01/2025	10-Q
12/31/2024	02/18/2025	10-K
09/30/2024	11/07/2024	10-Q
06/30/2024	08/01/2024	10-Q
03/31/2024	05/03/2024	10-Q
12/31/2023	02/20/2024	10-K
09/30/2023	10/26/2023	10-Q
06/30/2023	07/27/2023	10-Q
03/31/2023	04/27/2023	10-Q
12/31/2022	02/17/2023	10-K
09/30/2022	11/04/2022	10-Q

Collapse to Preview

Report Date	Filing Date	Filing
06/30/2026	07/30/2026	10-Q
03/31/2026	04/30/2026	10-Q
12/31/2025	02/17/2026	10-K
09/30/2025	10/30/2025	10-Q
06/30/2025	07/30/2025	10-Q
03/31/2025	05/01/2025	10-Q
12/31/2024	02/18/2025	10-K
09/30/2024	11/07/2024	10-Q
06/30/2024	08/01/2024	10-Q
03/31/2024	05/03/2024	10-Q
12/31/2023	02/20/2024	10-K
09/30/2023	10/26/2023	10-Q
06/30/2023	07/27/2023	10-Q
03/31/2023	04/27/2023	10-Q
12/31/2022	02/17/2023	10-K
09/30/2022	11/04/2022	10-Q
06/30/2022	07/28/2022	10-Q
03/31/2022	04/28/2022	10-Q
12/31/2021	02/18/2022	10-K
09/30/2021	10/28/2021	10-Q
06/30/2021	07/29/2021	10-Q
03/31/2021	04/29/2021	10-Q
12/31/2020	02/17/2021	10-K
09/30/2020	11/06/2020	10-Q
06/30/2020	07/23/2020	10-Q
03/31/2020	04/23/2020	10-Q
12/31/2019	02/20/2020	10-K
09/30/2019	10/25/2019	10-Q

Recent Forward Guidance

Updated 8/4/2026

Latest: Q2 2026 Earnings Reported 7/30/2026

Forward Guidance					Guidance Change
Metric	Source	Low	Mid	High	% Chg	% Delta	Change	Prior
2026 Net sales growth	Reported	4.5%	4.75%	5.0%		0.2%	Raised	Guidance: 4.5% for 2026
2026 Organic net sales growth	Reported	3.0%	3.25%	3.5%		0.2%	Raised	Guidance: 3.0% for 2026
2026 Interest expense	Reported	200.00 Mil	205.00 Mil	210.00 Mil
2026 Reported and adjusted effective tax rate	Reported	25.0%	26.0%	27.0%
2026 Reported earnings per share growth	Reported	82.0%	85.5%	89.0%		1.5%	Raised	Guidance: 84.0% for 2026
2026 Adjusted earnings per share growth	Reported	32.5%	33.75%	35.0%		1.2%	Raised	Guidance: 32.5% for 2026
2026 Capital expenditures	Reported	425.00 Mil	450.00 Mil	475.00 Mil

Prior: Q1 2026 Earnings Reported 3/31/2026

Forward Guidance					Guidance Change
Metric	Source	Low	Mid	High	% Chg	% Delta	Change	Prior
2026 Net sales growth	Reported	4.0%	4.5%	5.0%	0	0	Affirmed	Guidance: 4.5% for 2026
2026 Organic net sales growth	Reported	2.5%	3.0%	3.5%
2026 Reported earnings per share growth	Reported	79.0%	84.0%	89.0%	0	0	Affirmed	Guidance: 84.0% for 2026
2026 Adjusted earnings per share growth	Reported	30.0%	32.5%	35.0%	0	0	Affirmed	Guidance: 32.5% for 2026

Q4 2025 Earnings Reported 2/5/2026

Forward Guidance					Guidance Change
Metric	Source	Low	Mid	High	% Chg	% Delta	Change	Prior
2026 Other expense	Reported		15.00 Mil
2026 Advancing Agility & Automation Initiative savings	Reported		100.00 Mil
2026 Net sales growth	Reported	4.0%	4.5%	5.0%		1.5%	Higher New	Guidance: 3.0% for 2025
2026 Interest expense	Reported	200.00 Mil	205.00 Mil	210.00 Mil	5.1%		Higher New	Guidance: 195.00 Mil for 2025
2026 Effective tax rate	Reported	25.0%	26.0%	27.0%
2026 Reported earnings per share growth	Reported	79.0%	84.0%	89.0%		133.0%	Higher New	Guidance: -49.0% for 2025
2026 Adjusted earnings per share growth	Reported	30.0%	32.5%	35.0%		69.0%	Higher New	Guidance: -36.5% for 2025
2026 Reported EPS	Reported	7.77	7.98	8.19	42.5%		Higher New	Guidance: 5.6 for 2025
2026 Adjusted EPS	Reported	8.2	8.36	8.52	40.5%		Higher New	Guidance: 5.95 for 2025
2026 Capital expenditures	Reported	425.00 Mil	450.00 Mil	475.00 Mil	5.9%		Higher New	Guidance: 425.00 Mil for 2025

Q3 2025 Earnings Reported 10/30/2025

Forward Guidance					Guidance Change
Metric	Source	Low	Mid	High	% Chg	% Delta	Change	Prior
2025 Tariff expense	Reported	160.00 Mil	165.00 Mil	170.00 Mil	-5.7%		Lowered	Guidance: 175.00 Mil for 2025
2025 Net sales growth	Reported		3.0%			1.0%	Raised	Guidance: 2.0% for 2025
2025 Interest expense	Reported		195.00 Mil		-2.5%		Lowered	Guidance: 200.00 Mil for 2025
2025 Reported earnings per share growth	Reported		-49.0%			1.0%	Raised	Guidance: -50.0% for 2025
2025 Adjusted earnings per share growth	Reported	-37.0%	-36.5%			0.5%	Raised	Guidance: -37.0% for 2025
2025 Reported EPS	Reported	5.48	5.6	5.72
2025 Adjusted EPS	Reported	5.9	5.95	6
2025 Capital expenditures	Reported		425.00 Mil		-2.9%		Lowered	Guidance: 437.50 Mil for 2025

Insider Activity

Updated 10/21/2026

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#	Owner	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Hershey, Trust CO Trustee IN Trust For Milton Hershey School	Direct	Sell	10212026	168.12	10,000	1,681,223	90,133,575	Form
2	Hershey, Trust CO Trustee IN Trust For Milton Hershey School	Direct	Sell	10212026	168.85	10,000	1,688,480	92,211,077	Form
3	Hershey, Trust CO Trustee IN Trust For Milton Hershey School	Direct	Sell	10212026	167.48	10,000	1,674,830	93,140,503	Form
4	Hershey, Trust CO Trustee IN Trust For Milton Hershey School	Direct	Sell	10192026	170.65	10,000	1,706,540	96,610,448	Form
5	Hershey, Trust CO Trustee IN Trust For Milton Hershey School	Direct	Sell	10192026	168.51	10,000	1,685,142	97,084,220	Form

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#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	10212026	168.12	10,000	1,681,223	90,133,575	Form
2	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	10212026	168.85	10,000	1,688,480	92,211,077	Form
3	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	10212026	167.48	10,000	1,674,830	93,140,503	Form
4	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	10192026	170.65	10,000	1,706,540	96,610,448	Form
5	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	10192026	168.51	10,000	1,685,142	97,084,220	Form
6	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	10142026	163.64	10,000	1,636,359	95,910,124	Form
7	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	10142026	163.17	10,000	1,631,716	97,269,668	Form
8	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	10142026	163.13	10,000	1,631,252	98,873,302	Form
9	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	10092026	162.29	10,000	1,622,881	99,988,788	Form
10	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	10092026	162.42	10,000	1,624,230	101,696,129	Form
11	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	10072026	160.59	10,000	1,605,926	102,156,031	Form
12	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	10072026	160.81	10,000	1,608,067	103,900,244	Form
13	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	10072026	161.29	10,000	1,612,856	105,822,544	Form
14	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	10052026	159.98	10,000	1,599,753	106,562,608	Form
15	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	10052026	159.15	10,000	1,591,490	107,603,661	Form
16	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	9302026	158.81	10,000	1,588,056	108,959,552	Form
17	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	9302026	161.62	10,000	1,616,192	112,506,182	Form
18	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	9302026	165.11	10,000	1,651,090	116,586,615	Form
19	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	9282026	166.61	10,000	1,666,059	119,309,674	Form
20	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	9282026	167.86	10,000	1,678,566	121,883,877	Form
21	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	9232026	168.51	10,000	1,685,141	124,046,404	Form
22	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	9232026	168.69	10,000	1,686,865	125,860,182	Form
23	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	9232026	168.02	10,000	1,680,164	127,040,410	Form
24	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	9212026	168.97	10,000	1,689,662	129,448,207	Form
25	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	9212026	169.19	10,000	1,691,902	131,311,753	Form
26	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	9162026	171.47	10,000	1,714,734	134,798,499	Form
27	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	9162026	170.80	10,000	1,707,980	135,975,518	Form
28	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	9162026	174.41	10,000	1,744,129	140,597,579	Form
29	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	9142026	173.51	10,000	1,735,131	141,607,325	Form
30	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	9142026	174.24	10,000	1,742,402	143,943,158	Form
31	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	9092026	171.56	10,000	1,715,551	143,440,513	Form
32	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	9092026	173.49	10,000	1,734,893	146,792,571	Form
33	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	9082026	173.58	10,000	1,735,750	148,600,873	Form
34	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	9082026	174.55	10,000	1,745,505	151,181,515	Form
35	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	9022026	177.29	10,000	1,772,927	155,329,501	Form
36	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	9022026	177.08	10,000	1,770,801	156,914,022	Form
37	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	9022026	176.36	10,000	1,763,581	158,037,851	Form
38	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	8312026	180.01	10,000	1,800,082	163,108,812	Form
39	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	8312026	181.16	10,000	1,811,641	165,967,895	Form
40	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	8262026	185.99	10,000	1,859,932	172,251,811	Form
41	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	8262026	186.95	10,000	1,869,500	175,007,481	Form
42	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	8262026	189.52	10,000	1,895,197	179,308,198	Form
43	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	8242026	186.79	10,000	1,867,907	178,594,138	Form
44	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	8242026	189.00	10,000	1,889,990	182,595,482	Form
45	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	8192026	188.11	10,000	1,881,123	183,620,013	Form
46	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	8192026	183.36	10,000	1,833,643	180,819,054	Form
47	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	8192026	181.58	10,000	1,815,769	180,872,155	Form
48	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	8172026	184.34	10,000	1,843,384	185,466,380	Form
49	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	8172026	186.04	10,000	1,860,407	189,039,515	Form
50	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	8122026	183.09	10,000	1,830,924	187,874,638	Form
51	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	8122026	181.91	10,000	1,819,084	188,478,723	Form
52	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	8122026	182.13	10,000	1,821,340	190,533,868	Form
53	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	8102026	182.77	10,000	1,827,727	193,029,695	Form
54	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	8102026	181.71	10,000	1,817,053	193,719,504	Form
55	McCalman, Jennifer	VP, Chief Accounting Officer	Direct	Sell	8072026	180.78	710	128,354	648,277	Form
56	Voskuil, Steven E	SVP, Chief Financial Officer	Direct	Sell	8062026	180.00	950	171,000	9,404,100	Form
57	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	8052026	178.95	10,000	1,789,536	192,575,351	Form
58	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	8052026	177.75	10,000	1,777,541	193,062,114	Form
59	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	8052026	177.46	10,000	1,774,572	194,514,167	Form
60	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	8032026	175.35	10,000	1,753,487	193,956,536	Form
61	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	8032026	179.12	10,000	1,791,183	199,917,284	Form
62	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	7292026	184.79	10,000	1,847,907	208,096,334	Form
63	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	7292026	183.00	10,000	1,830,018	207,911,874	Form
64	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	7292026	179.37	10,000	1,793,688	205,578,012	Form
65	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	7272026	174.45	10,000	1,744,483	201,683,004	Form
66	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	7272026	171.30	10,000	1,713,037	199,760,556	Form
67	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	7222026	172.03	10,000	1,720,288	202,326,334	Form
68	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	7222026	170.36	10,000	1,703,565	202,063,135	Form
69	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	7222026	171.12	10,000	1,711,208	204,680,821	Form
70	Voskuil, Steven E	SVP, Chief Financial Officer	Direct	Sell	7212026	170.00	1,500	255,000	9,043,150	Form
71	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	7202026	172.34	10,000	1,723,379	207,859,978	Form
72	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	7202026	174.11	10,000	1,741,119	211,740,832	Form
73	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	7152026	170.60	10,000	1,706,005	209,176,540	Form
74	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	7152026	171.30	10,000	1,713,026	211,750,410	Form
75	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	7152026	175.68	10,000	1,756,824	218,921,130	Form
76	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	7102026	172.92	10,000	1,729,221	217,210,739	Form
77	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	7102026	171.85	10,000	1,718,467	217,578,314	Form
78	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	7082026	175.26	10,000	1,752,569	223,648,700	Form
79	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	7082026	177.32	10,000	1,773,230	228,058,507	Form
80	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	7082026	178.28	10,000	1,782,768	231,067,888	Form
81	Robbin-Coker, Cordel		Direct	Sell	7062026	180.37	124	22,366	296,380	Form
82	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	7062026	181.26	10,000	1,812,638	236,752,157	Form
83	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	7012026	179.09	10,000	1,790,920	235,706,365	Form
84	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	7012026	176.36	10,000	1,763,576	233,871,184	Form
85	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	7012026	180.56	10,000	1,805,562	241,244,596	Form
86	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	6292026	178.31	10,000	1,783,136	240,031,390	Form
87	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	6292026	177.79	10,000	1,777,878	241,101,445	Form
88	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	6242026	182.38	10,000	1,823,798	249,152,501	Form
89	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	6242026	177.06	10,000	1,770,574	243,652,115	Form
90	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	6242026	171.01	10,000	1,710,128	237,044,139	Form
91	Voskuil, Steven E	SVP, Chief Financial Officer	Direct	Sell	6222026	173.43	1,500	260,145	9,485,754	Form
92	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	6222026	172.41	10,000	1,724,062	240,699,554	Form
93	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	6172026	177.24	10,000	1,772,372	249,216,564	Form
94	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	6172026	182.42	10,000	1,824,232	258,332,960	Form
95	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	6172026	180.60	10,000	1,806,010	257,558,581	Form
96	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	6152026	182.28	10,000	1,822,792	261,774,680	Form
97	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	6152026	180.40	10,000	1,803,958	260,873,837	Form
98	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	6102026	176.42	10,000	1,764,199	256,888,350	Form
99	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	6102026	175.47	10,000	1,754,715	257,262,162	Form
100	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	6102026	177.04	10,000	1,770,400	261,332,102	Form
101	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	6082026	185.13	10,000	1,851,251	275,117,926	Form
102	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	6082026	182.35	10,000	1,823,471	272,812,940	Form
103	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	6032026	184.73	10,000	1,847,300	278,225,389	Form
104	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	6032026	184.27	10,000	1,842,663	279,369,588	Form
105	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	6032026	186.06	10,000	1,860,629	283,954,102	Form
106	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	6012026	194.41	10,000	1,944,132	298,641,882	Form
107	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	6012026	197.08	10,000	1,970,766	304,703,849	Form
108	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	5272026	198.42	10,000	1,984,216	308,767,593	Form
109	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	5272026	191.74	10,000	1,917,411	300,289,374	Form
110	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	5262026	193.80	10,000	1,937,972	305,447,428	Form
111	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	5262026	191.15	10,000	1,911,496	303,186,037	Form
112	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	5202026	190.74	10,000	1,907,414	304,446,048	Form
113	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	5202026	193.45	10,000	1,934,514	310,705,964	Form
114	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	5202026	190.57	10,000	1,905,697	307,983,311	Form
115	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	5182026	187.55	10,000	1,875,548	304,986,501	Form
116	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	5182026	191.54	10,000	1,915,414	313,384,454	Form
117	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	5132026	194.75	10,000	1,947,502	320,581,970	Form
118	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	5132026	191.67	10,000	1,916,653	317,420,495	Form
119	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	5132026	187.71	10,000	1,877,089	312,745,328	Form
120	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	5112026	186.02	10,000	1,860,174	311,787,261	Form
121	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	5112026	185.86	10,000	1,858,596	313,381,387	Form
122	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	5062026	186.23	10,000	1,862,319	315,871,527	Form
123	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	5062026	184.45	10,000	1,844,467	314,687,942	Form
124	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	5062026	181.57	10,000	1,815,718	311,598,882	Form
125	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	5042026	182.93	10,000	1,829,342	315,766,233	Form
126	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	5042026	185.34	10,000	1,853,418	321,775,374	Form
127	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	4292026	188.63	10,000	1,886,312	329,372,534	Form
128	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	4292026	188.06	10,000	1,880,622	330,259,613	Form
129	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	4292026	188.49	10,000	1,884,950	332,904,530	Form
130	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	4272026	191.54	10,000	1,915,376	340,193,655	Form
131	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	4272026	192.34	10,000	1,923,450	343,551,017	Form
132	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	4222026	188.72	10,000	1,887,158	338,956,074	Form
133	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	4222026	189.65	10,000	1,896,507	342,531,803	Form
134	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	4222026	193.36	10,000	1,933,601	351,164,862	Form
135	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	4202026	192.99	10,000	1,929,903	352,423,209	Form
136	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	4202026	191.55	10,000	1,915,481	351,705,089	Form
137	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	4162026	192.95	10,000	1,929,501	356,208,935	Form
138	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	4162026	198.26	10,000	1,982,633	368,000,283	Form
139	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	4162026	198.18	10,000	1,981,753	369,818,686	Form
140	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	4132026	204.70	10,000	2,047,021	384,045,488	Form
141	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	4132026	210.22	10,000	2,102,181	396,496,290	Form
142	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	4082026	208.30	10,000	2,082,964	394,954,673	Form
143	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	4082026	207.28	10,000	2,072,794	395,099,190	Form
144	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	4082026	207.71	10,000	2,077,120	398,000,984	Form
145	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	4062026	204.51	10,000	2,045,096	393,909,853	Form
146	Robbin-Coker, Cordel		Direct	Sell	4032026	202.80	129	26,161	305,769	Form
147	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	4012026	203.39	10,000	2,033,909	393,788,933	Form
148	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	4012026	208.74	10,000	2,087,404	406,233,694	Form
149	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	4012026	213.68	10,000	2,136,799	417,983,322	Form
150	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	3272026	213.84	10,000	2,138,416	420,437,952	Form
151	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	3272026	212.30	10,000	2,123,024	419,534,723	Form
152	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	3272026	216.25	10,000	2,162,495	429,497,310	Form
153	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	3252026	215.80	10,000	2,158,015	430,765,457	Form
154	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	3252026	214.89	10,000	2,148,882	431,091,267	Form
155	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	3202026	210.50	10,000	2,105,001	424,393,274	Form
156	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	3202026	210.90	10,000	2,109,027	427,313,985	Form
157	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	3202026	214.34	10,000	2,143,446	436,431,057	Form
158	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	3182026	217.28	10,000	2,172,761	444,572,655	Form
159	Hershey, Trust CO Trustee IN Trust For Milton Hershey School		Direct	Sell	3182026	219.88	10,000	2,198,820	452,103,533	Form
160	Grover, Rohit	President, International	Direct	Sell	2262026	226.07	3,500	791,245	7,814,788	Form
161	Reiman, Jason	SVP Chief Supply Chain Officer	Direct	Sell	2262026	226.07	2,000	452,140	9,277,009	Form
162	Voskuil, Steven E	SVP, Chief Financial Officer	Direct	Sell	2192026	219.66	1,500	329,490	11,162,902	Form
163	Voskuil, Steven E	SVP, Chief Financial Officer	Direct	Sell	1222026	198.67	1,500	298,005	10,394,216	Form
164	Robbin-Coker, Cordel		Direct	Sell	1062026	184.10	130	23,933	259,307	Form
165	Voskuil, Steven E	SVP, Chief Financial Officer	Direct	Sell	12192025	188.51	1,500	282,765	10,145,420	Form
166	Schechtman, Natalie	SVP and CHRO	Direct	Buy	11262025	186.29	200	37,258	236,029	Form
167	Taffet, Stacy	Chief Growth Officer	Direct	Buy	11252025	186.19	200	37,238	1,744,786	Form
168	Tanner, Kirk	President and CEO	Direct	Buy	11252025	185.46	2,000	370,915	8,875,986	Form
169	Voskuil, Steven E	SVP, Chief Financial Officer	Direct	Sell	11192025	179.56	1,500	269,340	9,933,080	Form
170	Robbin-Coker, Cordel		Direct	Sell	11052025	168.22	303	50,971	216,107	Form
171	Voskuil, Steven E	SVP, Chief Financial Officer	Direct	Sell	10212025	187.52	1,500	281,280	10,654,699	Form

Investor Activity (13F)

Updated Oct 21, 2026

13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
Check Capital Management Inc/Ca	$40.0 Mil	2.5%	49	Hold	13F

Active Manager

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
St. James Investment Company, LLC	$20.7 Mil	3.3%	30	Exited	13F

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
Check Capital Management Inc/Ca	$40.0 Mil	2.5%	49	Hold	13F

HSY Trade Sentinel

Stock Conviction

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CONVICTION RATIONALE

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STOCK ARCHETYPE

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Looking for high-conviction positions with a better risk/reward profile? See what's currently in the Trefis High Quality Portfolio.

INVESTMENT THESIS

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Mechanism: null

Supporting Evidence:

PRIMARY RISK

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Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Status	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

Diversification Alternatives

How Is The Market Pricing HSY?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What HSY Makes & Who Pays

TTM figures based on

HSY Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

Hershey — Investor Video Playlist

Products & Services

The Hershey Company R&D Leaders on Why Recipes Evolve, and What Never Changes

The Hershey Company · 2026-10-14

Products & Services

Hersheyween 2026 Showcase: The Trends, Products & Innovations Shaping Halloween

The Hershey Company · 2026-08-13

Investor / Analyst

Hershey Company Investor Day 2026 | Strategy to Lead Next-Gen Snacking with 35% Adjusted EPS Growth

i101 · 2026-04-01

Industry Resources

Consumer Staples Resources

FoodNavigator

Consumer Goods Technology (CGT)

Beverage Digest

Packaged Foods & Meats Resources

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Prefer one of these to Trefis? Tell us why.

Core Cache Last Updated: 10/20/2026

Hershey (HSY)

Market Price (10/21/2026): $168.0 | Market Cap: $34.0 BilInvestor Relations ↗Sector: Consumer Staples | Industry: Packaged Foods & Meats

Hershey (HSY)

Market Price (10/21/2026): $168.0Market Cap: $34.0 BilSector: Consumer StaplesIndustry: Packaged Foods & Meats

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

HSY in ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

In The Past

Preserve Wealth

Asset Allocation

About Hershey (HSY)

Addressable Markets for The Hershey Company (HSY)

Interactive Breakdown

Better Bets vs. Hershey (HSY)

INDUSTRY: Packaged Foods & Meats

Higher Rev Chg 3Y Avg | Lower P/S (Values for HSY: 3.9% | 2.8x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for HSY: 3.9% | 15.8x)

Higher Rev Chg LTM (Value for HSY: 7.7%)

Higher Rev Chg 3Y Avg (Value for HSY: 3.9%)

Higher Op Mgn LTM (Value for HSY: 17.9%)

Higher Total Yield (Value for HSY: 7.6%)

SECTOR: Consumer Staples

Higher Rev Chg 3Y Avg | Lower P/S (Values for HSY: 3.9% | 2.8x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for HSY: 3.9% | 15.8x)

Higher Rev Chg LTM (Value for HSY: 7.7%)

Higher Rev Chg 3Y Avg (Value for HSY: 3.9%)

Higher Op Mgn LTM (Value for HSY: 17.9%)

Higher CFO/Rev LTM (Value for HSY: 21.8%)

Higher FCF/Rev LTM (Value for HSY: 18.3%)

Higher Total Yield (Value for HSY: 7.6%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for HSY: 3.9% | 2.8x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for HSY: 3.9% | 15.8x)

Higher Rev Chg LTM (Value for HSY: 7.7%)

Higher Rev Chg 3Y Avg (Value for HSY: 3.9%)

Higher Op Mgn LTM (Value for HSY: 17.9%)

Higher CFO/Rev LTM (Value for HSY: 21.8%)

Higher FCF/Rev LTM (Value for HSY: 18.3%)

Higher Total Yield (Value for HSY: 7.6%)

Best Bets in Consumer Staples

P/EBIT (Value for HSY: 15.9x)

P/E (Value for HSY: 23.0x)

Rev Chg 3Y Avg (Value for HSY: 3.9%)

Rev Chg LTM (Value for HSY: 7.7%)

Rev Chg Q (Value for HSY: 6.6%)

FCF/Rev 3Y Avg (Value for HSY: 15.0%)

Peer Outperformance in Packaged Foods & Meats

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Market Price (10/21/2026): $168.0 | Market Cap: $34.0 BilInvestor Relations Sector: Consumer Staples | Industry: Packaged Foods & Meats

Market Price (10/21/2026): $168.0
Market Cap: $34.0 Bil
Sector: Consumer Staples
Industry: Packaged Foods & Meats