Here are 1-3 brief analogies for Hershey:

• The Coca-Cola of candy.
• PepsiCo for chocolate and snacks.

• Hershey's Brand Chocolates: This includes a wide range of chocolate products such as Hershey's Milk Chocolate bars, Kisses, Miniatures, and chocolate syrup.
• Reese's Peanut Butter Cups: A highly popular line of chocolate and peanut butter confectionery products.
• Kit Kat Bars (U.S. Only): Chocolate-covered wafer bars produced and marketed by Hershey under license in the United States.
• Twizzlers Licorice: A leading brand of chewy licorice candy known for its various flavors and forms.
• Jolly Rancher Candies: A diverse line of hard candies, gummies, and lollipops characterized by their bold fruit flavors.
• Salty Snacks (e.g., SkinnyPop, Pirate's Booty): This category includes ready-to-eat popcorn and puffed snacks, diversifying Hershey's portfolio beyond traditional confectionery.

The Hershey Company (HSY) - Major Customers

The Hershey Company primarily sells its products to **other companies**, rather than directly to individual consumers. These customers are typically large retailers, wholesalers, and distributors.

Based on their latest financial disclosures (e.g., 10-K filings), their major customer is:

• Walmart Inc. (Symbol: WMT)
  Walmart Inc. (including Sam's Club) is Hershey's largest customer, accounting for approximately 22% of its consolidated net sales in recent years.

While no other single customer accounted for 10% or more of Hershey's consolidated net sales, their products are also widely distributed through other significant channels and customer categories, including:

• Large grocery store chains
• Mass merchandisers
• Drugstore chains
• Convenience stores
• Wholesale distributors
• Foodservice providers

• Barry Callebaut AG (SIX: BARN)
• Archer Daniels Midland Company (NYSE: ADM)
• Bunge Global SA (NYSE: BG)
• Amcor plc (NYSE: AMCR)
• Berry Global Group, Inc. (NYSE: BERY)

Kirk Tanner, President and Chief Executive Officer

Kirk Tanner joined Hershey in August 2025, bringing over 30 years of experience in the food and beverage industry. Before his appointment at Hershey, he served as President and Chief Executive Officer of Wendy's. Prior to Wendy's, Tanner spent three decades at PepsiCo, Inc., where he was the Chief Executive Officer of PepsiCo Beverages North America, overseeing a $25 billion business with a diverse portfolio of brands such as Gatorade, Mountain Dew, and Celsius.

Steve Voskuil, Senior Vice President, Chief Financial Officer

Steve Voskuil joined The Hershey Company as Senior Vice President and Chief Financial Officer in May 2019. In this role, he leads the company's global finance and information systems organizations, including financial planning and analysis, accounting and reporting, tax, treasury, internal audit, and investor relations. Before Hershey, Voskuil was the CFO of Avanos Medical, a global medical device company, since 2014. He also spent 22-23 years at Kimberly-Clark Corporation, holding various leadership positions, including CFO of Kimberly-Clark International and Senior Vice President and CFO of Halyard Health. He earned a bachelor's degree from the University of Wisconsin-Madison and an MBA from Stanford Graduate School of Business.

Andrew Archambault, President, U.S. Confection

Andrew Archambault serves as President of Hershey's U.S. Confection business, where he is responsible for brand and commercial strategies, P&L oversight, and future portfolio building. He possesses nearly three decades of experience leading iconic consumer brands and brings deep expertise in business transformation, team development, and customer relationships. Prior to joining Hershey, Andrew held executive positions at major consumer companies.

Deepak Bhatia, Senior Vice President, Chief Technology Officer

Deepak Bhatia joined Hershey in 2023 as Senior Vice President, Chief Technology Officer. Before coming to Hershey, he spent 12 years at Amazon, serving as Vice President of Supply Chain Optimization Technologies, where he pioneered inventory planning systems and supply chain automation. Earlier in his career, he held senior engineering roles at Applied Materials and Daewoo Motors. Deepak holds a degree in Management Science and Engineering (MS&E) from Stanford, an MS in Aeronautics and Astronautics from Purdue, and a BS in Mechanical Engineering.

Natalie Rothman, Chief Human Resources Officer

Natalie Rothman leads The Hershey Company's global human resources function, a role she assumed effective August 2025. She brings over 25 years of HR leadership experience across various industries, including consumer products, food service, beauty, retail, and automotive. Her expertise includes building high-performing teams and modernizing HR operating models. Previously, Rothman served as Chief People Officer for Inspire Brands, a multi-brand, global restaurant company. She also serves as Chairperson of the Compensation Committee at Udemy (NASDAQ: UDMY) since 2022 and is on the board of Pearce Services and the Advisory Board for Emory Goizueta Business School and New Mountain Capital.

The most significant risk is the volatility and increase in raw material costs, particularly cocoa prices. Elevated cocoa prices have been a consistent challenge, heavily raising production costs and pressuring operating margins, leading to a significant decrease in net income for the company. This ongoing issue has even prompted S&P Global Ratings to revise Hershey's outlook to negative due to increasing leverage and weakening profitability, attributing it to high cocoa costs.

A second key risk involves supply chain disruptions. Factors such as natural disasters, pandemics, and climate change can impair Hershey's manufacturing operations and its ability to produce or deliver finished products, negatively impacting operating results.

Thirdly, reputation and brand image present a notable risk, especially concerning product quality and safety. Recent allegations, such as a federal lawsuit accusing Hershey's of having wrappers containing per- and polyfluoroalkyl substances (PFAS), also known as "forever chemicals," highlight potential threats to consumer trust and brand integrity. Issues related to product quality, safety, or environmental, social, and governance practices could harm the company's reputation, potentially leading to decreased demand and litigation.

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Chocolate Confectionery

• Global Market: The global chocolate confectionery market was valued at approximately USD 179.61 billion in 2024 and is projected to reach USD 221.63 billion by 2029, growing at a compound annual growth rate (CAGR) of 4.4%. Another estimate indicates the market size was USD 87.39 billion in 2024 and is expected to grow to USD 142.35 billion by 2034, with a CAGR of 5.00%.
• U.S. Market: The U.S. chocolate market size is estimated at USD 28.45 billion in 2025 and is expected to reach USD 36.79 billion by 2030, growing at a CAGR of 5.27% during the forecast period (2025-2030). Other data suggests the U.S. chocolate market was US$ 35.25 billion in 2024 and is expected to reach US$ 49.26 billion in 2033, with a CAGR of 3.79% during 2025-2033.

Non-Chocolate Confectionery (Sweets and Refreshments)

• Global Market: The global non-chocolate candy market was valued at USD 87.59 billion in 2021 and is expected to reach USD 134.42 billion by 2029, at a CAGR of 5.50%. Another report projects the global non-cocoa confectionery market to grow from USD 118.5 billion in 2024 to USD 162.8 billion by 2035, with a CAGR of 2.93% anticipated from 2025 to 2035.
• U.S. Market: The U.S. non-chocolate confection market grew an estimated 8.3% in 2024 to reach USD 14.4 billion in sales.

Salty Snacks

• Global Market: The global salty snacks market size was valued at approximately USD 266.17 billion in 2024 and is expected to reach USD 416.47 billion by 2032, growing at a CAGR of about 5.1% from 2024 to 2032. Another source indicates the global savory snacks market size was USD 285.85 billion in 2024 and is projected to reach USD 406.52 billion by 2032, growing at a CAGR of 4.50%.
• U.S. Market: The U.S. savory snacks market was valued at over USD 51.59 billion in 2022. The North America sweet & salty snacks market is forecast to reach USD 97.81 billion by 2030, at a CAGR of 2.70% during the forecast period 2024-2030.

The Hershey Company (HSY) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Price Increases/Net Price Realization: Hershey has been implementing price increases across its confectionery portfolio to mitigate rising commodity costs, particularly cocoa. This strategy is expected to continue contributing to net sales growth in 2025. For instance, the company anticipates 3% to 4% planned price realization in its U.S. Confectionery business in 2025.
2. Product Innovation and New Product Launches: The company is continuously introducing new products, line extensions, and flavor combinations across its various segments. Notable innovations for 2025 include the Reese's OREO® Cup, which combines two popular brands, and new offerings within the Jolly Rancher and Reese's lines. Hershey is also expanding into the "better-for-you" segment with protein bar innovations.
3. Growth in Salty Snacks Segment: Hershey's North America Salty Snacks segment is a significant growth driver. Brands like SkinnyPop Popcorn and Dot's Homestyle Pretzels have shown strong performance, with the salty snacks portfolio contributing to a 14% year-over-year retail takeaway increase in Q3 2025. The company's salty brands experienced a 9.5% year-to-date sales increase in convenience stores, outpacing the total category.
4. International Market Expansion and Strategic Pricing: Hershey is focusing on expanding its international presence. The international segment reported significant net sales and organic constant currency net sales increases, with double-digit growth in markets like Brazil and Europe in Q3 2025. The company has been "aggressive" with pricing in international markets where the brand is positioned as a premium offering.
5. Strategic Acquisitions: Strategic acquisitions contribute to expanding Hershey's product portfolio and reaching new consumer demographics. The acquisition of Sour Strips, for example, is expected to propel non-chocolate confectionery growth and attract Gen Z shoppers, with expanded distribution planned for 2026.

Share Repurchases

• The Board of Directors approved an additional $500 million share repurchase authorization in December 2023, with approximately $470 million remaining available as of October 2025.
• In 2024, Hershey repurchased $494.2 million of its own shares, including $400 million under a pre-approved program.
• Hershey bought back 1 million shares from Hershey Trust Company for $239.9 million in February 2023 and another 1 million shares for $203.4 million in February 2022.

Outbound Investments

• In April 2025, Hershey acquired LesserEvil, a maker of organic snacks, for $750 million to expand its better-for-you snacking portfolio.
• Hershey acquired Sour Strips in November 2024, adding a social media-driven sour candy brand to its portfolio.
• In November 2021, the company acquired Dot's Homestyle Pretzels and its co-packer, Pretzel Inc., for $1.2 billion, followed by the acquisition of Lily's Sweets for $425 million in May 2021 to bolster its low-sugar and organic chocolate offerings.

Capital Expenditures

• Expected capital expenditures for 2025 are approximately $425 million to $450 million, representing a decrease from the $771.1 million spent in 2023 and $605.9 million in 2024.
• Capital expenditures are focused on reinvesting in the business, including increasing production capacity for brands like Reese's and Jolly Ranchers, enhancing supply chain capabilities, and upgrading its ERP system.
• Key projects completed in 2024 included a new chocolate making facility in Hershey, aimed at ensuring high-quality domestic capacity and enhancing manufacturing flexibility.