Income StatementBalance SheetCash FlowSegments
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Hershey Cash Flow Statement

Operating, investing, and financing cash movements

Hershey generated $2.3B in operating cash flow over the trailing twelve months. After $423.7M in capital expenditures, free cash flow was $1.9B. Free cash flow increased 0.1% year-over-year. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)$2.3BNet Cash From Investing (TTM)-$1.2BNet Cash From Financing (TTM)-$1.7BCapital Expenditures (TTM)$423.7MDepreciation And Amortization Cf (TTM)$517.1MNet Change In Cash (TTM)$548.1M
Latest FilingQ1 2026
Report Date2026-04-30
Market Cap$38.6B
P/E Ratio35.28

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital expenditures$134.5M$145.5M$85.1M$85.9M$138.1M$114.6M
Payments For (Proceeds From) Equity Method Investments$207.3M-$3.6M-$5.5M-$5.2M—-$3.6M
Payment for (Proceeds from) Other Investing Activity-$6.3M$5.0M$1.6M-$286.0K$0.0$6.2M
Net cash from investing activities-$411.0M-$147.0M-$154.8M-$80.4M-$896.5M-$117.1M
Other investing activities-$6.3M$5.0M$1.6M-$286.0K$0.0$6.2M

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Change in accounts payable—$335.6M$47.0M$71.0M—$21.2M
Change in accounts receivable-$335.2M$73.0M-$62.6M$146.6M-$255.9M$247.6M
Change in income taxes payable/receivable-$155.6M$80.2M$82.6M-$3.9M—$119.0M
Change in inventories-$41.2M$207.2M$369.3M-$131.6M—$4.2M
Change in other assets$37.6M$339.2M$108.5M-$215.9M—$135.7M
Other working capital changes$23.1M$18.3M$24.5M$34.8M$23.7M$24.9M
Deferred income taxes$98.9M-$12.2M-$3.8M$53.8M$84.5M$26.2M
Depreciation and amortization$123.8M$119.6M$123.8M$127.8M$132.5M$133.0M
Unrealized Gain (Loss) on Derivatives and Commodity Contracts$313.5M-$270.8M-$193.9M-$76.4M$0.0-$105.2M
Net cash from operating activities$941.6M$396.7M$112.2M$841.9M$926.6M$468.8M
Net income$796.6M$224.2M$62.7M$276.3M$320.0M$435.1M
Income and other taxes-$155.6M$80.2M$82.6M-$3.9M—$119.0M
Increase (Decrease) in Prepaid Expense and Other Assets$37.6M$339.2M$108.5M-$215.9M—$135.7M
Payment for Pension and Other Postretirement Benefits$5.5M$3.1M$3.4M$3.4M$5.7M$3.3M
Unrealized Gain (Loss) on Derivatives and Commodity Contracts$313.5M-$270.8M-$193.9M-$76.4M$0.0-$105.2M
Pension contributions$5.5M$3.1M$3.4M$3.4M$5.7M$3.3M
Stock-based compensation$11.8M$13.6M$17.4M$15.5M$19.0M$17.1M

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Proceeds from issuance of debt$0.0$2.0B-$1.5M$0.0$0.0$0.0
Repayments of debt$301.9M$1.8M$301.5M$301.3M$1.8M$1.6M
Dividends paid$270.5M$271.6M$271.2M$271.1M$271.3M$288.0M
Proceeds from (Repayments of) Short-Term Debt$124.2M-$1.2B$14.1M$49.2M$0.0-$48.0M
Net cash from financing activities-$449.5M$537.1M-$559.6M-$514.0M-$266.9M-$402.8M
Proceeds from issuance of common stock$877.0K$2.7M$4.2M$10.3M$4.0M$15.0M
Repurchases of common stock$0.0$0.0$0.0$0.0$0.0$69.3M
Net change in short-term borrowings$124.2M-$1.2B$14.1M$49.2M$0.0-$48.0M
Taxes paid for net share settlement$2.3M$12.6M$3.6M$985.0K$1.6M$11.0M
Net Change in Short-term Borrowings and Indebtedness to Subsidiaries$124.2M-$1.2B$14.1M$49.2M$0.0-$48.0M

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow$807.1M$251.2M$27.1M$756.0M$788.5M$354.2M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Effect of exchange rate changes on cash$34.7M-$2.3M-$760.0K$3.1M-$261.0K$2.3M
Net increase (decrease) in cash$115.8M$784.5M-$602.9M$250.7M—-$48.9M

Supplemental

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income taxes paid$21.5M$38.9M$26.6M$45.1M$30.1M$24.4M
Interest paid$50.9M$38.4M$54.0M$64.1M$39.5M$70.0M
Income Taxes Paid, Net$21.5M$38.9M$26.6M$45.1M$30.1M$24.4M