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Hershey HSY Operating margin

Operating margin at other companies

PepsiCo logo
PepsiCoPEP
12.7%-1.2pp
Mondelez International logo
Mondelez InternationalMDLZ
9.4%-2.4pp
General Mills logo
General MillsGIS
19%+0.7pp
Church & Dwight logo
Church & DwightCHD
17.3%+4.2pp
The Kraft Heinz Company logo
The Kraft Heinz CompanyKHC
-22.9%-34.4pp
PFG
Performance Food GroupPFGC
1.2%-0.1pp

Other financials

Income statement

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Revenue$3.1B+10.7%
Gross profit$1.2B+29.5%
Operating income$640.7M+73.5%
Net income$435.1M+94.1%

Balance sheet

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Cash & equivalents$877.0M-42.1%
Total debt$5.3B-8.8%
Total assets$13.8B-0.9%

Cash flow

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Operating cash flow$468.8M+18.2%
CapEx$114.6M-21.3%
Free cash flow$354.2M+41.0%

Valuation

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Market cap$35.56B+21.6%
Enterprise value$39.94B+19.6%
P/E32.5×+14.8×
P/S+0.2×

Profitability

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Gross margin35%-7.4pp
Net margin9.1%-6.2pp

Returns & leverage

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Return on equity18.9%-31.5pp
Debt / equity1.1×+0.1×
Current ratio1.2×-0.4×

Where this comes from

Calculated from Hershey’s reported figures.

Based on trailing twelve months.

The official record: Hershey’s 10-Q, filed April 30, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Hershey's operating margin?
Hershey (HSY) reported operating margin of 14.3% in Q1 2026.
How has Hershey's operating margin changed year-over-year?
Hershey's operating margin decreased by 30.5% year-over-year, from 20.5% to 14.3%.
What is the long-term trend for Hershey's operating margin?
Over 4 years (2021 to 2025), Hershey's operating margin has grown at a -7.1% compound annual growth rate (CAGR), from 91.9% to 68.4%.
What does operating margin mean?
The profit left from core operations for every dollar of sales, before interest and taxes.
How do you interpret operating margin?
Expanding operating margin shows operating leverage — revenue growing faster than the cost base. Compression points to rising overhead, pricing pressure, or investment ahead of revenue.
How does operating margin compare across companies?
Strong cross-company signal within a sector. Capital-light businesses sustain higher operating margins than capital-intensive ones.