The Hershey Company Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	883.26	2,221	1,862	1,645	1,483
Depreciation & Amortization	503.7	455.26	419.82	378.96	315
Stock-Based Compensation	65.46	44.41	81.02	65.99	66.71
Other Adjustments	784.85	-120.65	330	345.99	223.15
Change in Receivables	98.97	4.46	-102.08	-38.17	-14.64
Changes in Inventories	-133.32	68.83	-157.15	-186.96	21.46
Changes in Accounts Payable	163.5	28.9	50.23	216.48	39.73
Changes in Income Taxes Payable	82.2	-17.09	-32.48	5.01	-29.68
Changes in Other Operating Activities	-171.24	-153.76	-127.96	-104.28	-21.66
Operating Cash Flow	2,277	2,532	2,323	2,328	2,083
Operating Cash Flow Growth	-10.04%	8.97%	-0.20%	11.76%	22.55%
Capital Expenditures	-454.62	-605.94	-771.11	-519.48	-495.88
Purchases of Intangible Assets	-73.6	-	-	-	-
Purchases of Investments	11.88	-285.5	-256.82	-275.53	-128.42
Payments for Business Acquisitions	-756.14	-75.5	-165.82	-	-1,601
Other Investing Activities	-6.24	6.63	-4.93	7.64	2.54
Investing Cash Flow	-1,279	-960.31	-1,199	-787.38	-2,223
Net Short-Term Debt Issued (Repaid)	-1,099	607.01	26.05	-245.63	869.03
Long-Term Debt Issued	-	1,985	744.09	-	-
Long-Term Debt Repaid	-606.39	-306.36	-755.41	-4.74	-439.44
Net Long-Term Debt Issued (Repaid)	-606.39	1,678	-11.32	-4.74	-439.44
Issuance of Common Stock	21.3	14.66	26.02	34.16	49.82
Repurchase of Common Stock	-18.78	-527.01	-299.92	-424.48	-474.56
Net Common Stock Issued (Repurchased)	2.52	-512.35	-273.91	-390.32	-424.74
Common Dividends Paid	-1,085	-1,085	-889.07	-775.03	-685.99
Financing Cash Flow	-803.36	-1,297	-1,148	-1,416	-681.14
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-0.18	54.06	-38.25	9.89	-5.08
Net Cash Flow	195.11	328.84	-61.99	134.62	-814.72
Free Cash Flow	1,823	1,926	1,552	1,808	1,587
Free Cash Flow Growth	-5.34%	24.07%	-14.17%	13.95%	26.15%
FCF Margin	15.59%	17.19%	13.90%	17.36%	17.69%
Free Cash Flow Per Share	8.96	9.46	7.55	8.75	7.64
Levered Free Cash Flow	-831.66	4,283	1,258	1,184	1,736
Unlevered Free Cash Flow	1,039	2,378	1,577	1,729	1,515

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.