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	-	2,221	1,862	1,645	1,478
Depreciation & Amortization	-	455.26	419.82	378.96	315
Loss (Gain) From Sale of Investments	-	243.31	210.48	188.29	113.76
Stock-Based Compensation	-	44.41	81.02	65.99	66.71
Other Operating Activities	-	-363.96	119.52	157.71	114.7
Change in Accounts Receivable	-	4.46	-102.08	-38.17	-14.64
Change in Inventory	-	68.83	-157.15	-186.96	21.46
Change in Accounts Payable	-	28.9	50.23	216.48	39.73
Change in Income Taxes	-	-17.09	-32.48	5.01	-29.68
Change in Other Net Operating Assets	-	-153.76	-127.96	-104.28	-21.66
Operating Cash Flow	-	2,532	2,323	2,328	2,083
Operating Cash Flow Growth	-	8.97%	-0.20%	11.76%	22.55%
Capital Expenditures	-	-605.94	-771.11	-519.48	-495.88
Cash Acquisitions	-	-75.5	-165.82	-	-1,601
Investment in Securities	-	-285.5	-256.82	-275.53	-128.42
Other Investing Activities	-	6.63	-4.93	7.64	2.54
Investing Cash Flow	-	-960.31	-1,199	-787.38	-2,223
Short-Term Debt Issued	-	607.01	26.05	-	869.03
Long-Term Debt Issued	-	-	744.09	-	-
Total Debt Issued	-	607.01	770.14	-	869.03
Short-Term Debt Repaid	-	-	-	-245.63	-
Long-Term Debt Repaid	-	-306.36	-755.41	-4.74	-439.44
Total Debt Repaid	-	-306.36	-755.41	-250.37	-439.44
Net Debt Issued (Repaid)	-	300.65	14.73	-250.37	429.59
Issuance of Common Stock	-	14.66	26.02	34.16	49.82
Repurchase of Common Stock	-	-527.01	-299.92	-424.48	-474.56
Common Dividends Paid	-	-1,085	-889.07	-775.03	-685.99
Financing Cash Flow	-	-1,297	-1,148	-1,416	-681.14
Foreign Exchange Rate Adjustments	-	54.06	-38.25	9.89	-5.08
Miscellaneous Cash Flow Adjustments	-	-	-	-	11.43
Net Cash Flow	-	328.84	-61.99	134.62	-814.72
Free Cash Flow	-	1,926	1,552	1,808	1,587
Free Cash Flow Growth	-	24.07%	-14.17%	13.95%	26.15%
Free Cash Flow Margin	-	17.19%	13.90%	17.36%	17.69%
Free Cash Flow Per Share	-	9.46	7.55	8.75	7.64
Cash Interest Paid	-	179.78	160.73	131.76	127.73
Cash Income Tax Paid	-	201.8	303.94	221.32	275.17
Levered Free Cash Flow	-	1,165	1,029	1,266	1,179
Unlevered Free Cash Flow	-	1,274	1,130	1,353	1,260
Change in Working Capital	-	-68.66	-369.44	-107.92	-4.79

Source: S&P Global Market Intelligence. Standard template. Financial Sources.