The Hershey Company (HSY) quarterly cash flow statement — complete operating, investing & financing history
The Hershey Company (HSY) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 |
|---|
| Cash from Operations | 419.32M | 468.81M | 926.55M | 841.92M | 112.22M | 396.68M | 941.6M | 695.25M | 325.61M | 569.13M | 757.65M | 515.73M | 294.41M | 755.4M | 767.64M | 446.42M | 457.31M | 656.47M | 679.17M | 386.06M |
| Operating CF Margin % | 15.04% | 15.1% | 29.98% | 26.46% | 4.29% | 14.14% | 32.61% | 23.27% | 15.7% | 17.5% | 28.51% | 17.02% | 11.82% | 25.28% | 28.94% | 16.36% | 19.27% | 24.62% | 29.2% | 16.36% |
| Operating CF Growth % | 273.67% | 18.18% | -1.6% | 21.09% | -65.54% | -30.3% | 24.28% | 34.81% | 10.6% | -24.66% | -1.3% | 15.53% | -35.62% | 15.07% | 13.03% | 15.63% | 12.08% | 7.68% | 12.37% | -19.77% |
| Net Income | 457.67M | 435.11M | 320.02M | 276.32M | 62.72M | 224.2M | 796.59M | 446.3M | 180.89M | 797.45M | 349.04M | 518.58M | 406.98M | 587.18M | 396.3M | 399.49M | 315.56M | 533.48M | 339.79M | 444.93M |
| Depreciation & Amortization | 136.09M | 133M | 132.52M | 127.78M | 123.83M | 119.56M | 123.81M | 113.25M | 110.42M | 107.76M | 116.72M | 103.31M | 101.59M | 98.2M | 99.88M | 94.2M | 93.85M | 91.04M | 83.05M | 78.02M |
| Stock-Based Compensation | 17.71M | 17.13M | 19.01M | 15.45M | 17.44M | 13.56M | 11.84M | 15.07M | 11.51M | 5.99M | 24.67M | 20.51M | 16.85M | 18.99M | 15.35M | 18.08M | 17.22M | 15.34M | 15.7M | 18.53M |
| Deferred Taxes | 9.3M | 26.16M | 84.5M | 53.83M | -3.83M | -12.2M | 98.86M | -8.92M | -7.73M | -8.97M | 32.77M | 10.76M | -16.04M | -11.25M | 46.64M | -17.14M | 2.32M | 5.06M | 12.61M | -5.03M |
| Other Non-Cash Items | -81.16M | 144.52M | 38.21M | 107.73M | 215.02M | 285.94M | -133.64M | -48.53M | 93.75M | -218.27M | 116.17M | 52.74M | 101.47M | 15.81M | 83.81M | 67.4M | 51.17M | 28.18M | 90.97M | 17.92M |
| Working Capital Changes | -120.3M | -287.11M | 332.3M | 260.81M | -302.96M | -234.38M | 44.13M | 178.07M | -63.25M | -114.83M | 118.28M | -190.16M | -316.43M | 46.46M | 125.67M | -115.61M | -22.81M | -16.63M | 137.05M | -168.3M |
| Change in Receivables | 69.9M | -247.56M | 255.95M | -146.57M | 62.64M | -73.04M | 335.23M | -297.73M | 350.37M | -383.42M | 307.61M | -366.19M | 97.46M | -140.96M | 220.9M | -278.28M | 208.84M | -189.62M | 208.22M | -311.81M |
| Change in Inventory | -314.42M | -4.24M | 311.69M | 131.56M | -369.33M | -207.24M | 41.16M | 155.8M | -330.18M | 202.06M | 10.96M | 33.8M | -198.64M | -3.26M | 14.46M | 18.65M | -182.75M | -37.32M | 60.32M | 30.1M |
| Change in Payables | 113.25M | 21.21M | -290.15M | 70.96M | 47.04M | 335.64M | -90.27M | 99.22M | 76.28M | -56.33M | -77.94M | 148.45M | -36.33M | 16.05M | -31.75M | 124.89M | 25.31M | 98.03M | -36.71M | 109.68M |
| Cash from Investing | -82.44M | -117.12M | -896.53M | -80.4M | -154.79M | -146.99M | -410.99M | -159.59M | -162.16M | -227.57M | -463.13M | -219.51M | -327.71M | -188.32M | -277.4M | -158.99M | -187.02M | -163.97M | -1.38B | -139.62M |
| Capital Expenditures | -89.83M | -114.6M | -211.68M | 304.21M | -158.69M | -145.53M | -134.53M | -127.96M | -130.15M | -213.3M | -222.51M | -218.09M | -154.41M | -176.09M | -159.49M | -119.03M | -99.9M | -141.06M | -148.43M | -119.84M |
| CapEx % of Revenue | 3.22% | 3.69% | 6.85% | 9.56% | 6.07% | 5.19% | 4.66% | 4.28% | 6.27% | 6.56% | 8.37% | 7.2% | 6.2% | 5.89% | 6.01% | 4.36% | 4.21% | 5.29% | 6.38% | 5.08% |
| Acquisitions | 0 | 3.65M | -756.13M | -9.03M | 5.47M | 3.56M | -75.5M | -32.14M | -32.11M | -13.94M | -238.68M | 945K | -172.59M | -12.31M | -115.82M | -43.52M | -93.69M | -22.5M | -1.23B | -19.78M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 2.54M | -6.17M | 73.67M | -375.59M | -1.58M | -5.02M | -200.96M | 509K | 32.21M | -321K | -1.94M | -2.36M | -714K | 85K | -2.09M | 3.56M | 6.57M | -400K | -590K | 6K |
| Cash from Financing | -425.24M | -402.84M | -266.92M | -513.95M | -559.57M | 537.08M | -449.53M | -394.1M | -231.22M | -221.66M | -363.89M | -277.69M | 45.57M | -552.25M | -339.69M | -320.63M | -291.95M | -463.45M | 356.69M | 3.87M |
| Debt Issued (Net) | 252.56M | -49.61M | 1.98M | -252.15M | -288.92M | 818.5M | -177.64M | -128.68M | 38.73M | 568.24M | -101.91M | -41.07M | 249.6M | -91.89M | -101.5M | -121.89M | 39.71M | -66.69M | 527.63M | 201.88M |
| Equity Issued (Net) | -369.03M | -54.27M | 4.04M | 10.32M | 4.2M | 2.74M | 877K | -534K | -3.61M | -490.09M | -23.24M | 2.23M | 6.83M | -224.72M | -33.69M | 9.05M | -151.92M | -186.64M | 0 | -24.88M |
| Dividends Paid | -286.39M | -288M | -271.34M | -271.13M | -271.23M | -271.59M | -270.49M | -270.38M | -270.52M | -273.4M | -237.81M | -237.72M | -206.19M | -207.36M | -207.04M | -207M | -179.9M | -181.08M | -180.79M | -180.89M |
| Share Repurchases | -370.08M | -69.27M | 0 | 0 | 0 | 0 | 0 | -534K | -3.61M | -494.19M | -25M | 0 | 0 | -239.91M | -33.69M | 0 | -151.92M | -203.35M | 0 | -23.6M |
| Other Financing | -22.37M | -10.97M | -1.6M | -985K | -3.62M | -12.57M | -2.27M | 5.5M | 4.18M | -26.4M | -929K | -1.13M | -4.66M | -28.29M | 2.54M | -782K | 160K | -29.04M | 9.85M | 7.75M |
| Net Change in Cash | -85.76M | -48.88M | -237.16M | 250.67M | -602.91M | 784.51M | 115.8M | 147.89M | -53.35M | 118.5M | -69.35M | 25.09M | -14.19M | -3.54M | 136.15M | -11.98M | 1.67M | 8.79M | -346.25M | 249.31M |
| Free Cash Flow | 329.49M | 354.21M | 714.87M | 1.15B | -46.47M | 251.16M | 807.08M | 567.3M | 195.45M | 355.83M | 535.14M | 297.64M | 140M | 579.3M | 608.15M | 327.39M | 357.41M | 515.4M | 530.74M | 266.22M |
| FCF Margin % | 11.82% | 11.41% | 23.13% | 36.03% | -1.78% | 8.95% | 27.95% | 18.99% | 9.42% | 10.94% | 20.14% | 9.82% | 5.62% | 19.39% | 22.93% | 12% | 15.06% | 19.33% | 22.82% | 11.28% |
| FCF Growth % | 809.05% | 41.03% | -11.42% | 102.03% | -123.77% | -29.42% | 50.82% | 90.6% | 39.61% | -38.58% | -12.01% | -9.09% | -60.83% | 12.4% | 14.59% | 22.98% | 21.21% | 4.09% | 16.69% | -29% |
| FCF per Share | 1.61 | 1.73 | 3.52 | 5.63 | -0.23 | 1.24 | 3.97 | 2.79 | 0.96 | 1.74 | 2.61 | 1.45 | 0.68 | 2.81 | 2.95 | 1.59 | 1.73 | 2.49 | 2.56 | 1.28 |
| FCF Conversion (FCF/Net Income) | 0.92x | 1.08x | 2.90x | 3.05x | 1.79x | 1.77x | 1.18x | 1.56x | 1.80x | 0.71x | 2.17x | 0.99x | 0.72x | 1.29x | 1.94x | 1.12x | 1.45x | 1.23x | 2.02x | 0.87x |
| Interest Paid | -70M | 70M | 39.49M | 64.08M | 53.98M | 38.37M | 50.9M | 41.35M | 53.64M | 33.89M | 49.05M | 35.14M | 43.55M | 32.99M | 40.97M | 29.13M | 36.88M | 24.78M | 35.33M | 24.05M |
| Taxes Paid | -24.39M | 24.39M | 30.06M | 45.07M | 26.57M | 38.92M | -180.34M | 14.81M | 134.25M | 31.28M | 39.45M | 35.35M | 216.87M | 12.28M | 30.6M | 17.84M | 162.87M | 10.02M | 75.44M | 60.66M |