Cash Flow Statement

Operating Cash Flow

+2%

+24%

10Y

Currency: USD

	Dec-2001	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Apr-2004	Jul-2004	Oct-2004	Dec-2004	Apr-2005	Jul-2005	Oct-2005	Dec-2005	Apr-2006	Jul-2006	Oct-2006	Dec-2006	Apr-2007	Jul-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Apr-2009	Jul-2009	Oct-2009	Dec-2009	Apr-2010	Jul-2010	Oct-2010	Dec-2010	Apr-2011	Jul-2011	Oct-2011	Dec-2011	Apr-2012	Jul-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Apr-2015	Jul-2015	Oct-2015	Dec-2015	Apr-2016	Jul-2016	Oct-2016	Dec-2016	Apr-2017	Jul-2017	Oct-2017	Dec-2017	Apr-2018	Jul-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Apr-2021	Jul-2021	Oct-2021	Dec-2021	Apr-2022	Jul-2022	Oct-2022	Dec-2022	Apr-2023	Jul-2023	Oct-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025
Operating Cash Flow
Net Income	207	215	226	228	404	414	422	443	442	452	527	550	575	581	527	474	489	498	503	571	559	530	436	316	214	184	222	284	311	324	354	391	436	507	483	501	510	523	606	622	629	667	673	653	661	704	728	784	820	831	840	830	847	839	571	502	513	498	744	817	720	588	645	692	757	1 009	1 030	1 021	1 171	1 124	1 214	1 274	1 147	1 112	1 066	1 189	1 275	1 404	1 437	1 434	1 483	1 619	1 634	1 588	1 645	1 699	1 790	1 909	1 862	2 072	1 846	1 774	2 221	1 648	1 530	1 360
Depreciation & Amortization	190	189	187	186	178	176	175	174	181	184	186	188	190	192	194	212	218	217	218	204	200	212	246	279	311	319	292	274	249	228	218	198	182	183	182	189	197	201	207	209	216	220	223	221	210	204	199	198	201	202	202	203	212	221	230	241	245	247	283	304	302	307	277	254	262	271	281	293	295	293	288	288	292	290	290	290	295	302	306	309	315	328	346	362	379	386	394	403	420	429	438	448	455	467	480	495
Change in Deffered Taxes	(49)	(29)	(59)	(62)	138	128	155	134	34	28	(52)	(19)	(75)	(74)	4	67	71	77	75	8	4	19	39	49	(124)	(136)	(126)	(131)	(17)	(18)	(18)	(5)	(41)	(48)	(67)	(109)	(19)	(21)	(28)	(16)	34	33	33	42	14	7	(3)	(11)	7	7	20	10	19	15	1	18	(39)	(30)	(24)	(41)	(38)	(49)	(77)	(40)	19	36	64	35	36	35	44	41	(15)	(23)	(21)	(14)	27	33	29	20	13	19	15	3	37	21	2	30	16	19	27	7	73	70	74	137
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	58	14	30	42	41	34	24	20	19	18	18	16	24	24	33	34	35	37	31	31	49	50	48	45	43	45	53	61	50	51	52	53	54	54	56	56	54	55	53	52	52	49	51	52	55	55	53	52	51	49	50	49	49	49	49	53	52	54	54	50	58	61	65	71	67	66	67	66	66	70	69	72	81	68	63	57	44	52	58	58
Other Non-Cash Items	224	230	235	244	22	16	15	14	(83)	0	(87)	0	11	(36)	(81)	(190)	(189)	(142)	(88)	18	0	18	86	185	261	266	220	129	109	100	109	72	37	28	65	107	82	87	11	(2)	21	15	14	32	11	(15)	(17)	(61)	(52)	(63)	(55)	(33)	(13)	17	267	318	375	364	107	128	85	321	353	309	347	139	167	157	169	176	161	183	272	299	290	294	306	300	317	344	276	288	311	333	375	364	417	409	395	141	120	114	(149)	365	496	549
Cash Taxes Paid	171	171	147	150	57	73	167	181	208	219	223	233	290	276	259	236	207	225	240	291	325	302	277	259	254	250	243	225	198	208	212	222	252	265	345	348	351	337	343	338	292	284	317	302	327	320	300	334	0	256	316	279	384	386	332	362	369	381	394	419	426	403	452	390	352	357	156	175	119	135	185	187	238	223	173	241	215	216	283	250	275	271	309	266	221	224	278	295	304	323	240	220	202	209	102	132
Cash Interest Paid	72	66	69	66	64	64	63	64	65	70	64	71	66	71	75	75	88	94	100	114	105	119	116	125	126	119	111	98	97	98	97	101	92	91	91	91	98	95	100	91	98	87	99	96	100	98	99	95	93	92	89	88	88	86	86	86	88	88	88	90	91	97	99	100	102	106	114	120	132	129	143	138	140	132	142	137	151	151	144	140	128	125	121	126	132	140	147	153	161	162	172	178	180	184	185	207
Change in Working Capital	134	(10)	119	28	(115)	(111)	(185)	(252)	11	104	30	235	87	50	19	(144)	(127)	(184)	(98)	(108)	(40)	82	43	(17)	117	100	198	157	(133)	(96)	(18)	251	451	299	222	130	131	90	128	(43)	(312)	(230)	(327)	(12)	200	212	223	203	214	125	7	(57)	(220)	(194)	84	(35)	162	191	13	(88)	(56)	(189)	(196)	(26)	(134)	(88)	(25)	10	(71)	(51)	(31)	(86)	68	(8)	62	97	(215)	35	25	(89)	7	(125)	(127)	(47)	(108)	(43)	(339)	(417)	(369)	(524)	(263)	4	(69)	(191)	(434)	(248)
Cash from Operating Activities	706 N/A	594 -16%	708 +19%	624 -12%	625 +0%	623 0%	582 -7%	512 -12%	584 +14%	684 +17%	604 -12%	859 +42%	788 -8%	712 -10%	662 -7%	419 -37%	462 +10%	466 +1%	610 +31%	693 +14%	723 +4%	861 +19%	849 -1%	812 -4%	779 -4%	733 -6%	805 +10%	712 -12%	520 -27%	539 +4%	646 +20%	907 +40%	1 066 +18%	970 -9%	884 -9%	818 -7%	901 +10%	880 -2%	923 +5%	770 -17%	588 -24%	704 +20%	615 -13%	937 +52%	1 095 +17%	1 112 +2%	1 130 +2%	1 113 -2%	1 191 +7%	1 102 -8%	1 014 -8%	955 -6%	844 -12%	897 +6%	1 153 +29%	1 045 -9%	1 256 +20%	1 269 +1%	1 122 -12%	1 119 0%	1 013 -9%	978 -3%	1 002 +2%	1 189 +19%	1 250 +5%	1 367 +9%	1 517 +11%	1 516 0%	1 600 +6%	1 578 -1%	1 676 +6%	1 701 +1%	1 764 +4%	1 669 -5%	1 688 +1%	1 855 +10%	1 688 -9%	2 074 +23%	2 114 +2%	2 019 -5%	2 094 +4%	2 130 +2%	2 179 +2%	2 239 +3%	2 328 +4%	2 427 +4%	2 264 -7%	2 333 +3%	2 323 0%	2 137 -8%	2 168 +1%	2 348 +8%	2 532 +8%	2 359 -7%	2 146 -9%	2 292 +7%
Investing Cash Flow
Capital Expenditures	(170)	(156)	(142)	(131)	(145)	(165)	(178)	(207)	(237)	(263)	(265)	(249)	(196)	(163)	(182)	(189)	(194)	(200)	(181)	(175)	(199)	(202)	(194)	(196)	(204)	(233)	(267)	(287)	(283)	(250)	(210)	(179)	(145)	(144)	(147)	(162)	(201)	(248)	(307)	(343)	(348)	(358)	(315)	(296)	(278)	(280)	(289)	(292)	(351)	(337)	(341)	(355)	(371)	(354)	(374)	(376)	(357)	(336)	(309)	(287)	(269)	(261)	(250)	(250)	(258)	(285)	(309)	(350)	(329)	(361)	(369)	(324)	(318)	(325)	(328)	(374)	(442)	(457)	(483)	(497)	(496)	(522)	(509)	(508)	(519)	(555)	(609)	(708)	(771)	(808)	(784)	(694)	(606)	(538)	(567)	(525)
Other Items	46	0	43	(1)	12	12	0	20	20	0	0	0	(167)	0	0	(214)	(44)	0	(44)	3	(17)	(17)	(94)	(114)	(100)	(54)	55	76	85	23	(6)	(5)	(5)	10	8	8	2	(4)	(4)	15	8	(169)	(176)	(195)	(195)	(13)	(8)	(8)	(1)	9	(86)	(460)	(492)	(689)	(590)	(125)	(120)	58	(236)	(345)	(326)	(326)	(47)	(46)	(71)	(985)	(978)	(764)	(1 174)	(271)	(276)	(904)	(462)	(455)	(456)	(50)	(90)	(101)	(538)	(533)	(1 727)	(1 727)	(1 364)	(1 385)	(268)	(257)	(343)	(305)	(428)	(430)	(288)	(319)	(354)	(342)	(306)	(269)
Cash from Investing Activities	(124) N/A	(120) +3%	(99) +17%	(132) -34%	(133) 0%	(153) -15%	(178) -16%	(187) -5%	(217) -16%	(243) -12%	(245) -1%	(249) -2%	(363) -46%	(329) +9%	(348) -6%	(403) -16%	(239) +41%	(245) -3%	(225) +8%	(173) +23%	(216) -25%	(219) -2%	(288) -32%	(310) -8%	(304) +2%	(287) +6%	(212) +26%	(212) +0%	(198) +6%	(226) -14%	(216) +4%	(183) +15%	(150) +18%	(133) +11%	(138) -4%	(155) -12%	(199) -29%	(251) -26%	(311) -24%	(329) -6%	(340) -3%	(526) -55%	(491) +7%	(491) 0%	(473) +4%	(293) +38%	(296) -1%	(300) -1%	(352) -17%	(327) +7%	(428) -31%	(815) -90%	(863) -6%	(1 043) -21%	(964) +8%	(502) +48%	(477) +5%	(277) +42%	(544) -96%	(632) -16%	(595) +6%	(587) +1%	(297) +49%	(297) +0%	(329) -11%	(1 270) -286%	(1 287) -1%	(1 114) +13%	(1 503) -35%	(633) +58%	(645) -2%	(1 228) -90%	(780) +36%	(780) +0%	(784) -1%	(424) +46%	(531) -25%	(558) -5%	(1 022) -83%	(1 030) -1%	(2 223) -116%	(2 250) -1%	(1 874) +17%	(1 893) -1%	(787) +58%	(812) -3%	(952) -17%	(1 013) -6%	(1 199) -18%	(1 238) -3%	(1 072) +13%	(1 012) +6%	(960) +5%	(880) +8%	(872) +1%	(793) +9%
Financing Cash Flow
Net Issuance of Common Stock	(74)	(80)	(5)	(18)	(156)	(370)	(426)	(453)	(360)	(160)	(207)	(673)	(619)	(804)	(678)	(327)	(455)	(399)	(579)	(550)	(585)	(523)	(396)	(315)	(206)	(89)	(69)	(12)	(23)	(13)	(5)	11	19	(18)	(45)	(53)	(77)	(165)	(69)	(204)	(200)	(233)	(175)	(284)	(249)	(204)	(408)	(152)	(158)	(231)	(313)	(428)	(454)	(532)	(371)	(516)	(527)	(537)	(671)	(388)	(498)	(201)	(136)	(380)	(237)	(431)	(383)	(156)	(184)	(172)	(86)	(229)	(286)	(275)	(387)	(268)	(186)	(270)	(409)	(428)	(425)	(374)	(341)	(315)	(355)	(393)	(239)	(246)	(239)	(504)	(507)	(504)	(480)	13	13	18
Net Issuance of Debt	(251)	(43)	(280)	(238)	(5)	(6)	27	215	(15)	2	49	323	330	400	581	460	446	440	423	284	333	132	93	50	6	(2)	(255)	(122)	(129)	(126)	(185)	(497)	(466)	(322)	(223)	(219)	278	260	285	98	51	159	136	318	(18)	(142)	(125)	(98)	54	79	86	443	119	401	356	322	254	119	630	463	569	268	(75)	(52)	(80)	1 145	1 018	929	935	(175)	(460)	(167)	(185)	652	929	384	327	(571)	(777)	(421)	430	455	703	379	(250)	(276)	(66)	15	15	675	464	376	301	551	223	100
Cash Paid for Dividends	(155)	(158)	(161)	(165)	(168)	(170)	(171)	(178)	(185)	(192)	(200)	(203)	(206)	(208)	(211)	(217)	(221)	(225)	(229)	(232)	(235)	(239)	(243)	(247)	(252)	(257)	(263)	(263)	(263)	(263)	(263)	(263)	(263)	(269)	(274)	(279)	(283)	(289)	(294)	(299)	(304)	(311)	(318)	(326)	(341)	(349)	(357)	(380)	(394)	(408)	(421)	(431)	(440)	(449)	(459)	(468)	(476)	(484)	(490)	(495)	(499)	(505)	(512)	(520)	(526)	(533)	(538)	(550)	(563)	(575)	(590)	(601)	(610)	(622)	(629)	(635)	(641)	(646)	(651)	(668)	(686)	(704)	(723)	(749)	(775)	(801)	(828)	(858)	(889)	(955)	(1 019)	(1 052)	(1 085)	(1 083)	(1 084)	(1 084)
Other	0	0	0	0	0	0	0	0	8	0	0	0	10	12	0	30	20	20	0	7	9	12	0	16	9	0	0	(9)	1	8	7	10	12	5	16	12	12	14	7	10	14	22	32	20	21	39	34	52	51	64	59	55	56	32	32	(8)	(48)	(101)	(90)	(69)	(36)	0	(15)	0	0	(43)	(72)	(72)	(72)	(30)	0	0	0	0	0	0	0	0	0	0	0	(29)	(34)	(35)	(36)	(35)	(35)	(35)	(35)	(33)	(32)	(31)	(33)	(19)	(19)	(19)
Cash from Financing Activities	(480) N/A	(281) +42%	(445) -59%	(421) +5%	(329) +22%	(546) -66%	(571) -5%	(415) +27%	(550) -33%	(350) +36%	(359) -2%	(553) -54%	(485) +12%	(600) -24%	(308) +49%	(66) +79%	(211) -221%	(195) +7%	(385) -97%	(511) -33%	(478) +6%	(625) -31%	(546) +13%	(508) +7%	(442) +13%	(354) +20%	(587) -66%	(407) +31%	(413) -2%	(394) +5%	(446) -13%	(739) -66%	(699) +5%	(604) +14%	(526) +13%	(538) -2%	(71) +87%	(180) -153%	(71) +60%	(394) -453%	(439) -11%	(363) +17%	(325) +10%	(271) +16%	(587) -116%	(656) -12%	(855) -30%	(577) +32%	(447) +23%	(496) -11%	(589) -19%	(362) +39%	(719) -99%	(549) +24%	(443) +19%	(670) -51%	(797) -19%	(1 004) -26%	(622) +38%	(488) +22%	(464) +5%	(438) +6%	(739) -69%	(952) -29%	(844) +11%	139 N/A	25 -82%	151 +515%	116 -23%	(951) N/A	(1 136) -19%	(996) +12%	(1 081) -9%	(245) +77%	(87) +64%	(519) -497%	(499) +4%	(1 487) -198%	(1 837) -24%	(1 517) +17%	(681) +55%	(653) +4%	(395) +40%	(719) -82%	(1 416) -97%	(1 505) -6%	(1 167) +22%	(1 124) +4%	(1 148) -2%	(818) +29%	(1 094) -34%	(1 211) -11%	(1 297) -7%	(538) +59%	(866) -61%	(986) -14%
Change in Cash
Effect of Foreign Exchange Rates	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(3)	0	0	0	(6)	0	0	0	(10)	(8)	(9)	(10)	(3)	(5)	(2)	1	6	5	(1)	(5)	(5)	(5)	3	2	3	(16)	(18)	(9)	(7)	8	5	(2)	(5)	(21)	3	25	10	12	(38)	(53)	(38)	(21)	20	19	54	53	38	35
Net Change in Cash	102 N/A	194 +90%	164 -16%	71 -57%	164 +131%	(76) N/A	(166) -119%	(90) +46%	(183) -103%	91 N/A	1 -99%	58 +7 306%	(60) N/A	(217) -262%	5 N/A	(49) N/A	12 N/A	26 +110%	(1) N/A	10 N/A	30 +208%	17 -45%	15 -7%	(6) N/A	32 N/A	92 +188%	7 -93%	94 +1 324%	(92) N/A	(82) +11%	(17) +80%	(16) +2%	217 N/A	233 +8%	220 -5%	126 -43%	631 +402%	448 -29%	541 +21%	47 -91%	(191) N/A	(185) +3%	(201) -8%	174 N/A	35 -80%	163 +371%	(21) N/A	235 N/A	390 +66%	279 -29%	(3) N/A	(221) -7 902%	(744) -236%	(694) +7%	(254) +63%	(127) +50%	(28) +78%	(20) +30%	(52) -166%	(11) +80%	(50) -368%	(51) -3%	(36) +29%	(58) -61%	83 N/A	241 +190%	253 +5%	549 +117%	208 -62%	(10) N/A	(101) -868%	(521) -414%	(95) +82%	629 N/A	799 +27%	903 +13%	651 -28%	37 -94%	(739) N/A	(530) +28%	(815) -54%	(794) +3%	(86) +89%	(348) -302%	135 N/A	122 -9%	106 -13%	144 +35%	(62) N/A	60 N/A	21 -65%	144 +588%	329 +129%	995 +203%	445 -55%	548 +23%
Free Cash Flow
Free Cash Flow	536 N/A	438 -18%	566 +29%	494 -13%	481 -3%	458 -5%	404 -12%	305 -25%	347 +14%	422 +21%	339 -19%	610 +80%	592 -3%	550 -7%	480 -13%	230 -52%	267 +16%	265 -1%	429 +61%	518 +21%	525 +1%	659 +26%	655 -1%	616 -6%	575 -7%	500 -13%	538 +8%	425 -21%	237 -44%	289 +22%	435 +51%	728 +67%	920 +26%	826 -10%	738 -11%	656 -11%	700 +7%	632 -10%	617 -2%	427 -31%	240 -44%	347 +44%	300 -13%	641 +114%	817 +28%	832 +2%	841 +1%	820 -3%	840 +2%	765 -9%	672 -12%	600 -11%	474 -21%	543 +15%	779 +44%	668 -14%	900 +35%	934 +4%	814 -13%	832 +2%	744 -11%	717 -4%	752 +5%	938 +25%	992 +6%	1 083 +9%	1 208 +12%	1 167 -3%	1 271 +9%	1 217 -4%	1 307 +7%	1 377 +5%	1 446 +5%	1 345 -7%	1 360 +1%	1 481 +9%	1 247 -16%	1 617 +30%	1 630 +1%	1 522 -7%	1 598 +5%	1 607 +1%	1 670 +4%	1 731 +4%	1 808 +4%	1 872 +4%	1 655 -12%	1 625 -2%	1 552 -4%	1 329 -14%	1 384 +4%	1 654 +19%	1 926 +16%	1 821 -5%	1 579 -13%	1 768 +12%

Income Statement Balance Sheet Cash Flow Statement

Hershey Co
NYSE:HSY

Cash Flow Statement

Cash Flow Statement
Hershey Co

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Hershey Co NYSE:HSY

Cash Flow Statement

Cash Flow Statement Hershey Co

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Hershey Co
NYSE:HSY

Cash Flow Statement
Hershey Co