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Hershey cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$650M in Q3 2026 · $2.1B over twelve months

Operating cash flow$751M
Capital spending−$101M
Free cash flow+$650M
Cash / net income1.3×
Cash conversion cycle42 days

Analysis

In Q3 2026, Hershey generated $751M of operating cash flow and spent $101M on capital projects, leaving free cash flow of $650M.

Over the twelve months to Sep 27, 2026, operating cash flow was $2.6B; the largest uses were dividends ($1.1B), other investing ($748M), capital spending ($443M); besides operations, cash came from shares issued ($20.9M); the cash balance fell by $486M.

Operating cash flow was $751M against net income of $581M — 1.3× profit, cash ran ahead of reported earnings. The largest differences: receivables −$208M, depreciation & amortization +$136M, inventory +$135M.

Its cash conversion cycle was 42 days (receivables 28 + inventory 86 − payables 73).

Free cash flow

Hershey: free cash flow by quarterHershey: free cash flow by quarter$807MQ4 2024$251MQ1 2025$27.1MQ2 2025$756MQ3 2025$788MQ4 2025$354MQ1 2026$329MQ2 2026$650MQ3 2026
Operating cash flow less capital spending.
Hershey: operating cash flow against capital spendingHershey: operating cash flow against capital spendingOperating cash flowCapital spending$942M$135MQ4 2024$397M$146MQ1 2025$112M$85.1MQ2 2025$842M$85.9MQ3 2025$927M$138MQ4 2025$469M$115MQ1 2026$419M$89.8MQ2 2026$751M$101MQ3 2026
Latest (Q3 2026): Operating cash flow $751M, Capital spending $101M.

Capital allocation, year by year

Hershey: where the cash came from (up) and went (down), by fiscal yearHershey: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $2.1BFY2021: Net borrowing $430MFY2021: Shares issued $49.8MFY2021: Capital spending −$496MFY2021: Acquisitions −$1.6BFY2021: Buybacks −$458MFY2021: Dividends −$686M$2.6BFY2021FY2022: Operating cash flow $2.3BFY2022: Net borrowing −$250MFY2022: Shares issued $34.2MFY2022: Capital spending −$519MFY2022: Buybacks −$389MFY2022: Dividends −$775M$2.4BFY2022FY2023: Operating cash flow $2.3BFY2023: Net borrowing $14.7MFY2023: Shares issued $26.0MFY2023: Capital spending −$771MFY2023: Acquisitions −$166MFY2023: Buybacks −$265MFY2023: Dividends −$889M$2.4BFY2023FY2024: Operating cash flow $2.5BFY2024: Net borrowing $301MFY2024: Shares issued $14.7MFY2024: Capital spending −$606MFY2024: Acquisitions −$75.5MFY2024: Buybacks −$494MFY2024: Dividends −$1.1B$2.8BFY2024FY2025: Operating cash flow $2.3BFY2025: Net borrowing $279MFY2025: Shares issued $21.3MFY2025: Capital spending −$455MFY2025: Acquisitions −$756MFY2025: Dividends −$1.1B$2.6BFY2025
Over these 5 years operating cash flow totalled $11.5B; the largest uses were dividends ($4.5B) and capital spending ($2.8B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$677M
Debt$5.1B
Net debt$4.4B
Due within a year$500M

Hershey funds itself: free cash flow was $2.1B over the last twelve months, and $677M of cash and investments stands against $5.1B of debt ($500M due within a year, 1.4× covered by cash).

Hershey: debt maturities by year (FY2025)Hershey: debt maturities by year (FY2025)$500MYear 1$194MYear 2$850MYear 3$300MYear 4$850MYear 5$2.5BAfter year 5
Principal due in each year as disclosed in the annual report, against $677M of cash and investments now.

Where the cash came from and went

Hershey: sources (+) and uses (−) of cash, Q3 2026Hershey: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$751MNet borrowing (+) / repaid (−)−$487MDividends−$285MCash drawn (+) / kept (−)$115MCapital spending−$101MOther investing$6.1MExchange rates$2.0MTaxes on employees’ shares−$1.5MShares issued$841K
Hershey: sources (+) and uses (−) of cash, TTM to Q3 2026Hershey: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$2.6BDividends−$1.1BOther investing−$748MCash drawn (+) / kept (−)$486MCapital spending−$443MBuybacks−$439MNet borrowing (+) / repaid (−)−$289MShares issued$20.9MTaxes on employees’ shares−$19.8MOther financing−$10.1MExchange rates$6.7M

From profit to cash

Hershey: net income to operating cash flow, Q3 2026Hershey: net income to operating cash flow, Q3 2026Net income$581MDepreciation & amortization$136MStock-based pay$18.3MDeferred taxes$36.6MReceivables−$208MInventory$135MPayables$5.8MPrepaid and other assets$67.4MIncome taxes payable−$46.1MOther operating capital−$41.8MOperating cash flow$751M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202628867342
Q2 202631958145
Q1 202624676031
Q4 202526766636
Q3 202526756239
Q2 202530837241
Q1 202527656230
Q4 202431898338

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$751M−$101M——−$285M−$487M$841K$115M$650M
Q2 2026$419M−$89.8M—−$370M−$286M$251M$1.1M$85.8M$329M
Q1 2026$469M−$115M—−$69.3M−$288M−$49.6M$15.0M$48.9M$354M
Q4 2025$927M−$138M——−$271M—$4.0M$237M$788M
Q3 2025$842M−$85.9M——−$271M−$252M$10.3M−$251M$756M
Q2 2025$112M−$85.1M——−$271M−$289M$4.2M$603M$27.1M
Q1 2025$397M−$146M——−$272M$819M$2.7M−$785M$251M
Q4 2024$942M−$135M−$75.5M—−$270M−$178M$877K−$116M$807M

Hershey: income statement and cash flow

Hershey, Q3 2026: revenue $3.3B (+3% year over year), operating margin 25.0%. The chart follows the revenue to costs, profit and cash.

Hershey: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.