Filing Flows › Hershey (HSY) › Q3 2025
Hershey (HSY) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 30, 2025
Hershey (HSY) reported revenue of $3.2B for the third quarter 2025 (Q3 2025), +6% from a year earlier and +22% from the quarter before. Operating margin was 13.7%, net earnings $276M (8.7% of revenue).
Hershey, Q3 2025: revenue $3.2B (+6% year over year), operating margin 13.7%, net earnings $276M, operating cash flow $842M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.2B | +22% | +6% |
| Gross profit | $1.0B | +30% | -16% |
| Operating profit | $435M | +125% | -29% |
| Net earnings | $276M | +341% | -38% |
| Operating cash flow | $842M | +650% | +21% |
| Free cash flow | $756M | 28× | +33% |
What changed
Revenue was $3.2B in Q3 2025, up 6% year over year and up 22% from the previous quarter.
Gross margin was 32.6%, down 8.7 points from a year earlier. Operating profit was $0.43B, a 13.7% margin (down 6.9 points year over year). Operating profit fell $0.18B even though revenue rose $0.19B versus a year earlier, so costs grew faster than sales. Operating expenses fell 3% while revenue rose 6%. Net earnings were $0.28B, down 38% year over year. The effective tax rate was 25.7%.
Operating cash flow was $0.84B (up 21% year over year), 305% of net earnings. Non-cash charges added back $0.13B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items added $0.42B. Capital expenditures of $0.09B left free cash flow of $0.76B.
Questions
What was Hershey's revenue in the third quarter 2025?
Hershey (HSY) reported revenue of $3.2B for the third quarter 2025 (Q3 2025), +6% from a year earlier and +22% from the quarter before.
Was Hershey profitable in the third quarter 2025?
Operating profit was $435M (13.7% of revenue) and net earnings $276M.
Source: Hershey 10-Q on SEC EDGAR.