Filing Flows › Hershey (HSY) › Q4 2025
Hershey (HSY) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 17, 2026
Hershey (HSY) reported revenue of $3.1B for the fourth quarter 2025 (Q4 2025), +7% from a year earlier and -3% from the quarter before. Operating margin was 14.4%, net earnings $320M (10.4% of revenue).
Hershey, Q4 2025: revenue $3.1B (+7% year over year), operating margin 14.4%, net earnings $320M, operating cash flow $927M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.1B | -3% | +7% |
| Gross profit | $1.1B | +10% | -27% |
| Operating profit | $445M | +2% | -53% |
| Net earnings | $320M | +16% | -60% |
| Operating cash flow | $927M | +10% | -2% |
| Free cash flow | $788M | +4% | -2% |
What changed
Revenue was $3.1B in Q4 2025, up 7% year over year and down 3% from the previous quarter.
Gross margin was 37.0%, down 16.9 points from a year earlier. Operating profit was $0.44B, a 14.4% margin (down 18.1 points year over year). Operating profit fell $0.49B even though revenue rose $0.20B versus a year earlier, so costs grew faster than sales. Operating expenses grew 13% against revenue growth of 7%. Net earnings were $0.32B, down 60% year over year. The effective tax rate was 13.4%.
Operating cash flow was $0.93B (down 2% year over year), 290% 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 $0.46B. Capital expenditures of $0.14B left free cash flow of $0.79B.
Questions
What was Hershey's revenue in the fourth quarter 2025?
Hershey (HSY) reported revenue of $3.1B for the fourth quarter 2025 (Q4 2025), +7% from a year earlier and -3% from the quarter before.
Was Hershey profitable in the fourth quarter 2025?
Operating profit was $445M (14.4% of revenue) and net earnings $320M.
Source: Hershey 10-K on SEC EDGAR.