The Hershey Company
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $883.3M | $2.22B | $1.86B | $1.64B | $1.48B | $1.28B | $1.15B | $1.18B |
| Depreciation & Amortization | $503.7M | $455.3M | $419.8M | $379.0M | $315.0M | $294.9M | $291.5M | $295.1M |
| Depreciation | $328.5M | $292.2M | $265.6M | $253.6M | $230.6M | $219.0M | $218.1M | $231.0M |
| Amortization | $85.4M | $84.6M | $88.8M | $79.7M | $52.1M | $46.5M | $46.7M | $38.6M |
| Stock-Based Compensation | $65.5M | $44.4M | $81.0M | $66.0M | $66.7M | $57.6M | $51.9M | $49.3M |
| Net Cash from Operating Activities | $2.28B | $2.53B | $2.32B | $2.33B | $2.08B | $1.70B | $1.76B | $1.60B |
| Investing Activities | ||||||||
| Capital Expenditures | $454.6M | $605.9M | $771.1M | $519.5M | $495.9M | $441.6M | $318.2M | $328.6M |
| Business Acquisitions | $756.1M | $75.5M | $165.8M | $0 | $1.60B | $0 | $402.2M | $1.34B |
| Net Cash from Investing Activities | $-1.28B | $-960.3M | $-1.20B | $-787.4M | $-2.22B | $-531.3M | $-780.5M | $-1.50B |
| Financing Activities | ||||||||
| Dividends Paid | $1.09B | $1.08B | $889.1M | $775.0M | $686.0M | $640.7M | $610.3M | $562.5M |
| Stock Repurchases | $0 | $494.2M | $264.9M | $389.0M | $457.9M | $211.2M | $527.2M | $247.5M |
| Net Cash from Financing Activities | $-803.4M | $-1.30B | $-1.15B | $-1.42B | $-681.1M | $-499.2M | $-1.08B | $116.1M |
| Net Change in Cash | $195.1M | $328.8M | $-62.0M | $134.6M | $-814.7M | $650.7M | $-94.7M | $207.8M |
| Free Cash Flow | $1.82B | $1.93B | $1.55B | $1.81B | $1.59B | $1.26B | $1.45B | $1.27B |