Selected Financial Data
since 2005
Income Statement
Hershey Co., selected items from income statement, long-term trends
US$ in thousands
| 12 months ended: | Net sales | Operating profit | Net income attributable to The Hershey Company |
|---|---|---|---|
| Dec 31, 2022 | 10,419,294) | 2,260,787) | 1,644,817) |
| Dec 31, 2021 | 8,971,337) | 2,043,722) | 1,477,512) |
| Dec 31, 2020 | 8,149,719) | 1,782,698) | 1,278,708) |
| Dec 31, 2019 | 7,986,252) | 1,595,952) | 1,149,692) |
| Dec 31, 2018 | 7,791,069) | 1,623,664) | 1,177,562) |
| Dec 31, 2017 | 7,515,426) | 1,274,641) | 782,981) |
| Dec 31, 2016 | 7,440,181) | 1,205,783) | 720,044) |
| Dec 31, 2015 | 7,386,626) | 1,037,759) | 512,951) |
| Dec 31, 2014 | 7,421,768) | 1,389,575) | 846,912) |
| Dec 31, 2013 | 7,146,079) | 1,339,675) | 820,470) |
| Dec 31, 2012 | 6,644,252) | 1,111,148) | 660,931) |
| Dec 31, 2011 | 6,080,788) | 1,055,028) | 628,962) |
| Dec 31, 2010 | 5,671,009) | 905,298) | 509,799) |
| Dec 31, 2009 | 5,298,668) | 761,590) | 435,994) |
| Dec 31, 2008 | 5,132,768) | 589,898) | 311,405) |
| Dec 31, 2007 | 4,946,716) | 458,827) | 214,154) |
| Dec 31, 2006 | 4,944,230) | 992,558) | 559,061) |
| Dec 31, 2005 | 4,835,974) | 860,911) | 493,244) |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial trajectory from 2005 to 2022 is characterized by consistent long-term growth in revenue and a significant expansion in bottom-line profitability, despite periodic volatility in operating results.
- Revenue Growth Trends
- Net sales grew from 4.84 billion USD in 2005 to 10.42 billion USD in 2022, representing a total increase of approximately 115%. The growth pattern remained relatively steady for much of the period, with a notable acceleration between 2020 and 2022, where sales rose from 8.15 billion USD to 10.42 billion USD.
- Operating Profitability and Volatility
- Operating profit exhibited more variance than net sales. A significant contraction occurred in 2007, with profit falling to 458.8 million USD from 992.6 million USD in the prior year. A similar, though less severe, dip occurred in 2015, where operating profit fell to 1.04 billion USD. However, these periods were followed by strong recoveries, culminating in a peak of 2.26 billion USD by 2022.
- Net Income Performance
- Net income attributable to the company followed the trend of operating profit, starting at 493.2 million USD in 2005 and reaching 1.64 billion USD by 2022. This represents a more than threefold increase in net earnings over the analyzed period. The most aggressive growth phase occurred between 2017 and 2022, with net income doubling from 783 million USD to 1.64 billion USD.
- Margin Expansion and Operational Efficiency
- The relationship between net sales and profit indicates an improvement in operational efficiency over time. In 2005, the operating margin was approximately 17.8%, falling to 9.3% during the 2007 trough. By 2022, the operating margin expanded to 21.7%, suggesting that the company successfully scaled its operations and improved cost management relative to its revenue growth.
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Balance Sheet: Assets
Hershey Co., selected items from assets, long-term trends
US$ in thousands
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2022 | 2,620,406) | 10,948,820) |
| Dec 31, 2021 | 2,246,206) | 10,412,231) |
| Dec 31, 2020 | 2,977,905) | 9,131,845) |
| Dec 31, 2019 | 2,117,102) | 8,140,395) |
| Dec 31, 2018 | 2,239,181) | 7,703,020) |
| Dec 31, 2017 | 2,001,910) | 5,553,726) |
| Dec 31, 2016 | 1,816,778) | 5,524,333) |
| Dec 31, 2015 | 1,848,598) | 5,344,371) |
| Dec 31, 2014 | 2,247,047) | 5,629,516) |
| Dec 31, 2013 | 2,487,334) | 5,357,488) |
| Dec 31, 2012 | 2,113,485) | 4,754,839) |
| Dec 31, 2011 | 2,046,558) | 4,412,199) |
| Dec 31, 2010 | 2,005,217) | 4,272,732) |
| Dec 31, 2009 | 1,385,434) | 3,675,031) |
| Dec 31, 2008 | 1,344,945) | 3,634,719) |
| Dec 31, 2007 | 1,426,574) | 4,247,113) |
| Dec 31, 2006 | 1,417,812) | 4,157,565) |
| Dec 31, 2005 | 1,408,940) | 4,295,236) |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The asset profile from 2005 to 2022 reflects a period of significant balance sheet expansion, characterized by a substantial increase in the total asset base and fluctuating levels of short-term liquidity.
- Current Asset Trends
- Current assets exhibited a general upward trajectory marked by periodic volatility. After remaining relatively stable between 2005 and 2009, a significant increase occurred in 2010, with values surpassing 2 billion USD. A secondary peak was reached in 2020 at approximately 2.98 billion USD. Despite these peaks, growth did not follow a linear path, with notable contractions recorded in 2015 and 2021.
- Total Asset Expansion
- Total assets grew from 4.30 billion USD in 2005 to 10.95 billion USD by 2022. A temporary contraction is observed between 2007 and 2008, during which assets declined from 4.25 billion USD to 3.63 billion USD. Following this dip, a sustained recovery began, with a particularly aggressive expansion starting in 2018. Total assets rose sharply from 5.55 billion USD in 2017 to 7.70 billion USD in 2018, continuing a strong growth trend to exceed 10 billion USD by 2020.
- Asset Composition and Structural Shifts
- A divergence is evident between the growth rates of current assets and total assets. While total assets increased by approximately 155% over the analyzed period, current assets grew by approximately 86%. This disparity indicates a structural shift in the balance sheet toward non-current assets. The proportion of current assets relative to total assets, which stood at approximately 33% in 2005, declined to approximately 24% by 2022, suggesting an increased concentration of capital in long-term investments or fixed assets in the latter part of the sequence.
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Balance Sheet: Liabilities and Stockholders’ Equity
Hershey Co., selected items from liabilities and stockholders’ equity, long-term trends
US$ in thousands
| Current liabilities | Total liabilities | Total debt | The Hershey Company stockholders’ equity | |
|---|---|---|---|---|
| Dec 31, 2022 | 3,257,154) | 7,649,276) | 4,791,345) | 3,299,544) |
| Dec 31, 2021 | 2,493,313) | 7,655,002) | 5,028,894) | 2,757,229) |
| Dec 31, 2020 | 1,891,745) | 6,893,962) | 4,602,625) | 2,234,352) |
| Dec 31, 2019 | 2,008,793) | 6,395,401) | 4,266,485) | 1,739,222) |
| Dec 31, 2018 | 2,418,566) | 6,295,754) | 4,457,596) | 1,398,721) |
| Dec 31, 2017 | 2,076,543) | 4,622,161) | 2,920,480) | 915,338) |
| Dec 31, 2016 | 1,909,443) | 4,696,646) | 2,980,169) | 785,856) |
| Dec 31, 2015 | 2,217,912) | 4,296,909) | 2,420,527) | 997,997) |
| Dec 31, 2014 | 1,935,647) | 4,109,986) | 2,184,464) | 1,455,062) |
| Dec 31, 2013 | 1,408,022) | 3,741,436) | 1,962,017) | 1,604,834) |
| Dec 31, 2012 | 1,471,110) | 3,706,466) | 1,906,865) | 1,036,749) |
| Dec 31, 2011 | 1,173,775) | 3,539,551) | 1,888,173) | 849,022) |
| Dec 31, 2010 | 1,298,845) | 3,335,131) | 1,827,305) | 902,316) |
| Dec 31, 2009 | 910,628) | 2,914,692) | 1,542,043) | 720,459) |
| Dec 31, 2008 | 1,270,212) | 3,284,775) | 2,007,458) | 318,199) |
| Dec 31, 2007 | 1,618,770) | 3,623,593) | 2,136,357) | 592,922) |
| Dec 31, 2006 | 1,453,538) | 3,474,142) | 2,092,126) | 683,423) |
| Dec 31, 2005 | 1,518,223) | 3,274,160) | 1,761,870) | 1,021,076) |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
An analysis of the balance sheet data from 2005 to 2022 reveals a significant expansion in the total scale of liabilities and a volatile but ultimately upward trajectory in stockholders' equity. The overall financial structure transitioned from a relatively lean liability profile to a more leveraged position, although this was accompanied by a substantial strengthening of the equity base in the final six years of the period.
- Liability Growth and Composition
- Total liabilities exhibited a long-term upward trend, increasing from approximately 3.27 billion USD in 2005 to 7.65 billion USD by 2022. This growth accelerated notably after 2017, where liabilities jumped from 4.62 billion USD to 6.30 billion USD in a single year. Current liabilities followed a similar trajectory, starting at 1.52 billion USD in 2005, reaching a low of 910 million USD in 2009, and ultimately peaking at 3.26 billion USD in 2022, indicating an increase in short-term financial obligations.
- Debt Accumulation Patterns
- Total debt remained relatively stable between 1.5 billion USD and 2.4 billion USD from 2005 through 2015. However, a sharp increase occurred starting in 2018, when debt rose to 4.46 billion USD. While there was a slight contraction to 4.79 billion USD by 2022, the total debt levels in the latter part of the period are more than double the levels seen in the first decade of the analysis.
- Stockholders' Equity Volatility and Recovery
- Stockholders' equity experienced significant fluctuations. A sharp decline was observed between 2005 and 2008, with equity falling from 1.02 billion USD to a period low of 318 million USD. Following this trough, equity grew inconsistently until 2016. A consistent and aggressive growth phase began in 2017, with equity rising from 915 million USD to 3.30 billion USD by 2022, representing a substantial increase in the company's book value.
- Leverage and Capital Structure Insights
- The relationship between debt and equity shifted dramatically over the analyzed period. In 2008, the capital structure was highly leveraged due to the simultaneous peak in debt and the trough in equity. However, by 2022, although absolute debt levels were higher, the significant increase in stockholders' equity suggests a more balanced capital structure and an improved solvency position compared to the 2008-2012 window.
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Cash Flow Statement
Hershey Co., selected items from cash flow statement, long-term trends
US$ in thousands
| 12 months ended: | Net cash provided by operating activities | Net cash used in investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2022 | 2,327,837) | (787,376) | (1,415,725) |
| Dec 31, 2021 | 2,082,884) | (2,222,828) | (681,136) |
| Dec 31, 2020 | 1,699,657) | (531,280) | (499,228) |
| Dec 31, 2019 | 1,763,873) | (780,480) | (1,081,455) |
| Dec 31, 2018 | 1,599,993) | (1,502,894) | 116,108) |
| Dec 31, 2017 | 1,249,515) | (328,664) | (843,768) |
| Dec 31, 2016 | 983,475) | (595,454) | (434,443) |
| Dec 31, 2015 | 1,214,456) | (477,255) | (755,162) |
| Dec 31, 2014 | 838,221) | (862,573) | (719,302) |
| Dec 31, 2013 | 1,188,405) | (351,580) | (446,589) |
| Dec 31, 2012 | 1,094,827) | (473,369) | (586,872) |
| Dec 31, 2011 | 580,867) | (333,005) | (438,818) |
| Dec 31, 2010 | 901,423) | (199,286) | (71,100) |
| Dec 31, 2009 | 1,065,749) | (150,326) | (698,921) |
| Dec 31, 2008 | 519,561) | (198,204) | (413,452) |
| Dec 31, 2007 | 778,836) | (304,353) | (442,426) |
| Dec 31, 2006 | 723,193) | (215,512) | (477,723) |
| Dec 31, 2005 | 461,762) | (238,666) | (210,750) |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The cash flow profile from 2005 to 2022 demonstrates a sustained expansion in operational cash generation and a strategic approach to capital allocation. The company exhibits a strong capacity to generate liquidity from its core business activities, which has consistently funded both capital expenditures and shareholder returns.
- Operating Cash Flow Trends
- Net cash provided by operating activities shows a significant long-term upward trajectory, increasing from 461.8 million US dollars in 2005 to 2.33 billion US dollars by 2022. While there were periodic fluctuations, such as the dip in 2008 and 2011, the growth accelerated markedly after 2017, with annual operating cash flows consistently exceeding 1.6 billion US dollars from 2019 onward.
- Investing Activity Patterns
- Investing activities remained consistently negative throughout the period, reflecting ongoing capital investments. Outflows were relatively stable between 2005 and 2013, typically ranging from 150 million to 473 million US dollars. However, the company engaged in several periods of intensified investment, most notably in 2014 (862.6 million US dollars), 2018 (1.50 billion US dollars), and a peak in 2021 (2.22 billion US dollars), suggesting strategic acquisitions or major infrastructure expansions.
- Financing Activity Analysis
- Net cash used in financing activities was negative for almost the entire duration, indicating a consistent return of capital to shareholders or the repayment of debt. A notable exception occurred in 2018, where a positive inflow of 116.1 million US dollars was recorded, coinciding with a spike in investing activities. The period concluded with a substantial increase in financing outflows in 2022, reaching 1.42 billion US dollars, the highest level in the analyzed timeframe.
- Cash Flow Synthesis
- The relationship between the three cash flow components indicates a mature financial structure where operating cash flows generally cover the requirements of investing activities. The increasing gap between operating inflows and investing outflows in later years, punctuated by high financing outflows, suggests a strategy of utilizing excess operational liquidity to aggressively manage debt or enhance shareholder value.
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Per Share Data
Hershey Co., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2022 | 8.22 | 7.96 | 3.87 |
| Dec 31, 2021 | 7.34 | 7.11 | 3.41 |
| Dec 31, 2020 | 6.30 | 6.11 | 3.15 |
| Dec 31, 2019 | 5.64 | 5.46 | 2.99 |
| Dec 31, 2018 | 5.76 | 5.58 | 2.76 |
| Dec 31, 2017 | 3.79 | 3.66 | 2.55 |
| Dec 31, 2016 | 3.45 | 3.34 | 2.40 |
| Dec 31, 2015 | 2.40 | 2.32 | 2.24 |
| Dec 31, 2014 | 3.91 | 3.77 | 2.04 |
| Dec 31, 2013 | 3.76 | 3.61 | 1.81 |
| Dec 31, 2012 | 3.01 | 2.89 | 1.56 |
| Dec 31, 2011 | 2.85 | 2.74 | 1.38 |
| Dec 31, 2010 | 2.29 | 2.21 | 1.28 |
| Dec 31, 2009 | 1.97 | 1.90 | 1.19 |
| Dec 31, 2008 | 1.41 | 1.36 | 1.19 |
| Dec 31, 2007 | 0.96 | 0.93 | 1.14 |
| Dec 31, 2006 | 2.44 | 2.34 | 1.03 |
| Dec 31, 2005 | 2.07 | 1.99 | 0.93 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The per share financial performance from 2005 to 2022 is characterized by a strong long-term expansion in earnings and a consistent, disciplined growth in dividend distributions.
- Earnings Per Share (EPS) Trends
- Both basic and diluted earnings per share exhibit a significant upward trajectory over the analyzed period, despite intermittent volatility. A sharp contraction is observed in 2007, where basic EPS fell to 0.96 USD. Following a period of recovery and steady growth, a secondary decline occurred in 2015, with basic EPS dropping to 2.40 USD from 3.91 USD in 2014. However, a period of accelerated growth began after 2017, with basic EPS rising from 3.79 USD to 8.22 USD by 2022, marking a substantial increase in profitability per share.
- Dividend Distribution Patterns
- Dividend per share demonstrates a highly stable and linear growth pattern. From a starting value of 0.93 USD in 2005, dividends increased nearly every year, reaching 3.87 USD by 2022. The only instance of stagnation occurred between 2008 and 2009, where the dividend remained constant at 1.19 USD. This progression indicates a consistent commitment to increasing shareholder returns regardless of short-term earnings fluctuations.
- Comparative Analysis of Earnings and Dividends
- The relationship between earnings and dividends reveals a strategic prioritization of dividend stability. In 2007, the dividend per share of 1.14 USD exceeded the basic earnings per share of 0.96 USD, indicating that dividend payments were maintained even when they surpassed annual basic earnings. In the latter years of the period, the rate of EPS growth significantly outpaced dividend growth, which suggests an increase in earnings coverage and a strengthened capacity for future payout sustainability.
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