- Price
- $160.80 → $162.74(+1.2%)
- Discount
- 30.1% → 29.2%(−0.8 pts)
- Next earnings
- 2026-10-30 → 2026-10-29
- Next earnings is estimate
- Yes → No
- Balance sheet
- Cash: $791M
Debt: $5.6B
Net debt: $4.8B
EBITDA, last 12 months: $2.7B
Net debt / EBITDA: 1.8× (low)
Interest cover: 9.0×
Undrawn credit line: $1.9B, to October 2030
Debt due within 12 months: $500M
Last debt due: 2050
Ratings: Moody's A1 (stable outlook)
Hershey funds itself with cash from operations and with unsecured fixed-rate notes that the parent company issues. ItThe debt does not limit Hershey, and Moody's expects leverage on its own measure to fall from the mid-2 times range to below 2 times over 12 to 18 months. Moody's expects this as cocoa costs ease and margins recover. Hershey uses commercial paper for the summer peak in working capital, and the revolving credit facility backs it. At June 28, 2026, debt was mostly $5.6 billion. This was $5.1 billion of notes due from 2026 to 2050 and, plus $264 million of commercial paper. It also included $157 million of foreign bank loans and $76 million of finance leases. Operating leases added about $313 million more. CashMost of the cash was $791 million, mostly outside the United States. Thus net debt was about $4.8 billion, or about 1.8 times trailing EBITDA of about $2.7 billion. Trailingand EBIT covered interest about 9 timescover are trailing figures. The only near-term maturity wasamount due within 12 months is $500 million of 2.300% notes due August 15, 2026. An undrawn $1.875 billion revolving credit facility to October 2030 backs the commercial paper. On June 17, 2026, Moody's affirmed Hershey at A1 with a stable outlook. Moody's expects leverage on its own measure to fall from the mid-2 times range to below 2 times over 12 to 18 months. It expects this as cocoa costs ease and margins recover. The debt does not limit Hershey. It can pay its dividend ($574 million in the first half of 2026) and keep modest buybacks. But a second large deal like LesserEvil would slow the fall in leverage.
As of 2026-06-28.
- Checkpoints
- Oct 3029, 2026 (estimate): Q3 2026 earnings: Halloween season volume and margin. Pending. Watch: A smaller volume decline, higher adjusted gross margin and the $8.36 to $8.52 EPS outlook held or raised pass; a deeper volume drop or a lower outlook fails.
Feb 2027 (estimate): Full-year 2026 results and 2027 outlook. Pending. Watch: A 2027 outlook with double-digit EPS growth and stable volume passes; an outlook cut because of new cocoa costs or weak demand fails.
Apr 2027 (estimate): Q1 2027 earnings: cocoa cost relief shows in margins. Pending. Watch: Gross margin up again as lower hedged cocoa costs arrive and volume flat or up passes; margin pressure from the September 2026 cocoa jump fails.