Hershey (HSY) FY2023 results: revenue $11.2 billion, up 7.2% on the year
Hershey Co. (HSY) reported revenue of $11.2 billion for fiscal 2023, the year ended 31 December 2023, up 7.2% on the year before. Net income was $1.9 billion, up 13.2%, and diluted earnings per share $9.06. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2024.
Revenue
$11.2 billion
+7.2% on the year
FY2016FY2023
Operating margin
22.9%
21.7% a year earlier
FY2016FY2023
Net income
$1.9 billion
+13.2% on the year
FY2016FY2023
Diluted EPS
$9.06
+13.8% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
2,323
2,328
2,083
-0.2%
Capital expenditure
771
519
496
+48.4%
Free cash flow
1,552
1,808
1,587
-14.2%
Free cash flow margin
13.9%
17.4%
17.7%
Cash from investing
-1,199
-787
-2,223
Cash from financing
-1,148
-1,416
-681
Depreciation and amortisation
420
379
315
+10.8%
Share-based compensation
81.0
66.0
66.7
+22.8%
Buybacks
265
389
458
-31.9%
Dividends paid
889
775
686
+14.7%
Diluted shares, weighted
206m
207m
208m
-0.5%
Shares outstanding at period end
204m
205m
206m
-0.3%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
4,099
3,300
2,757
+24.2%
Non-controlling interest
n/a
n/a
0.0
Debt
4,814
4,791
5,029
+0.5%
Operating lease liabilities
277
295
311
-6.0%
Finance lease liabilities
70.5
69.2
65.6
+1.9%
Other liabilities
2,642
2,494
2,250
+5.9%
Total liabilities and equity
11,903
10,949
10,412
+8.7%
Fixed assets
3,310
2,770
2,586
+19.5%
Goodwill
2,696
2,607
2,633
+3.4%
Intangible assets
1,879
1,966
2,038
-4.4%
Cash and equivalents
402
464
329
-13.4%
Receivables
824
711
671
+15.8%
Inventory
1,341
1,173
989
+14.3%
Other assets
1,451
1,258
1,166
+15.4%
Total assets
11,903
10,949
10,412
+8.7%
10-K for the year ended 31 December 2023, filed 20 February 2024: the filing.