HERSHEY CO (HSY)

The Hershey Company is a global confectionery leader, incorporated in Delaware in 1927 as successor to a business founded in 1894 by Milton S. Hershey. It describes itself as the largest producer of quality chocolate in North America, a leading snack maker in the United States, and a global leader in chocolate and non-chocolate confectionery. It markets, sells and distributes products under more than 85 brand names in approximately 65 countries. Recent acquisitions include LesserEvil (organic popcorn and puffed snacks, November 2025), the Sour Strips brand (November 2024), and manufacturing assets from Weaver Popcorn (May 2023).

The company reports three segments. North America Confectionery covers chocolate and non-chocolate confectionery, gum and mints, protein bars, spreads, snack bites and mixes, and pantry and food service lines in the U.S. and Canada, under brands such as Hershey's, Reese's, Kisses, Jolly Rancher, Twizzlers, Kit Kat, Cadbury, Ice Breakers and ONE. It also includes Hershey's Chocolate World retail stores and trademark licensing. North America Salty Snacks covers ready-to-eat popcorn, pretzels and baked snacks in the U.S., under SkinnyPop, LesserEvil, Pirates Booty and Dot's Homestyle Pretzels. International combines the remaining operating segments, with manufacturing in Mexico, Brazil, India and Malaysia and export sales to Asia, Latin America, the Middle East, Europe and Africa, including regional brands such as Pelon Pelo Rico, IO-IO and Sofit.

Customers are mainly wholesale distributors, chain grocery stores, mass merchandisers, chain drug stores, vending companies, wholesale clubs, convenience stores, dollar stores, concessionaires and department stores. McLane Company, a wholesale distributor and the primary distributor to Wal-Mart, accounted for about 27% of 2025 net sales. The principal market is the United States, with businesses outside the U.S. making up 12.3% of 2025 net sales. Sales are seasonally higher in the third and fourth quarters, and the company manufactures primarily for stock, so backlog is not material. Products move from plants to distribution centers and then to customers, mainly by common carrier.

Cocoa products are the most significant raw material and are bought from third-party suppliers, with procurement run by the company's trading company in Switzerland. Other inputs include sugar, corn products, dairy, wheat, peanuts, almonds and energy. Hershey competes with global, national, regional and local firms, including large private companies and retailers, on innovation, quality, price, brand loyalty and marketing. It owns key trademarks and licenses brands such as York, Almond Joy, Cadbury Caramello, Kit Kat, Rolo, Jolly Rancher and Whoppers from third parties. Research and development takes place in the U.S., Mexico, Brazil, India and Malaysia. The company employed about 17,550 full-time and 2,045 part-time workers at year-end 2025 and has a campus in Hershey, Pennsylvania.