{"schemaVersion":1,"research":true,"symbol":"hsy","name":"Hershey Co","topic":"moat","path":"/stock/hsy/moat","status":"published","version":5,"updatedAt":"2026-10-18T00:27:57.044Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Hershey has a narrow moat supported by established brands, long-term renewable licensing rights and demonstrated ability to realize higher prices. Pricing power has clear limits: second-quarter 2026 price realization of approximately 12% coincided with an approximately 8% volume decline and declining confectionery takeaway and market share. These realized weaknesses, alongside substantial 2025 profit pressure, prevent a wide-moat assessment. Salty snack share gains and recovering 2026 profitability provide counterbalancing evidence.","advantages":[{"mechanism":"intangible_assets","claim":"Established consumer brands and long-term renewable rights to licensed brands support differentiation and realized pricing. The brand-position claim is issuer-reported; licensing terms and observed pricing outcomes provide more concrete support.","durability":"Licenses extend on a long-term basis at Hershey's option, with specified 2025 sales requirements exceeded. Historical license references extend back decades. This supports persistence of brand access, but does not guarantee continued consumer preference or attractive economics.","risks":"Confectionery volume, consumer takeaway and market share declined in second-quarter 2026 despite higher prices. Competition for snack purchases and promotional commitments constrain pricing. Cocoa exposure and distributor concentration further limit resilience. Salty snack strength does not establish equivalent strength across the portfolio.","invalidation":"The assessment would fail if successive comparable periods showed continuing confectionery share and volume losses without stabilization after pricing changes, or if maintaining demand required promotions that persistently reversed realized pricing. Loss or inability to renew material brand licenses would also invalidate part of the advantage.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5","e6"],"counterEvidenceIds":["e7","e8","e9","e10","e11","e12","e13"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business — Competition; leading-brand and consumer-acceptance assertion","excerpt":"Competition Many of our confectionery and salty snack brands enjoy wide consumer acceptance and are among the leading brands sold in the marketplace in North America and certain international markets."},{"id":"e2","sourceId":"filing-1","location":"Business — Licensing; long-term extension rights","excerpt":"Our rights under these agreements are extendible on a long-term basis at our option."},{"id":"e3","sourceId":"filing-1","location":"Business — Significant licensing agreements and 2025 requirements","excerpt":"Our most significant licensing agreements are as follows: Company Brand Location Requirements Kraft Foods Ireland Intellectual Property Limited/Cadbury UK Limited York Peter Paul Almond Joy Peter Paul Mounds Worldwide None Cadbury UK Limited Cadbury Caramello United States Minimum sales requirement exceeded in 2025 Société des Produits Nestlé SA Kit Kat® Rolo® United States Minimum unit volume sales exceeded in 2025 Iconic IP Interests, LLC Good & Plenty Heath Jolly Rancher Milk Duds Payday Whoppers Worldwide None Research and Development We engage in a variety of research and development activities in a number of countries, including the U.S., Mexico, Brazil, India, and Malaysia."},{"id":"e4","sourceId":"filing-1","location":"Exhibit index — Historical licensing agreements","excerpt":"10.1(a) Kit Kat® and Rolo® License Agreement (the “License Agreement”) between the Company and Rowntree Mackintosh Confectionery Limited is incorporated by reference from Exhibit 10(a) to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 1980.# 10.1(b) Amendment to the License Agreement is incorporated by reference from Exhibit 19 to the Company’s Quarterly Report on Form 10-Q for the quarter ended July 3, 1988.# 10.1(c) Assignment of the License Agreement by Rowntree Mackintosh Confectionery Limited to Société des Produits Nestlé SA as of January 1, 1990 is incorporated by reference from Exhibit 19 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 1990.# 10.2 Peter Paul/York Domestic Trademark & Technology License Agreement between the Company and Cadbury Schweppes Inc."},{"id":"e5","sourceId":"filing-1","location":"MD&A — 2025 net sales; realized pricing and acquisition contribution","excerpt":"The net sales increase reflects a favorable price realization of approximately 6% primarily due to higher list prices across all three segments, as well as a benefit of approximately 1% from the 2024 acquisition of Sour Strips and the 2025 acquisition of LesserEvil."},{"id":"e6","sourceId":"filing-2","location":"MD&A — Second-quarter 2026 net sales; realized pricing","excerpt":"The net sales increase reflects a favorable price realization of approximately 12%, primarily related to pricing actions within the North America Confectionery and International segments."},{"id":"e7","sourceId":"filing-2","location":"MD&A — Second-quarter 2026 volume decline","excerpt":"The increase was partially offset by a volume decrease of approximately 8%, primarily driven by volume declines in North America Confectionery and International segments, which more than offset the volume growth in the North America Salty Snacks segment."},{"id":"e8","sourceId":"filing-2","location":"MD&A — Second-quarter 2026 confectionery takeaway and market share","excerpt":"Our U.S. candy, mint and gum (“CMG”) consumer takeaway decreased 8.6% and experienced a CMG market share decline."},{"id":"e9","sourceId":"filing-1","location":"Risk factors — Observed pressure from other snack items","excerpt":"We continue to experience increased levels of in-store activity for other snack items, which has pressured confectionery category growth."},{"id":"e10","sourceId":"filing-1","location":"Business — Pricing implementation and existing promotional commitments","excerpt":"When we implement price increases, there is usually a time lag between the effective date of the list price increases and the impact of the price increases on net sales, in part because we typically honor previous commitments to planned consumer and customer promotions and merchandising events subsequent to the effective date of the price increases."},{"id":"e11","sourceId":"filing-1","location":"Business — Promotional allowances and pricing offsets","excerpt":"In addition, promotional allowances may be increased subsequent to the effective date, delaying or partially offsetting the impact of price increases on net sales."},{"id":"e12","sourceId":"filing-1","location":"Business — Cocoa as the most significant chocolate raw material","excerpt":"Raw Materials and Pricing Cocoa products, including cocoa liquor, cocoa butter and cocoa powder processed from cocoa beans, are the most significant raw materials we use to produce our chocolate products."},{"id":"e13","sourceId":"filing-1","location":"Business — Largest-customer sales concentration","excerpt":"Our largest customer, McLane Company, Inc., accounted for approximately 27% of our consolidated net sales in 2025."},{"id":"e14","sourceId":"filing-1","location":"MD&A — Consolidated 2023–2025 operating results","excerpt":"Table of Contents The Hershey Company | 2025 Form 10-K | Page 24 CONSOLIDATED RESULTS OF OPERATIONS Percent Change For the years ended December 31, 2025 2024 2023 2025 vs 2024 2024 vs 2023 In millions of dollars except per share amounts Net sales $ 11,692.6 $ 11,202.3 $ 11,165.0 4.4 % 0.3 % Cost of sales 7,769.9 5,901.4 6,167.2 31.7 % (4.3) % Gross profit 3,922.7 5,300.9 4,997.8 (26.0) % 6.1 % Gross margin 33.5 % 47.3 % 44.8 % Selling, Marketing & Administrative (“SM&A”) expense 2,460.6 2,373.6 2,436.5 3.7 % (2.6) % SM&A expense as a percent of net sales 21.0 % 21.2% 21.8% Business realignment costs 20.6 29.1 0.4 (29.1) % NM Operating profit 1,441.5 2,898.2 2,560.9 (50.3) % 13.2 % Operating profit margin 12.3 % 25.9 % 22.9 % Interest expense, net 190.2 165.7 151.8 14.8 % 9.1 % Other (income) expense, net 37.1 258.6 237.2 (85.7) % 9.0 % Provision for income taxes 330.9 252.7 310.1 31.0 % (18.5) % Effective income tax rate 27.3 % 10.2 % 14.3 % Net income $ 883.3 $ 2,221.2 $ 1,861.8 (60.2) % 19.3 % Net income per share—diluted $ 4.34 $ 10.92 $ 9.06 (60.3) % 20.5 % Note: Percentage changes may not compute directly as shown due to rounding of amounts presented above."},{"id":"e15","sourceId":"filing-2","location":"Unaudited consolidated income statements — First-half and second-quarter 2026","excerpt":"Financial Statements. THE HERSHEY COMPANY CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share amounts) (unaudited) Three Months Ended Six Months Ended June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025 Net sales $ 2,787,306 $ 2,614,718 $ 5,891,473 $ 5,420,137 Cost of sales 1,523,998 1,818,445 3,405,434 3,679,597 Gross profit 1,263,308 796,273 2,486,039 1,740,540 Selling, marketing and administrative expense 620,552 603,207 1,196,592 1,161,879 Business realignment costs 115 255 6,113 16,629 Operating profit 642,641 192,811 1,283,334 562,032 Interest expense, net 49,963 46,035 99,781 90,657 Other (income) expense, net 4,398 (2,336) 2,578 (1,391) Income before income taxes 588,280 149,112 1,180,975 472,766 Provision for income taxes 130,615 86,393 288,205 185,844 Net income $ 457,665 $ 62,719 $ 892,770 $ 286,922 Net income per share—basic: Common stock $ 2.32 $ 0.32 $ 4.52 $ 1.45 Class B common stock $ 2.11 $ 0.29 $ 4.10 $ 1.31 Net income per share—diluted: Common stock $ 2.26 $ 0.31 $ 4.39 $ 1.41 Class B common stock $ 2.11 $ 0.29 $ 4.10 $ 1.32 Dividends paid per share: Common stock $ 1.452 $ 1.370 $ 2.904 $ 2.740 Class B common stock $ 1.320 $ 1.245 $ 2.640 $ 2.490 See Notes to Unaudited Consolidated Financial Statements."},{"id":"e16","sourceId":"filing-2","location":"MD&A — Salty snack takeaway and market share excluding LesserEvil","excerpt":"Our Salty consumer takeaway, excluding LesserEvil, increased 6.5% in the second quarter of 2026 and experienced a Salty, excluding LesserEvil, market share increase."},{"id":"e17","sourceId":"filing-1","location":"Business — Ability to change product prices and weights","excerpt":"We change prices and weights of our products when necessary to accommodate changes in input costs, the competitive environment and profit objectives, while at the same time maintaining consumer value."},{"id":"e18","sourceId":"filing-2","location":"Note 14 — Actual first-half 2026 repurchases and equity issuance","excerpt":"TREASURY STOCK ACTIVITY A summary of our treasury stock activity is as follows: Six Months Ended June 28, 2026 Shares Dollars In thousands Shares repurchased in the open market under pre-approved share repurchase programs 1,030,614 $ 200,000 Shares repurchased in the open market to replace Treasury Stock issued for stock options and incentive compensation 1,215,696 239,354 Total share repurchases 2,246,310 439,354 Shares issued for stock options and incentive compensation (322,162) $ (13,405) Total net share repurchases 1,924,148 425,949 Excise tax associated with net share repurchases (1) — $ 4,259 Net change 1,924,148 $ 430,208 (1)A corresponding liability for excise tax associated with net share repurchases is classified on our Consolidated Balance Sheets within accrued liabilities."},{"id":"e19","sourceId":"filing-2","location":"MD&A — First-half 2026 interest expense increase","excerpt":"Interest Expense, Net Net interest expense was $99.8 million in the first six months of 2026 compared to $90.7 million in the same period of 2025, an increase of $9.1 million, or 10.1%."},{"id":"e20","sourceId":"filing-2","location":"MD&A — Short-term debt contribution to interest expense","excerpt":"The increase was primarily due to an increase in short-term debt, slightly offset by lower long-term debt balances."},{"id":"e21","sourceId":"filing-2","location":"Note 9 — Actual cumulative AAA Initiative costs","excerpt":"Since inception through June 28, 2026, we recognized total costs associated with the AAA Initiative of $198,655."},{"id":"e22","sourceId":"filing-2","location":"Note 9 — Expected annual AAA Initiative savings","excerpt":"At the conclusion of the program in 2026, ongoing annual savings are expected to be approximately $400,000."},{"id":"e23","sourceId":"filing-3","location":"Appendix — Realized 2025 international goodwill impairment","excerpt":"100 Goodwill Impairment Charges: During the 12-month period of 2025, we recorded a non-cash goodwill impairment charge related to a reporting unit in our International segment."},{"id":"e24","sourceId":"filing-3","location":"Executive compensation highlights — Actual 2025 performance-unit grants","excerpt":"◦65% of the annual equity awards granted to our NEOs in 2025 took the form of performance stock units, which will be earned based on achievement of pre-determined performance goals."},{"id":"e25","sourceId":"filing-3","location":"Executive compensation highlights — Executive stock ownership requirements","excerpt":"◦Stock ownership requirements for our NEOs range from 6x salary (for our current CEO) to 3x salary (for all other NEOs other than our current CEO)."},{"id":"e26","sourceId":"filing-3","location":"Compensation discussion — 2025 incentive targets, results and payout score","excerpt":"55 2025 OHIP Financial Performance Targets and Results (100% of Total OHIP) Our 2025 OHIP financial performance targets, our financial performance results for 2025 and the resulting financial performance scores for OHIP were as follows: Metric 2025 Target 2025 Actual Target Award (%) Metric Score (%) Performance Score (%) ($) (% growth) ($) (% growth) Net Sales(1) 11.518 billion 2.8 11.705 billion 4.5 50.00 181.52 90.76 Adjusted Earnings per Share-Diluted(2) 6.35 (32.2) 6.65 (29.0) 25.00 139.88 34.97 EBIT Margin %(3) 16.20% (697) basis points 17.70% (547) basis points 25.00 200.00 50.00 Base OHIP Company Score 100.00 175.73 Market Share Modifier % Impact(4) +/- 10% (6%) Total OHIP Company Score 165.19 ____________________ (1)For purposes of determining the Company performance score, net sales are measured on a constant currency basis, which is a non-GAAP performance measure, and is then further adjusted to reflect the impact of divestitures and acquisitions as compared to target."},{"id":"e27","sourceId":"filing-3","location":"Compensation discussion — Actual 2023–2025 PSU performance score without adjustments","excerpt":"No adjustments were made in determining the 70.27% performance score or the number of PSUs earned by our NEOs for the 2023-2025 performance cycle."},{"id":"e28","sourceId":"filing-3","location":"Compensation discussion — Adopted shift to annual goals within the 2025–2027 PSU cycle","excerpt":"2025-2027 PSU Awards As described earlier, the Compensation Committee approved a change to the performance metrics for the 2025-2027 performance cycle, transitioning to the use of three annual performance goals for our adjusted earnings per share-diluted growth and free cash flow % of net sales metrics to strengthen alignment between pay and performance in light of anticipated volatility."},{"id":"e29","sourceId":"filing-3","location":"Governance highlights — Independent chair, committees and shareholder practices","excerpt":"Board Highlights Director nominees have appropriate mix of experiences, skills, qualifications and backgrounds to drive strategy and risk oversight International Experience Mergers & Acquisitions Risk Management Operational Leadership Consumer Packaged Goods/Retail Financial/Investment Leadership Innovation Public Company Governance and Compliance Marketing / Brands Supply Chain Digital Tools/A.I./Data Analytics Human Capital and Culture 3 Corporate Governance Board Structure Ensures Strong Oversight Policies and Practices Promote High Corporate Governance Standards Strong Alignment with Stockholders’ Interests •Five standing independent Board committees •Independent Chairman elected annually to further promote independent leadership of the Board •Independent directors meet regularly in executive session at every Board meeting and at other times as the independent directors deem necessary •Frequent Board and committee meetings to ensure awareness and alignment •Annual Board and committee self-evaluation •All directors elected annually •Commitment to Board refreshment, as evidenced by retirement age guideline of 72 and 13-year term limit for non-employee directors •Highly qualified directors reflect broad mix of skills, experiences and attributes •Active role in enterprise risk management, including separate Finance and Risk Management Committee •Clearly delineated environmental, social and governance (“ESG”) responsibilities within each Board committee •Strong clawback and anti-hedging policies •Significant stock ownership requirements •Annual advisory vote on executive compensation •Significant amount of each NEO’s annual compensation opportunity is in the form of equity •No supermajority voting •Meaningful threshold for shareholders to call special meetings •Shareholder right to act by written consent 4 COMPANY STRATEGY AND 2025 BUSINESS HIGHLIGHTS 19,595 $11.7B 85+ EMPLOYEES GLOBALLY IN ANNUAL REVENUES BRANDS Our vision is to Lead Next Generation Snacking We are focused on four strategic imperatives to ensure the Company’s success now and in the future: Accelerate U.S."},{"id":"e30","sourceId":"filing-3","location":"Related transactions — Independent review and approval of property sales","excerpt":"Consistent with the requirements of the Board’s Corporate Governance Guidelines, these transactions were reviewed and approved by the independent directors of the Executive Committee of the Board having no affiliation with Hershey Trust Company, Milton Hershey School, the Milton Hershey School Trust or their affiliates."},{"id":"e31","sourceId":"filing-1","location":"Independent auditor report — Unqualified internal-control opinion","excerpt":"We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated February 17, 2026 expressed an unqualified opinion thereon."},{"id":"e32","sourceId":"filing-1","location":"Controls and procedures — LesserEvil acquisition exclusion","excerpt":"Management’s assessment of and conclusion on the effectiveness of internal control over financial reporting did not include the internal controls of LesserEvil, LLC (“LesserEvil”), which was acquired on November 18, 2025, and is included in the 2025 consolidated financial statements of the Company and constituted 7.3% of total assets as of December 31, 2025 and less than 1% of net sales for the year then ended."},{"id":"e33","sourceId":"filing-3","location":"Appendix — GAAP and adjusted EPS reconciliation and derivative accounting","excerpt":"Reconciliation of Certain Non-GAAP Financial Measures Consolidated results Twelve Months Ended Change (%) December 31, 2025 ($) December 31, 2024 ($) Reported EPS - Diluted 4.34 10.92 (60.3) Derivative mark-to-market losses (gains) 2.08 (2.26) Business realignment activities 0.29 0.58 Acquisition and integration-related activities 0.20 0.22 Goodwill impairment charges 0.03 — Other miscellaneous benefits — (0.03) Tax effect of all adjustments reflected above (0.63) (0.06) Adjusted EPS - Diluted 6.31 9.37 (32.7) Details of the charges included in GAAP results, as summarized in the reconciliation above, are as follows: Derivative Mark-to-Market Losses (Gains): The mark-to-market losses (gains) on commodity derivatives are recorded as unallocated and excluded from adjusted results until such time as the related inventory is sold, at which time the corresponding losses (gains) are reclassified from unallocated to segment income."},{"id":"e34","sourceId":"filing-1","location":"Business — Generic competitive coverage","excerpt":"We sell our brands in highly competitive markets with many other global multinational, national, regional and local firms."}],"changes":["No comparable previous version; previous accepted analysis was null."],"limitations":["Assessment uses only supplied passages. The sources carry filed dates of February 17, March 25 and July 30, 2026; none is treated as a retrieval date.","No company is specifically identified as a competitor. Named licensors, customers and acquisition counterparties are not treated as demonstrated rivals; competitor arrays remain empty.","Leading-brand status and distribution effectiveness are issuer assertions. Licensing disclosures and operating results support a narrow advantage, but comparative costs, brand-level pricing premiums and long-term market-share histories are missing.","Retention is assessed indirectly from volume, consumer takeaway and market share. The passages provide no customer-level repeat-purchase rates or meaningful switching-friction evidence.","Reported profitability includes commodity derivative timing effects. Neither the 2025 decline nor the 2026 recovery can be attributed solely to pricing or competitive strength.","AAA savings are expectations, not demonstrated achieved savings. Cash-flow, capital-expenditure and acquisition-return coverage is insufficient for a comprehensive capital-allocation assessment.","Proxy passages establish compensation arrangements and governance practices, but do not provide actual executive ownership compliance or controlling-holder voting percentages. Nominee disclosures and advisory-vote proposals do not establish subsequent election or approval outcomes.","Incentive results use specifically adjusted measures and should not be equated with reported GAAP or ordinary adjusted earnings."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"Long-term renewable brand licenses, exceeded sales requirements and realized price increases support a differentiated intangible-asset position. Leading-brand status is issuer-reported; comparative cost or distribution superiority is unproven.","evidenceIds":["e1","e2","e3","e5","e6"]},{"criterion":"durability","grade":2,"rationale":"Historical licensing relationships and extension rights support persistence, while current confectionery share and volume losses weaken evidence that brand economics will remain durable.","evidenceIds":["e2","e3","e4","e7","e8"]},{"criterion":"customer_dependency","grade":1,"rationale":"Brand preference supports some demand, but observed volume and takeaway declines show limited dependency. No switching barriers are established, and one distributor represents approximately 27% of sales.","evidenceIds":["e1","e7","e8","e13"]},{"criterion":"erosion_resilience","grade":1,"rationale":"Realized confectionery share losses, competitive snack pressure and the 2025 profit decline demonstrate fragile resilience. Salty snack share gains and 2026 profit recovery offer partial offsets without resolving core erosion.","evidenceIds":["e8","e9","e14","e15","e16"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":3,"rationale":"Approximately 6% favorable price realization in 2025 and 12% in second-quarter 2026 demonstrate implementation of higher prices. Concurrent volume declines limit the economic strength of those outcomes.","evidenceIds":["e5","e6","e7"]},{"criterion":"retention","grade":1,"rationale":"Indirect operating evidence is weak: second-quarter volume fell approximately 8%, and confectionery takeaway and share declined. Salty snack gains provide a portfolio offset; no repeat-purchase rate is inferred.","evidenceIds":["e7","e8","e16"]},{"criterion":"margin_resilience","grade":2,"rationale":"Gross margin fell from 47.3% in 2024 to 33.5% in 2025 despite pricing, followed by substantial first-half 2026 recovery. This is mixed resilience, with derivative timing complicating attribution and adjusted EPS also declining in 2025.","evidenceIds":["e5","e14","e15","e33"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Hershey discloses discretion to change prices and weights and demonstrates actual price realization. Existing promotional commitments and subsequent allowances delay or offset implementation; unrestricted contractual repricing is not established.","evidenceIds":["e17","e10","e11","e6"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Actual repurchases exceeded contemporaneous compensation-related share issuance, reducing shares, while restructuring spending is disclosed. Higher short-term debt and interest costs and a realized international impairment temper the assessment. Expected savings and missing cash-flow coverage prevent a strong conclusion.","evidenceIds":["e18","e19","e20","e21","e22","e23"]},{"criterion":"incentive_alignment","grade":2,"rationale":"Actual performance-unit grants, ownership requirements and a below-target completed PSU score support alignment. However, the 2025 annual incentive score was 165.19% despite declining incentive earnings and margin, and annual goal-setting within newer PSU cycles weakens the long-term test. Ownership requirements do not prove compliance.","evidenceIds":["e24","e25","e26","e27","e28"]},{"criterion":"execution","grade":2,"rationale":"Indirect operating evidence is mixed: pricing implementation, salty snack share gains and 2026 profit recovery contrast with confectionery share losses and substantial 2025 earnings deterioration. Restructuring costs are incurred, but forecast savings are not established as achieved.","evidenceIds":["e5","e6","e8","e14","e15","e16","e21","e22"]},{"criterion":"governance","grade":2,"rationale":"Disclosed independent leadership and committees, actual independent related-party transaction review and an unqualified internal-control opinion support functioning oversight. Controlling-holder voting details are absent, and the control assessment excluded the recent LesserEvil acquisition. Exceptional governance outcomes are not demonstrated.","evidenceIds":["e29","e30","e31","e32"]}]}],"qualityPolicy":"quality-scores-2","basisHash":"40181f1c4b3d43d764175911a5b91b102dad83346d8dd2a2abee9c25ce6cb1e6","updatedAt":"2026-10-18T00:27:57.044Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/47111/000162828026008586/hsy-20251231.htm","publishedAt":"2026-02-17","sha256":"c098ca91198644a6c6ab7469e73a1db83015d37135c343730c6f927f1ebf7481","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/47111/000162828026050900/hsy-20260628.htm","publishedAt":"2026-07-30","sha256":"9343afb832d1a7aca2e59d02f4c91505c0b94fa2c3c884d82dd6f7d82dbfe4eb","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/47111/000162828026021065/hsy-20260325.htm","publishedAt":"2026-03-25","sha256":"acec89fec5f0a4b666b8ad1e653b116095f0487645abed5337569c3a36323b2d","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:772cdc45b107e36fe5bc287f54d8fbb38a501035bb176cdc09d5ae02d8641df9","usage":{"input_tokens":52245,"cached_input_tokens":20992,"cache_write_input_tokens":0,"output_tokens":3727,"reasoning_output_tokens":136},"basisSupplement":{"previousHash":"3c43d765bb472ac7ff39501eede1aba5eb066bdc930df81c21fc8bfd33f34252","checkedAt":"2026-10-18T15:55:15.653Z","rule":"dated 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period."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":44.76327434896505,"operating_margin":22.93657711532619,"roic":null,"fcf_margin":13.901317618498965,"sbc_revenue":0.7256700228714897},"issues":{"pe":"Diluted share count is unavailable in the extracted statements for this period.","peg":"Two complete TTM earnings bases and their diluted share counts are required for year-over-year growth.","ps":"Diluted share count is unavailable in the extracted statements for this period.","pfcf":"Diluted share count is unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","pocf":"Diluted share count is unavailable in the extracted statements for this period.","pb":"Diluted share count is unavailable in the extracted statements for this period.","fcf_yield":"Diluted share count is unavailable in the extracted statements for this period.","earnings_yield":"Diluted 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