HSY Hershey margins

Relative Growth: Rel. Growth: 46

Relative Strength: Rel. Strength: 29

Relative Valuation: Rel. Valuation: 50

Relative Profitability: Rel. Profitability: 72

Gross margin

38.4%

Operating margin

17.8%

EBITDA margin

21.8%

Net margin

12.2%

The Hershey shows a gross margin of 38.4%, an operating margin of 17.8%, an EBITDA margin of 21.8%, and a net margin of 12.2%. EBITDA margin improved the most, by 0.8 percentage points, while gross margin declined the most, by 1.7 percentage points.

HSY margin history

Gross, operating, EBITDA and net margin trends

Over the last 3 years, Hershey's margins averaged 41.38% gross, 19.92% operating, 22.53% EBITDA, and 14.28% net. All four current margins are below their three-year averages.

HSY margin expansion

Year-over-year margin changes in percentage points

The strongest improvement was in EBITDA margin, which increased by 0.8 percentage points, whereas gross margin contracted by 1.7 percentage points, operating margin by 0.9 percentage points, and net margin by 1.3 percentage points.

Gross margin expansion

-1.7pp

Operating margin expansion

-0.9pp

EBITDA margin expansion

0.8pp

Net margin expansion

-1.3pp

HSY Gross margin

Across the last 3 years, Hershey's gross margin averaged 41.38%. The current gross margin stands at 38.4%, 3 percentage points below its three-year average. Gross margin was highest at 47.3% in Dec 2024 and lowest at 33.5% in Dec 2025.

HSY Operating margin

Hershey's operating margin averaged 19.92% across the past 3 years. Compared with its three-year average, Hershey's current operating margin is 17.8% and is 2.1 percentage points below its three-year average. Over the last 3 years, Hershey's operating margin peaked at 25.9% in Dec 2024 and reached a low of 12.3% in Dec 2025.

HSY EBITDA margin

The average EBITDA margin for Hershey was 22.53% across the past 3 years. Hershey's current EBITDA margin is 21.8% and is 0.7 percentage points below its three-year average. The EBITDA margin for Hershey moved between 16.3% in Dec 2025 and 27.6% in Dec 2024.

HSY Net margin

Hershey's net margin averaged 14.28% during the last 3 years. Hershey currently reports a net margin of 12.2%, 2.1 percentage points below its three-year average. Over the last 3 years, Hershey's net margin peaked at 19.8% in Dec 2024 and reached a low of 7.6% in Dec 2025.

HSY margin group comparison

Margins compared with peer-group, industry and sector averages

With a gross margin of 38.4%, HSY stands above the Consumer Defensive sector and its peers average. But in comparison with its Consumer Defensive sector average of 36.6%, Hershey's gross margin is only 4.9% higher.

HSY margin peer comparison

Compare margins with selected peers

Frequently asked questions

What is Hershey's gross margin?

As of Jun 28, 2026, HSY has a gross margin of 38.4%.

What is Hershey's operating margin?

The current operating margin for HSY is 17.8% as of Jun 28, 2026.

What is Hershey's EBITDA margin?

As of Jun 28, 2026, HSY has an EBITDA margin of 21.8%.

What is Hershey's net margin?

For the period ending Jun 28, 2026, HSY recorded a net margin of 12.2%.

What are the average margins of HSY?

Across the last 3 years, HSY averaged 41.4% gross, 19.9% operating, 22.5% EBITDA, and 14.3% net.

What are the highest historical margins of HSY?

Hershey's highest recorded margins during the past 5 years were 47.3% gross in Dec 2024, 25.9% operating in Dec 2024, 27.6% EBITDA in Dec 2024, and 19.8% net in Dec 2024.

What are the lowest historical margins of HSY?

Looking back across 5 years, HSY reached its lowest margins at 33.5% gross in Dec 2025, 12.3% operating in Dec 2025, 16.3% EBITDA in Dec 2025, and 7.6% net in Dec 2025.