Hershey
27 named things its latest annual report says its results depend on, each in the company's own words. 16 of them are also named by other companies we've read.
Customers
McLane Company, Inc.
earns from · approximately 27% of our consolidated net salesnamed as a riskOur largest customer, McLane Company, Inc., accounted for approximately 27% of our consolidated net sales in 2025.Risk factors (Item 1A)
Walmart Inc.
earns fromIn 2025, approximately 27% of our consolidated net sales were made to McLane Company, Inc., one of the largest wholesale distributors in the United States (“U.S.”) to convenience stores, drug stores, wholesale clubs and mass merchandisers and the primary distributor of our products to Wal-Mart Stores, Inc.Business (Item 1)
Also named by CAG, CALM, CHD, CL, CPB, GIS, HAS, HRL and 9 more
Partners and platforms
Société des Produits Nestlé SA
depends on · Minimum unit volume sales exceeded in 2025Our most significant licensing agreements are as follows:Business (Item 1)
Cadbury UK Limited
depends on · Minimum sales requirement exceeded in 2025Our most significant licensing agreements are as follows:Business (Item 1)
Intercontinental Exchange
depends onDuring 2025, average cocoa futures contract prices increased 5.8% compared with 2024 based on the Intercontinental Exchange futures contract.Market risk (Item 7A)
Kraft Foods Ireland Intellectual Property Limited
depends onFurthermore, we have rights under license agreements with several companies to manufacture and/or sell and distribute certain products.Business (Item 1)
Iconic IP Interests, LLC
depends onFurthermore, we have rights under license agreements with several companies to manufacture and/or sell and distribute certain products.Business (Item 1)
Other companies
Collective bargaining agreements
approximately 28% of the Company’s employees worldwideCollective bargaining agreements covered approximately 5,570 employees, or approximately 28% of the Company’s employees worldwide.Business (Item 1)
Also named by APG, BALL, CAG, CARR, HLT, IEX, KR, NI and 10 more
LesserEvil, LLC
named as a riskOn November 18, 2025, we completed the acquisition of LesserEvil, LLC (“LesserEvil”), previously a privately held company that produces and sells organic popcorn and puffed snack products to retailers and distributors in the United States and Canada.Business (Item 1)
Places
United States
concentrated in · Approximately 74% of our manufacturing capacitynamed as a riskApproximately 74% of our manufacturing capacity is located in the United States.Risk factors (Item 1A)
Also named by ABBV, ADP, AJG, AMGN, APA, AXGN, AXP, BALL and 139 more
International markets outside the United States
earns from · 12.3%named as a riskIn 2025, 2024 and 2023, respectively, we derived approximately 12.3%, 12.8% and 12.7% of our net sales from customers located outside of the United States.Risk factors (Item 1A)
Also named by HPQ
West Africa
depends on · approximately 70% of the world’s supply of cocoa beansnamed as a riskWest Africa accounts for approximately 70% of the world’s supply of cocoa beans.Business (Item 1)
Commodities and inputs
Corn
exposed to its price · $3.95 to $5.17 per bushelnamed as a riskCorn prices traded between $3.95 to $5.17 per bushel in 2025.Market risk (Item 7A)
Also named by ADM, BF/B, CAG, CALM, CL, DE, FLO, FPI and 10 more
Wheat
exposed to its price · $5.02 to $6.39 per bushelnamed as a riskHard wheat prices traded in the range of $5.02 to $6.39 per bushel during 2025, while soft wheat prices traded in the range of $5.13 to $6.71 per bushel during 2025.Market risk (Item 7A)
Also named by CAG, CPB, FLO, FPI, GIS, KHC, MDLZ, POST and 1 more
Sugar
exposed to its price · $0.49 to $0.56 per poundnamed as a riskThe U.S. delivered east coast refined sugar prices traded in a range of $0.49 to $0.56 per pound during 2025.Market risk (Item 7A)
Cocoa
exposed to its price · $491.0 million of unfavorable mark-to-market activitynamed as a riskDuring the year ended 2025, market prices for the majority of our exchange traded commodities remained volatile, including cocoa which has decreased from record highs but remains structurally elevated.Risk factors (Item 1A)
Peanuts
exposed to its price · $0.64 per pound to a low of $0.48 per poundnamed as a riskPeanut prices in the U.S. ranged from a high of $0.64 per pound to a low of $0.48 per pound during 2025.Market risk (Item 7A)
Also named by SJM
Class IV milk
exposed to its price · $0.137 per pound to a high of $0.208 per poundnamed as a riskDuring 2025, prices for fluid dairy milk ranged from a low of $0.137 per pound to a high of $0.208 per pound, on a Class IV milk basis.Market risk (Item 7A)
Almonds
exposed to its price · $2.90 per pound to a high of $3.30 per poundnamed as a riskAlmond prices traded from a low of $2.90 per pound to a high of $3.30 per pound during 2025.Market risk (Item 7A)
Natural gas
exposed to its pricenamed as a riskWe use many different commodities for our business, including cocoa products, sugar, corn products, dairy products, wheat products, peanuts, almonds, natural gas, and diesel fuel.Risk factors (Item 1A)
Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more
Regulators
U.S. Food and Drug Administration
subject toIn the U.S., our activities are subject to regulation by various government agencies, including the Food and Drug Administration, the Department of Agriculture, the Federal Trade Commission, the Department of Commerce, and the Environmental Protection Agency, as well as various state and local agencies.Business (Item 1)
Also named by A, ABBV, ABT, AMGN, ARE, ARWR, ATR, AXGN and 112 more
Laws and programs
EU Deforestation Regulation (EUDR)
subject tonamed as a riskThe EUDR, and other current or proposed regulations in markets in which we operate, are likely to increase our compliance costs, could depress sales in such markets if our products are not in compliance by applicable effective dates, and can result in fines and penalties or reputational harm if we do not fully comply.Risk factors (Item 1A)
U.S. tariffs and retaliatory tariffs
subject tonamed as a riskSome of the risks of operating internationally have negatively affected our financial condition and results of operations, including the imposition of tariffs on U.S. imports and associated retaliatory tariffs.Risk factors (Item 1A)
U.S. sugar program
subject tonamed as a riskAs a result, sugar prices paid by users in the U.S. are currently higher than prices on the world sugar market.Market risk (Item 7A)
Technology
GLP-1 / weight management medications
named as a riskConsumer health and wellness concerns, including weight management (i.e., use of medications, dieting) and the consumption of certain ingredients.Risk factors (Item 1A)