Hershey is a public company (NYSE: HSY), but it is controlled by Hershey Trust Company, as trustee for the Milton Hershey School Trust. As of 6 March 2026 the trust held 99.9% of Hershey’s Class B shares, which carry ten votes each, giving it 79.0% of the votes when both classes vote together, according to the company’s 2026 proxy statement. The largest outside holders listed in that proxy are Vanguard (13.1% of the common stock) and BlackRock (8.3%).
Common stock carries one vote per share and Class B stock carries ten, according to the 2025 Form 10-K. Common holders, voting as a separate class, elect one-sixth of the board.
02
The trust holds the votes
As of 6 March 2026, Hershey Trust Company, as trustee for the Milton Hershey School Trust, held 2,066,119 common shares and 54,612,012 Class B shares. That gives it 79.0% of the votes when both classes vote together, but only 1.42% of the votes the common class casts on its own.
03
Who stands behind the trust
The 2026 proxy states that Hershey Trust Company is in turn owned by the Milton Hershey School Trust. Three members of the trust company's board sit on Hershey's board, and they do not vote on deals between Hershey and the trust's affiliates.
04
Institutions hold the float
The proxy lists Vanguard at 13.1%, BlackRock at 8.3% and Capital International Investors at 6.1% of the common stock, based on their Schedule 13G filings. These are economic stakes with no Class B control attached.
What changed in 2025-26
A new chief executive
Hershey appointed Kirk Tanner as President and CEO effective 18 August 2025, according to the 2026 proxy statement. He also joined the board on that date.
Salty snacks get bigger
On 18 November 2025 Hershey completed the acquisition of LesserEvil, a maker of organic popcorn and puffed snacks, per the 2025 Form 10-K. It now sits in the North America Salty Snacks segment next to SkinnyPop, Pirate’s Booty and Dot’s Homestyle Pretzels.
Net sales were $11,692.6 million in fiscal 2025, up 4.4% on 2024, with price realization of about 6% doing the work, according to the 10-K. In the second quarter of 2026 net sales rose 6.6% to $2,787.3 million on price realization of about 12% (Form 10-Q for the quarter ended 28 June 2026).
AI named as a risk
The 2025 Form 10-K lists artificial intelligence among its risk factors: the business may be hurt if Hershey cannot integrate AI in a timely, cost-effective and compliant way, while rivals adopt it. It is a governance disclosure, not a product claim.
Hershey's three segments (fiscal 2025 net sales)
North America Confectionery
Net sales, fiscal 2025$9,479.7 million
Brands named in the 10-KHershey's, Reese's, Kisses, Jolly Rancher, Twizzlers, Ice Breakers
North America Salty Snacks
Net sales, fiscal 2025$1,271.3 million
Brands named in the 10-KSkinnyPop, LesserEvil, Pirate's Booty, Dot's Homestyle Pretzels
International
Net sales, fiscal 2025$941.6 million
Brands named in the 10-KSame core brands plus regional ones such as Pelon Pelo Rico (Mexico) and IO-IO (Brazil)
Licensed in the US
Net sales, fiscal 2025Inside the confectionery segment
Brands named in the 10-KKit Kat and Rolo, under a license now assigned to Nestle
Total company
Net sales, fiscal 2025$11,692.6 million
Brands named in the 10-KMore than 85 brand names in about 65 countries
What it means for you
Investors: read the voting table in the proxy, not just the ownership table; 13.1% of the common stock does not buy control here.
Expect any takeover approach to go through the Milton Hershey School Trust, because its Class B votes decide the outcome.
Operators: note that Hershey's 2025 growth came mostly from price, so watch volume in the quarterly filings before assuming demand is rising.
Brand builders: remember that Kit Kat and Rolo are licensed in the US; a brand on the shelf is not always a brand on the balance sheet.
Check the record date on any ownership figure; holdings in a proxy are a snapshot, and institutional stakes come from filings that can be months older.
The Business Engineer lens
Hershey shows that ownership and control can sit in different hands: index funds hold the float while a charitable trust holds the votes. The Business Engineer reads that structure as a long-term buffer for a brand portfolio, which matters when AI shopping agents begin to choose products on shoppers’ behalf.
Hershey is publicly traded, but Hershey Trust Company, as trustee for the Milton Hershey School Trust, controls it: as of 6 March 2026 it held 99.9% of the Class B shares and 79.0% of the combined votes.
Who are Hershey's largest institutional shareholders?
The 2026 proxy lists Vanguard with 13.1% of the common stock, BlackRock with 8.3% and Capital International Investors with 6.1%.
Why does the trust have so much power?
Class B shares carry ten votes each against one for common shares, and the trust holds almost all of the Class B stock.
Who runs Hershey?
Kirk Tanner has been President and CEO since 18 August 2025, according to the 2026 proxy statement.
The complete explainer, cleaned up and reformatted for mobile.
Hershey is primarily owned by Hershey Trust Company, which owns 99.9% of the Class B stocks, which confer ten votes for each common share, giving it maximum control over the company’s direction. According to Hershey’s 2026 proxy statement, BlackRock held 8.3% of the common stock and 13.1% was held byVanguard Group.
Updated 6 October 2026: we refreshed 9 figures on this page, now taken from SEC EDGAR filings. Anything we could not check against a current source keeps its original year, so you can see how old it is.
Latest figures · checked 6 October 2026
Hershey’s 2026 proxy statement lists Vanguard Group at 13.1% and BlackRock at 8.3% of Hershey’s common stock. SEC EDGAR filings
The Hershey Company reported net sales of $11,692.6 million in 2025. SEC EDGAR filings
The Hershey Company reported net sales of $2,787.3 million in the second quarter of 2026. SEC EDGAR filings
As of December 31, 2025, The Hershey Company employed approximately 17,550 full-time and 2,045 part-time employees worldwide. SEC EDGAR filings
As of March 6, 2026, Hershey Trust Company held 2,066,119 shares of Hershey common stock and 54,612,012 shares of Class B common stock. SEC EDGAR filings
At the 2026 Annual Meeting, Hershey Trust Company will have the right to cast 79.0% of all of the votes entitled to be cast on matters requiring the vote of the Common Stock and Class B Common Stock voting together as a single class. SEC EDGAR filings
Detail
Description
Company
The Hershey Company
Ownership Structure
Publicly traded company with dual-class share structure
Ticker Symbol
HSY (New York Stock Exchange)
Founding Date
February 9, 1894
Founder
Milton S. Hershey
Headquarters
Hershey, Pennsylvania, USA
Primary Business
Manufacturing and selling chocolate and confectionery products, snacks, and beverages
Strategic Goals
Expanding product portfolio, enhancing sustainability efforts, leveraging digital transformation, and increasing global market presence
Additional Ownership Details
Corporate Structure and Ownership: The Hershey Company is a publicly traded company listed on the New York Stock Exchange (NYSE) under the ticker symbol HSY. The company employs a dual-class share structure consisting of Common Stock and Class B Common Stock. Class B shares are primarily held by the Hershey Trust Company, which provides the Hershey Trust with significant voting control over the company. This structure ensures that the Hershey Trust can influence the strategic direction of the company, aligning with the trust’s mission to support the Milton Hershey School.
History and Evolution: The Hershey Company was founded in 1894 by Milton S. Hershey in Lancaster, Pennsylvania. The company started with the production of sweet chocolate as a coating for his caramels. Hershey’s innovation and dedication to quality led to the creation of the iconic Hershey’s Milk Chocolate Bar, which became a major success. Over the decades, Hershey expanded its product line to include a wide range of chocolate and confectionery products. Today, Hershey is one of the largest and most recognized chocolate manufacturers in the world, with a diverse portfolio of brands.
Business Model and Revenue Streams: Hershey operates a manufacturing and retail businessmodel focused on the production and sale of chocolate, confectionery, snacks, and beverages. The company’s revenue streams include:
Confectionery Products: Chocolate bars, candies, and other sweets.
Snacks: Snack bars, pretzels, popcorn, and other snack items.
Beverages: Chocolate syrup, milkshakes, and other drink products.
International Sales: Revenue from global markets where Hershey products are sold.
Hershey generates revenue through retail sales, wholesale distribution, and direct-to-consumer channels, leveraging its strong brand recognition and extensive distributionnetwork.
Key Brands and Product Lines: Hershey’s product portfolio includes a variety of well-known brands, such as:
Hershey’s: Milk chocolate bars, Kisses, and assorted candies.Reese’s: Peanut butter cups and related products.Kit Kat: Wafer bars covered in chocolate.Twizzlers: Licorice candy.Ice Breakers: Mints and chewing gum.Brookside: Dark chocolate-covered fruit pieces.
Hershey continuously innovates its product lines to meet changing consumer preferences and dietary trends, introducing new flavors, formats, and healthier options.
Brand Positioning and Marketing: Hershey positions itself as a leading confectionery and snack company known for its high-quality products and strong heritage. The company’s marketingstrategy includes:
Advertising Campaigns: Promoting key brands through various media channels, emphasizing taste, quality, and nostalgia.Promotions and Partnerships: Collaborating with other brands, events, and influencers to enhance brand visibility and engagement.Digital Marketing: Leveraging social media, e-commerce, and digital platforms to connect with consumers and drive online sales.
Hershey’s marketing efforts aim to strengthen brand loyalty, attract new customers, and reinforce its position as a trusted and beloved brand.
Aspect
Description
Analysis
Examples
Products and Services
Hershey offers a wide range of confectionery and snack food products. This includes chocolate bars (Hershey’s Milk Chocolate, Reese’s), candies (Hershey’s Kisses, Jolly Rancher), gum (Ice Breakers), baking products (cocoa powder, baking chips), and various seasonal and specialty items. The company also provides a range of beverages, including chocolate milk and ready-to-drink coffee.
Hershey’s product portfolio is diverse, with a focus on chocolate-based confectionery products. The company’s brand recognition is one of its greatest strengths, and its iconic products like Hershey’s Milk Chocolate and Reese’s are known worldwide. Hershey also adapts to consumer trends, offering options for baking and snacking, as well as expanding into beverages. The company’s seasonal and specialty items capitalize on seasonal demand.
Chocolate bars, candies, gum, baking products, seasonal and specialty items, beverages, diverse product portfolio, brand recognition, iconic products, adaptation to consumer trends, seasonal offerings.
Revenue Streams
Hershey generates revenue primarily through the sale of its confectionery and snack food products to consumers through various channels, including retail stores, supermarkets, convenience stores, vending machines, and online platforms. The company also earns income from licensing agreements and partnerships, including co-branded products and collaborations with other brands.
The core revenue source for Hershey is the sale of its confectionery and snack food products through a wide range of distribution channels. Licensing agreements and brand collaborations extend income sources. Hershey’s multiple revenue streams contribute to its financial stability.
Revenue from sales of confectionery and snack food products through various channels, income from licensing agreements, co-branded products, brand collaborations, diversified revenue streams ensuring financial stability.
Customer Segments
Hershey’s customer segments include individual consumers of all ages, households, children, adults, and families looking for sweet treats and snacks. The company also targets businesses and retailers such as grocery stores, convenience stores, vending machine operators, and online platforms. Hershey’s seasonal and specialty items appeal to consumers looking for unique holiday and occasion-based products.
Customer segments for Hershey encompass a broad range of individual consumers seeking sweet treats and snacks, households, children, adults, families, and businesses in the retail sector, including grocery stores, convenience stores, vending machine operators, and online platforms. Seasonal and specialty items target consumers seeking unique holiday and occasion-based products. Hershey serves both consumers and B2B clients in the confectionery industry.
Hershey products are distributed through a wide array of channels, including retail stores (grocery stores, convenience stores, etc.), vending machines, e-commerce platforms (official website, Amazon, etc.), and specialty stores. The company also collaborates with various distributors and wholesalers to ensure efficient supply chain management and product availability.
Distribution channels for Hershey products encompass retail stores, vending machines, e-commerce platforms, specialty stores, collaborations with distributors and wholesalers, distribution channels ensuring accessibility, convenience, and market reach.
Retail stores, vending machines, e-commerce platforms, specialty stores, collaborations with distributors and wholesalers, distribution channels ensuring accessibility, convenience, and market reach.
Key Partnerships
Hershey collaborates with various partners to enhance its offerings and expand its market reach. Partnerships with retailers and grocery chains ensure product availability to consumers. Co-branding agreements with other food companies result in products like Reese’s Pieces cereal. Collaborations with movie studios, sports teams, and entertainment brands create co-branded products and marketing opportunities. Licensing agreements allow Hershey to expand its product range with partner brands.
Collaborations with retailers and grocery chains guarantee product availability and market reach. Co-branding agreements with other food companies lead to innovative products. Collaborations with entertainment and sports entities create promotional opportunities. Licensing agreements expand Hershey’s product range with partner brands. These partnerships contribute to growth, innovation, and market presence.
Collaborations with retailers and grocery chains, co-branding agreements, collaborations with movie studios, sports teams, and entertainment brands, licensing agreements, instrumental in growth, innovation, and market presence.
Key Resources
Key resources for Hershey include its strong brand portfolio, encompassing iconic brands like Hershey’s, Reese’s, and Jolly Rancher. The company’s extensive production facilities and supply chain infrastructure support the manufacturing and distribution of its products. Marketing and advertising campaigns enhance brand recognition and customer loyalty. Hershey’s dedicated workforce, including product developers, ensures product quality and innovation. Financial resources provide support for investments and expansion.
Resources for Hershey encompass a strong brand portfolio, production facilities, supply chain infrastructure, marketing and advertising efforts, a dedicated workforce including product developers, financial resources. These resources collectively support Hershey’s position as a leading confectionery and snack food company.
Strong brand portfolio, production facilities, supply chain infrastructure, marketing and advertising efforts, dedicated workforce, financial resources, resources supporting a leading confectionery and snack food company.
Cost Structure
Hershey incurs various costs associated with its operations, including expenses for raw materials (cocoa beans, sugar, etc.), manufacturing and packaging, marketing and advertising expenditures, distribution and logistics, employee salaries and benefits, research and development investments, and administrative overhead. Effective cost management is crucial to maintain competitive pricing and profitability in the competitive confectionery industry.
Costs associated with Hershey’s operations include raw material procurement, manufacturing and packaging expenses, marketing and advertising expenditures, distribution and logistics costs, employee salaries and benefits, research and development investments, and administrative overhead. Efficient cost management is essential for competitive pricing and profitability in the confectionery industry.
Raw material procurement, manufacturing and packaging expenses, marketing and advertising expenditures, distribution and logistics costs, employee salaries and benefits, research and development investments, administrative overhead, efficient cost management crucial for competitive pricing and profitability in the confectionery industry.
Competitive Advantage
Hershey’s competitive advantage stems from its strong brand portfolio, featuring globally recognized names like Hershey’s, Reese’s, and Jolly Rancher. The company’s extensive manufacturing and supply chain infrastructure ensures product availability and quality control. Marketing and advertising campaigns bolster brand recognition and customer loyalty. Collaborations and partnerships with other brands lead to innovative products and expanded market reach. Hershey’s financial stability and commitment to product quality contribute to its competitive position in the confectionery and snack food industry.
Hershey’s competitive strength is rooted in its diverse brand portfolio, strong brand recognition, extensive manufacturing and supply chain infrastructure, marketing and advertising campaigns enhancing brand loyalty, collaborations and partnerships resulting in innovative products and market expansion, financial stability, and commitment to product quality. These factors collectively position Hershey as a leading player in the confectionery and snack food industry.
Diverse brand portfolio, strong brand recognition, manufacturing and supply chain infrastructure, marketing and advertising campaigns, collaborations and partnerships, financial stability, commitment to product quality, competitive position in the confectionery and snack food industry.
Hershey’s revenue has shown consistent growth over the past three years.
In 2020, Hershey’s revenue was $8.15 billion.
The company’s revenue increased to $8.97 billion in 2021, representing a year-over-year growth.
Hershey’s revenue saw a significant jump in 2022, reaching $10.42 billion.Hershey’s net income has exhibited a steady upward trajectory over the past three years.
In 2020, Hershey’s net income was $1.278 billion.
The company’s net income rose to $1.477 billion in 2021, indicating year-over-year growth.
Hershey’s net income continued to increase in 2022, reaching $1.644 billion.
Overall, Hershey has demonstrated a positive trend in net income from 2020 to 2022.
Hershey: A Sweet Legacy Owned by Hershey Trust Company
Hershey, a beloved American chocolate brand, is primarily owned by the Hershey Trust Company, which holds a substantial majority of the Class B stocks, granting it significant control over the company’s decisions and direction. With a focus on maintaining the founder’s vision and philanthropic legacy, the Hershey Trust Company plays a critical role in guiding the brand’s future.
Key numbersChecked 6 October 2026
$11,692.6 millionThe Hershey Company reported net sales of $11,692.6 million in 2025.SEC EDGAR filings
$2,787.3 millionThe Hershey Company reported net sales of $2,787.3 million in the second quarter of 2026.SEC EDGAR filings
13.1%Hershey's 2026 proxy statement lists Vanguard Group at 13.1% and BlackRock at 8.3% of Hershey's commonโฆSEC EDGAR filings
17,550As of December 31, 2025, The Hershey Company employed approximately 17,550 full-time and 2,045 part-timeโฆSEC EDGAR filings
In one lineHershey is primarily owned by Hershey Trust Company, which owns 99.9% of the Class B stocks, which confer ten votes for each common share, giving it maximum control over the company's direction.
FourWeekMBABusiness EngineerAt a glance
The Vanguard Group held 13.1% of the common stock, according to the same 2026 proxy statement, highlighting Hershey's attractiveness as a stable and promising investment.
The Hershey Company reported net sales of $11,692.6 million in 2025.
Layout and figures refreshed 6 October 2026. Sources are listed at the end of the article.
Why it mattersFrom the article
The Class B stocks carry ten votes for each common share, consolidating decision-making power in the hands of the Hershey Trust Company and ensuring the preservation of Hershey's heritage and values.
Hershey's ownership structure, with the Hershey Trust Company at the helm, allows for careful preservation of its heritage and values.
Hershey Trust Company’s Dominant Ownership
The Hershey Trust Company’s ownership of 99.9% of the Class B stocks gives it considerable authority within the company. The Class B stocks carry ten votes for each common share, consolidating decision-making power in the hands of the Hershey Trust Company and ensuring the preservation of Hershey’s heritage and values.
BlackRock and Vanguard Group’s Investments
While the Hershey Trust Company is the principal shareholder, other significant institutional investors have a stake in the brand. BlackRock held 8.3% of the common stock, according to Hershey’s 2026 proxy statement, reflecting its confidence in Hershey’s enduring appeal and market position. The Vanguard Group held 13.1% of the common stock, according to the same 2026 proxy statement, highlighting Hershey’s attractiveness as a stable and promising investment.
Commitment to Hershey’s Legacy
As a corporate entity created for charitable purposes, the Hershey Trust Company is dedicated to continuing the philanthropic legacy of Milton S. Hershey, the founder of Hershey. The company’s long-term perspective and dedication to Hershey’s values contribute to the brand’s steady growth and success.
A Beloved American Chocolate Brand
Hershey has captured the hearts of consumers worldwide with its iconic chocolate products. From Hershey’s Kisses to Reese’s Peanut Butter Cups, the brand’s diverse offerings have made it a household name and a staple in the confectionery industry.
Emphasis on Quality and Innovation
Throughout its history, Hershey has maintained a commitment to product quality and innovation. The brand continuously develops new products and flavors to cater to changing consumer preferences, ensuring its relevance in an ever-evolving market.
Social and Environmental Responsibility
Beyond its business success, Hershey places importance on social and environmental responsibility. The brand has implemented sustainability initiatives and ethical sourcing practices to support cocoa farming communities and reduce its environmental impact.
Conclusion
Hershey’s ownership structure, with the Hershey Trust Company at the helm, allows for careful preservation of its heritage and values. Alongside institutional investors like BlackRock and Vanguard Group, the brand enjoys a stable financial footing, securing its position as a cherished American chocolate icon. With its continued commitment to quality, innovation, and philanthropy, Hershey is poised to delight chocolate lovers for generations to come.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
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