11 unchanged sentences
Interest Rate Risk
−Removed: The total amount of short-term debt, net of cash, amounted to net debt of $576 million and net debt of $318 million, respectively, at December 31, 2024 and 2023.
+Added: The total amount of short-term debt, net of cash, amounted to net cash of $ 707 million and net debt of $576 million, respectively, at December 31, 2025 and 2024.
A hypothetical 100 basis point increase in interest rates applied to this variable-rate short-term debt as of December 31, 2025 would have changed interest expense by approximately $9.4 million for 2025 and $7.0 million for 2024.
26 unchanged sentences
We estimate the fair value of foreign currency forward exchange contracts on a quarterly basis by obtaining market quotes of spot and forward rates for contracts with similar terms, adjusted where necessary for maturity differences.
−Removed: At December 31, 2024 and 2023, the net fair value of these instruments was an asset of $0.7 million.
+Added: At December 31, 2025 and 2024, the net fair value of these instruments was a liability of $0.7 million and an asset of $0.7 million, respectively.
In addition, assuming an unfavorable 10% change in year-end foreign currency exchange rates, the fair value of these instruments would have declined by $38.7 million and $32.3 million, respectively, generally offset by a reduction in foreign exchange associated with our transactional activities.
15 unchanged sentences
• Changes in governmental agricultural programs and energy policies;
−Removed: • Other events beyond our control such as the impacts on the business or supply chain arising from the ongoing conflict between Russia and Ukraine.
+Added: • Other events beyond our control.
The Hershey Company | 2025 Form 10-K | Page 44
8 unchanged sentences
During 2025, average cocoa futures contract prices increased 5.8% compared with 2024 based on the Intercontinental Exchange futures contract.
−Removed: The production forecast for the 2024 - 2025 season is up over 30% combined in Ghana and Ivory Coast, due to better weather and significantly improved farmer prices.
−Removed: Higher cocoa prices to the consumer has lowered consumption and a return to a surplus production environment is expected in the 2024 - 2025 growing season.
+Added: The production forecast for the 2025 – 2026 season is estimated to match the same levels as for the 2024 – 2025 season as growing conditions in West Africa remain favorable.
+Added: Higher cocoa prices to the consumer have lowered consumption and a second consecutive surplus is expected in the 2025 – 2026 growing season.
The table below shows annual average cocoa futures prices and the highest and lowest monthly averages for each of the calendar years indicated.
14 unchanged sentences
delivered east coast refined sugar prices traded in a range of $0.49 to $0.56 per pound during 2025.
−Removed: Prices softened in 2024, driven by large domestic beet and cane crops, as well as overall healthy supply.
+Added: Lower prices in 2025 were driven by healthy supply and weak demand.
Corn Products
We use corn futures to price our corn sweetener product requirements.
−Removed: A projected record yield for the 2024 U.S.
+Added: A near-record yield for the 2025 U.S.
crop kept U.S.
−Removed: supplies healthy and drove prices down compared to 2023.
−Removed: Corn prices traded in the range from $3.90 to $4.85 per bushel during 2024.
−Removed: Corn sweetener prices remained consistent due to tight capacity utilization throughout the industry.
+Added: supplies healthy.
+Added: Despite the high yield in 2025, corn prices were up compared to 2024, driven by high export demand globally.
+Added: Corn prices traded between $3.95 to $5.17 per bushel in 2025.
+Added: Tight capacity utilization throughout the industry has also contributed to the increased prices.
The Hershey Company | 2025 Form 10-K | Page 45
1 unchanged sentence
During 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.
−Removed: Fluid dairy milk prices were higher than 2023 due to decreases in global milk production linked to HPAI avian flu virus and blue tongue virus which impacted herd in the U.S.
−Removed: and Europe, respectively.
+Added: Fluid dairy prices were lower than 2024 due to increases in global milk production linked to herd growth in the key export regions of the U.S., Europe and New Zealand.
Wheat Products
1 unchanged sentence
Improved U.S.
−Removed: wheat production across the aggregate classes combined with weak global demand has resulted in lower prices across the calendar year.
+Added: wheat production across the aggregate classes combined with strong global production has resulted in lower prices across the calendar year.
Hard 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.
1 unchanged sentence
Peanut prices in the U.S.
−Removed: ranged from a low of $0.57 per pound to a high of $0.71 per pound during 2024.
−Removed: Prices in 2024 averaged slightly higher than 2023, primarily driven by increased export demand in the first half of the year.
−Removed: Almond prices traded in the range of $2.15 per pound to $2.90 per pound during 2024.
−Removed: Prices in 2024 averaged higher than 2023, driven by a smaller crop size and lower availability of small sized almonds.
+Added: ranged from a high of $0.64 per pound to a low of $0.48 per pound during 2025.
+Added: Prices declined in 2025 due to weak demand, both domestically and internationally, and a large peanut crop.
+Added: Almond prices traded from a low of $2.90 per pound to a high of $3.30 per pound during 2025.
+Added: Prices increased throughout 2025, driven by healthy export demand and a smaller than expected crop.
Changes in the Value of Futures Contracts
7 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.