HERSHEY (HSY) Company Report

The Hershey Company closed its acquisition of LesserEvil, adding a high-growth organic snack brand and manufacturing capacity to its portfolio.
The deal broadens Hershey’s better-for-you and salty snack offerings, with its salty portfolio growing 1.5x faster in 2024 than the prior three years.
LesserEvil’s leadership team will remain in place, ensuring continued production with the same organic ingredients and accelerated go-to-market capabilities.
The combined organizations will focus on category-leading growth and leveraging insights to deliver the right products at the right time.
Hershey, with over 20,000 employees, operations in approximately 70 countries, and annual revenues exceeding $11.2 billion, strengthens its snack portfolio through this acquisition.

4 days ago

Press Release

Hershey raises 2025 sales, profit forecasts despite cost pressures

HSY

Guidance Update

Profit Warning

Hershey reported strong Q3 sales led by demand for healthier, zero-sugar and salty snack brands, with SkinnyPop and Dot’s Pretzels volumes up 11%.
The company raised its 2025 net sales growth forecast to ~3% and increased the lower end of its adjusted EPS target to $5.90 (from $5.81).
Despite sales momentum, Hershey warned profits could decline by up to 37% due to rising tariffs and cost pressures, with tariff expenses projected at $160 M–$170 M.
Q3 adjusted EPS was $1.30, beating expectations, while GAAP net income fell to $276.3 M ($1.36/share) versus $446.3 M ($2.20/share) a year ago.

Oct 30, 2025, 5:37 PM

Bloomberg

Hershey seasonal Halloween sales slump prompts retailer discounts

HSY

Demand Weakening

Retailers offered significant discounts on Hershey’s seasonal Halloween candy, with over half of seasonal items marked down amid disappointing sales ahead of Halloween 2025.
Cocoa costs have surged 78% over the past five years and nearly 30% since last Halloween, leading Hershey to raise prices that have yet to fully offset inflationary pressures.
CEO Kirk Tanner pointed to warmer weather and Halloween falling on a Friday—shifting about a third of sales into the final week of October—as key factors in the softer holiday performance.
To manage rising ingredient costs, Hershey and other candy makers are shrinking bar sizes and experimenting with new varieties, from sour and chili-coated sweets to cocoa-free options.

Oct 30, 2025, 4:17 PM

WSJ

Hershey delivers Q3 2025 Q&A and outlines 2026 focus

HSY

Earnings

Guidance Update

Hershey reported balanced portfolio growth, with everyday CMG up double digits in the past four weeks, driven by recent pricing actions and innovation.
For 2026, management targets revenue growth of 2–4%—in line with category expectations—and sees potential for EPS to exceed the long-term algorithm, planning around –1% price elasticity while continuing to invest in brands and capabilities.
Cocoa costs remain ~70% above 2023 levels, and the company’s standard hedging program—mixing fixed and downside-participating positions—allows for potential deflationary benefit if prices decline; tariffs are modeled at $200 million of headwinds, with relief opportunities under discussion.
Halloween season performance was softer, with about one-third of sales occurring in the final week when the holiday fell on a Friday; Hershey is leveraging consumer and pack-mix insights to enhance future seasonal execution.
Salty snacks delivered 14% YoY consumption growth and share gains, led by SkinnyPop, Dot’s, and Pirate’s Booty, underscoring strength in permissible premium snacking.

Oct 30, 2025, 12:30 PM

Transcript

Hershey outlines Q3 2025 results and 2026 guidance

HSY

Earnings

Guidance Update

Demand Weakening

Management set 2026 revenue growth of 2–4% and plans to rebuild margin over several years while targeting EPS algorithm upside, assuming –1% price elasticity and continued brand investment.
U.S. everyday confectionery (CMG) price increases are up double digits over the past four weeks, with competitive pricing flows in line with expectations and no concerning price gaps.
Halloween sales had a slow start, partly because about one-third of volume sells in the final week when Halloween falls on a Friday, resulting in softer seasonal performance; the company is analyzing consumer and pack insights to optimize future seasons.
Cocoa costs have moderated but remain roughly 70% above pre-inflation levels; hedges are being layered, 2026 still models cocoa inflation with expected deflation later, and tariffs are assumed at $200 million with optimism for relief.
The international business, despite Q3 shipment timing benefits, remained loss-making due to cocoa intensity and higher elasticity in premium segments, though share gains in most markets support a path back to profitability.

Oct 30, 2025, 12:30 PM

Transcript

Hershey reports Q3 2025 results and outlines 2026 outlook

HSY

Earnings

Guidance Update

Revenue Acceleration/Inflection

Hershey projects 2–4% revenue growth in 2026 and plans to rebuild margins over several years while targeting potential EPS upside above its long-term algorithm; management assumes –1% price elasticity and will continue investing in brands and innovation.
Cocoa costs have moderated but remain ~70% above 2023 levels; the company retains its hedging program, models $200 million of tariff headwind, and sees no immediate competitive pricing gaps as the confectionery category stays rational.
In Q3, everyday confectionery grew double digits in recent weeks, driven by Reese’s Oreo innovation, balanced core performance, and digital marketing investments; the salty snacks portfolio (SkinnyPop, Dot’s, Pirate’s Booty) also delivered strong share gains.
Halloween season started slower due to the holiday falling on a Friday and warm weather; Hershey is analyzing consumer and customer insights to optimize pack sizes, price points, and merchandising for future seasonal events.

Oct 30, 2025, 12:30 PM

Transcript

Hershey reports Q3 2025 results

HSY

Earnings

Guidance Update

CEO Change

Hershey’s Q3 reported net sales rose 6.5%, with 6.2% organic constant-currency growth, led by pricing and slight volume gains.
Segment performance: North America Confectionery net sales up 5.6%, Salty Snacks up 10%, and International net sales up 12.1%.
Raised full-year 2025 net sales guidance to ~3% growth and adjusted EPS decline to 36–37%, the upper half of the prior range.
CEO Kirk Tanner highlighted strong execution on innovation and brand building, noting standout momentum in Reese’s Oreo and salty snacks growth.

Oct 30, 2025, 11:00 AM

Transcript

Hershey reports Q3 2025 results and raises full-year guidance

HSY

Earnings

Guidance Update

Hershey Company posted third-quarter net sales of $3.18 billion, up 6.5% year-over-year; organic constant currency net sales grew 6.2%.
Reported Q3 net income was $276.3 million (diluted EPS $1.36), down 38.2%; adjusted diluted EPS was $1.30, down 44.4%.
Full-year 2025 outlook was raised: net sales growth revised to ~3% (from ≥2%), reported EPS decline of 48–50%, and adjusted EPS decline of 36–37%.
Company anticipates full-year 2025 tariff expense of $160–170 million, interest expense of $195 million, and capital expenditures of $425 million.

Oct 30, 2025, 10:49 AM

8-K

Hershey reports Q3 2025 results

HSY

Earnings

Guidance Update

Third-quarter net sales were $3.18 billion, up 6.5% reported and 6.2% organic, driven by 6 points of net price realization.
Reported net income was $276.3 million (EPS $1.36), down 38.2% year-over-year; adjusted EPS was $1.30, down 44.4%.
Operating profit margin declined to 13.7%, down 680 basis points, reflecting higher commodity and tariff costs.
Raised full-year 2025 guidance: net sales growth to ~3% (from ≥2%) and adjusted EPS growth to down 36–37% (toward upper half of prior range).

Oct 30, 2025, 10:45 AM

Press Release

Hershey Company secures new five-year revolving credit facility

HSY

Debt Issuance

On October 21, 2025, The Hershey Company entered into a new five-year unsecured revolving credit facility allowing borrowings up to $1.875 billion, with the option to increase commitments by up to $1.0 billion.
The new facility replaces the prior April 2023 agreement, which provided for a $1.35 billion revolving commitment and a $500 million accordion feature.
Borrowings may be used for general corporate and other purposes, and advances can be repaid without penalty at any time before the agreement’s termination date.
The facility includes a quarterly covenant requiring a minimum 2.0:1 ratio of pre-tax income from continuing operations (most recent four quarters) to consolidated interest expense.
Hershey may extend the termination date for up to two additional one-year periods upon notice to the administrative agent.

Oct 21, 2025, 8:28 PM

8-K

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