HERSHEY (HSY) Company Report

The snacks business delivered 18% growth in Q4 on double-digit volume gains, with both salty and sweet portfolios driving top-line momentum heading into 2026.
Pricing taken in 2025 does not fully offset 2026 cocoa cost inflation, and the company has locked in 10% price increases for 2026 while planning for an elasticity of ~0.8 (favorable so far).
2026 guidance assumes stable broad commodity costs, targeting 41% gross margin, with Q1 margin pressure from higher-cost inventory and a tariff carryover followed by a Q2 inflection and double-digit EPS growth through year-end; marketing investment is set to rise double-digits.
Cocoa markets are expected to move into a supply surplus in 2025-26, with Hershey hedged above current levels, implying further deflationary benefit in 2027.
With tariffs and high cocoa costs abating, capital allocation is normalizing: CapEx is returning to typical levels, free cash flow will fund both business investments and potential share repurchases.

1 day ago

Transcript

Hershey outlines Q4 2025 momentum and 2026 guidance

HSY

Earnings

Guidance Update

Revenue Acceleration/Inflection

Heading into 2026, Hershey expects 4–5% net sales growth and meaningful earnings recovery.
In Q4 2025, the snack business grew 18% with double-digit volume growth, driven by both sweet and salty portfolios.
Pricing actions, initiated mid-September 2025, aim to partially recover cocoa inflation while keeping 75% of products under $4 to maintain affordability.
The 2026 cocoa hedges are above current market prices, limiting near-term cost relief but offering potential for further deflation tailwinds in 2027.
Hershey plans a double-digit increase in brand investment, including R&D, innovation, and in-store activation, as multi-year initiatives to sustain growth.

1 day ago

Transcript

Hershey outlines Q4 2025 performance and 2026 guidance

HSY

Earnings

Guidance Update

Revenue Acceleration/Inflection

Heading into 2026, Hershey expects 4%–5% net sales growth and a meaningful earnings recovery on the back of a resilient portfolio.
Cocoa markets are moving into deflationary territory, but Hershey’s 2026 cocoa hedges remain above spot; further cost tailwinds may materialize in 2027 if current prices hold.
The company plans a double-digit increase in brand investment in 2026—including R&D, marketing, and in-store activation—to drive household penetration and sustain top-line momentum.
Q1 2026 will see margin pressure from higher-cost inventory and tariffs, with a profitability inflection in Q2 and double-digit EPS growth expected for the balance of the year.
In Q4 2025, organic sales grew 3% in confection, mid-single digits in salty snacks, and declined low-single digits internationally; all segments achieved double-digit EBIT growth.

1 day ago

Transcript

Hershey reports Q4 2025 results

HSY

Earnings

Guidance Update

M&A

Hershey’s consolidated Q4 net sales rose by 7% to $3.1 billion, with full-year net sales up 4.4% to $11.7 billion.
North America Confection sales grew 5.3% in Q4 with 10 pts net price realization offset by 5 pts volume decline; Salty Snacks surged 28%, driven by organic growth of 18.2% and the LesserEvil acquisition.
Q4 adjusted gross margin was 38.3%, down 650 bps year-over-year due to commodity inflation and tariffs, partially offset by pricing and productivity gains.
For 2026, Hershey projects 4–5% net sales growth, ~400 bps margin recovery, 30–35% adjusted EPS growth, and a 6% dividend increase.

1 day ago

Transcript

Hershey reports Q4 2025 results and 2026 guidance

HSY

Earnings

Guidance Update

M&A

Hershey delivered Q4 net sales of $3.1 billion (+7%) and full-year net sales of $11.7 billion (+4.4%), with organic constant-currency growth of 4.2% for 2025.
Q4 adjusted gross margin was 38.3%, down 650 bps year-over-year due to commodity inflation and tariffs, but ahead of internal expectations.
The company expects 2026 net sales growth of 4–5% (organic 2.5–3.5%), ~10 pp net price realization, ~400 bps gross margin recovery, and 30–35% adjusted EPS growth.
Strategic focus includes expanding innovation and cultural activations to drive top-line growth, delivering $230 million in incremental efficiency savings, and investing in R&D and brand building.
Capital allocation highlights: acquired LesserEvil in November 2025, full-year capex of $455 million, raised the dividend by 6%, and maintained share repurchase capacity.

1 day ago

Transcript

Hershey reports Q4 2025 results

HSY

Earnings

Guidance Update

Dividends

Hershey’s consolidated net sales rose 7% in Q4 to $3.1 billion and full‐year net sales grew 4.4% to $11.7 billion.
Segment performance in Q4: North America Confectionery +5.3%, Salty Snacks +28%, International +0.4%.
Adjusted gross margin declined 650 bp to 38.3% in Q4 due to cocoa inflation and tariffs; company expects roughly 400 bp of margin recovery in 2026.
2026 outlook: net sales growth of 4–5%, adjusted EPS up 30–35%, dividend raised by 6%, and continued share repurchase capacity (~$470 million).

1 day ago

Transcript

Hershey reports Q4 and full-year 2025 results and 2026 outlook

HSY

Earnings

Guidance Update

Q4 net sales reached $3,091.0 million, up 7.0%, with organic constant-currency growth of 5.7%.
Q4 adjusted EPS was $1.71, a 36.4% decline versus Q4 2024.
Full-year 2025 net sales were $11,692.6 million, up 4.4%, and adjusted EPS was $6.31, down 32.7%.
2026 guidance: net sales growth of 4%–5%, adjusted EPS of $8.20–$8.52 (up 30%–35%) and reported EPS of $7.77–$8.19 (up 79%–89%).

1 day ago

8-K

Hershey reports Q4 and full-year 2025 results and provides 2026 outlook

HSY

Earnings

Guidance Update

Q4 2025 consolidated net sales of $3,091.0 M (+7.0%; organic +5.7%), reported EPS $1.57 (-59.9%), adjusted EPS $1.71 (-36.4%)
FY 2025 consolidated net sales of $11,692.6 M (+4.4%; organic +4.2%), reported EPS $4.34 (-60.3%), adjusted EPS $6.31 (-32.7%)
2026 outlook calls for net sales growth of 4–5% (≈150 bps benefit from acquisitions; FX neutral), reported EPS of $7.77–$8.19 (+79–89%), and adjusted EPS of $8.20–$8.52 (+30–35%)

1 day ago

Press Release

Hershey completes acquisition of LesserEvil

HSY

M&A

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.

Nov 19, 2025, 1:35 PM

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

Earnings Transcripts

Quarterly earnings call transcripts for HERSHEY.

Q4 2025

Feb 5, 2026

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Q3 2025

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