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I upgrade The Hershey Company to Buy as its valuation now offers a more attractive risk-reward amid macro uncertainty. HSY delivered a strong Q2, beat estimates, raised guidance, and maintained a robust balance sheet with manageable long-term debt. Despite cocoa price spikes and consumer weakness, HSY's portfolio is positioned for evolving health trends and resilient snacking demand.

Hsbc Holdings PLC increased its holdings in Hershey Company (The) (NYSE:HSY – Free Report) by 7.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 356,753 shares of the company’s stock after purchasing an additional 25,911 shares during the quarter. Hsbc Holdings PLC owned approximately 0.18% of Hershey worth $62,664,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Bard Associates Inc. bought a new stake in shares of Hershey in the 4th quarter valued at about $26,000. Reflection Asset Management acquired a new stake in shares of Hershey in the fourth quarter valued at about $26,000. Bell Investment Advisors Inc bought a new position in shares of Hershey during the second quarter worth about $26,000. JPL Wealth Management LLC bought a new position in shares of Hershey during the third quarter worth about $26,000. Finally, GKV Capital Management Co. Inc. bought a new position in shares of Hershey during the first quarter worth about $27,000. 57.96% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Hershey In related news, CFO Steven Voskuil sold 1,500 shares of the business’s stock in a transaction on Monday, July 20th. The shares were sold at an average price of $170.00, for a total transaction of $255,000.00. Following the transaction, the chief financial officer owned 53,195 shares in the company, valued at $9,043,150. The trade was a 2.74% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.08% of the stock is owned by corporate insiders.

Hershey Stock Up 0.1% Shares of Hershey stock opened at $173.26 on Tuesday. The stock’s 50-day moving average is $178.80 and its 200 day moving average is $192.20. Hershey Company has a one year low of $161.43 and a one year high of $239.48. The firm has a market cap of $34.81 billion, a price-to-earnings ratio of 23.67, a PEG ratio of 1.37 and a beta of 0.11. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.18 and a quick ratio of 0.66. Hershey (NYSE:HSY – Get Free Report) last issued its earnings results on Thursday, July 30th. The company reported $1.90 earnings per share for the quarter, topping analysts’ consensus estimates of $1.43 by $0.47. Hershey had a return on equity of 31.92% and a net margin of 12.24%.The business had revenue of $2.79 billion during the quarter, compared to the consensus estimate of $2.63 billion. During the same period in the previous year, the company posted $1.21 earnings per share. The firm’s revenue for the quarter was up 6.6% on a year-over-year basis. Hershey has set its FY 2026 guidance at 8.360-8.520 EPS. Equities research analysts anticipate that Hershey Company will post 8.49 EPS for the current year.

Hershey Announces Dividend The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Friday, August 14th will be paid a $1.452 dividend. The ex-dividend date is Friday, August 14th. This represents a $5.81 annualized dividend and a dividend yield of 3.4%. Hershey’s payout ratio is currently 79.37%.

Analyst Ratings Changes Several analysts recently commented on the company. Weiss Ratings upgraded Hershey from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, July 31st. Jefferies Financial Group set a $190.00 price target on shares of Hershey in a report on Thursday, July 16th. Stifel Nicolaus dropped their price target on shares of Hershey from $215.00 to $180.00 and set a “hold” rating on the stock in a research report on Wednesday, July 22nd. TD Cowen reaffirmed a “buy” rating on shares of Hershey in a research note on Tuesday, September 1st. Finally, JPMorgan Chase & Co. increased their price objective on shares of Hershey from $191.00 to $193.00 and gave the stock a “neutral” rating in a research report on Friday, July 31st. Seven analysts have rated the stock with a Buy rating and sixteen have given a Hold rating to the company’s stock. According to MarketBeat.com, Hershey currently has an average rating of “Hold” and an average target price of $204.78.

View Our Latest Report on HSY

About Hershey (Free Report)

The Hershey Company (NYSE: HSY) is a leading North American chocolatier and snack manufacturer headquartered in Hershey, Pennsylvania. The company develops, produces and markets a wide range of confectionery and snack products for retail, foodservice and international customers. Hershey’s business spans manufacturing, branded product marketing, packaging and distribution across grocery, convenience, mass merchant and e-commerce channels.

Hershey’s product portfolio centers on chocolate and sugar confectionery, including core brands such as Hershey’s, Reese’s, Hershey’s Kisses and Twizzlers, alongside non-chocolate snacks and confectionery brands.

See Also Five stocks we like better than Hershey 3 Under-the-Radar Defense Stocks With Record Backlogs This Korea ETF Has Soared, But the Rally May Not Be Over Why Guidewire’s Post-Earnings Plunge May Not Last Ride-Share Reckoning: Tesla Drives Into Uber’s Lane Want to see what other hedge funds are holding HSY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Hershey Company (The) (NYSE:HSY – Free Report).

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In the latest close session, Hershey (HSY - Free Report) was down 1.09% at $173.15. The stock's performance was behind the S&P 500's daily loss of 0.38%. On the other hand, the Dow registered a loss of 0.51%, and the technology-centric Nasdaq decreased by 0.29%.

The chocolate bar and candy maker's shares have seen a decrease of 4.35% over the last month, not keeping up with the Consumer Staples sector's gain of 0.5% and the S&P 500's gain of 2.08%.

Analysts and investors alike will be keeping a close eye on the performance of Hershey in its upcoming earnings disclosure. The company's earnings per share (EPS) are projected to be $2.11, reflecting a 62.31% increase from the same quarter last year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $3.26 billion, up 2.34% from the year-ago period.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $8.49 per share and a revenue of $12.29 billion, indicating changes of +34.55% and +5.13%, respectively, from the former year.

It is also important to note the recent changes to analyst estimates for Hershey. Such recent modifications usually signify the changing landscape of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.

Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 0.07% higher. At present, Hershey boasts a Zacks Rank of #3 (Hold).

Looking at its valuation, Hershey is holding a Forward P/E ratio of 20.63. For comparison, its industry has an average Forward P/E of 20.57, which means Hershey is trading at a premium to the group.

Investors should also note that HSY has a PEG ratio of 1.38 right now. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. HSY's industry had an average PEG ratio of 1.38 as of yesterday's close.

The Food - Confectionery industry is part of the Consumer Staples sector. With its current Zacks Industry Rank of 98, this industry ranks in the top 40% of all industries, numbering over 250.

The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.

Hershey (HSY.N) on Wednesday named insider and industry veteran Dave Hulays as its finance ​chief, as the Reese's chocolates maker ‌navigates a tough macroeconomic environment while benefiting from robust demand and higher prices.

Hulays, who joined Hershey ​in 2012, takes charge from Steve ​Voskuil with immediate effect.

Here are some details:

Hulays, ⁠age 54, joined Hershey as VP ​Finance of Canada and since has taken broader ​financial leadership responsibilities across the company, including the U.S. and International businesses.

Before joining Hershey, Hulays spent nearly ​15 years at Procter & Gamble (PG.N) in ​a range of commercial, supply chain and global business ‌development ⁠roles.

The company said outgoing-CFO Voskuil, who has led Hershey's finance organization for the past seven years, will move into the role ​of SVP, Strategic ​Projects, ⁠focused on initiatives for the CEO and board. Voskuil also announced ​his intent to retire in early ​2027.

Hershey, ⁠which beat second-quarter sales and profit estimates in July, has added more salty snacks such as ⁠popcorn, cheese ​puffs and pretzels to ​its Halloween range to attract health-conscious consumers.

The new chocolate bar launches with Salted Caramel and Affogato flavors

, /PRNewswire/ -- Hershey's announces the launch of Hershey's Creme Bars, a new chocolate bar available in two flavor-forward varieties: Salted Caramel and Affogato. Made with smooth milk chocolate and rich creme fillings, the new bar puts a delicious twist on the Hershey's chocolate experience fans already know and love.

Hershey's partner and global girl group KATSEYE reimagines iconic "Pinky Up" gesture with new Creme Bars in Salted Caramel and Affogato flavors.

New Hershey's Creme Bar in Salted Caramel flavor.

New Hershey's Creme Bar in Affogato flavor.

Hershey's partner and global girl group KATSEYE putting their "Pinky Up" with new Creme Bars.

To celebrate the launch, Hershey's is teaming up with global girl group KATSEYE for a new campaign that gives the group's signature "Pinky Up" gesture with a Hershey's twist. The commercial ad encourages consumers to turn the simple act of choosing a chocolate bar into an expression of individuality. Fans can watch the campaign spot on YouTube HERE.

Elevating Everyday Moments with KATSEYE

To introduce the new Creme Bars, KATSEYE is bringing their iconic "Pinky Up" gesture to introduce the new Hershey's bars worth trying and talking about. The campaign is rooted in the discovery of the new Salted Caramel and Affogato flavors – encouraging people to try something new, share the experience with friends, and celebrate the excitement of the KATSEYE partnership. Together, Hershey's and KATSEYE recognize a generation of people who express themselves through personal style, community and everyday moments that spark happiness. "We've teamed up with Hershey's to always find joy in the little moments, whether we're traveling, rehearsing, or spending time together," said KATSEYE. "We love that Hershey's Creme Bars make those moments feel a little more fun. The partnership felt natural because it's about celebrating your individuality, embracing your own style, and finding happiness in the things that make you feel most like yourself."

Your Happy Place Just Got a Little Sweeter
Hershey's Creme Bars build on the brand's "Hershey's. It's Your Happy Place" platform by bringing a fresh flavor experience to the moments people already enjoy, from an on-the-go treat to something new to share with friends.

Fans will have opportunities to try the bars through sampling and pop-up experiences later this fall. Hershey's is also partnering with Uber around select cultural moments, helping consumers discover Hershey's Creme Bars while they are out, on the move and making plans with friends.

"This Hershey's Creme Bar launch is more than introducing a new chocolate bar. It's about celebrating the small choices that help people express themselves and create moments of happiness throughout their day," said Katrina Vatter, Senior Brand Manager, The Hershey Company. "From the trend-forward flavors to our partnership with KATSEYE, Hershey's Creme Bars were designed to inspire discovery, self-expression, and shareable moments that feel uniquely your own."

FAQs

What flavors are available?
The newest flavors are Salted Caramel and Affogato, both available in 2.2 oz standard bars and an 8.4 oz snack size pouch.

Salted Caramel combines a rich caramel flavor with balanced sweetness and a creamy, melty bite that's easy to love.

Affogato delivers a fun coffeehouse-inspired twist with a dual-layer filling featuring espresso-flavored caramel and sweet vanilla creme, creating a flavor experience that's both familiar and unexpected.

What makes Hershey's Creme Bars different from other Hershey's chocolate bars?
Hershey's Creme Bars offer a fresh take on chocolate with trend-forward flavors and distinctive fillings designed for consumers who love discovering what comes next. Available in Salted Caramel and Affogato, the bars deliver share-worthy flavor experiences that bring a little extra happiness to everyday moments.

Who is KATSEYE and what is the "Pinky Up" gesture?
KATSEYE is a multi Grammy-nominated global girl group known for their confidence, individuality, and trend-setting style. The "Pinky Up" gesture, recognized by fans worldwide, is a playful expression of choosing happiness for yourself.

How did the collaboration between Hershey's and KATSEYE come together?
 The connection was immediate. KATSEYE's bold self-expression, growing cultural influence, and devoted fan community made them a natural fit for Hershey's Creme Bars. Together, the partnership celebrates choosing happiness, embracing individuality, and encouraging consumers to confidently express themselves in their own unique way.

When and where are the Hershey's Creme Bars available?
Hershey's Creme Bars are available now at participating retailers.

About The Hershey Company
The Hershey Company is an industry-leading snacks company with a purpose to make more moments of goodness and a vision to lead next generation snacking. Hershey brings together more than 20,000 employees worldwide to deliver delicious, high-quality products across more than 85 brands in approximately 65 countries, generating more than $11.7 billion in annual revenues.

Hershey brings its full portfolio to market as ONE Hershey, spanning confection, salty and functional snacking categories with beloved brands like Hershey's, Reese's, Kisses, KIT KAT®, Jolly Rancher, Twizzlers and Ice Breakers; salty snacks including SkinnyPop, LesserEvil, Pirate's Booty and Dot's Homestyle Pretzels; and a protein portfolio including ONE Brands and Fulfil.

For more than 130 years, Hershey has operated fairly, ethically and sustainably. Founder Milton Hershey established Milton Hershey School in 1909, and that legacy of purpose endures today through the company's commitment to helping children succeed through equitable access to education.

To learn more visit www.thehersheycompany.com.

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Pricing is at the sole discretion of the retailer.

SOURCE The Hershey Company

Bank of Nova Scotia purchased a new position in Hershey Company (The) (NYSE:HSY – Free Report) in the second quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 17,590 shares of the company’s stock, valued at approximately $3,086,000.

Several other institutional investors and hedge funds have also made changes to their positions in HSY. GKV Capital Management Co. Inc. purchased a new stake in shares of Hershey in the 1st quarter valued at approximately $27,000. JPL Wealth Management LLC purchased a new position in Hershey in the third quarter valued at about $26,000. Reflection Asset Management bought a new position in Hershey during the fourth quarter valued at approximately $26,000. Bard Associates Inc. bought a new position in shares of Hershey during the 4th quarter valued at $26,000. Finally, Bell Investment Advisors Inc acquired a new position in shares of Hershey during the 2nd quarter valued at about $26,000. 57.96% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades HSY has been the subject of a number of recent analyst reports. Sanford C. Bernstein restated a “market perform” rating and set a $201.00 price target on shares of Hershey in a report on Friday, July 31st. DA Davidson set a $190.00 price objective on Hershey in a research note on Friday, July 31st. Royal Bank Of Canada cut their price objective on Hershey from $212.00 to $206.00 and set a “sector perform” rating for the company in a research report on Friday, August 21st. Jefferies Financial Group set a $190.00 target price on Hershey in a research note on Thursday, July 16th. Finally, Weiss Ratings raised Hershey from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, July 31st. Seven research analysts have rated the stock with a Buy rating and sixteen have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $204.78.

Get Our Latest Research Report on HSY Hershey Stock Down 1.5% Shares of NYSE HSY opened at $187.18 on Wednesday. The stock has a market cap of $37.61 billion, a PE ratio of 25.57, a PEG ratio of 1.16 and a beta of 0.11. The business has a fifty day moving average of $178.67 and a two-hundred day moving average of $195.27. Hershey Company has a 52-week low of $161.43 and a 52-week high of $239.48. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.66 and a current ratio of 1.18.

Hershey (NYSE:HSY – Get Free Report) last issued its earnings results on Thursday, July 30th. The company reported $1.90 EPS for the quarter, beating the consensus estimate of $1.43 by $0.47. The company had revenue of $2.79 billion for the quarter, compared to the consensus estimate of $2.63 billion. Hershey had a net margin of 12.24% and a return on equity of 31.92%. The firm’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.21 EPS. Hershey has set its FY 2026 guidance at 8.360-8.520 EPS. As a group, equities research analysts expect that Hershey Company will post 8.49 earnings per share for the current fiscal year.

Hershey Announces Dividend The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Friday, August 14th will be issued a dividend of $1.452 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $5.81 annualized dividend and a dividend yield of 3.1%. Hershey’s dividend payout ratio (DPR) is presently 79.37%.

Insider Activity In other news, CFO Steven E. Voskuil sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, July 20th. The stock was sold at an average price of $170.00, for a total value of $255,000.00. Following the transaction, the chief financial officer directly owned 53,195 shares of the company’s stock, valued at $9,043,150. The trade was a 2.74% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.08% of the company’s stock.

Hershey Profile (Free Report)

The Hershey Company (NYSE: HSY) is a leading North American chocolatier and snack manufacturer headquartered in Hershey, Pennsylvania. The company develops, produces and markets a wide range of confectionery and snack products for retail, foodservice and international customers. Hershey’s business spans manufacturing, branded product marketing, packaging and distribution across grocery, convenience, mass merchant and e-commerce channels.

Hershey’s product portfolio centers on chocolate and sugar confectionery, including core brands such as Hershey’s, Reese’s, Hershey’s Kisses and Twizzlers, alongside non-chocolate snacks and confectionery brands.

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Key Takeaways Hershey's Q2 adjusted EPS rose 57%, while adjusted operating profit climbed 37.3% on pricing and savings. HSY's organic sales rose 3.6% as roughly 12 points of pricing offset an 8-point volume decline. Hershey expects full-year gross margin expansion below 400 basis points as freight and logistics costs rise. The Hershey Company (HSY - Free Report) paired a sizable second-quarter earnings beat with a sharp improvement in profitability as pricing, lower net commodity costs and productivity supported margins.

The harder question is durability. Volume remained under pressure from price elasticity, while freight, logistics and planned investment could absorb part of the benefit from a more favorable cost environment in the second half of 2026.

Hershey’s Q2 Beat Was Driven by Pricing and MarginsHershey reported adjusted earnings of $1.90 per share, up 57% year over year and above the Zacks Consensus Estimate of $1.45. Net sales increased 6.6% to $2.79 billion.

Adjusted operating profit rose 37.3% to $563.5 million as net price realization, lower net commodity costs and productivity savings outweighed higher logistics expenses and capability investments. Part of the earnings upside also reflected the timing of non-working media spending that shifted into the second half.

HSY’s Volume Declines Expose Price Elasticity RiskOrganic, constant-currency sales rose 3.6% as roughly 12 points of pricing more than offset an 8-point volume decline. North America Confectionery volume fell about 10 points, while International volume declined about 8%.

That makes consumer response to higher prices central to the quality of future growth. Mondelez International, Inc. (MDLZ - Free Report) , whose snack portfolio includes Cadbury Dairy Milk, Milka and Toblerone chocolate, offers a broader branded-snacking comparison. Tootsie Roll Industries, Inc. (TR - Free Report) , with brands including Tootsie Roll, DOTS and Junior Mints, provides a more concentrated confectionery reference point.

Hershey’s Gross Margin Recovery Faces Cost PressureAdjusted gross margin expanded 350 basis points to 41.6% in the second quarter, showing the benefit of pricing, productivity and lower net commodity costs. The improvement helped offset unfavorable mix and higher logistics expenses.

Management now expects full-year gross margin expansion to be slightly below 400 basis points because freight and logistics costs have increased, particularly in Salty Snacks. That pressure matters because Hershey also plans a meaningful step-up in second-half brand investment while continuing capability and technology spending.

Image Source: Zacks Investment Research

HSY’s Raised Guidance Lifts the 2026 Earnings BarHershey raised its 2026 net sales growth outlook to 4.5%-5% and organic sales growth expectations to 3%-3.5%. Adjusted earnings growth is now projected at 32.5%-35%, equivalent to adjusted earnings of $8.36-$8.52 per share.

The higher ranges reflect a strong first half, but they also raise the execution requirement for the rest of the year. Management expects third-quarter earnings growth to be the strongest of 2026 as pricing net of commodity costs becomes most favorable against the prior-year period.

Hershey’s Ratings Temper the Earnings MomentumThe margin rebound can extend if pricing, productivity and lower net commodity costs continue to offset logistics and investment spending. The main counterweight is volume. A sustained recovery would look more durable if Hershey can preserve margins while reducing the degree to which sales growth depends on price realization.

HSY currently carries a Zacks Rank #3 (Hold), with a Growth Score of A, VGM Score of B, Value Score of C and Momentum Score of C. The A and B grades point to favorable growth and blended style characteristics, while the C grades are more neutral. Combined with a Hold rank, that mix supports a measured view as investors assess whether the margin recovery can broaden into healthier volume trends. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Hershey Company (HSY -1.25%) is heading into the autumn months with the tailwinds of pricing power and seasonal demand. The one stat that makes the company hard to ignore right now is its revenue growth relative to cocoa costs, which have increased by more than 120% in the past six months.

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One might think a triple-digit rise in the cost of a core ingredient would hurt business, but the company's second-quarter earnings showed net sales up 6.6% year over year. Adjusted earnings per share in Q2 rose a whopping 57% in the same time period. This demonstrates Hershey's brand strength and its ability to price products without scaring off customers.

Hershey's research found that 82% of parents are likely to purchase chocolate in October, and intend to buy gummies and sour candy even earlier in the season. In response, management is planning a "Hersheyween," which runs from the end of the summer into the fourth quarter. The promotion is Hershey's largest-ever Halloween lineup.

Image source: Getty Images.

Hershey's stock trades at a slight premium to some of its peers in the packaged-goods industry, but the sweets company offers a tasty 3.2% dividend yield and decades of consistent payouts. Hershey is currently well below its 52-week high of $239. The stock is relatively flat year to date.

So is Hershey a good buy? Yes, for income-focused investors, it's quite a reasonable one. Its dividend is reliable, and thus far, cocoa prices haven't driven consumers away. As we head into prime chocolate season, Hershey is ready to devour the market.

Catie Hogan has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Hershey. The Motley Fool has a disclosure policy.

Item 1 of 2 People wearing costumes go trick-or-treating by a decorated house on Halloween night in Pasadena, California, U.S., October 31, 2024. REUTERS/Mario Anzuoni/File Photo

[1/2]People wearing costumes go trick-or-treating by a decorated house on Halloween night in Pasadena, California, U.S., October 31, 2024. REUTERS/Mario Anzuoni/File Photo Purchase Licensing Rights, opens new tab

SummaryCompaniesHershey expands Halloween range with popcorn, cheese puffs and pretzelsWeight-loss drugs are among factors driving healthier consumer habitsHershey says Zero Sugar portfolio has quadrupled in size from about five years agoIndividually wrapped, portion-controlled treats help keep confectionery ​relevant, Hershey saysLONDON, Aug 19 (Reuters) - Halloween trick-or-treating could be less sugary than usual this year as ‌consumers look for healthier snacks and candy companies such as Hershey (HSY.N), opens new tab, the United States' biggest chocolate-maker, adapt their product offerings.

Fuelled by GLP-1 weight-loss drugs and a growing focus on health, eating habits are changing, leading the makers of sweet and salty snacks to adjust their portfolios ​to offer more protein, smaller-sized products and fewer calories.

Sign up here.

In the run-up to Halloween on October 31, which can ​account for nearly a fifth of annual confectionery retail sales, Hershey has added more salty ⁠snacks such as popcorn, cheese puffs and pretzels to its trick-or-treat offering, which its research has found U.S. consumers ​begin stocking up on months in advance.

"Certainly, the Lesser Evil brand and our salty snacks brands broadly, Skinny Pop and ​Pirate's Booty, having a greater presence in Halloween is in response to the (healthy eating) dynamic," Dan Mohnshine, Hershey's vice president for demand creation, strategy and innovation, told Reuters.

But he said chocolate was still the Halloween snack of choice.

"When it comes to GLP-1s, we've seen pretty ​strong resilience in the chocolate category here in the U.S.," he said.

Without giving precise figures, he said early-season sales ​of snack-size bags of chocolates and sweets had risen in double-digits versus a year ago.

Sugar-free versions, sweetened with sugar alcohols rather than ‌conventional ⁠sugar, are also a growth area.

U.S. dollar sales in Hershey's Zero Sugar candy, mint and gum business grew around 4.3 times from 2020 through 2025, Mohnshine said.

AI-DRIVEN INNOVATION AND THE 'TRUNK-OR-TREAT' TRENDAccording to Hershey's "Unwrapping Halloween" report, published in partnership with data intelligence firm Morning Consult this month, three of the five biggest-selling U.S. candies at Halloween are Hershey's products and ​two-thirds of parents have already ​bought Halloween treats in the ⁠summer.

Further research from the National Confectioners Association found that in 2024, Americans spent $7.4 billion on treats, accounting for 18% of all confectionery retail sales that year.

Given the amount at ​stake, Hershey is using artificial intelligence to speed up product development.

"We've removed about three ​months from the ⁠typical timeframe it takes to go from consumer insight to approved concept," Mohnshine said. "As a result, our innovation pipeline over the last nine months has expanded 75%."

AI also identifies "trunk-or-treat" parties as a growing trend. They began in COVID lockdowns and are ⁠still favoured ​by communities and families who gather with their cars to exchange treats.

Mohnshine ​is expecting them to be more popular than ever this year and says the Reese's maker is at the ready with its expanded range ​of small, individually wrapped pieces that he said are "the key to remaining relevant".

Reporting by Alexander Marrow; editing by Barbara Lewis

Our Standards: The Thomson Reuters Trust Principles., opens new tab

The Hersheyween lineup features more than 20 seasonal product innovations inspired by how consumers are celebrating Halloween earlier and across more occasions

, /PRNewswire/ -- The Hershey Company is unveiling its largest and most diverse Halloween portfolio to date, offering something for every Halloween tradition and celebration. With more than 20 innovations across chocolate, sweets and salty snacks, Hershey is shaping the season at every moment. That's why we call it 'Hersheyween.'

No one knows Halloween like Hershey, and there is a new Halloween calendar—one that's built around anticipation. Our recently launched Unwrapping Halloween: Hershey's State of the Season Report1 shows how the season is expanding.

Sweets Assortment Stand-Up Bag: A variety-packed assortment featuring the introduction of Sour Strips to the Hershey seasonal portfolio, as well as Jolly Rancher Gummies Trickies Minis, Jolly Rancher Gummies Minis and Twizzlers Twists in Strawberry flavor. The mix is perfect for every sweet tooth, delivering a range of fruity, chewy, sweet and sour favorites.

KIT KAT® Count & Witch: The return of the classic wafer and chocolate combination, this year offered in new instant consumable (IC) pack types, reimagined in two breakaway spooky shapes. The treat is also available in regular and king size bars, as well as a 6-pack built for sharing – perfect for a brand that 38% of consumers consider a Halloween favorite.

Returning Favorite: Reese’s Pumpkins: An iconic Halloween treat, Reese’s classic chocolate and peanut butter combination comes in a pumpkin-shaped format. Reese’s is the brand of choice for 37% of consumers, while Reese’s Pumpkins shapes top the category as the favorite Halloween product among 22% of consumers.

Pirate's Booty Boos & Bites: Halloween-themed Pirate’s Booty puffs feature ghost and monster shapes with the brand’s signature aged white cheddar flavor. The snack-size packs bring a playful savory option to seasonal snacking, parties and trick-or-treat occasions.

Reese's Sweet & Salty: Snack-size packs of Reese’s Dipped Animal Crackers, Reese’s Dipped Pretzels and Reese’s Filled Pretzels bring together Reese’s chocolate and peanut butter with salty, crunchy formats. The brand new, cross-category assortment delivers a sweet-and-salty seasonal mashup.

LesserEvil Pumpkin Spice Popcorn: A seasonal popcorn offering that brings warm cinnamon-and-spice fall flavor to everyday snacking. Ideal for consumers seeking a salty way to enjoy pumpkin spice throughout the Halloween season.

"Our Halloween leadership is earned long before consumers walk into a store," said Katie DeCapria, Head of Hersheyween at The Hershey Company. "It comes from spending the entire year studying shopper behaviors, tracking emerging trends and understanding what people want from the season. Those insights guide how we show up for Halloween—making sure our Hersheyween lineup delivers something for every taste, tradition and occasion."

The Hersheyween Difference
Even as traditions evolve, consumers continue to turn to the brands they know and love. Backed by 3 of the top 5 chocolate brands (#1 Reese's; #3 KIT KAT®; #5 Reese's Shapes)2, Hershey combines trusted favorites with consumer-led innovation to create a portfolio that keeps Halloween engaging from early Summerween "treat for me" moments to the last Halloween block party.

Meeting the Demand for More Fruity, Chewy and Gummy Halloween Candies
Chocolate remains the anchor of Halloween, but consumers are also reaching for more fruity, chewy and sour variety throughout the season. In the Unwrapping Halloween report, 72% of parents said they are likely to buy gummy candy early in the season, while 68% are likely to buy fruit chews and 61% are likely to buy sour strips or belts before September. That demand continues into October, when 74% of parents are likely to buy gummy candy and fruit chews, and 64% are likely to buy sour strips or belts.

New innovations and assortments bring that variety to candy bowls all season long, including:

Sweets Assortment Stand-Up Bag: A variety-packed assortment featuring the introduction of Sour Strips to the Hershey seasonal portfolio, as well as Jolly Rancher Gummies Trickies Minis, Jolly Rancher Gummies Minis and Twizzlers Twists in Strawberry flavor. The mix is perfect for every sweet tooth, delivering a range of fruity, chewy, sweet and sour favorites. Jolly Rancher Gummies Trickies Minis Snack Size: Bursting with bold fruit flavors, these chewy bites keep trick-or-treaters guessing with colors that don't match the flavor, creating a fun, interactive candy experience. Available in seasonal Halloween shapes and flavors including Green Apple, Blue Raspberry, Cherry, Grape and Watermelon, Jolly Rancher Gummies Trickies now come in convenient sachets, making them a standout addition to trick-or-treat bowls and Halloween celebrations. Jolly Rancher Gummies Minis Snack Size: Fruit-shaped gummies packed with bold, juicy fruit-flavors. The poppable format makes them ideal for on-the-go snacking while bringing exciting variety to candy mixes and Halloween sharing occasions. Jolly Rancher Gummies Assortment: A mix of snack-size sour and sweet gummies, including Jolly Rancher Sour Gummies Minis, Jolly Rancher Gummies Trickies Minis, Jolly Rancher Gummies Minis and Jolly Rancher Sour Gummies Minis Awesome Reds. The assortment offers standout flavors and textures to both sour and sweet candy lovers. Bringing the Seasonal Shapes and Chocolate Favorites that Signal Hersheyween
Seasonal shapes remain one of the strongest signals that Halloween has arrived, and Hershey's portfolio brings that visual excitement to the brands consumers already love. Chocolate continues to lead purchase intent across the season, with 77% of parents likely to buy chocolate before September and 82% likely to buy chocolate in October according to the Unwrapping Halloween report.

That demand comes to life through fan-favorite formats, new launches and returning classics:

KIT KAT® Count & Witch: The return of the classic wafer and chocolate combination, this year offered in new instant consumable (IC) pack types, reimagined in two breakaway spooky shapes. The treat is also available in regular and king size bars, as well as a 6-pack built for sharing – perfect for a brand that 38% of consumers consider a Halloween favorite. Hershey's Cookies 'N' Creme Fangs Snack Size: A fang-shaped version of the classic iconic Hershey's Cookies 'N' Creme flavor, making its Halloween comeback for the first time since 2024. This spooky treat is a seasonal favorite, offering a playful scare and snack. Hershey Halloween All-Stars: An assortment of 18 full-size, limited-edition Halloween shapes and flavors, including Reese's Pumpkins, KIT KAT® Count & Witch shapes, KIT KAT® Ghost Toast and Jolly Rancher Gummies Trickies. This seasonal variety pack brings together Hershey's most exciting Halloween innovations in one convenient box.   Returning Favorite: Reese's Pumpkins: An iconic Halloween treat, Reese's classic chocolate and peanut butter combination comes in a pumpkin-shaped format. Reese's is the brand of choice for 37% of consumers, while Reese's Pumpkins shapes top the category as the favorite Halloween product among 22% of consumers. And new this year and available exclusively on Amazon, the Reese's Pumpkin Bowl features 110 snack-size treats in a festive, reusable pumpkin container perfect for Halloween celebrations. Expanding Halloween Snacking with Salty Favorites Beyond the Candy Bowl
For the first time, Hershey is bringing a broader portfolio of salty offerings to Halloween, giving people more ways to celebrate. According to the Unwrapping Halloween report, 30% of parents plan to take their kids to a trunk-or-treating event. It's one example of how consumers are looking for new occasions with a greater variety of flavors, formats and textures and underscores the growing role salty snacks play throughout the season.

This year's salty lineup includes:

Pirate's Booty Trick-or-Treat: Pirate's Booty's signature aged white cheddar puffs deliver a light, airy crunch in individually portioned snack packs. The format gives families a savory, non-candy option for trick-or-treating, trunk-or-treat events and Halloween parties. Pirate's Booty Boos & Bites: Halloween-themed Pirate's Booty puffs feature ghost and monster shapes with the brand's signature aged white cheddar flavor. The snack-size packs bring a playful savory option to seasonal snacking, parties and trick-or-treat occasions. Reese's Sweet & Salty: Snack-size packs of Reese's Dipped Animal Crackers, Reese's Dipped Pretzels and Reese's Filled Pretzels bring together Reese's chocolate and peanut butter with salty, crunchy formats. The brand new, cross-category assortment delivers a sweet-and-salty seasonal mashup. SkinnyPop Halloween Packs: Individually packaged SkinnyPop popcorn in Halloween-themed packaging, designed for seasonal snacking and sharing. This lighter, better-for-you option gives consumers a salty alternative that extends Halloween celebrations beyond the candy bowl. Hershey is also tapping into the early appetite for fall flavors, with LesserEvil joining the Hersheyween portfolio for the first time. By late September, 52% of adults and 67% of parents are already seeking fall treats, drinks or flavors, making pumpkin spice and Halloween-themed salty snacks a natural fit for the season's longer runway.

The result is a lineup of LesserEvil products that brings seasonal flavor and festive fun:

LesserEvil Pumpkin Spice Popcorn: A seasonal popcorn offering that brings warm cinnamon-and-spice fall flavor to everyday snacking. Ideal for consumers seeking a salty way to enjoy pumpkin spice throughout the Halloween season. LesserEvil Spooky Popcorn: LesserEvil popcorn brings a lighter, better-for-you salty snack into Halloween-themed packs. The individually portioned format works across trick-or-treating, school events and Halloween celebrations. LesserEvil Spooky Spaceballs: Light and airy cheese corn puffs in Halloween-themed packaging made for parties, trick-or-treating, and seasonal snacking. Delivers playful flavor and festive appeal in a convenient grab-and-go format. For more information on our products please visit hersheyland.com/halloween.

Pricing is at the sole discretion of the retailer.

FAQs

What is Hersheyween?
From Summerween to Halloween night, we know the trends, treats and tales that shape the season. We call it Hersheyween because no one knows Halloween like Hershey.

What is Summerween?
A summer celebration inspired by Halloween that emphasizes self-expression, novelty, treats, and seasonal fun.

What is Halloween anticipation?
The growing consumer behavior of engaging with Halloween months before October through seasonal purchases, traditions, decorations, and celebrations.

How are people celebrating Halloween? What's changing?
Research from The Hershey Company and Morning Consult found that Halloween has evolved into a season of celebration that spans a third of the year. Nearly two-thirds of parents have already purchased Halloween candy during the summer months, and half are in "Halloween mode" before October begins.

How does Hershey use consumer insights to inform the portfolio?
Hershey understands the flavors and formats consumers are looking for and uses that information to ensure its candy feels special for any occasion. By turning fan-favorite flavors into seasonal shapes and creating formats tailored to the real ways consumers celebrate, Hershey ensures its products drive excitement, nostalgia and visual impact.

Check out Unwrapping Halloween: Hershey's State of the Season Report for more insights and trends shaping our seasonal approach.

When will Hershey's Halloween products be available in stores?
Hershey's Halloween products are rolling onto shelves now and will be available all season long.

How is this year's Halloween portfolio different?
Beyond innovations, Hershey is offering a wider variety for every taste preference and Halloween occasion. From chocolate to the perfect balance of sweet and salty, this year's Halloween portfolio offers more options than ever.

What is Hershey's leadership in the Halloween category?
Hershey delivers products for every Halloween occasion and consumer taste preference. Backed by iconic brands and consumer-led innovation, including 3 of the top 5 chocolate brands (#1 Reese's; #3 KIT KAT®; #5 Reese's Shapes), the #1 in assortments and 3 of the top 6 selling items in the season (#2 Reese's Cup snack size; #4 165-count chocolate assortment; #6 55-count chocolate assortment), Hershey continues to set the standard for the category.

Are any former Halloween favorites making a comeback in 2026?
Hershey's Cookies 'N' Creme Fangs are coming back this year after strong performance in the market in 2024.

What is new about the salty portfolio for Halloween 2026?
Salty plays a growing role in Trunk-or-Treat, parties and non-candy occasions, with expanded Pirate's Booty, popcorn and sweet-and-salty assortment packs that reflect how consumers actually snack during the season. It's also the first year that LesserEvil will be offered as part of the Hersheyween portfolio.

About The Hershey Company
The Hershey Company is an industry-leading snacks company with a purpose to make more moments of goodness and a vision to lead next generation snacking. Hershey brings together more than 20,000 employees worldwide to deliver delicious, high-quality products across more than 85 brands in approximately 65 countries, generating more than $11.7 billion in annual revenues.

Hershey brings its full portfolio to market as ONE Hershey, spanning confection, salty and functional snacking categories with beloved brands like Hershey's, Reese's, Kisses, KIT KAT®, Jolly Rancher, Twizzlers and Ice Breakers; salty snacks including SkinnyPop, LesserEvil, Pirate's Booty and Dot's Homestyle Pretzels; and a protein portfolio including ONE Brands and Fulfil.

For more than 130 years, Hershey has operated fairly, ethically and sustainably. Founder Milton Hershey established Milton Hershey School in 1909, and that legacy of purpose endures today through the company's commitment to helping children succeed through equitable access to education.

To learn more visit www.thehersheycompany.com.

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[1] SOURCE: Unwrapping Halloween: Hershey's State of the Season Report

The Hershey Company partnered with Morning Consult to conduct an online survey among 3,026 U.S. adults. The survey was fielded July 8-10, 2026. Findings are based on a nationally representative sample of U.S. adults.

[2] SOURCE: Circana HWN 2025 Flag, MULO+C

SOURCE The Hershey Company

Steven E. Voskuil, SVP, Chief Financial Officer of The Hershey Company (HSY -0.42%), sold 950 shares of common stock on Aug. 5, 2026, according to a SEC Form 4 filing.

Transaction summaryMetricValueTransaction value$171,000Shares sold (directly held)950Post-transaction shares (directly held)52,245Post-transaction value$9.38 millionTransaction value based on SEC Form 4 weighted average sale price ($180.00); post-transaction value based on August 05, 2026, market close ($179.58).

Key questionsWhat was the regulatory context of this disposal?
The transaction was non-discretionary at the time of execution, occurring under a Rule 10b5-1 trading plan adopted by Steven E. Voskuil approximately three months earlier, which provided for pre-scheduled liquidity.How does this move impact the insider's total equity exposure?
Despite the sale, Steven E. Voskuil retains a substantial direct stake in the company, with the 950 shares sold representing a minority portion of his total 52,245-share position.What are the fundamental indicators for the company at the time of this filing?
As of the Aug. 5, 2026 market close, the company reported a trailing-twelve-month (TTM) revenue of $12.2 billion and net income of $1.5 billion, while the stock has delivered a -2% one-year total return as of the transaction date.Company OverviewMetricValueShare Price (as of market close 2026-08-05)$179.58Market Capitalization$37.1 billionRevenue (TTM)$12.2 billionNet Income (TTM)$1.5 billionCompany SnapshotThe Hershey Company manufactures and distributes a comprehensive portfolio of confectionery products and salty snacks, generating revenue through three primary business segments: North America Confectionery, North America Salty Snacks, and International operations.The company operates a vertically integrated business model that encompasses manufacturing, distribution, and retail partnerships across the United States and international markets, capturing margin throughout the value chain from production to the point of sale.The company serves retail customers, including grocery chains, convenience stores, and mass merchandisers, as well as direct-to-consumer channels, with products positioned across mainstream and premium confectionery categories targeting broad demographic segments.

Today's Change

(

-0.42

%) $

-0.77

Current Price

$

181.98

The Hershey Company represents a leading global confectionery manufacturer with a market capitalization of $37.1 billion and TTM revenues of $12.2 billion, demonstrating substantial scale within the consumer defensive sector.

The company leverages iconic brand portfolios and diversified product offerings across confectionery and salty snacks to maintain competitive positioning and drive consistent cash generation.

With 19,595 employees and operations spanning North America and international markets, Hershey maintains a strategic advantage through brand recognition, distribution infrastructure, and category leadership in premium and mainstream confectionery segments.

What this transaction means for investorsThis sale shouldn’t concern investors. It represented roughly 2% of the executive’s stake in the company’s stock.

Moreover, the transaction was completed under a Rule 10b5-1 plan, which insiders routinely use to make trades in their stock holdings to avoid the appearance of acting on material non-public information.

Hershey’s TTM revenue grew 7.7% year over year, while adjusted earnings per share fell 13% to $7.26. Demand across the company’s confectionery and snack brands remains solid. The fall in earnings reflects supply chain challenges and higher transportation costs, which may be short-term and will eventually turn around in Hershey’s favor.

Management sees a “robust runway for growth” in core brands. Investors may look at the recent dip in the shares as a buying opportunity.

John Ballard has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Hershey. The Motley Fool has a disclosure policy.

The Hershey Company (HSY) Q2 2026 Earnings Call Prepared Remarks Transcript

Hershey delivered strong Q2 2026 results, with adjusted EPS up 57% and gross margin expanding to 45.3%. HSY raised full-year guidance, now expecting 4.5–5% net sales growth and 32.5–35% adjusted EPS growth. Despite margin recovery from favorable cocoa contracts, HSY faces volume declines and increased competition, particularly in confectionery.

The Hershey Company (HSY) Q2 2026 Earnings Call Transcript

Hershey (HSY - Free Report) reported $2.79 billion in revenue for the quarter ended June 2026, representing a year-over-year increase of 6.6%. EPS of $1.90 for the same period compares to $1.21 a year ago.

The reported revenue compares to the Zacks Consensus Estimate of $2.65 billion, representing a surprise of +5.21%. The company delivered an EPS surprise of +31.03%, with the consensus EPS estimate being $1.45.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Hershey performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Net Sales- North America: $2.56 billion versus $2.42 billion estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +6.7% change.Net Sales- North America Salty Snacks: $387.85 million compared to the $370.37 million average estimate based on three analysts. The reported number represents a change of +22.9% year over year.Net Sales- North America Confectionery: $2.17 billion versus $2.05 billion estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +4.2% change.Net Sales- International: $225.89 million versus $213.65 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +5.7% change.View all Key Company Metrics for Hershey here>>>

Shares of Hershey have returned +2.9% over the past month versus the Zacks S&P 500 composite's -1.5% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.

The maker of Reese's Peanut Butter Cups and Twizzlers also bumped up its guidance for the year, saying it is entering the second half of the year with momentum.

MarketBeat Week in Review – 06/29 - 07/03Hershey NYSE: HSY narrowed its 2026 sales and adjusted earnings outlook to the upper half of its previous ranges after reporting stronger first-half results, supported by pricing, productivity initiatives and continued consumer demand across its confectionery, salty snacks and international businesses.

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President and CEO Kirk Tanner said the company entered the year targeting 4% to 5% net sales growth alongside a “meaningful margin and earnings recovery.” Through the first half, reported net sales rose nearly 9%, organic net sales increased almost 6%, and adjusted earnings per share rose 28%.

Hershey Stock May Be Near a Sweet Spot as Cocoa Pressure EasesFor the second quarter, Hershey reported net sales growth of 6.6% from the prior-year period. The LesserEvil acquisition contributed 2.7 percentage points of growth, while foreign currency translation added 30 basis points. Net price realization was approximately 12%, offset in part by an approximately eight-point decline in volume, which the company attributed primarily to elasticity effects in North America Confectionery and International.

Updated outlook points to stronger full-year earnings growth Senior Vice President and CFO Steve Voskuil said adjusted EPS increased 57% year over year to $1.90 in the second quarter. The result was helped by net sales and gross profit performance, as well as the timing of non-working media investments that shifted into the second half.

Campbell's Soup Stock: Deep Value and a 7% Dividend YieldHershey now expects total-company organic net sales growth of 3% to 3.5% for 2026. It also expects adjusted EPS growth of 32.5% to 35%, representing the upper half of its prior outlook. Voskuil said third-quarter EPS growth is expected to be the strongest of the year as pricing, net of commodity costs, is anticipated to be most favorable compared with the year-earlier period.

Adjusted gross margin expanded 350 basis points in the second quarter, driven by pricing, productivity and input-cost deflation. Gross margin performance was also aided by a $9 million tariff refund, which more than offset higher freight and logistics costs in Salty Snacks and International. The company now expects full-year gross margin expansion to come in slightly below 400 basis points because of the higher freight and logistics costs affecting its salty-snacking business.

The company said its outlook does not include potential future tariff rebates. Hershey maintained its full-year interest expense outlook of $200 million to $210 million and said there was no change to its tax outlook.

Confectionery demand remains resilient despite selective spending Tanner said U.S. shoppers remain value-oriented and selective as consumer sentiment stays soft, though demand in Hershey’s categories has remained resilient. U.S. retail category growth was approximately 5% for confectionery, 17% for permissible salty snacks and 12% for nutrition bars during the first half, according to the company.

North America Confectionery sales increased 4.2% in the second quarter and 6% in the first half. Second-quarter price realization was approximately 14%, modestly ahead of expectations because of product mix, while volume declined approximately 10%. Hershey said the volume decline reflected elasticity, shipment timing and retailer inventory replenishment following several quarters in which inventories had remained below optimal levels.

Marketplace demand in North America Confectionery, including non-measured channels and Easter shipments, rose about 5% during the first half. Retailer inventory replenishment contributed roughly one percentage point to segment growth.

Tanner said Hershey plans to increase brand investment by 30% year over year and increase new innovation items by 30% versus the first half. Planned launches and programs include Hershey’s Creme Filled Bars, Reese’s Pieces with Cookie, Halloween initiatives and the Hershey movie. The company also plans campaigns for Cadbury, PAYDAY and FULFIL.

Salty snacks supply constraints temper outlook North America Salty Snacks generated 22.9% sales growth in the second quarter, largely reflecting an approximately 22-point contribution from the LesserEvil acquisition. On an organic basis, constant-currency volume grew about 4%, while price realization declined 3% as Hershey increased trade investment behind new item launches.

Retail consumption excluding LesserEvil rose 6.5%, led by Dot’s, Reese’s Filled Pretzels and variety multipacks. However, Tanner and Voskuil said supply constraints affecting multipacks and Dot’s Pretzels weighed on second-quarter performance. The company also cited a planned reduction in private-label production.

Hershey has deployed capital toward automation and capacity and is strengthening customer programming to improve execution. It now expects North America Salty Snacks organic net sales growth of 3% to 4% for the full year.

The company said advertising and related consumer marketing declined about 3% in the second quarter because of efficiencies and the timing of North America Confectionery media spending. In contrast, Salty Snacks marketing rose at a double-digit rate as Hershey expanded national campaigns for SkinnyPop and Pirate’s Booty, while International marketing also increased double digits.

International outlook improves International net sales increased 5.7% in the second quarter and 11% in the first half. Foreign currency contributed about four percentage points of second-quarter growth. Organic first-half growth was nearly 6%, led by Brazil and the United Kingdom.

Second-quarter International price realization was around 10%, while volume declined approximately 8%. Hershey attributed the volume decline to elasticity and the depletion of roughly $10 million in inventory shifted during the first quarter to mitigate geopolitical risk. Stronger-than-expected performance in Brazil and the U.K. partly offset those factors.

While optimization programs are expected to pressure second-half International performance, Hershey now expects modest full-year organic sales growth for the segment, improving from its earlier expectation for a low-single-digit decline.

During the quarter, Hershey repurchased $370 million of common shares and paid $286 million in dividends. Its board approved an additional $500 million share repurchase authorization in June, and $270 million remained under the company’s December 2023 authorization at quarter-end.

About Hershey (NYSE:HSY)The Hershey Company NYSE: HSY is a leading North American chocolatier and snack manufacturer headquartered in Hershey, Pennsylvania. The company develops, produces and markets a wide range of confectionery and snack products for retail, foodservice and international customers. Hershey's business spans manufacturing, branded product marketing, packaging and distribution across grocery, convenience, mass merchant and e-commerce channels.

Hershey's product portfolio centers on chocolate and sugar confectionery, including core brands such as Hershey's, Reese's, Hershey's Kisses and Twizzlers, alongside non-chocolate snacks and confectionery brands.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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, /PRNewswire/ -- The Hershey Company (NYSE: HSY) today announced net sales and earnings for the second quarter ended June 28, 2026 and updated its 2026 sales and earnings outlook.

"We delivered a strong first half, with reported net sales up 8.7%, organic net sales up 5.8% and meaningful earnings recovery. We enter the second half with momentum, compelling growth plans, and increased investment behind our brands, merchandising, and innovation. With cost visibility and operating flexibility, we are well positioned to navigate dynamic markets and deliver on our full-year financial commitments," said Kirk Tanner, The Hershey Company President and Chief Executive Officer.

Second-Quarter 2026 Financial Results Summary1

Consolidated net sales of $2,787.3 million, an increase of 6.6%. Organic, constant currency net sales increased 3.6%. Reported net income of $457.7 million, or $2.26 per share-diluted, an increase of 629.0%.               Adjusted earnings per share-diluted of $1.90, an increase of 57.0%. Six Months Ended 2026 Financial Results Summary2

Consolidated net sales of $5,891.5 million, an increase of 8.7%. Organic, constant currency net sales increased 5.8%. Reported net income of $892.8 million, or $4.39 per share-diluted, an increase of 211.3%.               Adjusted earnings per share-diluted of $4.25, an increase of 28.4%. 1 All comparisons for the second quarter of 2026 are with respect to the second quarter ended June 29, 2025

2 All comparisons for the six months ended 2026 are with respect to the six months ended June 29, 2025

2026 Full-Year Financial Outlook

The Company is narrowing its net sales growth, organic net sales growth, reported earnings per share and adjusted earnings per share outlook for the year. This outlook does not include potential future tariff rebates.

2026 Full-Year Outlook

Prior Guidance

Current Guidance

Net sales growth*

4% to 5%

4.5% to 5%

Organic net sales growth

2.5% to 3.5%

3% to 3.5%

Reported earnings per share growth

79% to 89%

82% to 89%

Adjusted earnings per share growth

30% to 35%

32.5% to 35%

*Reflects an approximately 150 basis point benefit from the 2025 acquisition of LesserEvil

The Company also expects:

A reported and adjusted effective tax rate in the range of approximately 25% to 27%; Other expense, which primarily reflects periodic benefit costs relating to pension and other post-retirement benefit plans, of approximately $10 million; Interest expense of approximately $200 million to $210 million; Capital expenditures in the range of approximately $425 million to $475 million; and Advancing Agility & Automation Initiative savings of approximately $100 million. Below is a reconciliation of current projected 2026 and full-year 2025 earnings per share-diluted calculated in accordance with U.S. generally accepted accounting principles (GAAP) to non-GAAP adjusted earnings per share-diluted:

2026 (Projected)

2025

Reported EPS – Diluted

$7.89 - $8.17

$4.34

Derivative Mark-to-Market Losses

—

$2.08

Business Realignment Activities

0.30 - 0.35

$0.29

Acquisition and Integration-Related Activities

0.18 - 0.25

$0.20

Long-Lived Asset Impairment Charges

—

$0.03

Tax Effect of All Adjustments Reflected Above

$(0.13)

$(0.63)

Adjusted EPS – Diluted

$8.36 - $8.52

$6.31

Adjusted 2026 projected earnings per share-diluted, as presented above, does not include the impact of mark-to-market gains and losses on our commodity derivative contracts that are reflected within corporate unallocated expense in segment results until the related inventory is sold since we are not able to forecast the impact of the market changes.

Second-Quarter 2026 Components of Net Sales Growth

A reconciliation between reported net sales growth rates and organic, constant currency net sales growth rates, along with the contribution from net price realization and volume, is provided below:

Three Months Ended June 28, 2026

Percentage
Change as
Reported

Impact of
Foreign
Currency
Exchange

Percentage
Change on
Constant
Currency
Basis

Impact of
Acquisition

Percentage
Change on
Organic
Constant
Currency
Basis

Organic
Price

(Rounded)*

Organic
Volume/Mix

(Rounded)*

North America Confectionery

4.2 %

— %

4.2 %

— %

4.2 %

14 %

(10) %

North America Salty Snacks

22.9 %

— %

22.9 %

22.3 %

0.6 %

(3) %

4 %

International

5.7 %

3.6 %

2.1 %

— %

2.1 %

10 %

(8) %

Total Company

6.6 %

0.3 %

6.3 %

2.7 %

3.6 %

12 %

(8) %

*Percentage changes may not compute directly as shown due to rounding of amounts presented above.

Six Months Ended June 28, 2026

Percentage
Change as
Reported

Impact of
Foreign
Currency
Exchange

Percentage
Change on

Constant

Currency
Basis

Impact of
Acquisition

Percentage
Change on
Organic
Constant
Currency
Basis

Organic
Price

(Rounded)*

Organic
Volume/Mix

(Rounded)*

North America Confectionery

6.3 %

0.1 %

6.2 %

— %

6.2 %

13 %

(7) %

North America Salty Snacks

24.4 %

— %

24.4 %

21.4 %

3.0 %

(1) %

4 %

International

11.1 %

5.3 %

5.8 %

— %

5.8 %

11 %

(5) %

Total Company

8.7 %

0.6 %

8.1 %

2.3 %

5.8 %

11 %

(5) %

*Percentage changes may not compute directly as shown due to rounding of amounts presented above.

The Company presents certain percentage changes in net sales on a constant currency basis, which excludes the impact of foreign currency exchange. To present this information for historical periods, current period net sales for entities reporting in currencies other than the U.S. dollar are translated into U.S. dollars at the average monthly exchange rates in effect during the corresponding period of the prior fiscal year, rather than at the actual average monthly exchange rates in effect during the current period of the current fiscal year. As a result, the foreign currency impact is equal to the current year results in local currencies multiplied by the change in the average foreign currency exchange rate between the current fiscal period and the corresponding period of the prior fiscal year.

Second-Quarter 2026 Consolidated Results 

Consolidated net sales increased 6.6% to $2,787.3 million in the second quarter of 2026. Organic, constant currency net sales increased 3.6%, driven by net price realization of approximately 12 points. Volume declined approximately 8 points primarily reflecting elasticity impacts in North America Confectionery and International, partially offset by growth in North America Salty Snacks. The impact of the LesserEvil acquisition was a 2.7 point benefit, while the foreign exchange benefit was 0.3 points in the second quarter.

Reported gross margin was 45.3% in the second quarter of 2026, compared to 30.5% in the second quarter of 2025, an increase of 1,480 basis points. The reported gross margin increase was driven by net price realization, derivative mark-to-market gains, lower net commodity costs, and productivity program savings, which more than offset higher logistic expenses and unfavorable mix. Adjusted gross margin was 41.6% in the second quarter of 2026, an increase of 350 basis points compared to the second quarter of 2025, driven by net price realization, lower net commodity costs, and productivity program savings, which more than offset higher logistic expenses and unfavorable mix.

Selling, marketing and administrative expenses increased 2.9% in the second quarter of 2026 versus the second quarter of 2025. Selling, marketing and administrative expenses, excluding advertising and related consumer marketing, increased 6.0% versus the second quarter of 2025, driven by higher capability and technology investments, partially offset by lower incentive compensation. Advertising and related consumer marketing expenses decreased 3.3% in the second quarter of 2026 versus the same period last year, primarily due to efficiencies and timing of non-working media investment in North America Confectionery.

Second quarter 2026 reported operating profit was $642.6 million, an increase of 233.3% versus the second quarter of 2025, resulting in a reported operating profit margin of 23.1%, an increase of 1,570 basis points versus the prior year period. Adjusted operating profit of $563.5 million increased 37.3% versus the second quarter of 2025. Adjusted operating profit margin of 20.2% increased 450 basis points versus the second quarter of 2025. The reported operating profit margin increase reflects favorable derivative mark-to-market gains. Reported and adjusted operating profit margin increases reflect net price realization, lower net commodity costs, and productivity program savings which more than offset higher logistic expenses and capability and technology investments.

The reported effective tax rate in the second quarter of 2026 was 22.2%, a decrease of 3,570 basis points versus the second quarter of 2025. The reported effective tax rate decrease was driven by the impact of commodity hedges on foreign rate differentials and a one-time increase in tax reserves in the prior year period. The adjusted effective tax rate was 24.2%, a decrease of 860 basis points versus the second quarter of 2025. The adjusted effective tax rate for the second quarter of 2026 reflects a one-time increase in tax reserves in the prior year period.

The Company's second-quarter 2026 results, as prepared in accordance with GAAP, included items negatively impacting comparability of $79.1 million, or $0.36 per share-diluted. For the second quarter of 2025, items positively impacting comparability totaled $217.7 million, or $0.90 per share-diluted.

The following table presents a summary of items impacting comparability in each of the second quarter and six-months ended 2026 and 2025 periods (see Appendix I for additional information):

Pre-Tax (millions)

Earnings Per Share-Diluted

Three Months Ended

Three Months Ended

June 28, 2026

June 29, 2025

June 28, 2026

June 29, 2025

Derivative Mark-to-Market (Gains) Losses

$         (102.9)

$          200.7

$           (0.52)

$            0.98

Business Realignment Activities

8.4

15.1

0.04

0.07

Acquisition and Integration-Related Activities

15.4

1.9

0.08

0.01

Tax Effect of All Adjustments Reflected Above

—

—

0.04

(0.16)

$           (79.1)

$          217.7

$           (0.36)

$            0.90

Totals may not compute directly as shown due to rounding of amounts presented above.

Pre-Tax (millions)

Earnings Per Share-Diluted

Six Months Ended

Six Months Ended

June 28, 2026

June 29, 2025

June 28, 2026

June 29, 2025

Derivative Mark-to-Market (Gains) Losses

$           (72.7)

$          412.2

$           (0.37)

$            2.04

Business Realignment Activities

21.7

41.0

0.11

0.20

Acquisition and Integration-Related Activities

17.7

3.5

0.09

0.02

Tax Effect of All Adjustments Reflected Above

—

—

0.03

(0.36)

$           (33.3)

$          456.6

$           (0.14)

$            1.90

Totals may not compute directly as shown due to rounding of amounts presented above.

The following are comments about segment performance for the second quarter of 2026 versus the prior year period. See the schedule of supplementary information within this press release for additional information on segment net sales and profit.

North America Confectionery

Hershey's North America Confectionery segment net sales were $2,173.6 million in the second quarter of 2026, an increase of 4.2% versus the same period last year. Organic, constant currency net sales increased 4.2%, driven by approximately 14 points of net price realization. Volume declined approximately 10 points reflecting price elasticity and normal quarter-to-quarter shipment variability, partially offset by retailer inventory replenishment.

Hershey's U.S. candy, mint and gum (CMG) retail takeaway for the 12-week period ended July 19, 20263 in the multi-outlet plus convenience store channels (MULO+ w/ Convenience) increased 3.7%. For this period, Hershey's CMG share declined compared to the prior year due to increased competitive innovation.

The North America Confectionery segment reported segment income of $705.8 million in the second quarter of 2026, an increase of 40.1% versus the prior year period, resulting in a segment margin of 32.5% in the quarter, an increase of 830 basis points. The segment income and segment margin increases were driven by net price realization, lower net commodity costs, and supply chain productivity and transformation program savings, partially offset by higher logistic expenses.

3 The 12-week period ending July 19, 2026 excludes the impact of the Easter shift.

North America Salty Snacks

Hershey's North America Salty Snacks segment net sales were $387.8 million in the second quarter of 2026, an increase of 22.9% versus the same period last year. The acquisition of LesserEvil contributed approximately 22 percentage points to segment growth in the second quarter of 2026. Organic, constant currency net sales increased  0.6%. Volume increased approximately 4 points, below expectations, as strong innovation and velocity gains were partly offset by execution challenges on multipacks and Dot's pretzels. Net price realization was an approximate 3 point headwind due to higher trade investment behind new item launches.

Hershey's U.S. salty snacks retail takeaway for the 12-week period ended June 28, 2026 in MULO+ w/ Convenience, excluding LesserEvil, increased 6.5% versus the prior year period. This led to further gains in salty snack market share. Organic, constant currency net sales trailed retail takeaway due to supply limitations and the planned reduction of sales to private label customers.

North America Salty Snacks segment income was $62.6 million in the second quarter of 2026, a decrease of 5.9% versus the second quarter of 2025, driven by higher logistic costs, lower net price realization, increased consumer marketing investments, and unfavorable mix, which more than offset benefits from supply chain productivity and higher volume. This resulted in a segment margin of 16.1%, a decrease of 500 basis points versus the prior year period.

International

Second quarter 2026 net sales for Hershey's International segment increased 5.7% versus the same period last year to $225.9 million. Organic, constant currency net sales increased 2.1%. Price realization was approximately 10 points, driven by strategic pricing actions across key markets. Volume decreased approximately 8%, reflecting the impact of price elasticity and the depletion of inventory shipped in the first quarter of 2026 to mitigate geopolitical risk, partially offset by stronger-than-planned demand in Brazil and the UK.

International segment loss was $5.1 million in the second quarter of 2026, a decrease of $24.9 million versus the prior year period driven by increased raw material and manufacturing costs and higher advertising investment, partially offset by net price realization and supply chain productivity and transformation program savings. This resulted in a segment margin of (2.3)%, a decrease of 1,160 basis points versus the prior year period.

Unallocated Corporate Expense

Hershey's unallocated corporate expense in the second quarter of 2026 was $199.7 million, an increase of $20.1 million, or 11.2%, versus the same period of 2025. The year-over-year increase was primarily driven by continued investments in capabilities and technology which more than offset reduced incentive compensation.

Live Webcast

At approximately 7:00 a.m. (Eastern time) today, Hershey will post a pre-recorded management discussion of its second-quarter 2026 results and business update to its website at www.thehersheycompany.com/investors. In addition, at 8:30 a.m. (Eastern time) today, the Company will host a live question and answer session with investors and financial analysts. Details to access this call are available on the Company's website.

Note: In this release, for the second quarter of 2026, Hershey references income measures that are not in accordance with GAAP because they exclude certain items impacting comparability, including gains and losses associated with mark-to-market commodity derivatives, business realignment activities and acquisition and integration-related activities. The Company refers to these income measures as "adjusted" or "non-GAAP" financial measures throughout this release. These non-GAAP financial measures are used in evaluating results of operations for internal purposes and are not intended to replace the presentation of financial results in accordance with GAAP. Rather, the Company believes exclusion of such items provides additional information to investors to facilitate the comparison of past and present operations. A reconciliation of the non-GAAP financial measures referenced in this release to their nearest comparable GAAP financial measures as presented in the Consolidated Statements of Income is provided below.

Reconciliation of Certain Non-GAAP Financial Measures

Consolidated results

Three Months Ended

Six Months Ended

In thousands except per share data

June 28, 2026

June 29, 2025

June 28, 2026

June 29, 2025

Reported gross profit

$      1,263,308

$        796,273

$      2,486,039

$      1,740,540

Derivative mark-to-market (gains) losses

(102,907)

200,727

(72,723)

412,181

Non-GAAP gross profit

$      1,160,401

$        997,000

$      2,413,316

$      2,152,721

Reported operating profit

$        642,641

$        192,811

$      1,283,334

$        562,032

Derivative mark-to-market losses

(102,907)

200,727

(72,723)

412,181

Business realignment activities

8,362

15,139

21,718

40,992

Acquisition and integration-related activities

15,419

1,880

17,680

3,465

Non-GAAP operating profit

$        563,515

$        410,557

$      1,250,009

$      1,018,670

Reported provision for income taxes

$        130,615

$          86,393

$        288,205

$        185,844

Derivative mark-to-market (gains) losses*

(13,230)

29,754

(15,047)

60,885

Business realignment activities*

2,135

3,808

5,443

9,986

Acquisition and integration-related activities*

3,746

448

4,295

826

Non-GAAP provision for income taxes

$        123,266

$        120,403

$        282,896

$        257,541

Reported net income

$        457,665

$          62,719

$        892,770

$        286,922

Derivative mark-to-market (gains) losses

(89,677)

170,974

(57,677)

351,297

Business realignment activities

6,227

11,330

16,276

31,005

Acquisition and integration-related activities

11,673

1,432

13,385

2,639

Non-GAAP net income

$        385,888

$        246,455

$        864,754

$        671,863

Reported EPS - Diluted

$             2.26

$             0.31

$             4.39

$             1.41

Derivative mark-to-market (gains) losses

(0.52)

0.98

(0.37)

2.04

Business realignment activities

0.04

0.07

0.11

0.20

Acquisition and integration-related activities

0.08

0.01

0.09

0.02

Tax effect of all adjustments reflected above**

0.04

(0.16)

0.03

(0.36)

Non-GAAP EPS - Diluted

$             1.90

$             1.21

$             4.25

$             3.31

* The tax effect for each adjustment is determined by calculating the tax impact of the adjustment on the Company's quarterly effective tax rate, unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment, in which case the tax effect of such item is estimated by applying such specific tax rate or tax treatment.

** Adjustments reported above are reported on a pre-tax basis before the tax effect described in the reconciliation above for non-GAAP provision for income taxes.

In the assessment of our results, we review and discuss the following financial metrics that are derived from the reported and non-GAAP financial measures presented above:

Three Months Ended

Six Months Ended

June 28, 2026

June 29, 2025

June 28, 2026

June 29, 2025

As reported gross margin

45.3 %

30.5 %

42.2 %

32.1 %

Non-GAAP gross margin (1)

41.6 %

38.1 %

41.0 %

39.7 %

As reported operating profit margin

23.1 %

7.4 %

21.8 %

10.4 %

Non-GAAP operating profit margin (2)

20.2 %

15.7 %

21.2 %

18.8 %

As reported effective tax rate

22.2 %

57.9 %

24.4 %

39.3 %

Non-GAAP effective tax rate (3)

24.2 %

32.8 %

24.7 %

27.7 %

(1)

Calculated as non-GAAP gross profit as a percentage of net sales for each period presented.

(2)

Calculated as non-GAAP operating profit as a percentage of net sales for each period presented.

(3)

Calculated as non-GAAP provision for income taxes as a percentage of non-GAAP income before taxes (calculated as non-GAAP operating profit minus non-GAAP interest expense, net plus or minus non-GAAP other (income) expense, net).

Appendix I

Details of the charges included in GAAP results, as summarized in the press release (above), are as follows:

Derivative mark-to-market (gains) losses: The mark-to-market (gains) losses on commodity derivatives are recorded as unallocated and excluded from adjusted results until such time as the related inventory is sold, at which time the corresponding (gains) losses are reclassified from unallocated to segment income. Since we often purchase commodity contracts to price inventory requirements in future years, we make this adjustment to facilitate the year-over-year comparison of cost of sales on a basis that matches the derivative gains and losses with the underlying economic exposure being hedged for the period.

Business realignment activities: We periodically undertake restructuring and cost reduction activities as part of ongoing efforts to enhance long-term profitability. During the first quarter of 2024, we commenced the Advancing Agility & Automation Initiative to improve supply chain and manufacturing-related spend, optimize selling, general and administrative expenses, leverage new technology and business models to further simplify and automate processes, and generate long-term savings. During the three- and six-months ended 2026 and 2025, business realignment charges related primarily to severance and employee benefit costs, as well as other third-party costs related to this program. 

Acquisition and integration-related activities: During the three- and six-months ended 2026, we incurred costs related to the integration of the acquisition of LesserEvil, LLC into our North America Salty Snacks segment, as well as costs related to the integration of the Sour Strips brand from Actual Candy, LLC into our North America Confectionery segment, including contingent consideration remeasurement adjustments.  During the three- and six-months ended 2025, we incurred costs related to the acquisition of the Sour Strips brand from Actual Candy, LLC into our North America Confectionery segment. 

Tax effect of all adjustments: This line item reflects the aggregate tax effect of all pre-tax adjustments reflected in the preceding line items of the applicable table. The tax effect for each adjustment is determined by calculating the tax impact of the adjustment on the Company's effective tax rate for the period presented, unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment, in which case the tax effect of such item is estimated by applying such specific tax rate or tax treatment.

Safe Harbor Statement

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to our 2026 Full-year Financial Outlook and other statements regarding our business outlook and financial performance. Many of these forward-looking statements can be identified by the use of words such as "anticipate," "assume," "believe," "continue," "estimate," "expect," "forecast," "future," "intend," "plan," "potential," "predict," "project," "strategy," "target" and similar terms, and future or conditional tense verbs like "could," "may," "might," "should," "will" and "would," among others. These statements are made based upon current expectations that are subject to risk and uncertainty. Because actual results may differ materially from those contained in the forward-looking statements, you should not place undue reliance on the forward-looking statements when deciding whether to buy, sell or hold the Company's securities. Factors that could cause results to differ materially include, but are not limited to: disruptions or inefficiencies in our supply chain due to the loss or disruption of essential manufacturing or supply elements or other factors; issues, concerns or regulatory changes related to the quality and safety of our products, ingredients or packaging, human and workplace rights, and other environmental, social or governance matters; changes in raw material and other costs, along with the availability of adequate supplies of raw materials and the Company's ability to successfully hedge against volatility in raw material pricing; the Company's ability to successfully execute business continuity plans to address changes in consumer preferences and the broader economic and operating environment; selling price increases, including volume declines associated with pricing elasticity; market demand for our new and existing products; increased marketplace competition; failure to successfully execute and integrate acquisitions, divestitures and joint ventures; changes in governmental laws, regulations and policies, including taxes and tariffs; political, economic, and/or financial market conditions, including with respect to inflation, rising interest rates, slower growth or recession, evolving priorities of the U.S. administration, and other events beyond our control such as the impacts on the business arising from international conflicts and geopolitical tensions; risks and uncertainties related to our international operations; disruptions, failures or security breaches of our information technology infrastructure and that of our customers and partners (including our suppliers); our ability to hire, engage and retain a talented global workforce, our ability to realize expected cost savings and operating efficiencies associated with strategic initiatives or restructuring programs; complications with the design, implementation or usage of our new enterprise resource planning system, including the ability to support post-implementation efforts and maintain enhancements, new features or modifications; and such other matters as discussed in our Annual Report on Form 10-K for the year ended December 31, 2025 and in our other filings with the U.S. Securities and Exchange Commission from time to time. The Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations.

The Hershey Company

Consolidated Statements of Income

for the periods ended June 28, 2026 and June 29, 2025

(unaudited) (in thousands except percentages and per share amounts)

Three Months Ended

Six Months Ended

June 28, 2026

June 29, 2025

June 28, 2026

June 29, 2025

Net sales

$   2,787,306

$   2,614,718

$   5,891,473

$   5,420,137

Cost of sales

1,523,998

1,818,445

3,405,434

3,679,597

Gross profit

1,263,308

796,273

2,486,039

1,740,540

Selling, marketing and administrative expense

620,552

603,207

1,196,592

1,161,879

Business realignment costs

115

255

6,113

16,629

Operating profit

642,641

192,811

1,283,334

562,032

Interest expense, net

49,963

46,035

99,781

90,657

Other (income) expense, net

4,398

(2,336)

2,578

(1,391)

Income before income taxes

588,280

149,112

1,180,975

472,766

Provision for income taxes

130,615

86,393

288,205

185,844

Net income

$     457,665

$      62,719

$     892,770

$     286,922

Net income per share

- Basic

- Common

$         2.32

$         0.32

$         4.52

$         1.45

- Diluted

- Common

$         2.26

$         0.31

$         4.39

$         1.41

- Basic

- Class B

$         2.11

$         0.29

$         4.10

$         1.31

Shares outstanding

- Basic

- Common

147,573

148,247

148,001

148,175

- Diluted

- Common

202,745

203,188

203,249

203,168

- Basic

- Class B

54,614

54,614

54,614

54,614

Key margins:

Gross margin

45.3 %

30.5 %

42.2 %

32.1 %

Operating profit margin

23.1 %

7.4 %

21.8 %

10.4 %

Net margin

16.4 %

2.4 %

15.2 %

5.3 %

The Hershey Company

Supplementary Information – Segment Results

for the periods ended June 28, 2026 and June 29, 2025

(unaudited) (in thousands except percentages)

Three Months Ended

Six Months Ended

June 28, 2026

June 29, 2025

% Change

June 28, 2026

June 29, 2025

% Change

Net sales:

North America Confectionery

$   2,173,570

$   2,085,468

4.2 %

$   4,663,488

$   4,385,608

6.3 %

North America Salty Snacks

387,845

315,519

22.9 %

737,915

593,317

24.4 %

International

225,891

213,731

5.7 %

490,070

441,212

11.1 %

Total

$   2,787,306

$   2,614,718

6.6 %

$   5,891,473

$   5,420,137

8.7 %

Segment income (loss):

North America Confectionery

$     705,785

$     503,929

40.1 %

$   1,498,163

$   1,200,303

24.8 %

North America Salty Snacks

62,578

66,480

(5.9) %

96,880

108,333

(10.6) %

International

(5,145)

19,795

(126.0) %

10,114

48,521

(79.2) %

Total segment income

763,218

590,204

29.3 %

1,605,157

1,357,157

18.3 %

Unallocated corporate expense (1)

199,703

179,647

11.2 %

355,148

338,487

4.9 %

Unallocated mark-to-market (gains) losses on commodity derivatives (2)

(102,907)

200,727

(151.3) %

(72,723)

412,181

(117.6) %

Costs associated with business realignment initiatives

8,362

15,139

(44.8) %

21,718

40,992

(47.0) %

Acquisition and integration-related activities

15,419

1,880

NM

17,680

3,465

NM

Operating profit

642,641

192,811

233.3 %

1,283,334

562,032

128.3 %

Interest expense, net

49,963

46,035

8.5 %

99,781

90,657

10.1 %

Other (income) expense, net

4,398

(2,336)

NM

2,578

(1,391)

NM

Income before income taxes

$     588,280

$     149,112

294.5 %

$   1,180,975

$     472,766

149.8 %

(1)   Includes centrally-managed (a) corporate functional costs relating to legal, treasury, finance and human resources, (b) expenses associated with the oversight and administration of our global operations, including warehousing, distribution and manufacturing, information systems and global shared services, (c) non-cash stock-based compensation expense and (d) other gains or losses that are not integral to segment performance.

(2)   Net (gains) losses on mark-to-market valuation of commodity derivative positions recognized in unallocated derivative losses (gains).

NM - not meaningful

Three Months Ended

Six Months Ended

June 28, 2026

June 29, 2025

June 28, 2026

June 29, 2025

Segment income as a percent of net sales:

    North America Confectionery

32.5 %

24.2 %

32.1 %

27.4 %

    North America Salty Snacks

16.1 %

21.1 %

13.1 %

18.3 %

    International

(2.3) %

9.3 %

2.1 %

11.0 %

The Hershey Company

Consolidated Balance Sheets

as of June 28, 2026 and December 31, 2025

(in thousands of dollars)

Assets

June 28, 2026

December 31, 2025

(unaudited)

Cash and cash equivalents

$                791,213

$                925,859

Accounts receivable - trade, net

907,368

729,547

Inventories

1,743,318

1,429,254

Prepaid expenses and other

514,342

504,239

Total current assets

3,956,241

3,588,899

Property, plant and equipment, net

3,475,714

3,529,608

Goodwill

2,985,609

2,996,005

Other intangibles

2,425,103

2,475,698

Other non-current assets

1,102,688

1,123,285

Deferred income taxes

27,697

27,802

Total assets

$             13,973,052

$             13,741,297

Liabilities and Stockholders' Equity

Accounts payable

$              1,400,822

$              1,255,701

Accrued liabilities

966,336

970,597

Accrued income taxes

59,601

63,725

Short-term debt

421,545

218,546

Current portion of long-term debt

504,167

503,327

Total current liabilities

3,352,471

3,011,896

Long-term debt

4,684,968

4,681,194

Other long-term liabilities

652,135

731,917

Deferred income taxes

720,788

679,540

Total liabilities

9,410,362

9,104,547

Total stockholders' equity

4,562,690

4,636,750

Total liabilities and stockholders' equity

$             13,973,052

$             13,741,297

SOURCE The Hershey Company

Wall Street analysts expect Hershey (HSY - Free Report) to post quarterly earnings of $1.45 per share in its upcoming report, which indicates a year-over-year increase of 19.8%. Revenues are expected to be $2.65 billion, up 1.3% from the year-ago quarter.

The consensus EPS estimate for the quarter has been revised 1.1% lower over the last 30 days to the current level. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.

Before a company announces its earnings, it is essential to take into account any changes made to earnings estimates. This is a valuable factor in predicting the potential reactions of investors toward the stock. Empirical research has consistently shown a strong correlation between trends in earnings estimate revisions and the short-term price performance of a stock.

While it's common for investors to rely on consensus earnings and revenue estimates for assessing how the business may have performed during the quarter, exploring analysts' forecasts for key metrics can yield valuable insights.

Bearing this in mind, let's now explore the average estimates of specific Hershey metrics that are commonly monitored and projected by Wall Street analysts.

The collective assessment of analysts points to an estimated 'Net Sales- North America Salty Snacks' of $370.37 million. The estimate points to a change of +17.4% from the year-ago quarter.

Analysts forecast 'Net Sales- North America' to reach $2.42 billion. The estimate suggests a change of +0.7% year over year.

Based on the collective assessment of analysts, 'Net Sales- International' should arrive at $213.65 million. The estimate suggests a change of 0% year over year.

The average prediction of analysts places 'Net Sales- North America Confectionery' at $2.05 billion. The estimate indicates a year-over-year change of -1.9%.

Analysts expect 'Segment Income (loss)- North America Confectionery' to come in at $572.76 million. Compared to the present estimate, the company reported $503.93 million in the same quarter last year.

The combined assessment of analysts suggests that 'Segment Income (loss)- North America Salty Snacks' will likely reach $71.36 million. The estimate is in contrast to the year-ago figure of $66.48 million.

The consensus among analysts is that 'Segment income (loss)- International' will reach $13.15 million. Compared to the present estimate, the company reported $19.80 million in the same quarter last year.

According to the collective judgment of analysts, 'Segment income (loss)- North America' should come in at $644.12 million. The estimate is in contrast to the year-ago figure of $570.41 million.

View all Key Company Metrics for Hershey here>>>

Over the past month, shares of Hershey have returned -0.8% versus the Zacks S&P 500 composite's +1.7% change. Currently, HSY carries a Zacks Rank #4 (Sell), suggesting that it may underperform the overall market in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

Key Takeaways Hershey is expected to report Q2 sales of $2.7 billion, up nearly 1.3% from last year.HSY expects confection demand, snack growth and innovation to support quarterly performance.Hershey anticipates pricing and productivity gains to improve margins despite temporary headwinds. The Hershey Company (HSY - Free Report) is likely to witness top-line growth when it reports second-quarter 2026 earnings on July 30, before the opening bell. The Zacks Consensus Estimate for revenues is pegged at $2.7 billion, indicating growth of almost 1.3% from the prior-year quarter’s reported figure.

The consensus mark for earnings has been revised downward by 1 cent over the past seven days to $1.45 per share, which, however, implies a 19.8% increase from the figure reported in the year-ago quarter.

HSY has a trailing four-quarter earnings surprise of 19%, on average. In the last reported quarter, the company’s bottom line topped the Zacks Consensus Estimate by 14.6%.

Factors Likely to Influence HSY’s Upcoming ResultsHershey’s second-quarter performance is likely to have benefited from continued strength in its core confection business, supported by resilient consumer demand and sustained investments in media, merchandising and innovation. Management entered the quarter expecting spring shelf resets, increased shelf facings, optimized shelf placement and a refreshed price-pack architecture to improve retail velocity. Seasonal programs such as S'mores and Summer Sweets, along with innovation including Reese's OREO in the take-home aisle, also likely supported consumer demand and strengthened marketplace execution.

Another factor likely to have supported the quarter is the continued momentum in Hershey's expanding snacking portfolio. At its last earnings call, management projected meaningful distribution growth for core salty snack products, continued expansion of Dot's Snack Mix and increased brand-building efforts for Pirate's Booty through updated media and packaging initiatives. The company also continued investing in innovation across confection, refreshment, protein and salty snacks, while brands such as LesserEvil, Dot's Pretzels and Reese's Filled Pretzels continued to build on strong consumer momentum, providing additional support for overall business performance. The Zacks Consensus Estimate indicates a 17.1% increase in revenues of North America Salty Snacks for the quarter under review.

Profitability is likely to have improved during the second quarter. Management expected a meaningful recovery in gross margin to begin in the second quarter as pricing actions, productivity initiatives and transformation savings increasingly offset commodity cost pressures. The company planned to step up advertising and consumer marketing investments following timing-related shifts in the prior quarter while continuing to invest in technology and organizational capabilities. Management guided for second-quarter adjusted earnings per share to increase at least 15% year over year, driven by improved pricing relative to commodity costs despite higher business reinvestment.

However, the quarter might have faced several temporary headwinds. Management had indicated that shipment timing benefits recognized in the first quarter would reverse in the second quarter. The favorable impact of Easter timing and inventory stocking in the Middle East and the Asia Pacific is expected to unwind. The company continued to monitor consumer spending pressure, evolving health and wellness trends, SNAP program changes and broader macroeconomic uncertainty, all of which might have tempered demand and weighed on quarterly performance.

Earnings Whispers for HSYOur proven model does not conclusively predict an earnings beat for Hershey this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is not the case here.

 Hershey carries a Zacks Rank #3 and has an Earnings ESP of -3.42%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Stocks With the Favorable CombinationHere are three companies worth considering, as our model shows that these have the right combination to beat on earnings this time around:

The Vita Coco Company, Inc. (COCO - Free Report) currently has an Earnings ESP of +2.11% and a Zacks Rank of 1. The consensus estimate for the quarterly revenues is pinned at $205.9 million, which indicates 12.9% growth from the figure reported in the prior-year quarter. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for Vita Coco’s upcoming quarter’s EPS is pegged at 51 cents, which implies 27.5% growth year over year. COCO delivered a trailing four-quarter earnings surprise of 21.9%, on average.

Primo Brands Corporation (PRMB - Free Report) currently has an Earnings ESP of +16.51% and a Zacks Rank of 2. The consensus estimate for the quarterly revenues is pegged at $1.76 billion, which indicates a surge of 1.8% from the figure reported in the prior-year quarter.

The Zacks Consensus Estimate for Primo Brands’ upcoming quarter’s EPS is pegged at 34 cents, which implies a 5.6% decrease year over year. PRMB delivered a trailing four-quarter earnings surprise of 1.4%, on average.

Monster Beverage Corporation (MNST - Free Report) currently has an Earnings ESP of +2.61% and a Zacks Rank of 3. The consensus mark for the upcoming quarter’s revenues is pegged at $2.42 billion, which indicates a decline of 14.5% from the figure reported in the year-ago quarter.

The Zacks Consensus Estimate for Monster Beverage’s quarterly earnings per share of 59 cents implies an increase of 13.5% from the figure reported in the year-ago quarter. MNST delivered a trailing four-quarter earnings surprise of 9.6%, on average.

Hershey (HSY - Free Report) closed at $174.30 in the latest trading session, marking a +1.25% move from the prior day. The stock's performance was ahead of the S&P 500's daily gain of 0.05%. Meanwhile, the Dow gained 0.46%, and the Nasdaq, a tech-heavy index, lost 0.64%.

Shares of the chocolate bar and candy maker have depreciated by 2.57% over the course of the past month, underperforming the Consumer Staples sector's loss of 0.06%, and the S&P 500's gain of 0.61%.

The investment community will be paying close attention to the earnings performance of Hershey in its upcoming release. The company is slated to reveal its earnings on July 30, 2026. The company is forecasted to report an EPS of $1.45, showcasing a 19.83% upward movement from the corresponding quarter of the prior year. Meanwhile, our latest consensus estimate is calling for revenue of $2.65 billion, up 1.32% from the prior-year quarter.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $8.42 per share and a revenue of $12.24 billion, indicating changes of +33.44% and +4.72%, respectively, from the former year.

Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Hershey. Recent revisions tend to reflect the latest near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.

Based on our research, we believe these estimate revisions are directly related to near-term stock moves. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 0.39% lower within the past month. Hershey is currently sporting a Zacks Rank of #3 (Hold).

In terms of valuation, Hershey is presently being traded at a Forward P/E ratio of 20.45. This indicates a premium in contrast to its industry's Forward P/E of 20.15.

It is also worth noting that HSY currently has a PEG ratio of 1.07. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Food - Confectionery industry currently had an average PEG ratio of 1.07 as of yesterday's close.

The Food - Confectionery industry is part of the Consumer Staples sector. With its current Zacks Industry Rank of 225, this industry ranks in the bottom 9% of all industries, numbering over 250.

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.

Posted by Defense World Staff on Jul 23rd, 2026

Andra AP fonden lifted its position in shares of Hershey Company (The) (NYSE:HSY – Free Report) by 31.7% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 24,500 shares of the company’s stock after purchasing an additional 5,899 shares during the quarter. Andra AP fonden’s holdings in Hershey were worth $5,093,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of HSY. Norges Bank acquired a new stake in shares of Hershey in the 4th quarter worth about $272,506,000. Marshall Wace LLP boosted its stake in Hershey by 546.6% during the 4th quarter. Marshall Wace LLP now owns 1,057,476 shares of the company’s stock valued at $192,439,000 after purchasing an additional 893,940 shares during the last quarter. Balyasny Asset Management L.P. increased its holdings in Hershey by 150.1% during the 4th quarter. Balyasny Asset Management L.P. now owns 1,278,881 shares of the company’s stock worth $232,731,000 after purchasing an additional 767,478 shares in the last quarter. Pacer Advisors Inc. increased its holdings in Hershey by 4,478.5% during the 4th quarter. Pacer Advisors Inc. now owns 586,141 shares of the company’s stock worth $106,666,000 after purchasing an additional 573,339 shares in the last quarter. Finally, Readystate Asset Management LP purchased a new stake in shares of Hershey in the fourth quarter worth approximately $72,001,000. 57.96% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades A number of research analysts have recently weighed in on HSY shares. BTIG Research initiated coverage on Hershey in a report on Monday, April 13th. They issued a “neutral” rating on the stock. Wells Fargo & Company decreased their price target on Hershey from $220.00 to $200.00 and set an “equal weight” rating for the company in a report on Friday, May 1st. Evercore raised Hershey from an “in-line” rating to an “outperform” rating and set a $255.00 price target for the company in a research report on Wednesday, May 27th. TD Cowen upgraded Hershey from a “hold” rating to a “buy” rating and set a $210.00 price objective on the stock in a research note on Friday, May 1st. Finally, UBS Group cut their price objective on shares of Hershey from $200.00 to $190.00 and set a “neutral” rating on the stock in a report on Thursday, July 16th. Seven equities research analysts have rated the stock with a Buy rating and sixteen have given a Hold rating to the stock. Based on data from MarketBeat.com, Hershey presently has a consensus rating of “Hold” and an average target price of $209.94.

Read Our Latest Report on HSY

Hershey Stock Performance Shares of HSY opened at $172.31 on Thursday. The stock has a 50 day moving average of $180.95 and a 200 day moving average of $197.01. The company has a market capitalization of $34.95 billion, a price-to-earnings ratio of 32.09, a PEG ratio of 1.06 and a beta of 0.11. Hershey Company has a 12 month low of $161.43 and a 12 month high of $239.48. The company has a current ratio of 1.24, a quick ratio of 0.77 and a debt-to-equity ratio of 0.99.

Hershey (NYSE:HSY – Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The company reported $2.35 earnings per share for the quarter, topping the consensus estimate of $2.04 by $0.31. The business had revenue of $3.10 billion for the quarter, compared to analysts’ expectations of $3.03 billion. Hershey had a return on equity of 28.98% and a net margin of 9.12%.The business’s revenue was up 10.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.09 earnings per share. As a group, sell-side analysts forecast that Hershey Company will post 8.42 earnings per share for the current year.

Hershey Announces Dividend The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Friday, May 15th were issued a $1.452 dividend. This represents a $5.81 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend was Friday, May 15th. Hershey’s payout ratio is 108.19%.

Insider Buying and Selling In related news, CFO Steven E. Voskuil sold 1,500 shares of the company’s stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $173.43, for a total value of $260,145.00. Following the transaction, the chief financial officer owned 54,695 shares in the company, valued at approximately $9,485,753.85. This represents a 2.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.08% of the company’s stock.

Hershey Company Profile (Free Report)

The Hershey Company (NYSE: HSY) is a leading North American chocolatier and snack manufacturer headquartered in Hershey, Pennsylvania. The company develops, produces and markets a wide range of confectionery and snack products for retail, foodservice and international customers. Hershey’s business spans manufacturing, branded product marketing, packaging and distribution across grocery, convenience, mass merchant and e-commerce channels.

Hershey’s product portfolio centers on chocolate and sugar confectionery, including core brands such as Hershey’s, Reese’s, Hershey’s Kisses and Twizzlers, alongside non-chocolate snacks and confectionery brands.

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Warren Buffett is one of the world's most famous investors. Although he was technically the CEO of industrial conglomerate Berkshire Hathaway (BRKA 0.34%)(BRKB 0.42%), it was his investment approach that really grew the business. Essentially, he used the company as an investment vehicle, buying entire companies and large stakes in publicly traded stocks.

He has handed the CEO role to a handpicked successor, Greg Abel. But Buffett may be making Abel's job more difficult over the long term with the changes he is making to his giving plans. Here's what you need to know.

Buffett shifts gears with his $140 billion Berkshire stake Buffett's ownership of Berkshire Hathaway totals around $140 billion. The company's market cap is roughly $1.05 trillion, so Buffett alone controls around 13% of the giant company. That's a big position, and it gives the former CEO a strong voice in corporate decision-making. To be fair, he's the chairman of the board of directors, so he has a strong voice anyway. But large shareholders often have to be consulted when big decisions are made.

Image source: Getty Images.

This is where the shift away from giving shares to the Bill Gates Foundation comes into play. Unfortunately, Bill Gates has been caught up in the Epstein scandal, and Buffett has been distancing himself from the former Microsoft (MSFT 1.67%) CEO. So instead of donating Berkshire shares to Bill Gates' foundation, Buffett is donating the rest of his Berkshire stake to foundations run by his children.

Nothing is going to change right away This is a multi-year process that won't end until 2034, unless Buffett passes away, in which case it will happen more quickly. Regardless, so long as Buffett is still alive, it is unlikely that his children will do anything dramatic with their foundations' Berkshire positions. But a look at Hershey (HSY 1.89%) and Hormel (HRL 1.25%) is worth considering.

Both of these consumer staples companies have large foundations established by their founders. The Hormel Foundation has a stated goal of ensuring Hormel's ongoing independence. The Hershey Trust has stepped in to block acquisition attempts a couple of times. With a $1 trillion market cap, it is unlikely that Berkshire Hathaway will be acquired by another company. But there's another twist here.

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The Hormel Foundation and The Hershey Trust both use dividends from their respective equity stakes to support their philanthropic efforts. Buffett shied away from paying dividends, instead reinvesting in the business. But Berkshire Hathaway has ample capacity to pay dividends. It isn't a stretch to think that Buffett's children, in support of the foundations they run, could push Berkshire Hathaway to start paying a dividend. That would allow the foundations to maintain their stock positions while continuing to support their philanthropic goals.

Berkshire Hathaway is still changing Greg Abel is likely to run Berkshire Hathaway in a manner similar to Buffett, his mentor. However, Abel is a different person, so he will put his own imprint on the company. Essentially, Berkshire Hathaway is already changing. When Buffett gives away all his shares, it isn't a stretch to think the business will change further. And with the involvement of large philanthropic foundations, the change might include a deeper discussion of dividends in 2034, or even sooner.

Hershey Company (NYSE:HSY, XETRA:HSY) is expected to begin recovering margins in the second quarter as higher-cost cocoa inventory from last year cycles through, but Jefferies maintained a ‘Hold’ rating, citing continued weakness in consumer demand and limited evidence of a recovery in sales volumes.

Jefferies wrote that the second quarter "should be the first with meaningful year-over-year gross margin expansion," forecasting roughly 300 basis points of improvement as peak-cost inventory laps.

While cocoa prices have risen from February lows in recent weeks, the firm noted they remain well below year-ago levels and are unlikely to disrupt the near-term margin outlook because much of the company's cocoa exposure is hedged.

The firm expects shipment timing to weigh on reported results after around two percentage points of sales were pulled forward into the first quarter. As a result, it forecasts a modest decline in second-quarter organic sales despite continued pricing strength.

Jefferies expects pricing to contribute around 11 percentage points of growth in the quarter, more than offset by lower volumes. It forecasts Hershey's volumes to decline about 12% in the second quarter, noting that U.S. tracked chocolate dollar sales fell roughly 4% over the latest 12 weeks while chocolate volumes dropped nearly 19% amid continued consumer sensitivity to higher prices.

The analysts noted that competitor Mars has posted volume gains in four of the past six months, while Hershey plans to respond with increased product innovation. The company's salty snacks business, including LesserEvil and Dot's, is also expected to provide some support.

Looking to the second half of the year, Jefferies expects new marketing campaigns and product launches to support performance, including the America 250 program, a Thanksgiving film promotion, and new Reese's products. However, the firm wrote that it views 2027 as "a measured recovery rather than a snapback."

Jefferies slightly lowered its second-quarter revenue estimate to reflect softer tracked demand while leaving its full-year earnings forecast unchanged.

The firm increased its price target to $190, implying upside from current levels of $175, stating that it remains cautious "given the unresolved volume question and a valuation that already reflects the improved cost backdrop."

Hershey (HSY - Free Report) closed at $171.46 in the latest trading session, marking a -2.16% move from the prior day. The stock's change was less than the S&P 500's daily gain of 0.38%. Meanwhile, the Dow gained 0.02%, and the Nasdaq, a tech-heavy index, added 0.9%.

The chocolate bar and candy maker's stock has dropped by 3.24% in the past month, falling short of the Consumer Staples sector's loss of 0.78% and the S&P 500's gain of 1.27%.

Analysts and investors alike will be keeping a close eye on the performance of Hershey in its upcoming earnings disclosure. The company's earnings report is set to go public on July 30, 2026. The company is predicted to post an EPS of $1.46, indicating a 20.66% growth compared to the equivalent quarter last year. In the meantime, our current consensus estimate forecasts the revenue to be $2.66 billion, indicating a 1.7% growth compared to the corresponding quarter of the prior year.

For the annual period, the Zacks Consensus Estimates anticipate earnings of $8.43 per share and a revenue of $12.29 billion, signifying shifts of +33.6% and +5.07%, respectively, from the last year.

Investors should also take note of any recent adjustments to analyst estimates for Hershey. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As such, positive estimate revisions reflect analyst optimism about the business and profitability.

Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.22% lower. Hershey is holding a Zacks Rank of #3 (Hold) right now.

With respect to valuation, Hershey is currently being traded at a Forward P/E ratio of 20.79. This denotes a premium relative to the industry average Forward P/E of 19.82.

We can additionally observe that HSY currently boasts a PEG ratio of 1.05. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Food - Confectionery industry currently had an average PEG ratio of 1.05 as of yesterday's close.

The Food - Confectionery industry is part of the Consumer Staples sector. This industry, currently bearing a Zacks Industry Rank of 223, finds itself in the bottom 10% echelons of all 250+ industries.

The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.