Jun 2026 (Q2 FY26) — Jul 30, 2026
The Hershey Company Q2 FY26 — Strong Adjusted EPS Growth and Gross Margin Expansion Led by Pricing Realization
Read the full callHERSHEY (HSY) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
HERSHEY earnings: last reported Thu, 30 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 2,787 | +6.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 23.1 | +15.7 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 458 | +629.7% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
29 of 31 judged targets kept · 41 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| First-half organic net sales growth | 3% to 4% | Mar 2026 | organic net sales up almost 6% | Achieved |
| Full-year adjusted EPS growth | adjusted EPS growth in 2026, even at then-current cocoa prices | Dec 2024 | We now expect full year adjusted EPS growth to land in the upper half of our prior range at 32.5% to 35%. | Revised Up |
| Full-year adjusted effective tax rate | approximately 25% to 27% | Dec 2025 | There is no change to our full year tax outlook. | On Track |
2 of HERSHEY CO's 72 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 69 more targets are in the full ledger.
Claimed
- Adjusted EPS grew 57% year-over-year to $1.90, beating internal expectations.
- Adjusted gross margin expanded 350 basis points year-over-year, driven by pricing realization, productivity, and input cost deflation.
- Reported net sales grew 6.6%, with net price realization up approximately 12% across segments.
- First half FY26 performance was robust with reported sales up nearly 9%, organic sales up almost 6%, and adjusted EPS up 28%.
Qualified
- Consolidated volume declined approximately 8 points in Q2 due to price elasticity and shipment timing dynamics.
- Supply constraints in Dot's pretzels and multipacks compressed North America Salty Snacks operating margin due to spot freight and elevated logistics costs.
- Full-year gross margin expansion guidance was adjusted to slightly below 400 basis points (down from ~400 basis points previously).
Price
$167 −2.24% · −$3.83
Performance −11.0% 1Y
1Y: $187.74 on 17 Oct 2025 → $167. High $236.28 (27 Feb 2026), low $157.61 (30 Sept 2026).
- Previous close
- $170.83
- 52-week range
- $157.61 – $236.28
- One year
- −10.32%
Overview
- Symbol
- HSY
- Sector
- Consumer Staples
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
29 of 31 judged targets kept · 41 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| First-half organic net sales growth | 3% to 4% | Mar 2026 | organic net sales up almost 6% | Achieved |
| Full-year adjusted EPS growth | adjusted EPS growth in 2026, even at then-current cocoa prices | Dec 2024 | We now expect full year adjusted EPS growth to land in the upper half of our prior range at 32.5% to 35%. | Revised Up |
| Full-year adjusted effective tax rate | approximately 25% to 27% | Dec 2025 | There is no change to our full year tax outlook. | On Track |
Claimed
- Adjusted EPS grew 57% year-over-year to $1.90, beating internal expectations.
- Adjusted gross margin expanded 350 basis points year-over-year, driven by pricing realization, productivity, and input cost deflation.
- Reported net sales grew 6.6%, with net price realization up approximately 12% across segments.
- First half FY26 performance was robust with reported sales up nearly 9%, organic sales up almost 6%, and adjusted EPS up 28%.
Qualified
- Consolidated volume declined approximately 8 points in Q2 due to price elasticity and shipment timing dynamics.
- Supply constraints in Dot's pretzels and multipacks compressed North America Salty Snacks operating margin due to spot freight and elevated logistics costs.
- Full-year gross margin expansion guidance was adjusted to slightly below 400 basis points (down from ~400 basis points previously).
The full ledger
Open HERSHEY CO’s full ledger
A free account opens 5 company ledgers a month. All 72 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 30, 2026
The Hershey Company Q1 FY26 — Strong Start with Unchanged Full-Year Outlook
Read the full callDec 2025 (Q4 FY25) — Feb 5, 2026
Hershey Q4 FY25 — Strong Sales Growth and Margin Recovery Outlook
Read the full callEvery analysed call
HERSHEY earnings calls (HSY)
Financials
What the filings say
Net profit, year on year: +630% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 2,987 | 2,888 | 2,805 | 2,615 | 3,181 | 3,091 | 3,104 | 2,787 |
| Operating profit | 613 | 939 | 369 | 193 | 435 | 445 | 641 | 643 |
| Operating margin | 20.5% | 32.5% | 13.2% | 7.4% | 13.7% | 14.4% | 20.6% | 23.1% |
| Interest | 47 | 42 | 51 | 57 | 59 | 58 | 55 | 56 |
| Profit before tax | 519 | 723 | 324 | 149 | 372 | 370 | 593 | 588 |
| Tax rate | 14.0% | −10.2% | 30.7% | 57.9% | 25.7% | 13.4% | 26.6% | 22.2% |
| Net profit | 446 | 797 | 224 | 63 | 276 | 320 | 435 | 458 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Reserves | 7,032 | 1,290 | 1,929 | 2,720 | 3,590 | 4,562 | 5,698 | 5,495 |
| Total liabilities | 6,296 | 6,395 | 6,894 | 7,655 | 7,649 | 7,804 | 8,232 | 9,105 |
| Fixed assets | 2,130 | 2,153 | 2,285 | 2,586 | 2,770 | 3,310 | 3,459 | 3,530 |
| Total assets | 7,703 | 8,140 | 9,132 | 10,412 | 10,949 | 11,903 | 12,947 | 13,741 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 1,600 | 1,764 | 1,700 | 2,083 | 2,328 | 2,323 | 2,532 | 2,277 |
| Cash from investing | -1,503 | -780 | -531 | -2,223 | -787 | -1,199 | -960 | -1,279 |
| Cash from financing | 116 | -1,081 | -499 | -681 | -1,416 | -1,148 | -1,297 | -803 |
| Net cash flow | 208 | -95 | 651 | -815 | 135 | -62 | 329 | 195 |
| Capital expenditure | -329 | -318 | -442 | -496 | -519 | -771 | -606 | -455 |
| Free cash flow | 1,271 | 1,446 | 1,258 | 1,587 | 1,808 | 1,552 | 1,926 | 1,823 |
HSY revenue by segment
North America Confectionery shrank from 83% to 78% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| North America Confectionery | 83% | 82% | 82% | 80% | 82% | 80% | 80% | 78% | +4.2% |
| North America Salty Snacks | 10% | 10% | 10% | 12% | 10% | 12% | 11% | 14% | +22.9% |
| International | 7% | 9% | 8% | 8% | 8% | 8% | 9% | 8% | +5.7% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Revenue by region
Q2 FY2026 · share of revenue
- US 87% ↓ 1 pt
- Non Us 13% ↑ 1 pt
As HSY cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
837 filings between Oct 20, 2025 and Oct 14, 2026.
Open market
decisions to buy or sellPurchases
$445.4K
3 purchases by 3 insiders
Sales
$276.18M
744 sales by 6 insiders
100% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 66
- Award — granted as compensation
- 24
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL | — | $271.64M | Oct 14, 2026 |
| Voskuil Steven E | — | $3.04M | Aug 5, 2026 |
| Grover Rohit | — | $791.2K | Feb 24, 2026 |
| Reiman Jason | — | $452.1K | Feb 24, 2026 |
| Tanner Kirk | $370.9K | — | Nov 21, 2025 |
| McCalman Jennifer | — | $128.4K | Aug 6, 2026 |
| Robbin-Coker Cordel | — | $123.4K | Jul 2, 2026 |
| Schechtman Natalie | $37.3K | — | Nov 24, 2025 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 14, 2026 | HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL 10% owner | Sale 10b5-1 plan | 2,476 | $405.2K |
| Oct 14, 2026 | HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL 10% owner | Sale 10b5-1 plan | 2,783 | $452.3K |
| Oct 14, 2026 | HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL 10% owner | Sale 10b5-1 plan | 12 | $1.9K |
| Oct 14, 2026 | HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL 10% owner | Sale 10b5-1 plan | 4,649 | $763.7K |
| Oct 14, 2026 | HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL 10% owner | Sale 10b5-1 plan | 80 | $13.2K |
| Oct 13, 2026 | HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL 10% owner | Sale 10b5-1 plan | 139 | $23.0K |
| Oct 13, 2026 | HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL 10% owner | Sale 10b5-1 plan | 4,997 | $815.7K |
| Oct 13, 2026 | HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL 10% owner | Sale 10b5-1 plan | 4,123 | $671.3K |
| Oct 13, 2026 | HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL 10% owner | Sale 10b5-1 plan | 741 | $121.7K |
| Oct 12, 2026 | HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL 10% owner | Sale 10b5-1 plan | 46 | $7.5K |
| Oct 12, 2026 | HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL 10% owner | Sale 10b5-1 plan | 211 | $33.9K |
| Oct 12, 2026 | HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL 10% owner | Sale 10b5-1 plan | 1,664 | $269.0K |
| Oct 12, 2026 | HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL 10% owner | Sale 10b5-1 plan | 7,185 | $1.18M |
| Oct 12, 2026 | HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL 10% owner | Sale 10b5-1 plan | 894 | $145.0K |
| Oct 9, 2026 | HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL 10% owner | Sale 10b5-1 plan | 8,075 | $1.31M |
| Oct 9, 2026 | HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL 10% owner | Sale 10b5-1 plan | 1 | $163 |
| Oct 9, 2026 | HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL 10% owner | Sale 10b5-1 plan | 1,924 | $311.2K |
| Oct 8, 2026 | HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL 10% owner | Sale 10b5-1 plan | 1,350 | $218.1K |
| Oct 8, 2026 | HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL 10% owner | Sale 10b5-1 plan | 153 | $24.6K |
| Oct 8, 2026 | HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL 10% owner | Sale 10b5-1 plan | 7,434 | $1.21M |
| Oct 8, 2026 | HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL 10% owner | Sale 10b5-1 plan | 1,063 | $173.4K |
| Oct 7, 2026 | HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL 10% owner | Sale 10b5-1 plan | 150 | $24.0K |
| Oct 7, 2026 | HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL 10% owner | Sale 10b5-1 plan | 8,553 | $1.37M |
| Oct 7, 2026 | HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL 10% owner | Sale 10b5-1 plan | 931 | $150.2K |
| Oct 7, 2026 | HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL 10% owner | Sale 10b5-1 plan | 366 | $59.3K |
| Oct 6, 2026 | HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL 10% owner | Sale 10b5-1 plan | 453 | $72.4K |
| Oct 6, 2026 | HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL 10% owner | Sale 10b5-1 plan | 2,857 | $461.1K |
| Oct 6, 2026 | HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL 10% owner | Sale 10b5-1 plan | 6,690 | $1.07M |
| Oct 5, 2026 | HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL 10% owner | Sale 10b5-1 plan | 17 | $2.7K |
| Oct 5, 2026 | HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL 10% owner | Sale 10b5-1 plan | 984 | $159.6K |
| Oct 5, 2026 | HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL 10% owner | Sale 10b5-1 plan | 1,410 | $226.5K |
| Oct 5, 2026 | HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL 10% owner | Sale 10b5-1 plan | 7,589 | $1.22M |
| Oct 2, 2026 | HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL 10% owner | Sale 10b5-1 plan | 166 | $26.4K |
| Oct 2, 2026 | HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL 10% owner | Sale 10b5-1 plan | 5,940 | $952.4K |
| Oct 2, 2026 | HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL 10% owner | Sale 10b5-1 plan | 3,894 | $621.0K |
| Oct 1, 2026 | HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL 10% owner | Sale 10b5-1 plan | 83 | $13.0K |
| Oct 1, 2026 | HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL 10% owner | Sale 10b5-1 plan | 1,866 | $296.1K |
| Oct 1, 2026 | Brandt Christopher W Director | Award | 282 | $0 |
| Oct 1, 2026 | Nalebuff Barry James Director | Award | 282 | $0 |
| Oct 1, 2026 | Kraus Maria T Director | Award | 282 | $0 |
| Oct 1, 2026 | Persaud Guy Director | Award | 282 | $0 |
| Oct 1, 2026 | Robbin-Coker Cordel Director | Award | 282 | $0 |
| Oct 1, 2026 | Mahlan Deirdre Director | Award | 282 | $0 |
| Oct 1, 2026 | HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL 10% owner | Sale 10b5-1 plan | 95 | $15.2K |
| Oct 1, 2026 | OZAN KEVIN M Director | Award | 282 | $0 |
| Oct 1, 2026 | Curoe Timothy William Director | Award | 282 | $0 |
| Oct 1, 2026 | Quintero-Johnson Marie Director | Award | 282 | $0 |
| Oct 1, 2026 | Park Joseph Ryangho Director | Award | 282 | $0 |
| Oct 1, 2026 | HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL 10% owner | Sale 10b5-1 plan | 462 | $72.9K |
| Oct 1, 2026 | HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL 10% owner | Sale 10b5-1 plan | 7,494 | $1.19M |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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