The Hershey Company, together with its subsidiaries, engages in the manufacture and sale of confectionery products and pantry items in the United States and internationally. It operates through three segments: North America Confectionery, North America Salty Snacks, and International. The company offers chocolate and non-chocolate confectionery products; gum and mint refreshment products, including mints, chewing gums, and bubble gums; protein bars; pantry items, such as baking ingredients, toppings, beverages, and sundae syrups; and snack items comprising spreads, bars, snack bites, mixes, popcorn, and pretzels. It provides its products primarily under the Hershey's, Reese's, Kisses, Jolly Rancher, Almond Joy, Brookside, barkTHINS, Cadbury, Good & Plenty, Heath, Kit Kat, Payday, Rolo, Twizzlers, Sour Strips, Whoppers, York, Ice Breakers, Breath Savers, Bubble Yum, Lily's, SkinnyPop, Pirates Booty, Dot's Homestyle Pretzels, and ONE Bar brands, as well as under the Pelon Pelo Rico, IO-IO, and Sofit brands. The company markets and sells its products to wholesale distributors, chain grocery stores, mass merchandisers, chain drug stores, vending companies, wholesale clubs, convenience stores, dollar stores, concessionaires, and department stores. It exports its products in approximately 65 countries worldwide. The Hershey Company was founded in 1894 and is based in Hershey, Pennsylvania.
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Hershey's Q2 Margin Rebound Faces Volume and Cost Pressures
Hershey reported a second-quarter earnings beat with adjusted earnings of $1.90 per share, up 57% year over year and above the Zacks Consensus Estimate of $1.45, while net sales rose 6.6% to $2.79 billion. The company's adjusted operating profit climbed 37.3% to $563.5 million, driven by pricing, lower net commodity costs, and productivity, which offset higher logistics expenses and investments. However, volume declined 8% in constant-currency terms, with North America Confectionery volume down about 10 points and International volume down about 8%, reflecting price elasticity. Adjusted gross margin expanded 350 basis points to 41.6%, but management expects full-year gross margin expansion to be slightly below 400 basis points due to increased freight and logistics costs, particularly in Salty Snacks. Hershey raised its 2026 net sales growth outlook to 4.5%-5% and adjusted earnings growth to 32.5%-35%, equivalent to $8.36-$8.52 per share, but the higher bar raises execution requirements for the rest of the year. The company currently holds a Zacks Rank #3 (Hold), with a Growth Score of A and VGM Score of B, suggesting a measured outlook as investors assess whether margin recovery can broaden into healthier volume trends.
Bernstein sees Hershey-Mondelez partnerships over merger
Bernstein analysts said Hershey and Mondelez are more likely to expand partnerships in international markets than pursue a full-scale merger in the near term, citing the success of their recent Reese's and Oreo product collaborations. The companies jointly launched Reese's products containing Oreo pieces and Oreos containing Reese's pieces in the second half of 2025, which Bernstein called among the most successful new-product introductions, particularly for Hershey. The investment bank sees China and Western Europe, particularly Britain, as the most attractive areas for further cooperation, with Mondelez's estimated China sales of about $2 billion and Hershey's limited European footprint. Bernstein also modeled a scenario in which Hershey acquires Mondelez at a 15% premium, estimating earnings per share would be diluted by about 5% in the first year but become nearly 11% accretive if cost synergies equivalent to 8.5% of Hershey's sales were achieved over two to three years. However, major structural obstacles remain, including the Hershey Trust's control of about 79% of voting rights through Class B shares, which would fall to about 51% in a three-times leverage scenario, potentially triggering provisions requiring it to raise its ownership.
CEOs Pushed White House to Delay Ultra-Processed Food Definition
Food company executives intervened in recent weeks to persuade the Trump administration not to release a proposed definition of ultra-processed food, according to people familiar with the discussions. Chief executives and trade group representatives sent letters and called the White House, arguing that laying out the definition would open the industry to litigation, increase costs, and hurt business. The administration has been working on a definition expected to focus on whether a food includes certain cosmetic ingredients and ingredients not commonly used in home kitchens. Acting FDA Commissioner Kyle Diamantas said the administration has submitted for final review a proposed definition, but the white paper has not yet been cleared by the White House budget office. The definition is expected to include an exemption for foods that meet an already-established healthy criteria by the FDA, potentially sparing items like some yogurts and whole-grain breads.
Hershey Beats Q2 Revenue and Profit Estimates on Supply Chain Progress and Innovation
Hershey reported second-quarter 2026 revenue of $2.79 billion, exceeding analyst estimates of $2.64 billion and marking a 6.6% year-on-year increase. Adjusted earnings per share came in at $1.90, a 33.1% beat over the consensus estimate of $1.43. The company's operating margin expanded to 23.1% from 7.4% a year earlier, while organic revenue rose 3.6%. CEO Kirk Tanner attributed the performance to momentum in core confectionery brands and improvements in food service channels, which helped offset supply chain disruptions in the salty snacks segment. Looking ahead, Hershey provided full-year adjusted EPS guidance of $8.44 at the midpoint, roughly in line with analyst expectations, and highlighted a robust innovation pipeline along with anticipated cocoa cost deflation in 2027 as key drivers for future growth.
Hershey Keeps Quarterly Dividend Unchanged at $1.452 a Share
The Hershey Co. said it will pay a quarterly dividend of $1.452 a share, unchanged from its last payout. The dividend will be paid on September 15 to shareholders of record as of August 14, with shares trading ex-dividend the same day. The payout translates to an approximate forward dividend yield of 3.16% at the current share price. The decision provides ongoing clarity for income investors as Hershey navigates increased expenses and evolving customer demand, following a second quarter in which the company reported revenue of $2.79 billion and GAAP earnings of $2.11 per share, missing revenue estimates by $160 million but beating earnings projections by 74 cents.
Hershey Reports Upbeat Q2 CY2026 Revenue and Earnings Beat
Hershey reported second-quarter CY2026 revenue of $2.79 billion, beating Wall Street estimates by 5.7% and growing 6.6% year on year. Adjusted earnings per share came in at $1.90, a 33.1% beat over the consensus estimate of $1.43. The company's operating margin expanded to 23.1% from 7.4% a year earlier, and organic revenue rose 3.6%. Full-year adjusted EPS guidance was set at $8.44 at the midpoint, roughly in line with analyst expectations. Shares traded down 1.7% to $180.78 after the release.
Hershey reported second-quarter earnings of $1.9 per share, beating the Zacks Consensus Estimate of $1.45 per share by 31.03%. Revenue came in at $2.79 billion, surpassing the consensus estimate by 5.21% and up from $2.61 billion a year ago. The company has now exceeded consensus EPS and revenue estimates in each of the last four quarters. Hershey shares have gained about 1.1% year-to-date, underperforming the S&P 500's 6.9% advance.
Hershey warns second-quarter revenue may miss expectations on softer North American confectionery demand
Hershey signaled in late July 2026 that its upcoming second-quarter results would likely show revenue coming in below earlier expectations, reflecting softer confectionery consumption in its core North American market. Analysts trimmed their earnings forecasts and now expect only modest revenue growth, underscoring how shifts in consumer demand are shaping sentiment around Hershey's near-term performance. The warning puts more weight on near-term catalysts such as how management handles pricing, promotions, and retailer relationships, as well as the early read on new product launches from Reese's and other extensions. It also sharpens existing risks including a rich valuation versus food peers, pressure on margins and dividend cover, and an evolving board that is still relatively new. If the demand softness proves more persistent than expected, investors may start to question Hershey's previous growth guidance and its ability to support both earnings growth and a growing dividend.
Hershey CFO Steven Voskuil sells $255,000 in stock under prearranged plan
Hershey Chief Financial Officer Steven E. Voskuil sold 1,500 shares of the company's common stock for approximately $255,000, according to a recent SEC filing. The transaction was executed under a Rule 10b5-1 trading plan adopted 14 months earlier, indicating it was scheduled independently of current market conditions. Following the sale, Voskuil retains direct ownership of 53,195 shares, representing a 0.0262% stake in the company. The shares were sold at a weighted average price of $170.00, while the stock closed at $171.70 on the transaction date, giving Hershey a market capitalization of $34.8 billion. The sale comes as Hershey has faced margin pressure from higher cocoa costs, tariffs, and increased marketing spending, with its stock delivering a 109% total return over the past decade compared to 302% for the S&P 500.
Milton Hershey School Trust Sells 30,000 Hershey Shares for $5.2 Million
The Milton Hershey School Trust sold 30,000 shares of The Hershey Company common stock for approximately $5.2 million. The transactions occurred on July 13 and 14, 2026, at weighted-average prices ranging from $169.44 to $177.64 per share. Following the sales, the trust directly holds 1,226,119 shares and indirectly holds 39,630 shares, with total beneficial ownership of about 1.3 million common shares plus roughly 54.6 million shares of Class B common stock. The trust, which wholly owns Hershey Trust Company and serves as trustee for the school trust, manages a significant stake in the confectioner. Hershey shares closed at $171.42 on July 17, 2026, giving the company a market capitalization of $34.5 billion.
StockStory flags PagerDuty, Hershey, Marriott as cash-rich but risky
StockStory identifies PagerDuty, Hershey, and Marriott as cash-producing companies that may underperform. PagerDuty, with a trailing 12-month free cash flow margin of 23.3%, saw average billings growth of just 1.1% over the last year and faces flat estimated sales and a 5.7 percentage point contraction in free cash flow margin. Hershey, at a 16.1% margin, has struggled with falling unit sales, a 6.3 percentage point drop in operating margin, and a 9.8% annual decline in earnings per share over three years. Marriott, at a 10.6% margin, shows weak revenue per room and no expected free cash flow margin growth, though returns on capital are improving.
Shelf-stable food stocks reported mixed first-quarter results, with revenues in line with analysts' consensus estimates but next quarter's revenue guidance coming in 11.6% below expectations. Hormel Foods posted revenues of $2.97 billion, up 2.5% year on year, matching expectations and delivering strong beats on EBITDA and gross margin estimates. Hershey outperformed with revenues of $3.10 billion, up 10.6% year on year, exceeding expectations by 2.4% and beating EBITDA and organic revenue estimates. BellRing Brands was the weakest performer, with revenues of $598.7 million, up 1.8% year on year, missing expectations by 1.7% and issuing full-year EBITDA guidance significantly below estimates. B&G Foods topped expectations by 2.4% with revenues of $408.9 million, down 3.9% year on year, and achieved the highest full-year guidance raise among its peers. Campbell's missed expectations by 0.6% with revenues of $2.37 billion, down 4.4% year on year, in a mixed quarter that included a narrow EBITDA beat.
Hershey Stock May Be Near a Sweet Spot as Cocoa Pressure Eases
Hershey's first-quarter results showed stronger sales, earnings and margins as pricing helped offset cocoa and tariff-related costs. Consolidated net sales reached $3.1 billion, up 10.6% from $2.8 billion a year earlier, while adjusted earnings per share came in at $2.35, an increase of 12.4% and well above analyst estimates. Reported net income was $435 million, or $2.13 per share, from $1.10 a year earlier, and the reported operating profit rose 73.5% to $640.7 million with a profit margin of 20.6%, up 7.4 points. Management reaffirmed full-year guidance of 4% to 5% net sales growth and 30% to 35% adjusted EPS growth, projecting full-year adjusted EPS in the range of $8.20 to $8.52 compared with $6.31 in 2025. Lower cocoa prices, which have fallen from highs above $10,000 per metric ton to nearly $5,000, could support margin recovery, though commodity volatility and consumer demand remain key risks. The company also announced the unification of its sweet, salty, and protein brand portfolios under an integrated operating model called ONE Hershey, aiming to align strategy and innovation. Most analysts rate the stock a Hold with a 20% upside, as the balance of pricing and demand continues.
Shelf-Stable Food Stocks Post Mixed Q1 as Marzetti Misses Estimates
The shelf-stable food industry reported mixed first-quarter results, with The Marzetti Company falling short of expectations. Marzetti posted flat revenues of $451.8 million, missing analyst estimates by 2.6%, and also fell short on earnings per share and EBITDA. Among the 17 tracked companies, aggregate revenues met consensus, but next-quarter guidance came in 11.6% below expectations. Hershey was the top performer with revenue up 10.6% to $3.10 billion, while BellRing Brands was the weakest, with shares tumbling 32.6% after missing estimates and issuing disappointing full-year EBITDA guidance. Simply Good Foods also lagged, with revenue down 9.4% and a significant guidance miss, while Utz met revenue expectations and beat on EBITDA and operating income.
Hershey Names Heather Hoytink as U.S. President, Launches ONE x Reese's Protein Bar
The Hershey Company has appointed longtime PepsiCo executive Heather Hoytink as President, U.S., and introduced the ONE x Reese's Peanut Butter Chocolate Layered Protein Bar, a product that combines Reese's-inspired flavor with 18 grams of protein and only 2 grams of sugar. The leadership change and expansion into higher-protein snacking highlight how Hershey is pairing seasoned commercial expertise with brand-led innovation in salty and better-for-you categories. The new protein bar broadens Reese's into higher-protein, lower-sugar formats, supporting the company's focus on less cocoa-intensive growth and price pack architecture. How well this bar and similar innovations gain shelf space and repeat usage will matter for offsetting cocoa and tariff pressures on traditional confectionery. Hershey's narrative projects $12.9 billion in revenue and $2.1 billion in earnings by 2029, requiring 3.4% yearly revenue growth and a $1.2 billion earnings increase from $883.3 million today.
Hershey shares closed up 1.38% at $179.11, outperforming the S&P 500 which slipped 0.05%. The chocolate maker is set to report earnings with analysts projecting earnings per share of $1.46, a 20.66% increase from the same quarter last year, on revenue of $2.66 billion. For the full year, the Zacks Consensus Estimate forecasts earnings of $8.45 per share and revenue of $12.29 billion, representing year-over-year growth of 33.91% and 5.09% respectively. Hershey currently carries a Zacks Rank of 3, or Hold, and trades at a forward price-to-earnings ratio of 20.92, a premium to the food-confectionery industry average of 19.81.
Hershey taps PepsiCo executive Heather Hoytink as US president
Hershey has appointed PepsiCo executive Heather Hoytink as president of its US business, effective 8 July. Hoytink was most recently senior vice president and chief commercial officer for PepsiCo's US out-of-home beverages division. She succeeds Andrew Archambault, who left in May to join Nutrabolt as president and COO. Hershey president and CEO Kirk Tanner, himself a former PepsiCo executive, said Hoytink has the operating discipline and growth track record to accelerate the US business. In her new role, Hoytink will promote a 'one Hershey commercial model' across retail, foodservice, and emerging channels.
Hershey's Salty Snacks Sales Jump 26% on Broad-Based Growth
Hershey's North America Salty Snacks net sales rose 26% year over year to $350.1 million in the first quarter of 2026, driven by both the LesserEvil acquisition and organic gains. The LesserEvil deal contributed about 20.4 percentage points to segment growth, while organic constant-currency net sales increased 5.6% on volume growth of more than five points and roughly flat pricing. U.S. salty snacks retail takeaway excluding LesserEvil climbed 9.8% for the 12-week period ended March 29, 2026, and retail sales grew nearly 10%, adding almost 25 basis points of market share. Dot's Pretzels retail sales rose 13%, Reese's Filled Pretzels added 130 basis points to pretzel category share, and Dot's Snack Mix captured more than 200 basis points of snack mix market share. LesserEvil retail sales surged more than 65%, supported by expanded distribution and strong trial and repeat purchases.
ONE Introduces Reese's Layered Protein Bar with 18g of Protein
ONE has launched the new ONE x Reese's Peanut Butter Chocolate Flavored Layered Protein Bar, a product that combines Reese's iconic chocolate and peanut butter flavor with 18 grams of protein. The bar features a layered design for an elevated texture and is available now on Amazon. ONE Brand Manager Deanna Lyons said the bar proves that elevated flavor and functional performance can coexist, addressing consumer skepticism about protein bar taste. The bar contains only 2 grams of sugar and is designed for convenient, on-the-go snacking.
Hershey, Marzetti, and Simply Good Foods fall as Fed signals rate hike
Shares of packaged food companies Hershey, The Marzetti Company, and Simply Good Foods declined in afternoon trading after the Federal Reserve held its benchmark rate at 3.5% to 3.75% and released a dot plot pointing toward a potential hike. Hershey fell 5%, Marzetti dropped 3.4%, and Simply Good Foods lost 3.6% as the 2-year Treasury yield jumped 11 basis points to 4.161%, narrowing the yield advantage that had made dividend stocks more attractive. The sector, which includes debt-laden names like Kraft Heinz and Conagra, faces higher refinancing costs if rates rise further. Hershey is now trading 25.7% below its 52-week high of $236.28 from February 2026.
Mondelez Q1 Revenue Rises 8.2% to $10.08 Billion, Beating Estimates
Mondelez reported first-quarter revenues of $10.08 billion, an 8.2% increase year on year, exceeding analysts' expectations by 3%. The packaged snacks giant, known for brands like Oreo and Cadbury, also posted a solid beat on EBITDA and organic revenue estimates. Among the 17 shelf-stable food stocks tracked, overall revenues were in line with consensus, but next-quarter guidance came in 1.8% below expectations. Hershey was the best performer in the group with revenue up 10.6% to $3.10 billion, while BellRing Brands was the weakest, missing estimates with a 1.8% revenue increase to $598.7 million and issuing disappointing full-year EBITDA guidance. Mondelez shares have risen 5.9% since the report.