Hershey earnings: guidance and what to watch
Hershey's next results are expected on October 29, 2026. Watch whether Hershey's volume improves as prices rise.
What has Hershey guided for 2026?
On July 30, Hershey narrowed its 2026 forecast by raising the floor and leaving the ceiling unchanged. Adjusted diluted earnings per share (EPS), which measures profit per share after selected items are removed, are now expected to reach $8.36–$8.52, up 32.5%–35.0%. Guidance is management’s public forecast, not a guarantee.
Hershey expects 2026 sales growth of 4.5%–5.0%, including 150 basis points from acquiring snack business LesserEvil. Organic growth, which excludes acquisitions and currency movements, is expected to reach 3.0%–3.5%. That measure says more about Hershey’s existing products.
| The period guided | Low | High | The date it was given | |
|---|---|---|---|---|
| Net sales growth | Year to Dec 2026 | 4.5% | 5.0% | Jul 30, 2026 |
| Organic net sales growth | Year to Dec 2026 | 3.0% | 3.5% | Jul 30, 2026 |
| Reported earnings per share growth | Year to Dec 2026 | 82.0% | 89.0% | Jul 30, 2026 |
| Adjusted earnings per share growth | Year to Dec 2026 | 32.5% | 35.0% | Jul 30, 2026 |
What does Hershey's last eight quarters show?
Revenue was US$2,787,306 thousand in June 2026, versus US$2,614,718 thousand in June 2025. It rose 6.6%. Organic constant-currency growth was 3.6%. Pricing contributed approximately 12.0%, but volume/mix declined approximately 8.0%. Elasticity describes this response: shoppers may buy smaller packs, buy less often or switch brands when prices rise.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,787,306 | 3,104,167 | 3,091,021 | 3,181,418 | 2,614,718 | 2,805,419 | 2,887,540 | 2,987,494 |
| Gross margin | 45.3% | 39.4% | 37.0% | 32.6% | 30.5% | 33.7% | 54.0% | 41.3% |
| Operating income | 642,641 | 640,693 | 444,913 | 434,583 | 192,811 | 369,221 | 939,147 | 613,164 |
| Net income | 457,665 | 435,105 | 320,017 | 276,320 | 62,719 | 224,203 | 796,591 | 446,301 |
| EPS, diluted | 2.26 | 2.13 | 1.57 | 1.36 | 0.31 | 1.10 | 3.92 | 2.20 |
What this means. The cash flow figures for each quarter are calculated by subtracting one year-to-date total from the next, so they are not always directly reported three-month amounts.
What should Hershey watchers watch in the next release?
Hershey’s next dated checkpoint is October 29, 2026, at 8:30 a.m. Eastern, when it holds its third-quarter earnings call. The first question should be volume: how many products customers bought, rather than how many dollars they spent. Higher prices can raise sales while volume falls, so improving volume would provide stronger evidence of recovery.
Cocoa costs can help or hurt each batch of chocolate. The benchmark was 3.50% lower year over year on October 19, 2026, but lower cocoa costs alone would not prove better execution. The more durable evidence would be improved margins after temporary refunds disappear.