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The Hershey Company
The Hershey Company (HSY) investor relations material
The Hershey Company Q4 2025 [Q&A] earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 [Q&A] earnings summary5 Feb, 2026
Executive summary
Achieved strong momentum in 2025 despite cocoa inflation and macro volatility, with investments in innovation, brand building, and execution fueling growth into 2026 and beyond.
Fourth-quarter 2025 net sales rose 7.0% to $3,091.0 million, with organic constant currency growth of 5.7% and acquisition benefits of 1.2 points.
Full-year 2025 net sales increased 4.4% to $11,692.6 million, with organic constant currency growth of 4.2%.
Reported net income for Q4 2025 was $320.0 million (down 59.9% year-over-year); full-year net income was $883.3 million (down 60.3%).
Focused on balancing price increases, consumer affordability, and continued investment in marketing and R&D to sustain long-term growth.
Financial highlights
Q4 saw 18% growth in the snack business, driven by double-digit volume growth.
Gross margin outperformed expectations by over 250 basis points in Q4, mainly due to lower-than-expected tariffs and strong volumes.
Q4 2025 gross margin fell 17.0 points to 37.0%; adjusted gross margin dropped 650 bps to 38.3%.
Q4 2025 operating profit was $444.9 million (down 52.6%), with a margin of 14.4% (down 18.1 points). Adjusted operating profit was $529.3 million (down 24.0%), margin 17.1% (down 700 bps).
2026 guidance includes 2.5%-3.5% organic sales growth and 10% pricing, with embedded volume/mix decline.
Outlook and guidance
2026 net sales expected to grow 4%-5%, with acquisitions contributing ~150 bps and currency impact neutral.
2026 reported EPS projected at $7.77–$8.19 (up 79–89%); adjusted EPS at $8.20–$8.52 (up 30–35%).
Gross margin expected to recover to 41% in 2026, with further upside possible in 2027 as cocoa costs potentially decline.
Q1 2026 will see margin and earnings pressure due to higher-cost inventory and tariffs, with profitability inflecting in Q2 and double-digit EPS growth for the balance of the year.
Advancing Agility & Automation Initiative to deliver ~$100 million in savings in 2026.
Why did International segment income decline sharply?
How to drive volume growth in 2026?
Drivers of 2026 gross margin recovery?
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Next The Hershey Company earnings date
Investor Day 202631 Mar, 2026
The Hershey Company
Next The Hershey Company earnings date
Investor Day 202631 Mar, 2026
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Frequently asked questions
The Hershey Company, engages in the manufacture and sale of confectionery products. The Company offers chocolate and non-chocolate confectionery products; gum and mint refreshment products; pantry items, such as baking ingredients; and snack items, including spreads and snack bars. Hershey serves retailers, distributors and food service businesses through its various retail sales organizations.
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