The Hershey Company manufactures and sells confectionery products and pantry items in the United States and internationally, operating through three segments: North America Confectionery, North America Salty Snacks, and International. Its products include chocolate and non-chocolate confectionery, gum and mint refreshment products, protein bars, pantry items such as baking ingredients, toppings, beverages and sundae syrups, and snacks including spreads, bars, snack bites, mixes, popcorn and pretzels. These are sold primarily under brands such as 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, as well as Pelon Pelo Rico, IO-IO and Sofit. The company markets to wholesale distributors, grocery, mass merchandise, drug, convenience and dollar stores, vending companies, wholesale clubs, concessionaires and department stores, and exports to approximately 65 countries; it was founded in 1894 and is based in Hershey, Pennsylvania.
Jefferies Flags Six Consumer Stocks at Risk From Super El Niño
Jefferies warned that six consumer stocks could be disrupted by a Super El Niño this year and into 2027, part of a larger multi-sector list of names the firm identified as at risk. Current forecasts suggest the 2026-27 El Niño may be the strongest in modern history, and the firm noted that, unlike most climate risks, El Niño is highly trackable months in advance, giving investors an opportunity to identify economic consequences before they fully materialize. Analyst Scott Marks said Hershey carries concentrated cocoa exposure through its core U.S. chocolate portfolio and has built its 2027 margin recovery plan around expected cocoa deflation, warning that a Super El Niño driving a hotter, drier West African 2026/27 crop would undercut the central pillar of that recovery story. J.M. Smucker is exposed through its coffee portfolio, with sourcing potentially impacted for Brazilian arabica and Vietnamese and Indonesian robusta, while Mondelez International faces El Niño exposure through cocoa, with roughly 60% of supply in Côte d'Ivoire and Ghana, where strong events historically turn hotter and drier heading into the November-January harvest. Analyst Pedro Baptista noted PriceSmart derives approximately 11% of sales from Colombia and also operates across Central America, and analyst Anne Ling said Yum China could see extreme rainfall, flooding and adverse weather temporarily reduce dine-in traffic and disrupt logistics and delivery efficiency, while analyst Alex Wright highlighted that a sharp rise in sweetener costs could pressure margins at Coca-Cola FEMSA if cost increases outpace pricing actions.
Hershey Raises Dividend to $1.452 After Five Quarters at $1.37
Hershey has resumed dividend growth, lifting its quarterly payout to $1.452 per share starting with the February 17, 2026 ex-date after holding it flat at $1.37 for five consecutive quarters from February 2024 through November 2025. The increase followed a brutal stretch for the confectioner: full-year 2025 net income fell to $883.3 million from $2.22 billion in 2024, operating income dropped to $1.42 billion from $2.90 billion, and adjusted EPS slid roughly 36% to 37% to $6.31, pressured by record cocoa costs and $160 million to $170 million in tariff expenses. The recovery has been sharp, with Q1 2026 adjusted EPS of $2.35 beating the $2.05 estimate on revenue of $3.10 billion, and Q2 2026 adjusted EPS of $1.90 beating the $1.43 estimate on revenue of $2.79 billion, while adjusted gross margin expanded 350 basis points to 41.6%. Full-year 2026 guidance calls for adjusted EPS of $8.36 to $8.52, implying 32.5% to 35% growth off the 2025 base, and CFO Steve Voskuil told investors on the July 30 call that the company has good visibility into cocoa deflation next year. The stock closed at $173.32 on September 11, down 2.62% year to date and well below the analyst target price of $205.52, and the next board declaration this fall will show whether the resumption becomes a trend or the freeze story remains live.
The Hershey Company reported second-quarter 2026 results showing net price realization of approximately 12%, which drove organic constant-currency net sales up 3.6%, but volumes declined about 8% due to elasticity impacts. In North America Confectionery, net sales rose 4.2% on roughly 14% price realization, while volumes fell about 10%, partly offset by retailer inventory replenishment. International saw similar trends, with price realization around 10% and volumes down approximately 8%, reflecting elasticity and inventory depletion, though Brazil and the UK performed better than planned. Hershey expects improved core-item availability and increased demand-creation activity in the second half to support performance, with the pace of elasticity likely influencing how pricing translates into organic sales growth. Shares have dipped 5.3% over the past year, and the company trades at a forward P/E of 18.71, above the industry average of 15.43.
Hershey Launches New Creme Bars and Coffee Collaboration
Hershey has introduced new Creme Bars in Salted Caramel and Affogato flavors, supported by a celebrity campaign featuring global girl group KATSEYE, along with experiential sampling events. The company has also partnered with The Nitro Bar to create a Reese's Pumpkins PB Whip Latte, bringing its candy brand into specialty coffee. These product extensions are part of Hershey's innovation pipeline, which analysts see as supporting market share and incremental revenue, particularly around Reese's and less cocoa-intensive formats. Management has guided to 4% to 5% net sales growth for 2026, and commentary on upcoming quarterly calls will help investors gauge whether these launches are tracking in line with expectations. Hershey, a US-based food company with a market cap of $35.4 billion, aims to keep its brands visible in snacking and coffee occasions amid ongoing cost and tariff risks.
Cocoa Futures Rebound Above $6,600 on Supply Concerns
Cocoa prices are climbing again, with futures up 7.7% to $6,648.00 in early trading Monday, after sliding to as low as $2,846.00 in early March. The rebound is driven by renewed supply uncertainty for the 2026-2027 crop, particularly in Côte d’Ivoire and Ghana, as traders reassess expectations of a substantial surplus. Weather remains a key factor, with concerns over El Niño-related disruption and lower farmgate prices in those countries affecting farmer output and investment. Analysts also view part of the increase as a market correction, noting that futures below $3,000 per ton in late February reflected overly optimistic supply assumptions and overly pessimistic demand expectations. Companies exposed to cocoa price swings include Hershey, Mondelez International, Nestlé, and Barry Callebaut.
Hershey's Pricing Power Shines as Cocoa Costs Surge
The Hershey Company is heading into autumn with strong pricing power and seasonal demand, as its revenue growth outpaces a more than 120% surge in cocoa costs over the past six months. Despite the triple-digit rise in a core ingredient, second-quarter net sales climbed 6.6% year over year, and adjusted earnings per share jumped 57%. Hershey's research shows 82% of parents plan to buy chocolate in October, prompting the company to launch its largest-ever Halloween lineup, "Hersheyween," running from late summer into the fourth quarter. The stock trades at a slight premium to packaged-goods peers but offers a 3.2% dividend yield and is well below its 52-week high of $239. For income-focused investors, Hershey remains a reasonable buy, as cocoa prices have not yet driven consumers away.
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.
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