US Market News
2月前
Hershey Reports First-Quarter 2026 Financial ResultsApril 30, 2026 6:45 AM
PR Newswire (US)
HERSHEY, Pa., April 30, 2026 /PRNewswire/ -- The Hershey Company (NYSE: HSY) today announced net sales and earnings for the first quarter ended March 29, 2026 and reaffirmed its 2026 sales and earnings outlook.
"We kicked off the year strong and are on track to hit our financial targets for 2026. Hershey's and Reese's are key drivers, delivering first quarter non-seasonal retail sales lifts of 11% and 10%, respectively. We are laser-focused on fueling core growth and making bold moves in brand investment, innovation, R&D, technology, and talent to drive our business to new heights," said Kirk Tanner, The Hershey Company President and Chief Executive Officer.First-Quarter 2026 Financial Results Summary1Consolidated net sales of $3,104.2 million, an increase of 10.6%.Organic, constant currency net sales increased 7.9%.Reported net income of $435.1 million, or $2.13 per share-diluted, an increase of 93.6%. Adjusted earnings per share-diluted of $2.35, an increase of 12.4%.
1 All comparisons for the first quarter of 2026 are with respect to the first quarter ended March 30, 20252026 Full-Year Financial OutlookThe Company is reaffirming its net sales growth, organic net sales growth, reported earnings per share and adjusted earnings per share outlook for the year. 2026 Full-Year Outlook
GuidanceNet sales growth*
4% to 5%Organic net sales growth
2.5% to 3.5%Reported earnings per share growth
79% to 89%Adjusted earnings per share growth
30% to 35%*Reflects an approximate 150 basis point benefit from the 2025 acquisition of LesserEvil The Company also expects:A reported and adjusted effective tax rate in the range of approximately 25% to 27%;Other expense, which primarily reflects periodic benefit costs relating to pension and other post-retirement benefit plans, of approximately $15 million to $20 million;Interest expense of approximately $200 million to $210 million;Capital expenditures in the range of approximately $425 million to $475 million; andAdvancing Agility & Automation Initiative savings of approximately $100 million.Below is a reconciliation of current projected 2026 and full-year 2025 earnings per share-diluted calculated in accordance with U.S. generally accepted accounting principles (GAAP) to non-GAAP adjusted earnings per share-diluted:
2026 (Projected)
2025Reported EPS – Diluted$7.77 - $8.19
$4.34Derivative Mark-to-Market Losses—
$2.08Business Realignment Activities0.30 - 0.35
$0.29Acquisition and Integration-Related Activities 0.15 - 0.20
$0.20Long-Lived Asset Impairment Charges—
$0.03Tax Effect of All Adjustments Reflected Above$(0.12)
$(0.63)Adjusted EPS – Diluted$8.20 - $8.52
$6.31 Adjusted 2026 projected earnings per share-diluted, as presented above, does not include the impact of mark-to-market gains and losses on our commodity derivative contracts that are reflected within corporate unallocated expense in segment results until the related inventory is sold since we are not able to forecast the impact of the market changes.First-Quarter 2026 Components of Net Sales Growth A reconciliation between reported net sales growth rates and organic, constant currency net sales growth rates, along with the contribution from net price realization and volume, is provided below:
Three Months Ended March 29, 2026
Percentage Change as Reported
Impact of Foreign Currency Exchange
Percentage Change on Constant Currency Basis
Impact of Acquisition
Percentage Change on Organic Constant Currency Basis
Organic Price(Rounded)*
Organic Volume/Mix(Rounded)*North America Confectionery8.3 %
0.3 %
8.0 %
— %
8.0 %
12 %
(4) %
North America Salty Snacks26.0 %
— %
26.0 %
20.4 %
5.6 %
— %
5 %
International16.1 %
6.8 %
9.3 %
— %
9.3 %
12 %
(2) %
Total Company10.6 %
0.7 %
9.9 %
2.0 %
7.9 %
10 %
(2) %*Percentage changes may not compute directly as shown due to rounding of amounts presented above. The Company presents certain percentage changes in net sales on a constant currency basis, which excludes the impact of foreign currency exchange. To present this information for historical periods, current period net sales for entities reporting in currencies other than the U.S. dollar are translated into U.S. dollars at the average monthly exchange rates in effect during the corresponding period of the prior fiscal year, rather than at the actual average monthly exchange rates in effect during the current period of the current fiscal year. As a result, the foreign currency impact is equal to the current year results in local currencies multiplied by the change in the average foreign currency exchange rate between the current fiscal period and the corresponding period of the prior fiscal year.First-Quarter 2026 Consolidated Results Consolidated net sales increased 10.6% to $3,104.2 million in the first quarter of 2026. Organic, constant currency net sales increased 7.9%, driven by net price realization of approximately 10 points. Volume declined approximately 2 points reflecting elasticity impacts in both the North America Confectionery and International segments. This was partially offset by favorable timing of shipments in the North America Confectionery and International segments. The impact of the LesserEvil acquisition was a 2.0 point benefit, while the foreign exchange benefit was 0.7 points in the first quarter.Reported gross margin was 39.4% in the first quarter of 2026, compared to 33.7% in the first quarter of 2025, an increase of 570 basis points. The reported gross margin increase was driven by net price realization, lower derivative mark-to-market losses versus the same period last year, supply chain productivity and transformation program net savings, which more than offset higher commodity and tariff-related costs. Adjusted gross margin was 40.4% in the first quarter of 2026, a decrease of 80 basis points compared to the first quarter of 2025. This decrease reflects higher commodity and tariff-related costs during the first quarter of 2026, partially offset by net price realization, supply chain productivity and transformation program savings.Selling, marketing and administrative expenses increased 3.1% in the first quarter of 2026 versus the first quarter of 2025. Selling, marketing and administrative expenses, excluding advertising and related consumer marketing, increased 1.8% versus the first quarter of 2025, driven by higher capability and technology investments, partially offset by reduced consulting fees, lower compensation and benefit costs, and transformation program net savings. Advertising and related consumer marketing expenses increased 5.8% in the first quarter of 2026 versus the same period last year, reflecting double-digit increases in the North America Salty Snacks and International segments.First quarter 2026 reported operating profit was $640.7 million, an increase of 73.5% versus the first quarter of 2025, resulting in a reported operating profit margin of 20.6%, an increase of 740 basis points versus the prior year period. This increase was driven by higher sales, net price realization and lower derivative mark-to-market losses versus the same period last year, which more than offset higher commodity and tariff-related costs and increased advertising and consumer marketing investment. Adjusted operating profit of $686.5 million increased 12.9% versus the first quarter of 2025. Adjusted operating profit margin of 22.1% increased 40 basis points versus the first quarter of 2025, as sales growth more than offset higher commodity and tariff-related costs and increased advertising and consumer marketing investment.The reported effective tax rate in the first quarter of 2026 was 26.6%, a decrease of 410 basis points versus the first quarter of 2025. The reported effective tax rate decrease was driven by foreign rate differentials on commodity hedges versus the prior year period. The adjusted effective tax rate was 25.0%, an increase of 60 basis points versus the first quarter of 2025. The adjusted effective tax rate for the first quarter of 2026 reflects increased state taxes and foreign rate differentials driven by income mix across geographics versus the year-ago period.The Company's first-quarter 2026 results, as prepared in accordance with GAAP, included items positively impacting comparability of $45.8 million, or $0.22 per share-diluted. For the first quarter of 2025, items positively impacting comparability totaled $238.9 million, or $0.99 per share-diluted.The following table presents a summary of items impacting comparability in each period (see Appendix I for additional information):
Pre-Tax (millions)
Earnings Per Share-Diluted
Three Months Ended
Three Months Ended
March 29, 2026
March 30, 2025
March 29, 2026
March 30, 2025
Derivative Mark-to-Market Losses$ 30.2
$ 211.5
$ 0.15
$ 1.04Business Realignment Activities13.4
25.9
0.07
0.12Acquisition and Integration-Related Activities2.3
1.6
0.01
0.01Tax Effect of All Adjustments Reflected Above—
—
(0.01)
(0.18)
$ 45.8
$ 238.9
$ 0.22
$ 0.99Totals may not compute directly as shown due to rounding of amounts presented above. The following are comments about segment performance for the first quarter of 2026 versus the prior year period. See the schedule of supplementary information within this press release for additional information on segment net sales and profit.North America ConfectioneryHershey's North America Confectionery segment net sales were $2,489.9 million in the first quarter of 2026, an increase of 8.3% versus the same period last year. Organic, constant currency net sales increased 8.0%, driven by approximately 12 points of net price realization. Volume declined approximately 4 points reflecting price elasticity and one fewer shipping day, partially offset by the timing of Q2 shipments and strong innovation performance.Hershey's U.S. candy, mint and gum (CMG) retail takeaway for the 12-week period ended March 29, 2026 in the multi-outlet plus convenience store channels (MULO+ w/ Convenience) increased 8.1% as consumer demand sustained despite higher marketplace prices. For this period, Hershey's CMG share declined compared to the prior year due to increased marketplace competition and the timing of major innovation and merchandising programs.The North America Confectionery segment reported segment income of $792.4 million in the first quarter of 2026, an increase of 13.8% versus the prior year period, resulting in a segment margin of 31.8% in the quarter, an increase of 150 basis points. The segment income and segment margin increases were driven by higher sales, net price realization, supply chain productivity and transformation program savings, partially offset by higher commodity and tariff-related costs.North America Salty SnacksHershey's North America Salty Snacks segment net sales were $350.1 million in the first quarter of 2026, an increase of 26.0% versus the same period last year. The acquisition of LesserEvil contributed approximately 20 percentage points to segment growth in the first quarter of 2026. Organic, constant currency net sales increased 5.6%, driven by a volume increase of over 5 points, reflecting strong innovation and velocity gains. Net price realization was approximately flat.Hershey's U.S. salty snacks retail takeaway for the 12-week period ended March 29, 2026 in MULO+ w/ Convenience, excluding LesserEvil, increased 9.8% versus the prior year period. This led to further gains in salty snack market share. Organic, constant currency net sales trailed retail takeaway primarily due to the planned reduction of sales to private label customers.North America Salty Snacks segment income was $34.3 million in the first quarter of 2026, a decrease of 18.1% versus the first quarter of 2025, driven by higher supply chain costs in part related to a voluntary temporary product withdrawal and increased consumer marketing investments, which more than offset benefits from higher volume and supply chain productivity. This resulted in a segment margin of 9.8%, a decrease of 530 basis points versus the prior year period.InternationalFirst quarter 2026 net sales for Hershey's International segment increased 16.1% versus the same period last year to $264.2 million. Organic, constant currency net sales increased 9.3%. Price realization was approximately 12 points, driven by strategic pricing actions across markets. Volume decreased approximately 2%, reflecting the impact of price elasticity, partially offset by favorable shipment timing in select markets and continued strong performance in Brazil.International segment income was $15.3 million in the first quarter of 2026, a decrease of $13.4 million versus the prior year period driven by increased commodity and manufacturing costs and higher advertising investment, partially offset by sales growth, net price realization and supply chain productivity and transformation program savings. This resulted in a segment margin of 5.8%, a decrease of 680 basis points versus the prior year period.Unallocated Corporate ExpenseHershey's unallocated corporate expense in the first quarter of 2026 was $155.4 million, a decrease of $3.4 million, or 2.1%, versus the same period of 2025. The year-over-year decline reflects reduced consulting fees and lower compensation and benefit costs, which more than offset continued investments in capabilities and technology during the quarter.Live WebcastAt approximately 7:00 a.m. (Eastern time) today, Hershey will post a pre-recorded management discussion of its first-quarter 2026 results and business update to its website at www.thehersheycompany.com/investors. In addition, at 8:30 a.m. (Eastern time) today, the Company will host a live question and answer session with investors and financial analysts. Details to access this call are available on the Company's website.Note: In this release, for the first quarter of 2026, Hershey references income measures that are not in accordance with GAAP because they exclude certain items impacting comparability, including gains and losses associated with mark-to-market commodity derivatives, business realignment activities and acquisition and integration-related activities. The Company refers to these income measures as "adjusted" or "non-GAAP" financial measures throughout this release. These non-GAAP financial measures are used in evaluating results of operations for internal purposes and are not intended to replace the presentation of financial results in accordance with GAAP. Rather, the Company believes exclusion of such items provides additional information to investors to facilitate the comparison of past and present operations. A reconciliation of the non-GAAP financial measures referenced in this release to their nearest comparable GAAP financial measures as presented in the Consolidated Statements of Income is provided below. Reconciliation of Certain Non-GAAP Financial MeasuresConsolidated resultsThree Months EndedIn thousands except per share dataMarch 29, 2026
March 30, 2025Reported gross profit$ 1,222,731
$ 944,267Derivative mark-to-market losses30,184
211,453Non-GAAP gross profit$ 1,252,915
$ 1,155,720
Reported operating profit$ 640,693
$ 369,221Derivative mark-to-market losses30,184
211,453Business realignment activities13,358
25,854Acquisition and integration-related activities2,261
1,585Non-GAAP operating profit$ 686,496
$ 608,113
Reported provision for income taxes$ 157,590
$ 99,451Derivative mark-to-market (gains) losses*(1,817)
31,129Business realignment activities*3,308
6,179Acquisition and integration-related activities*549
378Non-GAAP provision for income taxes$ 159,630
$ 137,137
Reported net income$ 435,105
$ 224,203Derivative mark-to-market losses32,001
180,324Business realignment activities10,050
19,675Acquisition and integration-related activities1,712
1,207Non-GAAP net income$ 478,868
$ 425,409
Reported EPS - Diluted$ 2.13
$ 1.10Derivative mark-to-market gains0.15
1.04Business realignment activities0.07
0.12Acquisition and integration-related activities0.01
0.01Tax effect of all adjustments reflected above**(0.01)
(0.18)Non-GAAP EPS - Diluted$ 2.35
$ 2.09* The tax effect for each adjustment is determined by calculating the tax impact of the adjustment on the Company's quarterly effective tax rate, unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment, in which case the tax effect of such item is estimated by applying such specific tax rate or tax treatment.** Adjustments reported above are reported on a pre-tax basis before the tax effect described in the reconciliation above for non-GAAP provision for income taxes. In the assessment of our results, we review and discuss the following financial metrics that are derived from the reported and non-GAAP financial measures presented above:
Three Months Ended
March 29, 2026
March 30, 2025As reported gross margin39.4 %
33.7 %Non-GAAP gross margin (1)40.4 %
41.2 %
As reported operating profit margin20.6 %
13.2 %Non-GAAP operating profit margin (2)22.1 %
21.7 %
As reported effective tax rate26.6 %
30.7 %Non-GAAP effective tax rate (3)25.0 %
24.4 %(1)Calculated as non-GAAP gross profit as a percentage of net sales for each period presented.(2)Calculated as non-GAAP operating profit as a percentage of net sales for each period presented.(3)Calculated as non-GAAP provision for income taxes as a percentage of non-GAAP income before taxes (calculated as non-GAAP operating profit minus non-GAAP interest expense, net plus or minus non-GAAP other (income) expense, net). Appendix IDetails of the charges included in GAAP results, as summarized in the press release (above), are as follows:Derivative mark-to-market (gains) losses: The mark-to-market (gains) losses on commodity derivatives are recorded as unallocated and excluded from adjusted results until such time as the related inventory is sold, at which time the corresponding (gains) losses are reclassified from unallocated to segment income. Since we often purchase commodity contracts to price inventory requirements in future years, we make this adjustment to facilitate the year-over-year comparison of cost of sales on a basis that matches the derivative gains and losses with the underlying economic exposure being hedged for the period.Business realignment activities: We periodically undertake restructuring and cost reduction activities as part of ongoing efforts to enhance long-term profitability. During the first quarter of 2024, we commenced the Advancing Agility & Automation Initiative to improve supply chain and manufacturing-related spend, optimize selling, general and administrative expenses, leverage new technology and business models to further simplify and automate processes, and generate long-term savings. During the first quarter of 2026 and 2025, business realignment charges related primarily to severance and employee benefit costs, as well as other third-party costs related to this program. Acquisition and integration-related activities: During the first quarter of 2026, we incurred costs related to the integration of the acquisition of LesserEvil, LLC into our North America Salty Snacks segment, as well as costs related to the integration of the Sour Strips brand from Actual Candy, LLC into our North America Confectionery segment. During the first quarter of 2025, we incurred costs related to the acquisition of the Sour Strips brand from Actual Candy, LLC into our North America Confectionery segment. Tax effect of all adjustments: This line item reflects the aggregate tax effect of all pre-tax adjustments reflected in the preceding line items of the applicable table. The tax effect for each adjustment is determined by calculating the tax impact of the adjustment on the Company's quarterly effective tax rate, unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment, in which case the tax effect of such item is estimated by applying such specific tax rate or tax treatment.Safe Harbor StatementThis release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to our 2026 Full-year Financial Outlook and other statements regarding our business outlook and financial performance. Many of these forward-looking statements can be identified by the use of words such as "anticipate," "assume," "believe," "continue," "estimate," "expect," "forecast," "future," "intend," "plan," "potential," "predict," "project," "strategy," "target" and similar terms, and future or conditional tense verbs like "could," "may," "might," "should," "will" and "would," among others. These statements are made based upon current expectations that are subject to risk and uncertainty. Because actual results may differ materially from those contained in the forward-looking statements, you should not place undue reliance on the forward-looking statements when deciding whether to buy, sell or hold the Company's securities. Factors that could cause results to differ materially include, but are not limited to: disruptions or inefficiencies in our supply chain due to the loss or disruption of essential manufacturing or supply elements or other factors; issues, concerns or regulatory changes related to the quality and safety of our products, ingredients or packaging, human and workplace rights, and other environmental, social or governance matters; changes in raw material and other costs, along with the availability of adequate supplies of raw materials and the Company's ability to successfully hedge against volatility in raw material pricing; the Company's ability to successfully execute business continuity plans to address changes in consumer preferences and the broader economic and operating environment; selling price increases, including volume declines associated with pricing elasticity; market demand for our new and existing products; increased marketplace competition; failure to successfully execute and integrate acquisitions, divestitures and joint ventures; changes in governmental laws, regulations and policies, including taxes and tariffs; political, economic, and/or financial market conditions, including with respect to inflation, rising interest rates, slower growth or recession, evolving priorities of the U.S. administration, and other events beyond our control such as the impacts on the business arising from international conflicts and geopolitical tensions; risks and uncertainties related to our international operations; disruptions, failures or security breaches of our information technology infrastructure and that of our customers and partners (including our suppliers); our ability to hire, engage and retain a talented global workforce, our ability to realize expected cost savings and operating efficiencies associated with strategic initiatives or restructuring programs; complications with the design, implementation or usage of our new enterprise resource planning system, including the ability to support post-implementation efforts and maintain enhancements, new features or modifications; and such other matters as discussed in our Annual Report on Form 10-K for the year ended December 31, 2025 and in our other filings with the U.S. Securities and Exchange Commission from time to time. The Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations. The Hershey CompanyConsolidated Statements of Incomefor the periods ended March 29, 2026 and March 30, 2025(unaudited) (in thousands except percentages and per share amounts)
Three Months Ended
March 29, 2026
March 30, 2025
Net sales
$ 3,104,167
$ 2,805,419Cost of sales
1,881,436
1,861,152Gross profit
1,222,731
944,267
Selling, marketing and administrative expense
576,040
558,672Business realignment costs
5,998
16,374
Operating profit
640,693
369,221Interest expense, net
49,818
44,622Other (income) expense, net
(1,820)
945
Income before income taxes
592,695
323,654Provision for income taxes
157,590
99,451
Net income
$ 435,105
$ 224,203
Net income per share- Basic- Common
$ 2.19
$ 1.14
- Diluted- Common
$ 2.13
$ 1.10
- Basic- Class B
$ 1.99
$ 1.03
Shares outstanding- Basic- Common
148,606
148,097
- Diluted- Common
203,931
203,141
- Basic- Class B
54,614
54,614
Key margins:
Gross margin
39.4 %
33.7 %Operating profit margin
20.6 %
13.2 %Net margin
14.0 %
8.0 %
The Hershey CompanySupplementary Information – Segment Resultsfor the periods ended March 29, 2026 and March 30, 2025(unaudited) (in thousands except percentages)
Three Months Ended
March 29, 2026
March 30, 2025
% ChangeNet sales:
North America Confectionery
$ 2,489,918
$ 2,300,140
8.3 %North America Salty Snacks
350,070
277,798
26.0 %International
264,179
227,481
16.1 %Total
$ 3,104,167
$ 2,805,419
10.6 %
Segment income:
North America Confectionery
$ 792,378
$ 696,374
13.8 %North America Salty Snacks
34,300
41,853
(18.1) %International
15,263
28,726
(46.8) %Total segment income
841,941
766,953
9.8 %Unallocated corporate expense (1)
155,445
158,840
(2.1) %Unallocated mark-to-market losses on commodity derivatives (2)
30,184
211,453
(85.7) %Costs associated with business realignment initiatives
13,358
25,854
(48.3) %Acquisition and integration-related activities
2,261
1,585
42.6 %Operating profit
640,693
369,221
73.5 %Interest expense, net
49,818
44,622
11.6 %Other (income) expense, net
(1,820)
945
NMIncome before income taxes
$ 592,695
$ 323,654
83.1 %
(1) Includes centrally-managed (a) corporate functional costs relating to legal, treasury, finance and human resources, (b) expenses associated with the oversight and administration of our global operations, including warehousing, distribution and manufacturing, information systems and global shared services, (c) non-cash stock-based compensation expense and (d) other gains or losses that are not integral to segment performance.(2) Net (gains) losses on mark-to-market valuation of commodity derivative positions recognized in unallocated derivative losses (gains).NM - not meaningful
Three Months Ended
March 29, 2026
March 30, 2025Segment income as a percent of net sales:
North America Confectionery
31.8 %
30.3 % North America Salty Snacks
9.8 %
15.1 % International
5.8 %
12.6 %
The Hershey CompanyConsolidated Balance Sheetsas of March 29, 2026 and December 31, 2025(in thousands of dollars)
AssetsMarch 29, 2026
December 31, 2025
(unaudited)
Cash and cash equivalents$ 876,976
$ 925,859Accounts receivable - trade, net974,555
729,547Inventories1,429,124
1,429,254Prepaid expenses and other487,856
504,239
Total current assets3,768,511
3,588,899
Property, plant and equipment, net3,489,162
3,529,608Goodwill2,994,696
2,996,005Other intangibles2,450,391
2,475,698Other non-current assets1,111,645
1,123,285Deferred income taxes26,888
27,802
Total assets$ 13,841,293
$ 13,741,297
Liabilities and Stockholders' Equity
Accounts payable$ 1,303,703
$ 1,255,701Accrued liabilities926,173
970,597Accrued income taxes136,359
63,725Short-term debt169,455
218,546Current portion of long-term debt504,081
503,327
Total current liabilities3,039,771
3,011,896
Long-term debt4,684,363
4,681,194Other long-term liabilities676,847
731,917Deferred income taxes706,464
679,540
Total liabilities9,107,445
9,104,547
Total stockholders' equity4,733,848
4,636,750
Total liabilities and stockholders' equity$ 13,841,293
$ 13,741,297
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Original: Hershey Reports First-Quarter 2026 Financial Results
US Market News
5月前
Hershey Reports Fourth-Quarter and Full-Year 2025 Financial Results; Provides 2026 OutlookFebruary 5, 2026 6:45 AM
PR Newswire (US)
HERSHEY, Pa., Feb. 5, 2026 /PRNewswire/ -- The Hershey Company (NYSE: HSY) today announced net sales and earnings for the fourth quarter and full-year ended December 31, 2025.
"As we enter 2026, we have strong conviction in the momentum of our business," said Kirk Tanner, The Hershey Company President and Chief Executive Officer. "I'm proud of how our teams have navigated a challenging environment, demonstrating operational excellence, impactful innovation, and skillful execution that is driving real results. We are building the capabilities and brand investments that position us for continued success, with a focus on strengthening our foundation, improving profitability, and advancing the next phase of our strategy to deliver long-term growth and value creation for our shareholders." Fourth-Quarter 2025 Financial Results Summary1Consolidated net sales of $3,091.0 million, an increase of 7.0%.Organic, constant currency net sales increased 5.7%.The impact of acquisitions on net sales was a 1.2 point benefit2 and currency exchange was a 0.1 point benefit.Reported net income of $320.0 million, or $1.57 per share-diluted, a decrease of 59.9%.Adjusted earnings per share-diluted of $1.71, a decrease of 36.4%.2025 Full-Year Financial Results Summary3Consolidated net sales of $11,692.6 million, an increase of 4.4%.Organic, constant currency net sales increased 4.2%.The impact of acquisitions on net sales was a 0.5 point benefit2 and currency exchange was a 0.3 point headwind.Reported net income of $883.3 million, or $4.34 per share-diluted, a decrease of 60.3%.Adjusted earnings per share-diluted of $6.31, a decrease of 32.7%.1All comparisons for the fourth quarter of 2025 are with respect to the fourth quarter ended December 31, 2024.2Reflects the impact from the 2024 acquisition of Sour Strips and 2025 acquisition of LesserEvil, LLC ("LesserEvil").3All comparisons for full-year 2025 are with respect to the full-year ended December 31, 2024.2026 Full-Year Financial Outlook SummaryFull-year reported net sales are expected to increase between 4% and 5%, driven by net price realization and increased innovation, cultural and seasonal activations, and advertising levels to support demand.Acquisitions are estimated to be an approximate 150 basis point benefit to net sales growth.The impact of foreign currency exchange is anticipated to be neutral, based on current exchange rates.Full-year reported earnings per share-diluted are expected to be in the range of $7.77 to $8.19, an increase of 79% to 89% versus 2025.Full-year adjusted earnings per share-diluted are expected to be in the range of $8.20 to $8.52, an increase of 30% to 35% versus 2025. Sales growth and gross margin recovery are expected to more than offset increased strategic investment in brands, capabilities and technology, as well as higher interest expense.The gap between the reported and adjusted earnings per share growth outlooks primarily reflects a large derivative mark-to-market loss recorded in reported earnings per share in 2025.2026 Full-Year Outlook
Total Company Net sales growth4
4% to 5%Reported earnings per share growth
79% to 89%Adjusted earnings per share growth
30% to 35%
4Reflects an approximate 150 basis point benefit from the 2025 acquisition of LesserEvil.The company also expects:A reported and adjusted effective tax rate in the range of approximately 25% to 27%;Other expense, which primarily reflects periodic benefit costs relating to pension and other post-retirement benefit plans, of approximately $15 million;Interest expense of approximately $200 million to $210 million;Capital expenditures in the range of $425 million to $475 million; andAdvancing Agility & Automation Initiative savings of approximately $100 million.Below is a reconciliation of projected 2026 and full-year 2025 and 2024 earnings per share-diluted calculated in accordance with U.S. generally accepted accounting principles (GAAP) to non-GAAP adjusted earnings per share-diluted:
2026 (Projected)
2025
2024Reported EPS – Diluted$7.77 - $8.19
$4.34
$10.92Derivative Mark-to-Market Losses (Gains)—
$2.08
$(2.26)Business Realignment Activities0.30 - 0.35
$0.29
$0.58Acquisition and Integration-Related Activities 0.15 - 0.20
$0.20
$0.22Goodwill Impairment Charges—
$0.03
—Other Miscellaneous (Benefits) Losses—
—
$(0.03)Tax Effect of All Adjustments Reflected Above(0.12)
$(0.63)
$(0.06)Adjusted EPS – Diluted$8.20 - $8.52
$6.31
$9.372026 projected earnings per share-diluted, as presented above, does not include the impact of mark-to-market gains and losses on our commodity derivative contracts that are reflected within corporate unallocated expense in segment results until the related inventory is sold since we are not able to forecast the impact of the market changes.Fourth Quarter 2025 Components of Net Sales Growth A reconciliation between reported net sales growth rates and organic constant currency net sales growth rates, along with the contribution from net price realization and volume, is provided below:
Three Months Ended December 31, 2025
Percentage
Change as
Reported
Impact of
Foreign
Currency
Exchange
Percentage
Change on
Constant
Currency
Basis
Impact of
Acquisition
Percentage Change on
Organic
Constant
Currency
Basis
Organic
Price(Rounded)*
Organic
Volume/Mix(Rounded)*North America
Confectionery5.3 %
(0.1) %
5.4 %
0.4 %
5.0 %
10 %
(5) %
North America Salty
Snacks28.0 %
— %
28.0 %
9.8 %
18.2 %
4 %
14 %
International0.4 %
2.3 %
(1.9) %
— %
(1.9) %
2 %
(4) %
Total Company7.0 %
0.1 %
6.9 %
1.2 %
5.7 %
9 %
(3) %
*Percentage changes may not compute directly as shown due to rounding of amounts presented above.
Twelve Months Ended December 31, 2025
Percentage
Change as
Reported
Impact of
Foreign Currency
Exchange
Percentage
Change on
Constant
Currency
Basis
Impact of
Acquisition
Percentage
Change on
Organic
Constant
Currency
Basis
Organic
Price(Rounded)*
Organic
Volume/Mix(Rounded)*North America
Confectionery4.0 %
(0.1) %
4.1 %
0.4 %
3.7 %
6 %
(2) %
North America Salty
Snacks11.9 %
— %
11.9 %
2.4 %
9.5 %
1 %
8 %
International(0.7) %
(2.9) %
2.2 %
— %
2.2 %
3 %
(1) %
Total Company4.4 %
(0.3) %
4.7 %
0.5 %
4.2 %
6 %
(1) %
*Percentage changes may not compute directly as shown due to rounding of amounts presented above.The company presents certain percentage changes in net sales on a constant currency basis, which excludes the impact of foreign currency exchange. To present this information for historical periods, current period net sales for entities reporting in currencies other than the U.S. dollar are translated into U.S. dollars at the average monthly exchange rates in effect during the corresponding period of the prior fiscal year, rather than at the actual average monthly exchange rates in effect during the current period of the current fiscal year. As a result, the foreign currency impact is equal to the current year results in local currencies multiplied by the change in the average foreign currency exchange rate between the current fiscal period and the corresponding period of the prior fiscal year.Fourth-Quarter 2025 ResultsConsolidated net sales increased 7.0% to $3,091.0 million in the fourth quarter of 2025. Organic, constant currency net sales increased 5.7%, driven by favorable net price realization of approximately 9% and the benefit of one additional shipping day. These gains were partially offset by elasticity-driven volume declines in both the North America Confectionery and International segments.Reported gross margin decreased 17.0 percentage points to 37.0% in the fourth quarter of 2025. This decrease in part reflects the lap of $264.7 million in derivative mark-to-market gains recorded in the prior year period. Adjusted gross margin decreased 650 basis points to 38.3% in the fourth quarter of 2025. Reported and adjusted gross margin declines reflect higher commodity costs, incremental tariff expenses, and lower volume, and a timing headwind related to the inventory valuation method, which more than offset the benefits from net price realization, supply chain productivity and transformation program net savings.Selling, marketing and administrative expenses increased 12.1% in the fourth quarter of 2025 versus the prior-year period, driven by higher compensation and benefit costs and investment in advertising and related consumer marketing expenses, partially offset by transformation program savings. Advertising and related consumer marketing expenses increased 4.2% in the fourth quarter of 2025 versus the same period last year, driven by increased investments in North America Salty Snacks and International. Selling, marketing and administrative expenses, excluding advertising and related consumer marketing, increased 15.9% versus the fourth quarter of 2024, driven by higher compensation and benefit expenses, partially offset by transformation program net savings.Fourth-quarter 2025 reported operating profit was $444.9 million, a decrease of 52.6% versus the fourth quarter of 2024, resulting in an operating profit margin of 14.4%, a decrease of 18.1 percentage points versus the prior year period. Adjusted operating profit of $529.3 million decreased 24.0% versus the fourth quarter of 2024, resulting in adjusted operating profit margin of 17.1%, a decrease of 700 basis points, as higher commodity and tariff costs, increased selling, marketing and administrative expenses, were only partially offset by net price realization, transformation program net savings and supply chain productivity.The reported effective tax rate in the fourth quarter of 2025 was 13.4% compared to (10.2)% in the fourth quarter of 2024. The adjusted effective tax rate in the fourth quarter of 2025 was 23.4% compared to (13.7)% in the fourth quarter of 2024. The increase in the reported and adjusted effective tax rate reflects fewer renewable energy tax credits versus the prior year period.The company's fourth-quarter 2025 results, as prepared in accordance with GAAP, included items positively impacting comparability of $84.4 million, or $0.14 per share-diluted. For the fourth quarter of 2024, items negatively impacting comparability totaled $242.4 million, or $1.23 per share-diluted.The following table presents a summary of items impacting comparability in each period (see Appendix I for additional information):
Pre-Tax (millions)
Earnings Per Share-Diluted
Three Months Ended
Three Months Ended
December 31,
2025
December 31,
2024
December 31,
2025
December 31,
2024
Derivative Mark-to-Market Losses (Gains)$ 35.2
$ (264.7)
$ 0.18
$ (1.30)Business Realignment Activities7.8
12.7
0.05
0.06Acquisition and Integration-Related Activities34.9
14.9
0.17
0.07Goodwill Impairment Charges6.4
—
0.03
—Other Miscellaneous Benefits—
(5.3)
—
(0.03)Tax Effect of All Adjustments Reflected Above—
—
(0.29)
(0.03)
$ 84.4
$ (242.4)
$ 0.14
$ (1.23)
Pre-Tax (millions)
Earnings Per Share-Diluted
Twelve Months Ended
Twelve Months Ended
December 31,
2025
December 31,
2024
December 31,
2025
December 31,
2024
Derivative Mark-to-Market Losses (Gains)$ 423.2
$ (460.4)
$ 2.08
$ (2.26)Business Realignment Activities59.4
117.5
0.29
0.58Acquisition and Integration-Related Activities40.0
45.2
0.20
0.22Goodwill Impairment Charges6.4
—
0.03
—Other Miscellaneous Benefits—
(5.3)
—
(0.03)Tax Effect of All Adjustments Reflected Above—
—
(0.63)
(0.06)
$ 528.9
$ (303.0)
$ 1.97
$ (1.55)The following are comments about segment performance for the fourth quarter of 2025 versus the prior year period. See the schedule of supplementary information within this press release for additional information on segment net sales and profit.North America Confectionery Hershey's North America Confectionery segment net sales were $2,478.5 million in the fourth quarter of 2025, an increase of 5.3% versus the same period last year. Organic, constant currency net sales increased 5.0%, driven by approximately 10-points of net price realization. Volume decreased approximately 5 points, reflecting declines related to price elasticity, partially offset by the strong performance of innovation and one additional shipping day versus the prior year.Hershey's U.S. candy, mint and gum (CMG) retail takeaway for the twelve-week period ended December 28, 2025 in the multi-outlet plus convenience store channels (MULO+ w/ Convenience) increased 6.5% versus the prior year period, in-line with category growth. Hershey's CMG performance reflects share gains across instant consumable chocolate, sweets, refreshment, and Holiday seasonal takeaway. While there was one additional shipping day in the quarter, organic net sales trailed retail takeaway due to some seasonal shipments shifting into the first quarter of 2026.North America Confectionery segment income was $722.0 million in the fourth quarter of 2025, a decrease of 10.7% versus the prior year period. This resulted in segment margin of 29.1%, a decrease of 520 basis points. Declines were driven by higher commodity and tariff costs, lower volume, and a timing headwind related to the inventory valuation method, which were partially offset by net price realization, supply chain productivity and transformation program net savings, and efficiencies in advertising and consumer marketing expense during the fourth quarter.North America Salty SnacksHershey's North America Salty Snacks segment net sales were $357.0 million in the fourth quarter of 2025, an increase of 28.0% versus the same period last year. The acquisition of LesserEvil contributed approximately 10 percentage points to segment growth in the fourth quarter. Organic, constant currency net sales for the fourth quarter increased 18.2%, driven by approximately 14 points of volume growth. This reflects strong retail demand, variety pack expansion, the timing of shipments related to first quarter 2026 programming, and one extra shipping day, which was partially offset by the planned reduction of sales to private label customers. Organic net price realization provided an approximate 4-point benefit, primarily due to lower promotional investment versus prior year.In the 12-week period ended December 28, 2025, Hershey's U.S. salty snack retail takeaway in MULO+ with Convenience increased 15.6%, excluding LesserEvil, resulting in share expansion of nearly 45 basis points in total salty snack. SkinnyPop ready-to-eat popcorn retail sales increased over 8%, driven by core velocity and innovation. Dot's Homestyle Pretzels solidified its position as the #1 pretzel brand, delivering retail sales growth of over 20% in the quarter. Pirate's Booty retail sales increased around 3%, a second consecutive quarter of positive growth behind increased distribution and in-store programming.North America Salty Snacks segment income was $75.3 million in the fourth quarter of 2025, reflecting an increase of 38.1% versus the prior-year period. This resulted in a segment margin of 21.1%, an increase of 160 basis points versus the prior-year period. Segment income gains and margin expansion were driven by higher volume, reduced promotional investment and increased productivity, which more than offset increased advertising investment and product mix headwinds.InternationalFourth-quarter 2025 net sales for Hershey's International segment increased 0.4% versus the same period last year to $255.6 million. Organic, constant currency net sales decreased 1.9% as net price realization of approximately 2-points was more than offset by an approximate 4-point decrease in volume. The volume decline was attributable to the timing of shipments that shifted from the fourth quarter into the third quarter this year, as well as the impact of price elasticity across markets.International segment loss was $31.6 million in the fourth quarter of 2025, a decline of $61.1 million versus the prior year period, driven by higher commodity costs and lower volume which more than offset net price realization, supply chain productivity and transformation program cost savings. This resulted in a segment margin of (12.4)%, a decrease of 24.0 percentage points versus the prior year period.Unallocated Corporate ExpenseHershey's unallocated corporate expense in the fourth quarter of 2025 was $236.3 million, an increase of $40.9 million, or 20.9% versus the same period of 2024. This increase was driven by higher compensation costs and capability investments.Live WebcastAt approximately 7:00 a.m. (Eastern time) today, Hershey will post a pre-recorded management discussion of its fourth-quarter and full-year 2025 results and business update to its website at www.thehersheycompany.com/investors. In addition, at 8:30 a.m. (Eastern time) today, the company will host a live question and answer session with investors and financial analysts. Details to access this call are available on the company's website.Note: In this release, for the fourth-quarter of and full-year 2025, Hershey references income measures that are not in accordance with GAAP because they exclude certain items impacting comparability, including gains and losses associated with mark-to-market commodity derivatives, business realignment activities, acquisition and integration-related activities, other miscellaneous losses and benefits and a tax reserve adjustment. The company refers to these income measures as "adjusted" or "non-GAAP" financial measures throughout this release. These non-GAAP financial measures are used in evaluating results of operations for internal purposes and are not intended to replace the presentation of financial results in accordance with GAAP. Rather, the company believes exclusion of such items provides additional information to investors to facilitate the comparison of past and present operations. A reconciliation of the non-GAAP financial measures referenced in this release to their nearest comparable GAAP financial measures as presented in the Consolidated Statements of Income is provided below. Reconciliation of Certain Non-GAAP Financial MeasuresConsolidated resultsThree Months Ended
Twelve Months EndedIn thousands except per share dataDecember 31,
2025
December 31,
2024
December 31,
2025
December 31,
2024Reported gross profit$ 1,144,817
$ 1,558,343
$ 3,922,691
$ 5,300,888Derivative mark-to-market losses (gains)35,229
(264,710)
423,161
(460,437)Business realignment activities—
—
—
12,168Acquisition and integration-related activities5,307
676
5,307
2,397Non-GAAP gross profit$ 1,185,353
$ 1,294,309
$ 4,351,159
$ 4,855,016
Reported operating profit$ 444,913
$ 939,147
$ 1,441,528
$ 2,898,232Derivative mark-to-market losses (gains)35,229
(264,710)
423,161
(460,437)Business realignment activities7,833
12,741
59,401
117,536Acquisition and integration-related activities34,930
14,912
39,972
45,192Goodwill impairment charges6,403
—
6,403
—Other miscellaneous benefits—
(5,270)
—
(5,270)Non-GAAP operating profit$ 529,308
$ 696,820
$ 1,970,465
$ 2,595,253
Reported (benefit) provision for income taxes$ 49,515
$ (73,534)
$ 330,949
$ 252,697Derivative mark-to-market losses (gains)*44,449
(39,279)
102,688
(68,552)Business realignment activities*2,173
2,996
14,947
28,284Acquisition and integration-related activities*8,405
3,552
9,613
10,872Goodwill impairment charges*1,542
—
1,542
—Other miscellaneous benefits*—
(2,341)
—
(2,341)Tax Reserve Adjustment—
42,979
—
42,979Non-GAAP (benefit) provision for income taxes$ 106,084
$ (65,627)
$ 459,739
$ 263,939
Reported net income$ 320,017
$ 796,591
$ 883,259
$ 2,221,239Derivative mark-to-market losses (gains)(9,220)
(225,431)
320,473
(391,885)Business realignment activities5,660
9,745
44,454
89,252Acquisition and integration-related activities26,525
11,360
30,359
34,320Goodwill impairment charges4,861
—
4,861
—Other miscellaneous benefits—
(2,929)
—
(2,929)Tax Reserve Adjustment—
(42,979)
—
(42,979)Non-GAAP net income$ 347,843
$ 546,357
$ 1,283,406
$ 1,907,018 Reconciliation of Certain Non-GAAP Financial MeasuresConsolidated resultsThree Months Ended
Twelve Months Ended
December 31,
2025
December 31,
2024
December 31,
2025
December 31,
2024Reported EPS - Diluted$ 1.57
$ 3.92
$ 4.34
$ 10.92Derivative mark-to-market losses (gains)0.18
(1.30)
2.08
(2.26)Business realignment activities0.05
0.06
0.29
0.58Acquisition and integration-related activities0.17
0.07
0.20
0.22Goodwill impairment charges0.03
—
0.03
—Other miscellaneous benefits—
(0.03)
—
(0.03)Tax effect of all adjustments reflected above**(0.29)
(0.03)
(0.63)
(0.06)Non-GAAP EPS - Diluted$ 1.71
$ 2.69
$ 6.31
$ 9.37
* The tax effect for each adjustment is determined by calculating the tax impact of the adjustment on the company's quarterly effective tax rate, unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment, in which case the tax effect of such item is estimated by applying such specific tax rate or tax treatment.** Adjustments reported above are reported on a pre-tax basis before the tax effect described in the reconciliation above for Non-GAAP provision for income taxes. In the assessment of our results, we review and discuss the following financial metrics that are derived from the reported and non-GAAP financial measures presented above:
Three Months Ended
Twelve Months Ended
December 31,
2025
December 31,
2024
December 31,
2025
December 31,
2024As reported gross margin37.0 %
54.0 %
33.5 %
47.3 %Non-GAAP gross margin (1)38.3 %
44.8 %
37.2 %
43.3 %
As reported operating profit margin14.4 %
32.5 %
12.3 %
25.9 %Non-GAAP operating profit margin (2)17.1 %
24.1 %
16.9 %
23.2 %
As reported effective tax rate13.4 %
(10.2) %
27.3 %
10.2 %Non-GAAP effective tax rate (3)23.4 %
(13.7) %
26.4 %
12.2 %
(1)Calculated as non-GAAP gross profit as a percentage of net sales for each period presented.(2)Calculated as non-GAAP operating profit as a percentage of net sales for each period presented.(3)Calculated as non-GAAP provision for income taxes as a percentage of non-GAAP income before taxes (calculated as non-GAAP operating profit minus non-GAAP interest expense, net plus or minus non-GAAP other (income) expense, net). Appendix IDetails of the charges included in GAAP results, as summarized in the press release (above), are as follows:Derivative Mark-to-Market Losses (Gains): The mark-to-market losses (gains) on commodity derivatives are recorded as unallocated and excluded from adjusted results until such time as the related inventory is sold, at which time the corresponding losses (gains) are reclassified from unallocated to segment income. Since we often purchase commodity contracts to price inventory requirements in future years, we make this adjustment to facilitate the year-over-year comparison of cost of sales on a basis that matches the derivative gains and losses with the underlying economic exposure being hedged for the period.Business Realignment Activities: We periodically undertake restructuring and cost reduction activities as part of ongoing efforts to enhance long-term profitability. During the first quarter of 2024, we commenced the Advancing Agility & Automation Initiative to improve supply chain and manufacturing-related spend, optimize selling, general and administrative expenses, leverage new technology and business models to further simplify and automate processes, and generate long-term savings. During the three- and 12-months ended December 2025 and 2024, business realignment charges related primarily to third-party costs related to this program, as well as severance and employee benefit costs.Acquisition and Integration-Related Activities: During the three- and 12-months ended December 2025, we incurred costs to effectuate the acquisition of LesserEvil, LLC, as well as costs related to the integration of the Sour Strips brand from Actual Candy, LLC into our North America Confectionery segment. During the three- and 12-months ended December 2024, we incurred integration-related costs for the acquisition of the Sour Strips brand from Actual Candy, LLC into our North America Confectionery segment, the acquisitions of two manufacturing plants from Weaver Popcorn Manufacturing, Inc. ("Weaver") and the integration of the 2021 acquisitions of Dot's Pretzels, LLC ("Dot's") and Pretzels Inc. ("Pretzels") into our North America Salty Snacks segment. Goodwill Impairment Charges: In 2025, we recorded a non-cash goodwill impairment charge related to a reporting unit in our International segment.Other Miscellaneous Benefits: In 2024, we recorded a gain on the sale of non-operating assets located in the International segment.Tax Reserve Adjustment: In 2024, we recognized a $43 million positive adjustment due to the release of a prior year tax reserve associated with U.S. tax reform.Tax Effect of All Adjustments: This line item reflects the aggregate tax effect of all pre-tax adjustments reflected in the preceding line items of the applicable table. The tax effect for each adjustment is determined by calculating the tax impact of the adjustment on the company's quarterly effective tax rate, unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment, in which case the tax effect of such item is estimated by applying such specific tax rate or tax treatment.Safe Harbor StatementThis release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to our 2025 Full-year Financial Outlook and other statements regarding our business outlook and financial performance. Many of these forward-looking statements can be identified by the use of words such as "anticipate," "assume," "believe," "continue," "estimate," "expect," "forecast," "future," "intend," "plan," "potential," "predict," "project," "strategy," "target" and similar terms, and future or conditional tense verbs like "could," "may," "might," "should," "will" and "would," among others. These statements are made based upon current expectations that are subject to risk and uncertainty. Because actual results may differ materially from those contained in the forward-looking statements, you should not place undue reliance on the forward-looking statements when deciding whether to buy, sell or hold the Company's securities. Factors that could cause results to differ materially include, but are not limited to: disruptions or inefficiencies in our supply chain due to the loss or disruption of essential manufacturing or supply elements or other factors; issues, concerns or regulatory changes related to the quality and safety of our products, ingredients or packaging, human and workplace rights, and other environmental, social or governance matters; changes in raw material and other costs, along with the availability of adequate supplies of raw materials and the Company's ability to successfully hedge against volatility in raw material pricing; the Company's ability to successfully execute business continuity plans to address changes in consumer preferences and the broader economic and operating environment; selling price increases, including volume declines associated with pricing elasticity; market demand for our new and existing products; increased marketplace competition; failure to successfully execute and integrate acquisitions, divestitures and joint ventures; changes in governmental laws, regulations and policies, including taxes and tariffs; political, economic, and/or financial market conditions, including with respect to inflation, rising interest rates, slower growth or recession, evolving priorities of the U.S. administration, and other events beyond our control such as the impacts on the business arising from international conflicts and geopolitical tensions; risks and uncertainties related to our international operations; disruptions, failures or security breaches of our information technology infrastructure and that of our customers and partners (including our suppliers); our ability to hire, engage and retain a talented global workforce, our ability to realize expected cost savings and operating efficiencies associated with strategic initiatives or restructuring programs; complications with the design, implementation or usage of our new enterprise resource planning system, including the ability to support post-implementation efforts and maintain enhancements, new features or modifications; and such other matters as discussed in our Annual Report on Form 10-K for the year ended December 31, 2024 and from time to time in our other filings with the U.S. Securities and Exchange Commission from time to time. The Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations.The Hershey CompanyConsolidated Statements of Incomefor the periods ended December 31, 2025 and December 31, 2024(unaudited) (in thousands except percentages and per share amounts)
Three Months Ended
Twelve Months Ended
December 31,
2025
December 31,
2024
December 31,
2025
December 31,
2024
Net sales
$ 3,091,021
$ 2,887,540
$ 11,692,576
$ 11,202,263Cost of sales
1,946,204
1,329,197
7,769,885
5,901,375Gross profit
1,144,817
1,558,343
3,922,691
5,300,888
Selling, marketing and administrative expense698,150
622,733
2,460,569
2,373,621Business realignment costs (benefits)1,754
(3,537)
20,594
29,035
Operating profit444,913
939,147
1,441,528
2,898,232Interest expense, net
48,075
40,144
190,206
165,655Other (income) expense, net
27,306
175,946
37,114
258,641
Income before income taxes
369,532
723,057
1,214,208
2,473,936Provision (benefit) for income taxes
49,515
(73,534)
330,949
252,697
Net income attributable to The Hershey Company$ 320,017
$ 796,591
$ 883,259
$ 2,221,239
Net income per share- Basic- Common$ 1.62
$ 4.03
$ 4.46
$ 11.22
- Diluted- Common$ 1.57
$ 3.92
$ 4.34
$ 10.92
- Basic- Class B$ 1.47
$ 3.66
$ 4.05
$ 10.20
Shares outstanding- Basic- Common147,988
148,349
148,281
148,349
- Diluted- Common203,266
203,487
203,379
203,487
- Basic- Class B54,614
54,614
54,614
54,614
Key margins:
Gross margin
37.0 %
54.0 %
33.5 %
47.3 %Operating profit margin
14.4 %
32.5 %
12.3 %
25.9 %Net margin
10.4 %
27.6 %
7.6 %
19.8 % The Hershey CompanySupplementary Information – Segment Resultsfor the periods ended December 31, 2025 and December 31, 2024(unaudited) (in thousands except percentages)
Three Months Ended
Twelve Months Ended
December 31,
2025
December 31,
2024
% Change
December 31,
2025
December 31,
2024
% ChangeNet sales:
North America Confectionery
$ 2,478,501
$ 2,354,151
5.3 %
$ 9,479,709
$ 9,118,590
4.0 % North America Salty Snacks
356,962
278,885
28.0 %
1,271,299
1,135,720
11.9 % International
255,558
254,504
0.4 %
941,568
947,953
(0.7) %Total
$ 3,091,021
$ 2,887,540
7.0 %
$ 11,692,576
$ 11,202,263
4.4 %
Segment income (loss):
North America Confectionery
$ 721,952
$ 808,174
(10.7) %
$ 2,493,732
$ 2,945,688
(15.3) % North America Salty Snacks
75,273
54,503
38.1 %
241,353
199,390
21.0 % International
(31,596)
29,552
(206.9) %
3,318
111,519
(97.0) %Total segment income
765,629
892,229
(14.2) %
2,738,403
3,256,597
(15.9) %Unallocated corporate expense (1)
236,321
195,409
20.9 %
767,938
661,344
16.1 %Mark-to-market adjustment for
commodity derivatives (2)
35,229
(264,710)
NM
423,161
(460,437)
NMGoodwill impairment charges
6,403
—
NM
6,403
—
NMCosts associated with business
realignment initiatives
7,833
12,741
(38.5) %
59,401
117,536
(49.5) %Acquisition and integration-related activities
34,930
14,912
134.2 %
39,972
45,192
(11.6) %Other miscellaneous benefits
—
(5,270)
NM
—
(5,270)
NMOperating profit
444,913
939,147
(52.6) %
1,441,528
2,898,232
(50.3) %Interest expense, net
48,075
40,144
19.8 %
190,206
165,655
14.8 %Other (income) expense, net
27,306
175,946
(84.5) %
37,114
258,641
(85.7) %Income before income taxes
$ 369,532
$ 723,057
(48.9) %
$ 1,214,208
$ 2,473,936
(50.9) %
(1)Includes centrally-managed (a) corporate functional costs relating to legal, treasury, finance, and human resources, (b) expenses associated with the oversight and administration of our global operations, including warehousing, distribution and manufacturing, information systems and global shared services, (c) non-cash stock-based compensation expense, and (d) other gains or losses that are not integral to segment performance.(2)Net (gains) losses on mark-to-market valuation of commodity derivative positions recognized in unallocated derivative losses (gains).NM - not meaningful
Three Months Ended
Twelve Months Ended
December 31,
2025
December 31,
2024
December 31,
2025
December 31,
2024Segment income (loss) as a percent of net sales:
North America Confectionery
29.1 %
34.3 %
26.3 %
32.3 %North America Salty Snacks
21.1 %
19.5 %
19.0 %
17.6 %International
(12.4) %
11.6 %
0.4 %
11.8 % The Hershey CompanyConsolidated Balance Sheetsas of December 31, 2025 and December 31, 2024(in thousands of dollars)
AssetsDecember 31, 2025
December 31, 2024
(unaudited)
Cash and cash equivalents$ 925,859
$ 730,746Accounts receivable - trade, net729,547
800,402Inventories1,429,254
1,254,094Prepaid expenses and other504,239
974,215
Total current assets3,588,899
3,759,457
Property, plant and equipment, net3,529,608
3,458,853Goodwill2,996,005
2,705,753Other intangibles2,475,698
1,873,866Other non-current assets1,123,285
1,111,867Deferred income taxes27,802
37,065
Total assets$ 13,741,297
$ 12,946,861
Liabilities and Stockholders' Equity
Accounts payable$ 1,255,701
$ 1,159,177Accrued liabilities970,597
807,341Accrued income taxes63,725
51,036Short-term debt218,546
1,306,976Current portion of long-term debt503,327
604,965
Total current liabilities3,011,896
3,929,495
Long-term debt4,681,194
3,190,210Other long-term liabilities731,917
688,259Deferred income taxes679,540
424,243
Total liabilities9,104,547
8,232,207
Total stockholders' equity4,636,750
4,714,654
Total liabilities and stockholders' equity$ 13,741,297
$ 12,946,861
View original content to download multimedia:https://www.prnewswire.com/news-releases/hershey-reports-fourth-quarter-and-full-year-2025-financial-results-provides-2026-outlook-302679521.htmlSOURCE The Hershey Company
Original: Hershey Reports Fourth-Quarter and Full-Year 2025 Financial Results; Provides 2026 Outlook
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