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The Hershey Company (HSY) investor relations material
The Hershey Company Q3 2025 [Q&A] earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 [Q&A] earnings summary30 Oct, 2025
Executive summary
Net sales grew 6.5% year-over-year in Q3 2025 to $3,181.4 million, driven by favorable pricing, innovation, and strong salty snacks performance, while net income declined 38.2% due to higher commodity and tariff costs and lower gross margin.
Everyday CMG business and salty snacks reported double-digit growth, offsetting a softer Halloween season.
International segment faced profitability challenges from cocoa costs and elasticity, but share gains were noted in most core markets.
The company completed the acquisition of Sour Strips and announced the pending acquisition of LesserEvil, LLC.
Financial highlights
Q3 2025 net sales: $3,181.4M (+6.5% YoY); net income: $276.3M (-38.1% YoY); diluted EPS: $1.36 (-38.2% YoY); gross margin: 32.6% (down 870 bps YoY); operating profit margin: 13.7% (down 680 bps YoY).
Double-digit growth in everyday CMG and salty snacks (14% YoY consumption increase).
Core business grew close to 5% in Q3, excluding REESE’S OREO innovation.
Operating cash flow for nine months: $1,350.8M (down $239.2M YoY).
Outlook and guidance
2026 expected to return to long-term algorithm: 2%-4% revenue growth, with potential EPS upside; full-year 2025 net sales growth outlook raised to ~3%, but reported EPS expected to decline 48–50%.
Elasticity planned at minus one for 2026; cocoa costs remain 70% above 2023 levels, but recent moderation and hedging provide cautious optimism.
Tariff expense projected at $160–$170 million for 2025; $200 million incremental modeled for 2026.
Minimal impact expected from SNAP program changes in 2026.
Mitigate future commodity/tariff cost impact?
International segment path to profitability?
Control unallocated corporate expense growth?
What drives 2026 EPS above-algorithm potential?
Future pricing strategy with easing cocoa inflation?
Halloween 2025: What strategic changes?
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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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