The Hershey Company · HSY · FY2024 Q4 · Calendar Q1 2025

Hershey Maintains Outlook Amid Cocoa Costs and Innovation Focus

The current analysis supports a cautiously constructive view of Hershey's operating trajectory: innovation, seasonal demand, pricing, and efficiency initiatives provide support, but cocoa costs, elasticity uncertainty, and regional competition make the outlook dependent on execution.

Reported Before market openNYSEConsumer Defensive $34.32B market cap
80quality score

Earnings scorecard

Reported versus consensus
Reported EPS — Consensus $2.40
EPS surprise — Reported versus consensus
Reported revenue — Consensus $2.85B
Revenue surprise — Reported versus consensus

Market reaction

prior-close to event-session close
Stock move +4.4% Event window
SPY move +0.3% Same window
Abnormal move +4.1% Stock minus SPY
Volume 1.9× Versus trailing sessions
Subsequent drift +21.5% Up to 20 sessions
HSYSPY benchmark

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Transcript intelligence

What changed

Compared with the prior-quarter analysis, management continued to emphasize pricing and productivity but provided more detail on sweets innovation, cocoa-supply diversification, and ERP-related execution. The analysis also highlighted expected back-half margin pressure from higher hedge prices and competitive pressure in Brazil and Mexico.

Guidance delta

Guidance sentiment was maintained. Management emphasized balanced growth through pricing, productivity, and SG&A efficiency, while noting back-half margin pressure from higher hedge prices.

Key takeaways

  • Management described pricing, productivity, and SG&A efficiency as the main tools for navigating elevated cocoa costs.
  • Seasonal demand and sweets innovation, including Shaq-a-licious Gummies and Sour Strips, were highlighted as Q4 growth drivers.
  • Management said elasticity assumptions remain cautious, with upside possible if pricing holds better than expected.
  • Supply diversification and off-exchange cocoa sourcing were presented as risk mitigants, while Brazil, Mexico, and convenience stores remained pressure points.

Management priorities

  • Expand sweets innovation and seasonal offerings
  • Diversify cocoa supply and use off-exchange sourcing
  • Improve execution through ERP, productivity, and SG&A efficiency

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Earnings History

Estimate Beat Miss Match
HSY REVENUE earnings history estimate and actual scatter chart 8 reported fiscal quarters and 4 future estimate-only quarters. Q4 '23 estimate $3B Q4 '23 actual $3B, miss Q1 '24 estimate $3B Q1 '24 actual $3B, beat Q2 '24 estimate $2B Q2 '24 actual $2B, miss Q3 '24 estimate $3B Q3 '24 actual $3B, miss Q2 '25 estimate $3B Q2 '25 actual $3B, beat Q3 '25 estimate $3B Q3 '25 actual $3B, beat Q4 '25 estimate $3B Q4 '25 actual $3B, beat Q1 '26 estimate $3B Q1 '26 actual $3B, beat Q2 '26 estimate $3B Q3 '26 estimate $3B Q4 '26 estimate $3B Q1 '27 estimate $3B

Analyst Consensus ?

ConsensusHold35 ratings
Bullish822.8%
Neutral2468.6%
Bearish38.6%

Analyst 52W Price Targets

$170.83Current
$129.11Low
$209.19Average
$260High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 19, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Barclays Equal Weight Equal WeightMaintainOct 16, 2026
JP Morgan Neutral NeutralMaintainOct 15, 2026
TD Cowen Buy BuyMaintainOct 13, 2026
Wells Fargo Equal Weight Equal WeightMaintainOct 5, 2026
RBC Capital Sector Perform Sector PerformMaintainAug 21, 2026
Show 30 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $170.83. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
BarclaysAnalyst unavailable$178$168.68 +4.2%Oct 16, 2026
UBSAnalyst unavailable$178$167.92 +4.2%Oct 15, 2026
JefferiesScott Marks$178$163.05 +4.2%Oct 14, 2026
RBC CapitalAnalyst unavailable$206$187.84 +20.6%Aug 21, 2026
BarclaysAnalyst unavailable$200$175.05 +17.1%Aug 3, 2026
See 82 more

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Company context

Snapshot as of publication

The Hershey Company, operating with its various subsidiaries, serves as a key manufacturer and distributor of both sweet confections and general household pantry items. Its market reach extends across the United States and globally. The enterprise strategically divides its operations into three main business segments: North America Confectionery, North America Salty Snacks, and an International division. Its extensive product catalog features a wide array of offerings. This includes various chocolate and non-chocolate candies, as well as refreshing chewing gums and mints. Beyond traditional treats, Hershey also supplies pantry essentials such as baking ingredients, dessert toppings, a range of beverages, and sundae syrups. Furthermore, their snack collection encompasses diverse items like spreads, meat snacks, various bars and snack bites, popcorn, and protein bars.…

Historical context

All HSY earnings

Latest beats and misses

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2025-01-23T00:02:36.799981+00:00
  3. Polygon adjusted daily market bars · 2026-10-19T04:50:43.880052+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-19T04:50:43.877262+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-19. For educational purposes only; not investment advice.