Hershey (HSY) Q4 2025 Earnings
Reported Feb 5, 2026 at 6:46 AM ET · SEC Source
Q4 25 EPS
$1.71
BEAT +22.14%
Est. $1.40
Q4 25 Revenue
$3.09B
BEAT +3.83%
Est. $2.98B
vs S&P Since Q4 25
-32.6%
TRAILING MARKET
HSY -21.6% vs S&P +11.0%
Full Year 2025 Results
FY 25 EPS
$6.31
FY 25 Revenue
$11.69B
Market Reaction
Did HSY Beat Earnings? Q4 2025 Results
Hershey delivered a stronger-than-expected fourth quarter, with adjusted EPS of $1.71 beating the $1.40 consensus estimate by 21.77% and revenue of $3.09 billion topping expectations by 3.83% on 7.0% year-over-year growth, even as the company navigat… Read more Hershey delivered a stronger-than-expected fourth quarter, with adjusted EPS of $1.71 beating the $1.40 consensus estimate by 21.77% and revenue of $3.09 billion topping expectations by 3.83% on 7.0% year-over-year growth, even as the company navigated one of its most turbulent margin environments in recent memory. The headline driver of distortion was the lap of $264.70 million in derivative mark-to-market gains recorded in Q4 2024, which contributed to a reported gross margin collapse of 17.0 percentage points to 37.0% and a 52.6% drop in reported operating profit to $444.91 million. North America Salty Snacks was a notable bright spot, with net sales jumping 28.0% to $356.96 million, partly fueled by the LesserEvil acquisition. In a consumer environment where peers like General Mills have already lowered guidance on demand pressure, Hershey's 2026 outlook of 4% to 5% net sales growth and adjusted EPS of $8.20 to $8.52, representing 30% to 35% growth, signals management's confidence that pricing gains and gross margin recovery will reassert themselves.
Key Takeaways
- • Net price realization of approximately 9% in Q4 driving organic revenue growth
- • North America Salty Snacks organic volume growth of approximately 14 points
- • One additional shipping day in Q4 2025 versus prior year
- • LesserEvil acquisition contributing approximately 10 points to Salty Snacks segment growth
- • U.S. CMG retail takeaway increased 6.5%, in-line with category growth
- • SkinnyPop ready-to-eat popcorn retail sales increased over 8%
- • Dot's Homestyle Pretzels delivered retail sales growth of over 20%
HSY YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
HSY Revenue by Segment
With YoY comparisons, source: SEC Filings
“As we enter 2026, we have strong conviction in the momentum of our business. 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.”
— Kirk Tanner, Q4 2025 Earnings Press Release
HSY Earnings Trends
HSY vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
HSY EPS Trend
Earnings per share: estimate vs actual
HSY Revenue Trend
Quarterly revenue: estimate vs actual
HSY Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $1.97 | $2.35 | +19.29% | $3.10B | +2.57% |
| Q4 25 BEAT FY | $1.40 | $1.71 | +22.14% | $3.09B | +3.83% |
| FY Full Year | — | $6.31 | — | $11.69B | — |
| Q3 25 BEAT | $1.06 | $1.30 | +22.64% | $3.18B | +2.13% |
| Q2 25 BEAT | $1.00 | $1.21 | +21.00% | $2.61B | +3.61% |