Hershey Reports Third-Quarter 2025 Financial Results
The Hershey Company (NYSE: HSY) reported third-quarter 2025 results and raised its 2025 outlook on net sales and adjusted EPS. Q3 net sales were $3,181.4 million, up 6.5% (organic constant-currency +6.2%). Reported net income was $276.3 million, or $1.36 per share-diluted, down 38.2%, and adjusted EPS was $1.30, down 44.4%.
Hershey raised full-year 2025 guidance to ~3% net sales growth, reported EPS $5.48–$5.72 (down 48%–50%) and adjusted EPS now projected at $5.90–$6.00 (down ~36%–37%). The company expects tariffs of $160–$170M, interest expense ~$195M, capex ~$425M and automation savings ~$150M.
The Hershey Company (NYSE: HSY) ha riportato i risultati del terzo trimestre 2025 e ha alzato le previsioni per il 2025 su vendite nette ed EPS rettificato. Q3 vendite nette sono state 3.181,4 milioni di dollari, in crescita del 6,5% (organico a tassi di cambio costanti +6,2%). Il reddito netto riportato è stato di 276,3 milioni di dollari, ovvero 1,36 dollari per azione diluita, in calo del 38,2%, e l'EPS rettificato è stato di 1,30 dollari, in discesa del 44,4%.
Hershey ha aumentato le previsioni per l'intero 2025 con una crescita delle vendite nette del 3%, un EPS riportato di 5,48–5,72 dollari (in calo del 48%–50%) e l'EPS rettificato ora previsto a 5,90–6,00 dollari (in calo di circa 36%–37%). L'azienda prevede tariffe doganali di 160–170 milioni di dollari, spese per interessi di circa 195 milioni di dollari, capex di circa 425 milioni di dollari e risparmi da automazione di circa 150 milioni di dollari.
The Hershey Company (NYSE: HSY) informó los resultados del tercer trimestre de 2025 y elevó su perspectiva para 2025 sobre ventas netas y EPS ajustado. Las ventas netas del 3T fueron de 3.181,4 millones de dólares, con un aumento de 6,5% (orgánico a tipo de cambio constante +6,2%). El ingreso neto reportado fue de 276,3 millones de dólares, o 1,36 dólares por acción diluida, con una caída de 38,2%, y el EPS ajustado fue de 1,30 dólares, con una caída de 44,4%.
Hershey elevó la guía para todo 2025 a aproximadamente 3% de crecimiento de ventas netas, un EPS reportado de 5,48–5,72 dólares (caída del 48%–50%) y el EPS ajustado ahora proyectado en 5,90–6,00 dólares (caída de ~36%–37%). La empresa espera aranceles de 160–170 millones de dólares, gasto por intereses de ~195 millones de dólares, capex de ~425 millones de dólares y ahorros por automatización de ~150 millones de dólares.
The Hershey Company (NYSE: HSY)는 2025년 3분기 실적을 발표하고 2025년 매출 및 조정된 주당순이익(EPS) 전망치를 상향 조정했습니다. 3분기 매출은 31억 8,14백만 달러(= 3,181.4백만 달러)로 6.5% 증가했고(유기적 고정환율 기준 +6.2%), 보고된 순이익은 2억 7630만 달러, 주당 희석이익 1.36달러로 38.2% 감소했으며, 조정된 EPS는 1.30달러로 44.4% 감소했습니다.
Hershey는 연간 전망을 2025년 전체로 매출 성장률 약 3%으로 상향했고, 보고된 EPS는 5.48–5.72달러(감소율 48%–50%), 조정된 EPS는 이제 5.90–6.00달러(약 36%–37% 감소)로 projected되었습니다. 회사는 관세를 160–170백만 달러, 이자비용 약 195백만 달러, 설비투자(CAPEX) 약 425백만 달러, 자동화 절감 약 150백만 달러로 예상합니다.
The Hershey Company (NYSE: HSY) a publié ses résultats du troisième trimestre 2025 et a relevé ses prévisions pour 2025 en ce qui concerne les ventes nettes et l’EPS ajusté. Ventes nettes du T3 : 3 181,4 millions de dollars, en hausse de 6,5% (organique à taux de change constants +6,2%). Le résultat net déclaré était de 276,3 millions de dollars, soit 1,36 dollar par action diluée, en baisse de 38,2%, et l’EPS ajusté était de 1,30 dollar, en baisse de 44,4%.
Hershey a relevé les prévisions pour l’ensemble de 2025 à environ 3% de croissance des ventes nettes, un EPS déclaré de 5,48–5,72 dollars (baisse de 48%–50%) et un EPS ajusté désormais estimé entre 5,90–6,00 dollars (baisse d’environ 36%–37%). L’entreprise prévoit des droits de douane de 160–170 millions de dollars, des charges d’intérêts d’environ 195 millions de dollars, des dépenses d’investissement (CAPEX) d’environ 425 millions de dollars et des économies d’automatisation d’environ 150 millions de dollars.
The Hershey Company (NYSE: HSY) hat die Ergebnisse des dritten Quartals 2025 bekannt gegeben und die Prognose für 2025 bei den Nettoumsätzen und dem bereinigten EPS angehoben. Q3 Nettoumsatz betrug 3.181,4 Mio. USD, ein Anstieg von 6,5% (organisch konstanter Wechselkurs +6,2%). Das berichtete Nettoeinkommen betrug 276,3 Mio. USD, bzw. 1,36 USD pro verwässerter Aktie, ein Rückgang von 38,2%, und der bereinigte EPS betrug 1,30 USD, ein Rückgang von 44,4%.
Hershey hat die Jahresprognose für 2025 auf ~3% Nettoumsatzwachstum angehoben, der berichtete EPS liegt bei 5,48–5,72 USD (Rückgang von 48%–50%) und der bereinigte EPS wird nun auf 5,90–6,00 USD geschätzt (Rückgang ca. 36%–37%). Das Unternehmen rechnet mit Zöllen von 160–170 Mio. USD, Zinsaufwendungen von ca. 195 Mio. USD, CAPEX von ca. 425 Mio. USD und Automatisierungseinsparungen von ca. 150 Mio. USD.
The Hershey Company (NYSE: HSY) أصدرت نتائج الربع الثالث من عام 2025 وأعادت رفع توقعاتها لعام 2025 بخصوص المبيعات الصافية وEPS المعدل. مبيعات الربع الثالث الصافية بلغت 3,181.4 مليون دولار، بارتفاع 6.5% (عضوي بأسعار صرف ثابتة +6.2%). صافي الدخل المبلغ عنه كان 276.3 مليون دولار، أو 1.36 دولار للسهم المخفف، بانخفاض 38.2%، وEPS المعدل كان 1.30 دولار، بانخفاض 44.4%.
رفعت Hershey التوجيه الكامل لعام 2025 ليصل إلى نحو نمـو في المبيعات الصافية بنسبة 3%، وEPS المبلغ عنه 5.48–5.72 دولار (انخفاض 48%–50%)، وEPS المعدل المتوقع الآن عند 5.90–6.00 دولار (انخفاض نحو 36%–37%). تتوقع الشركة تعريفة قدرها 160–170 مليون دولار، ومصروفات فائدة نحو 195 مليون دولار، ونفقات رأسمالية نحو 425 مليون دولار، وتوفيراً من الأتمتة نحو 150 مليون دولار.
- Consolidated net sales +6.5% to $3,181.4M
- Organic constant-currency net sales +6.2%
- North America Salty Snacks volume +11% and net sales +10%
- Raised full-year net sales outlook to ~3% and adjusted EPS to $5.90–$6.00
- Reported net income down 38.2% to $276.3M
- Adjusted EPS down 44.4% in Q3 to $1.30
- Reported gross margin decline of 870 basis points versus prior year
- International segment loss of $13.6M and segment margin (5.6)%, down 1,210 bps
Insights
Net sales rose while per‑share earnings fell sharply; company raised full‑year sales and adjusted EPS guidance slightly.
Consolidated net sales for the
Risks and dependencies are clear in the numbers: higher commodity and tariff costs, unfavorable mix, and reduced renewable energy tax credits materially compressed margins and drove the EPS decline despite price realization and transformation savings. The company expects full‑year reported EPS of
Watch near term for quarterly cadence on commodity and tariff trends, the realized benefit from the
"Third quarter results surpassed expectations, as strong innovation, strategic brand investments, and market leading execution drove momentum across business segments," said Kirk Tanner, The Hershey Company President and Chief Executive Officer. "Based on our results year-to-date, we are raising our full year outlook for net sales and earnings per share."
"I am excited to steer the next generation of growth at the Company, working closely with our talented team members, valued customers, and the Board. Together, we'll focus on delighting consumers and delivering results as we unlock our full potential as a snacking industry leader."
Third -Quarter 2025 Financial Results Summary 1
- Consolidated net sales of
$3,181.4 million 6.5% . - Organic, constant currency net sales increased
6.2% . - Reported net income of
$276.3 million $1.36 38.2% . - Adjusted earnings per share-diluted of
$1.30 44.4% .
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1 All comparisons for the third quarter of 2025 are with respect to the third quarter ended September 29, 2024 |
2025 Full-Year Financial Outlook
The Company is raising its net sales growth and reported earnings per share outlook, and raising its adjusted earnings per share outlook to the upper half of the previous range for the year. This guidance does not include the effects of our proposed acquisition of LesserEvil.
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2025 Full-Year Outlook |
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Prior Guidance |
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Current Guidance |
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Net sales growth* |
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Up at least |
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~ |
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Reported earnings per share growth |
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Down ~ |
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Down |
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Adjusted earnings per share growth |
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Down |
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Down |
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* The impact of the Sour Strips acquisition is anticipated to be an approximate 40 basis point benefit to net sales growth for the full-year 2025. Additionally, the impact of foreign currency exchange rates is anticipated to be an approximate 30 basis point headwind to net sales growth for the full-year 2025. |
The Company also expects:
- Tariff expense, as understood today, to be approximately
$160 million $170 million - A reported effective tax rate of approximately
30% and an adjusted effective tax rate of approximately26% , reflecting the changing global business and tax landscape; - Other expense, which primarily reflects the write-down of equity investments that qualify for a tax credit, of approximately
$30 million $35 million - Interest expense of approximately
$195 million - Capital expenditures of approximately
$425 million - Advancing Agility & Automation Initiative savings of approximately
$150 million
Below is a reconciliation of current projected 2025 and full-year 2024 earnings per share-diluted calculated in accordance with
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2025 (Projected) |
|
2024 |
|
Reported EPS – Diluted |
|
|
|
|
Derivative Mark-to-Market (Gains) Losses |
— |
|
(2.26) |
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Business Realignment Activities |
0.35 - 0.45 |
|
0.58 |
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Acquisition and Integration-Related Activities |
0.03 - 0.07 |
|
0.22 |
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Other Miscellaneous (Benefits) Losses |
— |
|
(0.03) |
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Tax Effect of All Adjustments Reflected Above |
(0.10) |
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(0.06) |
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Adjusted EPS – Diluted |
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Adjusted 2025 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.
Third -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:
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Three Months Ended September 28, 2025 |
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Percentage |
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Impact of |
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Percentage |
|
Impact of |
|
Percentage |
|
Organic
(Rounded) |
|
Organic
(Rounded) |
|
North America Confectionery |
5.6 % |
|
— % |
|
5.6 % |
|
0.4 % |
|
5.2 % |
|
7 % |
|
(1) % |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America Salty Snacks |
10.0 % |
|
— % |
|
10.0 % |
|
— % |
|
10.0 % |
|
(1) % |
|
11 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International |
12.1 % |
|
— % |
|
12.1 % |
|
— % |
|
12.1 % |
|
7 % |
|
6 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Company |
6.5 % |
|
— % |
|
6.5 % |
|
0.3 % |
|
6.2 % |
|
6 % |
|
— % |
|
|
|
*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
Third -Quarter 2025 Consolidated Results
Consolidated net sales increased
Reported gross margin was
Selling, marketing and administrative expenses increased
Third quarter 2025 reported operating profit was
The reported effective tax rate in the third quarter of 2025 was
The Company's third quarter 2025 results, as prepared in accordance with GAAP, included items negatively impacting comparability of
The following table presents a summary of items impacting comparability in each period (see Appendix I for additional information):
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Pre-Tax (millions) |
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Earnings Per Share-Diluted |
||||
|
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Three Months Ended |
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Three Months Ended |
||||
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|
September 28, |
|
September 29, |
|
September 28, |
|
September 29, |
|
|
|
|
|
|
|
|
|
|
Derivative Mark-to-Market Gains |
$ (24.3) |
|
$ (31.1) |
|
$ (0.12) |
|
$ (0.15) |
|
Business Realignment Activities |
10.6 |
|
49.1 |
|
0.05 |
|
0.24 |
|
Acquisition and Integration-Related Activities |
1.6 |
|
22.8 |
|
0.01 |
|
0.11 |
|
Tax Effect of All Adjustments Reflected Above |
— |
|
— |
|
— |
|
(0.06) |
|
|
$ (12.1) |
|
$ 40.8 |
|
$ (0.06) |
|
$ 0.14 |
The following are comments about segment performance for the third 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
The North America Confectionery segment reported segment income of
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____________________________ |
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2 MULO+ w/Convenience expanded in the second quarter of 2024 to include club, drug, and e-commerce customers previously classified as unmeasured, while Dollar Tree data was included beginning in the third quarter of 2025 |
North America Salty Snacks
North America Salty Snacks segment income was
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____________________________ |
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3 MULO+ w/Convenience expanded in the second quarter of 2024 to include club, drug, and e-commerce customers previously classified as unmeasured, while Dollar Tree data was included beginning in the third quarter of 2025 |
International
Third quarter 2025 net sales for
The International segment reported a
Unallocated Corporate Expense
Live Webcast
At approximately 7:00 a.m. (Eastern time) today,
Note: In this release, for the third quarter of 2025,
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Reconciliation of Certain Non-GAAP Financial Measures |
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Consolidated results |
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Three Months Ended |
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In thousands except per share data |
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September 28, 2025 |
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September 29, 2024 |
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Reported gross profit |
|
$ 1,037,334 |
|
$ 1,232,719 |
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Derivative mark-to-market gains |
|
(24,250) |
|
(31,083) |
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Business realignment activities |
|
— |
|
1,457 |
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Acquisition and integration-related activities |
|
— |
|
1,720 |
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Non-GAAP gross profit |
|
$ 1,013,084 |
|
$ 1,204,813 |
|
|
|
|
|
|
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Reported operating profit |
|
$ 434,583 |
|
$ 613,164 |
|
Derivative mark-to-market gains |
|
(24,250) |
|
(31,083) |
|
Business realignment activities |
|
10,577 |
|
49,129 |
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Acquisition and integration-related activities |
|
1,577 |
|
22,777 |
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Non-GAAP operating profit |
|
$ 422,487 |
|
$ 653,987 |
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|
|
|
|
|
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Reported provision for income taxes |
|
$ 95,590 |
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$ 72,446 |
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Derivative mark-to-market gains* |
|
(2,645) |
|
(4,499) |
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Business realignment activities* |
|
2,788 |
|
11,867 |
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Acquisition and integration-related activities* |
|
382 |
|
5,518 |
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Non-GAAP provision for income taxes |
|
$ 96,115 |
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$ 85,332 |
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|
|
|
|
|
|
Reported net income |
|
$ 276,320 |
|
$ 446,301 |
|
Derivative mark-to-market gains |
|
(21,605) |
|
(26,584) |
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Business realignment activities |
|
7,789 |
|
37,262 |
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Acquisition and integration-related activities |
|
1,195 |
|
17,259 |
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Non-GAAP net income |
|
$ 263,699 |
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$ 474,238 |
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|
|
|
|
|
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Reported EPS - Diluted |
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$ 1.36 |
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$ 2.20 |
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Derivative mark-to-market gains |
|
(0.12) |
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(0.15) |
|
Business realignment activities |
|
0.05 |
|
0.24 |
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Acquisition and integration-related activities |
|
0.01 |
|
0.11 |
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Tax effect of all adjustments reflected above** |
|
— |
|
(0.06) |
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Non-GAAP EPS - Diluted |
|
$ 1.30 |
|
$ 2.34 |
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|
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* 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. |
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** 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:
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Three Months Ended |
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|
|
September 28, 2025 |
|
September 29, 2024 |
|
As reported gross margin |
32.6 % |
|
41.3 % |
|
Non-GAAP gross margin (1) |
31.8 % |
|
40.3 % |
|
|
|
|
|
|
As reported operating profit margin |
13.7 % |
|
20.5 % |
|
Non-GAAP operating profit margin (2) |
13.3 % |
|
21.9 % |
|
|
|
|
|
|
As reported effective tax rate |
25.7 % |
|
14.0 % |
|
Non-GAAP effective tax rate (3) |
26.7 % |
|
15.2 % |
|
|
|
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(1) |
Calculated as non-GAAP gross profit as a percentage of net sales for each period presented. |
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(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 I
Details 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 third quarter of 2025 and 2024, business realignment charges related primarily to third-party costs supporting the design and implementation of the new organizational structure, as well as severance and employee benefit costs.
Acquisition and integration-related activities: During the third 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. During the third quarter of 2024, we incurred costs related to the 2023 acquisition of two manufacturing plants from Weaver Popcorn Manufacturing, Inc., and the integration of the 2021 acquisitions of Dot's Pretzels, LLC and Pretzels Inc. into our North America Salty Snacks 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 Statement
This 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, changes in the
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The Hershey Company |
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Consolidated Statements of Income |
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for the periods ended September 28, 2025 and September 29, 2024 |
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(unaudited) (in thousands except percentages and per share amounts) |
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Three Months Ended |
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Nine Months Ended |
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September 28, |
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September 29, |
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September 28, |
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September 29, |
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Net sales |
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$ 3,181,418 |
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$ 2,987,494 |
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$ 8,601,555 |
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$ 8,314,723 |
|
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Cost of sales |
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2,144,084 |
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1,754,775 |
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5,823,681 |
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4,572,178 |
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Gross profit |
|
|
1,037,334 |
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1,232,719 |
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2,777,874 |
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3,742,545 |
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Selling, marketing and administrative expense |
600,540 |
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591,920 |
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1,762,419 |
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1,750,888 |
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Business realignment costs |
2,211 |
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27,635 |
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18,840 |
|
32,572 |
|||
|
|
|
|
|
|
|
|
|
|
||
|
Operating profit |
434,583 |
|
613,164 |
|
996,615 |
|
1,959,085 |
|||
|
Interest expense, net |
|
51,474 |
|
44,316 |
|
142,131 |
|
125,511 |
||
|
Other (income) expense, net |
|
11,199 |
|
50,101 |
|
9,808 |
|
82,695 |
||
|
|
|
|
|
|
|
|
|
|
||
|
Income before income taxes |
|
371,910 |
|
518,747 |
|
844,676 |
|
1,750,879 |
||
|
Provision for income taxes |
|
95,590 |
|
72,446 |
|
281,434 |
|
326,231 |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ 276,320 |
|
$ 446,301 |
|
$ 563,242 |
|
$ 1,424,648 |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share |
- Basic |
- Common |
$ 1.40 |
|
$ 2.26 |
|
$ 2.85 |
|
$ 7.19 |
|
|
|
- Diluted |
- Common |
$ 1.36 |
|
$ 2.20 |
|
$ 2.77 |
|
$ 7.00 |
|
|
|
- Basic |
- Class B |
$ 1.27 |
|
$ 2.05 |
|
$ 2.58 |
|
$ 6.53 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding |
- Basic |
- Common |
148,363 |
|
147,938 |
|
148,234 |
|
148,474 |
|
|
|
- Diluted |
- Common |
203,494 |
|
203,030 |
|
203,273 |
|
203,631 |
|
|
|
- Basic |
- Class B |
54,614 |
|
54,614 |
|
54,614 |
|
54,614 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key margins: |
|
|
|
|
|
|
|
|
|
|
|
Gross margin |
|
32.6 % |
|
41.3 % |
|
32.3 % |
|
45.0 % |
||
|
Operating profit margin |
|
13.7 % |
|
20.5 % |
|
11.6 % |
|
23.6 % |
||
|
Net margin |
|
8.7 % |
|
14.9 % |
|
6.5 % |
|
17.1 % |
||
|
The Hershey Company |
|||||||||||||
|
Supplementary Information – Segment Results |
|||||||||||||
|
for the periods ended September 28, 2025 and September 29, 2024 |
|||||||||||||
|
(unaudited) (in thousands except percentages) |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||
|
|
|
|
September |
|
September |
|
% Change |
|
September |
|
September |
|
% Change |
|
Net sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America Confectionery |
|
$ 2,615,600 |
|
$ 2,477,303 |
|
5.6 % |
|
$ 7,001,208 |
|
$ 6,764,439 |
|
3.5 % |
|
|
North America Salty Snacks |
|
321,020 |
|
291,835 |
|
10.0 % |
|
914,337 |
|
856,835 |
|
6.7 % |
|
|
International |
|
244,798 |
|
218,356 |
|
12.1 % |
|
686,010 |
|
693,449 |
|
(1.1) % |
|
|
Total |
|
$ 3,181,418 |
|
$ 2,987,494 |
|
6.5 % |
|
$ 8,601,555 |
|
$ 8,314,723 |
|
3.4 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America Confectionery |
|
$ 571,475 |
|
$ 724,822 |
|
(21.2) % |
|
$ 1,771,780 |
|
$ 2,137,514 |
|
(17.1) % |
|
|
North America Salty Snacks |
|
57,747 |
|
53,977 |
|
6.9 % |
|
166,080 |
|
144,887 |
|
14.6 % |
|
|
International |
|
(13,607) |
|
14,207 |
|
(195.8) % |
|
34,914 |
|
81,967 |
|
(57.4) % |
|
|
Total segment income |
|
615,615 |
|
793,006 |
|
(22.4) % |
|
1,972,774 |
|
2,364,368 |
|
(16.6) % |
|
|
Unallocated corporate expense (1) |
|
193,128 |
|
139,018 |
|
38.9 % |
|
531,617 |
|
465,935 |
|
14.1 % |
|
|
Unallocated mark-to-market (gains) losses on commodity derivatives (2) |
|
(24,250) |
|
(31,083) |
|
(22.0) % |
|
387,932 |
|
(195,727) |
|
NM |
|
|
Costs associated with business realignment initiatives |
|
10,577 |
|
49,129 |
|
(78.5) % |
|
51,568 |
|
104,795 |
|
(50.8) % |
|
|
Acquisition and integration-related activities |
|
1,577 |
|
22,778 |
|
(93.1) % |
|
5,042 |
|
30,280 |
|
(83.3) % |
|
|
Operating profit |
|
434,583 |
|
613,164 |
|
(29.1) % |
|
996,615 |
|
1,959,085 |
|
(49.1) % |
|
|
Interest expense, net |
|
51,474 |
|
44,316 |
|
16.2 % |
|
142,131 |
|
125,511 |
|
13.2 % |
|
|
Other (income) expense, net |
|
11,199 |
|
50,101 |
|
(77.6) % |
|
9,808 |
|
82,695 |
|
(88.1) % |
|
|
Income before income taxes |
|
$ 371,910 |
|
$ 518,747 |
|
(28.3) % |
|
$ 844,676 |
|
$ 1,750,879 |
|
(51.8) % |
|
|
|
|
(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 |
|
Nine Months Ended |
||||
|
|
|
|
September 28, 2025 |
|
September 29, 2024 |
|
September 28, 2025 |
|
September 29, 2024 |
|
Segment income as a percent of net sales: |
|
|
|
|
|
|
|
|
|
|
North America Confectionery |
|
21.8 % |
|
29.3 % |
|
25.3 % |
|
31.6 % |
|
|
North America Salty Snacks |
|
18.0 % |
|
18.5 % |
|
18.2 % |
|
16.9 % |
|
|
International |
|
(5.6) % |
|
6.5 % |
|
5.1 % |
|
11.8 % |
|
|
The Hershey Company |
||||
|
Consolidated Balance Sheets |
||||
|
as of September 28, 2025 and December 31, 2024 |
||||
|
(in thousands of dollars) |
||||
|
|
|
|
|
|
|
Assets |
|
September 28, 2025 |
|
December 31, 2024 |
|
|
|
(unaudited) |
|
|
|
Cash and cash equivalents |
|
$ 1,163,017 |
|
$ 730,746 |
|
Accounts receivable - trade, net |
|
966,411 |
|
800,402 |
|
Inventories |
|
1,707,522 |
|
1,254,094 |
|
Prepaid expenses and other |
|
561,155 |
|
974,215 |
|
|
|
|
|
|
|
Total current assets |
|
4,398,105 |
|
3,759,457 |
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
3,426,678 |
|
3,458,853 |
|
Goodwill |
|
2,711,338 |
|
2,705,753 |
|
Other intangibles |
|
1,891,101 |
|
1,873,866 |
|
Other non-current assets |
|
1,110,163 |
|
1,111,867 |
|
Deferred income taxes |
|
42,041 |
|
37,065 |
|
|
|
|
|
|
|
Total assets |
|
$ 13,579,426 |
|
$ 12,946,861 |
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ 1,459,680 |
|
$ 1,159,177 |
|
Accrued liabilities |
|
952,330 |
|
807,341 |
|
Accrued income taxes |
|
98,461 |
|
51,036 |
|
Short-term debt |
|
214,959 |
|
1,306,976 |
|
Current portion of long-term debt |
|
502,334 |
|
604,965 |
|
|
|
|
|
|
|
Total current liabilities |
|
3,227,764 |
|
3,929,495 |
|
|
|
|
|
|
|
Long-term debt |
|
4,677,086 |
|
3,190,210 |
|
Other long-term liabilities |
|
639,160 |
|
688,259 |
|
Deferred income taxes |
|
470,970 |
|
424,243 |
|
|
|
|
|
|
|
Total liabilities |
|
9,014,980 |
|
8,232,207 |
|
|
|
|
|
|
|
Total stockholders' equity |
|
4,564,446 |
|
4,714,654 |
|
|
|
|
|
|
|
Total liabilities and stockholders' equity |
|
$ 13,579,426 |
|
$ 12,946,861 |
View original content to download multimedia:https://www.prnewswire.com/news-releases/hershey-reports-third-quarter-2025-financial-results-302598830.html
SOURCE The Hershey Company
FAQ
What were Hershey's Q3 2025 net sales and organic growth (HSY)?
How did Hershey report earnings per share for Q3 2025 (HSY)?
What is Hershey's updated 2025 full-year guidance for net sales and adjusted EPS (HSY)?
What major cost items did Hershey cite for 2025 that could affect HSY profitability?
How did Hershey's segments perform in Q3 2025 — North America Confectionery and Salty Snacks (HSY)?
Did Hershey report any margin pressures in Q3 2025 and why (HSY)?
