The strong EPS beat and raised guidance are positive, but the underlying volume decline of 10% and the International segment's 7.5% revenue drop signal consumer elasticity pressures. Monitor Q4 retail takeaway data and any further guidance updates for signs of volume stabilization or deterioration.
Price Chart
Executive Summary
Hershey reported Q3 2026 adjusted EPS of $2.64, well above the $2.11 consensus, and raised its full-year adjusted EPS growth guidance to 36%-38.5% (from 32.5%-35%). However, total revenue growth was a modest 3.0% and organic constant-currency revenue grew only 0.8%, as volume declined 10% across North America Confectionery and International segments, partially offset by price realization and the LesserEvil acquisition.
Key Financial Metrics
Key Facts
- Q3 2026 adjusted EPS $2.64 vs consensus $2.11, a 25.1% beat
- Q3 2026 revenue $3,275.5M vs consensus $3.25B, a slight beat
- Organic constant-currency net sales grew only 0.8% (volume -10%)
- Full-year adjusted EPS growth guidance raised to 36%-38.5% from 32.5%-35%
- Full-year net sales growth guidance narrowed to 5% from 4.5%-5%
- North America Confectionery segment revenue +1.6%, segment income +66.2%
- International segment revenue -7.5%, segment loss widened to $(30.0)M
- North America Salty Snacks segment revenue +22.3% (20pp from LesserEvil), segment income -17.9%
Financial Impact
EPS beat of $0.53 (25.1%) on consensus $2.11; revenue beat of ~$25M vs $3.25B consensus; guidance raised for adjusted EPS growth by 3.5pp at the midpoint
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| North America Confectionery | $2.7B | +1.6% |
| North America Salty Snacks | $392.7M | +22.3% |
| International | $226.4M | -7.5% |
Risk Factors
- Volume declining 10% across core segments due to price elasticity and cautious consumers
- International segment revenue fell 7.5% and segment loss widened to $(30.0)M
- North America Salty Snacks segment income fell 17.9% despite 22.3% revenue growth
- CMG market share declined year-over-year due to competitive innovation
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-068046 |
| Document: hsy-20261029.htm | 0001628280-26-068046 |
| Document: 0001628280-26-068046-index-headers.html | 0001628280-26-068046 |
| Document: 0001628280-26-068046-index.html | 0001628280-26-068046 |
| Document: 0001628280-26-068046.txt | 0001628280-26-068046 |
| 8-K Data (Synthetic) | 0001628280-26-068046 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 29, 2026 3d ago | 8-K | No price | awaiting T+20 | awaiting T+20 | No price |
Oct 29, 2026 3d ago | Press Release | $160.28 | awaiting T+20 | awaiting T+20 | $165.61 (+3.33%) |
Oct 21, 2026 11d ago | Institutional Cluster | $175.64 | awaiting T+20 | awaiting T+20 | $165.61 (−5.71%) |
Oct 1, 2026 4w ago | Press Release | $159.30 $160.28 | ▲ +0.62% | ▼ −0.09% | $165.61 (+3.96%) |
Aug 17, 2026 10w ago | Insider Cluster | $183.45 $170.79 | ▼ −6.90% | ▼ −5.59% | $165.61 (−9.72%) |
Aug 12, 2026 11w ago | Insider Cluster | $186.12 $173.32 | ▲ +6.88% | ▲ +5.13% | $165.61 (+11.02%) |
Aug 10, 2026 11w ago | Insider Cluster | $181.98 $172.19 | ▼ −5.38% | ▼ −4.32% | $165.61 (−9.00%) |
Aug 10, 2026 11w ago | Insider Cluster | $181.98 $172.19 | ▼ −5.38% | ▼ −4.32% | $165.61 (−9.00%) |
Aug 7, 2026 12w ago | Insider Cluster | $182.75 $173.27 | ▼ −5.19% | ▼ −4.27% | $165.61 (−9.38%) |
Aug 6, 2026 12w ago | Insider Cluster | $182.35 $173.15 | ▼ −5.05% | ▼ −4.65% | $165.61 (−9.18%) |
US Market Status
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