The Hershey Company (HSY) Q3 2026 Earnings Report

The call was cautiously optimistic. Hershey maintained its 2027 sales-growth outlook and EPS framework, reported improving brand, unit, innovation, and channel trends, and outlined substantial growth and productivity initiatives. However, persistent consumer pressure, convenience-store weakness, market-share concerns, tough Reese's Oreo comparisons, supply constraints in salty snacks, and elevated freight and input costs remain significant challenges.

Hershey is holding its 2027 sales growth outlook at 2%-4%, with low single-digit carryover pricing next year, while noting that consumer and macro conditions could place results in the lower part of the range; its innovation pipeline has a 50% increase, is up 50%, and will contribute three times more to growth in 2027, while salty is expected to contribute more to the top line and bottom line. The company still expects 2027 earnings growth to be double digit and said there is no change to the 2027 EPS framework other than higher freight, logistics, and non-cocoa input costs, although if today’s conditions remain, it could be shy of the original range or framework; excluding the tariff refund, investors should take $0.25 out of the 2026 base and grow low double digits from there. Hershey expects meaningful margin improvement in 2027, with a long-term goal of mid 40% margin recovery and a long-term ambition of 2028 forward, and full year brand investment is expected to be around 10%.