Q2 2026 Hershey Co Earnings Call Transcript

Jul 30, 2026 / 12:30 PM GMT

Release Date Price: €151.2

Transcript 10-Q8-K

Key Points

Positve

US confection retail consumption outperformed expectations, with underlying demand about 2 points higher than measured data due to non-measured channel growth.
Elasticity is running slightly better than full-year assumptions, indicating consumer resilience to pricing.
Strong innovation pipeline for the second half, including Hershey Creme bars and the Hershey movie, supported by robust customer partnerships.
Good visibility into cocoa deflation for 2027, even if futures remain at current levels, providing a tailwind for margins.
International business showed strong momentum in key markets like Brazil, UK, and India, with demand running ahead of plan.

Negative

Supply chain challenges in the salty snacks business (Dots) led to higher spot freight usage, logistics costs, and limited volume throughput, pressuring margins.
Tougher second-half comparisons due to the successful Reese's Oreo innovation last year, which may dampen year-over-year growth.
Consumer softness persists, particularly among low-income households, requiring ongoing focus on affordability solutions.
Gross margin guidance was slightly lowered to just below 400 basis points improvement due to elevated logistics costs and salty segment challenges.
International margins remain under pressure from higher cocoa costs and logistics, with optimization work expected to be a drag in the second half.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

HSY.N - Hershey Co
Q2 2026 Hershey Co Earnings Call
Jul 30, 2026 / 12:30PM GMT

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Presentation
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Unidentified_1 [1]
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Greetings and welcome to the Hershey Company second quarter 2026 question-and-answer session.

To join the question queue, please press star 1 on your telephone keypad.

At this time, all participants are in a list-only mode.

As a reminder, this conference is being recorded.

I'd now like to turn the call over to your host, Honori Naughton, Vice President of Investor relations for the Hershey Company.

Thank you may begin.

Good morning, everyone.

Thank you for joining us today for the Hershey Company second quarter 2026 earnings Q&A session.

I hope everyone has had the chance to read our press release and listen to our pre-recorded management remarks, both of which are available

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