Hershey (HSY) Q2 FY2026 earnings: revenue $2.8 billion, up 6.6% on the year

Hershey Co. (HSY) reported revenue of $2.8 billion for Q2 FY2026, the quarter ended 28 June 2026, up 6.6% on the same quarter a year earlier. Net income was $458 million, up 629.7% on the year, and diluted earnings per share $2.26. The figures are the company's own, from the 10-Q it filed with the SEC on 30 July 2026.

Revenue

$2.8 billion

+6.6% on the year · -10.2% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

23.1%

7.4% a year earlier

Q3 FY2024Q2 FY2026

Net income

$458 million

+629.7% on the year · +5.2% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$2.26

+629.0% on the year · +6.1% on the quarter

Q3 FY2024Q2 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 lowered, 5 narrowed, 4 kept.

Net sales up 6.6% in quarter: Net sales were $2,787.3 million. Organic constant currency growth was 3.6%, with net price realization of about 12 points and volume down about 8 points.
Adjusted EPS rose 57%: Adjusted diluted EPS was $1.90, up 57.0%. Adjusted operating profit was $563.5 million, up 37.3%, with an adjusted margin of 20.2%.
Salty Snacks volume below expectations: Volume rose about 4 points, described as below expectations. Innovation and velocity gains were partly offset by execution problems on multipacks and Dot’s pretzels.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	2,787	3,104	2,615	-10.2%	+6.6%
Cost of revenue	1,524	1,881	1,818	-19.0%	-16.2%
Gross profit	1,263	1,223	796	+3.3%	+58.7%
Gross margin	45.3%	39.4%	30.5%
Selling, general and administrative	621	576	603	+7.7%	+2.9%
Operating income	643	641	193	+0.3%	+233.3%
Operating margin	23.1%	20.6%	7.4%
Interest expense	55.8	54.8	57.3	+1.8%	-2.7%
Pre-tax income	588	593	149	-0.7%	+294.5%
Income tax	131	158	86.4	-17.1%	+51.2%
Effective tax rate	22.2%	26.6%	57.9%
Net income	458	435	62.7	+5.2%	+629.7%
Net margin	16.4%	14.0%	2.4%
Diluted EPS	$2.26	$2.13	$0.31	+6.1%	+629.0%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	419	469	112	-10.6%	+273.7%
Capital expenditure	89.8	115	85.1	-21.6%	+5.6%
Free cash flow	329	354	27.1	-7.0%	+1,114.6%
Free cash flow margin	11.8%	11.4%	1.0%
Cash from investing	-82.4	-117	-155
Cash from financing	-425	-403	-560
Depreciation and amortisation	136	133	124	+2.3%	+9.9%
Share-based compensation	17.7	17.1	17.4	+3.4%	+1.6%
Buybacks	370	69.3	0.0	+434.3%
Dividends paid	286	288	271	-0.6%	+5.6%
Diluted shares, weighted	203m	204m	203m	-0.6%	-0.2%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	4,563	4,734	4,515	-3.6%	+1.1%
Debt	5,611	5,358	5,644	+4.7%	-0.6%
Operating lease liabilities	262	274	310	-4.3%	-15.5%
Finance lease liabilities	70.3	70.9	66.7	-0.9%	+5.3%
Other liabilities	3,468	3,405	3,110	+1.8%	+11.5%
Total liabilities and equity	13,973	13,841	13,646	+1.0%	+2.4%
Fixed assets	3,476	3,489	3,442	-0.4%	+1.0%
Goodwill	2,986	2,995	2,713	-0.3%	+10.0%
Intangible assets	2,425	2,450	1,913	-1.0%	+26.8%
Cash and equivalents	791	877	912	-9.8%	-13.3%
Receivables	907	975	820	-6.9%	+10.6%
Inventory	1,743	1,429	1,842	+22.0%	-5.4%
Other assets	1,645	1,626	2,003	+1.1%	-17.9%
Total assets	13,973	13,841	13,646	+1.0%	+2.4%

Questions

What was Hershey's revenue in Q2 FY2026?

Hershey (HSY) reported revenue of $2.8 billion for Q2 FY2026, the quarter ended 28 June 2026, up 6.6% on the same quarter a year earlier.

How much did Hershey earn in Q2 FY2026?

Net income for Q2 FY2026 was $458 million, up 629.7% on the year, and diluted earnings per share $2.26.

When did Hershey report Q2 FY2026 results?

Hershey filed its 10-Q for the quarter ended 28 June 2026 with the SEC on 30 July 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	2,326	2,666	2,373	2,728	2,652	2,988	2,490	3,030	2,657	3,253	2,074	2,987	2,888	2,805	2,615	3,181	3,091	3,104	2,787	3,276
Cost of revenue	1,313	1,421	1,373	1,620	1,508	1,605	1,358	1,670	1,534	1,577	1,241	1,755	1,329	1,861	1,818	2,144	1,946	1,881	1,524	1,764
Gross profit	1,013	1,245	1,000	1,108	1,145	1,382	1,132	1,360	1,123	1,676	834	1,233	1,558	944	796	1,037	1,145	1,223	1,263	1,511
Gross margin	44%	47%	42%	41%	43%	46%	45%	45%	42%	52%	40%	41%	54%	34%	30%	33%	37%	39%	45%	46%
SG&A	553	524	543	552	616	582	572	624	659	618	541	592	623	559	603	601	698	576	621	693
Operating income	459	721	457	557	527	800	561	736	464	1,058	288	613	939	369	193	435	445	641	643	818
Operating margin	20%	27%	19%	20%	20%	27%	23%	24%	17%	33%	14%	21%	33%	13%	7%	14%	14%	21%	23%	25%
Interest expense	30.4	33.5	33.8	36.0	36.7	39.4	40.2	41.8	40.1	41.6	44.3	46.6	41.8	50.6	57.3	59.2	57.7	54.8	55.8	53.2
Pre-tax income	343	677	403	473	363	759	440	653	320	986	246	519	723	324	149	372	370	593	588	768
Tax rate	1%	21%	22%	16%	-9%	23%	7%	21%	-9%	19%	26%	14%	-10%	31%	58%	26%	13%	27%	22%	24%
Net income	336	533	316	399	396	587	407	519	349	797	181	446	797	224	62.7	276	320	435	458	581
Net margin	14%	20%	13%	15%	15%	20%	16%	17%	13%	25%	9%	15%	28%	8%	2%	9%	10%	14%	16%	18%
Diluted EPS	$1.62	$2.57	$1.53	$1.94	$1.92	$2.85	$1.98	$2.52	$1.70	$3.89	$0.89	$2.20	$3.92	$1.10	$0.31	$1.36	$1.57	$2.13	$2.26	$2.88
Operating cash flow	679	656	457	446	768	755	294	516	758	569	326	695	942	397	112	842	927	469	419	751
Capital expenditure	148	141	99.9	119	159	176	154	218	223	213	130	128	135	146	85.1	85.9	138	115	89.8	101
Free cash flow	531	515	357	327	608	579	140	298	535	356	195	567	807	251	27.1	756	788	354	329	650
Buybacks	0.0	203	152	0.0	33.7	240	0.0	0.0	25.0	494	0.0	0.0	0.0	0.0	0.0	0.0	0.0	69.3	370	0.0
Dividends paid	181	181	180	207	207	207	206	238	238	273	271	270	270	272	271	271	271	288	286	285
Shares outstanding	206m	n/a	n/a	n/a	205m	n/a	n/a	n/a	204m	n/a	n/a	n/a	202m	n/a	n/a	n/a	203m	n/a	n/a	n/a
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 28 June 2026, filed 30 July 2026: the filing.