Price Growth is a FMCG drug addiction

Hershey's performance and Wall Street cheering

The Hershey Company’s release of its fourth-quarter and full-year 2025 financial results on 5 February 2026 marks what executive leadership defines as a definitive inflexion point in the organisation’s modern history. Following a fiscal year marked by the dual pressures of historic cocoa price volatility and significant macroeconomic headwinds, the company has signalled a transition from defensive margin preservation to aggressive growth and the restoration of profitability. The consolidated results reveal a business that has successfully leveraged pricing power and category diversification to offset severe commodity inflation, setting the stage for a projected 30% to 35% increase in adjusted earnings per share for the 2026 fiscal year.

Executive Summary

The Hershey Company concluded the 2025 fiscal year with consolidated net sales of $11,692.6 million, representing a 4.4% increase over the previous year. On an organic, constant-currency basis, sales grew by 4.2%, underscoring the resilience of the brand portfolio in a period when many consumer staples peers struggled to maintain top-line momentum. The fourth quarter saw an acceleration of this trend, with net sales reaching $3,091.0 million, a 7.0% year-over-year increase that comfortably exceeded consensus estimates.