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- **2026 Outlook**: Balanced growth with 2-4% revenue target, cautious elasticity (-1%), and cocoa/tariff relief potential for EPS upside.
- **Halloween Strategy**: Slow start but strong CMG momentum; analyzing consumer data for future seasonal adjustments.
- **Innovation Success**: REESE'S Oreo drives 14% salty snacks growth; pipeline includes SkinnyPop and Dot's innovations.
- **Cocoa and Tariffs**: Cocoa costs 70% higher than 2023, moderate relief expected; $200M tariff impact with optimism on trade deals.
- **Consumer Resilience**: CMG category resilient despite broader challenges; minimal SNAP impact (2% of sales).

**【2026 Outlook and Elasticity】**
- CEO Kirk Tanner emphasizes balanced growth with category alignment and margin recovery, targeting 2-4% revenue growth and potential EPS upside beyond algorithm.
- CFO Steve Voskuil highlights cautious elasticity assumption of -1%, with Q3 pricing showing double-digit CMG growth and no immediate concerns over competitor pricing cadence.
- Cocoa costs remain 70% higher than 2023, but moderate relief expected in 2026; tariffs modeled at $200M incremental impact, with optimism on trade deals.

**【Halloween Performance and Strategy】**
- Halloween sales start slow due to Friday timing, but everyday CMG grows double digits in last 4 weeks.
- Management plans to analyze consumer insights for future seasonal adjustments, focusing on product mix and pricing points.

**【Innovation and Salty Snacks Growth】**
- REESE'S Oreo drives innovation success, with salty snacks up 14% Y/Y, led by SkinnyPop, Dot's Pretzels, and Pirate's Booty expansion.
- Salty snacks pipeline includes Dot's and SkinnyPop innovations, targeting permissible snacking and category growth.

**【Cocoa Costs and Tariffs】**
- Cocoa costs expected to moderate in 2026, with hedging strategy allowing downside participation; tariffs remain a headwind but trade deals offer hope.
- CFO notes 2026 cocoa inflation modeled but moderating, with cocoa-intensive international business lagging in profitability recovery.

**【International Business Challenges】**
- International segment faces cocoa intensity and elasticity challenges, but shares growing in Brazil and other markets.
- Management optimistic on long-term recovery as cocoa costs stabilize.

**【Consumer Sentiment and SNAP Impact】**
- Consumer resilience in CMG category despite broader sentiment challenges; SNAP impact minimal (2% of category sales), with minimal expected 2026 impact.

**【Tax Rate Adjustments】**
- 2025 tax rate affected by legacy reserves, cocoa procurement strategies, and reduced tax credit investments.
- 2026 tax guidance pending, with focus on ROI and quality thresholds for tax credits.

The Hershey Company (HSY) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

HSY

HSY fundamentals

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