Hershey 3Q 2026: Revenue $3.28B, EPS $2.88— 10-Q Summary

Hershey (HSY) stock rose 2.8% after reporting Q3 2026 results with net sales of $3.275B (+3.0%) and EPS of $2.64 (+103.1%). Management raised full-year EPS growth outlook to 36-38.5% but narrowed net sales growth to ~3%. Shares cooled to $164.67, up 2.7% from prior close.

TD Cowen downgraded Hershey to Hold from Buy, lowering its price target to $173 from $198. This implies a 4.5% upside from the Oct 30 close of $165.61. Recent analyst price targets for Hershey range from $160 to $200.

Hershey reported a 5% decline in convenience store candy sales in September and October, attributing it to high gas prices and inflation. Net sales rose 3% to $3.28B, driven by price increases, while volume fell. The company narrowed its full-year organic net sales growth outlook to 3%. Cocoa prices have fluctuated, but candy prices remain high due to other cost factors.

Halloween spending is expected to reach $13.5B, up from last year, despite higher candy and pumpkin prices due to inflation and weather disruptions. Hershey lowered its 2026 sales growth forecast to 3%, citing consumer and cost pressures. Analysts have cut price targets, with consensus 2027 EPS estimates at $9.49.

Hershey's Q3 report shows North American confectionery sales volume down 11% YoY, but revenue up 1.6% to $2.66B. Prices rose 71% since 2021, with consumers cutting back. Total revenue was $3.28B, up 3% YoY. Higher cocoa costs and consumer price sensitivity were noted.

Wells Fargo reduced its Hershey (HSY) price target to $160 from $170, citing lower 2027 earnings estimates. The stock trades near its 52-week low. Hershey's Q3 2026 earnings beat expectations but showed volume declines and softer pricing. Goldman Sachs and TD Cowen also adjusted targets and ratings downward.