The 5 Most Interesting Analyst Questions From Hershey’s Q1 Earnings Call

Hershey’s first-quarter results for 2026 surpassed Wall Street expectations, driven by higher pricing and ongoing strategic initiatives despite continued volume pressure. Management attributed the revenue growth to strong performance across its branded portfolio, successful execution during key seasonal events, and a resilient consumer environment. CEO Kirk Tanner pointed to robust sell-through during Easter and highlighted the impact of new merchandising programs and shelf resets in both confection and salty snack categories. While sales volumes remained negative year over year, management emphasized that elasticities—the degree to which consumers reduce purchases in response to higher prices—remained more favorable than anticipated, helping to support the overall top-line performance.

Is now the time to buy HSY? Find out in our full research report (it’s free for active Edge members).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Hershey’s Q1 Earnings Call

• Andrew Lazar (Barclays) asked about increased competition and share dynamics in North American confectionery. CEO Kirk Tanner explained that while competition has intensified, pricing remains rational and Hershey expects to regain share as merchandising activations ramp up.
• Megan Klepp (Morgan Stanley) questioned the impact of elevated gas prices and changes to government assistance on consumer demand. Tanner responded that the effects have been mild so far, with performance tracking in line with expectations, but acknowledged that ongoing monitoring is necessary.
• Peter Grom (UBS) sought clarity on drivers of second-half topline momentum and the sustainability of recent gains. Tanner cited strong seasonal plans, innovation launches, and positive shelf reset outcomes as reasons for confidence, while emphasizing continued vigilance on macro risks.
• Leah Jordan (Goldman Sachs) inquired about cost trends in packaging and freight. CFO Steve Voskuil noted that current cost exposures remain manageable due to hedging, but indicated the company will reassess if pressures persist.
• Robert Moskow (TD Cowen) probed the scale and potential of the upcoming premium chocolate launch. Tanner emphasized high expectations based on consumer testing and a portfolio approach that balances core strength with disruptive innovation.

Catalysts in Upcoming Quarters

In the coming quarters, the StockStory team will be tracking (1) the effectiveness of tentpole merchandising and innovation launches in driving incremental sales, (2) the pace of margin improvement as input costs and logistics expenses evolve, and (3) progress in international expansion, particularly for the Reese’s brand in Europe and new markets. Continued discipline in category management and retail execution will also be critical signposts.

Hershey currently trades at $187.05, down from $189.16 just before the earnings. In the wake of this quarter, is it a buy or sell? The answer lies in our full research report (it’s free).

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