10.6%$3.10B$2.81B
Revenue Growth Acceleration
Net revenue increased 10.6% year-over-year to $3.10B in Q1 2026 from $2.81B in Q1 2025, reflecting strong top-line momentum across Hershey's portfolio.
来源: Source: 10-Q Income Statement, Q1 2026
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AI核心结论
Hershey delivered a strong Q1 2026 with revenue up 10.6% to $3.10B and net income nearly doubling (+94.1%) to $435.1M, driven by significant gross margin expansion of 5.7 percentage points to 39.4%.
营业收入
$3.1B
同比 ++10.65%
毛利率
39.4%
同比 ++5.73%
营业利润
$640.69M
同比 ++73.53%
提交于 · 来源: SEC EDGAR 10-Q 原文
Hershey (HSY) Q1 FY2026 营收 $3.1B，同比增长 10.6%。 净利润 $435.11M，同比增长 94.1%。 毛利率 39.4%。
Net revenue increased 10.6% year-over-year to $3.10B in Q1 2026 from $2.81B in Q1 2025, reflecting strong top-line momentum across Hershey's portfolio.
来源: Source: 10-Q Income Statement, Q1 2026
Gross margin expanded 570 basis points to 39.4% from 33.7% in the prior year period, as cost of revenue grew only 1.1% despite a 10.6% revenue increase, suggesting improved pricing power or easing input cost pressures.
来源: Source: 10-Q Income Statement, Q1 2026
Operating income jumped 73.5% to $640.7M, with operating margin expanding 750 basis points to 20.6% from 13.2%, demonstrating significant operating leverage as SG&A grew only modestly at 3.1% to $576.0M.
来源: Source: 10-Q Income Statement, Q1 2026
Net income rose 94.1% year-over-year to $435.1M, translating to a net margin of 14.0%, a substantial improvement reflecting the combined benefit of higher revenues and controlled cost growth.
来源: Source: 10-Q Income Statement, Q1 2026
Operating cash flow grew 18.2% to $468.8M, while long-term debt declined 10.2% to $5.19B from $5.78B, indicating improved financial flexibility and balance sheet deleveraging.
来源: Source: 10-Q Cash Flow Statement & Balance Sheet, Q1 2026
Hershey carries $5.19B in long-term debt, which, while reduced 10.2% year-over-year, remains substantial relative to total assets of $13.84B. Sustained high interest rates could increase refinancing costs and pressure future earnings. Debt service obligations may limit strategic flexibility.
来源: Source: 10-Q Balance Sheet, Q1 2026
Current assets fell 21.6% year-over-year to $3.77B, while current liabilities remained relatively flat at $3.04B, compressing the current ratio to 1.24x from a higher prior-year level. This tightening liquidity position warrants monitoring, particularly if operating conditions deteriorate.
来源: Source: 10-Q Balance Sheet, Q1 2026
Hershey's core products rely heavily on cocoa, sugar, and dairy commodities, which are subject to significant price volatility. While cost of revenue grew only 1.1% this quarter, any reversal in commodity price trends could compress the recently expanded gross margins. The company's ability to pass through cost increases via pricing is not guaranteed.
来源: Source: 10-Q Income Statement, Q1 2026
Financing cash flow swung dramatically from a positive $537.1M inflow in Q1 2025 to a $402.8M outflow in Q1 2026, a change of $939.9M. This reflects a shift in capital allocation strategy, including $69.3M in share buybacks initiated this quarter, and may indicate reduced external funding activity.
来源: Source: 10-Q Cash Flow Statement, Q1 2026
The 570 basis point gross margin improvement is exceptional and may not be fully repeatable if it was driven by temporary factors such as favorable commodity hedges or pricing actions. Investors should assess whether this level of profitability is sustainable in subsequent quarters.
来源: Source: 10-Q Income Statement, Q1 2026
Q1 FY2026 实际 EPS $2.35，分析师一致预期 $2.07，超预期 +13.8%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $3.1B | $2.81B | +10.65% |
营业成本 | $1.88B | $1.86B | +1.09% |
毛利润 | $1.22B | $944.27M | +29.49% |
营业利润 | $640.69M | $369.22M | +73.53% |
净利润 | $435.11M | $224.2M | +94.07% |
销售及管理费用 | $576.04M | $558.67M | +3.11% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $13.84B | $13.97B | -0.91% |
流动资产 | $3.77B | $4.8B | -21.56% |
总负债 | $9.11B | $9.28B | -1.89% |
流动负债 | $3.04B | $3.02B | +0.78% |
长期债务 | $5.19B | $5.78B | -10.25% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $468.81M | $396.68M | +18.18% |
投资活动现金流 | $-117.12M | $-146.99M | +20.32% |
筹资活动现金流 | $-402.84M | $537.08M | -175.01% |
股票回购 | $69.27M | $0 | — |
折旧及摊销 | $133M | $119.56M | +11.24% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
毛利率 | 39.4% | 33.7% | +5.73% |
营业利润率 | 20.6% | 13.2% | +7.48% |
净利率 | 14.0% | — | — |
总资产收益率 | 3.1% | — | — |
流动比率 | $1.24 | — | — |
Hershey had an exceptionally strong Q1 2026, with revenue rising 10.6% to $3.10B and net income nearly doubling to $435.1M from $224.2M a year ago. Gross margin expanded sharply by 570 basis points to 39.4%, and operating income surged 73.5% to $640.7M, making it one of the company's strongest quarterly performances in recent memory.
The primary driver was significant gross margin expansion — cost of revenue grew only 1.1% while revenue grew 10.6%, suggesting improved pricing power and/or easing commodity input costs. SG&A expenses were also well-controlled, growing just 3.1% to $576.0M, which amplified the operating leverage and drove operating margin to 20.6%.
Key risks include Hershey's exposure to volatile commodity prices (cocoa, sugar, dairy) that could reverse the recent gross margin gains, as well as a $5.19B long-term debt balance that requires ongoing management. Additionally, current assets declined 21.6% year-over-year, tightening the current ratio to 1.24x, which bears watching if business conditions soften.
Yes — Hershey generated $468.8M in operating cash flow in Q1 2026, up 18.2% from $396.7M in Q1 2025, confirming that strong reported earnings are backed by real cash. Estimated free cash flow was approximately $351.7M after $117.1M in investing activities, providing ample capacity for debt reduction, dividends, and the $69.3M in share buybacks initiated this quarter.
Hershey's financial health appears solid with improving profitability metrics — net margin of 14.0%, operating margin of 20.6%, and ROA of 3.1%. Long-term debt declined 10.2% to $5.19B, and operating cash flow grew 18.2%, though the current ratio of 1.24x and the 21.6% decline in current assets are areas to monitor for near-term liquidity.