Filing Flows › Hershey (HSY) › Q2 2026 › vs Q1 2026
Hershey (HSY) Q2 2026 vs Q1 2026 (quarter over quarter)
Hershey's revenue fell $317M (-10%) from $3.1B in Q1 2026 to $2.8B in Q2 2026. Gross margin 45.3% against 39.4% (+5.9 pts).
Hershey, Q2 2026: revenue $2.8B (+7% year over year), operating margin 23.1%, net earnings $458M, operating cash flow $419M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Gross margin | 45.3% | 39.4% | +5.9 pts |
| Operating margin | 23.1% | 20.6% | +2.4 pts |
| Net margin | 16.4% | 14.0% | +2.4 pts |
| Free cash flow margin | 11.8% | 11.4% | +0.4 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Revenue | $2.8B | $3.1B | −$317M | -10% |
| Gross profit | $1.3B | $1.2B | $40.6M | +3% |
| Cost of revenue | $1.5B | $1.9B | −$357M | -19% |
| Operating profit | $643M | $641M | $1.9M | +0.3% |
| Operating expenses | $621M | $582M | $38.6M | +7% |
| Pre-tax earnings | $588M | $593M | −$4.4M | -0.7% |
| Other expense, net | $54.4M | $48.0M | $6.4M | +13% |
| Net earnings | $458M | $435M | $22.6M | +5% |
| Income tax | $131M | $158M | −$27.0M | -17% |
| Depreciation & amortization | $136M | $133M | $3.1M | +2% |
| Share-based compensation | $17.7M | $17.1M | $583K | +3% |
| Working capital & other | $192M | $116M | $75.7M | +65% |
| Operating cash flow | $419M | $469M | −$49.5M | -11% |
| Free cash flow (OCF − capex) | $329M | $354M | −$24.7M | -7% |
| Capital expenditures | $89.8M | $115M | −$24.8M | -22% |
Questions
How much did Hershey's revenue grow quarter over quarter in Q2 2026?
Hershey's revenue fell $317M (-10%) from $3.1B in Q1 2026 to $2.8B in Q2 2026. Gross margin 45.3% against 39.4% (+5.9 pts).