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Cover and table of contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 29, 2026

OR

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to_

Commission file number 1-183

thehersheycompanylogojulya12.jpg

THE HERSHEY COMPANY

(Exact name of registrant as specified in its charter)

Delaware23-0691590
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)

19 East Chocolate Avenue, Hershey, PA 17033

(Address of principal executive offices and Zip Code)

(717) 534-4200

(Registrant's telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, one dollar par valueHSYNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filerxAccelerated filer☐Non-accelerated filer☐Smaller reporting company☐Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.

Common Stock, one dollar par value—148,229,858 shares, as of April 27, 2026.

Class B Common Stock, one dollar par value—54,613,514 shares, as of April 27, 2026.

THE HERSHEY COMPANY

Quarterly Report on Form 10-Q

For the Period Ended March 29, 2026

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION2
Item 1. Financial Statements2
Consolidated Statements of Income for the Three Ended March 29, 2026 and March 30, 20252
Consolidated Statements of Comprehensive Income for the Three Months Ended March 29, 2026 and March 30, 20253
Consolidated Balance Sheets as of March 29, 2026 and December 31, 20254
Consolidated Statements of Cash Flows for the Three Months Ended March 29, 2026 and March 30, 20255
Consolidated Statements of Stockholders’ Equity for the Three Months Ended March 29, 2026 and March 30, 20256
Notes to Unaudited Consolidated Financial Statements7
Note 1 - Summary of Significant Accounting Policies7
Note 2 - Business Acquisitions8
Note 3 - Goodwill and Intangible Assets9
Note 4 - Short and Long-Term Debt10
Note 5 - Derivative Instruments11
Note 6 - Fair Value Measurements14
Note 7 - Leases16
Note 8 - Investments in Unconsolidated Affiliates18
Note 9 - Business Realignment Activities18
Note 10 - Income Taxes20
Note 11 - Pension and Other Post-Retirement Benefit Plans21
Note 12 - Stock Compensation Plans21
Note 13 - Segment Information23
Note 14 - Treasury Stock Activity26
Note 15 - Contingencies26
Note 16 - Earnings Per Share27
Note 17 - Other (Income) Expense, Net28
Note 18 - Supplemental Balance Sheet Information29
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations31
Item 3. Quantitative and Qualitative Disclosures About Market Risk40
Item 4. Controls and Procedures42
PART II. OTHER INFORMATION43
Item 1. Legal Proceedings43
Item 1A. Risk Factors43
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds43
Item 3. Defaults Upon Senior Securities43
Item 4. Mine Safety Disclosures43
Item 5. Other Information43
Item 6. Exhibits45
Signatures46
Table of ContentsThe Hershey Company | Q1 2026 Form 10-Q | Page 1Kiss_Logo.jpg

PART I — FINANCIAL INFORMATION

Next: Item 1. Financial Statements.