Chocolate company Hershey (NYSE:HSY) will be announcing earnings results tomorrow before the bell. Here’s what to look for.

Hershey beat analysts’ revenue expectations by 1.6% last quarter, reporting revenues of $2.89 billion, up 8.7% year on year. It was a very strong quarter for the company, with a solid beat of analysts’ gross margin and EBITDA estimates.

Is Hershey a buy or sell going into earnings? Read our full analysis here, it’s free.

This quarter, analysts are expecting Hershey’s revenue to decline 13.7% year on year to $2.81 billion, a reversal from the 8.9% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.93 per share.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Hershey has missed Wall Street’s revenue estimates four times over the last two years.

Looking at Hershey’s peers in the shelf-stable food segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Lamb Weston delivered year-on-year revenue growth of 4.3%, beating analysts’ expectations by 2.4%, and Simply Good Foods reported revenues up 15.2%, topping estimates by 1.6%. Lamb Weston traded up 9.1% following the results while Simply Good Foods was also up 9.2%.

Read our full analysis of Lamb Weston’s results here and Simply Good Foods’s results here.

Debates around the economy’s health and the impact of potential tariffs and corporate tax cuts have caused much uncertainty in 2025. While some of the shelf-stable food stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 3.8% on average over the last month. Hershey is down 3.3% during the same time and is heading into earnings with an average analyst price target of $165.86 (compared to the current share price of $164.01).

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