What move does the options market price into Hershey's report?

Implied ±10.0%, either direction · provisional.

How often does Hershey move more than the options market prices?

1 of the last 8 reports moved at least as far as the implied move.

HSYNYSESugar & Confectionery Products

Hershey Co (HSY) earnings date, market-implied expected move, and options open interest by expiry

176.98

+2.48 · +1.42%

post 177.00 +0.01%

After hours16:44 ETdelayed

Open175.57Volume2.1MMkt cap$35.1BP/E19.55Div yield3.28%

Day173.21 – 177.9979%52-wk156.16 – 235.8026%

HSY

Hershey Co

OpenVolumeMkt capP/EEPSDiv yield

Day – 52-wk –

Expected move

Inputs

±10.0%implied · straddle

159.42194.78

spot 177.10exp Feb 19ATM strike 175ATM straddle 20.80IV 28%

Nov 5 closeprovisional

Expected move

Inputs

Next report

Feb 4

before open · in 91 days

est.Q4 FY26

Calendar

Next report

Last report

−2.13%

vs ±3.2% implied · ×0.66

shaded = implied · ▲▼ = realized

Oct 29 '26 · confirmed

Implied vs realized

Linked news

84dDIT · customerDIT — trading halt (M) · resumed 09:57 ET

News

Largest filed tie

13F top-10 QoQ

+5.59%

shares held · 10 largest managers

13F · Jun 30 '26128d lag

1,412 managers

Top fund weight

1.69%

HSY weight · XLP

N-PORTJun 30 '26

10 funds

Last reportshaded = implied▲▼ = realized× = |realized| ÷ implied

Hershey (HSY) is expected to report on Feb 4 before open (estimated date).

Implied vs realized

8 reports

1 of 8≥ implied

avg implied: ±3.5%
avg realized: ±2.9%

May 1 '25May 1 '25confirmed±3.7%▼−0.04%×0.01

Jul 30 '25Jul 30 '25confirmed±3.5%▲+1.40%×0.40

Oct 30 '25Oct 30 '25confirmed±3.7%▼−2.35%×0.63

Feb 5 '26Feb 5 '26confirmed±3.3%▲+9.03%×2.70

Q1 FY26Mar 31 '26confirmed±3.3%▼−2.65%×0.81

Apr 30 '26Apr 30 '26confirmed±3.5%▼−1.81%×0.52

Q2 FY26Jul 30 '26confirmed±3.8%▼−3.63%×0.94

Q3 FY26Oct 29 '26confirmed±3.2%▼−2.13%×0.66

quarterimplied−10%0+10%realized×

Q3 FY26±3.2%▼−2.13%×0.66

Q2 FY26±3.8%▼−3.63%×0.94

Apr '26±3.5%▼−1.81%×0.52

Q1 FY26±3.3%▼−2.65%×0.81

Feb '26±3.3%▲+9.03%×2.70

Oct '25±3.7%▼−2.35%×0.63

2 older reports

Jul '25±3.5%▲+1.40%×0.40

May '25±3.7%▼−0.04%×0.01

Shaded = implied · tick ▲▼ = realized · × = |realized| ÷ impliedSource: options EOD · implied at prior close · realized close to close

Implied vs realized

Positioning

OI · 10 expiries · Nov 4 close

1.19OI · 10 expiries · Nov 4 closeP/C open interest · Feb 19 · first expiry after the report

PUTS · chgexpiry · days · P/CCALLS · chgP/C

6 nearer expiries

1,840+68%Nov 61d2.34786+79%2.34

389+26%Nov 138d0.75517+56%0.75

4,154−8%Nov 2015d0.854,894+3%0.85

252+100%Nov 2722d1.76143+57%1.76

8—Dec 429d4.002+100%4.00

32+540%Dec 1136d0.8637—0.86

2,1240%Dec 1843d0.942,248+8%0.94

2,600+1%Jan 1571d0.534,886+7%0.53

report · Feb 4 · before open · est.

1,129+32%Feb 19106d9470%

1,8840%Mar 19134d0.623,028+2%0.62

ExpiryPutsCallsP/C

6 nearer expiries

Nov 61d1,840+68%786+79%2.34

Nov 138d389+26%517+56%0.75

Nov 2015d4,154−8%4,894+3%0.85

Nov 2722d252+100%143+57%1.76

Dec 429d8—2+100%4.00

Dec 1136d32+540%37—0.86

Dec 1843d2,1240%2,248+8%0.94

Jan 1571d2,600+1%4,886+7%0.53

report · Feb 4 · before open · est.

Feb 19106d1,129+32%9470%1.19

Mar 19134d1,8840%3,028+2%0.62

Hatched = puts · solid = calls · bars scaled per expiry · chg = OI vs prior sessionSource: options EOD

Positioning

Linked exposure

scenario · straddle±10.0%

Funds 4

XLP±0.2%

SCHD±0.1%

RSP±0.0%

VTV±0.0%

Dashed = straddleMethod 2 more funds Source: SEC filings · N-PORT · market data

Linked exposure

Revenue flow

as filedQ3 FY26

17.73%as filednet margin · revenue +17.52% QoQ · +2.96% YoY

Revenue

$3.3B+17.52% QoQ

Gross profit

$1.5B+19.61% QoQ

46.13% margin

Operating income

$818M+27.23% QoQ

24.96% margin

Pre-tax income

$768M+30.55% QoQ

Net income

$581M+26.91% QoQ

17.73% margin

Cost of revenue

$1.8B+15.78% QoQ

Operating expenses

$693M+11.71% QoQ

Other expense

$50M

Tax

$187M+43.31% QoQ

Revenue$3.3B+17.52%

Gross profit

$1.5B+19.61%

46.13% margin

Operating income

$818M+27.23%

24.96% margin

Pre-tax income

$768M+30.55%

Net income

$581M+26.91%

17.73% margin

Cost of revenue

$1.8B+15.78%

Operating expenses

$693M+11.71%

Other expense

$50M

Tax$187M+43.31%

flow · deduction · signed % = QoQSource: SEC filings · standardized · QE Sep 27 '26 · width = $

Revenue flow

Intraday

15m bars

Long dash = implied range · Nov 5 close · Hatch = extended hours · ▯ up · ▮ down · bars = volume, 15mSource: market data · 16:30 ET

Intraday

Event sensitivity

CPROF ×1.48· ±1.8% vs ±1.2% · 12 releases

eventrelease day|move|up · n×base

CPROFcorporate profits±1.8%3 of 12×1.48

GDPgross domestic product±1.7%8 of 19×1.43

PPIproducer prices±1.6%8 of 10×1.30

PCEpersonal income & outlays±1.4%6 of 19×1.13

FOMCrate decision±1.4%10 of 24×1.11

CPIconsumer prices±1.4%4 of 10×1.11

NFPjobs report±0.9%6 of 10×0.77

Bar = avg |move| to ±2% · tick = ±1.2% avg day · ×base = |move| ÷ ±1.2% · min 6 releases

Earnings history

EPS 5.57 · consensus —

Quarter	Reported	EPS	Consensus
Q3 FY26	Oct 29 '26 · confirmed	5.57	—
Q2 FY26	Jul 30 '26 · confirmed	4.37	—
Q1 FY26	Mar 31 '26 · confirmed	4.12	—

Source: filed financials

Methodology

ties · implied moves · holdersMethod