Hershey’s Dividend Is Finally Growing Again After a Nearly 2-Year Freeze

Hershey's dividend, which had remained flat at $1.37 per share for five consecutive quarters, finally began to grow again in February 2026. The quarterly payment was raised to $1.452 per share, a level that has now held for three consecutive quarters. The dividend freeze, which lasted nearly two years, was driven by record cocoa costs and tariff expenses.

Despite a significant drop in net income from $2.22 billion in 2024 to $883 million in 2025, Hershey's management decided to protect cash by holding the dividend steady. In 2026, the company expects adjusted EPS growth of 32 to 35 percent, which will support the dividend increase. The company's strong cash flow and balance sheet give it the ability to weather any future cocoa cost increases or tariff expenses.