Company file · HRL

Hormel Foods

Hormel Foods' revenue rose 1.6% in FY2025, to $12.1B, and net income fell 40.6% to $478M

Revenue rose 1.6% to $12.1B in FY2025, from $11.9B in FY2024. Net income fell 40.6% to $478M. Retail was the largest segment, at 62% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Dec 5, 2025) · Latest quarter: 10-Q for the quarter ended Jul 26, 2026 (filed Aug 27, 2026) · Data pulled Nov 11, 2026

Key facts

Hormel Foods (NYSE: HRL) closed fiscal 2025 on Oct 26, 2025 with revenue of $12.1B, up 1.6% from a year before; net income came to $478M, down 40.6%. Its newest quarterly report covers the three months to Jul 26, 2026: revenue of $3.0B, down 2.4% on the same stretch of the prior year, and net income of $60M. Broken down by segment, Retail led with 62% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Dec 5, 2025) and 10-Q for the quarter ended Jul 26, 2026 (filed Aug 27, 2026).

Revenue$12.1BFY2025 · +1.6% vs FY2024

Net income$478MFY2025 · −40.6% vs FY2024

Operating cash flow$845MFY2025 · −33.3% vs FY2024

Cash & equivalents$840Mat Jul 26, 2026 · +25.2% vs FY2025 end

Total debt$2.9Bat Jul 26, 2026 · −0.1% vs FY2025 end

Diluted shares550MFY2025 avg · +0.3% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Dec 5, 2025

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed Feb 26, 2026 · 10-Q filed May 28, 2026 · 10-Q filed Aug 27, 2026

How it makes money

By segment, FY2025

LineAmountSharevs FY2024
Retail$7.5B62%+1.1%
Foodservice$3.9B33%+2.5%
International$709M6%+1.1%

Source: 10-K FY2025, XBRL breakdown

By segment in FY2025: Retail (62%), Foodservice (33%) and International (6%), as shares of total revenue. Total revenue was $12.1B.

By segment: three-year mixShare of the total each fiscal year

FY2023

64%30%

FY2024

62%32%

FY2025

62%33%

RetailFoodserviceInternational

Source: 10-K FY2025

By product or service, FY2025

Perishable Meat$8.8B73%+3.2%

Shelf Stable$3.3B27%−2.6%

Share is of the FY2025 total; the last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 FY2026 (May to Jul 2026) compared with Q3 FY2025 (May to Jul 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 FY2026Q3 FY2025

Company

Revenue

$3.0B Q3 FY2026

$3.0B Q3 FY2025

2.4% decrease

Net income

$60M Q3 FY2026

$184M Q3 FY2025

67.6% decrease

Source: Hormel Foods 10-Q for the quarter ended Jul 26, 2026, filed Aug 27, 2026

By segment

Retail

$1.8B Q3 FY2026

$1.9B Q3 FY2025

4.3% decrease

Foodservice

$1.0B Q3 FY2026

$987M Q3 FY2025

1.6% increase

International

$179M Q3 FY2026

$187M Q3 FY2025

4.7% decrease

Source: Hormel Foods 10-Q for the quarter ended Jul 26, 2026, filed Aug 27, 2026

Cash & equivalents $840M at Jul 26, 2026, vs $671M at FY2025 end.
Total debt $2.9B at Jul 26, 2026, vs $2.9B at FY2025 end.
Operating cash flow, first 9 months of fiscal 2026: $769M vs $522M a year earlier.

The bull case and the bear case

The bull case

Revenue rose 1.6% in FY2025 to $12.1B, from $11.9B a year earlier. 10-K, FY2025
Foodservice revenue grew 2.5% in FY2025 to $3.9B. 10-K, FY2025

The bear case

Net income fell 40.6% in FY2025 to $478M, from $805M. 10-K, FY2025
Operating cash flow fell 33.3% in FY2025 to $845M. 10-K, FY2025
Revenue in the quarter ended Jul 26, 2026 was $3.0B, down 2.4% on a year earlier. 10-Q, quarter ended Jul 26, 2026
Net income in the quarter ended Jul 26, 2026 was $60M, down 67.6% on a year earlier. 10-Q, quarter ended Jul 26, 2026

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Hormel Foods is in the packaged foods & meats industry, part of the consumer staples sector. The SEC files it under Meat Packing Plants.

Hormel Foods reports 3 segments: Retail, Foodservice and International.

Its fiscal year ends in October; the latest, FY2025, ended Oct 26, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the packaged foods & meats industry. They are not a summary of Hormel Foods’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

CostsCommodity, packaging and freight costs can rise faster than prices.
Consumer habitsShoppers can trade down to store brands or change what they buy.
Retail customersA few large retailers account for much of its sales.
Regulation and safetyFood and product safety rules and recalls can bring cost and reputational harm.
CompetitionRivals and private-label products compete for shelf space and prices.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$12.1B	$11.9B	$12.1B
Net income	$794M	$805M	$478M
Operating cash flow	$1.0B	$1.3B	$845M
Cash & equivalents (year end)	$737M	$742M	$671M
Total debt (year end)	$3.3B	$2.9B	$2.9B
Diluted shares	549M	549M	550M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Total debt: The current part of long-term debt plus long-term debt, at carrying value.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator

Explainers for this page

Plain-English guides to terms this file uses, with real numbers from filings.

About these numbers

Recent filings

Form	Filed	Period
10-Q	Aug 27, 2026	Jul 26, 2026
10-Q	May 28, 2026	Apr 26, 2026
10-Q	Feb 26, 2026	Jan 25, 2026
DEF 14A	Dec 17, 2025	Jan 27, 2026
10-K	Dec 5, 2025	Oct 26, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Hormel Foods

How does Hormel Foods make money?

Fiscal 2025 revenue: $12.1B. By segment in FY2025: Retail (62%), Foodservice (33%) and International (6%), as shares of total revenue. Total revenue was $12.1B. Source: 10-K for fiscal 2025, filed Dec 5, 2025.

What was Hormel Foods's revenue in fiscal 2025?

$12.1B, up 1.6% from fiscal 2024 ($11.9B). The year ended Oct 26, 2025; for fiscal 2023 the figure was $12.1B. Source: 10-K for fiscal 2025, filed Dec 5, 2025.

Is Hormel Foods profitable?

Net income was $478M in fiscal 2025 (down 40.6%; fiscal 2024 was $805M). That counts as a GAAP profit. The latest quarter, ended Jul 26, 2026: net income was $60M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Dec 5, 2025.

What did Hormel Foods report in its latest quarterly filing?

For the three months to Jul 26, 2026: revenue $3.0B (down 2.4% from $3.0B) and net income $60M (down 67.6% from $184M). Source: 10-Q for the quarter ended Jul 26, 2026, filed Aug 27, 2026.

How much cash and debt does Hormel Foods have?

As of Jul 26, 2026: $840M of cash and cash equivalents, $2.9B of total debt. Total debt here is the current part of long-term debt plus long-term debt, at carrying value. Source: 10-Q filed Aug 27, 2026.

What are the main risks Hormel Foods faces?

Hormel Foods's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Dec 5, 2025. Risks that are common among companies in the packaged foods & meats industry include Costs; consumer habits; retail customers; regulation and safety; competition. The first: Commodity, packaging and freight costs can rise faster than prices. Source: 10-K, Item 1A Risk Factors.

Where do these Hormel Foods numbers come from?

The 10-K filed Dec 5, 2025 (fiscal 2025) and the 10-Q filed Aug 27, 2026 (quarter ended Jul 26, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.

Tracked funds that report owning Hormel Foods

Two Sigma Investments: 12,325,712 shares, reported value $305.9M at Jun 30, 2026 (+2.8% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Gates Foundation Trust: 2,085,290 shares, reported value $51.8M at Jun 30, 2026 (same number of shares as in the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Millennium Management: 1,371,268 shares, reported value $34.0M at Jun 30, 2026 (−51.1% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Citadel Advisors: 911,774 shares, reported value $22.6M at Jun 30, 2026 (−79.0% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
Bridgewater Associates: 42,159 shares, reported value $1.0M at Jun 30, 2026 (+152.6% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.

From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.

Disclosures

Editor holdings in HRL: The editor holds no position in Hormel Foods (HRL). As of Nov 11, 2026.
Trading rule: The editor does not buy or sell HRL from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Nov 10, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold HRL, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
Hormel FoodsHRL	FY2025	$12.1B	+1.6%	$478M
MondelezMDLZ	FY2025	$38.5B	+5.8%	$2.5B
HersheyHSY	FY2025	$11.7B	+4.4%	$883M
Kraft HeinzKHC	FY2025	$24.9B	−3.5%	−$5.8B
Tyson FoodsTSN	FY2025	$54.4B	+2.1%	$474M

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.