hrl-20260125

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 January 25, 2026


☐			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: 1-2402

HORMEL FOODS CORPORATION

(Exact name of registrant as specified in its charter)


Delaware						41-0319970
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)


1 Hormel Place, Austin Minnesota						55912-3680
(Address of principal executive offices)						(Zip Code)

(507) 437-5611

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

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

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock

$0.01465

par value

HRL

New 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 ☐ 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 ☐ 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.

Large accelerated filer

☒

Accelerated 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

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


Class	Outstanding at February 22, 2026
Common Stock	$0.01465	par value	550,284,207
Common Stock Nonvoting	$0.01	par value	0

Table of Contents

TABLE OF CONTENTS


PART I - FINANCIAL INFORMATION		3
Item 1.	Financial Statements	3
	Consolidated Statements of Operations	3
	Consolidated Statements of Comprehensive Income	4
	Consolidated Statements of Financial Position	5
	Consolidated Statements of Changes in Shareholders’ Investment	6
	Consolidated Condensed Statements of Cash Flows	7
	Notes to the Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	21
	Results of Operations	21
	Overview	21
	Consolidated Results	22
	Segment Results	24
	Related Party Transactions	26
	Non-GAAP Measures	26
	Liquidity and Capital Resources	29
	Critical Accounting Estimates	31
	Forward-looking Statements	31
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	31
Item 4.	Controls and Procedures	32
PART II - OTHER INFORMATION		33
Item 1.	Legal Proceedings	33
Item 1A.	Risk Factors	33
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	33
Item 3.	Defaults Upon Senior Securities	33
Item 4.	Mine Safety Disclosures	33
Item 5.	Other Information	33
Item 6.	Exhibits	33
SIGNATURES		34

Table of Contents

PART I – FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS

HORMEL FOODS CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

Unaudited


	Quarter Ended
In thousands, except per share amounts	January 25, 2026		January 26, 2025
Net Sales	$	3,027,317	$	2,988,813
Cost of Products Sold	2,557,742		2,513,581
Gross Profit	469,575		475,232
Selling, General, and Administrative	241,698		263,013

Equity in Earnings of Affiliates	15,820		16,111
Operating Income	243,697		228,330

Interest Income	6,528		7,543
Interest Expense	19,728		19,462
Other Income (Expense), Net	3,815		1,661
Earnings Before Income Taxes	234,312		218,073
Provision for Income Taxes	52,542		47,543
Net Earnings	181,769		170,530
Less: Net Earnings (Loss) Attributable to Noncontrolling Interest	(32)		(45)
Net Earnings Attributable to Hormel Foods Corporation	$	181,801	$	170,575

Net Earnings Per Share:
Basic	$	0.33	$	0.31
Diluted	$	0.33	$	0.31

Weighted-average Shares Outstanding:
Basic	550,477		549,460
Diluted	550,706		549,854

See accompanying Notes to the Consolidated Financial Statements

Table of Contents

HORMEL FOODS CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Unaudited


	Quarter Ended
In thousands	January 25, 2026		January 26, 2025
Net Earnings	$	181,769	$	170,530
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	2,492		(27,078)
Pension and Other Benefits	1,487		2,366
Derivatives and Hedging	6,948		15,862
Equity Method Investments	(210)		473
Total Other Comprehensive Income (Loss)	10,718		(8,377)
Comprehensive Income	192,487		162,153
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interest	63		(490)
Comprehensive Income Attributable to Hormel Foods Corporation	$	192,423	$	162,643

See accompanying Notes to the Consolidated Financial Statements

Table of Contents

HORMEL FOODS CORPORATION

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

Unaudited


In thousands, except share and per share amounts	January 25, 2026		October 26, 2025
Assets
Cash and Cash Equivalents	$	867,906	$	670,679
Short-term Marketable Securities	33,302		32,909
Accounts Receivable (Net of Allowance of $3,778 and $3,743, respectively)	696,252		784,812
Inventories	1,647,271		1,747,279
Taxes Receivable	58,808		96,791
Prepaid Expenses and Other Current Assets	84,702		73,187

Total Current Assets	3,388,240		3,405,656


Goodwill	4,888,532		4,924,087
Intangible Assets	1,588,104		1,647,297
Pension Assets	209,262		211,826
Investments in Affiliates

SEC Form 10-Q filed by Hormel Foods Corporation