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Hormel Foods Corporation (HRL) reported weaker GAAP results for the quarter ended July 26, 2026, as one-time charges offset relatively stable underlying operations. Net sales were $2.96 billion, down 2.4% year over year, while volume fell 7.4%.
Net earnings attributable to Hormel declined to $59.6 million from $183.7 million, and diluted EPS dropped to $0.11, largely due to a $56 million loss tied to the Brazil divestiture, a $48 million non-cash impairment of the Garudafood equity investment in Indonesia, and a $37.5 million turkey antitrust litigation settlement. By contrast, adjusted diluted EPS rose 5.7% to $0.37, reflecting lower underlying SG&A and solid Foodservice performance.
Foodservice net sales grew 1.6% and segment profit 2.7%, while Retail and International segment profits fell, with International heavily affected by the impairment. Operating cash flow for the first nine months rose 47% to $768.8 million, supported by better working capital. Total debt was broadly stable at $2.86 billion, and the company had no borrowings under its $750 million revolving credit facility.
HORMEL FOODS CORP (HRL) reported third-quarter fiscal 2026 net sales of $2.96 billion, with organic net sales down 2% from a year earlier. GAAP operating income was $111 million and GAAP operating margin fell to 3.7%, but adjusted operating income rose to $266 million and adjusted operating margin to 9.0%.
GAAP diluted EPS declined to $0.11 from $0.33, while adjusted diluted EPS increased to $0.37 from $0.35. Cash flow from operations was strong at $241 million, up 54%. Results included a $56 million loss on the Brazil divestiture, a $48.2 million non-cash impairment in Indonesia and a $38 million litigation settlement.
Retail segment net sales fell 4% and volume 9%, while Foodservice net sales grew 2% and segment profit rose 3%. International segment profit declined 254% on an impairment, though adjusted segment profit was flat. For fiscal 2026, Hormel now expects net sales of $12.1–$12.2 billion, GAAP EPS of $1.06–$1.12, and raises adjusted EPS guidance to $1.45–$1.51, implying 6–10% adjusted earnings growth.
HORMEL FOODS CORP (HRL) appointed Ash Bhumbla as Executive Vice President and Chief Financial Officer, effective September 8, 2026. Interim CFO Paul R. Kuehneman will conclude his interim role on that date and continue as Vice President and Controller and Principal Accounting Officer.
Bhumbla, age 39, previously held senior finance roles at Tyson Foods and Perdue Farms. His offer package includes an annual base salary of $700,000, target annual short-term incentive equal to 100% of base salary (prorated for fiscal 2026), and a long-term incentive target of $2.1 million, split approximately one-third each among performance-based cash, stock options, and time-based restricted stock units.
He will receive a one-time cash relocation bonus of $10,000, a cash sign-on award of $700,000 subject to multi-year repayment conditions, and a one-time RSU grant valued at $1.2 million vesting over three years. He participates in the Executive Severance Plan, with a defined lump-sum protection if that plan is reduced and he is later involuntarily terminated without cause.
Hormel Foods Corporation appointed John F. Ghingo, currently President and a director, as President and Chief Executive Officer effective October 26, 2026. He will remain on the Board. Jeffrey M. Ettinger’s service as Interim Chief Executive Officer will conclude on October 25, 2026, and he will continue as a director.
Effective July 27, 2026, Mr. Ghingo’s annual base salary as President increases from $730,000 to $1.2 million, and his fiscal 2026 short-term incentive target rises from 125% to 150% of base salary, prorated for the year. As President and Chief Executive Officer, he will receive an initial annual base salary of $1.28 million, a short-term incentive target of 150% of base salary, and an annual long-term incentive target of $6.8 million, split 50% performance-based cash, 25% stock options, and 25% time-based restricted stock units. He is also granted personal use of company aircraft up to $150,000 in aggregate incremental cost per year and eligibility under the Executive Severance Plan with a two-times severance factor.
Hormel Foods director Gary C. Bhojwani reported an open-market sale of common stock and updated his share holdings. An entity associated with him, the Gary C. Bhojwani Revocable Trust, sold 20,200 shares of Hormel Foods common stock at a volume-weighted average price of $24.5128 per share on July 8, 2026, with actual prices ranging from $24.47 to $24.57. Following these transactions, Bhojwani holds 29,551.91 shares directly and 32,002 shares indirectly through the revocable trust.
Hormel Foods Corp. filed a Form 144 notice indicating proposed sales of Common Stock that were originally acquired as Restricted Stock Awards.
The filing lists multiple award lots by grant date and share count, including 3,396 shares and 2,484 shares as representative examples. The excerpt lists prior award dates and share quantities for sale; timing and aggregate proceeds are not stated.
Hormel Foods Corporation detailed a new international assignment for Swen Neufeldt, its Group Vice President, International, who will relocate to the company’s Singapore subsidiary while remaining in his current role. The assignment is set to begin on or around July 27, 2026, for an indefinite term at the company’s discretion.
Neufeldt will keep his current annual base salary of $526,400 and receive a cost-of-living adjustment of $56,103 per year, with continued eligibility for the company’s incentive and benefit programs. The agreement adds multiple relocation and expatriate benefits, including a $20,000 relocation payment, up to $25,000 for shipment of household goods, and a company-paid housing allowance of $90,566 per year in Singapore, along with tax equalization, travel reimbursements, and other support. Certain relocation costs must be repaid on a pro-rata basis if he resigns (other than a defined Qualified Retirement) or is terminated for cause within three years of the assignment start.
Hormel Foods executive William W. Bonifant, GVP and Chief Supply Chain Officer, reported equity awards as part of compensation. He received 5,734 restricted stock units that vest three years after the June 9, 2026 grant date. He also received stock options for 34,900 shares of common stock at an exercise price of $23.98 per share, expiring on June 9, 2036 and vesting in four equal annual installments starting on June 9, 2027. Following these awards, he directly holds 17,953.9235 shares of Hormel Foods common stock.
Hormel Foods EVP, Retail Domenic Borrelli received new equity-based compensation. He was granted 8,341 shares of common stock as restricted stock units under the Hormel Foods Corporation 2026 Equity and Incentive Compensation Plan, which vest three years after the June 9, 2026 grant date.
He was also granted stock options for 50,800 shares of common stock at an exercise price of $23.98 per share, expiring on June 9, 2036. These options vest in four equal annual installments beginning June 9, 2027. After these awards, he directly holds 8,341 shares of common stock and 50,800 stock options.
Hormel Foods Corporation reported mixed Q2 fiscal 2026 results. Net sales rose to $2.97 billion, up 2.5%, but diluted EPS fell to $0.29, down 12.1%. Adjusted diluted EPS increased 14.3% to $0.40, reflecting stronger underlying operations.
Total segment profit grew 12.6% to $333.6 million, with Retail, Foodservice, and International all improving, helped by better turkey network performance and export strength. However, a $61 million loss on the sale of the whole-bird turkey business weighed on GAAP earnings and boosted SG&A.
For the first six months, net sales reached $6.0 billion (up 1.9%) and diluted EPS was $0.62 versus $0.64. Operating cash flow strengthened to $528 million, a 44% increase, aided by more favorable working capital. The company continues a restructuring and Transform and Modernize initiative while managing higher logistics and legal costs.