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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.
Hormel Foods reported second-quarter fiscal 2026 results showing modest top-line growth and stronger performance on an adjusted basis. Net sales were $2.97 billion, with organic net sales up 3.3%. GAAP diluted EPS was $0.29, while adjusted diluted EPS rose to $0.40.
Adjusted operating income increased to $293.7 million, and adjusted operating margin improved to 9.9%. All three segments posted organic net sales and profit growth, led by Foodservice and International. Cash flow from operations was $179 million, and the company returned $161 million to shareholders through dividends.
Hormel completed the sale of its whole-bird turkey business, recording a $61 million loss, and expects about a $50 million reduction in fiscal 2026 net sales with minimal impact on adjusted EPS. For full-year 2026, it reaffirmed net sales of $12.2–$12.5 billion and adjusted EPS of $1.43–$1.51, but lowered GAAP EPS guidance to $1.28–$1.37 to reflect portfolio actions and special items.
Hormel Foods director D Scott Aakre reported a tax-related share withholding tied to restricted stock units. On April 27, 2026, 1,722 shares of common stock were withheld at $21.47 per share to satisfy tax obligations on the vesting of a previously reported restricted stock unit award.
After this transaction, Aakre directly held 47,944.783 shares of common stock, with additional indirect ownership of 4,620.5226 shares through a 401(k) Plan. Footnotes indicate the position also reflects dividend equivalents on restricted stock units that were reinvested since the prior filing. The disposition reflects tax withholding, not an open-market sale.
Hormel Foods executive William W. Bonifant, GVP and Chief Supply Chain Officer, received equity compensation on April 14, 2026. He was granted stock options for 87,700 shares of common stock at an exercise price of $20.76 per share, expiring on April 14, 2036. These options vest in four equal annual installments beginning April 14, 2027, under the Hormel Foods Corporation 2026 Equity and Incentive Compensation Plan.
Bonifant also received an award of 12,043 shares of common stock in the form of restricted stock units, which vest three years after the grant date. Following these awards, he holds 87,700 stock options and 12,043 shares of common stock directly. These are compensation-related grants, not open-market purchases or sales.