Hormel Foods (NYSE: HRL) takes one-time hits, raises adjusted earnings target

Q: How did Hormel Foods (HRL) perform in Q3 fiscal 2026?

Hormel reported $2.96 billion in net sales and GAAP diluted EPS of $0.11. Adjusted diluted EPS was $0.37, up from $0.35 a year earlier, and adjusted operating income was $266 million with an adjusted operating margin of 9.0%.

Q: What guidance did Hormel Foods (HRL) provide for fiscal 2026?

Hormel expects net sales of $12.1–$12.2 billion, GAAP EPS of $1.06–$1.12, and adjusted EPS of $1.45–$1.51, implying 6–10% adjusted earnings growth. Adjusted operating income is projected at $1.075–$1.115 billion.

Q: What were the major one-time items affecting Hormel Foods (HRL) in Q3 2026?

Q3 included a $56 million loss related to the Brazil divestiture, a $48.2 million non-cash impairment tied to a minority investment in Indonesia, and a $38 million litigation settlement, materially impacting GAAP results.

Q: How strong is Hormel Foods’ (HRL) cash flow and balance sheet?

Cash flow from operations was $241 million in Q3, up 54% year over year. Cash on hand was $840 million, and inventories were $1.8 billion. The company described its financial position as strong, with ample liquidity and a conservative debt level.

Filing Impact

(Very High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

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.

Positive

Adjusted EPS growth and guidance raise: Q3 adjusted diluted EPS rose to $0.37 from $0.35, and full-year adjusted EPS guidance was raised to $1.45–$1.51, targeting 6–10% growth.
Strong cash generation: Cash flow from operations reached $241 million in Q3, a 54% increase versus the prior year.
Foodservice momentum: Foodservice net sales grew 2% and segment profit increased 3%, marking the 12th consecutive quarter of organic net sales growth in this segment.
Solid adjusted profitability: Adjusted operating income increased to $266 million from $254 million, and adjusted operating margin improved to 9.0% from 8.4%.

Negative

Sharp decline in GAAP earnings: Q3 GAAP diluted EPS dropped to $0.11 from $0.33, and GAAP operating margin fell to 3.7% from 7.9%.
Top-line and volume pressure: Q3 organic net sales declined 2%, with Retail volume down 9% and International volume down 11%.
Significant one-time charges: 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.
Lower GAAP outlook: Fiscal 2026 GAAP EPS guidance was reduced to $1.06–$1.12 from $1.28–$1.37, and the net sales outlook narrowed to $12.1–$12.2 billion from $12.2–$12.5 billion.

Filing Explained

The Brazil operations sale closed in early fiscal fourth quarter, changing future organic comparisons; quarter-end cash excluding assets held for sale was $840 million.

Form 8-K reports specified material events. This filing reports Hormel Foods’ third-quarter results and states that the sale of its Brazil operations closed in the early part of fiscal fourth quarter; beginning in that quarter, Brazil will be excluded from year-over-year organic volume and organic net sales comparisons.

The filing’s organic measures exclude the effect of an earlier Justin’s divestiture, while its adjusted measures exclude listed items that affect comparability. The Brazil divestiture’s expected effects are included in the updated fiscal 2026 guidance.

The updated guidance table changes net sales to $12.1 billion–$12.2 billion from $12.2 billion–$12.5 billion, and diluted EPS to $1.06–$1.12 from $1.28–$1.37; adjusted diluted EPS is $1.45–$1.51 versus $1.43–$1.51 previously.

At July 26, 2026, cash on hand excluding assets held for sale was $840 million.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Net sales: $2.96 billion Diluted EPS (GAAP): $0.11 Adjusted diluted EPS (Non-GAAP): $0.37 +5 more

8 metrics

Net sales $2.96 billion Third quarter fiscal 2026 net sales; organic net sales down 2%

Diluted EPS (GAAP) $0.11 Quarter ended July 26, 2026; down from $0.33 a year earlier

Adjusted diluted EPS (Non-GAAP) $0.37 Quarter ended July 26, 2026; up from $0.35 a year earlier

Cash flow from operations $241 million Third quarter fiscal 2026; 54% increase versus prior year

Brazil divestiture loss $56 million Significant discrete pre-tax item recorded in Q3 fiscal 2026

Non-cash impairment charge $48.2 million Related to a minority investment in Indonesia in Q3 fiscal 2026

Fiscal 2026 net sales outlook $12.1–$12.2 billion Updated full-year guidance reflecting 1–2% organic net sales growth

Fiscal 2026 adjusted EPS outlook $1.45–$1.51 Raised guidance; reflects 6–10% adjusted earnings growth

Key Terms

adjusted operating income, organic net sales, non-cash impairment charge, Transform and Modernize Initiative, +1 more

5 terms

adjusted operating income financial

"Operating income of $111 million; adjusted operating income1 of $266 million"

Adjusted operating income is a company's profit from its main activities, excluding certain one-time or unusual costs and gains. It helps investors see how well the business is performing in its normal operations, without distractions from rare events or expenses. This way, they get a clearer picture of the company’s true profitability.

organic net sales financial

"Net sales of $2.96 billion; organic net sales1 down 2%"

Organic net sales represent the revenue generated from a company's core business activities, excluding the effects of acquisitions, divestments, or currency changes. It shows how well the company is growing through its existing products and services, similar to tracking how a plant grows from its own roots rather than by adding new plants. Investors use this measure to assess the true growth and health of a company's ongoing operations.

non-cash impairment charge financial

"a non-cash impairment charge related to a minority investment in Indonesia of $48 million"

A non-cash impairment charge is an accounting write-down that lowers the recorded value of an asset on a company’s books when that asset is judged to be worth less than before. It reduces reported profit for the period without using any cash — like lowering the listed price of a used car in your records — and matters to investors because it can shrink earnings, change valuation metrics, and signal potential problems that might affect future cash flow or credit terms.

Transform and Modernize Initiative financial

"Transform and Modernize Initiative (1) Comprised primarily of costs related to supply"

Earnings Snapshot

Net sales: $2.96 billion · Guidance included

Quarter ended July 26, 2026

Net sales $2.96 billion Organic net sales down 2% year over year

Diluted EPS (GAAP) $0.11 Down from $0.33 in the prior-year quarter

Adjusted diluted EPS (Non-GAAP) $0.37 Up from $0.35 in the prior-year quarter

Operating margin (GAAP) 3.7% Down from 7.9% in the prior-year quarter

Adjusted operating margin (Non-GAAP) 9.0% Up from 8.4% in the prior-year quarter

Guidance

For fiscal 2026, the company expects net sales of $12.1–$12.2 billion, GAAP EPS of $1.06–$1.12, adjusted operating income of $1.075–$1.115 billion, and adjusted diluted EPS of $1.45–$1.51, reflecting 6–10% adjusted earnings growth.

FAQ

How did Hormel Foods (HRL) perform in Q3 fiscal 2026?

Hormel reported $2.96 billion in net sales and GAAP diluted EPS of $0.11. Adjusted diluted EPS was $0.37, up from $0.35 a year earlier, and adjusted operating income was $266 million with an adjusted operating margin of 9.0%.

What guidance did Hormel Foods (HRL) provide for fiscal 2026?

Hormel expects net sales of $12.1–$12.2 billion, GAAP EPS of $1.06–$1.12, and adjusted EPS of $1.45–$1.51, implying 6–10% adjusted earnings growth. Adjusted operating income is projected at $1.075–$1.115 billion.

How are Hormel Foods’ (HRL) segments performing?

In Q3, Retail net sales fell 4% with volume down 9%, Foodservice net sales grew 2% with segment profit up 3%, and International net sales declined 5% with segment profit down 254%, though adjusted International segment profit was flat year over year.

What were the major one-time items affecting Hormel Foods (HRL) in Q3 2026?

Q3 included a $56 million loss related to the Brazil divestiture, a $48.2 million non-cash impairment tied to a minority investment in Indonesia, and a $38 million litigation settlement, materially impacting GAAP results.

How strong is Hormel Foods’ (HRL) cash flow and balance sheet?

Cash flow from operations was $241 million in Q3, up 54% year over year. Cash on hand was $840 million, and inventories were $1.8 billion. The company described its financial position as strong, with ample liquidity and a conservative debt level.

What portfolio changes did Hormel Foods (HRL) make in 2026?

Hormel entered a definitive agreement to sell its Brazil operations under the Ceratti brand, classified the business as held for sale, and completed the transaction early in Q4 2026. The sale and earlier Justin’s divestiture are reflected in updated guidance and organic metrics.

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Understanding 8-K Material Events →

Available on EDGAR 08/27/2026 - 06:01 AM Accepted by SEC EDGAR 08/26/2026 - 05:42 PM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) August 27, 2026

HORMEL FOODS CORPORATION

(Exact name of registrant as specified in its charter)


Delaware	1-2402	41-0319970
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification Number)


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

(507) 437-5611

Registrant’s telephone number, including area code

None

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

Section 2 – FINANCIAL INFORMATION

Item 2.02 Results of Operations and Financial Condition

On August 27, 2026, Hormel Foods Corporation (the Company) issued an earnings release announcing its financial results for the third quarter ended July 26, 2026. A copy of the earnings release is furnished as Exhibit 99 to this Form 8-K and is incorporated herein by reference.

Section 9 – FINANCIAL STATEMENTS AND EXHIBITS

Item 9.01 Financial Statements and Exhibits

(d) Exhibits


99			Earnings Release issued August 27, 2026

104			The cover page from this Current Report on Form 8-K, formatted as Inline XBRL.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.


	HORMEL FOODS CORPORATION
		(Registrant)

Dated: August 27, 2026	By	/s/ PAUL R. KUEHNEMAN
		PAUL R. KUEHNEMAN
		Interim Chief Financial Officer and Controller

HORMEL FOODS REPORTS THIRD QUARTER FISCAL 2026 RESULTS

Company Raises and Narrows Adjusted EPS¹ Outlook Following Solid Third Quarter and Strong Year-to-Date Performance

AUSTIN, Minn. (Aug. 27, 2026) – Hormel Foods Corporation (NYSE: HRL), a Fortune 500 global branded food company, today reported results for the third quarter of fiscal 2026, which ended July 26, 2026. All comparisons are to the comparable period of fiscal 2025, unless otherwise noted.

EXECUTIVE SUMMARY — THIRD QUARTER

•Net sales of $2.96 billion; organic net sales1 down 2%

•Operating income of $111 million; adjusted operating income1 of $266 million

•Operating margin of 3.7%; adjusted operating margin1 of 9.0%

•Earnings before income taxes of $103 million; adjusted earnings before income taxes1 of $258 million

•Diluted earnings per share of $0.11; adjusted diluted earnings per share1 of $0.37

•Cash flow from operations of $241 million

EXECUTIVE COMMENTARY

"We delivered solid third quarter results, growing our adjusted earnings and continuing to advance our fiscal 2026 objectives,” said Jeff Ettinger, interim chief executive officer. "With our strong year-to-date performance and continued opportunities ahead, we are raising and narrowing our adjusted earnings outlook for fiscal 2026 and remain confident in delivering adjusted earnings growth for the year consistent with, or above, our long-term algorithm."

"We continued to make progress against our strategic priorities during the quarter," said John Ghingo, president and chief executive officer-elect. "While net sales declined, the results reflected the impacts of portfolio-shaping actions, lower commodity-based pricing in portions of the business and a consumer environment that remains under pressure. At the same time, several of our Retail priority brands delivered growth, and Foodservice once again outperformed industry trends, supported by the strength of our solutions-based offerings and operator partnerships. As we continue to enhance our capabilities and sharpen our focus, we remain committed to disciplined execution and positioning the company for long-term success.”

FULL YEAR FISCAL 2026 GUIDANCE

For fiscal 2026, the Company:

•Expects net sales to be in the range of $12.1 billion to $12.2 billion, reflecting organic net sales1 growth of 1% to 2%

•Updates operating income guidance to be in the range of $0.83 billion to $0.87 billion, which includes the estimated loss related to the Brazil divestiture, a non-cash impairment charge related to a minority investment in Indonesia, and a litigation settlement

•Raises adjusted operating income1 guidance to be in the range of $1.08 billion to $1.12 billion, reflecting growth of 6% to 10%

•Updates diluted earnings per share guidance to be in the range of $1.06 to $1.12

•Raises adjusted diluted earnings per share1 guidance to be in the range of $1.45 to $1.51, reflecting growth of 6% to 10%


	Updated	Previous
Net Sales	$12.1 - $12.2 billion	$12.2 - $12.5 billion
Organic Net Sales1 Growth Rate	1% - 2%	1% - 4%
Diluted Earnings per Share	$1.06 - $1.12	$1.28 - $1.37
Adj. Diluted Earnings per Share1	$1.45 - $1.51	$1.43 - $1.51

PORTFOLIO SHAPING

During the third quarter of fiscal 2026, the Company announced a definitive agreement to sell its Brazil operations, operated under the Ceratti® brand, and classified the business as held for sale. The divestiture reflects the Company's ongoing efforts to simplify and streamline its portfolio and focus its international strategy on markets with the strongest long-term growth opportunities.

The transaction successfully closed in the early part of the fourth quarter of fiscal 2026. The expected impacts of the divestiture are reflected in the Company's updated fiscal 2026 guidance ranges. Beginning in the fourth quarter of fiscal 2026, the impact of the divestiture will be excluded from year-over-year comparisons in the Company's non-GAAP organic volume¹ and organic net sales¹ metrics.

SEGMENT HIGHLIGHTS – THIRD QUARTER

Retail

•Volume down 9%; organic volume1 down 9%

•Net sales down 4%; organic net sales1 down 3%

•Segment profit down 4%

Organic net sales1 decreased in the third quarter of fiscal 2026, as declines in commodity turkey and private label snack nuts were partially offset by strong performance in value-added turkey offerings, contract manufacturing and Planters® snack nuts. Additional priority brands that delivered solid growth during the quarter include the SPAM® family of products, Applegate® natural and organic meats, and Hormel® chili. Segment profit decreased for the third quarter of fiscal 2026, as lower net sales and higher logistics expenses were partially offset by lower selling, general and administrative expenses.

Foodservice

•Volume down 1%; organic volume1 down 1%

•Net sales up 2%; organic net sales1 up 2%

•Segment profit up 3%

The third quarter of fiscal 2026 marked the 12th consecutive quarter of organic net sales1 growth for the Foodservice segment. Organic net sales¹ growth was broad-based despite the impact of lower commodity-based pricing in portions of the portfolio. Growth was driven by multiple product groups and categories, led by significant contributions from premium prepared proteins, branded pepperoni and Jennie-O® turkey. Additional branded products, including Austin Blues® smoked meats, Hormel® Natural Choice® meats and Hormel® Fire Braised™ meats, also delivered strong net sales results. Segment profit increased for the third quarter of fiscal 2026, as higher net sales and favorable pork input costs were partially offset by higher logistics and selling, general and administrative expenses.

International

•Volume down 11%; organic volume1 down 11%

•Net sales down 5%; organic net sales1 down 4%

•Segment profit down 254%; adjusted segment profit1 flat

For the International segment, organic net sales¹ declined in the third quarter of fiscal 2026. While branded export demand remained resilient during the quarter, the recognition of certain SPAM® export sales was adversely impacted due to a one-time legal-entity transition. Segment profit was significantly impacted by a non-cash impairment charge. Adjusted segment profit1 was comparable to the prior year, as minority investment performance offset weaker results in Brazil.

ADDITIONAL FINANCIAL DETAILS – THIRD QUARTER FISCAL 2026

Income Statement

•Operating margin and adjusted operating margin1 were 3.7% and 9.0%, respectively, compared to 7.9% and 8.4%, respectively, in the prior year.

•Selling, general and administrative expenses as a percent of net sales and adjusted selling, general and administrative expenses as a percent of net sales1 were 10.9% and 7.3%, respectively, compared to 8.5% and 8.1%, respectively, in the prior year.

•Advertising investments were $34 million, compared to $41 million last year.

•Significant discrete pre-tax items included: a loss of $56 million related to the Brazil divestiture, a non-cash impairment charge related to a minority investment in Indonesia of $48 million and a litigation settlement of $38 million.

•The effective tax rate was 42.3%, compared to 22.3% last year, and was significantly impacted by one-time items.

Cash Flow Statement

•Cash flow from operations was $241 million, an increase of 54% compared to the prior year.

•Capital expenditures were $68 million, compared to $72 million last year. The largest projects in the third quarter of fiscal 2026 were related to infrastructure enhancements and investments in data and technology.

•Depreciation and amortization expense was $66 million, compared to $65 million last year.

•The Company returned $161 million to stockholders during the quarter through dividends.

Balance Sheet

•The Company remained in a strong financial position at quarter end, with ample liquidity and a conservative level of debt.

•Cash on hand, excluding assets held for sale, was $840 million at quarter end, an increase of $169 million from the end of fiscal 2025.

•Inventories were $1.8 billion at quarter end, an increase of $54 million from the end of fiscal 2025.

PRESENTATION

A conference call will be webcast at 8 a.m. CT on Aug. 27, 2026. Access is available at hormelfoods.com by clicking on "Investors." The call will also be available via telephone by dialing 833-461-5787 (toll free) or 585-542-9983 (international) and providing the conference ID 915 330 197. An audio replay is available at hormelfoods.com. The webcast replay will be available at noon CT, Aug. 27, 2026, and will remain on the website for one year.

ABOUT HORMEL FOODS

Hormel Foods Corporation, based in Austin, Minnesota, is a global branded food company with over $12 billion in annual revenue. Its brands include Planters®, Skippy®, SPAM®, Hormel® Natural Choice®, Applegate®, Wholly®, Hormel® Black Label®, Columbus®, Jennie-O® and more than 30 other beloved brands. The Company is a member of the S&P 500 Index and the S&P 500 Dividend Aristocrats, was named one of the best companies to work for by U.S. News & World Report and one of America’s most responsible companies by Newsweek, was recognized by TIME magazine as one of the World’s Best Companies and has received numerous other awards and accolades for its corporate responsibility and community service efforts. For more information, visit hormelfoods.com.

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements, which are based on the Company's current assumptions and expectations. These statements are typically accompanied by the words "aim," "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "might," "plan," "project," "seek," "target," "will," "would," or similar words or expressions. The principal forward-looking statements in this news release include statements regarding the Company's fiscal 2026 guidance and future financial and operational performance.

All such forward-looking statements are intended to enjoy the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, as amended. Although the Company believes there is a reasonable basis for the forward-looking statements, its actual results could be materially different. The most important factors that could cause the Company's actual results to differ from its forward-looking statements include, but are not limited to, risks related to the deterioration of economic conditions; risks related to acquisitions, joint ventures, equity investments, and divestitures; risks and uncertainties associated with intangible assets, including any future goodwill or intangible assets impairment charges; the risk of disruption of operations; the risk that the Company may fail to realize anticipated cost savings or operating profit improvements associated with strategic initiatives, including the Transform and Modernize initiative and the Company's recent corporate restructuring plan; risk of unfavorable changes in the Company's relationships with third parties; risk of the Company's inability to protect information technology (IT) systems against, or effectively respond to, cyberattacks, security breaches or other IT interruptions; labor relations and labor availability risks; food safety risks; fluctuations in commodity prices and availability of raw materials and other inputs; fluctuations in market demand for the Company's products; risks related to the Company's ability to respond to changing consumer preferences; damage to the Company's reputation or brand image; risks of litigation; risks associated with government regulation; risks related to trade policies, export and import controls, and tariffs; and the other risks and uncertainties described in Item 1A – Risk Factors of the Company's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which can be accessed at hormelfoods.com in the "Investors" section. Though the Company has attempted to list comprehensively these important cautionary risk factors, the Company cautions that other factors may in the future prove to be important in affecting the Company's business or results of operations. Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update any forward-looking statement except as otherwise required by law.

Note: Due to rounding, numbers presented throughout this press release may not sum precisely to the totals provided, and percentages may not precisely reflect the absolute figures.

Reclassifications: Certain prior year amounts have been reclassified to conform to the current year presentation.

END NOTES

1Non-GAAP measure. See Appendix: Non-GAAP Measures to this news release for more information.

INVESTOR CONTACT

Jess Blomberg

ir@hormel.com

MEDIA CONTACT

Laura Cederberg

media@hormel.com

HORMEL FOODS CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

In thousands, except per share amounts

Unaudited


	Quarter Ended						Nine Months Ended
	July 26, 2026			July 27, 2025			July 26, 2026			July 27, 2025
Net Sales	$	2,961,333		$	3,032,876		$	8,961,250		$	8,920,499
Cost of Products Sold	2,489,818			2,545,567			7,501,653			7,473,524
Gross Profit	471,515			487,309			1,459,597			1,446,975
Selling, General, and Administrative	323,501			258,713			883,822			773,158

Equity in Earnings of Affiliates	(37,110)			11,153			(4,061)			42,614
Operating Income	110,904			239,748			571,713			716,430
Interest Income	6,661			4,877			19,667			18,596
Interest Expense	19,635			19,461			59,185			58,438
Other Income (Expense), Net	5,227			11,350			11,336			8,488
Earnings Before Income Taxes	103,157			236,514			543,531			685,076
Provision for Income Taxes	43,638			52,818			144,865			151,107
Effective Tax Rate	42.3		%	22.3		%	26.7		%	22.1		%
Net Earnings	59,519			183,696			398,666			533,968
Less: Net Earnings (Loss) Attributable to Noncontrolling Interest	(55)			(46)			(182)			(366)
Net Earnings Attributable to Hormel Foods Corporation	$	59,573		$	183,742		$	398,848		$	534,334

Net Earnings Per Share:
Basic	$	0.11		$	0.33		$	0.72		$	0.97
Diluted	$	0.11		$	0.33		$	0.72		$	0.97

Weighted-average Shares Outstanding:
Basic	550,675			550,408			550,572			550,048
Diluted	551,074			550,723			550,898			550,396

Dividends Declared Per Share	$	0.2925		$	0.2900		$	0.8775		$	0.8700

HORMEL FOODS CORPORATION

CONSOLIDATED CONDENSED STATEMENTS OF FINANCIAL POSITION

In thousands

Unaudited


	July 26, 2026		October 26, 2025
Assets
Cash and Cash Equivalents	$	839,639	$	670,679
Short-term Marketable Securities	28,807		32,909
Accounts and Other Receivables, Net	733,460		813,989
Inventories	1,801,567		1,747,279

Taxes Receivable	58,688		96,791
Prepaid Expenses and Other Current Assets	53,420		44,010
Assets Held for Sale	10,659		—

Total Current Assets	3,526,238		3,405,656


Goodwill	4,867,763		4,924,087
Intangible Assets	1,572,850		1,647,297
Pension Assets	204,135		211,826
Investments in Affiliates	527,864		533,984
Other Assets	430,139		431,500
Property, Plant, and Equipment, Net	2,163,025		2,238,770
Total Assets	$	13,292,014	$	13,393,119


Liabilities and Shareholders’ Investment

Accounts Payable & Accrued Expenses	$	771,154	$	787,350



Accrued Marketing Expenses	133,313		113,947
Employee-related Expenses	250,072		273,402
Interest and Dividends Payable	175,646		180,700
Taxes Payable	10,690		18,752
Current Maturities of Long-term Debt	505,634		6,646
Liabilities Held for Sale	27,483		—
Total Current Liabilities	1,873,991		1,380,796

Long-term Debt Less Current Maturities	2,349,489		2,850,778
Pension and Postretirement Benefits	351,174		358,984
Deferred Income Taxes	653,360		661,349
Other Long-term Liabilities	204,345		225,397
Accumulated Other Comprehensive Loss	(236,907)		(243,646)
Other Shareholders’ Investment	8,096,561		8,159,461
Total Liabilities and Shareholders’ Investment	$	13,292,014	$	13,393,119

HORMEL FOODS CORPORATION

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

In thousands

Unaudited



	Quarter Ended				Nine Months Ended
	July 26, 2026		July 27, 2025		July 26, 2026		July 27, 2025
Operating Activities
Net Earnings	$	59,519	$	183,696	$	398,666	$	533,968
Depreciation and Amortization	66,427		64,692		202,348		194,527
Equity in Earnings of Affiliates	37,110		(11,153)		4,061		(42,614)
Loss (Gain) on Divestitures	57,379		—		94,085		10,800
Decrease (Increase) in Working Capital, Net of Divestitures	(2,174)		(95,844)		111		(255,011)
Other	22,339		15,307		69,481		80,674
Net Cash Provided by (Used in) Operating Activities	240,599		156,698		768,752		522,345

Investing Activities
Net Sale (Purchase) of Securities	3,498		(1,434)		3,372		(6,170)
Proceeds from Sale of Business	(2,979)		—		97,056		13,139

Purchases of Property, Plant, and Equipment	(68,163)		(72,194)		(219,331)		(219,444)
Proceeds from (Purchases of) Affiliates and Other Investments	—		(584)		(5,316)		(3,283)
Other	6,119		7,890		11,952		10,767
Net Cash Provided by (Used in) Investing Activities	(61,526)		(66,323)		(112,267)		(204,991)

Financing Activities

Repayments of Long-term Debt and Finance Leases	(1,773)		(2,005)		(5,425)		(6,250)
Dividends Paid on Common Stock	(160,963)		(159,467)		(481,401)		(473,692)

Other	(283)		(1,784)		(1,609)		24,057
Net Cash Provided by (Used in) Financing Activities	(163,019)		(163,256)		(488,435)		(455,884)
Effect of Exchange Rate Changes on Cash	1,291		2,381		5,368		(4,161)
Increase (Decrease) in Cash, Cash Equivalents, and Cash Held for Sale	17,345		(70,499)		173,417		(142,692)
Cash, Cash Equivalents, and Cash Held for Sale at Beginning of Period	826,750		669,688		670,679		741,881
Cash, Cash Equivalents, and Cash Held for Sale at End of Period	844,095		599,189		844,095		599,189
Less: Cash Held for Sale	4,457		—		4,457		—
Cash and Cash Equivalents at End of Period	$	839,639	$	599,189	$	839,639	$	599,189

HORMEL FOODS CORPORATION

SEGMENT DATA

In thousands

Unaudited


	Quarter Ended					Nine Months Ended
	July 26, 2026		July 27, 2025		% Change	July 26, 2026		July 27, 2025		% Change
Volume (lbs.)
Retail	648,340		712,912		(9.1)	2,005,233		2,127,075		(5.7)
Foodservice	244,830		248,540		(1.5)	733,557		734,988		(0.2)
International	75,908		85,138		(10.8)	231,905		239,225		(3.1)
Total Volume (lbs.)	969,078		1,046,590		(7.4)	2,970,695		3,101,288		(4.2)

Net Sales
Retail	$	1,779,434	$	1,858,434	(4.3)	$	5,416,905	$	5,532,401	(2.1)
Foodservice	1,003,158		986,976		1.6	2,998,096		2,853,603		5.1
International	178,740		187,466		(4.7)	546,249		534,495		2.2
Total Net Sales	$	2,961,333	$	3,032,876	(2.4)	$	8,961,250	$	8,920,499	0.5

Segment Profit
Retail	$	118,073	$	122,566	(3.7)	$	369,902	$	378,847	(2.4)
Foodservice	144,475		140,711		2.7	456,800		420,170		8.7
International	(29,233)		18,941		(254.3)	15,812		58,193		(72.8)
Total Segment Profit	233,316		282,218		(17.3)	842,515		857,210		(1.7)
Net Unallocated Expense	130,104		45,658		185.0	298,802		171,769		74.0
Noncontrolling Interest	(55)		(46)		(20.4)	(182)		(366)		50.2
Earnings Before Income Taxes	$	103,157	$	236,514	(56.4)	$	543,531	$	685,076	(20.7)

APPENDIX: NON-GAAP MEASURES

This press release includes measures of financial performance that are not defined by U.S. generally accepted accounting principles (GAAP). The Company utilizes these non-GAAP measures to understand and evaluate operating performance on a consistent basis. These measures may also be used when making decisions regarding resource allocation and in determining incentive compensation. The Company believes these non-GAAP measures provide useful information to investors because they aid analysis and understanding of the Company’s results and business trends relative to past performance and the Company’s competitors. Non-GAAP measures are not intended to be a substitute for GAAP measures in analyzing financial performance. These non-GAAP measures are not calculated in accordance with GAAP and may be different from non-GAAP measures used by other companies.

Transform and Modernize (T&M) Initiative

In the fourth quarter of fiscal 2023, the Company announced a multi-year T&M initiative. In presenting non-GAAP measures, the Company adjusts for (i.e., excludes) expenses for this initiative that are nonrecurring, which are primarily project-based external consulting fees and expenses related to supply chain and portfolio optimization (e.g., asset write-offs, severance, or relocation-related costs). The Company believes that nonrecurring costs associated with the T&M initiative are not reflective of the Company’s ongoing operating cost structure; therefore, the Company is excluding these discrete costs. The Company does not adjust for (i.e., does not exclude) certain costs related to the T&M initiative that are expected to continue after the project ends, such as software license fees and internal employee expenses, because those costs are considered ongoing in nature as a component of normal operating costs. The Company also does not adjust for savings realized through the T&M initiative as these are considered ongoing in nature and reflective of expected future operating performance.

Gain or Loss on Divestitures

As part of its ongoing portfolio management activities, the Company may periodically divest certain businesses to better align its portfolio with its strategic objectives and long-term growth strategy. The Company believes the one-time impacts from these transactions, including transaction costs, are not reflective of the Company’s ongoing operating cost structure, are not indicative of the Company’s core operating performance, and are not meaningful when comparing the Company’s operating performance against that of prior periods. Thus, the Company has adjusted for (i.e., excluded) these impacts. Transactions affecting comparability include the Brazil transaction, the whole-bird turkey transaction, the Justin's, LLC transaction, and the Mountain Prairie, LLC divestiture.

Corporate Restructuring Plan

In the fourth quarter of fiscal 2025, the Company commenced a corporate restructuring plan, the focus of which is to reduce administrative expenses, improve efficiencies, and align the workforce to the Company’s future needs, while enabling continued investment in the Company’s growth. The costs incurred to execute the corporate restructuring plan and the charges incurred under the program are primarily related to severance and employee benefit costs. Because the Company believes certain charges incurred under the corporate restructuring plan do not reflect future operating costs and are not meaningful when comparing the Company's operating performance against that of prior periods, the Company adjusts for (i.e., excludes) these impacts.

Consulting Agreement

On October 27, 2025, the Company entered into a consulting agreement (Consulting Agreement) with its former Chief Executive Officer (CEO), pursuant to which the former CEO is expected to provide consulting services to the Company until April 2027. Consulting costs related to the Consulting Agreement include cash and share-based compensation, which were primarily recognized in the first quarter of fiscal 2026. The Company believes nonrecurring costs associated with the Consulting Agreement are not reflective of the Company’s ongoing operating cost structure, are not indicative of the Company’s core operating performance, and are not meaningful when comparing the Company’s operating performance against that of prior periods; therefore, the Company is excluding these discrete costs.

Legal Matters

From time to time, the Company receives proceeds or incurs expenses related to discrete legal matters that the Company believes are not indicative of the Company’s core operating performance, do not reflect expected future operating income or costs, and are not meaningful when comparing the Company’s operating performance against that of prior periods. The Company adjusts for (i.e., excludes) these impacts.

Litigation Settlements

In the third quarter of fiscal 2026, the Company executed a settlement agreement with certain plaintiffs in an antitrust lawsuit. In fiscal 2025, the Company entered into a settlement agreement with certain plaintiffs in an antitrust lawsuit.

Impairments

In the third quarter of fiscal 2026, the Company recorded a non-cash impairment charge related to a minority investment in Indonesia. The Company believes these charges are not indicative of the Company’s core operating performance, do not reflect expected future operating income or costs, and are not meaningful when comparing the Company’s operating performance against that of prior periods. Thus, the Company has adjusted for (i.e., excluded) these impacts.

The tables below show the calculations to reconcile from the GAAP measures to the non-GAAP measures presented in this press release. The tax provision expense or benefit of each of the pre-tax items excluded from the Company's GAAP results was computed based on the facts and tax implications associated with each item.


HORMEL FOODS CORPORATION
RECONCILIATION OF NON-GAAP MEASURES
Unaudited
	Quarter Ended				Nine Months Ended
In thousands, except per share amounts	July 26, 2026		July 27, 2025		July 26, 2026		July 27, 2025
Cost of Products Sold (GAAP)	$	2,489,818	$	2,545,567	$	7,501,653	$	7,473,524
Transform and Modernize Initiative(1)	(447)		(1,010)		(2,222)		(3,973)
Adjusted Cost of Products Sold (Non-GAAP)	$	2,489,371	$	2,544,557	$	7,499,431	$	7,469,551





SG&A (GAAP)	$	323,501	$	258,713	$	883,822	$	773,158
Transform and Modernize Initiative(2)	(11,792)		(13,485)		(36,448)		(41,228)
Gain (Loss) on Divestitures	(57,379)		—		(94,911)		(11,324)
Corporate Restructuring Plan	26		—		(8,505)		—
Consulting Agreement	—		—		(7,775)		—
Litigation Settlements	(37,500)		—		(37,500)		(240)


Adjusted SG&A (Non-GAAP)	$	216,856	$	245,228	$	698,684	$	720,366

Equity in Earnings of Affiliates (GAAP)	$	(37,110)	$	11,153	$	(4,061)	$	42,614
Impairments	48,218		—		48,218		—
Adjusted Equity in Earnings of Affiliates (Non-GAAP)	$	11,109	$	11,153	$	44,157	$	42,614


HORMEL FOODS CORPORATION
RECONCILIATION OF NON-GAAP MEASURES
Unaudited
	Quarter Ended				Nine Months Ended
In thousands, except per share amounts	July 26, 2026		July 27, 2025		July 26, 2026		July 27, 2025
Operating Income (GAAP)	$	110,904	$	239,748	$	571,713	$	716,430
Transform and Modernize Initiative(1)(2)	12,239		14,496		38,669		45,202
(Gain) Loss on Divestitures	57,379		—		94,911		11,324
Corporate Restructuring Plan	(26)		—		8,505		—
Consulting Agreement	—		—		7,775		—
Litigation Settlements	37,500		—		37,500		240
Impairments	48,218		—		48,218		—

Adjusted Operating Income (Non-GAAP)	$	266,215	$	254,244	$	807,292	$	773,196

Earnings Before Income Taxes (GAAP)	$	103,157	$	236,514	$	543,531	$	685,076
Transform and Modernize Initiative(1)(2)	12,239		14,496		38,669		45,202
(Gain) Loss on Divestitures	57,379		—		94,911		11,324
Corporate Restructuring Plan	(26)		—		8,505		—
Consulting Agreement	—		—		7,775		—
Litigation Settlements	37,500		—		37,500		240
Impairments	48,218		—		48,218		—

Adjusted Earnings Before Income Taxes (Non-GAAP)	$	258,467	$	251,010	$	779,110	$	741,842

Provision for Income Taxes (GAAP)	$	43,638	$	52,818	$	144,865	$	151,107
Transform and Modernize Initiative(1)(2)	2,999		3,233		9,474		9,960
(Gain) Loss on Divestitures	303		—		4,525		2,469
Corporate Restructuring Plan	(6)		—		2,084		—
Consulting Agreement	—		—		—		—
Litigation Settlements	9,188		—		9,188		52
Impairments	—		—		—		—

Adjusted Provision for Income Taxes (Non-GAAP)	$	56,120	$	56,051	$	170,136	$	163,588






Net Earnings Attributable to Hormel Foods Corporation (GAAP)	$	59,573	$	183,742	$	398,848	$	534,334
Transform and Modernize Initiative(1)(2)	9,241		11,263		29,195		35,242
(Gain) Loss on Divestitures	57,076		—		90,386		8,855
Corporate Restructuring Plan	(20)		—		6,421		—
Consulting Agreement	—		—		7,775		—
Litigation Settlements	28,313		—		28,313		188
Impairments	48,218		—		48,218		—

Adjusted Net Earnings Attributable to Hormel Foods Corporation (Non-GAAP)	$	202,402	$	195,005	$	609,156	$	578,620


HORMEL FOODS CORPORATION
RECONCILIATION OF NON-GAAP MEASURES
Unaudited
	Quarter Ended				Nine Months Ended
In thousands, except per share amounts	July 26, 2026		July 27, 2025		July 26, 2026		July 27, 2025
Diluted Earnings Per Share (GAAP)	$	0.11	$	0.33	$	0.72	$	0.97
Transform and Modernize Initiative(1)(2)	0.02		0.02		0.05		0.06
(Gain) Loss on Divestitures	0.10		—		0.16		0.02
Corporate Restructuring Plan	—		—		0.01		—
Consulting Agreement	—		—		0.01		—
Litigation Settlements	0.05		—		0.05		—
Impairments	0.09		—		0.09		—

Adjusted Diluted Earnings Per Share (Non-GAAP)	$	0.37	$	0.35	$	1.11	$	1.05


SG&A as a Percent of Net Sales (GAAP)	10.9	%	8.5	%	9.9	%	8.7	%
Transform and Modernize Initiative(2)	(0.4)		(0.4)		(0.4)		(0.5)
Gain (Loss) on Divestitures	(1.9)		—		(1.1)		(0.1)
Corporate Restructuring Plan	—		—		(0.1)		—
Consulting Agreement	—		—		(0.1)		—
Litigation Settlements	(1.3)		—		(0.4)		—


Adjusted SG&A as a Percent of Net Sales (Non-GAAP)	7.3	%	8.1	%	7.8	%	8.1	%






Operating Margin (GAAP)	3.7	%	7.9	%	6.4	%	8.0	%
Transform and Modernize Initiative(1)(2)	0.4		0.5		0.4		0.5
(Gain) Loss on Divestitures	1.9		—		1.1		0.1
Corporate Restructuring Plan	—		—		0.1		—
Consulting Agreement	—		—		0.1		—
Litigation Settlements	1.3		—		0.4		—
Impairments	1.6		—		0.5		—

Adjusted Operating Margin (Non-GAAP)	9.0	%	8.4	%	9.0	%	8.7	%

(1) Comprised primarily of costs related to supply chain and portfolio optimization.

(2) Comprised primarily of project-based external consulting fees.

ADJUSTED SEGMENT PROFIT (NON-GAAP)


	Quarter Ended
	July 26, 2026							July 27, 2025
In thousands		GAAP		Non-GAAP Adjustments(1)		Non-GAAP		GAAP		Non-GAAP Adjustments(2)		Non-GAAP
Segment Profit (Loss)
Retail		$	118,073	$	—	$	118,073	$	122,566	$	—	$	122,566
Foodservice		144,475		—		144,475		140,711		—		140,711
International		(29,233)		48,218		18,985		18,941		—		18,941
Total Segment Profit (Loss)		233,316		48,218		281,534		282,218		—		282,218
Net Unallocated Expense		130,104		(107,092)		23,012		45,658		(14,496)		31,162
Noncontrolling Interest		(55)		—		(55)		(46)		—		(46)
Earnings Before Income Taxes		$	103,157	$	155,310	$	258,467	$	236,514	$	14,496	$	251,010

(1) International segment profit (loss) adjustments in the third quarter of fiscal 2026 were due to a non-cash impairment charge. Net Unallocated Expense adjustments were comprised of gain (loss) on divestitures, an unfavorable litigation settlement, nonrecurring T&M initiative costs, and corporate restructuring plan charges.

(2) Net Unallocated Expense adjustments in the third quarter of fiscal 2025 were comprised of nonrecurring T&M initiative costs.


	Nine Months Ended
	July 26, 2026							July 27, 2025
In thousands		GAAP		Non-GAAP Adjustments(1)		Non-GAAP		GAAP		Non-GAAP Adjustments(2)		Non-GAAP
Segment Profit (Loss)
Retail		$	369,902	$	—	$	369,902	$	378,847	$	—	$	378,847
Foodservice		456,800		—		456,800		420,170		—		420,170
International		15,812		48,218		64,031		58,193		—		58,193
Total Segment Profit (Loss)		842,515		48,218		890,734		857,210		—		857,210
Net Unallocated Expense		298,802		(187,360)		111,442		171,769		(56,766)		115,003
Noncontrolling Interest		(182)		—		(182)		(366)		—		(366)
Earnings Before Income Taxes		$	543,531	$	235,578	$	779,110	$	685,076	$	56,766	$	741,842

(1) International segment profit (loss) adjustments in the first nine months of fiscal 2026 were due to a non-cash impairment charge. Net Unallocated Expense adjustments were comprised of gain (loss) on divestitures, nonrecurring T&M initiative costs, an unfavorable litigation settlement, corporate restructuring plan charges, and Consulting Agreement costs.

(2) Net Unallocated Expense adjustments in the first nine months of fiscal 2025 were comprised of nonrecurring T&M initiative costs, the loss on the divestiture of Mountain Prairie, LLC and an unfavorable litigation settlement.

ORGANIC VOLUME AND ORGANIC NET SALES (NON-GAAP)

The non-GAAP measures of organic volume and organic net sales are presented to provide investors with additional information to facilitate the comparison of past and present operations. Organic volume and organic net sales exclude the impact of the sale of the Company's controlling equity interest in Justin's, LLC in the first quarter of fiscal 2026.


	Quarter Ended
	July 26, 2026			July 27, 2025
In thousands		GAAP			GAAP		Divestiture		Non-GAAP Organic		Non-GAAP % Change
Volume (lbs.)
Retail		648,340			712,912		(3,540)		709,372		(8.6)
Foodservice		244,830			248,540		(346)		248,194		(1.4)
International		75,908			85,138		(68)		85,071		(10.8)
Total Volume (lbs.)		969,078			1,046,590		(3,953)		1,042,637		(7.1)

Net Sales
Retail		$	1,779,434		$	1,858,434	$	(19,052)	$	1,839,382	(3.3)
Foodservice		1,003,158			986,976		(1,856)		985,120		1.8
International		178,740			187,466		(520)		186,947		(4.4)
Total Net Sales		$	2,961,333		$	3,032,876	$	(21,427)	$	3,011,449	(1.7)


	Nine Months Ended
	July 26, 2026			July 27, 2025
In thousands		GAAP			GAAP		Divestiture		Non-GAAP Organic		Non-GAAP % Change
Volume (lbs.)
Retail		2,005,233			2,127,075		(8,605)		2,118,469		(5.3)
Foodservice		733,557			734,988		(724)		734,264		(0.1)
International		231,905			239,225		(117)		239,109		(3.0)
Total Volume (lbs.)		2,970,695			3,101,288		(9,446)		3,091,842		(3.9)

Net Sales
Retail		$	5,416,905		$	5,532,401	$	(45,526)	$	5,486,876	(1.3)
Foodservice		2,998,096			2,853,603		(4,100)		2,849,503		5.2
International		546,249			534,495		(1,190)		533,305		2.4
Total Net Sales		$	8,961,250		$	8,920,499	$	(50,815)	$	8,869,684	1.0

FORWARD-LOOKING GAAP TO NON-GAAP MEASURES

The information below reconciles the estimated fiscal 2026 GAAP measures to the corresponding estimated adjusted non-GAAP measures.

Fiscal 2026 Outlook – Organic Net Sales (Non-GAAP)

To provide a clearer comparison of past and present net sales performance, the Company has adjusted its fiscal 2025 net sales to exclude the impact of the sale of the Justin's® branded business in the first quarter of fiscal 2026 and the sale of its Brazil operations in the fourth quarter of fiscal 2026.



In billions	Fiscal 2026 Outlook					2025 Results		Change
Net Sales (GAAP)	$	12.1	-	$	12.2	$	12.1	0%	-	1%
Divestitures	—		-	—		(0.1)
Organic Net Sales (Non-GAAP)	$	12.1	-	$	12.2	$	12.0	1%	-	2%

Fiscal 2026 Outlook – Adjusted Operating Income (Non-GAAP)

The Company's fiscal 2026 outlook for adjusted operating income is a non-GAAP measure that excludes items impacting comparability.

In fiscal 2026, the Company expects:

•Operating income (GAAP) in the range of $826 million to $869 million

•Adjustments for gains and losses on divestitures of $94.9 million

•Adjustments for the T&M initiative of $49.0 million to $52.0 million

•Adjustment for a non-cash impairment of $48.2 million

•Adjustment for a litigation settlement of $37.5 million

•Adjustments for corporate restructuring plan-related charges of $8.5 million

•Adjustment for the Consulting Agreement of $7.8 million

Resulting in an adjusted operating income range (non-GAAP) of $1,075 million to $1,115 million.

Fiscal 2026 Outlook – Adjusted Diluted Earnings per Share (Non-GAAP)

The Company's fiscal 2026 outlook for adjusted diluted earnings per share is a non-GAAP measure that excludes items impacting comparability.

In fiscal 2026, the Company expects:

•Diluted earnings per share (GAAP) in the range of $1.06 to $1.12

•Adjustments for gains and losses on divestitures of $0.16

•Adjustment for a non-cash impairment of $0.09

•Adjustments for the T&M initiative of $0.07

•Adjustment for a litigation settlement of $0.05

•Adjustments for corporate restructuring plan-related charges of $0.01

•Adjustment for the Consulting Agreement of $0.01

Resulting in an adjusted diluted earnings per share range (non-GAAP) of $1.45 to $1.51.

Source: View Original Filing on SEC EDGAR

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