Hormel Foods Corporation (HRL) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 27	$0.35	$0.37	+5.7%	—	—	—
Q1 27	$0.35	$0.4	+14.3%	—	—	—
Q4 26	$0.32	$0.34	+6.3%	—	—	—
Q3 26	$0.3	$0.32	+6.7%	—	—	—
Q2 26	$0.41	$0.35	-14.6%	—	—	—
Q1 26	$0.34	$0.35	+2.9%	—	—	—
Q4 25	$0.37	$0.35	-5.4%	—	—	—
Q3 25	$0.42	$0.42	0.0%	—	—	—
Q2 25	$0.36	$0.37	+2.8%	—	—	—
Q1 25	$0.36	$0.38	+5.6%	—	—	—
Q4 24	$0.34	$0.41	+20.6%	—	—	—
Q3 24	$0.45	$0.42	-6.7%	—	—	—
Q2 24	$0.41	$0.4	-2.4%	—	—	—
Q1 24	$0.39	$0.4	+2.6%	—	—	—
Q4 23	$0.45	$0.4	-11.1%	—	—	—
Q3 23	$0.5	$0.51	+2.0%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.87	—	—	$12.1B	—
FY24	—	$1.47	—	—	$11.9B	—
FY23	—	$1.45	—	—	$12.1B	—
FY22	—	$1.84	—	—	$12.5B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$9.5B	$9.2B	$9.5B	$9.5B	$9.6B	$11.4B	$12.5B	$12.1B	$11.9B	$12.1B
YoY change	+2.8%	-3.74%	+4.13%	-0.51%	+1.17%	+18.5%	+9.42%	-2.8%	-1.56%	+1.55%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	9.5B	9.2B	9.5B	9.5B	9.6B	11.4B	12.5B	12.1B	11.9B	12.1B
Cost of revenue	7.4B	7.2B	7.6B	7.6B	7.8B	9.5B	10.3B	10.1B	9.9B	10.2B
Gross profit	2.2B	2B	2B	1.9B	1.8B	1.9B	2.2B	2B	2B	1.9B
Gross margin	22.7%	21.8%	20.7%	19.8%	19%	16.9%	17.4%	16.5%	17%	15.6%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	872M	759.3M	841.2M	727.6M	761.3M	853.1M	879.3M	942.2M	1B	996.6M
Operating expenses	872M	759.3M	841.2M	727.6M	761.3M	853.1M	879.3M	942.2M	1B	996.6M
Operating income	1.3B	1.2B	1.1B	1.2B	1.1B	1.1B	1.3B	1.1B	1B	895.2M
Operating margin	13.5%	13.5%	11.9%	12.2%	11.1%	9.44%	10.3%	8.73%	8.53%	7.39%
Non-operating income, net	37.7M	39.4M	41.7M	39.2M	35.6M	47.8M	27.2M	14.4M	51.1M	-177.9M
Pretax income	1.3B	1.3B	1.2B	1.2B	1.1B	1.1B	1.3B	1B	1B	663.4M
Income tax	426.7M	431.5M	168.7M	230.6M	206.4M	217M	277.9M	220.6M	230.8M	185.7M
Net income	890.5M	847.1M	1B	979.1M	908.4M	909.1M	1B	792.9M	804.6M	477.8M
Net margin	9.35%	9.24%	10.6%	10.3%	9.45%	7.98%	8.03%	6.55%	6.75%	3.95%
EBITDA	1.5B	1.4B	1.4B	1.4B	1.3B	1.4B	1.6B	1.4B	1.4B	1.1B
EPS	1.68	1.6	1.91	1.83	1.69	1.68	1.84	1.45	1.47	0.87
Diluted EPS	1.64	1.57	1.86	1.8	1.66	1.66	1.82	1.45	1.47	0.87

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Revenue	3.2B	3B	2.9B	2.9B	3.1B	3B	2.9B	3B	3.2B	3B	3B	3B
Cost of revenue	2.7B	2.5B	2.4B	2.4B	2.6B	2.5B	2.4B	2.5B	2.7B	2.6B	2.5B	2.5B
Gross profit	514.4M	508.7M	503.8M	488.4M	521.2M	475.2M	484.4M	487.3M	444.8M	469.6M	518.5M	471.5M
Gross margin	16.1%	17%	17.4%	16.8%	16.6%	15.9%	16.7%	16.1%	14%	15.5%	17.4%	15.9%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	216.5M	240.4M	266.7M	259.7M	238.6M	263M	251.4M	258.7M	223.5M	241.7M	318.6M	323.5M
Operating expenses	216.5M	240.4M	266.7M	259.7M	238.6M	263M	251.4M	258.7M	223.5M	241.7M	318.6M	323.5M
Operating income	297.9M	268.3M	237.1M	228.7M	282.6M	212.2M	233M	228.6M	221.4M	227.9M	199.9M	148M
Operating margin	9.31%	8.95%	8.21%	7.89%	9.01%	7.1%	8.04%	7.54%	6.95%	7.53%	6.72%	5%
Non-operating income, net	-27.8M	16.1M	15.2M	8M	11.8M	16.1M	15.3M	11.2M	-220.5M	19.6M	19.5M	-31.9M
Pretax income	245.8M	285.5M	244.1M	225.7M	280M	218.1M	230.5M	236.5M	-21.6M	234.3M	206.1M	103.2M
Income tax	50.3M	66.8M	54.9M	49M	60.1M	47.5M	50.7M	52.8M	34.6M	52.5M	48.7M	43.6M
Net income	195.5M	218.7M	189.2M	176.7M	220M	170.5M	179.7M	183.7M	-56.2M	181.8M	157.4M	59.5M
Net margin	6.11%	7.3%	6.55%	6.1%	7.01%	5.71%	6.2%	6.06%	-1.76%	6%	5.29%	2.01%
EBITDA	301M	367.9M	329.4M	310.8M	365.9M	303.4M	314M	320.7M	67.3M	321.1M	294.7M	189.2M
EPS	0.36	0.4	0.35	0.32	0.4	0.31	0.33	0.33	-0.1	0.33	0.29	0.11
Diluted EPS	0.36	0.4	0.34	0.32	0.4	0.31	0.33	0.33	-0.1	0.33	0.29	0.11

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	20.4B	16.5B	23.2B	21.9B	26.2B	22.9B	25.3B	17.8B	16.7B	11.9B	11B
Enterprise value	20.2B	16.3B	23.3B	21.4B	25.8B	25.6B	27.6B	20.3B	18.8B	14B	12.9B
Shares outstanding	529.3M	528.4M	530.7M	534.6M	538M	541.1M	544.9M	546.4M	548.1M	550.2M	550.2M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	22.9	19.4	22.9	22.3	28.8	25.2	25.3	22.4	20.8	24.9	31.8
P/S	2.14	1.8	2.43	2.3	2.73	2.01	2.03	1.47	1.4	0.98	0.89
P/B	4.58	3.33	4.13	3.69	4.07	3.28	3.36	2.3	2.09	1.5	1.38
EV/EBITDA	13.8	11.4	16.8	15.4	19.2	18.6	17.5	14.9	13.7	13	10.2
EV/Sales	2.12	1.77	2.44	2.26	2.68	2.25	2.22	1.68	1.58	1.16	1.06
Earnings yield	4.37%	5.15%	4.37%	4.48%	3.47%	3.97%	3.95%	4.46%	4.81%	4.02%	3.15%
FCF yield	3.85%	4.94%	3.68%	2.88%	2.9%	3.36%	3.38%	4.37%	6.03%	4.5%	5.66%
PEG	—	—	—	—	—	—	—	—	—	—	-0.48

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	22.7%	21.8%	20.7%	19.8%	19%	16.9%	17.4%	16.5%	17%	15.6%	15.9%
Operating margin	13.5%	13.5%	11.9%	12.2%	11.1%	9.44%	10.3%	8.73%	8.53%	7.39%	8.62%
Net margin	9.35%	9.24%	10.6%	10.3%	9.45%	7.98%	8.03%	6.55%	6.75%	3.95%	2.82%
ROE	20%	17.1%	18.1%	16.5%	14.1%	13%	13.3%	10.2%	10.1%	6.04%	4.29%
ROA	14%	12.1%	12.4%	12.1%	9.17%	7.16%	7.52%	5.9%	5.99%	3.57%	4.63%
ROIC	20.3%	17.3%	16.9%	17.1%	14.5%	8.98%	10.2%	8.04%	7.83%	6.4%	5.31%
Return on tangible assets	99.5%	124.2%	338%	90.8%	35.9%	-112.7%	-663.3%	1K%	657.7%	190.8%	83.4%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.93	1.92	1.8	2.14	2.38	2.08	2.47	1.43	2.32	2.47	1.88
Quick ratio	0.99	1.04	0.95	1.19	1.67	1.12	1.3	0.7	1.19	1.2	0.92
Debt / equity	0.06	0.05	0.11	0.04	0.2	0.48	0.44	0.43	0.36	0.36	0.36
Debt / assets	0.04	0.04	0.08	0.03	0.13	0.26	0.25	0.25	0.21	0.21	0.21
Net debt / EBITDA	-0.11	-0.14	0.12	-0.31	-0.32	1.95	1.46	1.87	1.52	2	2.28
Interest coverage	103.3	101.8	45.6	67.9	53.9	27	21.4	14.8	13.8	9.5	7.62
Effective tax rate	32.4%	33.7%	14.3%	19.1%	18.5%	19.3%	21.7%	21.8%	22.3%	28%	34.4%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	18	17.4	18	17.8	17.9	21	22.9	22.2	21.7	22	22.1
EPS (basic)	1.68	1.6	1.91	1.83	1.69	1.68	1.84	1.45	1.47	0.87	0.87
EPS (diluted)	1.64	1.57	1.86	1.8	1.66	1.66	1.82	1.45	1.47	0.87	0.62
Book value per share	8.41	9.35	10.6	11.1	12	12.9	13.8	14.2	14.6	14.4	14.3
FCF per share	1.48	1.54	1.61	1.18	1.41	1.42	1.57	1.42	1.84	0.97	1.42
Cash per share	0.78	0.84	0.87	1.29	3.22	1.17	1.83	1.38	1.4	1.28	1.58
Capex per share	0.47	0.41	0.72	0.48	0.68	0.43	0.51	0.48	0.47	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	2.62%	2.37%	3.98%	2.7%	3.8%	2.02%	2.23%	2.19%	2.15%	—	—
Capex / operating cash flow	24.5%	20.8%	30.6%	26.1%	32.3%	24%	25.1%	23.8%	19.4%	—	—
Payout ratio	33.3%	40.8%	38.3%	44.6%	53.7%	57.5%	55.8%	74.8%	76.4%	132.5%	188.3%
Dividend yield	1.45%	2.1%	1.68%	2%	1.86%	2.28%	2.2%	3.33%	3.67%	5.33%	5.87%

Yield

5.87%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.293

ex-dividend Jul 13, 2026

Payout ratio

188%

of earnings

Dividend growth

6 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jul 13, 2026	$0.293
Apr 13, 2026	$0.293
Jan 12, 2026	$0.293

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Revenue	$3.2B	$3B	$2.9B	$2.9B	$3.1B	$3B	$2.9B	$3B	$3.2B	$3B	$3B	$3B
YoY change	-2.6%	+0.87%	-3.03%	-2.19%	-1.88%	-0.27%	+0.4%	+4.64%	+1.52%	+1.29%	+2.55%	-2.36%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	415.1M	444.1M	459.1M	687.6M	1.7B	634.7M	998.3M	753.2M	766.6M	703.6M
Receivables	591.3M	618.4M	600.4M	574.4M	702.4M	895.7M	867.6M	817.4M	817.9M	784.8M
Inventory	985.7M	921M	963.5M	1B	1.1B	1.4B	1.7B	1.7B	1.6B	1.7B
Total current assets	2B	2B	2.1B	2.4B	3.6B	2.9B	3.6B	3.3B	3.2B	3.4B
Property, plant & equipment	2B	2B	2.4B	2.5B	2.7B	3.2B	742.9M	707.5M	691.2M	701.5M
Goodwill & intangibles	5.5B	6.3B	7.8B	7B	7.4B	13.5B	13.5B	13.4B	13.3B	13.1B
Total assets	6.4B	7B	8.1B	8.1B	9.9B	12.7B	13.3B	13.4B	13.4B	13.4B
Accounts payable	481.8M	552.7M	618.8M	590M	644.6M	793.3M	816.6M	771.4M	735.6M	731.6M
Short-term debt	—	—	—	—	258.7M	8.8M	8.8M	950.5M	7.8M	6.6M
Total current liabilities	1.1B	1.1B	1.1B	1.1B	1.5B	1.4B	1.5B	2.3B	1.4B	1.4B
Long-term debt	250M	250M	624.8M	250M	1B	3.3B	3.3B	2.4B	2.9B	2.9B
Total liabilities	1.9B	2B	2.5B	2.2B	3.5B	5.7B	5.8B	5.7B	5.4B	5.5B
Shareholders' equity	4.5B	4.9B	5.6B	5.9B	6.4B	7B	7.5B	7.7B	8B	7.9B
Total debt	250M	250M	624.8M	250M	1.3B	3.3B	3.3B	3.3B	2.9B	2.9B
Net debt	-165.1M	-194.1M	165.7M	-422.9M	-410.7M	2.7B	2.3B	2.6B	2.1B	2.2B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Cash & short-term investments	753.2M	981.9M	1.5B	561.9M	766.6M	866.4M	699M	630.7M	703.6M	901.2M	859.9M	868.4M
Receivables	817.4M	751M	732M	727.1M	817.9M	767.8M	744M	764.3M	784.8M	696.3M	728.5M	709.7M
Inventory	1.7B	1.6B	1.7B	1.6B	1.6B	1.5B	1.7B	1.8B	1.7B	1.6B	1.8B	1.8B
Total current assets	3.3B	3.4B	4B	3B	3.2B	3.3B	3.3B	3.3B	3.4B	3.4B	3.5B	3.5B
Property, plant & equipment	707.5M	690.7M	693.6M	696.7M	691.2M	694.6M	693.3M	706.4M	701.5M	702.5M	684.1M	687.9M
Goodwill & intangibles	13.4B	13.4B	13.4B	13.3B	13.3B	13.3B	13.3B	13.3B	13.1B	13B	12.9B	12.9B
Total assets	13.4B	13.5B	14.1B	13.1B	13.4B	13.4B	13.4B	13.5B	13.4B	13.3B	13.3B	13.3B
Accounts payable	771.4M	744.1M	691.5M	675.2M	735.6M	709.2M	716.9M	707.8M	731.6M	670.9M	669.4M	678M
Short-term debt	950.5M	954M	957.3M	8.2M	7.8M	7.2M	7.2M	6.7M	6.6M	6.5M	505.3M	505.6M
Total current liabilities	2.3B	2.3B	2.3B	1.3B	1.4B	1.3B	1.3B	1.3B	1.4B	1.3B	1.8B	1.9B
Long-term debt	2.4B	2.4B	2.9B	2.9B	2.9B	2.9B	2.9B	2.9B	2.9B	2.9B	2.4B	2.3B
Total liabilities	5.7B	5.7B	6.2B	5.2B	5.4B	5.4B	5.4B	5.4B	5.5B	5.4B	5.4B	5.4B
Shareholders' equity	7.7B	7.8B	7.9B	7.9B	8B	8B	8B	8.1B	7.9B	8B	8B	7.9B
Total debt	3.3B	3.3B	3.8B	2.9B	2.9B	2.9B	2.9B	2.9B	2.9B	2.9B	2.9B	2.9B
Net debt	2.6B	2.3B	2.3B	2.3B	2.1B	2B	2.2B	2.3B	2.2B	2B	2B	2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	890.5M	847.1M	1B	979.1M	908.4M	909.1M	1B	792.9M	804.6M	477.8M
Depreciation & amortization	132M	131M	161.9M	165.2M	205.8M	209.3M	235.9M	253.3M	257.8M	263.9M
Stock-based compensation	17.8M	15.6M	20.6M	19.7M	22.5M	24.7M	24.9M	24.1M	23.2M	25.6M
Change in working capital	-66.7M	-4.5M	63M	-189.5M	-20.6M	-237.2M	-367.2M	-37.5M	94.3M	-177.1M
Operating cash flow	1B	1B	1.2B	983M	1.1B	957.5M	1.1B	1.1B	1.3B	845.3M
Capital expenditure	-249.3M	-217.5M	-379.9M	-256.4M	-365.6M	-230.2M	-277.7M	-264.9M	-256M	—
Investing cash flow	-407.1M	-587.2M	-1.2B	237.9M	-652.5M	-3.6B	-260.5M	-689.5M	-230.8M	19.1M
Dividends paid	-296.5M	-346M	-388.1M	-437.1M	-487.4M	-523.1M	-557.8M	-592.9M	-615M	-633.2M
Share repurchases	-87.9M	-94.5M	-46.9M	-174.2M	-12.4M	-20M	0	-12.3M	0	0
Financing cash flow	-706.7M	-971M	-60.2M	-986.1M	1.5B	1.5B	-566.5M	-612.1M	-1.1B	-636.1M
Net change in cash	-97.2M	-510.8M	-43.1M	234.8M	2B	-1.2B	277.4M	-187.9M	19.9M	228.3M
Free cash flow	784.5M	812.6M	852.1M	629.2M	760.5M	769.5M	856.1M	777.6M	1B	534.3M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Net income	195.5M	218.7M	189.2M	176.7M	220M	170.5M	179.7M	183.7M	-56.2M	181.8M	157.4M	59.5M
Depreciation & amortization	36.9M	64.1M	63.6M	63.7M	66.4M	65.9M	64M	64.7M	69.4M	67.1M	68.8M	66.4M
Stock-based compensation	3.1M	4.4M	10.6M	5.1M	3.1M	5.5M	11.1M	4.9M	4.2M	6.9M	9.5M	4.8M
Change in working capital	3.2M	50.5M	-11.6M	17.8M	37.6M	66.6M	-208.7M	-121.2M	86.1M	86.9M	-101.7M	-9.2M
Operating cash flow	270.8M	352.1M	268.7M	277M	423.7M	319.1M	56.9M	156.7M	322.9M	349.2M	178.9M	240.6M
Capital expenditure	-101.7M	-47.2M	-59.6M	-65.4M	-83.7M	-72.1M	-75M	—	—	—	—	—
Investing cash flow	-100.5M	-47.2M	-60M	-63.6M	-60M	-58.9M	-75M	7.3M	-1.4M	77.3M	22.9M	495K
Dividends paid	-150.4M	-150.3M	-154.7M	-154.9M	-155M	-155M	-159.2M	-159.5M	-159.5M	-159.5M	-160.9M	-161M
Share repurchases	0	—	—	0	0	—	—	—	—	—	—	—
Financing cash flow	-152.6M	-152.3M	-151.9M	-1.1B	-157.2M	-157.2M	-161.3M	-161.5M	-156.1M	-161.3M	-162.8M	-162.6M
Net change in cash	17.6M	152.6M	56.8M	-893.8M	206.5M	103M	-179.4M	2.5M	165.4M	265.1M	39.1M	78.5M
Free cash flow	217.4M	356.8M	176.2M	152.5M	324.8M	237M	-18.6M	84.5M	231.4M	280.2M	96.8M	172.4M

Date	Ratio
Feb 10, 2016	2:1
Feb 15, 2011	2:1
Feb 16, 2000	2:1
Feb 21, 1990	2:1
Jun 2, 1987	2:1
Sep 4, 1985	2:1

Hormel Foods Corporation Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history