Companies: 10,838     total market cap: โ‚น14254.937 T
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Hormel Foods
HRL
#1709
Rank
โ‚น1.214 T
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
โ‚น2,207
Share price
-1.53%
Change (1 day)
-14.25%
Change (1 year)
๐Ÿด Food
Categories
Hormel Foods is an American food manufacturer, the company is best known for its breakfast meat from the Spam brand. Hormel also sells groceries under the brand names such as Jennie-O, Stagg and Carapelli.
  1. Hormel Foods
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2026 Q2

Hormel Foods - 10-Q quarterly report FY2026 Q2


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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 April 26, 2026
or
☐
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
hml-20231029_g1.jpg
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 classTrading SymbolName 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 May 24, 2026
Common Stock$0.01465par value550,314,959 
Common Stock Nonvoting
$0.01par value0 

TABLE OF CONTENTS
PART I - FINANCIAL INFORMATION
3
Item 1.
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
8
Notes to the Consolidated Financial Statements
9
Item 2.
24
Results of Operations
24
Overview
24
Consolidated Results
25
Segment Results
27
Related Party Transactions
29
Non-GAAP Measures
29
Liquidity and Capital Resources
32
Critical Accounting Estimates
34
Forward-looking Statements
34
Item 3.
35
Item 4.
35
PART II - OTHER INFORMATION
36
Item 1.
36
Item 1A.
36
Item 2.
36
Item 3.
36
Item 4.
36
Item 5.
36
Item 6.
37
38


2
PART I – FINANCIAL INFORMATION


Item 1. FINANCIAL STATEMENTS

HORMEL FOODS CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited
 Quarter EndedSix Months Ended
In thousands, except per share amounts
April 26, 2026April 27, 2025April 26, 2026April 27, 2025
Net Sales$2,972,600 $2,898,810 $5,999,917 $5,887,623 
Cost of Products Sold2,454,093 2,414,377 5,011,835 4,927,957 
Gross Profit518,507 484,433 988,082 959,666 
Selling, General, and Administrative318,624 251,432 560,322 514,445 
Equity in Earnings of Affiliates17,229 15,350 33,049 31,461 
Operating Income217,112 248,352 460,809 476,682 
Interest Income6,479 6,176 13,007 13,719 
Interest Expense19,822 19,516 39,550 38,977 
Other Income (Expense), Net2,294 (4,523)6,109 (2,862)
Earnings Before Income Taxes206,063 230,489 440,375 448,561 
Provision for Income Taxes48,685 50,747 101,227 98,289 
Net Earnings157,378 179,742 339,147 350,272 
Less: Net Earnings (Loss) Attributable to Noncontrolling Interest(96)(275)(127)(320)
Net Earnings Attributable to Hormel Foods Corporation$157,474 $180,017 $339,274 $350,592 
Net Earnings Per Share:
Basic$0.29 $0.33 $0.62 $0.64 
Diluted$0.29 $0.33 $0.62 $0.64 
Weighted-average Shares Outstanding:
Basic550,562550,277550,520 549,868 
Diluted550,915550,611550,810 550,233 
 
See accompanying Notes to the Consolidated Financial Statements


3
HORMEL FOODS CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Unaudited
 Quarter EndedSix Months Ended
In thousands
April 26, 2026April 27, 2025April 26, 2026April 27, 2025
Net Earnings$157,378 $179,742 $339,147 $350,272 
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation1,735 (28,120)4,227 (55,199)
Pension and Other Benefits1,556 2,542 3,044 4,908 
Derivatives and Hedging
3,542 (3,883)10,490 11,979 
Equity Method Investments(1,856)1,902 (2,066)2,376 
Total Other Comprehensive Income (Loss)
4,977 (27,559)15,694 (35,936)
Comprehensive Income162,355 152,183 354,842 314,336 
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interest
(151)(497)(88)(987)
Comprehensive Income Attributable to Hormel Foods Corporation
$162,506 $152,680 $354,929 $315,323 
 
See accompanying Notes to the Consolidated Financial Statements


4
HORMEL FOODS CORPORATION
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
Unaudited
In thousands, except share and per share amounts
April 26, 2026October 26, 2025
Assets  
Cash and Cash Equivalents$826,750 $670,679 
Short-term Marketable Securities33,107 32,909 
Accounts and Other Receivables, Net
760,073 813,989 
Inventories1,750,914 1,747,279 
Taxes Receivable58,760 96,791 
Prepaid Expenses and Other Current Assets64,006 44,010 
Total Current Assets3,493,610 3,405,656 
Goodwill4,871,935 4,924,087 
Intangible Assets1,585,631 1,647,297 
Pension Assets206,699 211,826 
Investments in Affiliates568,549 533,984 
Other Assets451,769 431,500 
Property, Plant, and Equipment, Net2,166,093 2,238,770 
Total Assets$13,344,286 $13,393,119 
Liabilities and Shareholders’ Investment  
Accounts Payable$669,380 $731,578 
Accrued Expenses78,726 55,772 
Accrued Marketing Expenses122,512 113,947 
Employee-related Expenses241,533 273,402 
Interest and Dividends Payable182,246 180,700 
Taxes Payable3,059 18,752 
Current Maturities of Long-term Debt505,335 6,646 
Total Current Liabilities1,802,791 1,380,796 
Long-term Debt Less Current Maturities2,351,004 2,850,778 
Pension and Postretirement Benefits353,569 358,984 
Deferred Income Taxes657,431 661,349 
Other Long-term Liabilities215,615 225,397 
Shareholders’ Investment
Preferred Stock, Par Value $0.01 a Share —
Authorized 160,000,000 Shares; Issued — None
— — 
Common Stock, Nonvoting, Par Value $0.01 a Share —
Authorized 400,000,000 Shares; Issued — None
— — 
Common Stock, Par Value $0.01465 a Share — Authorized 1,600,000,000 Shares;
Issued 550,301,827 and 550,107,260 Shares, respectively
8,062 8,059 
Additional Paid-in Capital635,677 620,069 
Accumulated Other Comprehensive Loss(227,991)(243,646)
Retained Earnings7,533,573 7,516,690 
Hormel Foods Corporation Shareholders’ Investment7,949,320 7,901,171 
Noncontrolling Interest14,556 14,644 
Total Shareholders’ Investment7,963,876 7,915,815 
Total Liabilities and Shareholders’ Investment$13,344,286 $13,393,119 
 
See accompanying Notes to the Consolidated Financial Statements

5
HORMEL FOODS CORPORATION
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ INVESTMENT
Unaudited
Quarter Ended April 27, 2025
 Hormel Foods Corporation Shareholders  
Common
Stock
Treasury
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Non-controlling
Interest
Total
Shareholders’
Investment
In thousands, except per share amounts
SharesAmountSharesAmount
Balance at January 26, 2025549,785$8,054 —$— $602,887 $7,688,663 $(271,263)$10,101 $8,038,442 
Net Earnings (Loss)
180,017 (275)179,742 
Other Comprehensive Income (Loss)
(27,338)(222)(27,559)
Stock-based Compensation Expense
541 11,079 11,080 
Exercise of Stock-based Compensation Awards, Net of Withholding Taxes
481 (156)(156)
Declared Dividends – $0.2900 per Share
379 (159,987)(159,609)
Balance at April 27, 2025549,888$8,056 —$— $614,189 $7,708,693 $(298,601)$9,604 $8,041,941 
Quarter Ended April 26, 2026
 Hormel Foods Corporation Shareholders  
Common
Stock		Treasury
Stock		Additional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Income (Loss)		Non-
controlling
Interest		Total
Shareholders’
Investment
In thousands, except per share amounts
SharesAmountSharesAmount
Balance at January 25, 2026550,212$8,061 —$— $625,982 $7,537,481 $(233,023)$14,707 $7,953,207 
Net Earnings (Loss)
157,474 (96)157,378 
Other Comprehensive Income (Loss)
5,032 (55)4,977 
Stock-based Compensation Expense
65 1 9,525 9,526 
Exercise of Stock-based Compensation Awards, Net of Withholding Taxes
25— (220)(220)
Declared Dividends – $0.2925 per Share
390 (161,383)(160,992)
Balance at April 26, 2026550,302$8,062 —$— $635,677 $7,533,573 $(227,991)$14,556 $7,963,876 

See accompanying Notes to the Consolidated Financial Statements


6
HORMEL FOODS CORPORATION
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ INVESTMENT
Unaudited
Six Months Ended April 27, 2025
Hormel Foods Corporation Shareholders
Common
Stock		Treasury
Stock		Additional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Income (Loss)
Non-controlling
Interest
Total
Shareholders’
Investment
In thousands, except per share amounts
SharesAmountSharesAmount
Balance at October 27, 2024548,605 $8,037 — $— $571,178 $7,677,537 $(263,331)$10,590 $8,004,011 
Net Earnings (Loss)
350,592 (320)350,272 
Other Comprehensive Income (Loss)(35,270)(666)(35,936)
Stock-based Compensation Expense54 1 16,534 16,535 
Exercise of Stock-based Compensation Awards, Net of Withholding Taxes
1,228 18 25,823 25,841 
Declared Dividends – $0.5800 per Share
654 (319,436)(318,782)
Balance at April 27, 2025549,888 $8,056 — $— $614,189 $7,708,693 $(298,601)$9,604 $8,041,941 
Six Months Ended April 26, 2026
Hormel Foods Corporation Shareholders
Common
Stock		Treasury
Stock		Additional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Income (Loss)		Non-
controlling
Interest		Total
Shareholders’
Investment
In thousands, except per share amounts
SharesAmountSharesAmount
Balance at October 26, 2025550,107 $8,059 — $— $620,069 $7,516,690 $(243,646)$14,644 $7,915,815 
Net Earnings (Loss)
339,274 (127)339,147 
Other Comprehensive Income (Loss)15,655 40 15,694 
Stock-based Compensation Expense65 1 16,444 16,445 
Exercise of Stock-based Compensation Awards, Net of Withholding Taxes
129 2 (1,328)(1,326)
Declared Dividends – $0.5850 per Share
492 (322,391)(321,899)
Balance at April 26, 2026550,302 $8,062 — $— $635,677 $7,533,573 $(227,991)$14,556 $7,963,876 

See accompanying Notes to the Consolidated Financial Statements

7
HORMEL FOODS CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
Unaudited
Six Months Ended
In thousands
April 26, 2026April 27, 2025
Operating Activities  
Net Earnings$339,147 $350,272 
Adjustments to Reconcile to Net Cash Provided by (Used in) Operating Activities:
Depreciation and Amortization135,921 129,835 
Equity in Earnings of Affiliates(33,049)(31,461)
Distributions Received from Equity Method Investees19,301 26,144 
Provision for Deferred Income Taxes(7,696)(286)
Non-cash Investment Activities(5,249)1,265 
Stock-based Compensation Expense16,445 16,535 
Operating Lease Cost21,608 19,107 
Loss (Gain) on Sale of Business36,706 10,800 
Other Non-cash, Net2,733 2,602 
Changes in Operating Assets and Liabilities, Net of Divestitures:
Decrease (Increase) in Accounts Receivable63,996 70,566 
Decrease (Increase) in Inventories(23,110)(155,901)
Decrease (Increase) in Prepaid Expenses and Other Assets(1,653)(4,905)
Increase (Decrease) in Pension and Postretirement Benefits3,685 20,635 
Increase (Decrease) in Accounts Payable and Accrued Expenses(59,398)(77,321)
Increase (Decrease) in Net Income Taxes Payable18,765 (12,239)
Net Cash Provided by (Used in) Operating Activities528,153 365,646 
Investing Activities
Net Sale (Purchase) of Securities(126)(4,735)
Proceeds from Sale of Business100,035 13,139 
Purchases of Property, Plant, and Equipment(151,167)(147,250)
Proceeds from Sales of Property, Plant, and Equipment367 82 
Proceeds from (Purchases of) Affiliates and Other Investments(5,316)(2,699)
Proceeds from Company-owned Life Insurance5,466 2,795 
Net Cash Provided by (Used in) Investing Activities(50,742)(138,668)
Financing Activities
Repayments of Long-term Debt and Finance Leases(3,652)(4,245)
Dividends Paid on Common Stock(320,437)(314,225)
Proceeds from Stock-based Compensation Plans, Net of Withholding Taxes(1,326)25,841 
Net Cash Provided by (Used in) Financing Activities(325,416)(292,629)
Effect of Exchange Rate Changes on Cash4,076 (6,542)
Increase (Decrease) in Cash and Cash Equivalents156,072 (72,193)
Cash and Cash Equivalents at Beginning of Year670,679 741,881 
Cash and Cash Equivalents at End of Period$826,750 $669,688 
Supplemental Non-cash Investing and Financing Activities:
Purchases of Property, Plant, and Equipment Included in Accounts Payable
$24,250 $20,383 

See accompanying Notes to the Consolidated Financial Statements

8
HORMEL FOODS CORPORATION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Unaudited
 
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation: The accompanying unaudited consolidated financial statements of Hormel Foods Corporation (the Company) have been prepared in accordance with accounting principles generally accepted in the United States (U.S.) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include certain information and footnotes required by U.S. generally accepted accounting principles (GAAP) for comprehensive financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results and cash flows for the interim period are not necessarily indicative of the results that may be expected for the full year.

These statements should be reviewed in conjunction with the consolidated financial statements and associated notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended October 26, 2025. The significant accounting policies used in preparing these interim consolidated financial statements are consistent with those described in Note A - Summary of Significant Accounting Policies to the consolidated financial statements in the Form 10-K. The Company has determined there have been no material changes in the Company’s significant accounting policies, including estimates and assumptions, as disclosed in its Annual Report on Form 10-K for the fiscal year ended October 26, 2025.

Rounding: Certain amounts in the consolidated financial statements and associated notes may not foot due to rounding. All percentages have been calculated using unrounded amounts.

Reclassifications: Certain prior year amounts have been reclassified to conform to the current year presentation.
•Consolidated Statements of Operations: Interest and Investment Income has been separated into Interest Income and Other Income (Expense), Net.
•Consolidated Statements of Financial Position: Certain amounts within Prepaid Expenses and Other Current Assets were reclassified to Accounts and Other Receivables, Net.
•Consolidated Condensed Statements of Cash Flows: Due to the reclassification noted above on the Consolidated Statements of Financial Position, there was an associated reclassification between Decrease (Increase) in Accounts Receivable and Decrease (Increase) in Prepaid Expenses and Other Assets.

Accounting Changes and Recent Accounting Pronouncements:

New Accounting Pronouncements Not Yet Adopted

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The update is intended to enhance transparency and decision usefulness of annual income tax disclosures. The ASU updates income tax disclosure requirements by requiring specific categories and greater disaggregation within the rate reconciliation and disaggregation of income taxes paid by jurisdiction. The Company expects to adopt the ASU in connection with its Annual Report on Form 10-K for the fiscal year ending October 25, 2026. While the standard will require additional disclosures related to the Company's income taxes, the Company does not expect the adoption to have a material effect on the Company’s financial condition or results of operations.

In November 2024, the FASB issued ASU 2024-03 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. Subsequently, in January 2025, the FASB issued ASU 2025-01 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. The new guidance is intended to provide investors more detailed disclosures around specific types of expenses. The new disclosures require certain details for expenses presented on the face of the Consolidated Statements of Operations as well as selling expenses to be presented in the notes to the financial statements. As clarified by ASU 2025-01, the guidance is effective for the Company's fiscal year ending October 29, 2028, and subsequent interim periods thereafter. The disclosure updates are required to be applied prospectively with the option for retrospective application. The Company is currently assessing the impact of adopting the updated guidance.

In September 2025, the FASB issued ASU 2025-06 Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The new guidance is intended to modernize the accounting for internal-use software costs and better align recognition practices. The update introduces principles-based criteria entities must consider to begin capitalizing costs based on management authorization and project completion probability. The guidance is effective for the Company's fiscal year ending October 28, 2029, and subsequent interim periods thereafter, with early adoption permitted. Several transition approaches are available including prospective, retrospective,

9
and a modified transition approach. The Company is currently assessing the impact, transition approach, and timing of adoption.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. The update is intended to improve the navigability of interim disclosure requirements and provide additional guidance about disclosures to be provided in interim reporting periods, including a requirement to disclose events since the end of the last annual reporting period that have a material impact on the entity. The update is effective for interim reporting periods within the Company’s fiscal year beginning October 30, 2028. Early adoption is permitted and the guidance may be applied prospectively or retrospectively. The Company is currently assessing the impact of adopting the updated provisions and transition approach. The adoption is not expected to have a material effect on the Company’s financial condition or results of operations.

In May 2026, the FASB issued ASU 2026-02, Environmental Credits and Environmental Credit Obligations (Topic 818). The update is intended to improve the accounting for and disclosure of environmental credits and related obligations by establishing consistent guidance for recognition, measurement, presentation, and disclosure. The ASU introduces a comprehensive model and requires enhanced disclosures to improve transparency and comparability. The guidance is effective for interim and annual reporting for the Company's fiscal year ending October 28, 2029, on a retrospective basis with early adoption permitted. The Company is currently assessing the impact of adopting the updated guidance.

Recently issued accounting standards or pronouncements not disclosed have been excluded as they are currently not relevant to the Company.


NOTE B - ACQUISITIONS AND DIVESTITURES

Whole-bird Turkey Transaction: On April 24, 2026, the Company completed the sale of its whole-bird turkey business to Willmar Poultry Innovations, LLC, a subsidiary of Life-Science Innovations, for $61.2 million including cash proceeds of $21.2 million and a secured promissory note with a face value of $40.0 million. Refer to Note F - Notes Receivable for additional information on the secured promissory note. The divestiture resulted in an estimated pre-tax loss of $61.0 million, including transaction costs, which was recognized in Selling, General, and Administrative. The transaction is subject to customary working capital adjustments, which the Company expects to finalize by the end of fiscal 2026.

The sale included the whole-bird production facility in Melrose, Minnesota, a feed mill in Swanville, Minnesota, and associated transportation assets. The Company continues to own and use the Jennie-O® brand name. The buyer has assumed certain supply contracts with dedicated third-party hen growers and is contracted to provide co-manufacturing services to the Company in the future. There was a nominal impact to the Company's future commitments. Results of operations for the whole-bird turkey business were primarily reflected in the Retail segment.

Justin's, LLC Transaction: On December 15, 2025, the Company sold 51% of its equity interest in Justin's, LLC and related assets to Forward Consumer Partners, LLC for cash proceeds of $77.3 million, net of estimated working capital adjustments expected to be settled in fiscal 2026. As a result of the transaction, the Company no longer holds a controlling financial interest in Justin's, LLC, resulting in deconsolidation. The sale resulted in a pre-tax gain of $23.5 million, which was recognized in Selling, General, and Administrative. Results of operations for Justin's, LLC were primarily reflected in the Retail segment prior to deconsolidation.

The Company maintained the ability to exercise significant influence over the entity in its new structure, Joy Topco, L.P., and will account for this interest as an equity method investment. The Company recorded the remaining 49% equity interest in Joy Topco, L.P. at its estimated fair value of $46.3 million plus $1.1 million in capitalized deal costs in Investment in Affiliates. The Company engaged a third-party specialist to assist with the valuation, which reflected a combination of observable data and significant unobservable, or Level 3, inputs to determine the estimated fair value of the investment. Results of Joy Topco, L.P. are reported as Equity in Earnings of Affiliates within the Retail segment. See Note D - Investments in Affiliates for additional information.

Mountain Prairie, LLC Divestiture: On November 18, 2024, the Company sold its equity interests in a non-core sow operation, Mountain Prairie, LLC, and related assets to Chaparral Ranches, LLC for cash proceeds of $13.6 million. The divestiture resulted in a pre-tax loss of $11.3 million, including transaction costs, which was recognized in Selling, General, and Administrative. Results of operations for Mountain Prairie, LLC were primarily reflected within the Retail segment through the date of divestiture.



10
NOTE C - GOODWILL AND INTANGIBLE ASSETS

Goodwill: The change in the carrying amount of goodwill for the six months ended April 26, 2026, is:
In thousandsRetailFoodserviceInternationalTotal
Balance at October 26, 2025
$2,916,796 $1,748,355 $258,936 $4,924,087 
Goodwill Sold(1)
(53,086)(1,330)— (54,416)
Foreign Currency Translation— — 2,264 2,264 
Balance at April 26, 2026
$2,863,709 $1,747,025 $261,200 $4,871,935 
(1)    Goodwill sold during fiscal 2026 was due to the sale of the Company's controlling equity interest in Justin's, LLC ($34.9 million) and the divestiture of the whole-bird turkey business ($19.5 million). See Note B - Acquisitions and Divestitures for additional information.

Intangible Assets: The Company's intangible assets by type are:
April 26, 2026October 26, 2025
In thousandsGross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount		Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
Definite-lived Intangible Assets
Customer Relationships$107,648 $(58,980)$48,668 $134,328 $(78,565)$55,763 
Other Definite-lived Intangibles59,095 (26,390)32,704 59,445 (24,620)34,824 
Trade Names/Trademarks— — — 6,210 (6,210)— 
Foreign Currency Translation— (2,867)(2,867)— (4,476)(4,476)
Total Definite-lived Intangible Assets$166,742 $(88,237)$78,505 $199,982 $(113,872)$86,111 
Indefinite-lived Intangible Assets
Brands/Trade Names/Trademarks(1)
$1,513,306 $1,567,623 
Foreign Currency Translation(6,180)(6,437)
Total Indefinite-lived Intangible Assets1,507,126 1,561,186 
Total Intangible Assets$1,585,631 $1,647,297 
(1)    Includes the removal of a $54.3 million indefinite‑lived trade name following the sale of the Company's controlling equity interest in Justin's, LLC in the first quarter of fiscal 2026. See Note B - Acquisitions and Divestitures for additional information.


Amortization expense on intangible assets is as follows:
 Quarter EndedSix Months Ended
In thousandsApril 26, 2026April 27, 2025April 26, 2026April 27, 2025
Amortization Expense$3,014 $3,588 $6,084 $7,418 

Estimated annual amortization expense on intangible assets for the five fiscal years after October 26, 2025, is as follows:
In thousandsAmortization
Expense
2026$12,042 
202711,685 
202810,773 
20299,511 
20309,326 



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NOTE D - INVESTMENTS IN AFFILIATES

Ownership: As of April 26, 2026, the Company's equity method investments include:
SegmentOwnership Percentage
MegaMex Foods, LLCRetail50%
Joy Topco, L.P.(1)
Retail49%
The Purefoods - Hormel Company, Inc.International40%
PT Garudafood Putra Putri Jaya Tbk. (Garudafood)
International30%
Okinawa Hormel Ltd.International26%
Corporate Venturing Investmentsn/a
26% - 43%
(1)    In the first quarter of fiscal 2026, the Company recorded a 49% ownership interest in Joy Topco, L.P. in connection with the sale of its controlling equity interest in Justin’s, LLC. See Note B - Acquisitions and Divestitures for additional information.

Equity in Earnings: The Company's share of earnings from its equity method investments is recorded as Equity in Earnings of Affiliates and further disclosed in Note Q - Segment Reporting. Equity in earnings from corporate venturing investments is not included in any of the reportable segments' measure of segment profit.

Distributions: Distributions received from equity method investees consists of:
In thousandsQuarter EndedSix Months Ended
April 26, 2026April 27, 2025April 26, 2026April 27, 2025
Distributions$6,250 $6,250 $19,301 $26,144 

Basis Difference: The initial and unamortized basis differences as of April 26, 2026, are:
In thousands
Initial Basis DifferenceUnamortized Basis Difference
Garudafood(1)
$324,828 $132,283 
MegaMex Foods, LLC21,273 7,184 
(1)    The Garudafood remaining unamortized basis difference includes the impact of foreign currency translation and impairment.

Fair Value: The fair value of the common stock held in Garudafood was $224.2 million as of April 24, 2026, based on the closing market price on the Indonesia Stock Exchange (IDX) and converted to U.S. dollars. The Company's other equity method investments do not have readily determinable fair values.

As of April 26, 2026, and in accordance with the Company's accounting procedures and internal controls, the Company evaluated whether an other‑than‑temporary impairment existed for its investment in Garudafood, which had a carrying value of $247.4 million. This evaluation included consideration of the severity and duration of the carrying value in excess of Garudafood’s quoted market value, performance of Garudafood's stock price, Garudafood's operating performance and outlook, and the Company's strategic intent and ability to hold the investment. The Company considers Garudafood a long-term strategic partner, maintains representation on Garudafood’s Board of Commissioners, and has the intent and ability to retain its investment for a period of time sufficient to allow for recovery in market value. Based on the evaluation of the factors above, the Company does not consider the investment to be other‑than‑temporarily impaired as of April 26, 2026. The Company will continue to assess the value of its investment in Garudafood, which may result in the recognition of an other‑than‑temporary impairment in the future.

Transactions: The Company has agreements with its equity method investments which, in some cases, result in amounts due to or due from these parties. The amounts due to equity method investees were $55.5 million and $38.8 million as of April 26, 2026, and October 26, 2025, respectively. The amounts due from equity method investees were $7.8 million and $11.9 million as of April 26, 2026, and October 26, 2025, respectively.


NOTE E - ACCOUNTS AND OTHER RECEIVABLES, NET

The components of accounts and other receivables, net are:
In thousands
April 26, 2026October 26, 2025
Trade Accounts
$728,472 $788,514 
Other
35,420 29,218 
Total Receivables
763,892 817,731 
Less: Allowance for Credit Losses3,819 3,743 
Accounts and Other Receivables, Net
$760,073 $813,989 

12

Trade accounts receivable represents amounts billed and outstanding from customers in the ordinary course of business. Other receivables consists of miscellaneous amounts due to the Company such as insurance and other contractual proceeds or reimbursements. As of April 26, 2026, other receivables also includes the current portion of a secured promissory note related to the divestiture of the whole-bird turkey business.

Concentration of Credit Risk: The Company is exposed to credit risk from its customers. The Company regularly assesses the credit worthiness of its customers. As of April 26, 2026, one customer accounted for more than 10 percent of net accounts receivable.


NOTE F - NOTES RECEIVABLE

In connection with the sale of the whole-bird turkey business on April 24, 2026, the Company entered into a $40.0 million secured promissory note receivable that matures on December 31, 2030, and bears interest at a rate of 6% per annum. Principal and interest payments are to be made in equal annual installments beginning December 31, 2026. The Company determined the fair value of the note approximated face value at inception and no premium or discount was recognized. The note is accounted for at amortized cost and interest income is recognized using the effective interest method. The Company evaluated the note for expected credit losses and concluded that the allowance was immaterial as of April 26, 2026. The current and long-term portions of the note were reflected in Accounts and Other Receivables, Net and Other Assets, respectively.


NOTE G - INVENTORIES

Principal components of inventories are:
In thousands
April 26, 2026October 26, 2025
Finished Products$1,053,750 $1,055,472 
Raw Materials and Work-in-Process419,661 414,436 
Operating Supplies138,549 142,643 
Maintenance Materials and Parts138,953 134,729 
Total Inventories
$1,750,914 $1,747,279 


NOTE H - PROPERTY, PLANT, AND EQUIPMENT

Property, plant, and equipment consists of the following:
In thousands
April 26, 2026October 26, 2025
Land
$75,054 $74,710 
Buildings
1,482,010 1,537,276 
Equipment
3,001,672 3,014,677 
Construction in Progress
284,959 286,466 
Less: Allowance for Depreciation
(2,677,603)(2,674,359)
Property, Plant, and Equipment, Net
$2,166,093 $2,238,770 


NOTE I - DERIVATIVES AND HEDGING

The Company uses hedging programs to manage risk associated with various commodity purchases and interest rates. These programs utilize futures, swaps, and options contracts to manage the Company’s exposure to market fluctuations.

Cash Flow Commodity Hedges: The Company uses futures, swaps, and options contracts to offset price fluctuations in the Company’s future purchases of grain, lean hogs, natural gas, and diesel fuel. These contracts are designated as cash flow hedges; therefore, the related gains or losses are reported in Accumulated Other Comprehensive Loss (AOCL) and reclassified into earnings, through Cost of Products Sold, in the periods in which the hedged transactions affect earnings. The Company typically does not hedge its grain, natural gas, or diesel fuel exposure beyond two fiscal years and its lean hog exposure beyond one fiscal year.

Fair Value Commodity Hedges: The Company designates the futures it uses to minimize the price risk assumed when fixed forward priced contracts are offered to the Company’s lean hog and grain suppliers as fair value hedges. The programs are

13
intended to make the forward priced commodities cost nearly the same as cash market purchases at the date of delivery. Changes in the fair value of the futures contracts and the offsetting gain or loss on the hedged purchase commitment are marked-to-market through earnings and recorded as a Current Asset and Current Liability, respectively. Gains or losses related to these fair value hedges are recognized through Cost of Products Sold in the periods in which the hedged transactions affect earnings.

Cash Flow Interest Rate Hedges: In the second quarter of fiscal 2021, the Company designated two separate interest rate locks as cash flow hedges to manage interest rate risk associated with anticipated debt transactions. The total notional amount of the Company’s locks was $1.25 billion. In the third quarter of fiscal 2021, the associated unsecured senior notes were issued with tenors of seven and 30 years and both locks were lifted (See Note N - Long-term Debt and Other Borrowing Arrangements). Mark-to-market gains and losses on these instruments were deferred as a component of AOCL. The resulting gain in AOCL is reclassified to Interest Expense in the period in which the hedged transactions affect earnings.

Other Derivatives: The Company holds certain futures and swap contracts to manage the Company’s exposure to fluctuations in grain and pork commodity markets for which it has not applied hedge accounting. Activity related to derivatives not designated for hedge accounting was immaterial to the consolidated financial statements during the quarter and six months ended April 26, 2026, and April 27, 2025.

Volume: The Company’s outstanding contracts related to its commodity hedging programs include:
In millions
April 26, 2026October 26, 2025
Corn31.0 
bushels
27.4 
bushels
Lean Hogs210.0 
pounds
188.6 
pounds
Natural Gas3.8 
MMBtu
3.6 
MMBtu
Diesel Fuel
7.7 
gallons
7.5 
gallons

Fair Value of Derivatives: The gross fair values of the Company’s derivative instruments designated as hedges are:
April 26, 2026October 26, 2025
In thousands
Assets
Liabilities
Assets
Liabilities
Gross Fair Value of Commodity Contracts
$22,516 $(3,394)$9,862 $(4,243)
Counterparty and Collateral Netting Offset(1)
(6,986)3,394 304 4,243 
Amounts Recognized in Prepaid Expenses and Other Current Assets
$15,530 $— $10,166 $— 
(1)    Per the terms of the Company’s master netting arrangements, the gross fair value of the Company’s commodity contracts was offset by the obligation to return net cash collateral of $3.6 million (including cash payable of $10.7 million and $7.1 million of realized gain) as of April 26, 2026, and the right to reclaim net cash collateral of $4.5 million (including cash payable of $5.5 million and $10.1 million of realized gain) as of October 26, 2025.

Fair Value Hedge - Assets (Liabilities): The carrying amount of the Company’s fair value hedged assets (liabilities) are:
In thousands
Location on Consolidated Statements of Financial Position
April 26, 2026October 26, 2025
Commodity Contracts
Accounts Payable(1)
$696 $(157)
(1)    Represents the carrying amount of fair value hedged assets and liabilities, which are offset by other assets included in master netting arrangements described above.

Accumulated Other Comprehensive Loss Impact: As of April 26, 2026, the Company included in AOCL pre-tax hedging gains of $19.8 million on commodity contracts and gains of $10.0 million related to interest rate settled positions. The Company expects to recognize the majority of the gains on commodity contracts over the next twelve months. Gains on interest rate contracts offset the hedged interest payments over the tenor of the associated debt instruments.

The pre-tax gains (losses) recognized in AOCL related to the Company’s derivative instruments are:
Quarter EndedSix Months Ended
In thousandsApril 26, 2026April 27, 2025April 26, 2026April 27, 2025
Commodity Contracts
$10,830 $(6,135)$22,461 $13,000 
Excluded Component(1)
(25)(96)(15)(183)
(1)    Represents the time value of commodity options excluded from the assessment of effectiveness for which the difference between changes in fair value and periodic amortization is recorded in AOCL.


14
The pre-tax gains (losses) reclassified from AOCL into earnings related to the Company’s derivative instruments are:
Location on Consolidated
Statements of Operations
Quarter EndedSix Months Ended
In thousandsApril 26, 2026April 27, 2025April 26, 2026April 27, 2025
Commodity Contracts
Cost of Products Sold
$5,910 $(1,326)$8,104 $(3,467)
Interest Rate Contracts
Interest Expense
247 247 494 494 

See Note K - Accumulated Other Comprehensive Loss for the after-tax impact of these gains or losses on Net Earnings.

Consolidated Statements of Operations Impact: The effect of pre-tax gains (losses) related to the Company’s derivative instruments are:
Quarter EndedSix Months Ended
In thousands
April 26, 2026April 27, 2025April 26, 2026April 27, 2025
Net Earnings Attributable to Hormel Foods Corporation$157,474 $180,017 $339,274 $350,592 
Cash Flow Hedges - Commodity Contracts
Gain (Loss) Reclassified from AOCL5,910 (1,326)8,104 (3,467)
Amortization of Excluded Component from Options(221)(211)(447)(419)
Fair Value Hedges - Commodity Contracts
Gain (Loss) on Commodity Futures(1)
215 (571)123 1,133 
Total Gain (Loss) on Commodity Contracts
5,904 (2,107)7,780 (2,753)
Cash Flow Hedges - Interest Rate Contracts
Gain (Loss) Reclassified from AOCL247 247 494 494 
Total Gain (Loss) on Interest Rate Contracts
247 247 494 494 
Total Gain (Loss) Recognized in Earnings$6,152 $(1,860)$8,274 $(2,259)

(1)    Represents gains or losses on commodity contracts designated as fair value hedges that were closed during the quarter and six months ended April 26, 2026, and April 27, 2025, which were offset by a corresponding gain or loss on the underlying hedged purchase commitment. Additional gains or losses related to changes in the fair value of open commodity contracts, along with the offsetting gain or loss on the hedged purchase commitment, are also marked-to-market through earnings with no impact on a net basis.


NOTE J - PENSION AND OTHER POSTRETIREMENT BENEFITS

Net periodic cost of defined benefit plans consists of:
 Pension Benefits
 Quarter EndedSix Months Ended
In thousands
April 26, 2026April 27, 2025April 26, 2026April 27, 2025
Service Cost$10,034 $11,973 $20,068 $23,947 
Interest Cost18,066 17,646 36,131 35,292 
Expected Return on Plan Assets(22,351)(21,737)(44,701)(43,474)
Amortization of Prior Service Cost (Credit)
128 319 256 639 
Recognized Actuarial Loss (Gain)
2,190 3,014 4,380 6,027 
Net Periodic Cost
$8,067 $11,215 $16,134 $22,431 


15
 
Postretirement Benefits
 Quarter EndedSix Months Ended
In thousands
April 26, 2026April 27, 2025April 26, 2026April 27, 2025
Service Cost$35 $41 $70 $83 
Interest Cost2,202 2,479 4,403 4,959 
Amortization of Prior Service Cost (Credit)
(7)(14)(14)(12)
Recognized Actuarial Loss (Gain)
(307)(40)(614)(80)
Net Periodic Cost
$1,922 $2,466 $3,845 $4,950 


NOTE K - ACCUMULATED OTHER COMPREHENSIVE LOSS

Components of Accumulated Other Comprehensive Loss are as follows:
In thousands
Foreign
Currency
Translation		Pension &
Other
Benefits
Derivatives &
Hedging
Equity
Method
Investments		Accumulated
Other
Comprehensive
Loss
Balance at January 25, 2026
$(112,033)$(141,530)$18,985 $1,554 $(233,023)
Unrecognized Gains (Losses)— — 
Gross1,790 46 10,805 (530)12,111 
Tax Effect— — (2,618)— (2,618)
Reclassification into Net Earnings— — — — 
Gross— 2,004 
(1)
(6,157)
(2)
(1,326)
(3)
(5,480)
Tax Effect— (493)1,512 — 1,018 
Change Net of Tax1,790 1,556 3,542 (1,856)5,032 
Balance at April 26, 2026
$(110,243)$(139,973)$22,527 $(303)$(227,991)
Balance at October 26, 2025
$(114,431)$(143,017)$12,038 $1,763 $(243,646)
Unrecognized Gains (Losses)
Gross4,188 22 22,446 149 26,805 
Tax Effect— — (5,475)— (5,475)
Reclassification into Net Earnings
Gross— 4,008 
(1)
(8,599)
(2)
(2,215)
(3)
(6,806)
Tax Effect— (987)2,117 — 1,130 
Change Net of Tax4,188 3,044 10,490 (2,066)15,655 
Balance at April 26, 2026
$(110,243)$(139,973)$22,527 $(303)$(227,991)

(1)    Included in computation of net periodic cost. See Note J - Pension and Other Postretirement Benefits for additional information.
(2)    Included in Cost of Products Sold and Interest Expense. See Note I - Derivatives and Hedging for additional information.
(3)    Included in Equity in Earnings of Affiliates.


NOTE L - FAIR VALUE MEASUREMENTS

Accounting guidance establishes a fair value hierarchy which requires assets and liabilities measured at fair value to be categorized into one of three levels based on the inputs used in the valuation. The three levels are defined as follows:

Level 1    Observable inputs based on quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2    Observable inputs, other than those included in Level 1, based on quoted prices for similar assets and liabilities in active markets, or quoted prices for identical assets and liabilities in inactive markets.

Level 3    Unobservable inputs that reflect an entity’s own assumptions about what inputs a market participant would use in pricing the asset or liability based on the best information available in the circumstances.


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The Company’s financial assets and liabilities carried at fair value on a recurring basis and their level within the fair value hierarchy are presented in the tables below.
 Fair Value Measurements at April 26, 2026
In thousands
Total Fair
Value		Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Assets at Fair Value    
Short-term Marketable Securities
$33,107 $7,411 $25,696 $— 
Other Trading Securities
224,374 — 224,374 — 
Commodity Derivatives
22,516 15,188 7,328 — 
Total Assets at Fair Value$279,997 $22,599 $257,398 $— 
Liabilities at Fair Value
Deferred Compensation
$62,734 $— $62,734 $— 
Commodity Derivatives
3,410 1,398 2,012 — 
Total Liabilities at Fair Value$66,144 $1,398 $64,746 $— 

 Fair Value Measurements at October 26, 2025
In thousands
Total Fair
Value		Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Assets at Fair Value    
Short-term Marketable Securities
$32,909 $6,944 $25,965 $— 
Other Trading Securities
219,197 — 219,197 — 
Commodity Derivatives
9,888 9,212 676 — 
Total Assets at Fair Value$261,994 $16,156 $245,838 $— 
Liabilities at Fair Value
Deferred Compensation
$63,582 $— $63,582 $— 
Commodity Derivatives4,291 3,436 855 — 
Total Liabilities at Fair Value$67,873 $3,436 $64,437 $— 

The following methods and assumptions were used to estimate the fair value of the financial assets and liabilities above:

Short-term Marketable Securities: The Company holds securities as part of a portfolio maintained to generate investment income and to provide cash for operations of the Company, if necessary. The portfolio is managed by a third party who is responsible for daily trading activities, and all assets within the portfolio are highly liquid. The equities, U.S. government securities, and money market funds held by the portfolio are classified as Level 1. The current investment portfolio also includes corporate bonds and other asset-backed securities for which there is an active, quoted market. Market prices are obtained from a variety of industry providers, large financial institutions, and other third-party sources to calculate a representative daily market value, and therefore, these securities are classified as Level 2.

Other Trading Securities and Deferred Compensation: Other trading securities includes life insurance policies held in a rabbi trust maintained by the Company to fund certain supplemental executive retirement plans and deferred compensation plans. The rabbi trust is valued based on the insurance policies' cash surrender value and the fair value of the underlying investments. These policies are classified as Level 2. The majority of the policies held in the rabbi trust relate to supplemental executive retirement plans and are invested in fixed income investments. The declared rate on these investments is set based on a formula using the yield of the general account investment portfolio supporting the fund, as adjusted for expenses and other charges. The rate is guaranteed for one year at issue and may be reset annually on the policy anniversary, subject to a guaranteed minimum rate. During the quarter and six months ended April 26, 2026, investments held by the rabbi trust generated gains of $2.0 million and $5.2 million, respectively, compared to losses of $3.7 million and $1.1 million, respectively, for the quarter and six months ended April 27, 2025.

Under the Company’s deferred compensation plans, participants can defer certain types of compensation and elect to receive a return based on the changes in fair value of various investment options, which include equity securities, money market accounts, bond funds, or other portfolios for which there is an active quoted market. The Company also offers a fixed rate investment option to participants. The rate earned on these investments is adjusted annually based on a specified percent of the U.S. Internal Revenue Service (IRS) applicable federal rates. These liabilities are classified as Level 2. The portion of the

17
Company's funding in the rabbi trust related to deferred compensation plans generally mirrors the investment selections within the plans.

Commodity Derivatives: The Company’s commodity derivatives represent futures, swaps, and options contracts used in its hedging or other programs to offset price fluctuations associated with purchases of grain, natural gas, diesel fuel, lean hogs, and pork, and to minimize the price risk assumed when forward-priced contracts are offered to the Company’s commodity suppliers. The Company’s futures and options contracts for corn are traded on the Chicago Board of Trade, while futures contracts for lean hogs are traded on the Chicago Mercantile Exchange. These are active markets with quoted prices available, and these contracts are classified as Level 1. The Company holds natural gas, diesel fuel, and pork swap contracts that are over-the-counter instruments classified as Level 2. The value of the natural gas and diesel fuel swap contracts is calculated using quoted prices from the New York Mercantile Exchange, and the value of the pork swap contracts are calculated using a futures implied U.S. Department of Agriculture estimated pork cut-out value. All derivatives are reviewed for potential credit risk and risk of nonperformance.

The Company’s financial assets and liabilities also include cash and cash equivalents, accounts and other receivables, accounts payable, and other liabilities, for which carrying value approximates fair value as they are generally short‑term in nature or otherwise expected to be settled at amounts that would not differ materially from fair value. The Company does not carry its long-term debt at fair value on the Consolidated Statements of Financial Position. The fair value of long-term debt, utilizing discounted cash flows (Level 2), was $2.5 billion as of April 26, 2026, and $2.6 billion as of October 26, 2025. See Note N - Long-term Debt and Other Borrowing Arrangements for additional information.

Nonrecurring Fair Value Measurements: The Company may be required to measure certain nonfinancial assets and liabilities including goodwill, intangible assets, equity method investments, and property, plant, and equipment at fair value on a nonrecurring basis.

During the quarter ended April 26, 2026, the Company recorded a $40.0 million secured promissory note receivable associated with the sale of the whole-bird turkey business. The Company determined the fair value of the note approximated face value at inception. Fair value was determined using discounted cash flows (Level 2).

There were no other material remeasurements of assets or liabilities at fair value on a nonrecurring basis subsequent to their initial recognition during the quarter and six months ended April 26, 2026, and April 27, 2025.


NOTE M - COMMITMENTS AND CONTINGENCIES

Commitments: During the quarter and six months ended April 26, 2026, there were no material changes outside the ordinary course of business to the purchase commitments and other commitments and guarantees last disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended October 26, 2025.

Legal Proceedings: The Company is a party to various legal proceedings related to the ongoing operation of its business, including claims both by and against the Company. At any time, such proceedings typically involve claims related to product liability, labeling, contracts, antitrust regulations, intellectual property, competition laws, employment practices, or other actions brought by employees, customers, consumers, competitors, regulators, or suppliers. The Company establishes accruals for its potential exposure, as appropriate, for legal claims against the Company when losses become probable and reasonably estimable. The Company does not reduce these liabilities for potential insurance or third-party recoveries; the Company accrues for insurance or other third-party recoveries when applicable. Future developments or settlements are uncertain and may require the Company to change such accruals as proceedings progress.

Turkey Antitrust Litigation: Beginning in December 2019, a series of class action complaints were filed against the Company, as well as several other turkey-processing companies and a benchmarking service called Agri Stats, in the U.S. District Court for the Northern District of Illinois styled In re Turkey Antitrust Litigation. The plaintiffs allege, among other things, that from at least 2010 to 2017, the defendants conspired and combined to fix, raise, maintain, and stabilize the price of turkey products—including through the use of Agri Stats—in violation of federal antitrust laws. The complaints on behalf of the classes of indirect purchasers also include causes of action under various state unfair competition laws, consumer protection laws, and unjust enrichment common laws. The plaintiffs seek treble damages, injunctive relief, pre- and post-judgment interest, costs, and attorneys’ fees. Since the original filing, certain direct-action plaintiffs have opted out of class treatment and are proceeding with individual direct actions making similar claims, and others may do so in the future. The defendants' motions for summary judgment were submitted in January 2026. The summary judgment motions remain pending. On May 20, 2026, the court ordered that the first trial related to these matters (if required) will involve only the class of direct purchaser plaintiffs and commence on October 8, 2026. The Company has not recorded any liability for these

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matters as it does not believe a loss is probable. The Company cannot reasonably estimate any reasonably possible loss. The Company believes that it has valid and meritorious defenses against the allegations.

Tax Proceedings: Two current Company subsidiaries organized in Brazil, Clean Field Comércio de Produtos de Alimentícios LTDA and Omamori Indústria de Alimentos LTDA, along with a former subsidiary, Talis Distribuidora de Alimentos LTDA, which are reported in the International segment, have received tax deficiency notices from the State of São Paulo Tax Authority Office alleging underpayment of ICMS and ICMS-ST taxes, which are similar to value added taxes, for multiple tax years. The subsidiaries have filed objections to appeal these notices, and the proceedings are in various stages of the administrative review process. Any adverse outcomes at the administrative level are expected to be eligible for further appeal through judicial processes. The Company has not recorded any liability relating to these assessments and cannot reasonably estimate any reasonably possible loss at this time.

Other Proceedings: While we cannot predict with certainty the results of other currently known legal proceedings against the Company, resolution of such matters, either individually or in the aggregate, is not expected to have a material effect on the Company’s financial condition, results of operations, or liquidity.


NOTE N - LONG-TERM DEBT AND OTHER BORROWING ARRANGEMENTS
Long-term Debt consists of:
In thousands
April 26, 2026October 26, 2025
Senior Unsecured Notes with Interest at 3.050%
Interest Due Semi-annually through June 2051 Maturity Date
$600,000 $600,000 
Senior Unsecured Notes with Interest at 1.800%
Interest Due Semi-annually through June 2030 Maturity Date
1,000,000 1,000,000 
Senior Unsecured Notes with Interest at 1.700%
Interest Due Semi-annually through June 2028 Maturity Date
750,000 750,000 
Senior Unsecured Notes with Interest at 4.800%
Interest Due Semi-annually through March 2027 Maturity Date
500,000 500,000 
Unamortized Discount on Senior Notes(5,428)(5,848)
Unamortized Debt Issuance Costs(11,348)(12,775)
Finance Lease Liabilities20,444 23,122 
Other Financing Arrangements2,671 2,924 
Total Debt
2,856,339 2,857,424 
Less: Current Maturities of Long-term Debt505,335 6,646 
Long-term Debt Less Current Maturities$2,351,004 $2,850,778 

Senior Unsecured Notes: On March 8, 2024, the Company issued senior notes in an aggregate principal amount of $500.0 million due March 2027. The notes bear interest at a fixed rate of 4.800% per annum. Interest accrues on the notes from March 8, 2024, and is payable semi-annually in arrears on March 30 and September 30 of each year, commencing September 30, 2024. The notes may be redeemed in whole or in part at any time at the applicable redemption prices. If a change of control triggering event occurs, the Company must offer to purchase the notes at a purchase price equal to 101% of their principal amount, plus accrued and unpaid interest, if any, to the date of purchase. During the second quarter of fiscal 2026, the notes were reclassified to Current Maturities of Long-term Debt.

On June 3, 2021, the Company issued $750.0 million aggregate principal amount of its 1.700% notes due June 2028 (2028 Notes) and $600.0 million aggregate principal amount of its 3.050% notes due June 2051 (2051 Notes). The notes may be redeemed in whole or in part at any time at the applicable redemption price. Interest accrues per annum at the stated rates and is paid semi-annually in arrears on June 3 and December 3 of each year, commencing December 3, 2021. Interest rate risk was hedged utilizing interest rate locks on the 2028 Notes and 2051 Notes. The Company lifted the hedges in conjunction with the issuance of these notes. See Note I - Derivatives and Hedging for additional information. If a change of control triggering event occurs, the Company must offer to purchase the notes at a purchase price equal to 101% of their principal amount, plus accrued and unpaid interest, if any, to the date of purchase.

On June 11, 2020, the Company issued senior notes in an aggregate principal amount of $1.0 billion due June 2030. The notes bear interest at a fixed rate of 1.800% per annum, with interest paid semi-annually in arrears on June 11 and December 11 of each year, commencing December 11, 2020. The notes may be redeemed in whole or in part at any time at the applicable redemption prices. If a change of control triggering event occurs, the Company must offer to purchase the notes at a purchase price equal to 101% of their principal amount, plus accrued and unpaid interest, if any, to the date of purchase.


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Unsecured Revolving Credit Facility: On March 25, 2025, the Company entered into an unsecured revolving credit agreement with Wells Fargo Bank, National Association, as administrative agent, swing line lender and issuing lender, U.S. Bank National Association, JPMorgan Chase Bank, N.A., and BofA Securities, Inc., as syndication agents, and the lenders party thereto. The revolving credit agreement provides for an unsecured revolving credit facility with an aggregate principal commitment amount at any time outstanding of up to $750.0 million with an uncommitted increase option of an additional $375.0 million upon the satisfaction of certain conditions.

Interest on funds borrowed under the revolving credit agreement will be charged, depending on the applicable currency, at either a risk-free rate, as defined in the revolving credit agreement (with borrowings in U.S. dollars at the Term Secured Overnight Financing Rate) or a Eurocurrency rate for certain foreign currencies or a base rate with respect to U.S. dollars to be selected by the Company at the time of borrowing plus an applicable margin of 0.575% to 1.160% for Eurocurrency rate loans and 0.0% to 0.160% for base rate loans, depending on the Company’s debt rating issued by S&P and Moody’s. A variable fee of 0.050% to 0.090% is paid for the availability of this credit line. Extensions of credit under the facility may be made in the form of revolving loans, swing line loans, and letters of credit. The lending commitments under the agreement are scheduled to expire on March 25, 2030, at which time the Company will be required to pay in full all obligations then outstanding. The Company had no outstanding borrowings from this facility as of April 26, 2026, and October 26, 2025.

Debt Covenants: The Company is required by certain covenants in its debt agreements to maintain specified levels of financial ratios and financial position, including maintaining a minimum interest coverage ratio. As of April 26, 2026, the Company was in compliance with all covenants.


NOTE O - INCOME TAXES

The Company’s tax provision is determined using an estimated annual effective tax rate and adjusted for discrete taxable events that may occur during the quarter. The effects of tax legislation are recognized in the period in which the law is enacted. The deferred tax assets and liabilities are remeasured using enacted tax rates expected to apply to taxable income in the years the related temporary differences are anticipated to reverse.

The Company’s effective tax rate was 23.6% and 22.0% for the quarter ended April 26, 2026, and April 27, 2025, respectively. The Company’s effective tax rate was 23.0% and 21.9% for the six months ended April 26, 2026, and April 27, 2025, respectively. The increase in the effective tax rate in fiscal 2026 was primarily due to the impact of the whole-bird turkey transaction in the quarter ended April 26, 2026.

Unrecognized tax benefits, if recognized as of April 26, 2026, would impact the Company’s effective tax rate by $17.4 million compared to $16.4 million as of April 27, 2025. The Company includes accrued interest and penalties related to uncertain tax positions in Provision for Income Taxes, with immaterial expenses included during the quarters ended April 26, 2026, and April 27, 2025. The amount of accrued interest and penalties associated with unrecognized tax benefits was $3.2 million at April 26, 2026, and $2.8 million at April 27, 2025.

Tax Examinations: The Company is regularly audited by federal, state, and foreign taxing authorities.

The Company has elected to participate in the IRS Compliance Assurance Process (CAP) through fiscal 2027. The objective of CAP is to contemporaneously work with the IRS to achieve federal tax compliance and resolve all or most of the issues prior to filing of the tax return. The Company may elect to continue participating in CAP for future tax years; the Company may withdraw from the program at any time. Current fiscal years under IRS CAP examination are 2025 and 2026.

The Company is in various stages of audit by several state taxing authorities on a variety of fiscal years, as far back as 2019. While it is reasonably possible that one or more of these audits may be completed within the next 12 months and the related unrecognized tax benefits may change based on the status of the examinations, as of April 26, 2026, it was not possible to reasonably estimate the effect of any amount of such change to previously recorded uncertain tax positions.

The Company is subject to various examinations by foreign tax authorities. With limited exceptions, the Company is no longer subject to foreign tax examinations for fiscal years prior to 2018. See Note M - Commitments and Contingencies for additional information.

Tax Legislation: On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was signed into law. OBBBA includes income tax provisions such as a permanent extension of certain provisions of the Tax Cuts and Jobs Act, elective deductions for domestic research and development, reinstatement of 100% first-year bonus depreciation, and modifications to the international tax framework. The Company assessed the provisions of OBBBA and determined the changes were not material to the Company's

20
tax provision, and does not expect the provisions to have a material impact on the Company's consolidated financial statements in future reporting periods.

The Organization for Economic Cooperation and Development published a framework for Pillar Two of the Global Anti-Base Erosion Rules, which is designed to coordinate participating jurisdictions in updating the international tax system to ensure that large multinational companies pay a minimum tax of 15%. Many countries have enacted, or begun the process of enacting, laws based on the Pillar Two framework. The Company considered the applicable tax laws in relevant jurisdictions and concluded the impact of Pillar Two was not material to the Company's tax provision for the six months ended April 26, 2026. The Company will continue to evaluate the impact of such legislative changes but does not expect the new tax laws to have a material impact on the Company’s consolidated financial statements in future reporting periods.


NOTE P - EARNINGS PER SHARE DATA

The reported net earnings attributable to the Company were used when computing basic and diluted earnings per share. Diluted earnings per share was calculated using the treasury stock method. The shares used as the denominator for those computations are as follows:
 Quarter EndedSix Months Ended
In thousands
April 26, 2026April 27, 2025April 26, 2026April 27, 2025
Basic Weighted-average Shares Outstanding
550,562 550,277 550,520 549,868 
Dilutive Potential Common Shares353 334 291 365 
Diluted Weighted-average Shares Outstanding
550,915 550,611 550,810 550,233 
Antidilutive Potential Common Shares18,123 22,394 17,928 21,086 


NOTE Q - SEGMENT REPORTING

Segment Results: The Company develops, processes, and distributes a wide array of food products in a variety of markets. The Company reports its results in the following three segments: Retail, Foodservice, and International.

The Retail segment consists primarily of the processing, marketing, and sale of food products sold predominantly in retail channels, including grocery stores, mass merchandisers, club stores, natural food chains, drug, dollar and discount chains, and e-commerce providers in the U.S. This segment also includes the results from the Company’s equity method investments in MegaMex Foods, LLC and Joy Topco, L.P.

The Foodservice segment consists primarily of the processing, marketing, and sale of food products to distributors and operators across a wide range of providers of food away from home, including restaurants, hospitality, healthcare, K-12, college and universities, and convenience stores in the U.S.

The International segment processes, markets, and sells the Company's products through retail and foodservice channels internationally. This segment also includes the results from the Company’s international joint ventures, equity method investments, and royalty arrangements, as well as operations in China and Brazil.

The results of each segment are regularly provided to the Company's Interim Chief Executive Officer, who is the chief operating decision maker (CODM). The CODM primarily uses net sales and segment profit to compare results to the prior year, annual operating plan, and periodic forecasts when evaluating segment performance and allocating resources.

The accounting policies of the segments are generally the same as those presented in Note A - Summary of Significant Accounting Policies in the Company’s Annual Report on Form 10-K for the fiscal year ended October 26, 2025. Intersegment sales are eliminated in consolidation and are not reviewed when evaluating segment performance. Segment profit also excludes unallocated general corporate expenses, deferred compensation, non-recurring expenses associated with the Transform and Modernize initiative, corporate restructuring plan costs, and interest and other income and expense. Equity in Earnings of Affiliates is included in segment profit; however, earnings attributable to the Company’s corporate venturing investments and noncontrolling interests are excluded.


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Segment results, including the significant expense categories regularly provided to the CODM, are provided below. Certain portions of these expenses are retained at the corporate level and are presented in Net Unallocated Expense. The Company is an integrated enterprise, characterized by substantial intersegment cooperation, cost allocations, and sharing of assets. The Company does not represent that these segments, if operated independently, would report the profit and other financial information shown.
Quarter Ended April 26, 2026
In thousandsRetailFoodserviceInternationalTotal
Net Sales$1,789,665 $996,711 $186,225 
Cost of Products Sold1,513,835 792,010 146,904 
Selling, General, and Administrative131,364 48,917 23,686 
Equity in Earnings of Affiliates11,174 — 6,404 
Noncontrolling Interest (Earnings) Loss— — 96 
Segment Profit$155,640 $155,784 $22,135 $333,559 
Net Unallocated Expense127,400 
Noncontrolling Interest Earnings (Loss)(96)
Earnings Before Income Taxes$206,063 

Quarter Ended April 27, 2025
In thousandsRetailFoodserviceInternationalTotal
Net Sales$1,783,835 $936,442 $178,533 
Cost of Products Sold1,518,585 748,234 144,136 
Selling, General, and Administrative136,588 47,574 23,167 
Equity in Earnings of Affiliates8,473 — 6,902 
Noncontrolling Interest (Earnings) Loss— — 275 
Segment Profit$137,135 $140,633 $18,407 $296,175 
Net Unallocated Expense65,411 
Noncontrolling Interest Earnings (Loss)(275)
Earnings Before Income Taxes$230,489 

Six Months Ended April 26, 2026
In thousandsRetailFoodserviceInternationalTotal
Net Sales$3,637,471 $1,994,937 $367,509 
Cost of Products Sold3,133,547 1,586,448 289,789 
Selling, General, and Administrative272,210 96,164 46,031 
Equity in Earnings of Affiliates20,116 — 13,229 
Noncontrolling Interest (Earnings) Loss— — 127 
Segment Profit$251,829 $312,325 $45,046 $609,200 
Net Unallocated Expense168,698 
Noncontrolling Interest Earnings (Loss)(127)
Earnings Before Income Taxes$440,375 

Six Months Ended April 27, 2025
In thousandsRetailFoodserviceInternationalTotal
Net Sales$3,673,968 $1,866,627 $347,028 
Cost of Products Sold3,159,346 1,491,753 273,189 
Selling, General, and Administrative276,116 95,414 48,337 
Equity in Earnings of Affiliates17,776 — 13,429 
Noncontrolling Interest (Earnings) Loss— — 320 
Segment Profit$256,281 $279,459 $39,252 $574,992 
Net Unallocated Expense126,111 
Noncontrolling Interest Earnings (Loss)(320)
Earnings Before Income Taxes$448,561 


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The Company’s CODM reviews assets and capital expenditures at a consolidated level and does not use assets by segment to evaluate performance or allocate resources. Therefore, the Company does not disclose these measures by segment. Depreciation and amortization expense is included in the measure of segment profit and disclosed below.
In thousandsQuarter EndedSix Months Ended
April 26, 2026April 27, 2025April 26, 2026April 27, 2025
Depreciation and Amortization
Retail$35,501 $34,955 $71,064 $71,165 
Foodservice21,008 19,527 41,806 39,479 
International4,937 4,194 9,504 8,525 
Corporate7,379 5,287 13,547 10,666 
Total Depreciation and Amortization$68,826 $63,963 $135,921 $129,835 

Disaggregated Revenues: The Company’s products primarily consist of meat and other food products. Total revenue contributed by classes of similar products are:
Quarter EndedSix Months Ended
In thousandsApril 26, 2026April 27, 2025April 26, 2026April 27, 2025
Perishable$2,218,854 $2,076,241 $4,457,184 $4,228,063 
Shelf-stable753,746 822,569 1,542,733 1,659,560 
Total Net Sales$2,972,600 $2,898,810 $5,999,917 $5,887,623 

Perishable includes fresh meats, frozen items, refrigerated meal solutions, bacon, sausages, hams, guacamole, and other items that require refrigeration. Shelf-stable includes canned luncheon meats, nut butters, snack nuts, chili, shelf-stable microwaveable meals, hash, stews, tortillas, salsas, tortilla chips, and other items that do not require refrigeration.


NOTE R - RESTRUCTURING

The Company is undertaking a corporate restructuring plan designed to reduce administrative expenses, improve efficiencies, and align its workforce to the Company’s future needs, while enabling continued investment in the Company’s growth. The restructuring includes a voluntary early retirement program for certain groups of employees, the closing of certain open roles, involuntary role reductions, and making select changes to benefit programs. The Company expects to incur restructuring charges of approximately $22.0 million for one-time pension benefits, cash severance payments, other employee benefit costs, and professional fees. The charges were primarily recognized in the fourth quarter of fiscal 2025 and the first quarter of fiscal 2026. Of the estimated charges, the Company expects that approximately $9.0 million will be cash expenditures during fiscal 2026.

The Company recognized $0.1 million and $8.5 million of costs associated with restructuring activities during the second quarter and first six months of fiscal 2026. There were no restructuring costs recognized during the second quarter and first six months of fiscal 2025. All costs are unallocated corporate expenses which are not included in any of the reportable segments' measure of segment profit. A summary of these costs by type is as follows:
In thousandsLocation on Consolidated Statements of Operations
Quarter Ended April 26, 2026
Six Months Ended April 26, 2026
Total Plan Costs
Cash SeveranceSelling, General, and Administrative$6 $6,727 $6,727 
Employee BenefitsSelling, General, and Administrative44 1,386 1,386 
Professional FeesSelling, General, and Administrative5 418 1,012 
Pension BenefitsOther Income (Expense), Net— — 12,696 
Total Restructuring Costs$55 $8,531 $21,821 

The liability for cash severance and employee benefits was recorded in Employee-related Expenses and the liability for professional fees was recorded in Accounts Payable. The reconciliation of the beginning and ending liability balances showing activity during the year is as follows:
In thousandsCash SeveranceEmployee BenefitsProfessional FeesTotal
Liability Balances at October 26, 2025
$— $— $594 $594 
Costs Incurred and Charged to Expense6,727 1,386 418 8,531 
Costs Paid or Otherwise Settled(6,639)(1,359)(1,006)(9,004)
Liability Balances at April 26, 2026
$87 $27 $7 $121 



23
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

RESULTS OF OPERATIONS

Overview

The Company is a global manufacturer and marketer of branded food products and remains focused on driving long-term growth through a balanced business model, a diverse portfolio, and a commitment to creating value for all stakeholders. The Company’s three reportable segments, Retail, Foodservice, and International, are described in Note Q - Segment Reporting in the Notes to the Consolidated Financial Statements in this Quarterly Report on Form 10-Q.

The Company discloses certain measures not defined by United States (U.S.) Generally Accepted Accounting Principles (GAAP), including organic volume, organic net sales, adjusted selling, general and administrative (SG&A), adjusted SG&A as a percent of net sales, adjusted earnings before income taxes, and adjusted diluted earnings per share. The Company utilizes these non-GAAP measures to understand and evaluate operating performance on a consistent basis. For additional information and reconciliations to the most closely comparable measures calculated in accordance with GAAP, see the "Non-GAAP Measures" section of this Item.

Diluted earnings per share was $0.29 for the second quarter of fiscal 2026, down 12 percent compared to the same period last year. Adjusted diluted earnings per share for the second quarter of fiscal 2026 was $0.40, up 14 percent compared to the same period last year. Significant factors impacting the quarter are listed below. All comparisons are to the same period of the prior year unless otherwise noted.

•Net sales for the second quarter of fiscal 2026 increased 3 percent. Organic net sales increased 3 percent with growth across the Foodservice, International, and Retail segments.
•Total segment profit for the second quarter of fiscal 2026 increased 13 percent. Segment profit increased in the Retail, Foodservice, and International segments.
◦The increase in Retail segment profit was due to higher net sales, improved performance across the turkey manufacturing network, and lower SG&A. These benefits were partially offset by inflationary pressures in the logistics network.
◦The increase in Foodservice segment profit was driven primarily by net sales performance, which benefited from market-based pricing actions and modest volume growth. Segment profit also benefited from improved performance across the turkey manufacturing network.
◦The increase in International segment profit was primarily due to strong export performance and growth in China.
•Earnings before income taxes for the second quarter of fiscal 2026 decreased 11 percent, which was negatively impacted by the $61 million loss on the sale of the whole-bird turkey business. Adjusted earnings before income taxes increased 14 percent, as higher net sales and improved performance across the turkey manufacturing network were partially offset by higher logistics expenses.
•The pre-tax impact of non-recurring expenses related to the loss on the sale of the whole-bird turkey business and the Company’s Transform and Modernize (T&M) initiative in the second quarter of fiscal 2026 were $77 million, which was primarily recorded in SG&A.

Cash flow from operations was $528 million for the first six months of fiscal 2026, a 44 percent increase primarily due to the impact of an inventory build in the second quarter of fiscal 2025.

Entering the second half of fiscal 2026, the external environment remains dynamic, with continued volatility associated with macroeconomic and geopolitical conditions. The Company is actively working to mitigate the impact of these conditions. However, continued pressure from the external environment, at a level greater than expected, could have an adverse impact on results of operations.



24
Consolidated Results

Volume, Net Sales, Earnings, and Diluted Earnings Per Share
 Quarter EndedSix Months Ended
In thousands, except per share amounts
April 26, 2026April 27, 2025%
Change		April 26, 2026April 27, 2025%
Change
Volume (lbs.)987,852 999,390 (1.2)2,001,616 2,054,698 (2.6)
Organic Volume (lbs.)
987,852 995,400 (0.8)2,001,616 2,049,205 (2.3)
Net Sales$2,972,600 $2,898,810 2.5 $5,999,917 $5,887,623 1.9 
Organic Net Sales
2,972,600 2,877,957 3.3 5,999,917 5,858,235 2.4 
Net Earnings Attributable to Hormel Foods Corporation
157,474 180,017 (12.5)339,274 350,592 (3.2)
Diluted Earnings Per Share0.29 0.33 (12.1)0.62 0.64 (3.1)
Adjusted Diluted Earnings Per Share
0.40 0.35 14.3 0.74 0.70 5.7 

Volume and Net Sales
Net Sales increased and volume decreased for the second quarter and first six months of fiscal 2026 compared to the prior year.

For the second quarter of fiscal 2026, each segment contributed to organic net sales growth. Strong enterprise performance across the turkey portfolio, Foodservice customized solutions business, contract manufacturing, the pepperoni portfolio, and Applegate® products were key drivers of organic net sales growth.

For the second quarter of fiscal 2026, organic volume increased marginally in the International and Foodservice segments and declined in the Retail segment, primarily driven by the strategic exit from select non-core private label snack nut items.

For the first six months of fiscal 2026, net sales growth in the Foodservice and International segments offset declines in the Retail segment. Strong enterprise performance across the turkey portfolio, Foodservice customized solutions business, premium prepared proteins, the pepperoni portfolio, and contract manufacturing were key drivers of organic net sales growth. For the first six months of fiscal 2026, volume grew in the Foodservice and International segments and declined in the Retail segment.

In fiscal 2026, the Company expects net sales growth, which assumes growth across a broad range of categories, increased brand support, and market-based pricing actions. Risks to this outlook include slowing consumer demand and commodity price fluctuations.


Cost of Products Sold
 Quarter EndedSix Months Ended
In thousands
April 26, 2026April 27, 2025%
Change		April 26, 2026April 27, 2025
%
Change
Cost of Products Sold$2,454,093 $2,414,377 1.6 $5,011,835 $4,927,957 1.7 

Cost of products sold increased for the second quarter and first six months of fiscal 2026. Higher commodity input costs and higher logistics expenses were partially offset by improved performance in the turkey manufacturing network.

On a per pound basis, cost of products sold for the second quarter and first six months of fiscal 2026 increased compared to the prior year.


Gross Profit
 Quarter EndedSix Months Ended
In thousands
April 26, 2026April 27, 2025%
Change		April 26, 2026April 27, 2025
%
Change
Gross Profit$518,507 $484,433 7.0 $988,082 $959,666 3.0 
Percent of Net Sales17.4 %16.7 % 16.5 %16.3 % 

For the second quarter and first six months of fiscal 2026, gross profit as a percent of net sales increased. Gross profit as a percent of net sales increased for the Retail, Foodservice, and International segments compared to the prior year.


25
Selling, General, and Administrative (SG&A)
 Quarter EndedSix Months Ended
In thousands
April 26, 2026April 27, 2025%
Change		April 26, 2026April 27, 2025
%
Change
SG&A$318,624 $251,432 26.7 $560,322 $514,445 8.9 
Percent of Net Sales10.7 %8.7 % 9.3 %8.7 % 
Adjusted SG&A
$243,416 $237,657 2.4 $481,828 $475,138 1.4 
Adjusted Percent of Net Sales
8.2 %8.2 %8.0 %8.1 %

For the second quarter of fiscal 2026, SG&A and SG&A as a percent of net sales increased, driven primarily by the loss on the sale of the whole-bird turkey business. Adjusted SG&A increased, driven primarily by increased expenses related to legal matters. Adjusted SG&A as a percent of net sales was flat to the prior year.

For the first six months of fiscal 2026, SG&A and SG&A as a percent of net sales increased, due to the loss on the sale of the whole-bird turkey business, partially offset by the gain on the sale of Justin's, LLC and lapping the loss on the sale of a non-core sow operation. Adjusted SG&A increased, driven primarily by increased expenses related to legal matters. Adjusted SG&A as a percent of net sales was comparable to the prior year.

Advertising investments in the second quarter of fiscal 2026 were $34 million, a decrease of 7 percent compared to the prior year. Advertising investments in the first six months of fiscal 2026 were $75 million, down 6 percent compared to the prior year. The declines were partially due to the timing of advertising campaigns. In fiscal 2026, the Company intends to increase advertising expense as it continues to invest in its priority brands.


Equity in Earnings of Affiliates
 Quarter EndedSix Months Ended
In thousandsApril 26, 2026April 27, 2025%
Change		April 26, 2026April 27, 2025%
Change
Equity in Earnings of Affiliates$17,229 $15,350 12.2 $33,049 $31,461 5.0 

Equity in earnings of affiliates for the second quarter and first six months of fiscal 2026 increased driven by the results of MegaMex Foods, LLC.


Interest Income, Interest Expense, and Other Income (Expense), Net
 Quarter EndedSix Months Ended
In thousandsApril 26, 2026April 27, 2025%
Change		April 26, 2026April 27, 2025%
Change
Interest Income
$6,479 $6,176 4.9 $13,007 $13,719 (5.2)
Interest Expense19,822 19,516 1.6 39,550 38,977 1.5 
Other Income (Expense), Net
2,294 (4,523)150.7 6,109 (2,862)313.5 

Interest income increased in the second quarter as higher average cash balances more than offset the impact of declining interest rates. For the first six months of fiscal 2026, interest income decreased, as lower interest rates more than offset the benefit of modestly higher cash balances. Other income increased in the second quarter and first six months of fiscal 2026, primarily driven by the investment gains within the rabbi trust.


Effective Tax Rate
 Quarter EndedSix Months Ended
 April 26, 2026April 27, 2025April 26, 2026April 27, 2025
Effective Tax Rate23.6 %22.0 %23.0 %21.9 %

The effective tax rate in the second quarter of fiscal 2026 was 23.6% compared to 22.0% for the prior year, primarily due to the impact of the whole-bird turkey transaction in the second quarter of fiscal 2026. For additional information, refer to Note O - Income Taxes of the Notes to the Consolidated Financial Statements.


26
The effective tax rate for fiscal 2026 is expected to be between 21.5 and 22.5 percent.


Segment Results

Net sales and segment profit for each of the Company’s reportable segments are set forth below. The Company does not allocate deferred compensation, non-recurring expenses associated with the T&M initiative, corporate restructuring plan costs, gains or losses on the sale of businesses, and interest and other income and expense to its segments when measuring performance. The Company also retains various other income and expenses at the corporate level. Equity in earnings of affiliates is included in segment profit; however, earnings attributable to the Company’s corporate venturing investments and noncontrolling interests are excluded. These items are included below as Net Unallocated Expense and Noncontrolling Interest when reconciling to Earnings Before Income Taxes.

The Company is an integrated enterprise, characterized by substantial intersegment cooperation, cost allocations, and sharing of assets. Therefore, the Company does not represent that these segments, if operated independently, would report the profit and other financial information shown below.
 Quarter EndedSix Months Ended
In thousands
April 26, 2026April 27, 2025% ChangeApril 26, 2026April 27, 2025% Change
Net Sales      
Retail$1,789,665 $1,783,835 0.3 $3,637,471 $3,673,968 (1.0)
Foodservice996,711 936,442 6.4 1,994,937 1,866,627 6.9 
International186,225 178,533 4.3 367,509 347,028 5.9 
Total Net Sales
$2,972,600 $2,898,810 2.5 $5,999,917 $5,887,623 1.9 
Segment Profit      
Retail$155,640 $137,135 13.5 $251,829 $256,281 (1.7)
Foodservice155,784 140,633 10.8 312,325 279,459 11.8 
International22,135 18,407 20.3 45,046 39,252 14.8 
Total Segment Profit
333,559 296,175 12.6 609,200 574,992 5.9 
Net Unallocated Expense
127,400 65,411 94.8 168,698 126,111 33.8 
Noncontrolling Interest
(96)(275)65.2 (127)(320)60.3 
Earnings Before Income Taxes
$206,063 $230,489 (10.6)$440,375 $448,561 (1.8)


Retail
 Quarter EndedSix Months Ended
In thousands
April 26, 2026April 27, 2025%
Change		April 26, 2026April 27, 2025
%
Change
Volume (lbs.)663,009 677,277 (2.1)1,356,893 1,414,162 (4.0)
Organic Volume (lbs.)
663,009 673,625 (1.6)1,356,893 1,409,097 (3.7)
Net Sales$1,789,665 $1,783,835 0.3 $3,637,471 $3,673,968 (1.0)
Organic Net Sales
1,789,665 1,765,281 1.4 3,637,471 3,647,493 (0.3)
Segment Profit155,640 137,135 13.5 251,829 256,281 (1.7)

Organic net sales grew in the second quarter of fiscal 2026, as strong performance in Jennie-O® ground turkey was partially offset by the strategic exit from select non-core private label snack nut items. Other priority brands such as Applegate® natural and organic meats, Hormel® Black Label® bacon, the Herdez® portfolio, and Hormel Gatherings® party trays contributed to net sales growth in the quarter. For the first six months of fiscal 2026, organic net sales was comparable to prior year, as strong performance in Jennie-O® ground turkey was offset by the strategic exit from select non-core private label snack nut items.

Retail segment profit increased in the second quarter of fiscal 2026 as higher net sales, improved performance across the turkey manufacturing network, and lower SG&A were partially offset by inflationary pressures in the logistics network. Segment profit decreased in the first six months of fiscal 2026 due to lower sales and higher logistics expenses which were partially offset by improved performance across the turkey manufacturing network and favorable SG&A.



27
Foodservice
 Quarter EndedSix Months Ended
In thousands
April 26, 2026April 27, 2025%
Change		April 26, 2026April 27, 2025
%
Change
Volume (lbs.)244,307 242,595 0.7 488,726 486,449 0.5 
Organic Volume (lbs.)
244,307 242,293 0.8 488,726 486,070 0.5 
Net Sales$996,711 $936,442 6.4 $1,994,937 $1,866,627 6.9 
Organic Net Sales
996,711 934,704 6.6 1,994,937 1,864,383 7.0 
Segment Profit155,784 140,633 10.8 312,325 279,459 11.8 

Organic net sales growth in the Foodservice segment was broad-based in the second quarter and first six months of fiscal 2026. Organic volume also increased in both periods. Net sales growth for the second quarter and first six months of fiscal 2026 was primarily driven by the customized solutions business, branded pepperoni, and premium prepared proteins. For the first six months of fiscal 2026, notable branded products, including Austin Blues® smoked meats, Hormel® Natural Choice® meats, Fontanini® Italian meats, and Jennie-O® turkey, delivered strong net sales results.

Segment profit increased for the second quarter and first six months of fiscal 2026, primarily driven by net sales performance, which benefited from market-based pricing actions and modest volume growth, despite a challenging operating environment. Segment profit also benefited from improved performance across the turkey manufacturing network.

The Foodservice segment continued to benefit from an extensive range of solutions-based products, its direct-selling organization, and a diverse channel presence during the second quarter and first six months of fiscal 2026.


International
 Quarter EndedSix Months Ended
In thousands
April 26, 2026April 27, 2025%
Change		April 26, 2026April 27, 2025
%
Change
Volume (lbs.)80,536 79,518 1.3 155,997 154,087 1.2 
Organic Volume (lbs.)80,536 79,482 1.3 155,997 154,038 1.3 
Net Sales$186,225 $178,533 4.3 $367,509 $347,028 5.9 
Organic Net Sales186,225 177,972 4.6 367,509 346,358 6.1 
Segment Profit22,135 18,407 20.3 45,046 39,252 14.8 

For the International segment, organic volume and organic net sales grew in the second quarter and first six months of fiscal 2026. Organic net sales growth was driven by strong results from SPAM® luncheon meat exports and the China business.

International segment profit increased in the second quarter and the first six months of fiscal 2026, primarily due to strong export performance and growth in China.


Unallocated Income and Expense
 Quarter EndedSix Months Ended
In thousands
April 26, 2026April 27, 2025April 26, 2026April 27, 2025
Net Unallocated Expense$127,400 $65,411 $168,698 $126,111 
Noncontrolling Interest(96)(275)(127)(320)

For the second quarter of fiscal 2026, net unallocated expense increased primarily due to the loss on the sale of the whole-bird turkey business. For the first six months of fiscal 2026, net unallocated expense increased as the loss on the sale of the whole-bird turkey business, expenses associated with the corporate restructuring plan, and expenses for a consulting agreement with a former executive (Consulting Agreement). These expenses were partially offset by the gain on the sale of the controlling equity interest in Justin’s, LLC and lapping the loss on the sale of a non-core sow operation in fiscal 2025.



28
Related Party Transactions

There has been no material change in the information regarding Related Party Transactions as disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended October 26, 2025.


Non-GAAP Measures

This report includes measures of financial performance that are not defined by 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 non-recurring, 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 non-recurring 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 Sale of Business
In the second quarter of fiscal 2026, the Company completed the sale of its whole-bird turkey business, resulting in a loss on the sale. In the first quarter of fiscal 2026, the Company sold 51% of its equity interest in Justin's, LLC, resulting in a gain on the sale. In the first quarter of fiscal 2025, the Company sold Mountain Prairie, LLC, a non-core sow operation, resulting in a loss on the sale. The Company believes the one-time impacts from these sales 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.

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 fiscal 2025, the Company entered into a settlement agreement with certain plaintiffs in an antitrust lawsuit. See Note K - Commitments and Contingencies of the Notes to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended October 26, 2025, for additional information.

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. See Note R - Restructuring of the Notes to the Consolidated Financial Statements for additional information.

Consulting Agreement
On October 27, 2025, the Company entered into an 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 agreement include cash and share-based compensation, which were primarily recognized in the first quarter of fiscal 2026. The Company believes non-recurring costs associated with the Consulting Agreement are not reflective of the

29
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.

The tables below show the calculations to reconcile from the GAAP measures to the non-GAAP measures presented in this Quarterly Report on Form 10-Q. 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.
Quarter EndedSix Months Ended
In thousands, except per share amountsApril 26, 2026April 27, 2025April 26, 2026April 27, 2025
Cost of Products Sold (GAAP)$2,454,093 $2,414,377 $5,011,835 $4,927,957 
Transform and Modernize Initiative(1)
(1,393)(2,777)(1,774)(2,963)
Adjusted Cost of Products Sold (Non-GAAP)$2,452,701 $2,411,600 $5,010,061 $4,924,994 
SG&A (GAAP)$318,624 $251,432 $560,322 $514,445 
Transform and Modernize Initiative(2)
(14,113)(13,775)(24,656)(27,743)
Gain (Loss) on Sale of Business(61,040)— (37,532)(11,324)
Corporate Restructuring Plan(55)— (8,531)— 
Consulting Agreement— — (7,775)— 
Litigation Settlements— — — (240)
Adjusted SG&A (Non-GAAP)$243,416 $237,657 $481,828 $475,138 
Operating Income (GAAP)$217,112 $248,352 $460,809 $476,682 
Transform and Modernize Initiative(1)(2)
15,506 16,552 26,430 30,706 
(Gain) Loss on Sale of Business61,040 — 37,532 11,324 
Corporate Restructuring Plan55 — 8,531 — 
Consulting Agreement— — 7,775 — 
Litigation Settlements— — — 240 
Adjusted Operating Income (Non-GAAP)$293,713 $264,903 $541,077 $518,952 
Earnings Before Income Taxes (GAAP)$206,063 $230,489 $440,375 $448,561 
Transform and Modernize Initiative(1)(2)
15,506 16,552 26,430 30,706 
(Gain) Loss on Sale of Business61,040 — 37,532 11,324 
Corporate Restructuring Plan55 — 8,531 — 
Consulting Agreement— — 7,775 — 
Litigation Settlements— — — 240 
Adjusted Earnings Before Income Taxes (Non-GAAP)$282,664 $247,040 $520,643 $490,831 
Provision for Income Taxes (GAAP)$48,685 $50,747 $101,227 $98,289 
Transform and Modernize Initiative(1)(2)
3,799 3,641 6,475 6,727 
(Gain) Loss on Sale of Business9,982 — 4,223 2,469 
Corporate Restructuring Plan13 — 2,090 — 
Consulting Agreement— — — — 
Litigation Settlements— — — 52 
Adjusted Provision for Income Taxes (Non-GAAP)$62,480 $54,388 $114,016 $107,537 
Net Earnings Attributable to Hormel Foods Corporation (GAAP)$157,474 $180,017 $339,274 $350,592 
Transform and Modernize Initiative(1)(2)
11,707 12,910 19,955 23,979 
(Gain) Loss on Sale of Business51,058 — 33,309 8,855 
Corporate Restructuring Plan41 — 6,441 — 
Consulting Agreement— — 7,775 — 
Litigation Settlements— — — 188 
Adjusted Net Earnings Attributable to Hormel Foods Corporation (Non-GAAP)$220,280 $192,928 $406,754 $383,615 

30
Quarter EndedSix Months Ended
In thousands, except per share amountsApril 26, 2026April 27, 2025April 26, 2026April 27, 2025
Diluted Earnings Per Share (GAAP)
$0.29 $0.33 $0.62 $0.64 
Transform and Modernize Initiative(1)(2)
0.02 0.02 0.04 0.04 
(Gain) Loss on Sale of Business0.09 — 0.06 0.02 
Corporate Restructuring Plan— — 0.01 — 
Consulting Agreement— — 0.01 — 
Litigation Settlements— — — — 
Adjusted Diluted Earnings Per Share (Non-GAAP)
$0.40 $0.35 $0.74 $0.70 
Quarter EndedSix Months Ended
April 26, 2026April 27, 2025April 26, 2026April 27, 2025
SG&A as a Percent of Net Sales (GAAP)10.7 %8.7 %9.3 %8.7 %
Transform and Modernize Initiative(2)
(0.5)(0.5)(0.4)(0.5)
Gain (Loss) on Sale of Business(2.1)— (0.6)(0.2)
Corporate Restructuring Plan— — (0.1)— 
Consulting Agreement— — (0.1)— 
Litigation Settlements— — — — 
Adjusted SG&A as a Percent of Net Sales (Non-GAAP)8.2 %8.2 %8.0 %8.1 %

(1)    Comprised primarily of asset write-offs and severance related to supply chain and portfolio optimization.
(2)    Comprised primarily of project-based external consulting fees.


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
April 26, 2026April 27, 2025
In thousandsGAAPGAAP
Divestiture
Non-GAAP Organic
Non-GAAP
% Change
Volume (lbs.)
Retail663,009 677,277 (3,652)673,625 (1.6)
Foodservice244,307 242,595 (302)242,293 0.8 
International80,536 79,518 (36)79,482 1.3 
Total Volume (lbs.)987,852 999,390 (3,990)995,400 (0.8)
Net Sales
Retail$1,789,665 $1,783,835 $(18,554)$1,765,281 1.4 
Foodservice996,711 936,442 (1,738)934,704 6.6 
International186,225 178,533 (561)177,972 4.6 
Total Net Sales$2,972,600 $2,898,810 $(20,853)$2,877,957 3.3 


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Six Months Ended
April 26, 2026April 27, 2025
In thousandsGAAPGAAP
Divestiture
Non-GAAP Organic
Non-GAAP
% Change
Volume (lbs.)
Retail1,356,893 1,414,162 (5,065)1,409,097 (3.7)
Foodservice488,726 486,449 (379)486,070 0.5 
International155,997 154,087 (49)154,038 1.3 
Total Volume (lbs.)2,001,616 2,054,698 (5,493)2,049,205 (2.3)
Net Sales
Retail$3,637,471 $3,673,968 $(26,474)$3,647,493 (0.3)
Foodservice1,994,937 1,866,627 (2,244)1,864,383 7.0 
International367,509 347,028 (670)346,358 6.1 
Total Net Sales$5,999,917 $5,887,623 $(29,389)$5,858,235 2.4 


LIQUIDITY AND CAPITAL RESOURCES

When assessing its liquidity and capital resources, the Company evaluates cash and cash equivalents, short-term and long-term investments, income from operations, and borrowing capacity.

Cash Flow Highlights
Six Months Ended
In thousands
April 26, 2026April 27, 2025
Cash and Cash Equivalents at End of Period
$826,750 $669,688 
Cash Provided by (Used in) Operating Activities528,153 365,646 
Cash Provided by (Used in) Investing Activities(50,742)(138,668)
Cash Provided by (Used in) Financing Activities(325,416)(292,629)
Increase (Decrease) in Cash and Cash Equivalents156,072 (72,193)

Cash and cash equivalents increased $156 million during the first six months of fiscal 2026. Cash provided by operating activities was sufficient to cover dividend payments and capital expenditures. The Company also benefited from proceeds from the sale of businesses. During the first six months of fiscal 2025, cash and cash equivalents decreased $72 million as the Company utilized cash on hand to make additional purchases of inventory, capital assets, and energy tax credits as well as fund regular dividend payments. Additional details related to significant drivers of cash flows are provided below.

Cash Provided by (Used in) Operating Activities
•Cash flows from operating activities were impacted by changes in operating assets and liabilities.
–Accounts payable and accrued expenses decreased $59 million and $77 million during the first six months of fiscal 2026 and fiscal 2025, respectively. These decreases were driven by annual incentive payments and livestock and feed deferral payments, which were partially offset by higher marketing accruals. The decrease in fiscal 2026 was also due to the general timing of invoice payments and the decrease in fiscal 2025 also reflected legal settlements.
–Inventory increased $23 million during the first six months of fiscal 2026 compared to an increase of $156 million in the comparable period of the prior year. The increase in inventory during fiscal 2026 was driven by summer and promotional inventory build as well as higher feed and fuel costs impacting raw materials. These increases were partially offset by lower bacon and ham inventory levels. The increase in inventory during fiscal 2025 was driven by intentional seasonal and promotional inventory build, as well as softer sales.
–Accounts receivable decreased $64 million and $71 million during the first six months of fiscal 2026 and fiscal 2025, respectively, primarily due to lower sales compared to the fourth quarter of each respective prior year.

Cash Provided by (Used in) Investing Activities
•Capital expenditures were $151 million and $147 million during the first six months of fiscal 2026 and fiscal 2025, respectively. The largest projects during fiscal 2026 were related to investments in data and technology and capacity expansion at the ambient meat snack facility in Jiaxing, China. Significant projects during fiscal 2025 included the transition from harvest to value-added capacity at the Company's facility in Barron, Wisconsin and investments in data and technology.
•Proceeds from the sale of business were $100 million during the first six months of fiscal 2026 resulting from the sale of the Company’s controlling equity interest in Justin's, LLC and whole-bird turkey business. During the first six months of fiscal

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2025 proceeds from the sale of business were $13 million primarily from the sale of the Company's equity interest in Mountain Prairie, LLC.

Cash Provided by (Used in) Financing Activities
•Cash dividends paid to the Company’s shareholders totaled $320 million during the first six months of fiscal 2026, compared to $314 million in the comparable period of fiscal 2025.

Sources and Uses of Cash
The Company believes its business model, with diversification across raw material inputs, channels, and categories, provides stability in ever-changing economic environments. The Company maintains a disciplined capital allocation strategy and uses a waterfall approach, which focuses first on core uses of cash, such as capital expenditures to maintain facilities, dividend returns to investors, mandatory debt repayments, and fulfillment of pension obligations. Next, the Company looks to strategic items in support of growth initiatives, such as other capital projects, acquisitions, additional dividend increases, and working capital investments. Finally, the Company evaluates opportunistic uses, including incremental debt repayment and share repurchases.

The Company believes its anticipated income from operations, cash on hand, borrowing capacity under the current unsecured revolving credit facility, and access to capital markets will be adequate to meet all short-term and long-term commitments. The Company expects to continue optimizing its portfolio through acquisitions and divestitures that align with its strategic priorities. The Company maintains multiple liquidity sources, including its ability to issue debt, which supports strategic investments and acquisitions.

Dividend Payments
The Company remains committed to providing returns to investors through cash dividends on its common stock. The Company has paid 391 consecutive quarterly dividends since becoming a public company in 1928. On March 23, 2026, the Board of Directors authorized a quarterly dividend for the second quarter of fiscal 2026, of $0.2925 per share, a 1% increase from the prior year.

Capital Expenditures
Capital expenditures are allocated to required maintenance and growth opportunities based on the needs of the business. Capital expenditures supporting growth opportunities in fiscal 2026 are expected to focus on projects related to infrastructure, new data and technology, and equipment upgrades. Capital expenditures for fiscal 2026 are estimated to be $260 million to $290 million.

Debt
As of April 26, 2026, the Company’s outstanding debt included an aggregate of $2.9 billion of fixed rate unsecured senior notes due in fiscal 2027, 2028, 2030, and 2051 with interest payable semi-annually. During the first six months of fiscal 2026, the Company made $37 million of interest payments, and the Company expects to make an additional $37 million of interest payments in fiscal 2026 on these notes. In the second quarter of fiscal 2026, $500 million of the notes was reclassified as Current Maturities of Long-term Debt on the Consolidated Condensed Statements of Financial Position as it is payable
within one year. See Note N - Long-term Debt and Other Borrowing Arrangements of the Notes to the Consolidated Financial Statements for additional information.

Borrowing Capacity
As a source of short-term financing, the Company maintains a $750 million unsecured revolving credit facility. The maximum commitment under this credit facility may be further increased by $375 million upon the satisfaction of certain conditions. Extensions of credit under the facility may be applied by the Company to refinance existing indebtedness and for working capital and other general corporate purposes, including acquisition funding, and may be made in the form of revolving loans, swing line loans, and letters of credit. The lending commitments under the facility are scheduled to expire on March 25, 2030, at which time the Company will be required to pay in full all obligations then outstanding. As of April 26, 2026, the Company had no outstanding borrowings under this facility.

Debt Covenants
The Company’s debt agreements contain customary terms and conditions including representations, warranties, and covenants. These debt covenants limit the ability of the Company to, among other things, incur debt for borrowed money secured by certain liens, or engage in certain sale and leaseback transactions, and the covenants require the Company to maintain certain consolidated financial ratios. As of April 26, 2026, the Company was in compliance with all covenants in its debt agreements and expects to maintain compliance in the future.

Cash Held by International Subsidiaries
As of April 26, 2026, the Company’s international subsidiaries held $224 million of cash and cash equivalents. During the first quarter of fiscal 2026, the Company repatriated $21 million in cash from international subsidiaries with a one-time distribution.

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The Company maintains all undistributed earnings as permanently reinvested. The Company evaluates the balance and uses of cash held internationally based on the needs of the business.

Share Repurchases
The Company is authorized to repurchase 3,677,494 shares of common stock as part of an existing plan approved by the Company’s Board of Directors. Under the share repurchase authorization, the Company may repurchase shares periodically, depending on market conditions and other factors, and may do so in open market purchases or privately negotiated transactions. The share repurchase authorization has no expiration date. The Company did not repurchase any shares of stock during the first six months of fiscal 2026. The Company continues to evaluate share repurchases as part of its capital allocation strategy.

Commitments
There have been no material changes to the information regarding the Company’s future contractual financial obligations previously disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended October 26, 2025.


TRADEMARKS

References to the Company’s brands or products in italics within this report represent valuable trademarks owned or licensed by Hormel Foods, LLC or other subsidiaries of Hormel Foods Corporation.


CRITICAL ACCOUNTING ESTIMATES

Management’s discussion and analysis of financial condition and results of operations is based upon the Company’s consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of these financial statements requires the Company to make estimates, judgments, and assumptions that can have a meaningful effect on the reporting of consolidated financial statements. The significant accounting policies used in preparing these consolidated financial statements are consistent with those described in Note A - Summary of Significant Accounting Policies of the Notes to the Consolidated Financial Statements in the Form 10-K.

Critical accounting estimates are defined as those reflective of significant judgments, estimates, and uncertainties, which may result in materially different results under different assumptions and conditions. There have been no material changes in the Company’s Critical Accounting Estimates as disclosed in its Annual Report on Form 10-K for the fiscal year ended October 26, 2025.


FORWARD-LOOKING STATEMENTS

This report 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 report include statements regarding the Company's: future financial and operational performance, fiscal 2026 outlook, expectations regarding commodity markets and raw material costs, intentions regarding future dividends, expectations regarding the Company's strategic initiatives, including the T&M initiative and the Company's recent corporate restructuring plan, expectations for the adequacy of and costs associated with the Company's sources of liquidity, expected compliance with debt covenants, expectations regarding its contractual obligations and liabilities, expectations regarding the impact of new accounting pronouncements, expected contributions and payments related to its pension plan, expectations regarding the return on plan assets, expectations regarding the timing and recognition of compensation expenses, and expectations regarding the outcome of, and adequacy of its reserves for, claims, litigation, and the resolution of tax matters.

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 T&M 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

34
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 Annual Report on Form 10-K for the fiscal year ended October 26, 2025. 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.


Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The Company is exposed to various forms of market risk as a part of its ongoing business practices including commodity price risk, interest rate risk, foreign currency exchange rate risk, and investment risk among others. The Company may use derivative financial and commodity instruments to manage these risks and does not enter into these instruments for trading or speculative purposes. There have been no material changes in the Company's market risk as disclosed in its Annual Report on Form 10-K for the fiscal year ended October 26, 2025 except as noted below.

Commodity Price Risk: The Company is subject to commodity price risk of various inputs used in the course of its operations. To reduce these exposures and offset the fluctuations caused by changes in market conditions, the Company employs hedging programs for certain commodities including grain, lean hogs, natural gas, and diesel fuel. These hedging programs utilize futures, swaps, and options contracts and are accounted for as cash flow hedges. The fair value of the Company’s cash flow commodity contracts as of April 26, 2026, was $19.9 million. The Company measures its market risk exposure on its cash flow commodity contracts using a sensitivity analysis, which considers a hypothetical 10 percent change in the market prices. A 10 percent decrease in the market price would have negatively impacted the fair value of the Company’s cash flow commodity contracts as of April 26, 2026, by $29.7 million, which in turn would have lowered the Company’s future cost on purchased commodities by a similar amount.

Interest Rate Risk: The Company is subject to interest rate risk primarily from changes in fair value of long-term fixed rate debt. The Company’s long-term debt had a fair value of $2.5 billion as of April 26, 2026. The Company measures its market risk exposure of long-term fixed rate debt using a sensitivity analysis, which considers a hypothetical 10 percent change in interest rates. As of April 26, 2026, a 10 percent decrease in interest rates would have positively impacted the fair value of the Company’s long-term debt by $59.4 million. A 10 percent increase would have negatively impacted the long-term debt by $54.9 million.

Foreign Currency Exchange Rate Risk: The fair values of certain Company assets and liabilities are subject to fluctuations in foreign currency exchange rates. The Company’s net asset position in foreign currencies was $0.8 billion as of April 26, 2026, with most of the exposure existing in Chinese yuan, Indonesian rupiah, and Philippine peso. The Company does not use market risk sensitive instruments to manage this risk.

Investment Risk: The Company has corporate-owned life insurance policies classified as trading securities as part of a rabbi trust to fund certain supplemental executive retirement plans and deferred income plans. The rabbi trust is invested primarily in fixed income funds. The Company is subject to market risk due to fluctuations in the value of the remaining investments. As of April 26, 2026, the balance of these securities totaled $224.4 million. A hypothetical 10 percent decline in the value of the investments not held in fixed income funds would have negatively impacted the Company’s pre-tax earnings by approximately $11.0 million, while a 10 percent increase in value would have a positive impact of the same amount.


Item 4. CONTROLS AND PROCEDURES

(a)    Disclosure Controls and Procedures.
As of the end of the period covered by this report (the Evaluation Date), the Company carried out an evaluation, under the supervision and with the participation of management, including the Interim Chief Executive Officer and the Interim Chief Financial Officer and Controller, of the effectiveness of the design and operation of its disclosure controls and procedures (as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934, as amended (the Exchange Act)). In designing and evaluating the disclosure controls and procedures, management recognized any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. Based on that evaluation, the Company’s Interim Chief Executive Officer and Interim Chief Financial Officer and Controller concluded, as of the Evaluation Date, the Company’s disclosure controls and procedures were effective to provide reasonable assurance the information the Company is required to disclose in reports it files or submits under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission rules and forms, and such information is accumulated and communicated to the Company’s management,

35
including its Interim Chief Executive Officer and Interim Chief Financial Officer and Controller, as appropriate, to allow timely decisions regarding required disclosure.

(b)    Internal Control over Financial Reporting.
The Company is in the midst of a multi-year transformation project to achieve better analytics, customer service, and process efficiencies through the use of Oracle Cloud Solutions. During fiscal 2024, the Company began implementing the order-to-cash phase at certain business locations. Implementation is expected to be completed in fiscal 2026. Emphasis has been on the maintenance of effective internal controls and assessment of the design and operating effectiveness of key control activities throughout each development and deployment phase.

With the exception of the order-to-cash implementation described above, there were no changes in the Company’s internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) during the second quarter of fiscal 2026 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.


PART II - OTHER INFORMATION


Item 1. LEGAL PROCEEDINGS

Information regarding legal proceedings is available in Note M - Commitments and Contingencies of the Notes to the Consolidated Financial Statements.


Item 1A. RISK FACTORS

The Company’s business, operations, and financial condition are subject to various risks and uncertainties. There have been no material changes to the risk factors previously disclosed in Part I, Item 1A. Risk Factors in the Company’s Annual Report on Form 10-K for the fiscal year ended October 26, 2025.


Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

There were no issuer purchases of equity securities in the quarter ended April 26, 2026. On January 29, 2013, the Company’s Board of Directors authorized the repurchase of 10,000,000 shares of its common stock with no expiration date. On January 26, 2016, the Board of Directors approved a two-for-one split of the Company’s common stock to be effective January 27, 2016. As part of the stock split resolution, the number of shares remaining to be repurchased was adjusted proportionately. As of April 26, 2026, the maximum number of shares that may yet be purchased under the repurchase plans or programs is 3,677,494.


Item 3. DEFAULTS UPON SENIOR SECURITIES

None.


Item 4. MINE SAFETY DISCLOSURES

None.


Item 5. OTHER INFORMATION

During the fiscal quarter ended April 26, 2026, no director or officer of the Company adopted, modified, or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as the terms are defined in Item 408(a) of Regulation S-K.



36
Table of Contents
Item 6. EXHIBITS
10.1(1)(3)
10.2(1)(3)
10.3(1)(3)
10.4(1)(3)
10.5(1)(3)
10.6(1)(3)
10.7(2)(3)
10.8(2)(3)
31.1
31.2
32.1
101
The following financial statements from the Company’s Quarterly Report on Form 10-Q for the quarter ended April 26, 2026, formatted in Inline XBRL: (i) Consolidated Statements of Operations, (ii) Consolidated Statements of Comprehensive Income, (iii) Consolidated Statements of Financial Position, (iv) Consolidated Statements of Changes in Shareholders’ Investment, (v) Consolidated Condensed Statements of Cash Flows, and (vi) Notes to the Consolidated Financial Statements.
104
The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended April 26, 2026, formatted in Inline XBRL (included as Exhibit 101).
(1)Document has previously been filed with the Securities and Exchange Commission and is incorporated herein by reference.
(2)These exhibits are transmitted herewith via EDGAR.
(3)Management contract or compensatory plan or arrangement.

37
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 thereunto duly authorized.

  HORMEL FOODS CORPORATION
  (Registrant)
Date: May 28, 2026
By:
/s/ PAUL R. KUEHNEMAN
  PAUL R. KUEHNEMAN
  
Interim Chief Financial Officer and Controller
(Duly Authorized Officer and Principal Financial and Accounting Officer)
  



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