NYSE : HRL
Hormel Foods Corporation — Financial statements
Consumer Staples · Packaged Foods · United States
Last price 21.28 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 11.71B
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Financial statements
Hormel Foods Corporation (HRL) reported revenue of 12.15B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year November - October; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 12.15B | 12.11B | 11.92B | 12.11B | 12.46B | 11.39B |
| Cost of Revenue | 10.23B | 10.20B | 9.89B | 10.11B | 10.29B | 9.45B |
| Gross Profit | 1.91B | 1.90B | 2.03B | 2.00B | 2.16B | 1.94B |
| Selling, General & Admin | 883.66M | 905.34M | 896.91M | 908.47M | 844.57M | 789.17M |
| Research & Development | 35.20M | 35.20M | 36.10M | 33.70M | 34.70M | 33.60M |
| Operating Expenses | 918.86M | 940.54M | 933.01M | 942.17M | 879.26M | 822.77M |
| Operating Income | 993.21M | 960.66M | 1.09B | 1.06B | 1.29B | 1.12B |
| Interest Expense | -78.78M | -78.04M | -80.89M | -73.40M | -62.52M | -43.31M |
| Interest & Investment Income | 25.30M | 24.23M | 40.17M | 23.50M | 28.01M | 46.88M |
| Earnings From Equity Investments | -152.51M | -105.84M | 51.09M | 42.75M | 27.18M | 47.76M |
| Other Non Operating Income (Expenses) | 14.20M | 11.35M | 8.22M | -8.67M | ||
| EBT Excluding Unusual Items | 801.41M | 812.36M | 1.11B | 1.04B | 1.28B | 1.17B |
| Merger & Restructuring Charges | -79.57M | -77.60M | -53.01M | -43.20M | ||
| Gain (Loss) on Sale of Assets | -94.91M | -11.32M | 3.92M | |||
| Asset Writedown | -70.75M | -70.75M | -28.38M | |||
| Legal Settlements | -26.50M | 10.76M | -28.75M | |||
| Pretax Income | 521.90M | 663.45M | 1.04B | 1.01B | 1.28B | 1.13B |
| Income Tax Expense | 179.44M | 185.68M | 230.80M | 220.55M | 277.88M | 217.03M |
| Earnings From Continuing Operations | 342.46M | 477.76M | 804.63M | 792.92M | 1.00B | 909.14M |
| Minority Interest in Earnings | 249.00K | 433.00K | 407.00K | 653.00K | -239.00K | -301.00K |
| Net Income | 342.71M | 478.20M | 805.04M | 793.57M | 999.99M | 908.84M |
| Net Income to Common | 342.71M | 478.20M | 805.04M | 793.57M | 999.99M | 908.84M |
| Shares Outstanding (Basic) | 550.56M | 550.16M | 548.13M | 546.42M | 544.92M | 541.11M |
| Shares Outstanding (Diluted) | 550.87M | 550.50M | 548.83M | 548.98M | 549.57M | 547.58M |
| EPS (Basic) | 0.62 | 0.87 | 1.47 | 1.45 | 1.84 | 1.68 |
| EPS (Diluted) | 0.62 | 0.87 | 1.47 | 1.45 | 1.82 | 1.66 |
| Free Cash Flow | 780.87M | 534.35M | 1.01B | 777.64M | 856.06M | 769.52M |
| Free Cash Flow Per Share | 1.42 | 0.97 | 1.84 | 1.42 | 1.56 | 1.41 |
| Dividend Per Share | 1.17 | 1.16 | 1.13 | 1.10 | 1.04 | 0.98 |
| Gross Margin | 15.74% | 15.70% | 17.01% | 16.51% | 17.38% | 17.04% |
| Operating Margin | 8.18% | 7.94% | 9.18% | 8.73% | 10.32% | 9.82% |
| Profit Margin | 2.82% | 3.95% | 6.75% | 6.55% | 8.03% | 7.98% |
| Free Cash Flow Margin | 6.43% | 4.41% | 8.48% | 6.42% | 6.87% | 6.76% |
| EBITDA | 1.26B | 1.22B | 1.35B | 1.31B | 1.52B | 1.33B |
| EBITDA Margin | 10.41% | 10.12% | 11.34% | 10.83% | 12.21% | 11.66% |
| D&A For EBITDA | 271.72M | 263.90M | 257.76M | 253.31M | 235.88M | 209.31M |
| EBIT | 993.21M | 960.66M | 1.09B | 1.06B | 1.29B | 1.12B |
| EBIT Margin | 8.18% | 7.94% | 9.18% | 8.73% | 10.32% | 9.82% |
| Effective Tax Rate | 34.38% | 27.99% | 22.29% | 21.76% | 21.74% | 19.27% |
| Advertising Expenses | 147.90M | 163.30M | 160.10M | 157.30M | 138.50M |
Balance sheet
Fiscal year November - October; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 839.64M | 670.68M | 741.88M | 736.53M | 982.11M | 613.53M |
| Short-Term Investments | 28.81M | 32.91M | 24.74M | 16.66M | 16.15M | 21.16M |
| Cash & Short-Term Investments | 868.45M | 703.59M | 766.62M | 753.20M | 998.26M | 634.69M |
| Accounts Receivable | 705.90M | 784.81M | 817.91M | 817.39M | 867.59M | 895.72M |
| Other Receivables | 86.25M | 96.79M | 50.38M | 7.24M | 7.18M | 8.29M |
| Receivables | 792.15M | 881.60M | 868.29M | 824.63M | 874.77M | 904.01M |
| Inventory | 1.80B | 1.75B | 1.58B | 1.68B | 1.72B | 1.37B |
| Prepaid Expenses | 36.53M | 63.02M | 27.20M | 20.04M | 35.59M | 26.39M |
| Other Current Assets | 27.54M | 10.16M | 8.07M | 18.97M | 12.45M | 13.52M |
| Total Current Assets | 3.53B | 3.41B | 3.25B | 3.30B | 3.64B | 2.95B |
| Property, Plant & Equipment | 2.16B | 2.40B | 2.34B | 2.30B | 2.21B | 2.18B |
| Long-Term Investments | 527.86M | 533.98M | 719.48M | 725.12M | 271.06M | 299.02M |
| Goodwill | 4.87B | 4.92B | 4.92B | 4.93B | 4.93B | 4.93B |
| Other Intangible Assets | 1.57B | 1.65B | 1.73B | 1.76B | 1.80B | 1.82B |
| Other Long-Term Assets | 634.27M | 479.97M | 470.15M | 443.03M | 455.12M | 516.71M |
| Total Assets | 13.29B | 13.39B | 13.43B | 13.45B | 13.31B | 12.70B |
| Accounts Payable | 678.00M | 731.58M | 735.60M | 771.40M | 816.60M | 793.31M |
| Accrued Expenses | 652.19M | 589.10M | 601.90M | 548.40M | 593.76M | 571.74M |
| Current Portion of Long-Term Debt | 505.63M | 551.00K | 430.00K | 941.93M | 405.00K | 394.00K |
| Current Portion of Leases | 40.82M | 39.45M | 34.84M | 29.57M | 26.69M | |
| Current Income Taxes Payable | 10.69M | 18.75M | 21.92M | 15.21M | 32.92M | 23.52M |
| Other Current Liabilities | 27.48M | -1.00K | -1.00K | -1.00K | ||
| Total Current Liabilities | 1.87B | 1.38B | 1.40B | 2.31B | 1.47B | 1.42B |
| Long-Term Debt | 2.33B | 2.83B | 2.83B | 2.33B | 3.25B | 3.27B |
| Long-Term Leases | 20.13M | 150.29M | 141.44M | 136.72M | 91.65M | 101.42M |
| Pension & Post-Retirement Benefits | 351.17M | 358.98M | 379.89M | 349.27M | 385.83M | 546.36M |
| Long-Term Deferred Tax Liabilities | 653.36M | 661.35M | 589.37M | 498.11M | 475.21M | 278.18M |
| Other Long-Term Liabilities | 204.35M | 92.13M | 89.93M | 82.68M | 86.27M | 105.84M |
| Total Liabilities | 5.43B | 5.48B | 5.43B | 5.71B | 5.77B | 5.72B |
| Common Stock | 8.06M | 8.06M | 8.04M | 8.01M | 8.00M | 7.95M |
| Additional Paid-In Capital | 640.47M | 620.07M | 571.18M | 506.18M | 469.47M | 360.34M |
| Retained Earnings | 7.43B | 7.52B | 7.68B | 7.49B | 7.31B | 6.88B |
| Comprehensive Income & Other | -236.91M | -243.65M | -263.33M | -272.25M | -255.56M | -277.27M |
| Total Common Equity | 7.84B | 7.90B | 7.99B | 7.73B | 7.54B | 6.97B |
| Minority Interest | 16.21M | 14.64M | 10.59M | 4.10M | 4.94M | 5.48M |
| Shareholders' Equity | 7.86B | 7.92B | 8.00B | 7.74B | 7.54B | 6.98B |
| Total Liabilities & Equity | 13.29B | 13.39B | 13.43B | 13.45B | 13.31B | 12.70B |
| Total Debt | 2.86B | 3.03B | 3.01B | 3.44B | 3.38B | 3.40B |
| Net Cash (Debt) | -1.99B | -2.32B | -2.25B | -2.69B | -2.38B | -2.76B |
| Net Cash Per Share | -3.61 | -4.22 | -4.09 | -4.90 | -4.33 | -5.05 |
| Filing Date Shares Outstanding | 550.35M | 550.11M | 549.01M | 546.84M | 546.42M | 542.57M |
| Total Common Shares Outstanding | 550.34M | 550.11M | 548.61M | 546.60M | 546.24M | 542.41M |
| Working Capital | 1.65B | 2.02B | 1.85B | 985.47M | 2.16B | 1.53B |
| Book Value Per Share | 14.25 | 14.36 | 14.57 | 14.15 | 13.79 | 12.86 |
| Tangible Book Value | 1.40B | 1.33B | 1.34B | 1.05B | 806.43M | 221.51M |
| Tangible Book Value Per Share | 2.55 | 2.42 | 2.44 | 1.92 | 1.48 | 0.41 |
| Land | 75.32M | 74.71M | 75.16M | 74.63M | 74.30M | 72.13M |
| Buildings | 1.48B | 1.54B | 1.50B | 1.46B | 1.40B | 1.33B |
| Machinery | 3.03B | 3.01B | 2.91B | 2.78B | 2.64B | 2.42B |
| Construction In Progress | 289.75M | 286.47M | 228.73M | 195.66M | 216.25M | 316.45M |
Cash flow statement
Fiscal year November - October; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 342.71M | 478.20M | 805.04M | 793.57M | 999.99M | 908.84M |
| Depreciation & Amortization | 271.72M | 263.90M | 257.76M | 253.31M | 235.88M | 209.31M |
| Loss (Gain) From Sale of Assets | 94.08M | 10.80M | -4.40M | |||
| Asset Writedown & Restructuring Costs | 70.75M | 70.75M | 28.38M | |||
| Loss (Gain) on Equity Investments | 145.17M | 105.84M | -51.09M | -42.75M | -27.18M | -47.76M |
| Stock-Based Compensation | 25.51M | 25.60M | 23.23M | 24.08M | 24.94M | 24.74M |
| Other Operating Activities | 129.92M | 133.49M | 168.04M | 116.02M | 273.14M | 72.59M |
| Change in Accounts Receivable | 67.07M | 32.73M | 1.90M | 49.00M | 28.36M | -191.63M |
| Change in Inventory | -5.73M | -172.27M | 95.28M | 35.71M | -351.66M | -145.18M |
| Change in Accounts Payable | -5.69M | -69.33M | -27.20M | -140.52M | -14.51M | 115.10M |
| Change in Income Taxes | -29.31M | -47.62M | -39.32M | -18.56M | 10.87M | 36.81M |
| Change in Other Net Operating Assets | -14.54M | 13.16M | 37.49M | -50.39M | -44.85M | 19.11M |
| Operating Cash Flow | 1.09B | 845.25M | 1.27B | 1.05B | 1.13B | 1.00B |
| Capital Expenditures | -310.79M | -310.90M | -256.44M | -270.21M | -278.92M | -232.42M |
| Sale of Property, Plant & Equipment | 3.05M | 132.00K | 474.00K | 5.32M | 1.22M | 2.22M |
| Cash Acquisitions | -3.40B | |||||
| Divestitures | 97.06M | 13.14M | 25.01M | |||
| Investment in Securities | -4.13M | -11.64M | -14.06M | -427.75M | 4.90M | -4.71M |
| Other Investing Activities | 8.94M | 10.68M | 8.11M | 3.10M | 14.76M | 5.31M |
| Investing Cash Flow | -205.87M | -298.59M | -236.91M | -689.54M | -258.04M | -3.63B |
| Long-Term Debt Issued | 497.76M | 1.98M | 2.28B | |||
| Total Debt Issued | 497.76M | 1.98M | 2.28B | |||
| Long-Term Debt Repaid | -7.83M | -959.02M | -8.83M | -8.67M | -258.62M | |
| Total Debt Repaid | -7.00M | -7.83M | -959.02M | -8.83M | -8.67M | -258.62M |
| Net Debt Issued (Repaid) | -7.00M | -7.83M | -461.25M | -6.85M | -8.67M | 2.02B |
| Issuance of Common Stock | 22.06M | 40.71M | 12.02M | 79.83M | 45.92M | |
| Repurchase of Common Stock | -3.75M | -12.30M | -19.96M | |||
| Common Dividends Paid | -640.90M | -633.19M | -614.96M | -592.93M | -557.84M | -523.11M |
| Other Financing Activities | 5.10M | 4.97M | 5.40M | 1.00K | -2.00K | |
| Financing Cash Flow | -646.55M | -614.00M | -1.03B | -600.06M | -486.68M | 1.52B |
| Foreign Exchange Rate Adjustments | 5.66M | -3.87M | 5.61M | -3.81M | -21.68M | 2.61M |
| Miscellaneous Cash Flow Adjustments | 1.00K | 1.00K | ||||
| Net Cash Flow | 244.91M | -71.20M | 5.35M | -245.57M | 368.58M | -1.10B |
| Free Cash Flow | 780.87M | 534.35M | 1.01B | 777.64M | 856.06M | 769.52M |
| Free Cash Flow Margin | 6.43% | 4.41% | 8.48% | 6.42% | 6.87% | 6.76% |
| Free Cash Flow Per Share | 1.42 | 0.97 | 1.84 | 1.42 | 1.56 | 1.41 |
| Levered Free Cash Flow | 621.55M | 288.03M | 746.78M | 608.88M | 475.20M | 362.95M |
| Unlevered Free Cash Flow | 670.79M | 336.81M | 797.34M | 654.76M | 514.27M | 390.02M |
| Cash Interest Paid | 135.58M | 74.58M | 70.29M | 57.10M | 57.00M | 25.10M |
| Cash Income Tax Paid | 183.50M | 183.50M | 186.40M | 205.00M | 93.10M | 167.00M |
| Change in Working Capital | 11.79M | -243.33M | 68.16M | -124.76M | -371.79M | -165.79M |
Ratios
Fiscal year November - October; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 11.71B | 13.11B | 17.03B | 17.15B | 25.65B | 22.96B |
| Enterprise Value | 13.70B | 15.34B | 19.34B | 19.78B | 28.11B | 25.98B |
| Last Close Price | 21.28 | 22.58 | 28.24 | 27.55 | 40.07 | 35.35 |
| PE Ratio | 34.31 | 27.41 | 21.16 | 21.62 | 25.65 | 25.26 |
| Forward PE | 13.95 | 16.12 | 18.89 | 18.85 | 24.02 | 21.77 |
| PS Ratio | 0.96 | 1.08 | 1.43 | 1.42 | 2.06 | 2.02 |
| PB Ratio | 1.49 | 1.66 | 2.13 | 2.22 | 3.40 | 3.29 |
| P/TBV Ratio | 8.35 | 9.86 | 12.74 | 16.35 | 31.81 | 103.66 |
| P/FCF Ratio | 15.00 | 24.53 | 16.86 | 22.06 | 29.96 | 29.84 |
| P/OCF Ratio | 10.73 | 15.51 | 13.45 | 16.37 | 22.60 | 22.92 |
| PEG Ratio | 2.44 | 5.16 | 3.36 | 5.10 | 3.46 | 3.77 |
| EV/Sales Ratio | 1.13 | 1.27 | 1.62 | 1.63 | 2.26 | 2.28 |
| EV/EBITDA Ratio | 10.83 | 12.53 | 14.30 | 15.09 | 18.48 | 19.57 |
| EV/EBIT Ratio | 13.79 | 15.97 | 17.67 | 18.70 | 21.87 | 23.24 |
| EV/FCF Ratio | 17.54 | 28.71 | 19.14 | 25.43 | 32.83 | 33.76 |
| Debt / Equity Ratio | 0.36 | 0.38 | 0.38 | 0.45 | 0.45 | 0.49 |
| Debt / EBITDA Ratio | 1.71 | 1.86 | 1.69 | 1.85 | 1.68 | 1.79 |
| Debt / FCF Ratio | 3.66 | 5.66 | 2.98 | 4.43 | 3.94 | 4.42 |
| Net Debt / Equity Ratio | 0.25 | 0.29 | 0.28 | 0.35 | 0.32 | 0.40 |
| Net Debt / EBITDA Ratio | 1.57 | 1.90 | 1.66 | 2.05 | 1.56 | 2.08 |
| Net Debt / FCF Ratio | 2.54 | 4.34 | 2.22 | 3.46 | 2.78 | 3.59 |
| Asset Turnover | 0.91 | 0.90 | 0.89 | 0.91 | 0.96 | 1.01 |
| Inventory Turnover | 5.65 | 6.14 | 6.08 | 5.95 | 6.67 | 7.74 |
| Quick Ratio | 0.89 | 1.15 | 1.17 | 0.68 | 1.27 | 1.09 |
| Current Ratio | 1.88 | 2.47 | 2.32 | 1.43 | 2.47 | 2.08 |
| Return on Equity (ROE) | 4.29% | 6.00% | 10.22% | 10.38% | 13.78% | 13.56% |
| Return on Assets (ROA) | 4.63% | 4.48% | 5.09% | 4.94% | 6.18% | 6.18% |
| Return on Invested Capital (ROIC) | 6.58% | 6.75% | 8.23% | 8.13% | 10.23% | 11.43% |
| Return on Capital Employed (ROCE) | 8.70% | 8.00% | 9.10% | 9.50% | 10.90% | 9.90% |
| Earnings Yield | 2.91% | 3.65% | 4.73% | 4.63% | 3.90% | 3.96% |
| FCF Yield | 6.67% | 4.08% | 5.93% | 4.53% | 3.34% | 3.35% |
| Dividend Yield | 5.50% | 4.87% | 3.64% | 3.50% | 2.21% | 2.31% |
| Payout Ratio | 188.62% | 132.41% | 76.39% | 74.72% | 55.78% | 57.56% |
| Buyback Yield / Dilution | -0.13% | -0.30% | 0.03% | 0.11% | -0.36% | -0.18% |
| Total Shareholder Return | 5.37% | 4.57% | 3.67% | 3.61% | 1.85% | 2.13% |