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Hormel Foods (HRL) earnings and revenue breakdown

Latest: Q3 FY26 · 10-Q filed Aug 27, 2026 · Hormel Foods (HRL) Q3 FY26 earnings results →

Q3 FY26 Revenue down 2% year over year to $3.0B · 2¢ of every $1 of revenue kept as net profit · operating margin 3.7%

Hormel Foods made $3.0B in Q3 FY26 (-2% Y/Y): Perishable $2.2B, Shelf-stable $773M. Operating margin 3.7%, net earnings $59.5M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 27, 2026.

Revenue$3.0B
Year over year-2%
Operating margin3.7%
Net earnings$59.5M
Operating cash flow$241M

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Hormel Foods Q3 FY26 revenue breakdown: Sankey diagram of revenue (Perishable, Shelf-stable), costs, profit and cash flow
Hormel Foods Q3 FY26 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $3.0B in Q3 FY26, down 2% year over year and roughly flat from the previous quarter. Perishable was the largest line at 74% of revenue. Shelf-stable lost $0.04B year over year (down 5%), 53% of the total change.

Gross margin was 15.9%, down 0.1 points from Q3 FY25. Operating profit was $0.11B, a 3.7% margin (down 4.2 points year over year). Operating expenses grew 46% against a revenue fall of 2%. Net earnings were $0.06B, down 68% year over year. The effective tax rate was 42.3%.

Operating cash flow was $0.24B (up 54% year over year), 404% of net earnings. Non-cash charges added back $0.07B of depreciation and amortization and $4.8M of share-based compensation. Working capital and other items added $0.11B. Capital expenditures of $0.07B left free cash flow of $0.17B.

Quarterly history

Hormel Foods revenue by quarterHormel Foods revenue by quarter$3.1BQ4 FY24$2.9BQ2 FY25$3.0BQ3 FY25$3.2BQ4 FY25$3.0BQ1 FY26$3.0BQ2 FY26$3.0BQ3 FY26
Hormel Foods net earnings by quarterHormel Foods net earnings by quarter$220MQ4 FY24$180MQ2 FY25$184MQ3 FY25−$56.2MQ4 FY25$182MQ1 FY26$157MQ2 FY26$59.5MQ3 FY26
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 FY2610-QAug 27, 2026$3.0B-2%3.7%$59.5M$241M
Q2 FY2610-QMay 28, 2026$3.0B+2%7.3%$157M$179M
Q1 FY2610-QFeb 26, 2026$3.0B+1%8.0%$182M$349M
Q4 FY2510-KDec 5, 2025$3.2B+2%0.1%−$56.2M$323M
Q3 FY2510-QAug 28, 2025$3.0B+5%7.9%$184M$157M
Q2 FY2510-QMay 29, 2025$2.9B+0.4%8.6%$180M$56.4M
Q4 FY2410-KDec 5, 2024$3.1B-2%9.4%$220M$409M

Charts

Hormel Foods: revenue growth, year over year and quarter over quarterHormel Foods: revenue growth, year over year and quarter over quarterY/YQ/Q-2%Q4 FY24+0%-8%Q2 FY25+5%+5%Q3 FY25+2%+5%Q4 FY25+1%-5%Q1 FY26+2%-2%Q2 FY26-2%0%Q3 FY26
Latest (Q3 FY26): Y/Y -2%, Q/Q 0%.
Hormel Foods: where the cash came from (+) and went (−), TTM to Q3 FY26Hormel Foods: where the cash came from (+) and went (−), TTM to Q3 FY26Operating cash flow$1.1BDividends−$641MCapital spending−$311MCash drawn (+) / kept (−)−$245MAsset & business sales$100MOther financing−$10.8MExchange rates$5.7MPartners$5.1MOther investing$4.8M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Hormel Foods: profit against cash, quarter by quarterHormel Foods: profit against cash, quarter by quarterNet incomeOperating cash flow$220M$409MQ4 FY24$171M$309MQ1 FY25$180M$56.4MQ2 FY25$184M$157MQ3 FY25−$56.2M$323MQ4 FY25$182M$349MQ1 FY26$157M$179MQ2 FY26$59.5M$241MQ3 FY26
Latest (Q3 FY26): Net income $59.5M, Operating cash flow $241M.
Hormel Foods: diluted shares by fiscal yearHormel Foods: diluted shares by fiscal year547MFY20548MFY21550MFY22549MFY23549MFY24550MFY25
+0.7% since FY20: more shares outstanding (issuance, stock pay).

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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Customers and suppliers named in filings

Sells to

About Hormel Foods

Hormel Foods Corporation, a Delaware corporation, was founded by George A. Hormel in 1891 in Austin, Minnesota, as Geo. A. Hormel & Company. The Company originated as a processor of meat and food products and continues in this line of business today. The Company has expanded its product portfolio through organic growth and acquisitions to become a global branded food company with more than $12 billion in annual revenue. The Company is built on a foundation of innovation and integrity and a commitment to delivering high-quality, trusted food products across a diverse portfolio of brands and product solutions including Planters ® , SPAM ® , Jennie-O ® , Skippy ® , Applegate ® , Wholly ® , Hormel ® Black Label ® , Fontanini ® , Bacon1 ® , Hormel ® pepperoni, and more than 30 other beloved brands. The Company is a member of the S&P 500 Index and the S&P 500 Dividend Aristocrats.

In its own words, from its 10-K, filed Dec 5, 2025.

Hormel Foods against its Meat Packing Plants peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -2% against the peers' median -2%. Operating margin: 3.7% against the peers' median 3.7%.

CompanyQuarterRevenueY/YOp. margin
HRL Hormel FoodsQ3 FY26$3.0B-2%3.7%
JBS JBS N.V.Q2 2026$23.9B+14%2.5%
SFD Smithfield FoodsQ3 2026$3.4B-8%3.7%

Source: Hormel Foods 10-Q on SEC EDGAR · CIK 48465 · Meat Packing Plants

Guidance and outlook

Hormel Foods Revenue: guidance against what was reportedHormel Foods Revenue: guidance against what was reportedguided rangereported (above / within / below)FY24$11.9BFY25$12.1BQ4 FY25$3.2BFY26
Met or beat 3 of 3 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.
Hormel Foods GAAP operating income: guidance against what was reportedHormel Foods GAAP operating income: guidance against what was reportedguided rangereported (above / within / below)FY25$719MFY26
Met or beat 0 of 1 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.

13F: who owns HRL and who is buying

Largest holders of HRL (13F)Largest holders of HRL (13F)Vanguard Group$880MState Street$642MBlackRock$489MVanguard Capital Management LLC$481MInvesco$377MVanguard Portfolio Management LLC$367MTwo Sigma Investments, LP$306MDimensional Fund Advisors LP$233MGeode Capital Management, LLC$203MProShare Advisors LLC$189M
Funds' net buying of HRL by quarter (13F)Funds' net buying of HRL by quarter (13F)−$61.0M2024-09$25.9M2024-12$57.5M2025-03$114M2025-06$73.3M2025-09$125M2025-12$217M2026-03−$365M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on HRL

History

Every quarter: Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results · Q2 FY25 results · Q4 FY24 results

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