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Hormel Foods cash flow, quarter by quarter

Latest: Q3 FY26 · from the cash-flow statements filed with the SEC

Free cash flow$172M in Q3 FY26 · $781M over twelve months

Operating cash flow$241M
Capital spending−$68.2M
Free cash flow+$172M
Cash / net income4.0×

Analysis

In Q3 FY26, Hormel Foods generated $241M of operating cash flow and spent $68.2M on capital projects, leaving free cash flow of $172M.

Over the twelve months to Jul 26, 2026, operating cash flow was $1.1B; the largest uses were dividends ($641M), capital spending ($311M), other financing ($10.8M); besides operations, cash came from asset & business sales ($100M), partners ($5.1M); the cash balance rose by $245M.

Operating cash flow was $241M against net income of $59.5M — 4.0× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$66.4M, inventory −$57.4M, payables +$22.6M.

Free cash flow

Hormel Foods: free cash flow by quarterHormel Foods: free cash flow by quarter$325MQ4 FY24$237MQ1 FY25−$18.6MQ2 FY25$84.5MQ3 FY25$231MQ4 FY25$280MQ1 FY26$96.8MQ2 FY26$172MQ3 FY26
Operating cash flow less capital spending.
Hormel Foods: operating cash flow against capital spendingHormel Foods: operating cash flow against capital spendingOperating cash flowCapital spending$409M$83.8MQ4 FY24$309M$72.2MQ1 FY25$56.4M$75.1MQ2 FY25$157M$72.2MQ3 FY25$323M$91.5MQ4 FY25$349M$69.0MQ1 FY26$179M$82.2MQ2 FY26$241M$68.2MQ3 FY26
Latest (Q3 FY26): Operating cash flow $241M, Capital spending $68.2M.

Capital allocation, year by year

Hormel Foods: where the cash came from (up) and went (down), by fiscal yearHormel Foods: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY21: Operating cash flow $1.0BFY21: Net borrowing $2.3BFY21: Shares issued $45.9MFY21: Asset sales $2.2MFY21: Capital spending −$232MFY21: Acquisitions −$3.4BFY21: Buybacks −$20.0MFY21: Dividends −$523M$3.3BFY21FY22: Operating cash flow $1.1BFY22: Net borrowing −$8.5MFY22: Shares issued $79.8MFY22: Asset sales $1.2MFY22: Capital spending −$279MFY22: Dividends −$558M$1.2BFY22FY23: Operating cash flow $1.0BFY23: Net borrowing −$6.4MFY23: Shares issued $12.0MFY23: Asset sales $5.3MFY23: Capital spending −$270MFY23: Buybacks −$12.3MFY23: Dividends −$593M$1.1BFY23FY24: Operating cash flow $1.3BFY24: Net borrowing $489MFY24: Shares issued $40.7MFY24: Asset sales $25.5MFY24: Capital spending −$256MFY24: Dividends −$615M$1.8BFY24FY25: Operating cash flow $845MFY25: Net borrowing −$7.8MFY25: Shares issued $22.1MFY25: Asset sales $13.3MFY25: Capital spending −$311MFY25: Dividends −$633M$881MFY25
Over these 5 years operating cash flow totalled $5.3B; the largest uses were acquisitions ($3.4B) and dividends ($2.9B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$868M
Debt$2.9B
Net debt$2.0B
Due within a year$506M

Hormel Foods funds itself: free cash flow was $781M over the last twelve months, and $868M of cash and investments stands against $2.9B of debt ($506M due within a year, 1.7× covered by cash).

Where the cash came from and went

Hormel Foods: sources (+) and uses (−) of cash, Q3 FY26Hormel Foods: sources (+) and uses (−) of cash, Q3 FY26Operating cash flow$241MDividends−$161MCapital spending−$68.2MCash drawn (+) / kept (−)−$17.3MOther investing$7.0MOther financing−$2.1MExchange rates$1.3MAsset & business sales−$333KNot reconciled−$2K
Hormel Foods: sources (+) and uses (−) of cash, TTM to Q3 FY26Hormel Foods: sources (+) and uses (−) of cash, 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 profit to cash

Hormel Foods: net income to operating cash flow, Q3 FY26Hormel Foods: net income to operating cash flow, Q3 FY26Net income$59.5MDepreciation & amortization$66.4MStock-based pay$4.8MDeferred taxes−$523KOther non-cash−$2.8MReceivables$22.1MInventory−$57.4MPayables$22.6MPrepaid and other assets$516KIncome taxes payable$6.5MOperating cash flow$241M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q1 FY2622602558
Q4 FY2522592457
Q3 FY2523632561
Q2 FY2524612758
Q1 FY2524562654
Q4 FY2422562554

Every quarter

QuarterOperating cash flowCapital spendingDividendsShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 FY26$241M−$68.2M−$161M—−$17.3M$172M
Q2 FY26$179M−$82.2M−$161M—$41.2M$96.8M
Q1 FY26$349M−$69.0M−$160M—−$197M$280M
Q4 FY25$323M−$91.5M−$160M−$2.0M−$71.5M$231M
Q3 FY25$157M−$72.2M−$159M−$1.8M$70.5M$84.5M
Q2 FY25$56.4M−$75.1M−$159M$11.7M$171M−$18.6M
Q1 FY25$309M−$72.2M−$155M$14.1M−$98.5M$237M
Q4 FY24$409M−$83.8M−$155M$6.9M−$204M$325M

Hormel Foods: income statement and cash flow

Hormel Foods, Q3 FY26: revenue $3.0B (-2% year over year), operating margin 3.7%. The chart follows the revenue to costs, profit and cash.

Hormel Foods: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.