Filing Flows › Hormel Foods (HRL) › Q2 FY26 › vs Q1 FY26
Hormel Foods (HRL) Q2 FY26 vs Q1 FY26 (quarter over quarter)
Hormel Foods's revenue fell $54.7M (-2%) from $3.0B in Q1 FY26 to $3.0B in Q2 FY26. The biggest changes: Shelf-stable −$35.2M (-4%); Perishable −$19.5M (-0.9%). Gross margin 17.4% against 15.5% (+1.9 pts).
Hormel Foods, Q2 FY26: revenue $3.0B (+2% year over year), operating margin 7.3%, net earnings $157M, operating cash flow $179M. The chart draws each line against Q1 FY26, the increases inside each band.
Margins
| Q2 FY26 | Q1 FY26 | Change | |
|---|---|---|---|
| Gross margin | 17.4% | 15.5% | +1.9 pts |
| Operating margin | 7.3% | 8.0% | -0.7 pts |
| Net margin | 5.3% | 6.0% | -0.7 pts |
| Free cash flow margin | 3.3% | 9.3% | -6.0 pts |
Every line
| Line | Q2 FY26 | Q1 FY26 | Change | % |
|---|---|---|---|---|
| Perishable | $2.2B | $2.2B | −$19.5M | -0.9% |
| Shelf-stable | $754M | $789M | −$35.2M | -4% |
| Revenue | $3.0B | $3.0B | −$54.7M | -2% |
| Gross profit | $519M | $470M | $48.9M | +10% |
| Cost of revenue | $2.5B | $2.6B | −$104M | -4% |
| Operating profit | $217M | $244M | −$26.6M | -11% |
| Operating expenses | $301M | $226M | $75.5M | +33% |
| Pre-tax earnings | $206M | $234M | −$28.2M | -12% |
| Other expense, net | $11.0M | $9.4M | $1.7M | +18% |
| Net earnings | $157M | $182M | −$24.4M | -13% |
| Income tax | $48.7M | $52.5M | −$3.9M | -7% |
| Depreciation & amortization | $68.8M | $67.1M | $1.7M | +3% |
| Share-based compensation | $9.5M | $6.9M | $2.6M | +38% |
| Working capital & other | $56.8M | −$93.4M | $150M | — |
| Operating cash flow | $179M | $349M | −$170M | -49% |
| Free cash flow (OCF − capex) | $96.8M | $280M | −$183M | -65% |
| Capital expenditures | $82.2M | $69.0M | $13.2M | +19% |
Questions
How much did Hormel Foods's revenue grow quarter over quarter in Q2 FY26?
Hormel Foods's revenue fell $54.7M (-2%) from $3.0B in Q1 FY26 to $3.0B in Q2 FY26.
What drove Hormel Foods's revenue change in Q2 FY26?
Shelf-stable −$35.2M (-4%); Perishable −$19.5M (-0.9%).