Filing Flows › Hormel Foods (HRL) › Q3 FY26 › vs Q2 FY26
Hormel Foods (HRL) Q3 FY26 vs Q2 FY26 (quarter over quarter)
Hormel Foods's revenue fell $11.3M (-0.4%) from $3.0B in Q2 FY26 to $3.0B in Q3 FY26. The biggest changes: Perishable −$30.0M (-1%); Shelf-stable +$18.8M (+2%). Gross margin 15.9% against 17.4% (-1.5 pts).
Hormel Foods, Q3 FY26: revenue $3.0B (-2% year over year), operating margin 3.7%, net earnings $59.5M, operating cash flow $241M. The chart draws each line against Q2 FY26, the increases inside each band.
Margins
| Q3 FY26 | Q2 FY26 | Change | |
|---|---|---|---|
| Gross margin | 15.9% | 17.4% | -1.5 pts |
| Operating margin | 3.7% | 7.3% | -3.6 pts |
| Net margin | 2.0% | 5.3% | -3.3 pts |
| Free cash flow margin | 5.8% | 3.3% | +2.6 pts |
Every line
| Line | Q3 FY26 | Q2 FY26 | Change | % |
|---|---|---|---|---|
| Perishable | $2.2B | $2.2B | −$30.0M | -1% |
| Shelf-stable | $773M | $754M | $18.8M | +2% |
| Revenue | $3.0B | $3.0B | −$11.3M | -0.4% |
| Gross profit | $472M | $519M | −$47.0M | -9% |
| Cost of revenue | $2.5B | $2.5B | $35.7M | +1% |
| Operating profit | $111M | $217M | −$106M | -49% |
| Operating expenses | $361M | $301M | $59.2M | +20% |
| Pre-tax earnings | $103M | $206M | −$103M | -50% |
| Net earnings | $59.5M | $157M | −$97.9M | -62% |
| Income tax | $43.6M | $48.7M | −$5.0M | -10% |
| Depreciation & amortization | $66.4M | $68.8M | −$2.4M | -3% |
| Share-based compensation | $4.8M | $9.5M | −$4.7M | -49% |
| Working capital & other | $110M | −$56.8M | $167M | — |
| Operating cash flow | $241M | $179M | $61.7M | +34% |
| Free cash flow (OCF − capex) | $172M | $96.8M | $75.7M | +78% |
| Capital expenditures | $68.2M | $82.2M | −$14.0M | -17% |
Questions
How much did Hormel Foods's revenue grow quarter over quarter in Q3 FY26?
Hormel Foods's revenue fell $11.3M (-0.4%) from $3.0B in Q2 FY26 to $3.0B in Q3 FY26.
What drove Hormel Foods's revenue change in Q3 FY26?
Perishable −$30.0M (-1%); Shelf-stable +$18.8M (+2%).