Form 8-K

8-K — HORMEL FOODS CORP /DE/

Accession: 0000048465-26-000053

Filed: 2026-08-27

Period: 2026-08-27

CIK: 0000048465

SIC: 2011 (MEAT PACKING PLANTS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — hrl-20260827.htm (Primary)

EX-99 (hormelearningsreleaseq32026.htm)

GRAPHIC (hormelfoods.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: hrl-20260827.htm · Sequence: 1

hrl-20260827

0000048465false00000484652026-08-272026-08-27

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) August 27, 2026

HORMEL FOODS CORPORATION

(Exact name of registrant as specified in its charter)

Delaware 1-2402 41-0319970

(State or Other Jurisdiction of

Incorporation) (Commission File

Number) (IRS Employer Identification Number)

1 Hormel Place, Austin, Minnesota

55912-3680

(Address of principal executive offices) (Zip Code)

(507) 437-5611

Registrant’s telephone number, including area code

None

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol Name of each exchange on which registered

Common Stock $0.01465 par value HRL New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Section 2 – FINANCIAL INFORMATION

Item 2.02 Results of Operations and Financial Condition

On August 27, 2026, Hormel Foods Corporation (the Company) issued an earnings release announcing its financial results for the third quarter ended July 26, 2026. A copy of the earnings release is furnished as Exhibit 99 to this Form 8-K and is incorporated herein by reference.

Section 9 – FINANCIAL STATEMENTS AND EXHIBITS

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Earnings Release issued August 27, 2026

104 The cover page from this Current Report on Form 8-K, formatted as Inline XBRL.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

HORMEL FOODS CORPORATION

(Registrant)

Dated: August 27, 2026

By /s/ PAUL R. KUEHNEMAN

PAUL R. KUEHNEMAN

Interim Chief Financial Officer and Controller

EX-99

Filename: hormelearningsreleaseq32026.htm · Sequence: 2

Document

HORMEL FOODS REPORTS THIRD QUARTER FISCAL 2026 RESULTS

Company Raises and Narrows Adjusted EPS¹ Outlook Following Solid Third Quarter and Strong Year-to-Date Performance

AUSTIN, Minn. (Aug. 27, 2026) – Hormel Foods Corporation (NYSE: HRL), a Fortune 500 global branded food company, today reported results for the third quarter of fiscal 2026, which ended July 26, 2026. All comparisons are to the comparable period of fiscal 2025, unless otherwise noted.

EXECUTIVE SUMMARY — THIRD QUARTER

•Net sales of $2.96 billion; organic net sales1 down 2%

•Operating income of $111 million; adjusted operating income1 of $266 million

•Operating margin of 3.7%; adjusted operating margin1 of 9.0%

•Earnings before income taxes of $103 million; adjusted earnings before income taxes1 of $258 million

•Diluted earnings per share of $0.11; adjusted diluted earnings per share1 of $0.37

•Cash flow from operations of $241 million

EXECUTIVE COMMENTARY

"We delivered solid third quarter results, growing our adjusted earnings and continuing to advance our fiscal 2026 objectives,” said Jeff Ettinger, interim chief executive officer. "With our strong year-to-date performance and continued opportunities ahead, we are raising and narrowing our adjusted earnings outlook for fiscal 2026 and remain confident in delivering adjusted earnings growth for the year consistent with, or above, our long-term algorithm."

"We continued to make progress against our strategic priorities during the quarter," said John Ghingo, president and chief executive officer-elect. "While net sales declined, the results reflected the impacts of portfolio-shaping actions, lower commodity-based pricing in portions of the business and a consumer environment that remains under pressure. At the same time, several of our Retail priority brands delivered growth, and Foodservice once again outperformed industry trends, supported by the strength of our solutions-based offerings and operator partnerships. As we continue to enhance our capabilities and sharpen our focus, we remain committed to disciplined execution and positioning the company for long-term success.”

FULL YEAR FISCAL 2026 GUIDANCE

For fiscal 2026, the Company:

•Expects net sales to be in the range of $12.1 billion to $12.2 billion, reflecting organic net sales1 growth of 1% to 2%

•Updates operating income guidance to be in the range of $0.83 billion to $0.87 billion, which includes the estimated loss related to the Brazil divestiture, a non-cash impairment charge related to a minority investment in Indonesia, and a litigation settlement

•Raises adjusted operating income1 guidance to be in the range of $1.08 billion to $1.12 billion, reflecting growth of 6% to 10%

•Updates diluted earnings per share guidance to be in the range of $1.06 to $1.12

•Raises adjusted diluted earnings per share1 guidance to be in the range of $1.45 to $1.51, reflecting growth of 6% to 10%

Updated

Net Sales $12.1 - $12.2 billion $12.2 - $12.5 billion

Organic Net Sales1 Growth Rate

1% - 2% 1% - 4%

Diluted Earnings per Share $1.06 - $1.12 $1.28 - $1.37

Adj. Diluted Earnings per Share1

$1.45 - $1.51 $1.43 - $1.51

PORTFOLIO SHAPING

During the third quarter of fiscal 2026, the Company announced a definitive agreement to sell its Brazil operations, operated under the Ceratti® brand, and classified the business as held for sale. The divestiture reflects the Company's ongoing efforts to simplify and streamline its portfolio and focus its international strategy on markets with the strongest long-term growth opportunities.

The transaction successfully closed in the early part of the fourth quarter of fiscal 2026. The expected impacts of the divestiture are reflected in the Company's updated fiscal 2026 guidance ranges. Beginning in the fourth quarter of fiscal 2026, the impact of the divestiture will be excluded from year-over-year comparisons in the Company's non-GAAP organic volume¹ and organic net sales¹ metrics.

SEGMENT HIGHLIGHTS – THIRD QUARTER

Retail

•Volume down 9%; organic volume1 down 9%

•Net sales down 4%; organic net sales1 down 3%

•Segment profit down 4%

Organic net sales1 decreased in the third quarter of fiscal 2026, as declines in commodity turkey and private label snack nuts were partially offset by strong performance in value-added turkey offerings, contract manufacturing and Planters® snack nuts. Additional priority brands that delivered solid growth during the quarter include the SPAM® family of products, Applegate® natural and organic meats, and Hormel® chili. Segment profit decreased for the third quarter of fiscal 2026, as lower net sales and higher logistics expenses were partially offset by lower selling, general and administrative expenses.

Foodservice

•Volume down 1%; organic volume1 down 1%

•Net sales up 2%; organic net sales1 up 2%

•Segment profit up 3%

The third quarter of fiscal 2026 marked the 12th consecutive quarter of organic net sales1 growth for the Foodservice segment. Organic net sales¹ growth was broad-based despite the impact of lower commodity-based pricing in portions of the portfolio. Growth was driven by multiple product groups and categories, led by significant contributions from premium prepared proteins, branded pepperoni and Jennie-O® turkey. Additional branded products, including Austin Blues® smoked meats, Hormel® Natural Choice® meats and Hormel® Fire Braised™ meats, also delivered strong net sales results. Segment profit increased for the third quarter of fiscal 2026, as higher net sales and favorable pork input costs were partially offset by higher logistics and selling, general and administrative expenses.

International

•Volume down 11%; organic volume1 down 11%

•Net sales down 5%; organic net sales1 down 4%

•Segment profit down 254%; adjusted segment profit1 flat

For the International segment, organic net sales¹ declined in the third quarter of fiscal 2026. While branded export demand remained resilient during the quarter, the recognition of certain SPAM® export sales was adversely impacted due to a one-time legal-entity transition. Segment profit was significantly impacted by a non-cash impairment charge. Adjusted segment profit1 was comparable to the prior year, as minority investment performance offset weaker results in Brazil.

ADDITIONAL FINANCIAL DETAILS – THIRD QUARTER FISCAL 2026

Income Statement

•Operating margin and adjusted operating margin1 were 3.7% and 9.0%, respectively, compared to 7.9% and 8.4%, respectively, in the prior year.

•Selling, general and administrative expenses as a percent of net sales and adjusted selling, general and administrative expenses as a percent of net sales1 were 10.9% and 7.3%, respectively, compared to 8.5% and 8.1%, respectively, in the prior year.

•Advertising investments were $34 million, compared to $41 million last year.

•Significant discrete pre-tax items included: a loss of $56 million related to the Brazil divestiture, a non-cash impairment charge related to a minority investment in Indonesia of $48 million and a litigation settlement of $38 million.

•The effective tax rate was 42.3%, compared to 22.3% last year, and was significantly impacted by one-time items.

Cash Flow Statement

•Cash flow from operations was $241 million, an increase of 54% compared to the prior year.

•Capital expenditures were $68 million, compared to $72 million last year. The largest projects in the third quarter of fiscal 2026 were related to infrastructure enhancements and investments in data and technology.

•Depreciation and amortization expense was $66 million, compared to $65 million last year.

•The Company returned $161 million to stockholders during the quarter through dividends.

Balance Sheet

•The Company remained in a strong financial position at quarter end, with ample liquidity and a conservative level of debt.

•Cash on hand, excluding assets held for sale, was $840 million at quarter end, an increase of $169 million from the end of fiscal 2025.

•Inventories were $1.8 billion at quarter end, an increase of $54 million from the end of fiscal 2025.

PRESENTATION

A conference call will be webcast at 8 a.m. CT on Aug. 27, 2026. Access is available at hormelfoods.com by clicking on "Investors." The call will also be available via telephone by dialing 833-461-5787 (toll free) or 585-542-9983 (international) and providing the conference ID 915 330 197. An audio replay is available at hormelfoods.com. The webcast replay will be available at noon CT, Aug. 27, 2026, and will remain on the website for one year.

ABOUT HORMEL FOODS

Hormel Foods Corporation, based in Austin, Minnesota, is a global branded food company with over $12 billion in annual revenue. Its brands include Planters®, Skippy®, SPAM®, Hormel® Natural Choice®, Applegate®, Wholly®, Hormel® Black Label®, Columbus®, Jennie-O® 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, was named one of the best companies to work for by U.S. News & World Report and one of America’s most responsible companies by Newsweek, was recognized by TIME magazine as one of the World’s Best Companies and has received numerous other awards and accolades for its corporate responsibility and community service efforts. For more information, visit hormelfoods.com.

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements, which are based on the Company's current assumptions and expectations. These statements are typically accompanied by the words "aim," "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "might," "plan," "project," "seek," "target," "will," "would," or similar words or expressions. The principal forward-looking statements in this news release include statements regarding the Company's fiscal 2026 guidance and future financial and operational performance.

All such forward-looking statements are intended to enjoy the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, as amended. Although the Company believes there is a reasonable basis for the forward-looking statements, its actual results could be materially different. The most important factors that could cause the Company's actual results to differ from its forward-looking statements include, but are not limited to, risks related to the deterioration of economic conditions; risks related to acquisitions, joint ventures, equity investments, and divestitures; risks and uncertainties associated with intangible assets, including any future goodwill or intangible assets impairment charges; the risk of disruption of operations; the risk that the Company may fail to realize anticipated cost savings or operating profit improvements associated with strategic initiatives, including the Transform and Modernize initiative and the Company's recent corporate restructuring plan; risk of unfavorable changes in the Company's relationships with third parties; risk of the Company's inability to protect information technology (IT) systems against, or effectively respond to, cyberattacks, security breaches or other IT interruptions; labor relations and labor availability risks; food safety risks; fluctuations in commodity prices and availability of raw materials and other inputs; fluctuations in market demand for the Company's products; risks related to the Company's ability to respond to changing consumer preferences; damage to the Company's reputation or brand image; risks of litigation; risks associated with government regulation; risks related to trade policies, export and import controls, and tariffs; and the other risks and uncertainties described in Item 1A – Risk Factors of the Company's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which can be accessed at hormelfoods.com in the "Investors" section. Though the Company has attempted to list comprehensively these important cautionary risk factors, the Company cautions that other factors may in the future prove to be important in affecting the Company's business or results of operations. Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update any forward-looking statement except as otherwise required by law.

Note: Due to rounding, numbers presented throughout this press release may not sum precisely to the totals provided, and percentages may not precisely reflect the absolute figures.

Reclassifications: Certain prior year amounts have been reclassified to conform to the current year presentation.

END NOTES

1Non-GAAP measure. See Appendix: Non-GAAP Measures to this news release for more information.

INVESTOR CONTACT

Jess Blomberg

ir@hormel.com

MEDIA CONTACT

Laura Cederberg

media@hormel.com

HORMEL FOODS CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

In thousands, except per share amounts

Unaudited

Quarter Ended Nine Months Ended

July 26, 2026 July 27, 2025 July 26, 2026 July 27, 2025

Net Sales $ 2,961,333 $ 3,032,876 $ 8,961,250 $ 8,920,499

Cost of Products Sold 2,489,818 2,545,567 7,501,653 7,473,524

Gross Profit 471,515 487,309 1,459,597 1,446,975

Selling, General, and Administrative 323,501 258,713 883,822 773,158

Equity in Earnings of Affiliates (37,110) 11,153 (4,061) 42,614

Operating Income 110,904 239,748 571,713 716,430

Interest Income 6,661 4,877 19,667 18,596

Interest Expense 19,635 19,461 59,185 58,438

Other Income (Expense), Net 5,227 11,350 11,336 8,488

Earnings Before Income Taxes 103,157 236,514 543,531 685,076

Provision for Income Taxes 43,638 52,818 144,865 151,107

Effective Tax Rate 42.3 % 22.3 % 26.7 % 22.1 %

Net Earnings 59,519 183,696 398,666 533,968

Less: Net Earnings (Loss) Attributable to Noncontrolling Interest (55) (46) (182) (366)

Net Earnings Attributable to Hormel Foods Corporation $ 59,573 $ 183,742 $ 398,848 $ 534,334

Net Earnings Per Share:

Basic $ 0.11 $ 0.33 $ 0.72 $ 0.97

Diluted $ 0.11 $ 0.33 $ 0.72 $ 0.97

Weighted-average Shares Outstanding:

Basic 550,675 550,408 550,572 550,048

Diluted 551,074 550,723 550,898 550,396

Dividends Declared Per Share $ 0.2925 $ 0.2900 $ 0.8775 $ 0.8700

HORMEL FOODS CORPORATION

CONSOLIDATED CONDENSED STATEMENTS OF FINANCIAL POSITION

In thousands

Unaudited

July 26, 2026 October 26, 2025

Assets

Cash and Cash Equivalents $ 839,639 $ 670,679

Short-term Marketable Securities 28,807 32,909

Accounts and Other Receivables, Net 733,460 813,989

Inventories 1,801,567 1,747,279

Taxes Receivable 58,688 96,791

Prepaid Expenses and Other Current Assets 53,420 44,010

Assets Held for Sale 10,659 —

Total Current Assets 3,526,238 3,405,656

Goodwill 4,867,763 4,924,087

Intangible Assets 1,572,850 1,647,297

Pension Assets 204,135 211,826

Investments in Affiliates 527,864 533,984

Other Assets 430,139 431,500

Property, Plant, and Equipment, Net 2,163,025 2,238,770

Total Assets $ 13,292,014 $ 13,393,119

Liabilities and Shareholders’ Investment

Accounts Payable & Accrued Expenses

$ 771,154 $ 787,350

Accrued Marketing Expenses 133,313 113,947

Employee-related Expenses 250,072 273,402

Interest and Dividends Payable 175,646 180,700

Taxes Payable 10,690 18,752

Current Maturities of Long-term Debt 505,634 6,646

Liabilities Held for Sale 27,483 —

Total Current Liabilities 1,873,991 1,380,796

Long-term Debt Less Current Maturities 2,349,489 2,850,778

Pension and Postretirement Benefits 351,174 358,984

Deferred Income Taxes 653,360 661,349

Other Long-term Liabilities 204,345 225,397

Accumulated Other Comprehensive Loss (236,907) (243,646)

Other Shareholders’ Investment

8,096,561 8,159,461

Total Liabilities and Shareholders’ Investment $ 13,292,014 $ 13,393,119

HORMEL FOODS CORPORATION

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

In thousands

Unaudited

Quarter Ended Nine Months Ended

July 26, 2026 July 27, 2025 July 26, 2026 July 27, 2025

Operating Activities

Net Earnings $ 59,519 $ 183,696 $ 398,666 $ 533,968

Depreciation and Amortization 66,427 64,692 202,348 194,527

Equity in Earnings of Affiliates 37,110 (11,153) 4,061 (42,614)

Loss (Gain) on Divestitures 57,379 — 94,085 10,800

Decrease (Increase) in Working Capital, Net of Divestitures (2,174) (95,844) 111 (255,011)

Other 22,339 15,307 69,481 80,674

Net Cash Provided by (Used in) Operating Activities 240,599 156,698 768,752 522,345

Investing Activities

Net Sale (Purchase) of Securities 3,498 (1,434) 3,372 (6,170)

Proceeds from Sale of Business (2,979) — 97,056 13,139

Purchases of Property, Plant, and Equipment (68,163) (72,194) (219,331) (219,444)

Proceeds from (Purchases of) Affiliates and Other Investments — (584) (5,316) (3,283)

Other 6,119 7,890 11,952 10,767

Net Cash Provided by (Used in) Investing Activities (61,526) (66,323) (112,267) (204,991)

Financing Activities

Repayments of Long-term Debt and Finance Leases (1,773) (2,005) (5,425) (6,250)

Dividends Paid on Common Stock (160,963) (159,467) (481,401) (473,692)

Other (283) (1,784) (1,609) 24,057

Net Cash Provided by (Used in) Financing Activities (163,019) (163,256) (488,435) (455,884)

Effect of Exchange Rate Changes on Cash 1,291 2,381 5,368 (4,161)

Increase (Decrease) in Cash, Cash Equivalents, and Cash Held for Sale 17,345 (70,499) 173,417 (142,692)

Cash, Cash Equivalents, and Cash Held for Sale at Beginning of Period 826,750 669,688 670,679 741,881

Cash, Cash Equivalents, and Cash Held for Sale at End of Period 844,095 599,189 844,095 599,189

Less: Cash Held for Sale 4,457 — 4,457 —

Cash and Cash Equivalents at End of Period $ 839,639 $ 599,189 $ 839,639 $ 599,189

HORMEL FOODS CORPORATION

SEGMENT DATA

In thousands

Unaudited

Quarter Ended Nine Months Ended

July 26, 2026 July 27, 2025 % Change July 26, 2026 July 27, 2025 % Change

Volume (lbs.)

Retail 648,340 712,912 (9.1) 2,005,233 2,127,075 (5.7)

Foodservice 244,830 248,540 (1.5) 733,557 734,988 (0.2)

International 75,908 85,138 (10.8) 231,905 239,225 (3.1)

Total Volume (lbs.)

969,078 1,046,590 (7.4) 2,970,695 3,101,288 (4.2)

Net Sales

Retail $ 1,779,434 $ 1,858,434 (4.3) $ 5,416,905 $ 5,532,401 (2.1)

Foodservice 1,003,158 986,976 1.6 2,998,096 2,853,603 5.1

International 178,740 187,466 (4.7) 546,249 534,495 2.2

Total Net Sales

$ 2,961,333 $ 3,032,876 (2.4) $ 8,961,250 $ 8,920,499 0.5

Segment Profit

Retail $ 118,073 $ 122,566 (3.7) $ 369,902 $ 378,847 (2.4)

Foodservice 144,475 140,711 2.7 456,800 420,170 8.7

International (29,233) 18,941 (254.3) 15,812 58,193 (72.8)

Total Segment Profit 233,316 282,218 (17.3) 842,515 857,210 (1.7)

Net Unallocated Expense 130,104 45,658 185.0 298,802 171,769 74.0

Noncontrolling Interest (55) (46) (20.4) (182) (366) 50.2

Earnings Before Income Taxes $ 103,157 $ 236,514 (56.4) $ 543,531 $ 685,076 (20.7)

APPENDIX: NON-GAAP MEASURES

This press release includes measures of financial performance that are not defined by U.S. generally accepted accounting principles (GAAP). The Company utilizes these non-GAAP measures to understand and evaluate operating performance on a consistent basis. These measures may also be used when making decisions regarding resource allocation and in determining incentive compensation. The Company believes these non-GAAP measures provide useful information to investors because they aid analysis and understanding of the Company’s results and business trends relative to past performance and the Company’s competitors. Non-GAAP measures are not intended to be a substitute for GAAP measures in analyzing financial performance. These non-GAAP measures are not calculated in accordance with GAAP and may be different from non-GAAP measures used by other companies.

Transform and Modernize (T&M) Initiative

In the fourth quarter of fiscal 2023, the Company announced a multi-year T&M initiative. In presenting non-GAAP measures, the Company adjusts for (i.e., excludes) expenses for this initiative that are nonrecurring, which are primarily project-based external consulting fees and expenses related to supply chain and portfolio optimization (e.g., asset write-offs, severance, or relocation-related costs). The Company believes that nonrecurring costs associated with the T&M initiative are not reflective of the Company’s ongoing operating cost structure; therefore, the Company is excluding these discrete costs. The Company does not adjust for (i.e., does not exclude) certain costs related to the T&M initiative that are expected to continue after the project ends, such as software license fees and internal employee expenses, because those costs are considered ongoing in nature as a component of normal operating costs. The Company also does not adjust for savings realized through the T&M initiative as these are considered ongoing in nature and reflective of expected future operating performance.

Gain or Loss on Divestitures

As part of its ongoing portfolio management activities, the Company may periodically divest certain businesses to better align its portfolio with its strategic objectives and long-term growth strategy. The Company believes the one-time impacts from these transactions, including transaction costs, are not reflective of the Company’s ongoing operating cost structure, are not indicative of the Company’s core operating performance, and are not meaningful when comparing the Company’s operating performance against that of prior periods. Thus, the Company has adjusted for (i.e., excluded) these impacts. Transactions affecting comparability include the Brazil transaction, the whole-bird turkey transaction, the Justin's, LLC transaction, and the Mountain Prairie, LLC divestiture.

Corporate Restructuring Plan

In the fourth quarter of fiscal 2025, the Company commenced a corporate restructuring plan, the focus of which is to reduce administrative expenses, improve efficiencies, and align the workforce to the Company’s future needs, while enabling continued investment in the Company’s growth. The costs incurred to execute the corporate restructuring plan and the charges incurred under the program are primarily related to severance and employee benefit costs. Because the Company believes certain charges incurred under the corporate restructuring plan do not reflect future operating costs and are not meaningful when comparing the Company's operating performance against that of prior periods, the Company adjusts for (i.e., excludes) these impacts.

Consulting Agreement

On October 27, 2025, the Company entered into a consulting agreement (Consulting Agreement) with its former Chief Executive Officer (CEO), pursuant to which the former CEO is expected to provide consulting services to the Company until April 2027. Consulting costs related to the Consulting Agreement include cash and share-based compensation, which were primarily recognized in the first quarter of fiscal 2026. The Company believes nonrecurring costs associated with the Consulting Agreement are not reflective of the Company’s ongoing operating cost structure, are not indicative of the Company’s core operating performance, and are not meaningful when comparing the Company’s operating performance against that of prior periods; therefore, the Company is excluding these discrete costs.

Legal Matters

From time to time, the Company receives proceeds or incurs expenses related to discrete legal matters that the Company believes are not indicative of the Company’s core operating performance, do not reflect expected future operating income or costs, and are not meaningful when comparing the Company’s operating performance against that of prior periods. The Company adjusts for (i.e., excludes) these impacts.

Litigation Settlements

In the third quarter of fiscal 2026, the Company executed a settlement agreement with certain plaintiffs in an antitrust lawsuit. In fiscal 2025, the Company entered into a settlement agreement with certain plaintiffs in an antitrust lawsuit.

Impairments

In the third quarter of fiscal 2026, the Company recorded a non-cash impairment charge related to a minority investment in Indonesia. The Company believes these charges are not indicative of the Company’s core operating performance, do not reflect expected future operating income or costs, and are not meaningful when comparing the Company’s operating performance against that of prior periods. Thus, the Company has adjusted for (i.e., excluded) these impacts.

The tables below show the calculations to reconcile from the GAAP measures to the non-GAAP measures presented in this press release. The tax provision expense or benefit of each of the pre-tax items excluded from the Company's GAAP results was computed based on the facts and tax implications associated with each item.

HORMEL FOODS CORPORATION

RECONCILIATION OF NON-GAAP MEASURES

Unaudited

Quarter Ended Nine Months Ended

In thousands, except per share amounts July 26, 2026 July 27, 2025 July 26, 2026 July 27, 2025

Cost of Products Sold (GAAP) $ 2,489,818 $ 2,545,567 $ 7,501,653 $ 7,473,524

Transform and Modernize Initiative(1)

(447) (1,010) (2,222) (3,973)

Adjusted Cost of Products Sold (Non-GAAP) $ 2,489,371 $ 2,544,557 $ 7,499,431 $ 7,469,551

SG&A (GAAP) $ 323,501 $ 258,713 $ 883,822 $ 773,158

Transform and Modernize Initiative(2)

(11,792) (13,485) (36,448) (41,228)

Gain (Loss) on Divestitures (57,379) — (94,911) (11,324)

Corporate Restructuring Plan 26 — (8,505) —

Consulting Agreement — — (7,775) —

Litigation Settlements (37,500) — (37,500) (240)

Adjusted SG&A (Non-GAAP) $ 216,856 $ 245,228 $ 698,684 $ 720,366

Equity in Earnings of Affiliates (GAAP) $ (37,110) $ 11,153 $ (4,061) $ 42,614

Impairments

48,218 — 48,218 —

Adjusted Equity in Earnings of Affiliates (Non-GAAP) $ 11,109 $ 11,153 $ 44,157 $ 42,614

HORMEL FOODS CORPORATION

RECONCILIATION OF NON-GAAP MEASURES

Unaudited

Quarter Ended Nine Months Ended

In thousands, except per share amounts July 26, 2026 July 27, 2025 July 26, 2026 July 27, 2025

Operating Income (GAAP) $ 110,904 $ 239,748 $ 571,713 $ 716,430

Transform and Modernize Initiative(1)(2)

12,239 14,496 38,669 45,202

(Gain) Loss on Divestitures 57,379 — 94,911 11,324

Corporate Restructuring Plan (26) — 8,505 —

Consulting Agreement — — 7,775 —

Litigation Settlements 37,500 — 37,500 240

Impairments

48,218 — 48,218 —

Adjusted Operating Income (Non-GAAP) $ 266,215 $ 254,244 $ 807,292 $ 773,196

Earnings Before Income Taxes (GAAP) $ 103,157 $ 236,514 $ 543,531 $ 685,076

Transform and Modernize Initiative(1)(2)

12,239 14,496 38,669 45,202

(Gain) Loss on Divestitures 57,379 — 94,911 11,324

Corporate Restructuring Plan (26) — 8,505 —

Consulting Agreement — — 7,775 —

Litigation Settlements 37,500 — 37,500 240

Impairments

48,218 — 48,218 —

Adjusted Earnings Before Income Taxes (Non-GAAP) $ 258,467 $ 251,010 $ 779,110 $ 741,842

Provision for Income Taxes (GAAP) $ 43,638 $ 52,818 $ 144,865 $ 151,107

Transform and Modernize Initiative(1)(2)

2,999 3,233 9,474 9,960

(Gain) Loss on Divestitures 303 — 4,525 2,469

Corporate Restructuring Plan (6) — 2,084 —

Consulting Agreement — — — —

Litigation Settlements 9,188 — 9,188 52

Impairments

— — — —

Adjusted Provision for Income Taxes (Non-GAAP) $ 56,120 $ 56,051 $ 170,136 $ 163,588

Net Earnings Attributable to Hormel Foods Corporation (GAAP) $ 59,573 $ 183,742 $ 398,848 $ 534,334

Transform and Modernize Initiative(1)(2)

9,241 11,263 29,195 35,242

(Gain) Loss on Divestitures 57,076 — 90,386 8,855

Corporate Restructuring Plan (20) — 6,421 —

Consulting Agreement — — 7,775 —

Litigation Settlements 28,313 — 28,313 188

Impairments

48,218 — 48,218 —

Adjusted Net Earnings Attributable to Hormel Foods Corporation (Non-GAAP) $ 202,402 $ 195,005 $ 609,156 $ 578,620

HORMEL FOODS CORPORATION

RECONCILIATION OF NON-GAAP MEASURES

Unaudited

Quarter Ended Nine Months Ended

In thousands, except per share amounts July 26, 2026 July 27, 2025 July 26, 2026 July 27, 2025

Diluted Earnings Per Share (GAAP) $ 0.11 $ 0.33 $ 0.72 $ 0.97

Transform and Modernize Initiative(1)(2)

0.02 0.02 0.05 0.06

(Gain) Loss on Divestitures 0.10 — 0.16 0.02

Corporate Restructuring Plan — — 0.01 —

Consulting Agreement — — 0.01 —

Litigation Settlements 0.05 — 0.05 —

Impairments

0.09 — 0.09 —

Adjusted Diluted Earnings Per Share (Non-GAAP) $ 0.37 $ 0.35 $ 1.11 $ 1.05

SG&A as a Percent of Net Sales (GAAP) 10.9 % 8.5 % 9.9 % 8.7 %

Transform and Modernize Initiative(2)

(0.4) (0.4) (0.4) (0.5)

Gain (Loss) on Divestitures (1.9) — (1.1) (0.1)

Corporate Restructuring Plan — — (0.1) —

Consulting Agreement — — (0.1) —

Litigation Settlements (1.3) — (0.4) —

Adjusted SG&A as a Percent of Net Sales (Non-GAAP) 7.3 % 8.1 % 7.8 % 8.1 %

Operating Margin (GAAP) 3.7 % 7.9 % 6.4 % 8.0 %

Transform and Modernize Initiative(1)(2)

0.4 0.5 0.4 0.5

(Gain) Loss on Divestitures 1.9 — 1.1 0.1

Corporate Restructuring Plan — — 0.1 —

Consulting Agreement — — 0.1 —

Litigation Settlements 1.3 — 0.4 —

Impairments

1.6 — 0.5 —

Adjusted Operating Margin (Non-GAAP) 9.0 % 8.4 % 9.0 % 8.7 %

(1) Comprised primarily of costs related to supply chain and portfolio optimization.

(2) Comprised primarily of project-based external consulting fees.

ADJUSTED SEGMENT PROFIT (NON-GAAP)

Quarter Ended

July 26, 2026 July 27, 2025

In thousands GAAP

Non-GAAP Adjustments(1)

Non-GAAP GAAP

Non-GAAP Adjustments(2)

Non-GAAP

Segment Profit (Loss)

Retail $ 118,073 $ — $ 118,073 $ 122,566 $ — $ 122,566

Foodservice 144,475 — 144,475 140,711 — 140,711

International (29,233) 48,218 18,985 18,941 — 18,941

Total Segment Profit (Loss) 233,316 48,218 281,534 282,218 — 282,218

Net Unallocated Expense 130,104 (107,092) 23,012 45,658 (14,496) 31,162

Noncontrolling Interest (55) — (55) (46) — (46)

Earnings Before Income Taxes $ 103,157 $ 155,310 $ 258,467 $ 236,514 $ 14,496 $ 251,010

(1) International segment profit (loss) adjustments in the third quarter of fiscal 2026 were due to a non-cash impairment charge. Net Unallocated Expense adjustments were comprised of gain (loss) on divestitures, an unfavorable litigation settlement, nonrecurring T&M initiative costs, and corporate restructuring plan charges.

(2) Net Unallocated Expense adjustments in the third quarter of fiscal 2025 were comprised of nonrecurring T&M initiative costs.

Nine Months Ended

July 26, 2026 July 27, 2025

In thousands GAAP

Non-GAAP Adjustments(1)

Non-GAAP GAAP

Non-GAAP Adjustments(2)

Non-GAAP

Segment Profit (Loss)

Retail $ 369,902 $ — $ 369,902 $ 378,847 $ — $ 378,847

Foodservice 456,800 — 456,800 420,170 — 420,170

International 15,812 48,218 64,031 58,193 — 58,193

Total Segment Profit (Loss) 842,515 48,218 890,734 857,210 — 857,210

Net Unallocated Expense 298,802 (187,360) 111,442 171,769 (56,766) 115,003

Noncontrolling Interest (182) — (182) (366) — (366)

Earnings Before Income Taxes $ 543,531 $ 235,578 $ 779,110 $ 685,076 $ 56,766 $ 741,842

(1) International segment profit (loss) adjustments in the first nine months of fiscal 2026 were due to a non-cash impairment charge. Net Unallocated Expense adjustments were comprised of gain (loss) on divestitures, nonrecurring T&M initiative costs, an unfavorable litigation settlement, corporate restructuring plan charges, and Consulting Agreement costs.

(2) Net Unallocated Expense adjustments in the first nine months of fiscal 2025 were comprised of nonrecurring T&M initiative costs, the loss on the divestiture of Mountain Prairie, LLC and an unfavorable litigation settlement.

ORGANIC VOLUME AND ORGANIC NET SALES (NON-GAAP)

The non-GAAP measures of organic volume and organic net sales are presented to provide investors with additional information to facilitate the comparison of past and present operations. Organic volume and organic net sales exclude the impact of the sale of the Company's controlling equity interest in Justin's, LLC in the first quarter of fiscal 2026.

Quarter Ended

July 26, 2026 July 27, 2025

In thousands GAAP GAAP Divestiture Non-GAAP Organic Non-GAAP

% Change

Volume (lbs.)

Retail 648,340 712,912 (3,540) 709,372 (8.6)

Foodservice 244,830 248,540 (346) 248,194 (1.4)

International 75,908 85,138 (68) 85,071 (10.8)

Total Volume (lbs.) 969,078 1,046,590 (3,953) 1,042,637 (7.1)

Net Sales

Retail $ 1,779,434 $ 1,858,434 $ (19,052) $ 1,839,382 (3.3)

Foodservice 1,003,158 986,976 (1,856) 985,120 1.8

International 178,740 187,466 (520) 186,947 (4.4)

Total Net Sales $ 2,961,333 $ 3,032,876 $ (21,427) $ 3,011,449 (1.7)

Nine Months Ended

July 26, 2026 July 27, 2025

In thousands GAAP GAAP Divestiture Non-GAAP Organic Non-GAAP

% Change

Volume (lbs.)

Retail 2,005,233 2,127,075 (8,605) 2,118,469 (5.3)

Foodservice 733,557 734,988 (724) 734,264 (0.1)

International 231,905 239,225 (117) 239,109 (3.0)

Total Volume (lbs.) 2,970,695 3,101,288 (9,446) 3,091,842 (3.9)

Net Sales

Retail $ 5,416,905 $ 5,532,401 $ (45,526) $ 5,486,876 (1.3)

Foodservice 2,998,096 2,853,603 (4,100) 2,849,503 5.2

International 546,249 534,495 (1,190) 533,305 2.4

Total Net Sales $ 8,961,250 $ 8,920,499 $ (50,815) $ 8,869,684 1.0

FORWARD-LOOKING GAAP TO NON-GAAP MEASURES

The information below reconciles the estimated fiscal 2026 GAAP measures to the corresponding estimated adjusted non-GAAP measures.

Fiscal 2026 Outlook – Organic Net Sales (Non-GAAP)

To provide a clearer comparison of past and present net sales performance, the Company has adjusted its fiscal 2025 net sales to exclude the impact of the sale of the Justin's® branded business in the first quarter of fiscal 2026 and the sale of its Brazil operations in the fourth quarter of fiscal 2026.

In billions

Fiscal 2026 Outlook

2025 Results Change

Net Sales (GAAP) $ 12.1 - $ 12.2 $ 12.1 0% - 1%

Divestitures — - — (0.1)

Organic Net Sales (Non-GAAP) $ 12.1 - $ 12.2 $ 12.0 1% - 2%

Fiscal 2026 Outlook – Adjusted Operating Income (Non-GAAP)

The Company's fiscal 2026 outlook for adjusted operating income is a non-GAAP measure that excludes items impacting comparability.

In fiscal 2026, the Company expects:

•Operating income (GAAP) in the range of $826 million to $869 million

•Adjustments for gains and losses on divestitures of $94.9 million

•Adjustments for the T&M initiative of $49.0 million to $52.0 million

•Adjustment for a non-cash impairment of $48.2 million

•Adjustment for a litigation settlement of $37.5 million

•Adjustments for corporate restructuring plan-related charges of $8.5 million

•Adjustment for the Consulting Agreement of $7.8 million

Resulting in an adjusted operating income range (non-GAAP) of $1,075 million to $1,115 million.

Fiscal 2026 Outlook – Adjusted Diluted Earnings per Share (Non-GAAP)

The Company's fiscal 2026 outlook for adjusted diluted earnings per share is a non-GAAP measure that excludes items impacting comparability.

In fiscal 2026, the Company expects:

•Diluted earnings per share (GAAP) in the range of $1.06 to $1.12

•Adjustments for gains and losses on divestitures of $0.16

•Adjustment for a non-cash impairment of $0.09

•Adjustments for the T&M initiative of $0.07

•Adjustment for a litigation settlement of $0.05

•Adjustments for corporate restructuring plan-related charges of $0.01

•Adjustment for the Consulting Agreement of $0.01

Resulting in an adjusted diluted earnings per share range (non-GAAP) of $1.45 to $1.51.

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