HORMEL FOODS CORP /DE/ (HRL) Company Report

Hormel Foods reported adjusted EPS of $0.32 for Q4 FY2025, beating estimates, but recorded a GAAP net loss largely due to $234 million in non-cash impairment charges.
Q4 revenue was slightly below expectations, with retail segment net sales up 1%, offset by flat retail volumes and declines in foodservice and international segments.
The company initiated a restructuring plan targeting administrative cost reductions, expecting severance and related charges of $9 million to $12 million in FY2026.
For FY2026, Hormel forecasts adjusted EPS of $1.43–$1.51 and net sales of $12.2 billion to $12.5 billion, both above analyst estimates.
FY2026 GAAP diluted EPS is expected between $1.29 and $1.39, with operating income projected at $960 million to $1.03 billion.

6 days ago

WSJ

Hormel Foods reports Q4 2025 results and 2026 outlook

HRL

Earnings

Guidance Update

Layoffs

Net sales exceeded $12 billion in fiscal 2025, delivering 2% organic growth across four consecutive quarters supported by all three segments.
Margin pressures from over 500 bps of raw material cost inflation, avian illnesses, a chicken recall and facility fire led to operating income of $719 million (5.9% margin) and adjusted operating income just over $1 billion (8.4% margin); recorded $235 million of impairments.
Undertook a corporate restructuring, reducing ~250 corporate and sales positions (≈9% of group) to streamline operations and reallocate resources.
Fiscal 2026 guidance calls for organic net sales growth of 1%–4%, adjusted operating income growth of 4%–10%, and adjusted EPS of $1.43–$1.51.

6 days ago

Transcript

Hormel Foods announces Q4 2025 financial results and FY 2026 guidance

HRL

Earnings

Guidance Update

Layoffs

Fiscal 2026 guidance: expect organic net sales growth of 1–4%, adjusted operating income growth of 4–10%, and adjusted EPS of $1.43–$1.51 per share.
Input cost assumptions: anticipate pork costs to decline versus FY 2025 but remain above the five-year average, beef and nut costs elevated, stronger turkey markets; gross margin expansion driven by mix improvements, pricing roll-through, and productivity from Transform & Modernize.
Restructuring and cost-savings: announced reduction of 250 corporate and sales positions (~9% of group), targeting gross savings 2–3× implementation cost, with benefits reinvested in brands, technology, and partly offsetting inflation.
Q4 margin pressures and retail momentum: raw material inflation added 500 bps headwind, compounded by a chicken product recall and plant fire; flagship and rising brands drove a 1% consumption increase in the core meat portfolio over the latest 13 weeks.

6 days ago

Transcript

Hormel Foods reports Q4 2025 earnings and FY25 results

HRL

Earnings

Guidance Update

Dividends

Full‐year fiscal 2025 net sales surpassed $12 billion, with organic net sales in Q4 up 2% year-over-year.
Adjusted operating income for FY25 was $1.01 billion (8.4% margin) vs. GAAP operating income of $719 million (5.9% margin); non-cash impairments totaled $235 million.
For FY25, adjusted diluted EPS was $1.37; Q4 adjusted EPS $0.32 vs. a diluted loss of $0.10; cash flow from operations was $845 million.
Returned a record $633 million in dividends and raised the quarterly dividend 1% to an annualized $1.17 for FY26.
FY26 guidance calls for 1–4% organic net sales growth, 4–10% adjusted operating income growth, and adjusted EPS of $1.43–$1.51.

6 days ago

Transcript

Hormel Foods reports Q4 and fiscal 2025 results

HRL

Earnings

Guidance Update

Dividends

Hormel Foods delivered fiscal 2025 net sales of $12.1 billion (organic net sales +2%) and adjusted operating income of $1.019 billion with adjusted diluted EPS of $1.37.
In Q4, net sales were $3.2 billion (organic +2%), with adjusted operating income of $245 million and adjusted diluted EPS of $0.32, despite $234 million of non-cash impairment charges.
For fiscal 2026, the company forecasts net sales of $12.2–12.5 billion and adjusted diluted EPS of $1.43–1.51, targeting 4–10% growth in adjusted operating income.
The quarterly dividend was raised 1% to an annualized $1.17 per share, extending its streak to 60 consecutive years of increases.

6 days ago

Press Release

Hormel Foods reports Q4 and full-year fiscal 2025 results

HRL

Earnings

Guidance Update

Q4 net sales of $3.19 billion, with organic net sales up 2% year-over-year.
Q4 GAAP operating income of $2 million; adjusted operating income of $245 million after a $234 million non-cash impairment charge.
Q4 adjusted diluted EPS of $0.32 versus a GAAP loss per share of $0.10.
FY2025 net sales of $12.1 billion, organic net sales up 2%, and adjusted diluted EPS of $1.37.
Fiscal 2026 outlook: net sales of $12.2 – 12.5 billion and adjusted diluted EPS of $1.43 – 1.51.

7 days ago

8-K

Hormel Foods to Cut 250 Jobs in 2025-2026 Restructuring

HRL

Layoffs

New Projects/Investments

Hormel Foods announced a corporate restructuring to eliminate approximately 250 corporate and sales positions via layoffs, voluntary early retirement, and a hiring freeze to realign resources and control costs.
The company expects one-time charges of $20–25 million, primarily for pensions, severance, and stock-based compensation, mainly affecting late 2025 and early 2026.
The move follows profit challenges driven by supply chain disruptions, inflation pressures, and product recalls, with Hormel’s stock down 27% since its last earnings report and lagging the S&P 500 by 32%.
Fiscal 2024 sales were split 62% US retail, 32% US food service, and 6% international, supported by brands such as Spam, Jennie-O, and Skippy.

Nov 4, 2025, 3:40 PM

WSJ

Hormel Foods announces corporate restructuring

HRL

Layoffs

Hormel Foods is implementing a corporate restructuring to realign resources with strategic priorities and support long-term growth.
The company will offer a voluntary early retirement program, close open roles and eliminate approximately 250 corporate and sales positions in its office-based workforce.
Estimated restructuring charges of $20–25 million, primarily related to pension benefits, severance, stock compensation, and benefits, will be incurred in Q4 FY2025 and Q1 FY2026.
Resources will be reinvested in technology, innovation, food safety and quality, and people capabilities to strengthen brands and improve efficiency.

Nov 4, 2025, 1:30 PM

Press Release

Hormel Foods names interim CFO amid Q4 profit forecast cut

HRL

CFO Change

Guidance Update

Profit Warning

Paul Kuehneman appointed interim CFO and controller effective October 27, 2025, succeeding Jacinth Smiley, bringing over 30 years of experience at Hormel
Despite strong Q4 net sales growth expected near the top of guidance, Hormel cut its adjusted EPS forecast by $0.08–$0.09, resulting in a share price decline
The company faces persistent inflation in key commodity inputs and impacts from highly pathogenic avian influenza and pneumoviruses in its poultry segment
Hormel maintains a strong financial position with a diversified portfolio across 62% US retail, 32% US food service, and 6% international markets, led by brands like Spam and Jennie-O

Oct 29, 2025, 1:48 PM

Morningstar

Hormel Foods appoints interim CFO and issues Q4 business update

HRL

CFO Change

Guidance Update

Hormel Foods appointed Paul Kuehneman as interim CFO and controller effective October 27, 2025.
Q4 fiscal 2025 net sales are expected at the top end of guidance, with adjusted EPS projected $0.08–$0.09 below prior expectations.
Persistent commodity inflation, HPAI outbreaks, a fire at the Little Rock peanut butter plant, and a voluntary foodservice chicken recall impacted operations.
GAAP EPS guidance is not reaffirmed pending year-end close, with anticipated non-cash impairment charges in International and snack nuts businesses.