Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended April 27, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________ to _______________

Commission File Number: 1-2402

HORMEL FOODS CORPORATION

(Exact name of registrant as specified in its charter)


Delaware						41-0319970
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)


1 Hormel Place, Austin Minnesota						55912-3680
(Address of principal executive offices)						(Zip Code)

(507) 437-5611

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.


Class	Outstanding at May 26, 2025
Common Stock	$0.01465	par value	549,894,589
Common Stock Nonvoting	$0.01	par value	0

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TABLE OF CONTENTS


PART I - FINANCIAL INFORMATION		3
Item 1.	Financial Statements	3
	Consolidated Statements of Operations	3
	Consolidated Statements of Comprehensive Income	4
	Consolidated Statements of Financial Position	5
	Consolidated Statements of Changes in Shareholders’ Investment	6
	Consolidated Condensed Statements of Cash Flows	8
	Notes to the Consolidated Financial Statements	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	21
	Results of Operations	21
	Overview	21
	Consolidated Results	22
	Segment Results	24
	Related Party Transactions	27
	Non-GAAP Measures	27
	Liquidity and Capital Resources	30
	Critical Accounting Estimates	32
	Forward-looking Statements	32
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	33
Item 4.	Controls and Procedures	33
PART II - OTHER INFORMATION		34
Item 1.	Legal Proceedings	34
Item 1A.	Risk Factors	34
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	34
Item 3.	Defaults Upon Senior Securities	34
Item 4.	Mine Safety Disclosures	34
Item 5.	Other Information	34
Item 6.	Exhibits	35
SIGNATURES		36

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PART I – FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS

HORMEL FOODS CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

Unaudited


	Quarter Ended				Six Months Ended
In thousands, except per share amounts	April 27, 2025		April 28, 2024		April 27, 2025		April 28, 2024
Net Sales	$	2,898,810	$	2,887,352	$	5,887,623	$	5,884,263
Cost of Products Sold	2,414,377		2,383,546		4,927,957		4,871,723
Gross Profit	484,433		503,806		959,666		1,012,539
Selling, General, and Administrative	251,432		266,668		514,445		507,054

Equity in Earnings of Affiliates	15,350		15,182		31,461		31,273
Operating Income	248,352		252,320		476,682		536,758

Interest and Investment Income	1,653		13,497		10,857		32,932
Interest Expense	19,516		21,679		38,977		40,005
Earnings Before Income Taxes	230,489		244,139		448,561		529,685
Provision for Income Taxes	50,747		54,931		98,289		121,749
Net Earnings	179,742		189,207		350,272		407,936
Less: Net Earnings (Loss) Attributable to Noncontrolling Interest	(275)		(70)		(320)		(204)
Net Earnings Attributable to Hormel Foods Corporation	$	180,017	$	189,278	$	350,592	$	408,140

Net Earnings Per Share
Basic	$	0.33	$	0.35	$	0.64	$	0.75
Diluted	$	0.33	$	0.34	$	0.64	$	0.74

Weighted-average Shares Outstanding
Basic	550,277		547,868		549,868		547,444
Diluted	550,611		548,685		550,233		548,303

See Notes to the Consolidated Financial Statements

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HORMEL FOODS CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Unaudited


	Quarter Ended				Six Months Ended
In thousands	April 27, 2025		April 28, 2024		April 27, 2025		April 28, 2024
Net Earnings	$	179,742	$	189,207	$	350,272	$	407,936
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	(28,120)		(19,315)		(55,199)		(7,856)
Pension and Other Benefits	2,542		2,068		4,908		4,197
Derivatives and Hedging	(3,883)		11,998		11,979		17,205
Equity Method Investments	1,902		(6,444)		2,376		(3,561)
Total Other Comprehensive Income (Loss)	(27,559)		(11,693)		(35,936)		9,985
Comprehensive Income	152,183		177,515		314,336		417,921
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interest	(497)		(220)		(987)		(146)
Comprehensive Income Attributable to Hormel Foods Corporation	$	152,680	$	177,735	$	315,323	$	418,067

See Notes to the Consolidated Financial Statements

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HORMEL FOODS CORPORATION

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

Unaudited


In thousands, except share and per share amounts	April 27, 2025		October 27, 2024
Assets
Cash and Cash Equivalents	$	669,688	$	741,881
Short-term Marketable Securities	29,293		24,742
Accounts Receivable (Net of Allowance for Doubtful Accounts of $3,664 at April 27, 2025, and $3,712 at October 27, 2024)	743,981		817,908
Inventories	1,729,237		1,576,300
Taxes Receivable	50,529		50,380
Prepaid Expenses and Other Current Assets	59,341		35,265

Total Current Assets	3,282,069		3,246,476


Goodwill	4,920,635		4,923,487
Intangible Assets	1,724,810		1,732,705
Pension Assets	196,736		205,964
Investments in Affiliates	682,810		719,481
Other Assets	422,903		411,889
Property, Plant, and Equipment
Land	73,372		75,159
Buildings	1,498,515		1,503,519
Equipment	2,912,555		2,905,058
Construction in Progress	297,683		228,726
Less: Allowance for Depreciation	(2,590,282)		(2,517,734)
Net Property, Plant, and Equipment	2,191,843		2,194,728
Total Assets	$	13,421,808	$	13,434,729
Liabilities and Shareholders’ Investment
Accounts Payable	$	716,892	$	735,604

Accrued Expenses	53,353		66,380
Accrued Marketing Expenses	119,092		108,156
Employee-related Expenses	239,392		283,490
Interest and Dividends Payable	180,561		175,941
Taxes Payable	11,125		21,916
Current Maturities of Long-term Debt	7,249		7,813
Total Current Liabilities	1,327,664		1,399,299
Long-term Debt Less Current Maturities	2,850,697		2,850,944
Pension and Post-retirement Benefits	384,678		379,891
Deferred Income Taxes	594,504		589,366
Other Long-term Liabilities	222,324		211,219
Shareholders’ Investment
Preferred Stock, Par Value $0.01 a Share — Authorized 160,000,000 Shares; Issued — None	—		—
Common Stock, Nonvoting, Par Value $0.01 a Share — Authorized 400,000,000 Shares; Issued — None	—		—
Common Stock, Par Value $0.01465 a Share — Authorized 1,600,000,000 Shares; Shares Issued as of April 27, 2025: 549,887,595 Shares Issued as of October 27, 2024: 548,605,305	8,056		8,037
Additional Paid-in Capital	614,189		571,178
Accumulated Other Comprehensive Loss	(298,601)		(263,331)
Retained Earnings	7,708,693		7,677,537
Hormel Foods Corporation Shareholders’ Investment	8,032,337		7,993,420
Noncontrolling Interest	9,604		10,590
Total Shareholders’ Investment	8,041,941		8,004,011
Total Liabilities and Shareholders’ Investment	$	13,421,808	$	13,434,729

See Notes to the Consolidated Financial Statements

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HORMEL FOODS CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ INVESTMENT

Unaudited


	Quarter Ended April 28, 2024
		Hormel Foods Corporation Shareholders
	Common Stock			Treasury Stock			Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Non-controlling Interest		Total Shareholders’ Investment
In thousands, except per share amounts	Shares	Amount		Shares	Amount
Balance at January 28, 2024	547,596	$	8,021	—	$	—	$	529,715	$	7,557,157	$	(250,783)	$	4,455	$	7,848,566
Net Earnings (Loss)									189,278				(70)		189,207
Other Comprehensive Income (Loss)											(11,543)		(150)		(11,693)
Contribution from Noncontrolling Interest													6,228		6,228

Stock-based Compensation Expense	52	1					10,559								10,561
Exercise of Stock Options/Restricted Shares	382	6					8,555								8,561

Declared Dividends – $0.2825 per Share							300		(155,278)						(154,977)
Balance at April 28, 2024	548,030	$	8,028	—	$	—	$	549,130	$	7,591,157	$	(262,325)	$	10,462	$	7,896,452

	Quarter Ended April 27, 2025
		Hormel Foods Corporation Shareholders
	Common Stock			Treasury Stock			Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Non- controlling Interest		Total Shareholders’ Investment
In thousands, except per share amounts	Shares	Amount		Shares	Amount
Balance at January 26, 2025	549,785	$	8,054	—	$	—	$	602,887	$	7,688,663	$	(271,263)	$	10,101	$	8,038,442
Net Earnings (Loss)									180,017				(275)		179,742
Other Comprehensive Income (Loss)											(27,338)		(222)		(27,559)


Stock-based Compensation Expense	54	1					11,079								11,080
Exercise of Stock Options/Restricted Shares	48	1					(156)								(156)

Declared Dividends – $0.2900 per Share							379		(159,987)						(159,609)
Balance at April 27, 2025	549,888	$	8,056	—	$	—	$	614,189	$	7,708,693	$	(298,601)	$	9,604	$	8,041,941

See Notes to the Consolidated Financial Statements

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HORMEL FOODS CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ INVESTMENT

Unaudited


	Six Months Ended April 28, 2024
		Hormel Foods Corporation Shareholders
	Common Stock			Treasury Stock			Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Non-controlling Interest		Total Shareholders’ Investment
In thousands, except per share amounts	Shares	Amount		Shares	Amount
Balance at October 29, 2023	546,599	$	8,007	—	$	—	$	506,179	$	7,492,952	$	(272,252)	$	4,100	$	7,738,985
Net Earnings (Loss)									408,140				(204)		407,936
Other Comprehensive Income (Loss)											9,927		59		9,985
Contribution from Noncontrolling Interest													6,508		6,508

Stock-based Compensation Expense	52	1					15,004								15,005
Exercise of Stock Options/Restricted Shares	1,378	20					27,439								27,459

Declared Dividends – $0.5650 per Share							509		(309,935)						(309,426)
Balance at April 28, 2024	548,030	$	8,028	—	$	—	$	549,130	$	7,591,157	$	(262,325)	$	10,462	$	7,896,452

	Six Months Ended April 27, 2025
		Hormel Foods Corporation Shareholders
	Common Stock			Treasury Stock			Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Non- controlling Interest		Total Shareholders’ Investment
In thousands, except per share amounts	Shares	Amount		Shares	Amount
Balance at October 27, 2024	548,605	$	8,037	—	$	—	$	571,178	$	7,677,537	$	(263,331)	$	10,590	$	8,004,011
Net Earnings (Loss)									350,592				(320)		350,272
Other Comprehensive Income (Loss)											(35,270)		(666)		(35,936)


Stock-based Compensation Expense	54	1					16,534								16,535
Exercise of Stock Options/Restricted Shares	1,228	18					25,823								25,841

Declared Dividends – $0.5800 per Share							654		(319,436)						(318,782)
Balance at April 27, 2025	549,888	$	8,056	—	$	—	$	614,189	$	7,708,693	$	(298,601)	$	9,604	$	8,041,941

See Notes to the Consolidated Financial Statements

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HORMEL FOODS CORPORATION

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

Unaudited


	Six Months Ended
In thousands	April 27, 2025		April 28, 2024
Operating Activities
Net Earnings	$	350,272	$	407,936
Adjustments to Reconcile to Net Cash Provided by (Used in) Operating Activities:
Depreciation and Amortization	129,835		127,696
Equity in Earnings of Affiliates	(31,461)		(31,273)
Distributions Received from Equity Method Investees	26,144		25,731
Provision for Deferred Income Taxes	(286)		(468)
Non-cash Investment Activities	1,265		(14,804)
Stock-based Compensation Expense	16,535		15,005
Loss (Gain) on Sale of Business	10,800		—

Operating Lease Cost	19,107		18,191

Other Non-cash, Net	2,602		13,501
Changes in Operating Assets and Liabilities:
Decrease (Increase) in Accounts Receivable	70,560		87,685
Decrease (Increase) in Inventories	(155,901)		7,386
Decrease (Increase) in Prepaid Expenses and Other Assets	(4,899)		10,279
Increase (Decrease) in Pension and Post-retirement Benefits	20,635		21,504
Increase (Decrease) in Accounts Payable and Accrued Expenses	(77,321)		(77,665)
Increase (Decrease) in Net Income Taxes Payable	(12,239)		29,423
Net Cash Provided by (Used in) Operating Activities	365,646		640,127
Investing Activities
Net Sale (Purchase) of Securities	(4,735)		(5,499)
Proceeds from Sale of Business	13,139		—

Purchases of Property, Plant, and Equipment	(147,250)		(107,175)
Proceeds from Sales of Property, Plant, and Equipment	82		397
Proceeds from (Purchases of) Affiliates and Other Investments	(2,699)		(450)
Proceeds from Company-owned Life Insurance	2,795		11
Net Cash Provided by (Used in) Investing Activities	(138,668)		(112,716)
Financing Activities

Proceeds from Long-term Debt	—		497,765
Payment of Debt Issuance Costs	—		(1,105)
Repayments of Long-term Debt and Finance Leases	(4,245)		(4,520)
Dividends Paid on Common Stock	(314,225)		(305,035)

Proceeds from Exercise of Stock Options	25,841		27,459
Proceeds from Noncontrolling Interest	—		6,508
Net Cash Provided by (Used in) Financing Activities	(292,629)		221,072
Effect of Exchange Rate Changes on Cash	(6,542)		1,353
Increase (Decrease) in Cash and Cash Equivalents	(72,193)		749,836
Cash and Cash Equivalents at Beginning of Year	741,881		736,532
Cash and Cash Equivalents at End of Period	$	669,688	$	1,486,368

Supplemental Non-cash Financing and Investing Activities:
Purchases of property, plant, and equipment included in accounts payable	$	20,383	$	14,147

See Notes to the Consolidated Financial Statements

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HORMEL FOODS CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Unaudited

NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation: The accompanying unaudited consolidated financial statements of Hormel Foods Corporation (the Company) have been prepared in accordance with accounting principles generally accepted in the United States (U.S.) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include certain information and footnotes required by U.S. generally accepted accounting principles (GAAP) for comprehensive financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results and cash flows for the interim period are not necessarily indicative of the results that may be expected for the full year.

These statements should be reviewed in conjunction with the consolidated financial statements and associated notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended October 27, 2024. The significant accounting policies used in preparing these interim consolidated financial statements are consistent with those described in Note A - Summary of Significant Accounting Policies to the consolidated financial statements in the Form 10-K. The Company has determined there have been no material changes in the Company’s significant accounting policies, including estimates and assumptions, as disclosed in its Annual Report on Form 10-K for the fiscal year ended October 27, 2024.

Rounding: Certain amounts in the consolidated financial statements and associated notes may not foot due to rounding. All percentages have been calculated using unrounded amounts.

Reclassifications: Certain reclassifications of previously reported amounts have been made to conform to the current year presentation.

Accounting Changes and Recent Accounting Pronouncements:

New Accounting Pronouncements Not Yet Adopted

In November 2023, the FASB issued ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The update is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The ASU requires disclosures to include significant segment expenses that are regularly provided to the chief operating decision maker (CODM), a description of other segment items by reportable segment, and allows the disclosure of additional measures of a segment’s profit or loss used by the CODM when deciding how to allocate resources. The ASU also requires all annual disclosures currently required by Topic 280 to be included in interim periods. The update is effective for the Company's fiscal year ending October 26, 2025, and interim periods for the fiscal year ending October 25, 2026. Early adoption is permitted and requires retrospective application to all prior periods presented in the financial statements. The Company is currently assessing the impact of adopting the updated provisions.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The update is intended to enhance transparency and decision usefulness of income tax disclosures. This ASU updates income tax disclosure requirements by requiring specific categories and greater disaggregation within the rate reconciliation and disaggregation of income taxes paid by jurisdiction. The update is effective for the Company's fiscal year ending October 25, 2026. The Company is currently assessing the impact of adopting the updated provisions.

In November 2024, the FASB issued ASU 2024-03 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The new guidance is intended to provide investors more detailed disclosures around specific types of expenses. The new disclosures require certain details for expenses presented on the face of the Consolidated Statements of Operations as well as selling expenses to be presented in the notes to the financial statements. The guidance is effective for the Company's annual period ending October 29, 2028, and interim periods for the fiscal year ending October 28, 2029. The disclosure updates are required to be applied prospectively with the option for retrospective application. The Company is currently assessing the impact of adopting the updated provisions.

Recently issued accounting standards or pronouncements not disclosed have been excluded as they are currently not relevant to the Company.

NOTE B - ACQUISITIONS AND DIVESTITURES

Divestitures: On October 18, 2024, the Company sold its equity interests in Hormel Health Labs, LLC (Hormel Health Labs) and related assets to Lyons Health Labs Holdco, LLC for $24.5 million. The divestiture resulted in a pre-tax gain of $3.9 million, net of

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transaction costs, which was recognized in Selling, General, and Administrative. Results of operations for Hormel Health Labs were reflected within the Foodservice segment through the date of divestiture.

On November 18, 2024, the Company sold its equity interests in a non-core sow operation, Mountain Prairie, LLC, and related assets to Chaparral Ranches, LLC for $13.6 million. The divestiture resulted in a pre-tax loss of $11.3 million, including transaction costs, which was recognized in Selling, General, and Administrative. Results of operations for Mountain Prairie, LLC were primarily reflected within the Retail segment through the date of divestiture.

NOTE C - GOODWILL AND INTANGIBLE ASSETS

Goodwill: The change in the carrying amount of goodwill for the six months ended April 27, 2025, is:


In thousands	Retail		Foodservice		International		Total





Balance at October 27, 2024	$	2,916,796	$	1,748,355	$	258,336	$	4,923,487

Foreign Currency Translation	—		—		(2,852)		(2,852)
Balance at April 27, 2025	$	2,916,796	$	1,748,355	$	255,484	$	4,920,635

Intangible Assets: The intangible assets by type are:


	April 27, 2025						October 27, 2024
In thousands	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Definite-lived Intangible Assets
Customer Relationships	$	143,139	$	(73,516)	$	69,623	$	168,239	$	(93,536)	$	74,703
Other Definite-lived Intangibles	59,241		(22,233)		37,008		59,241		(20,107)		39,134
Trade Names/Trademarks	6,210		(6,210)		—		6,210		(5,996)		214
Foreign Currency Translation	—		(4,518)		(4,518)		—		(4,458)		(4,458)
Total Definite-lived Intangible Assets	$	208,590	$	(106,477)	$	102,113	$	233,690	$	(124,097)	$	109,593
Indefinite-lived Intangible Assets
Brands/Trade Names/Trademarks					$	1,629,582					$	1,629,582
Other Indefinite-lived Intangibles					184						184
Foreign Currency Translation					(7,069)						(6,655)
Total Indefinite-lived Intangible Assets					1,622,697						1,623,112
Total Intangible Assets					$	1,724,810					$	1,732,705

Amortization expense on intangible assets is as follows:


	Quarter Ended				Six Months Ended
In thousands	April 27, 2025		April 28, 2024		April 27, 2025		April 28, 2024
Amortization Expense	$	3,588	$	3,978	$	7,418	$	8,442

Estimated annual amortization expense on intangible assets for the five fiscal years after October 27, 2024, is as follows:


In thousands	Amortization Expense
2025	$	14,624
2026	14,169
2027	13,927
2028	12,972
2029	11,504

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NOTE D - INVESTMENTS IN AFFILIATES

Equity in Earnings of Affiliates consists of:


		Quarter Ended				Six Months Ended
In thousands	% Owned	April 27, 2025		April 28, 2024		April 27, 2025		April 28, 2024
MegaMex Foods, LLC(1)	50%	$	8,473	$	8,288	$	17,776	$	16,379
Other Equity Method Investments(2)	Various (25-45%)	6,877		6,894		13,685		14,894
Total Equity in Earnings of Affiliates		$	15,350	$	15,182	$	31,461	$	31,273

(1) MegaMex Foods, LLC is reflected in the Retail segment.

(2) Other Equity Method Investments are primarily reflected in the International segment but also include corporate venturing investments.

Distributions received from equity method investees consists of:


	Quarter Ended				Six Months Ended
In thousands	April 27, 2025		April 28, 2024		April 27, 2025		April 28, 2024
Dividends	$	6,250	$	10,000	$	26,144	$	25,731

The Company recognized basis differences of $324.8 million upon the purchase of a minority interest in PT Garudafood Putra Putri Jaya Tbk (Garudafood) and $21.3 million associated with the formation of MegaMex Foods, LLC. As of April 27, 2025, basis differences of $298.4 million, which includes the impact of foreign currency translation, and $8.0 million were remaining for Garudafood and MegaMex Foods, LLC, respectively. The basis differences associated with definite-lived assets are being amortized through Equity in Earnings of Affiliates over the associated useful lives. Based on quoted market prices, the fair value of the common stock held in Garudafood was $242.2 million as of April 25, 2025.

NOTE E - INVENTORIES

Principal components of inventories are:


In thousands	April 27, 2025		October 27, 2024
Finished Products	$	1,035,774	$	881,295
Raw Materials and Work-in-Process	431,747		427,834
Operating Supplies	135,818		147,333
Maintenance Materials and Parts	125,898		119,837
Total Inventories	$	1,729,237	$	1,576,300

NOTE F - DERIVATIVES AND HEDGING

The Company uses hedging programs to manage risk associated with various commodity purchases and interest rates. These programs utilize futures, swaps, and options contracts to manage the Company’s exposure to market fluctuations.

Cash Flow Commodity Hedges: The Company uses futures, swaps, and options contracts to offset price fluctuations in the Company’s future purchases of grain, lean hogs, natural gas, and diesel fuel. These contracts are designated as cash flow hedges; therefore, the related gains or losses are reported in Accumulated Other Comprehensive Loss (AOCL) and reclassified into earnings, through Cost of Products Sold, in the periods in which the hedged transactions affect earnings. The Company typically does not hedge its grain, natural gas, or diesel fuel exposure beyond two fiscal years and its lean hog exposure beyond one fiscal year.

Fair Value Commodity Hedges: The Company designates the futures it uses to minimize the price risk assumed when fixed forward priced contracts are offered to the Company’s lean hog and grain suppliers as fair value hedges. The programs are intended to make the forward priced commodities cost nearly the same as cash market purchases at the date of delivery. Changes in the fair value of the futures contracts and the gain or loss on the hedged purchase commitment are marked-to-market through earnings and recorded as a Current Asset and Current Liability, respectively. Gains or losses related to these fair value hedges are recognized through Cost of Products Sold in the periods in which the hedged transactions affect earnings.

Cash Flow Interest Rate Hedges: In the second quarter of fiscal 2021, the Company designated two separate interest rate locks as cash flow hedges to manage interest rate risk associated with anticipated debt transactions. The total notional amount of the Company’s locks was $1.25 billion. In the third quarter of fiscal 2021, the associated unsecured senior notes were issued with a tenor of seven and thirty years and both locks were lifted (See Note K - Long-term Debt and Other Borrowing

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Arrangements). Mark-to-market gains and losses on these instruments were deferred as a component of AOCL. The resulting gain in AOCL is reclassified to Interest Expense in the period in which the hedged transactions affect earnings.

Fair Value Interest Rate Hedge: In the first quarter of fiscal 2022, the Company entered into an interest rate swap to protect against changes in the fair value of a portion of previously issued senior unsecured notes attributable to the change in the benchmark interest rate. The hedge specifically designated the last $450 million of the $950 million aggregate principal amount of its 0.650% notes due June 2024 (the 2024 Notes). The Company terminated the swap in the fourth quarter of fiscal 2022. The loss related to the swap was recorded as a fair value hedging adjustment to the hedged debt and amortized through earnings over the remaining life of the debt. In the third quarter of fiscal 2024, the fair value hedging adjustment was completely amortized to correspond with the payment of the 2024 Notes upon maturity.

Other Derivatives: The Company holds certain futures and swap contracts to manage the Company’s exposure to fluctuations in grain and pork commodity markets for which it has not applied hedge accounting. Activity related to derivatives not designated for hedge accounting was immaterial to the consolidated financial statements during the quarter and six months ended April 27, 2025, and April 28, 2024.

Volume: The Company’s outstanding contracts related to its commodity hedging programs include:

In millions

April 27, 2025

October 27, 2024

Corn

30.7

bushels

29.2

bushels

Lean Hogs

200.6

pounds

175.6

pounds

Natural Gas

3.0

MMBtu

4.2

MMBtu

Diesel Fuel

6.0

gallons

4.0

gallons

Fair Value of Derivatives: The gross fair values of the Company’s derivative instruments designated as hedges are:


	April 27, 2025					October 27, 2024
In thousands		Assets		Liabilities			Assets		Liabilities
Gross Fair Value of Commodity Contracts		$	11,120	$	(3,055)		$	9,851	$	(12,638)
Counterparty and Collateral Netting Offset(1)		2,276		3,055			(1,785)		12,638
Amounts Recognized on Consolidated Statements of Financial Position(2)		$	13,396	$	—		$	8,066	$	—

(1) Per the terms of the Company’s master netting arrangements, the gross fair value of the Company’s commodity contracts was offset by the right to reclaim net cash collateral of $5.3 million (including cash of $5.6 million and $0.2 million of realized loss) as of April 27, 2025, and the right to reclaim net cash collateral of $10.9 million (including cash of $26.5 million and $15.6 million of realized loss) as of October 27, 2024.

(2) The Company’s commodity contracts are reflected in Prepaid Expenses and Other Current Assets.

Fair Value Hedge - Assets (Liabilities): The carrying amount of the Company’s fair value hedged assets (liabilities) are:


In thousands	Location on Consolidated Statements of Financial Position	April 27, 2025		October 27, 2024
Commodity Contracts	Accounts Payable(1)	$	2	$	(2,902)

(1) Represents the carrying amount of fair value hedged assets and liabilities, which are offset by other assets included in master netting arrangements described above.

Accumulated Other Comprehensive Loss Impact: As of April 27, 2025, the Company included in AOCL pre-tax hedging gains of $7.5 million on commodity contracts and gains of $11.0 million related to interest rate settled positions. The Company expects to recognize the majority of the gains on commodity contracts over the next twelve months. Gains on interest rate contracts offset the hedged interest payments over the tenor of the associated debt instruments.

The pre-tax gains (losses) recognized in AOCL related to the Company’s derivative instruments are:


	Quarter Ended					Six Months Ended
In thousands		April 27, 2025		April 28, 2024		April 27, 2025		April 28, 2024
Commodity Contracts		$	(6,135)	$	7,299	$	13,000	$	1,685
Excluded Component(1)		(96)		657		(183)		1,813

(1) Represents the time value of commodity options excluded from the assessment of effectiveness for which the difference between changes in fair value and periodic amortization is recorded in AOCL.

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The pre-tax gains (losses) reclassified from AOCL into earnings related to the Company’s derivative instruments are:


	Location on Consolidated Statements of Operations	Quarter Ended					Six Months Ended
In thousands			April 27, 2025		April 28, 2024		April 27, 2025		April 28, 2024
Commodity Contracts	Cost of Products Sold		$	(1,326)	$	(8,155)	$	(3,467)	$	(19,756)
Interest Rate Contracts	Interest Expense		247		247		494		494

See Note H - Accumulated Other Comprehensive Loss for the after-tax impact of these gains or losses on Net Earnings.

Consolidated Statements of Operations Impact: The effect on the Consolidated Statements of Operations for pre-tax gains (losses) related to the Company’s derivative instruments are:


	Quarter Ended				Six Months Ended
In thousands	April 27, 2025		April 28, 2024		April 27, 2025		April 28, 2024
Net Earnings Attributable to Hormel Foods Corporation	$	180,017	$	189,278	$	350,592	$	408,140

Cash Flow Hedges - Commodity Contracts
Gain (Loss) Reclassified from AOCL	(1,326)		(8,155)		(3,467)		(19,756)
Amortization of Excluded Component from Options	(211)		(850)		(419)		(2,006)

Fair Value Hedges - Commodity Contracts
Gain (Loss) on Commodity Futures(1)	(571)		1,033		1,133		4,628
Total Gain (Loss) on Commodity Contracts(2)	(2,107)		(7,972)		(2,753)		(17,134)

Cash Flow Hedges - Interest Rate Contracts
Gain (Loss) Reclassified from AOCL	247		247		494		494
Fair Value Hedge - Interest Rate Contracts

Amortization of Loss Due to Discontinuance of Fair Value Hedge(3)	—		(3,125)		—		(6,250)
Total Gain (Loss) on Interest Rate Contracts(4)	247		(2,878)		494		(5,755)

Total Gain (Loss) Recognized in Earnings	$	(1,860)	$	(10,849)	$	(2,259)	$	(22,890)

(1) Represents gains or losses on commodity contracts designated as fair value hedges that were closed during the quarter and six months ended April 27, 2025, and April 28, 2024, which were offset by a corresponding gain or loss on the underlying hedged purchase commitment. Additional gains or losses related to changes in the fair value of open commodity contracts, along with the offsetting gain or loss on the hedged purchase commitment, are also marked-to-market through earnings with no impact on a net basis.

(2) Total Gain (Loss) on Commodity Contracts is recognized in earnings through Cost of Products Sold.

(3) Represents the fair value hedging adjustment amortized through earnings.

(4) Total Gain (Loss) on Interest Rate Contracts is recognized in earnings through Interest Expense.

NOTE G - PENSION AND OTHER POST-RETIREMENT BENEFITS

Net periodic cost of defined benefit plans consists of:


	Pension Benefits
	Quarter Ended				Six Months Ended
In thousands	April 27, 2025		April 28, 2024		April 27, 2025		April 28, 2024
Service Cost	$	11,973	$	9,023	$	23,947	$	18,076
Interest Cost	17,646		18,336		35,292		36,672
Expected Return on Plan Assets	(21,737)		(19,377)		(43,474)		(38,755)
Amortization of Prior Service Cost (Credit)	319		(221)		639		(443)
Recognized Actuarial Loss (Gain)	3,014		3,317		6,027		6,634

Net Periodic Cost	$	11,215	$	11,077	$	22,431	$	22,183

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	Post-retirement Benefits
	Quarter Ended				Six Months Ended
In thousands	April 27, 2025		April 28, 2024		April 27, 2025		April 28, 2024
Service Cost	$	41	$	41	$	83	$	82
Interest Cost	2,479		2,896		4,959		5,792
Amortization of Prior Service Cost (Credit)	(14)		2		(12)		4
Recognized Actuarial Loss (Gain)	(40)		(318)		(80)		(635)

Net Periodic Cost	$	2,466	$	2,622	$	4,950	$	5,244

Non-service cost components of net pension and post-retirement benefit cost are presented within Interest and Investment Income.

NOTE H - ACCUMULATED OTHER COMPREHENSIVE LOSS

Components of Accumulated Other Comprehensive Loss are as follows:


In thousands	Foreign Currency Translation		Pension & Other Benefits			Derivatives & Hedging			Equity Method Investments			Accumulated Other Comprehensive Loss
Balance at January 26, 2025	$	(97,427)	$	(184,959)		$	17,853		$	(6,730)		$	(271,263)
Unrecognized Gains (Losses)	—					—
Gross	(27,898)		73			(6,231)			81			(33,976)
Tax Effect	—		—			1,521			—			1,521
Reclassification into Net Earnings	—		—			—						—
Gross	—		3,279		(1)	1,079		(2)	1,821		(3)	6,179
Tax Effect	—		(810)			(252)			—			(1,062)
Change Net of Tax	(27,898)		2,542			(3,883)			1,902			(27,338)
Balance at April 27, 2025	$	(125,326)	$	(182,417)		$	13,970		$	(4,828)		$	(298,601)

Balance at October 27, 2024	$	(70,794)	$	(187,325)		$	1,991		$	(7,204)		$	(263,331)
Unrecognized Gains (Losses)
Gross	(54,532)		(46)			12,817			(849)			(42,610)
Tax Effect	—		—			(3,113)			—			(3,113)
Reclassification into Net Earnings
Gross	—		6,574		(1)	2,973		(2)	3,225		(3)	12,772
Tax Effect	—		(1,620)			(699)			—			(2,319)
Change Net of Tax	(54,532)		4,908			11,979			2,376			(35,270)
Balance at April 27, 2025	$	(125,326)	$	(182,417)		$	13,970		$	(4,828)		$	(298,601)

(1) Included in computation of net periodic cost. See Note G - Pension and Other Post-Retirement Benefits for additional information.

(2) Included in Cost of Products Sold and Interest Expense. See Note F - Derivatives and Hedging for additional information.

(3) Included in Equity in Earnings of Affiliates.

NOTE I - FAIR VALUE MEASUREMENTS

Accounting guidance establishes a fair value hierarchy which requires assets and liabilities measured at fair value to be categorized into one of three levels based on the inputs used in the valuation. The three levels are defined as follows:

Level 1: Observable inputs based on quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: Observable inputs, other than those included in Level 1, based on quoted prices for similar assets and liabilities in active markets, or quoted prices for identical assets and liabilities in inactive markets.

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Level 3: Unobservable inputs that reflect an entity’s own assumptions about what inputs a market participant would use in pricing the asset or liability based on the best information available in the circumstances.

The Company’s financial assets and liabilities carried at fair value on a recurring basis and their level within the fair value hierarchy are presented in the tables below.


	Fair Value Measurements at April 27, 2025
In thousands	Total Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets at Fair Value
Short-term Marketable Securities	$	29,293	$	6,055	$	23,238	$	—
Other Trading Securities	208,649		—		208,649		—
Commodity Derivatives	11,160		10,586		574		—
Total Assets at Fair Value	$	249,102	$	16,641	$	232,461	$	—
Liabilities at Fair Value
Deferred Compensation	$	59,521	$	—	$	59,521	$	—
Commodity Derivatives	3,078		2,131		946		—
Total Liabilities at Fair Value	$	62,598	$	2,131	$	60,467	$	—


	Fair Value Measurements at October 27, 2024
In thousands	Total Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets at Fair Value
Short-term Marketable Securities	$	24,742	$	5,134	$	19,608	$	—
Other Trading Securities	209,729		—		209,729		—
Commodity Derivatives	9,890		9,575		314		—
Total Assets at Fair Value	$	244,361	$	14,710	$	229,652	$	—
Liabilities at Fair Value
Deferred Compensation	$	62,101	$	—	$	62,101	$	—
Commodity Derivatives	12,638		11,127		1,510		—
Total Liabilities at Fair Value	$	74,738	$	11,127	$	63,611	$	—

The following methods and assumptions were used to estimate the fair value of the financial assets and liabilities above:

Short-term Marketable Securities: The Company holds securities as part of a portfolio maintained to generate investment income and to provide cash for operations of the Company, if necessary. The portfolio is managed by a third party who is responsible for daily trading activities, and all assets within the portfolio are highly liquid. The cash, U.S. government securities, and money market funds held by the portfolio are classified as Level 1. The current investment portfolio also includes corporate bonds and other asset backed securities for which there is an active, quoted market. Market prices are obtained from a variety of industry providers, large financial institutions, and other third-party sources to calculate a representative daily market value, and therefore, these securities are classified as Level 2.

Deferred Compensation and Other Trading Securities: The Company maintains a rabbi trust to fund certain supplemental executive retirement plans and deferred compensation plans. These funds are managed by a third-party insurance policy, and the funds' values represent their cash surrender value based on the fair value of the underlying investments in the account. These policies are classified as Level 2. The majority of the funds held in the rabbi trust relate to supplemental executive retirement plans and are invested in fixed income investments. The declared rate on these investments is set based on a formula using the yield of the general account investment portfolio supporting the fund, as adjusted for expenses and other charges. The rate is guaranteed for one year at issue and may be reset annually on the policy anniversary, subject to a guaranteed minimum rate. During the quarter and six months ended April 27, 2025, investments held by the rabbi trust

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generated losses of $3.7 million and $1.1 million, respectively, compared to gains of $2.4 million and $13.9 million for the quarter and six months ended April 28, 2024, respectively.

Under the Company’s deferred compensation plans, participants can defer certain types of compensation and elect to receive a return based on the changes in fair value of various investment options, which include equity securities, money market accounts, bond funds, or other portfolios for which there is an active quoted market. The Company also offers a fixed rate investment option to participants. The rate earned on these investments is adjusted annually based on a specified percent of the U.S. Internal Revenue Service (IRS) applicable federal rates. These liabilities are classified as Level 2. The Company's funding in the rabbi trust related to deferred compensation plans generally mirrors the investment selections within the plans.

Commodity Derivatives: The Company’s commodity derivatives represent futures, swaps, and options contracts used in its hedging or other programs to offset price fluctuations associated with purchases of corn, natural gas, diesel fuel, lean hogs, and pork, and to minimize the price risk assumed when forward-priced contracts are offered to the Company’s commodity suppliers. The Company’s futures and options contracts for corn are traded on the Chicago Board of Trade, while futures contracts for lean hogs are traded on the Chicago Mercantile Exchange. These are active markets with quoted prices available, and these contracts are classified as Level 1. The Company holds natural gas, diesel fuel, and pork swap contracts that are over-the-counter instruments classified as Level 2. The value of the natural gas and diesel fuel swap contracts is calculated using quoted prices from the New York Mercantile Exchange, and the value of the pork swap contracts are calculated using a futures implied U.S. Department of Agriculture estimated pork cut-out value. All derivatives are reviewed for potential credit risk and risk of nonperformance. The net balance for commodity derivatives is included in Prepaid Expenses and Other Current Assets or Accounts Payable, as appropriate.

The Company’s financial assets and liabilities include cash and cash equivalents, accounts receivable, accounts payable, and other liabilities, for which carrying value approximates fair value due to their short-term maturities. The Company does not carry its long-term debt at fair value on the Consolidated Statements of Financial Position. The fair value of long-term debt, utilizing discounted cash flows (Level 2), was $2.5 billion as of April 27, 2025, and October 27, 2024. See Note K - Long-term Debt and Other Borrowing Arrangements for additional information.

The Company measures certain nonfinancial assets and liabilities including goodwill, intangible assets, and property, plant, and equipment at fair value on a nonrecurring basis. There were no material fair value remeasurements of nonfinancial assets or liabilities during the quarter and six months ended April 27, 2025, and April 28, 2024.

NOTE J - COMMITMENTS AND CONTINGENCIES

There were no material changes outside the ordinary course of business during the quarter and six months ended April 27, 2025, to the purchase commitments and other commitments and guarantees last disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended October 27, 2024.

Legal Proceedings: The Company is a party to various legal proceedings related to the ongoing operation of its business, including claims both by and against the Company. At any time, such proceedings typically involve claims related to product liability, labeling, contracts, antitrust regulations, intellectual property, competition laws, employment practices, or other actions brought by employees, customers, consumers, competitors, regulators, or suppliers. The Company establishes accruals for its potential exposure, as appropriate, for claims against the Company when losses become probable and reasonably estimable. However, future developments or settlements are uncertain and may require the Company to change such accruals as proceedings progress. Resolution of any currently known matter, either individually or in the aggregate, is not expected to have a material effect on the Company’s financial condition, results of operations, or liquidity.

Pork Antitrust Litigation

Beginning in June 2018, a series of class action complaints were filed against the Company, as well as several other pork-processing companies and a benchmarking service called Agri Stats, in the U.S. District Court for the District of Minnesota styled In re Pork Antitrust Litigation (the Pork Antitrust Litigation). The Class Plaintiffs alleged, among other things, that beginning in January 2009, the defendants conspired and combined to fix, raise, maintain, and stabilize the price of pork and pork products—including through the use of Agri Stats—in violation of federal antitrust laws. Since the original filing, certain plaintiffs opted out of class treatment and began proceeding with individual direct actions making similar claims (Non-Class Direct-Action Plaintiffs), including claims of violations of state antitrust laws. The plaintiffs seek treble damages, injunctive relief, pre- and post-judgment interest, costs, and attorneys’ fees.

Although the Company strongly denies liability, continues to deny the allegations asserted, and believes it has valid defenses, to avoid the uncertainty, risk, expense, and distraction of continued litigation, the Company executed settlement agreements providing for payments by the Company to the Class Plaintiffs and one Non-Class Direct-Action Plaintiff. For the Class Plaintiffs, the total settlement amount of $11.8 million was recorded as Accrued Expenses on the Consolidated Statements of Financial Position in the second quarter of fiscal 2024 and was paid during the second half of fiscal 2024.

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For the one Non-Class Direct-Action Plaintiff, the settlement amount of $0.2 million was recorded as Accrued Expenses on the Consolidated Statements of Financial Position in the first quarter of fiscal 2025 and was paid in the second quarter of fiscal 2025. All settlement amounts were recorded in Selling, General, and Administrative in the Consolidated Statements of Operations.

In the second quarter of fiscal 2025, the U.S. District Court for the District of Minnesota (Court) granted the Company’s Motion for Summary Judgment and dismissed the Company from the federal litigation. Certain defendants have challenged the Court's summary judgement decision.

The Company continues to defend against state claims brought by one Non-Class Direct Action Plaintiff. The Company has not recorded any liability for this matter as it does not believe a loss is probable. The Company cannot reasonably estimate any reasonably possible loss. The Company believes that it has valid and meritorious defenses against the allegations.

Turkey Antitrust Litigation

Beginning in December 2019, a series of class action complaints were filed against the Company, as well as several other turkey-processing companies and a benchmarking service called Agri Stats, in the U.S. District Court for the Northern District of Illinois styled In re Turkey Antitrust Litigation. The plaintiffs allege, among other things, that from at least 2010 to 2017, the defendants conspired and combined to fix, raise, maintain, and stabilize the price of turkey products—including through the use of Agri Stats—in violation of federal antitrust laws. The complaints on behalf of the classes of indirect purchasers also include causes of action under various state unfair competition laws, consumer protection laws, and unjust enrichment common laws. The plaintiffs seek treble damages, injunctive relief, pre- and post-judgment interest, costs, and attorneys’ fees. Since the original filing, certain direct-action plaintiffs have opted out of class treatment and are proceeding with individual direct actions making similar claims, and others may do so in the future. The Company has not recorded any liability for these matters as it does not believe a loss is probable. The Company cannot reasonably estimate any reasonably possible loss. The Company believes that it has valid and meritorious defenses against the allegations.

Poultry Wages Antitrust Litigation

In December 2019, a putative class of non-supervisory production and maintenance employees at poultry-processing plants in the continental U.S. filed an amended consolidated class action complaint against Jennie-O Turkey Store, Inc. and various other poultry processing companies in the U.S. District Court for the District of Maryland styled Jien, et al. v. Perdue Farms, Inc., et al. (the Poultry Wages Antitrust Litigation). In the operative amended complaint filed in February 2022, the plaintiffs alleged that, since 2000, the defendants directly and through wage surveys and a benchmarking service exchanged information regarding compensation in an effort to depress and fix wages and benefits for employees at poultry-processing plants, feed mills, and hatcheries in violation of federal antitrust laws. The complaint sought, among other things, treble monetary damages, punitive damages, restitution, and pre- and post-judgment interest, as well as declaratory and injunctive relief. In July 2022, the Court partially granted the Company’s motion to dismiss and dismissed plaintiffs’ per se wage-fixing claim as to the Company.

Although the Company strongly denies liability, continues to deny the allegations asserted by the plaintiffs, and believes it has valid defenses, to avoid the uncertainty, risk, expense, and distraction of continued litigation, the Company executed a settlement agreement with the plaintiffs on August 20, 2024, to settle this matter for the payment of $3.5 million. The Company recorded the agreed-upon settlement amount as Accrued Expenses on the Consolidated Statements of Financial Position and in Selling, General, and Administrative in the Consolidated Statements of Operations for the third quarter of fiscal 2024. The Company paid the settlement in the second quarter of fiscal 2025.

Red Meat Wages Antitrust Litigation

In November 2022, a putative class of non-supervisory production and maintenance employees at “red meat” processing plants in the continental U.S. filed a class action complaint against the Company and various other beef- and pork-processing companies in the U.S. District Court for the District of Colorado styled Brown, et al. v. JBS USA Food Co., et al. (the Red Meat Wages Antitrust Litigation). In the operative amended complaint filed in January 2024, the plaintiffs alleged that, since 2000, the defendants directly and through wage surveys and a benchmarking service exchanged information regarding compensation in an effort to depress and fix wages and benefits for employees at beef- and pork-processing plants in violation of federal antitrust laws. The complaint sought, among other things, treble monetary damages, punitive damages, restitution, and pre- and post-judgment interest, as well as declaratory and injunctive relief.

Although the Company strongly denies liability, continues to deny the allegations asserted by the plaintiffs, and believes it has valid defenses, to avoid the uncertainty, risk, expense, and distraction of continued litigation, the Company executed a settlement agreement with the plaintiffs on August 20, 2024, agreeing to pay $13.5 million and provide certain data and information. The Company recorded the agreed-upon settlement amount as Accrued Expenses on the Consolidated Statements of Financial Position and in Selling, General, and Administrative in the Consolidated Statements of Operations for the third quarter of fiscal 2024. The settlement has been approved by the Court and was paid in the second quarter of fiscal 2025.

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Tax Proceedings: Two current Company subsidiaries organized in Brazil, Clean Field Comércio de Produtos de Alimentícios LTDA and Omamori Indústria de Alimentos LTDA, along with a former subsidiary, Talis Distribuidora de Alimentos LTDA, which are reported in the International segment, received tax deficiency notices from the State of São Paulo Tax Authority Office alleging underpayment of ICMS and ICMS-ST taxes, which are similar to value added taxes, for multiple tax years. The subsidiaries have filed objections to appeal these notices, and the proceedings are in various stages of the administrative review process. Any adverse outcomes at the administrative level are expected to be eligible for further appeal through judicial processes. The Company has not recorded any liability relating to these assessments and cannot reasonably estimate any reasonably possible loss at this time.

NOTE K - LONG-TERM DEBT AND OTHER BORROWING ARRANGEMENTS

Long-term Debt consists of:


In thousands	April 27, 2025		October 27, 2024
Senior Unsecured Notes with Interest at 3.050% Interest Due Semi-annually through June 2051 Maturity Date	$	600,000	$	600,000
Senior Unsecured Notes with Interest at 1.800% Interest Due Semi-annually through June 2030 Maturity Date	1,000,000		1,000,000
Senior Unsecured Notes with Interest at 1.700% Interest Due Semi-annually through June 2028 Maturity Date	750,000		750,000
Senior Unsecured Notes with Interest at 4.800% Interest Due Semi-annually through March 2027 Maturity Date	500,000		500,000
Unamortized Discount on Senior Notes	(6,267)		(6,687)
Unamortized Debt Issuance Costs	(14,201)		(15,628)

Finance Lease Liabilities	25,263		27,541
Other Financing Arrangements	3,152		3,530
Total Debt	2,857,946		2,858,756
Less: Current Maturities of Long-term Debt	7,249		7,813
Long-term Debt Less Current Maturities	$	2,850,697	$	2,850,944

Senior Unsecured Notes: On March 8, 2024, the Company issued senior notes in an aggregate principal amount of $500.0 million due March 2027. The notes bear interest at a fixed rate of 4.800% per annum. Interest accrues on the notes from March 8, 2024, and is payable semi-annually in arrears on March 30 and September 30 of each year, commencing September 30, 2024. The notes may be redeemed in whole or in part at any time at the applicable redemption prices. If a change of control triggering event occurs, the Company must offer to purchase the notes at a purchase price equal to 101% of their principal amount, plus accrued and unpaid interest, if any, to the date of purchase.

On June 3, 2021, the Company issued $750.0 million aggregate principal amount of its 1.700% notes due June 2028 (2028 Notes) and $600.0 million aggregate principal amount of its 3.050% notes due June 2051 (2051 Notes). The notes may be redeemed in whole or in part at any time at the applicable redemption price. Interest accrues per annum at the stated rates and is paid semi-annually in arrears on June 3 and December 3 of each year, commencing December 3, 2021. Interest rate risk was hedged utilizing interest rate locks on the 2028 Notes and 2051 Notes. The Company lifted the hedges in conjunction with the issuance of these notes. See Note F - Derivatives and Hedging for additional information. If a change of control triggering event occurs, the Company must offer to purchase the notes at a purchase price equal to 101% of their principal amount, plus accrued and unpaid interest, if any, to the date of purchase.

On June 11, 2020, the Company issued senior notes in an aggregate principal amount of $1.0 billion due June 2030. The notes bear interest at a fixed rate of 1.800% per annum, with interest paid semi-annually in arrears on June 11 and December 11 of each year, commencing December 11, 2020. The notes may be redeemed in whole or in part at any time at the applicable redemption prices. If a change of control triggering event occurs, the Company must offer to purchase the notes at a purchase price equal to 101% of their principal amount, plus accrued and unpaid interest, if any, to the date of purchase.

Unsecured Revolving Credit Facility: On March 25, 2025, the Company entered into an unsecured revolving credit agreement with Wells Fargo Bank, National Association as administrative agent, swing line lender and issuing lender, U.S. Bank National Association, JPMorgan Chase Bank, N.A. and BofA Securities, Inc. as syndication agents and the lenders party thereto. The revolving credit agreement provides for an unsecured revolving credit facility with an aggregate principal commitment amount at any time outstanding of up to $750.0 million with an uncommitted increase option of an additional $375.0 million upon the satisfaction of certain conditions.

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Interest on funds borrowed under the revolving credit agreement will be charged, depending on the applicable currency, at either a risk-free rate, as defined in the revolving credit agreement, (with borrowings in U.S. dollars at the Term Secured Overnight Financing Rate) or a Eurocurrency rate for certain foreign currencies or a base rate with respect to U.S. dollars to be selected by the Company at the time of borrowing plus an applicable margin of 0.575% to 1.160% for Eurocurrency rate loans and 0.0% to 0.160% for base rate loans, depending on the Company’s debt rating issued by S&P and Moody’s. A variable fee of 0.050% to 0.090% is paid for the availability of this credit line. Extensions of credit under the facility may be made in the form of revolving loans, swing line loans, and letters of credit. The lending commitments under the agreement are scheduled to expire on March 25, 2030, at which time the Company will be required to pay in full all obligations then outstanding. Concurrent with entering this revolving credit agreement, the Company terminated its existing $750.0 million credit facility that was entered into on May 6, 2021. The Company had no outstanding borrowings from either facility as of April 27, 2025, and October 27, 2024.

Debt Covenants: The Company is required by certain covenants in its debt agreements to maintain specified levels of financial ratios and financial position, including maintaining a minimum interest coverage ratio. As of April 27, 2025, the Company was in compliance with all covenants.

NOTE L - INCOME TAXES

The Company’s tax provision is determined using an estimated annual effective tax rate and adjusted for discrete taxable events that may occur during the quarter. The effects of tax legislation are recognized in the period in which the law is enacted. The deferred tax assets and liabilities are remeasured using enacted tax rates expected to apply to taxable income in the years the related temporary differences are anticipated to reverse.

The Company’s effective tax rate for the quarter and six months ended April 27, 2025, was 22.0% and 21.9%, respectively, compared to 22.5% and 23.0%, respectively, for the corresponding periods a year ago. The Company benefited primarily from higher federal deductions, the purchase of federal transferable energy tax credits, and favorable state audit settlements in the second quarter and first six months of fiscal 2025.

Unrecognized tax benefits, including interest and penalties, are primarily recorded in Other Long-term Liabilities. If recognized as of April 27, 2025, these benefits would impact the Company’s effective tax rate by $16.4 million compared to $16.6 million as of April 28, 2024. The Company includes accrued interest and penalties related to uncertain tax positions in Provision for Income Taxes, with immaterial expenses included during the quarter ended April 27, 2025, and April 28, 2024. The amount of accrued interest and penalties associated with unrecognized tax benefits was $2.8 million at April 27, 2025, and $2.5 million at April 28, 2024.

Tax Examinations: The Company is regularly audited by federal, state, and foreign taxing authorities.

The IRS concluded its examination of fiscal 2022 in the second quarter of fiscal 2024. The IRS placed the Company in the Bridge phase of the Compliance Assurance Process (CAP) for fiscal years 2023 and 2024. In this phase, the IRS will not accept any disclosures, conduct any reviews, or provide any assurances. The Company has elected to participate in CAP through fiscal year 2026. The objective of CAP is to contemporaneously work with the IRS to achieve federal tax compliance and resolve all or most of the issues prior to filing of the tax return. The Company may elect to continue participating in CAP for future tax years; the Company may withdraw from the program at any time.

The Company is in various stages of audit by several state taxing authorities on a variety of fiscal years, as far back as 2015. While it is reasonably possible that one or more of these audits may be completed within the next 12 months and the related unrecognized tax benefits may change based on the status of the examinations, as of April 27, 2025, it was not possible to reasonably estimate the effect of any amount of such change to previously recorded uncertain tax positions.

The Company is subject to various examinations by foreign tax authorities. With limited exceptions, the Company is no longer subject to foreign tax examinations for fiscal years prior to 2018 for material jurisdictions. See Note J - Commitments and Contingencies for additional information.

Tax Legislation: The Organization for Economic Cooperation and Development published a framework for Pillar Two of the Global Anti-Base Erosion Rules which is designed to coordinate participating jurisdictions in updating the international tax system to ensure that large multinational companies pay a minimum tax of 15%. Many countries have enacted, or begun the process of enacting, laws based on the Pillar Two framework. The Company considered the applicable tax laws in relevant jurisdictions and concluded the impact of Pillar Two was not material to the Company's tax provision for the quarter and six months ended April 27, 2025. The Company will continue to evaluate the impact of such legislative changes but does not expect the new tax laws to have a material effect on the Company’s consolidated financial statements in future reporting periods.

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NOTE M - EARNINGS PER SHARE DATA

The reported net earnings attributable to the Company were used when computing basic and diluted earnings per share. Diluted earnings per share was calculated using the treasury stock method. The shares used as the denominator for those computations are as follows:


	Quarter Ended		Six Months Ended
In thousands	April 27, 2025	April 28, 2024	April 27, 2025	April 28, 2024
Basic Weighted-average Shares Outstanding	550,277	547,868	549,868	547,444
Dilutive Potential Common Shares	334	817	365	859
Diluted Weighted-average Shares Outstanding	550,611	548,685	550,233	548,303

Antidilutive Potential Common Shares	22,394	18,214	21,086	18,053

NOTE N - SEGMENT REPORTING

The Company develops, processes, and distributes a wide array of food products in a variety of markets. The Company reports its results in the following three segments: Retail, Foodservice, and International, which are consistent with how the Company’s chief operating decision maker (CODM) assesses performance and allocates resources.

The Retail segment consists primarily of the processing, marketing, and sale of food products sold predominantly in the retail market in the United States. This segment also includes the results from the Company’s MegaMex Foods, LLC joint venture.

The Foodservice segment consists primarily of the processing, marketing, and sale of food products for foodservice, convenience store, and commercial customers located in the United States.

The International segment processes, markets, and sells Company products internationally. This segment also includes the results from the Company’s international joint ventures, international equity method investments, and international royalty arrangements.

Financial measures for each of the Company’s reportable segments are set forth below. Intersegment sales are eliminated in consolidation and are not reviewed when evaluating segment performance. The Company does not allocate deferred compensation, non-recurring expenses associated with the Transform and Modernize initiative, gains or losses on the sale of businesses, investment income, interest expense, or interest income to its segments when measuring performance. The Company also retains various other income and expense items at the corporate level. Equity in Earnings of Affiliates is included in segment profit; however, earnings attributable to the Company’s corporate venturing investments and noncontrolling interests are excluded. These items are included below as Net Unallocated Expense and Noncontrolling Interest when reconciling to Earnings Before Income Taxes.

The Company is an integrated enterprise, characterized by substantial intersegment cooperation, cost allocations, and sharing of assets. Therefore, the Company does not represent that these segments, if operated independently, would report the profit and other financial information shown below.

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	Quarter Ended				Six Months Ended
In thousands	April 27, 2025		April 28, 2024		April 27, 2025		April 28, 2024
Net Sales
Retail	$	1,783,835	$	1,788,556	$	3,673,968	$	3,699,827
Foodservice	936,442		932,003		1,866,627		1,845,090
International	178,533		166,794		347,028		339,346
Total Net Sales	$	2,898,810	$	2,887,352	$	5,887,623	$	5,884,263

Segment Profit
Retail	$	137,135	$	132,399	$	256,281	$	281,904
Foodservice	140,633		149,302		279,459		299,466
International	18,407		23,202		39,252		43,234
Total Segment Profit	296,175		304,903		574,992		624,603
Net Unallocated Expense	65,411		60,694		126,111		94,714
Noncontrolling Interest	(275)		(70)		(320)		(204)
Earnings Before Income Taxes	$	230,489	$	244,139	$	448,561	$	529,685

The Company’s products primarily consist of meat and other food products. Total revenue contributed by classes of similar products are:


	Quarter Ended				Six Months Ended
In thousands	April 27, 2025		April 28, 2024		April 27, 2025		April 28, 2024
Perishable	$	2,076,241	$	2,029,418	$	4,228,063	$	4,135,989
Shelf-stable	822,569		857,934		1,659,560		1,748,274
Total Net Sales	$	2,898,810	$	2,887,352	$	5,887,623	$	5,884,263

Perishable includes fresh meats, frozen items, refrigerated meal solutions, bacon, sausages, hams, guacamole, and other items that require refrigeration. Shelf-stable includes canned luncheon meats, nut butters, snack nuts, chili, shelf-stable microwaveable meals, hash, stews, tortillas, salsas, tortilla chips, and other items that do not require refrigeration.

Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

RESULTS OF OPERATIONS

Overview

The Company is a global manufacturer and marketer of branded food products. The Company’s three reportable segments, Retail, Foodservice, and International, are described in Note N - Segment Reporting in the Notes to the Consolidated Financial Statements in this Quarterly Report on Form 10-Q.

The Company reported diluted earnings per share of $0.33 for the second quarter of fiscal 2025, down 3 percent compared to the same period last year. Adjusted diluted earnings per share(1) was $0.35. Significant factors impacting the quarter are listed below. All comparisons are to the same period of the prior year unless otherwise noted.

•Net sales for the second quarter were comparable to the prior year. Organic net sales(1) increased 1 percent with growth from the Foodservice and International segments and comparable net sales in the Retail segment.

•Total segment profit for the second quarter decreased 3 percent. Segment profit growth in the Retail segment was more than offset by declines in segment profit for each of the Foodservice and International segments.

•Retail segment profit grew in the second quarter primarily due to benefits from operational efficiencies as part of the Transform and Modernize (T&M) initiative and favorable selling, general, and administrative (SG&A) expenses.

•Foodservice segment profit decreased in the second quarter, as higher net sales were more than offset by margin pressures, primarily in non-core businesses.

•International segment profit declined in the second quarter, as meaningful net sales growth was primarily offset by a shift in export customer mix and softness in Brazil.

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•Earnings before income taxes for the second quarter decreased 6 percent, as the benefits from higher net sales and lower SG&A expenses were more than offset by higher cost of products sold and lower interest and investment income compared to the prior period. Adjusted earnings before income taxes(1) decreased 8 percent.

•The pre-tax impact of non-recurring expenses related to the Company’s T&M initiative in the second quarter of fiscal 2025 was $16.6 million, most of which was recorded in SG&A.

•Cash flow from operations was $366 million for the first six months of fiscal 2025, a 43 percent decrease from the comparable period of the prior year. The decline in cash flow from operations was primarily due to an inventory build in the second quarter of fiscal 2025 in advance of the important summer selling season.

Changes in global trade policies, including recently announced tariffs and retaliatory tariffs, did not have a material impact on our results of operations during the second quarter or first six months of fiscal 2025. The Company continues to monitor and evaluate the impact of proposed and enacted tariffs, including proposed and enacted retaliatory tariffs, and other trade restrictions, as well as our ability to mitigate their impacts, which remains uncertain.

Consolidated Results

Volume, Net Sales, Earnings, and Diluted Earnings Per Share


	Quarter Ended					Six Months Ended
In thousands, except per share amounts	April 27, 2025		April 28, 2024		% Change	April 27, 2025		April 28, 2024		% Change
Volume (lbs.)	999,390		1,059,843		(5.7)	2,054,698		2,161,397		(4.9)
Organic Volume (lbs.)(1)	999,390		1,043,258		(4.2)	2,054,698		2,128,882		(3.5)
Net Sales	$	2,898,810	$	2,887,352	0.4	$	5,887,623	$	5,884,263	0.1
Organic Net Sales(1)	2,898,810		2,859,141		1.4	5,887,623		5,829,154		1.0
Earnings Before Income Taxes	230,489		244,139		(5.6)	448,561		529,685		(15.3)
Net Earnings Attributable to Hormel Foods Corporation	180,017		189,278		(4.9)	350,592		408,140		(14.1)
Diluted Earnings Per Share	0.33		0.34		(2.9)	0.64		0.74		(13.5)
Adjusted Diluted Earnings Per Share(1)	0.35		0.38		(7.9)	0.70		0.79		(11.4)

(1) See the “Non-GAAP Measures” section below for a description of the Company’s use of measures not defined by United States (U.S.) Generally Accepted Accounting Principles (GAAP).

Volume and Net Sales

Net sales increased and volume decreased for the second quarter and first six months of fiscal 2025 compared to the prior year.

For the second quarter of fiscal 2025, net sales increased in each of the Foodservice and International segments and were comparable in the Retail segment. Organic net sales(1) growth was broad-based in the Foodservice segment, with notable contributions from the customized solutions business and the turkey portfolio. The International segment drove net sales performance through exports and robust growth in the China market. Within the Retail segment, the Mexican portfolio and value-added turkey products each delivered high-single-digit growth, which was primarily offset by the impacts of promotional timing.

For the first six months of fiscal 2025, net sales increased in each of the Foodservice and International segments and decreased in the Retail segment. The Foodservice segment led the Company's overall organic net sales(1) growth through the customized solutions business, the turkey portfolio, and premium prepared proteins. In the International segment, the China market and exports were the largest contributors to top-line performance. For the Retail segment, growth from value-added turkey, Applegate® natural and organic meats, the Mexican portfolio, and the SPAM® family of products was primarily offset by declines in branded and private label deli meats.

For the second quarter of fiscal 2025, volume growth in the International segment was more than offset by volume declines in the Retail and Foodservice segments. For the first six months of fiscal 2025, organic volume(1) in the Foodservice segment was comparable to the prior year. Volume increased in the International segment and declined in the Retail segment for the first six months of fiscal 2025.

In the third quarter of fiscal 2025, the Company expects net sales growth from each of its segments compared to the prior year.

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Cost of Products Sold


	Quarter Ended					Six Months Ended
In thousands	April 27, 2025		April 28, 2024		% Change	April 27, 2025		April 28, 2024		% Change
Cost of Products Sold	$	2,414,377	$	2,383,546	1.3	$	4,927,957	$	4,871,723	1.2

Cost of products sold for the second quarter and first six months of fiscal 2025 increased primarily due to higher commodity input costs, mainly nuts, pork bellies and beef. On a per pound basis, cost of products sold for the second quarter and first six months of fiscal 2025 increased compared to the prior year.

Gross Profit


	Quarter Ended							Six Months Ended
In thousands	April 27, 2025			April 28, 2024			% Change	April 27, 2025			April 28, 2024			% Change
Gross Profit	$	484,433		$	503,806		(3.8)	$	959,666		$	1,012,539		(5.2)
Percent of Net Sales	16.7		%	17.4		%		16.3		%	17.2		%

For the second quarter and first six months of fiscal 2025, gross profit as a percent of net sales declined. For the second quarter of fiscal 2025, gross profit as a percent of net sales was comparable for the Retail segment and decreased for the International and Foodservice segments. All segments benefited from savings realized as part of the Company’s T&M initiative in the second quarter and first six months of fiscal 2025.

For the third quarter of fiscal 2025, the Company expects gross profit as a percent of net sales to increase compared to last year. The Company expects gross profit as a percent of net sales to increase for the Retail segment, to be comparable for the Foodservice segment, and to decrease for the International segment.

Selling, General, and Administrative (SG&A)


	Quarter Ended							Six Months Ended
In thousands	April 27, 2025			April 28, 2024			% Change	April 27, 2025			April 28, 2024			% Change
SG&A	$	251,432		$	266,668		(5.7)	$	514,445		$	507,054		1.5
Percent of Net Sales	8.7		%	9.2		%		8.7		%	8.6		%
Adjusted SG&A(1)	$	237,657		$	244,898		(3.0)	$	475,138		$	476,568		(0.3)
Adjusted Percent of Net Sales(1)	8.2		%	8.5		%		8.1		%	8.1		%

(1) See the “Non-GAAP Measures” section below for a description of the Company’s use of measures not defined by U.S. GAAP.

For the second quarter of fiscal 2025, SG&A and SG&A as a percent of net sales decreased, primarily due to the lapping of prior year legal expenses and lower advertising expenses. For the first six months of fiscal 2025, SG&A and SG&A as a percent of net sales increased, as the loss on the sale of a non-core sow operation and increased expenses related to the T&M initiative were partially offset by the lapping of prior year legal expenses and lower advertising expenses.

Advertising investments in the second quarter were $36 million, a decrease of 18 percent compared to last year. The decline was partially due to year over year timing impacts for investments in the Planters® brand. For the first six months of fiscal 2025, advertising investments were $80 million, a decrease of 10 percent compared to last year. The Company expects advertising investments to increase in the second half of fiscal 2025 compared to the prior year.

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Equity in Earnings of Affiliates


	Quarter Ended					Six Months Ended
In thousands	April 27, 2025		April 28, 2024		% Change	April 27, 2025		April 28, 2024		% Change
Equity in Earnings of Affiliates	$	15,350	$	15,182	1.1	$	31,461	$	31,273	0.6

Equity in earnings of affiliates for the second quarter and first six months of fiscal 2025 was comparable to the prior year as favorable results for MegaMex Foods, LLC, were offset by the results of the Company’s other equity method investments.

Interest and Investment Income and Interest Expense


	Quarter Ended					Six Months Ended
In thousands	April 27, 2025		April 28, 2024		% Change	April 27, 2025		April 28, 2024		% Change
Interest and Investment Income	$	1,653	$	13,497	(87.8)	$	10,857	$	32,932	(67.0)
Interest Expense	19,516		21,679		(10.0)	38,977		40,005		(2.6)

Interest and investment income for the second quarter and first six months of fiscal 2025 decreased predominately due to lower cash balances and performance from the rabbi trust. Interest expense decreased in the second quarter and first six months of fiscal 2025 as the benefit from lapping prior year amortization of interest rate swaps was partially offset by higher interest due to the prior year debt issuance.

Effective Tax Rate


	Quarter Ended				Six Months Ended
	April 27, 2025		April 28, 2024		April 27, 2025		April 28, 2024
Effective Tax Rate	22.0	%	22.5	%	21.9	%	23.0	%

The effective tax rate in the second quarter of fiscal 2025 was 22.0% compared to 22.5% last year. The Company benefited primarily from higher federal deductions, the purchase of federal transferable energy tax credits, and favorable state audit settlements in the second quarter and first six months of fiscal 2025. For additional information, refer to Note L - Income Taxes of the Notes to the Consolidated Financial Statements.

The effective tax rate for fiscal 2025 is expected to be between 22.0% and 23.0%.

Segment Results

Net sales and segment profit for each of the Company’s reportable segments are set forth below. The Company does not allocate deferred compensation, non-recurring expenses associated with the T&M initiative, gains or losses on the sale of businesses, investment income, interest expense, or interest income to its segments when measuring performance. The Company also retains various other income and expenses at the corporate level. Equity in earnings of affiliates is included in segment profit; however, earnings attributable to the Company’s corporate venturing investments and noncontrolling interests are excluded. These items are included below as Net Unallocated Expense and Noncontrolling Interest when reconciling to Earnings Before Income Taxes.

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	Quarter Ended					Six Months Ended
In thousands	April 27, 2025		April 28, 2024		% Change	April 27, 2025		April 28, 2024		% Change
Net Sales
Retail	$	1,783,835	$	1,788,556	(0.3)	$	3,673,968	$	3,699,827	(0.7)
Foodservice	936,442		932,003		0.5	1,866,627		1,845,090		1.2
International	178,533		166,794		7.0	347,028		339,346		2.3
Total Net Sales	$	2,898,810	$	2,887,352	0.4	$	5,887,623	$	5,884,263	0.1

Segment Profit
Retail	$	137,135	$	132,399	3.6	$	256,281	$	281,904	(9.1)
Foodservice	140,633		149,302		(5.8)	279,459		299,466		(6.7)
International	18,407		23,202		(20.7)	39,252		43,234		(9.2)
Total Segment Profit	296,175		304,903		(2.9)	574,992		624,603		(7.9)
Net Unallocated Expense	65,411		60,694		7.8	126,111		94,714		33.1
Noncontrolling Interest	(275)		(70)		(291.9)	(320)		(204)		(56.7)
Earnings Before Income Taxes	$	230,489	$	244,139	(5.6)	$	448,561	$	529,685	(15.3)

Retail


	Quarter Ended					Six Months Ended
In thousands	April 27, 2025		April 28, 2024		% Change	April 27, 2025		April 28, 2024		% Change
Volume (lbs.)	677,277		724,994		(6.6)	1,414,162		1,490,406		(5.1)
Net Sales	$	1,783,835	$	1,788,556	(0.3)	$	3,673,968	$	3,699,827	(0.7)
Segment Profit	137,135		132,399		3.6	256,281		281,904		(9.1)

Net sales in the second quarter of fiscal 2025 were comparable to the prior year, as high-single-digit growth from both our Mexican portfolio and value-added turkey products was primarily offset by the impacts of promotional timing. Two-thirds of the Retail segment's volume decline in the quarter was due to lower commodity shipments and contract manufacturing. The segment's flagship and rising brands continued to hold leadership positions in their respective categories in the quarter. Notably, the Planters® brand exceeded volume and net sales expectations for the second quarter of fiscal 2025, while demand for Jennie-O® lean ground turkey remained strong.

For the first six months of fiscal 2025, net sales for the Retail segment declined, as growth from value-added turkey products, Applegate® natural and organic meats, the Mexican portfolio, and the SPAM® family of products was primarily offset by declines in branded and private label deli meats. Over one-half of the Retail segment’s volume decline for the first six months of fiscal 2025 was due to lower commodity shipments and contract manufacturing.

Retail segment profit increased in the second quarter of fiscal 2025, primarily due to benefits from operational efficiencies as part of the T&M initiative and favorable SG&A expenses. For the first six months of fiscal 2025, segment profit decreased due to lower net sales and higher raw material costs.

For the third quarter of fiscal 2025, Retail segment profit is anticipated to increase compared to the prior year, driven by top-line growth and year over year benefits from the T&M initiative.

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Foodservice


	Quarter Ended					Six Months Ended
In thousands	April 27, 2025		April 28, 2024		% Change	April 27, 2025		April 28, 2024		% Change
Volume (lbs.)	242,595		261,832		(7.3)	486,449		517,839		(6.1)
Organic Volume (lbs.)(1)	242,595		245,246		(1.1)	486,449		485,323		0.2
Net Sales	$	936,442	$	932,003	0.5	$	1,866,627	$	1,845,090	1.2
Organic Net Sales(1)	936,442		903,792		3.6	1,866,627		1,789,981		4.3
Segment Profit	140,633		149,302		(5.8)	279,459		299,466		(6.7)

(1) See the “Non-GAAP Measures” section below for a description of the Company’s use of measures not defined by U.S. GAAP.

Organic net sales(1) growth was broad-based in the Foodservice segment in the second quarter of fiscal 2025, with notable contributions from the customized solutions business and the turkey portfolio. Branded products such as Jennie-O®, Hormel® Fire Braised™ meats and Café H® globally inspired proteins delivered another quarter of strong volume and net sales growth. Several categories achieved volume growth in the second quarter of fiscal 2025, despite industry softness. Volume growth in these categories was more than offset by the impact of reduced commodity shipments.

For the first six months of fiscal 2025, organic net sales(1) growth in the Foodservice segment was led by the customized solutions business, the Jennie-O® turkey portfolio, and premium prepared proteins. Organic volume(1) was comparable to the prior year period.

Segment profit decreased for the second quarter and first six months of fiscal 2025 as higher net sales were more than offset by margin pressures, primarily in non-core businesses.

The Foodservice segment continued to benefit from an extensive range of solutions-based products, its direct-selling organization and a diverse channel presence during the second quarter and first six months of fiscal 2025.

For the third quarter of fiscal 2025, the Company expects Foodservice segment profit to increase compared to the prior year, driven by organic top-line growth.

International


	Quarter Ended					Six Months Ended
In thousands	April 27, 2025		April 28, 2024		% Change	April 27, 2025		April 28, 2024		% Change
Volume (lbs.)	79,518		73,017		8.9	154,087		153,153		0.6
Net Sales	$	178,533	$	166,794	7.0	$	347,028	$	339,346	2.3
Segment Profit	18,407		23,202		(20.7)	39,252		43,234		(9.2)

Double-digit volume and net sales growth in exports, and robust growth in the China market drove top-line performance in the International segment in the second quarter of fiscal 2025. Strong shipments within the refrigerated portfolio, primarily of bacon and pepperoni, made the largest contribution to export growth. Our in-country China business continued to benefit from top-line momentum in both the retail and foodservice channels, supported by innovative product launches. For the first six months of fiscal 2025, the China market and exports were the largest contributors to top-line performance.

International segment profit decreased in the second quarter of fiscal 2025 as meaningful net sales growth was primarily offset by a temporary shift in export customer mix and softness in Brazil. For the first six months of fiscal 2025, segment profit declined, as net sales growth was primarily offset by softness in Brazil.

In the third quarter of fiscal 2025, the Company expects International segment profit to increase compared to the prior year. Value-added growth across China is expected to be partially offset by continued softness in Brazil.

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Unallocated Income and Expense


	Quarter Ended				Six Months Ended
In thousands	April 27, 2025		April 28, 2024		April 27, 2025		April 28, 2024
Net Unallocated Expense	$	65,411	$	60,694	$	126,111	$	94,714
Noncontrolling Interest	(275)		(70)		(320)		(204)

For the second quarter of fiscal 2025, net unallocated expense increased driven by reduced interest income and unfavorable rabbi trust performance, which was partially offset by the absence of prior year pork antitrust litigation settlements. Net unallocated expense also increased for the first six months of fiscal 2025 due to these factors as well as the loss on sale of a non-core sow operation.

Related Party Transactions

There has been no material change in the information regarding Related Party Transactions as disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended October 27, 2024.

(1)Non-GAAP Measures

This filing includes measures of financial performance that are not defined by 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 non-recurring, 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 non-recurring 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.

Loss on Sale of Business

In the first quarter of fiscal 2025, the Company sold Mountain Prairie, LLC, a non-core sow operation, resulting in a loss on the sale. The Company believes the one-time detriment from the sale, including transaction costs, is not reflective of the Company’s ongoing operating cost structure, is not indicative of the Company’s core operating performance, and is not meaningful when comparing the Company’s operating performance against that of prior periods. Thus, the Company has adjusted for (i.e. excluded) the loss.

Legal Matters

From time to time, the Company 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 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 expenses.

Litigation Settlements

In the second quarter of fiscal 2024, the Company agreed to settle with three classes of plaintiffs in the pork antitrust litigation. In the first quarter of fiscal 2025, the Company entered into a settlement agreement with an additional plaintiff in this matter. See Note J - Commitments and Contingencies of the Notes to the Consolidated Financial Statements for additional information.

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Organic Volume and Organic Net Sales

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 Hormel Health Labs, LLC in the Foodservice segment in the fourth quarter of fiscal 2024.

The tables below show the calculations to reconcile from the GAAP measures to the non-GAAP measures presented in this Quarterly Report on Form 10-Q. The tax impacts were calculated using the effective tax rate for the quarter in which the transactions occurred.


	Quarter Ended				Six Months Ended
In thousands, except per share amounts	April 27, 2025		April 28, 2024		April 27, 2025		April 28, 2024
Cost of Products Sold (GAAP)	$	2,414,377	$	2,383,546	$	4,927,957	$	4,871,723
Transform and Modernize Initiative(1)	(2,777)		(1,823)		(2,963)		(3,420)
Adjusted Cost of Products Sold (Non-GAAP)	$	2,411,600	$	2,381,723	$	4,924,994	$	4,868,303





SG&A (GAAP)	$	251,432	$	266,668	$	514,445	$	507,054
Transform and Modernize Initiative(2)	(13,775)		(10,021)		(27,743)		(18,736)
Loss on Sale of Business	—		—		(11,324)		—
Litigation Settlements	—		(11,750)		(240)		(11,750)


Adjusted SG&A (Non-GAAP)	$	237,657	$	244,898	$	475,138	$	476,568

Operating Income (GAAP)	$	248,352	$	252,320	$	476,682	$	536,758
Transform and Modernize Initiative(1)(2)	16,552		11,843		30,706		22,156
Loss on Sale of Business	—		—		11,324		—
Litigation Settlements	—		11,750		240		11,750


Adjusted Operating Income (Non-GAAP)	$	264,903	$	275,914	$	518,952	$	570,665

Earnings Before Income Taxes (GAAP)	$	230,489	$	244,139	$	448,561	$	529,685
Transform and Modernize Initiative(1)(2)	16,552		11,843		30,706		22,156
Loss on Sale of Business	—		—		11,324		—
Litigation Settlements	—		11,750		240		11,750


Adjusted Earnings Before Income Taxes (Non-GAAP)	$	247,040	$	267,732	$	490,831	$	563,591

Provision for Income Taxes (GAAP)	$	50,747	$	54,931	$	98,289	$	121,749
Transform and Modernize Initiative(1)(2)	3,641		2,665		6,727		4,985
Loss on Sale of Business	—		—		2,469		—
Litigation Settlements	—		2,644		52		2,644


Adjusted Provision for Income Taxes (Non-GAAP)	$	54,388	$	60,240	$	107,537	$	129,378






Net Earnings Attributable to Hormel Foods Corporation (GAAP)	$	180,017	$	189,278	$	350,592	$	408,140
Transform and Modernize Initiative(1)(2)	12,910		9,179		23,979		17,171
Loss on Sale of Business	—		—		8,855		—
Litigation Settlements	—		9,106		188		9,106


Adjusted Net Earnings Attributable to Hormel Foods Corporation (Non-GAAP)	$	192,928	$	207,562	$	383,615	$	434,418

Diluted Earnings Per Share (GAAP)	$	0.33	$	0.34	$	0.64	$	0.74
Transform and Modernize Initiative(1)(2)	0.02		0.02		0.04		0.03
Loss on Sale of Business	—		—		0.02		—
Litigation Settlements	—		0.02		—		0.02


Adjusted Diluted Earnings Per Share (Non-GAAP)	$	0.35	$	0.38	$	0.70	$	0.79

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	Quarter Ended				Six Months Ended
	April 27, 2025		April 28, 2024		April 27, 2025		April 28, 2024
SG&A as a Percent of Net Sales (GAAP)	8.7	%	9.2	%	8.7	%	8.6	%
Transform and Modernize Initiative(2)	(0.5)		(0.3)		(0.5)		(0.3)
Loss on Sale of Business	—		—		(0.2)		—
Litigation Settlements	—		(0.4)		—		(0.2)


Adjusted SG&A as a Percent of Net Sales (Non-GAAP)	8.2	%	8.5	%	8.1	%	8.1	%

Operating Margin (GAAP)	8.6	%	8.7	%	8.1	%	9.1	%
Transform and Modernize Initiative(1)(2)	0.6		0.4		0.5		0.4
Loss on Sale of Business	—		—		0.2		—
Litigation Settlements	—		0.4		—		0.2


Adjusted Operating Margin (Non-GAAP)	9.1	%	9.6	%	8.8	%	9.7	%

(1) Comprised primarily of asset write-offs and severance expenses related to supply chain and portfolio optimization.

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

ORGANIC VOLUME AND ORGANIC NET SALES (NON-GAAP)


	Quarter Ended
	April 27, 2025			April 28, 2024
In thousands		GAAP			GAAP		Divestiture		Non-GAAP Organic		Non-GAAP % Change
Volume (lbs.)
Retail		677,277			724,994		—		724,994		(6.6)
Foodservice		242,595			261,832		(16,585)		245,246		(1.1)
International		79,518			73,017		—		73,017		8.9
Total Volume (lbs.)		999,390			1,059,843		(16,585)		1,043,258		(4.2)

Net Sales
Retail		$	1,783,835		$	1,788,556	$	—	$	1,788,556	(0.3)
Foodservice		936,442			932,003		(28,211)		903,792		3.6
International		178,533			166,794		—		166,794		7.0
Total Net Sales		$	2,898,810		$	2,887,352	$	(28,211)	$	2,859,141	1.4


	Six Months Ended
	April 27, 2025			April 28, 2024
In thousands		GAAP			GAAP		Divestiture		Non-GAAP Organic		Non-GAAP % Change
Volume (lbs.)
Retail		1,414,162			1,490,406		—		1,490,406		(5.1)
Foodservice		486,449			517,839		(32,516)		485,323		0.2
International		154,087			153,153		—		153,153		0.6
Total Volume (lbs.)		2,054,698			2,161,397		(32,516)		2,128,882		(3.5)

Net Sales
Retail		$	3,673,968		$	3,699,827	$	—	$	3,699,827	(0.7)
Foodservice		1,866,627			1,845,090		(55,109)		1,789,981		4.3
International		347,028			339,346		—		339,346		2.3
Total Net Sales		$	5,887,623		$	5,884,263	$	(55,109)	$	5,829,154	1.0

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LIQUIDITY AND CAPITAL RESOURCES

When assessing its liquidity and capital resources, the Company evaluates cash and cash equivalents, short-term and long-term investments, income from operations, and borrowing capacity.

Cash Flow Highlights


	Six Months Ended
In thousands	April 27, 2025		April 28, 2024
Cash and Cash Equivalents at End of Period	$	669,688	$	1,486,368
Cash Provided by (Used in) Operating Activities	365,646		640,127
Cash Provided by (Used in) Investing Activities	(138,668)		(112,716)
Cash Provided by (Used in) Financing Activities	(292,629)		221,072
Increase (Decrease) in Cash and Cash Equivalents	(72,193)		749,836

Cash and cash equivalents decreased $72 million during the first six months of fiscal 2025 as the Company utilized cash on hand to make additional purchases of inventory, capital assets, and energy tax credits as well as fund regular dividend payments. During the first six months of fiscal 2024, cash and cash equivalents increased $750 million primarily as a result of proceeds received from the issuance of long-term debt. Cash provided by operating activities was sufficient to cover dividend payments and capital expenditures during the first six months of fiscal 2024. Additional details related to significant drivers of cash flows are provided below.

Cash Provided by (Used in) Operating Activities

•Cash flows from operating activities were largely impacted by changes in operating assets and liabilities.

–Inventory increased $156 million during the first six months of fiscal 2025 compared to a decrease of $7 million in the comparable period of the prior year. The increase in inventory during fiscal 2025 was driven by intentional seasonal and promotional inventory build, as well as softer sales. The decrease in inventory during fiscal 2024 was due to improvements in the Company’s supply chain, partially offset by higher levels of turkey on hand.

–Accounts payable and accrued expenses decreased $77 million and $78 million during the first six months of fiscal 2025 and fiscal 2024, respectively. The decrease during fiscal 2025 was driven by annual incentive payments, legal settlements, and livestock and feed deferral payments which were partially offset by higher marketing accruals. The decrease during fiscal 2024 was caused by the general timing of payments, annual incentive payments, and livestock and feed deferral payments, which were partially offset by higher accruals for marketing and legal expenses.

–Net income taxes payable decreased $12 million during the first six months of fiscal 2025, compared to an increase of $29 million in the comparable period of the prior year. The decrease in fiscal 2025 was the result of purchasing federal transferable energy tax credits.

–Accounts receivable decreased $71 million and $88 million during the first six months of fiscal 2025 and fiscal 2024, respectively, primarily due to lower sales compared to the fourth quarter of the prior year.

Cash Provided by (Used in) Investing Activities

•Capital expenditures were $147 million and $107 million during the first six months of fiscal 2025 and fiscal 2024, respectively. The largest project during both years was for the transition from harvest to value-added capacity for Hormel® Fire Braised® products and Applegate® products at the facility in Barron, Wisconsin. Other significant projects included investments in data and technology during fiscal 2025 and wastewater infrastructure to support operations in Austin, Minnesota during fiscal 2024.

•Proceeds from the sale of business were $13.1 million during the first six months of fiscal 2025, primarily from the sale of the Company’s equity interest in Mountain Prairie, LLC.

Cash Provided by (Used in) Financing Activities

•In the first six months of fiscal 2024, proceeds from the issuance of long-term debt were $498 million due to the Company's issuance of senior unsecured notes with aggregate principal amount of $500 million.

•Cash dividends paid to the Company’s shareholders totaled $314 million during the first six months of fiscal 2025, compared to $305 million in the comparable period of fiscal 2024.

•Proceeds from the exercise of stock options were $26 million in the first six months of fiscal 2025, compared to $27 million in the first six months of fiscal 2024.

Sources and Uses of Cash

The Company believes its balanced business model, with diversification across raw material inputs, channels, and categories, provides stability in ever-changing economic environments. The Company maintains a disciplined capital allocation strategy and uses a waterfall approach, which focuses first on core uses of cash, such as capital expenditures to maintain facilities, dividend

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returns to investors, mandatory debt repayments, and fulfillment of pension obligations. Next, the Company looks to strategic items in support of growth initiatives, such as other capital projects, acquisitions, additional dividend increases, and working capital investments. Finally, the Company evaluates opportunistic uses, including incremental debt repayment and share repurchases.

The Company believes its anticipated income from operations, cash on hand, borrowing capacity under the current unsecured revolving credit facility, and access to capital markets will be adequate to meet all short-term and long-term commitments. The Company continues to look for opportunities to make investments and acquisitions that align with its strategic priorities. The Company has multiple sources of liquidity to complete such investments and acquisitions. For example, the Company’s historic ability to leverage its balance sheet through the issuance of debt has provided the flexibility to pursue strategic opportunities.

Dividend Payments

The Company remains committed to providing returns to investors through cash dividends on its common stock. The Company has paid 387 consecutive quarterly dividends since becoming a public company in 1928. The Board of Directors approved an increased annual dividend rate for fiscal 2025, raising it to $1.16 per share from $1.13 per share, representing the 59th consecutive annual dividend increase.

Capital Expenditures

Capital expenditures are allocated to required maintenance and growth opportunities based on the needs of the business. Capital expenditures supporting growth opportunities in fiscal 2025 are expected to focus on projects related to value-added capacity, infrastructure, and new technology. Capital expenditures for fiscal 2025 are estimated to be $275 million to $300 million.

Debt

As of April 27, 2025, the Company’s outstanding debt included $2.9 billion of fixed rate unsecured senior notes due in fiscal 2027, 2028, 2030, and 2051 with interest payable semi-annually. During the first six months of fiscal 2025, the Company made $37 million of interest payments and the Company expects to make an additional $37 million of interest payments during fiscal 2025 on these notes. See Note K - Long-term Debt and Other Borrowing Arrangements of the Notes to the Consolidated Financial Statements for additional information.

Borrowing Capacity

As a source of short-term financing, the Company maintains a $750 million unsecured revolving credit facility. The maximum commitment under this credit facility may be further increased by $375 million upon the satisfaction of certain conditions. Extensions of credit under the facility may be applied by the Company to refinance existing indebtedness and for working capital and other general corporate purposes, including acquisition funding, and may be made in the form of revolving loans, swing line loans, and letters of credit. The lending commitments under the facility are scheduled to expire on March 25, 2030, at which time the Company will be required to pay in full all obligations then outstanding. As of April 27, 2025, the Company had no outstanding borrowings from this facility.

Debt Covenants

The Company’s debt agreements contain customary terms and conditions including representations, warranties, and covenants. These debt covenants limit the ability of the Company to, among other things, incur debt for borrowed money secured by certain liens, or engage in certain sale and leaseback transactions, and the covenants require the Company to maintain certain consolidated financial ratios. As of April 27, 2025, the Company was in compliance with all covenants in its debt agreements and expects to maintain compliance in the future.

Cash Held by International Subsidiaries

As of April 27, 2025, the Company’s international subsidiaries held $247 million of cash and cash equivalents. The Company maintains all undistributed earnings as permanently reinvested. The Company evaluates the balance and uses of cash held internationally based on the needs of the business.

Share Repurchases

The Company is authorized to repurchase 3,677,494 shares of common stock as part of an existing plan approved by the Company’s Board of Directors. Under the share repurchase authorization, the Company may repurchase shares periodically, depending on market conditions and other factors, and may do so in open market purchases or privately negotiated transactions. The share repurchase authorization has no expiration date. The Company did not repurchase any shares of stock during the first six months of fiscal 2025. The Company continues to evaluate share repurchases as part of its capital allocation strategy.

Commitments

There have been no material changes to the information regarding the Company’s future contractual financial obligations previously disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended October 27, 2024.

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TRADEMARKS

References to the Company’s brands or products in italics within this report represent valuable trademarks owned or licensed by Hormel Foods, LLC or other subsidiaries of Hormel Foods Corporation.

CRITICAL ACCOUNTING ESTIMATES

Management’s discussion and analysis of financial condition and results of operations is based upon the Company’s consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of these financial statements requires the Company to make estimates, judgments, and assumptions that can have a meaningful effect on the reporting of consolidated financial statements. The significant accounting policies used in preparing these consolidated financial statements are consistent with those described in Note A - Summary of Significant Accounting Policies of the Notes to the Consolidated Financial Statements in the Form 10-K.

Critical accounting estimates are defined as those reflective of significant judgments, estimates, and uncertainties, which may result in materially different results under different assumptions and conditions. There have been no material changes in the Company’s Critical Accounting Estimates as disclosed in its Annual Report on Form 10-K for the fiscal year ended October 27, 2024.

FORWARD-LOOKING STATEMENTS

This report contains “forward-looking” information within the meaning of the federal securities laws. The “forward-looking” information may include statements concerning the Company’s outlook for the future as well as other statements of beliefs, future plans, strategies, or anticipated events and similar expressions concerning matters that are not historical facts.

The Private Securities Litigation Reform Act of 1995 (the Reform Act) provides a “safe harbor” for forward-looking statements to encourage companies to provide prospective information. The Company is filing this cautionary statement in connection with the Reform Act. When used in this Quarterly Report on Form 10-Q, the Company’s Annual Report to Stockholders, other filings by the Company with the Securities and Exchange Commission, the Company’s press releases, and oral statements made by the Company’s representatives, the words or phrases “should result,” “believe,” “intend,” “plan,” “are expected to,” “targeted,” “will continue,” “will approximate,” “is anticipated,” “estimate,” “project,” or similar expressions are intended to identify forward-looking statements within the meaning of the Reform Act. Such statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results and those anticipated or projected.

In connection with the “safe harbor” provisions of the Reform Act, the Company is identifying risk factors that could affect financial performance and cause the Company’s actual results to differ materially from opinions or statements expressed with respect to future periods. The discussion of risk factors in the Company’s most recent Annual Report on Form 10-K and in Part II, Item 1A of this Quarterly Report on Form 10-Q contains certain cautionary statements regarding the Company’s business, which should be considered by investors and others. Such risk factors should be considered in conjunction with any discussions of operations or results by the Company or its representatives, including any forward-looking discussion, as well as comments contained in press releases, presentations to securities analysts or investors, or other communications by the Company.

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.

The Company cautions readers not to place undue reliance on forward-looking statements, which represent current views as of the date made. Forward-looking statements are inherently at risk to changes in the Company’s business as well as the national and worldwide economic environment. The risks and uncertainties that could cause actual results to differ from those anticipated or projected include, among other things, risks related to the deterioration of economic conditions; risks associated with 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, including at owned facilities, co-manufacturers, suppliers, logistics providers, customers, or other third-party service providers; 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; risk of loss of a significant contract or unfavorable changes in the Company’s relationships with significant customers; risk of the Company’s inability to protect information technology (IT) systems against, or effectively respond to, cyber attacks, security breaches or other IT interruptions, against or involving the Company’s IT systems or those of others with whom it does business; risk of the Company’s failure to timely replace legacy technologies; deterioration of labor relations or labor availability or increases to labor costs; general risks of the food industry, including those related to food safety, such as costs resulting from food contamination, product recalls, the remediation of food safety events at its facilities, including the production disruption at the Suffolk, Virginia, facility, food-specific laws or regulations, or outbreaks of disease

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among livestock and poultry flocks; fluctuations in commodity prices and availability of raw materials and other inputs; fluctuations in market demand for the Company’s products, including due to private label products and lower-priced alternatives; risks related to the Company’s ability to respond to changing consumer preferences, diets and eating patterns, and the success of innovation and marketing investments; damage to the Company’s reputation or brand image; risks associated with climate change, or legal, regulatory, or market measures to address climate change; risks of litigation; potential sanctions and compliance costs arising from government regulation; compliance with stringent environmental regulations and potential environmental litigation; and risks arising from the fact that the Company operates globally, with product manufactured and sold in foreign markets and a variety of inputs sourced from around the world, these risks including geopolitical risk, exchange rate risk, legal, tax, and regulatory risk, and risks associated with trade policies, export and import controls, and tariffs.

Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The Company is exposed to various forms of market risk as a part of its ongoing business practices including commodity price risk, interest rate risk, foreign currency exchange rate risk, investment risk, and credit risk, among others.

Commodity Price Risk: The Company is subject to commodity price risk through grain, lean hog, natural gas, and diesel fuel markets. To reduce these exposures and offset the fluctuations caused by changes in market conditions, the Company employs hedging programs. These programs utilize futures, swaps, and options contracts and are accounted for as cash flow hedges. The fair value of the Company’s cash flow commodity contracts as of April 27, 2025 was $7.8 million compared to $(5.9) million as of October 27, 2024. The Company measures its market risk exposure on its cash flow commodity contracts using a sensitivity analysis, which considers a hypothetical 10 percent change in the market prices. A 10 percent decrease in the market price would have negatively impacted the fair value of the Company’s cash flow commodity contracts as of April 27, 2025 by $29.2 million, which in turn would have lowered the Company’s future cost on purchased commodities by a similar amount.

Interest Rate Risk: The Company is subject to interest rate risk primarily from changes in fair value of long-term fixed rate debt. The Company’s long-term debt had a fair value of $2.5 billion as of April 27, 2025, and October 27, 2024. The Company measures its market risk exposure of long-term fixed rate debt using a sensitivity analysis, which considers a 10 percent change in interest rates. A 10 percent decrease in interest rates would have positively impacted the fair value of the Company’s long-term debt as of April 27, 2025 by $68.0 million. A 10 percent increase would have negatively impacted the long-term debt by $63.2 million.

Foreign Currency Exchange Rate Risk: The fair values of certain Company assets are subject to fluctuations in foreign currency exchange rates. The Company’s net asset position in foreign currencies was $1.2 billion as of April 27, 2025, and October 27, 2024, with most of the exposure existing in Chinese yuan, Indonesian rupiah, and Brazilian real. The Company currently does not use market risk sensitive instruments to manage this risk.

Investment Risk: The Company has corporate-owned life insurance policies classified as trading securities as part of a rabbi trust to fund certain supplemental executive retirement plans and deferred income plans. As of April 27, 2025, the balance of these securities totaled $208.6 million compared to $209.7 million as of October 27, 2024. The rabbi trust is invested primarily in fixed income funds. The Company is subject to market risk due to fluctuations in the value of the remaining investments as unrealized gains and losses associated with these securities are included in the Company’s net earnings on a mark-to-market basis. A 10 percent decline in the value of the investments not held in fixed income funds would have negatively impacted the Company’s pre-tax earnings by approximately $10.1 million, while a 10 percent increase in value would have a positive impact of the same amount.

Concentration of Credit Risk: The Company is exposed to credit risk from its customers. The Company regularly assesses the credit worthiness of its customers. As of April 27, 2025, and October 27, 2024, one customer accounted for more than 10% of net accounts receivable.

Item 4. CONTROLS AND PROCEDURES

(a) Disclosure Controls and Procedures.

As of the end of the period covered by this report (the Evaluation Date), the Company carried out an evaluation, under the supervision and with the participation of management, including the Chief Executive Officer and the Chief Financial Officer, of the effectiveness of the design and operation of its disclosure controls and procedures (as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934, as amended (the Exchange Act)). In designing and evaluating the disclosure controls and procedures, management recognized any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. Based on that evaluation, the Company’s Chief Executive Officer and Chief Financial Officer concluded, as of the Evaluation Date, the Company’s disclosure controls and procedures were effective to provide reasonable assurance the information the Company is required to disclose in

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reports it files or submits under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission rules and forms, and such information is accumulated and communicated to the Company’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

(b) Internal Control over Financial Reporting.

The Company is in the midst of a multi-year transformation project to achieve better analytics, customer service, and process efficiencies through the use of Oracle Cloud Solutions. During fiscal 2024, the Company began implementing the order-to-cash phase at certain business locations. Additional implementations are expected to continue over the next several years. Emphasis has been on the maintenance of effective internal controls and assessment of the design and operating effectiveness of key control activities throughout each development and deployment phase.

With the exception of the order-to-cash implementation described above, there were no changes in the Company’s internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) in the second quarter of fiscal 2025 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1. LEGAL PROCEEDINGS

Information regarding legal proceedings is available in Note J - Commitments and Contingencies of the Notes to the Consolidated Financial Statements.

Item 1A. RISK FACTORS

The Company’s business, operations, and financial condition are subject to various risks and uncertainties. There have been no material changes to the risk factors previously disclosed in Part I, Item 1A. Risk Factors in the Company’s Annual Report on Form 10-K for the fiscal year ended October 27, 2024.

Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

There were no issuer purchases of equity securities in the quarter ended April 27, 2025. On January 29, 2013, the Company’s Board of Directors authorized the repurchase of 10,000,000 shares of its common stock with no expiration date. On January 26, 2016, the Board of Directors approved a two-for-one split of the Company’s common stock to be effective January 27, 2016. As part of the stock split resolution, the number of shares remaining to be repurchased was adjusted proportionately. As of April 27, 2025, the maximum number of shares that may yet be purchased under the repurchase plans or programs is 3,677,494.

Item 3. DEFAULTS UPON SENIOR SECURITIES

None.

Item 4. MINE SAFETY DISCLOSURES

None.

Item 5. OTHER INFORMATION

During the fiscal quarter ended April 27, 2025, no director or officer of the Company adopted, modified, or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as the terms are defined in Item 408(a) of Regulation S-K.

Table of Contents

Item 6. EXHIBITS


10.1			U.S. $750,000,000 Credit Agreement, dated as of March 25, 2025, among the Company, Wells Fargo Bank, National Association, as Administrative Agent, Swing L ine Lender and Issuing Lender, and the lenders identified on the signature pages thereof (Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on March 2 6 , 202 5 , File No. 001- 02402.)

31.1			Certification Required Under Section 302 of the Sarbanes-Oxley Act of 2002.

31.2			Certification Required Under Section 302 of the Sarbanes-Oxley Act of 2002.

32.1			Certification Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101			The following financial statements from the Company’s Quarterly Report on Form 10-Q for the quarter ended April 27, 2025, formatted in Inline XBRL: (i) Consolidated Statements of Operations, (ii) Consolidated Statements of Comprehensive Income, (iii) Consolidated Statements of Financial Position, (iv) Consolidated Statements of Changes in Shareholders’ Investment, (v) Consolidated Condensed Statements of Cash Flows, and (vi) Notes to the Consolidated Financial Statements.

104			The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended April 27, 2025, formatted in Inline XBRL (included as Exhibit 101).

Table of Contents

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 thereunto duly authorized.


		HORMEL FOODS CORPORATION
		(Registrant)

Date: May 29, 2025	By:	/s/ JACINTH C. SMILEY
		JACINTH C. SMILEY
		Executive Vice President and Chief Financial Officer
		(Principal Financial Officer)



Date: May 29, 2025	By:	/s/ PAUL R. KUEHNEMAN
		PAUL R. KUEHNEMAN
		Vice President and Controller
		(Principal Accounting Officer)

EXHIBIT 31.1

CERTIFICATION REQUIRED UNDER SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, James P. Snee, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Hormel Foods Corporation for the period ended April 27, 2025;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Dated: May 29, 2025						/s/ JAMES P. SNEE
						JAMES P. SNEE
						President and Chief Executive Officer

EXHIBIT 31.2

CERTIFICATION REQUIRED UNDER SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Jacinth C. Smiley, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Hormel Foods Corporation for the period ended April 27, 2025;

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Dated: May 29, 2025						/s/ JACINTH C. SMILEY
						JACINTH C. SMILEY
						Executive Vice President and Chief Financial Officer

EXHIBIT 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Hormel Foods Corporation (the “Company”) on Form 10-Q for the period ended April 27, 2025, as filed with the Securities and Exchange Commission (the “Report”), the undersigned hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities and Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Dated: May 29, 2025			/s/ JAMES P. SNEE
			JAMES P. SNEE
			President and Chief Executive Officer



Dated: May 29, 2025			/s/ JACINTH C. SMILEY
			JACINTH C. SMILEY
			Executive Vice President and Chief Financial Officer

COVER - shares	6 Months Ended
COVER - shares	Apr. 27, 2025	May 26, 2025
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 27, 2025
Document Transition Report	false
Entity File Number	1-2402
Entity Registrant Name	HORMEL FOODS CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	41-0319970
Entity Address, Address Line One	1 Hormel Place
Entity Address, City or Town	Austin
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55912-3680
City Area Code	507
Local Phone Number	437-5611
Title of 12(b) Security	Common Stock
Trading Symbol	HRL
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Smaller Reporting Company	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000048465
Amendment Flag	false
Current Fiscal Year End Date	--10-26
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q2
Common Stock $0.01465 par value
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		549,894,589
Common Stock Nonvoting $0.01 par value
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		0

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 27, 2025	Apr. 28, 2024	Apr. 27, 2025	Apr. 28, 2024
Income Statement [Abstract]
Net Sales	$ 2,898,810	$ 2,887,352	$ 5,887,623	$ 5,884,263
Cost of Products Sold	2,414,377	2,383,546	4,927,957	4,871,723
Gross Profit	484,433	503,806	959,666	1,012,539
Selling, General, and Administrative	251,432	266,668	514,445	507,054
Equity in Earnings of Affiliates	15,350	15,182	31,461	31,273
Operating Income	248,352	252,320	476,682	536,758
Interest and Investment Income	1,653	13,497	10,857	32,932
Interest Expense	19,516	21,679	38,977	40,005
Earnings Before Income Taxes	230,489	244,139	448,561	529,685
Provision for Income Taxes	50,747	54,931	98,289	121,749
Net Earnings	179,742	189,207	350,272	407,936
Less: Net Earnings (Loss) Attributable to Noncontrolling Interest	(275)	(70)	(320)	(204)
Net Earnings Attributable to Hormel Foods Corporation	$ 180,017	$ 189,278	$ 350,592	$ 408,140
Net Earnings Per Share
Basic (in dollars per share)	$ 0.33	$ 0.35	$ 0.64	$ 0.75
Diluted (in dollars per share)	$ 0.33	$ 0.34	$ 0.64	$ 0.74
Weighted-average Shares Outstanding
Basic (in shares)	550,277	547,868	549,868	547,444
Diluted (in shares)	550,611	548,685	550,233	548,303

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 27, 2025	Apr. 28, 2024	Apr. 27, 2025	Apr. 28, 2024
Statement of Comprehensive Income [Abstract]
Net Earnings	$ 179,742	$ 189,207	$ 350,272	$ 407,936
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	(28,120)	(19,315)	(55,199)	(7,856)
Pension and Other Benefits	2,542	2,068	4,908	4,197
Derivatives and Hedging	(3,883)	11,998	11,979	17,205
Equity Method Investments	1,902	(6,444)	2,376	(3,561)
Total Other Comprehensive Income (Loss)	(27,559)	(11,693)	(35,936)	9,985
Comprehensive Income	152,183	177,515	314,336	417,921
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interest	(497)	(220)	(987)	(146)
Comprehensive Income Attributable to Hormel Foods Corporation	$ 152,680	$ 177,735	$ 315,323	$ 418,067

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands	Apr. 27, 2025	Oct. 27, 2024
Assets
Cash and Cash Equivalents	$ 669,688	$ 741,881
Short-term Marketable Securities	29,293	24,742
Accounts Receivable (Net of Allowance for Doubtful Accounts of $3,664 at April 27, 2025, and $3,712 at October 27, 2024)	743,981	817,908
Inventories	1,729,237	1,576,300
Taxes Receivable	50,529	50,380
Prepaid Expenses and Other Current Assets	59,341	35,265
Total Current Assets	3,282,069	3,246,476
Goodwill	4,920,635	4,923,487
Intangible Assets	1,724,810	1,732,705
Pension Assets	196,736	205,964
Investments in Affiliates	682,810	719,481
Other Assets	422,903	411,889
Property, Plant, and Equipment
Land	73,372	75,159
Buildings	1,498,515	1,503,519
Equipment	2,912,555	2,905,058
Construction in Progress	297,683	228,726
Less: Allowance for Depreciation	(2,590,282)	(2,517,734)
Net Property, Plant, and Equipment	2,191,843	2,194,728
Total Assets	13,421,808	13,434,729
Liabilities and Shareholders’ Investment
Accounts Payable	716,892	735,604
Accrued Expenses	53,353	66,380
Accrued Marketing Expenses	119,092	108,156
Employee-related Expenses	239,392	283,490
Interest and Dividends Payable	180,561	175,941
Taxes Payable	11,125	21,916
Current Maturities of Long-term Debt	7,249	7,813
Total Current Liabilities	1,327,664	1,399,299
Long-term Debt Less Current Maturities	2,850,697	2,850,944
Pension and Post-retirement Benefits	384,678	379,891
Deferred Income Taxes	594,504	589,366
Other Long-term Liabilities	222,324	211,219
Shareholders’ Investment
Preferred Stock	0	0
Additional Paid-in Capital	614,189	571,178
Accumulated Other Comprehensive Loss	(298,601)	(263,331)
Retained Earnings	7,708,693	7,677,537
Hormel Foods Corporation Shareholders’ Investment	8,032,337	7,993,420
Noncontrolling Interest	9,604	10,590
Total Shareholders’ Investment	8,041,941	8,004,011
Total Liabilities and Shareholders’ Investment	13,421,808	13,434,729
Common Stock, Nonvoting
Shareholders’ Investment
Common Stock	0	0
Common Stock
Shareholders’ Investment
Common Stock	$ 8,056	$ 8,037

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (PARENTHETICAL) - USD ($) $ in Thousands	Apr. 27, 2025	Oct. 27, 2024
Accounts Receivable, Allowance for Doubtful Accounts	$ 3,664	$ 3,712
Preferred Stock, Par Value (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, Authorized Shares (in shares)	160,000,000	160,000,000
Preferred Stock, Issued Shares (in shares)	0	0
Common Stock, Nonvoting
Common Stock, Par Value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, Authorized Shares (in shares)	400,000,000	400,000,000
Common Stock, Issued Shares (in shares)	0	0
Common Stock
Common Stock, Par Value (in dollars per share)	$ 0.01465	$ 0.01465
Common Stock, Authorized Shares (in shares)	1,600,000,000	1,600,000,000
Common Stock, Issued Shares (in shares)	549,887,595	548,605,305

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' INVESTMENT - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 27, 2025	Apr. 28, 2024	Apr. 27, 2025	Apr. 28, 2024
Increase (Decrease) in Shareholders' Investment
Beginning balance	$ 8,038,442	$ 7,848,566	$ 8,004,011	$ 7,738,985
Net Earnings (Loss)	179,742	189,207	350,272	407,936
Other Comprehensive Income (Loss)	(27,559)	(11,693)	(35,936)	9,985
Contribution from Noncontrolling Interest		6,228		6,508
Stock-based Compensation Expense	11,080	10,561	16,535	15,005
Exercise of Stock Options/Restricted Shares	(156)	8,561	25,841	27,459
Declared Dividends	(159,609)	(154,977)	(318,782)	(309,426)
Ending balance	$ 8,041,941	$ 7,896,452	$ 8,041,941	$ 7,896,452
Common Stock
Increase (Decrease) in Shareholders' Investment
Beginning balance (in shares)	549,785	547,596	548,605	546,599
Beginning balance	$ 8,054	$ 8,021	$ 8,037	$ 8,007
Stock-based Compensation Expense (in shares)	54	52	54	52
Stock-based Compensation Expense	$ 1	$ 1	$ 1	$ 1
Exercise of Stock Options/Restricted Shares (in shares)	48	382	1,228	1,378
Exercise of Stock Options/Restricted Shares	$ 1	$ 6	$ 18	$ 20
Ending balance (in shares)	549,888	548,030	549,888	548,030
Ending balance	$ 8,056	$ 8,028	$ 8,056	$ 8,028
Treasury Stock
Increase (Decrease) in Shareholders' Investment
Beginning balance (in shares)	0	0	0	0
Beginning balance	$ 0	$ 0	$ 0	$ 0
Ending balance (in shares)	0	0	0	0
Ending balance	$ 0	$ 0	$ 0	$ 0
Additional Paid-in Capital
Increase (Decrease) in Shareholders' Investment
Beginning balance	602,887	529,715	571,178	506,179
Stock-based Compensation Expense	11,079	10,559	16,534	15,004
Exercise of Stock Options/Restricted Shares	(156)	8,555	25,823	27,439
Declared Dividends	379	300	654	509
Ending balance	614,189	549,130	614,189	549,130
Retained Earnings
Increase (Decrease) in Shareholders' Investment
Beginning balance	7,688,663	7,557,157	7,677,537	7,492,952
Net Earnings (Loss)	180,017	189,278	350,592	408,140
Declared Dividends	(159,987)	(155,278)	(319,436)	(309,935)
Ending balance	7,708,693	7,591,157	7,708,693	7,591,157
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Shareholders' Investment
Beginning balance	(271,263)	(250,783)	(263,331)	(272,252)
Other Comprehensive Income (Loss)	(27,338)	(11,543)	(35,270)	9,927
Ending balance	(298,601)	(262,325)	(298,601)	(262,325)
Non-controlling Interest
Increase (Decrease) in Shareholders' Investment
Beginning balance	10,101	4,455	10,590	4,100
Net Earnings (Loss)	(275)	(70)	(320)	(204)
Other Comprehensive Income (Loss)	(222)	(150)	(666)	59
Contribution from Noncontrolling Interest		6,228		6,508
Ending balance	$ 9,604	$ 10,462	$ 9,604	$ 10,462

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' INVESTMENT (PARENTHETICAL) - $ / shares	3 Months Ended		6 Months Ended
	Apr. 27, 2025	Apr. 28, 2024	Apr. 27, 2025	Apr. 28, 2024
Statement of Stockholders' Equity [Abstract]
Declared Dividends (in dollars per share)	$ 0.2900	$ 0.2825	$ 0.5800	$ 0.5650

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Apr. 27, 2025	Apr. 28, 2024
Operating Activities
Net Earnings	$ 350,272	$ 407,936
Adjustments to Reconcile to Net Cash Provided by (Used in) Operating Activities:
Depreciation and Amortization	129,835	127,696
Equity in Earnings of Affiliates	(31,461)	(31,273)
Distributions Received from Equity Method Investees	26,144	25,731
Provision for Deferred Income Taxes	(286)	(468)
Non-cash Investment Activities	1,265	(14,804)
Stock-based Compensation Expense	16,535	15,005
Loss (Gain) on Sale of Business	10,800	0
Operating Lease Cost	19,107	18,191
Other Non-cash, Net	2,602	13,501
Changes in Operating Assets and Liabilities:
Decrease (Increase) in Accounts Receivable	70,560	87,685
Decrease (Increase) in Inventories	(155,901)	7,386
Decrease (Increase) in Prepaid Expenses and Other Assets	(4,899)	10,279
Increase (Decrease) in Pension and Post-retirement Benefits	20,635	21,504
Increase (Decrease) in Accounts Payable and Accrued Expenses	(77,321)	(77,665)
Increase (Decrease) in Net Income Taxes Payable	(12,239)	29,423
Net Cash Provided by (Used in) Operating Activities	365,646	640,127
Investing Activities
Net Sale (Purchase) of Securities	(4,735)	(5,499)
Proceeds from Sale of Business	13,139	0
Purchases of Property, Plant, and Equipment	(147,250)	(107,175)
Proceeds from Sales of Property, Plant, and Equipment	82	397
Proceeds from (Purchases of) Affiliates and Other Investments	(2,699)	(450)
Proceeds from Company-owned Life Insurance	2,795	11
Net Cash Provided by (Used in) Investing Activities	(138,668)	(112,716)
Financing Activities
Proceeds from Long-term Debt	0	497,765
Payment of Debt Issuance Costs	0	(1,105)
Repayments of Long-term Debt and Finance Leases	(4,245)	(4,520)
Dividends Paid on Common Stock	(314,225)	(305,035)
Proceeds from Exercise of Stock Options	25,841	27,459
Proceeds from Noncontrolling Interest	0	6,508
Net Cash Provided by (Used in) Financing Activities	(292,629)	221,072
Effect of Exchange Rate Changes on Cash	(6,542)	1,353
Increase (Decrease) in Cash and Cash Equivalents	(72,193)	749,836
Cash and Cash Equivalents at Beginning of Year	741,881	736,532
Cash and Cash Equivalents at End of Period	669,688	1,486,368
Supplemental Non-cash Financing and Investing Activities:
Purchases of property, plant, and equipment included in accounts payable	$ 20,383	$ 14,147

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Apr. 27, 2025
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation: The accompanying unaudited consolidated financial statements of Hormel Foods Corporation (the Company) have been prepared in accordance with accounting principles generally accepted in the United States (U.S.) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include certain information and footnotes required by U.S. generally accepted accounting principles (GAAP) for comprehensive financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results and cash flows for the interim period are not necessarily indicative of the results that may be expected for the full year. These statements should be reviewed in conjunction with the consolidated financial statements and associated notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended October 27, 2024. The significant accounting policies used in preparing these interim consolidated financial statements are consistent with those described in Note A - Summary of Significant Accounting Policies to the consolidated financial statements in the Form 10-K. The Company has determined there have been no material changes in the Company’s significant accounting policies, including estimates and assumptions, as disclosed in its Annual Report on Form 10-K for the fiscal year ended October 27, 2024. Rounding: Certain amounts in the consolidated financial statements and associated notes may not foot due to rounding. All percentages have been calculated using unrounded amounts. Reclassifications: Certain reclassifications of previously reported amounts have been made to conform to the current year presentation. Accounting Changes and Recent Accounting Pronouncements: New Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The update is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The ASU requires disclosures to include significant segment expenses that are regularly provided to the chief operating decision maker (CODM), a description of other segment items by reportable segment, and allows the disclosure of additional measures of a segment’s profit or loss used by the CODM when deciding how to allocate resources. The ASU also requires all annual disclosures currently required by Topic 280 to be included in interim periods. The update is effective for the Company's fiscal year ending October 26, 2025, and interim periods for the fiscal year ending October 25, 2026. Early adoption is permitted and requires retrospective application to all prior periods presented in the financial statements. The Company is currently assessing the impact of adopting the updated provisions. In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The update is intended to enhance transparency and decision usefulness of income tax disclosures. This ASU updates income tax disclosure requirements by requiring specific categories and greater disaggregation within the rate reconciliation and disaggregation of income taxes paid by jurisdiction. The update is effective for the Company's fiscal year ending October 25, 2026. The Company is currently assessing the impact of adopting the updated provisions. In November 2024, the FASB issued ASU 2024-03 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The new guidance is intended to provide investors more detailed disclosures around specific types of expenses. The new disclosures require certain details for expenses presented on the face of the Consolidated Statements of Operations as well as selling expenses to be presented in the notes to the financial statements. The guidance is effective for the Company's annual period ending October 29, 2028, and interim periods for the fiscal year ending October 28, 2029. The disclosure updates are required to be applied prospectively with the option for retrospective application. The Company is currently assessing the impact of adopting the updated provisions. Recently issued accounting standards or pronouncements not disclosed have been excluded as they are currently not relevant to the Company.

ACQUISITIONS AND DIVESTITURES	6 Months Ended
ACQUISITIONS AND DIVESTITURES	Apr. 27, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
ACQUISITIONS AND DIVESTITURES	NOTE B - ACQUISITIONS AND DIVESTITURES Divestitures: On October 18, 2024, the Company sold its equity interests in Hormel Health Labs, LLC (Hormel Health Labs) and related assets to Lyons Health Labs Holdco, LLC for $24.5 million. The divestiture resulted in a pre-tax gain of $3.9 million, net of transaction costs, which was recognized in Selling, General, and Administrative. Results of operations for Hormel Health Labs were reflected within the Foodservice segment through the date of divestiture. On November 18, 2024, the Company sold its equity interests in a non-core sow operation, Mountain Prairie, LLC, and related assets to Chaparral Ranches, LLC for $13.6 million. The divestiture resulted in a pre-tax loss of $11.3 million, including transaction costs, which was recognized in Selling, General, and Administrative. Results of operations for Mountain Prairie, LLC were primarily reflected within the Retail segment through the date of divestiture.

GOODWILL AND INTANGIBLE ASSETS

6 Months Ended

Apr. 27, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

NOTE C - GOODWILL AND INTANGIBLE ASSETS

Goodwill: The change in the carrying amount of goodwill for the six months ended April 27, 2025, is:


In thousands	Retail		Foodservice		International		Total





Balance at October 27, 2024	$	2,916,796	$	1,748,355	$	258,336	$	4,923,487

Foreign Currency Translation	—		—		(2,852)		(2,852)
Balance at April 27, 2025	$	2,916,796	$	1,748,355	$	255,484	$	4,920,635

Intangible Assets: The intangible assets by type are:


	April 27, 2025						October 27, 2024
In thousands	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Definite-lived Intangible Assets
Customer Relationships	$	143,139	$	(73,516)	$	69,623	$	168,239	$	(93,536)	$	74,703
Other Definite-lived Intangibles	59,241		(22,233)		37,008		59,241		(20,107)		39,134
Trade Names/Trademarks	6,210		(6,210)		—		6,210		(5,996)		214
Foreign Currency Translation	—		(4,518)		(4,518)		—		(4,458)		(4,458)
Total Definite-lived Intangible Assets	$	208,590	$	(106,477)	$	102,113	$	233,690	$	(124,097)	$	109,593
Indefinite-lived Intangible Assets
Brands/Trade Names/Trademarks					$	1,629,582					$	1,629,582
Other Indefinite-lived Intangibles					184						184
Foreign Currency Translation					(7,069)						(6,655)
Total Indefinite-lived Intangible Assets					1,622,697						1,623,112
Total Intangible Assets					$	1,724,810					$	1,732,705

Amortization expense on intangible assets is as follows:


	Quarter Ended				Six Months Ended
In thousands	April 27, 2025		April 28, 2024		April 27, 2025		April 28, 2024
Amortization Expense	$	3,588	$	3,978	$	7,418	$	8,442

Estimated annual amortization expense on intangible assets for the five fiscal years after October 27, 2024, is as follows:


In thousands	Amortization Expense
2025	$	14,624
2026	14,169
2027	13,927
2028	12,972
2029	11,504

INVESTMENTS IN AFFILIATES

6 Months Ended

Apr. 27, 2025

Equity Method Investments and Joint Ventures [Abstract]

INVESTMENTS IN AFFILIATES

NOTE D - INVESTMENTS IN AFFILIATES

Equity in Earnings of Affiliates consists of:


		Quarter Ended				Six Months Ended
In thousands	% Owned	April 27, 2025		April 28, 2024		April 27, 2025		April 28, 2024
MegaMex Foods, LLC(1)	50%	$	8,473	$	8,288	$	17,776	$	16,379
Other Equity Method Investments(2)	Various (25-45%)	6,877		6,894		13,685		14,894
Total Equity in Earnings of Affiliates		$	15,350	$	15,182	$	31,461	$	31,273

(1) MegaMex Foods, LLC is reflected in the Retail segment.

(2) Other Equity Method Investments are primarily reflected in the International segment but also include corporate venturing investments.

Distributions received from equity method investees consists of:


	Quarter Ended				Six Months Ended
In thousands	April 27, 2025		April 28, 2024		April 27, 2025		April 28, 2024
Dividends	$	6,250	$	10,000	$	26,144	$	25,731

INVENTORIES

6 Months Ended

Apr. 27, 2025

Inventory, Net [Abstract]

INVENTORIES

NOTE E - INVENTORIES

Principal components of inventories are:


In thousands	April 27, 2025		October 27, 2024
Finished Products	$	1,035,774	$	881,295
Raw Materials and Work-in-Process	431,747		427,834
Operating Supplies	135,818		147,333
Maintenance Materials and Parts	125,898		119,837
Total Inventories	$	1,729,237	$	1,576,300

DERIVATIVES AND HEDGING

6 Months Ended

Apr. 27, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVES AND HEDGING

NOTE F - DERIVATIVES AND HEDGING

Volume: The Company’s outstanding contracts related to its commodity hedging programs include:

In millions

April 27, 2025

October 27, 2024

Corn

30.7

bushels

29.2

bushels

Lean Hogs

200.6

pounds

175.6

pounds

Natural Gas

3.0

MMBtu

4.2

MMBtu

Diesel Fuel

6.0

gallons

4.0

gallons

Fair Value of Derivatives: The gross fair values of the Company’s derivative instruments designated as hedges are:


	April 27, 2025					October 27, 2024
In thousands		Assets		Liabilities			Assets		Liabilities
Gross Fair Value of Commodity Contracts		$	11,120	$	(3,055)		$	9,851	$	(12,638)
Counterparty and Collateral Netting Offset(1)		2,276		3,055			(1,785)		12,638
Amounts Recognized on Consolidated Statements of Financial Position(2)		$	13,396	$	—		$	8,066	$	—

(2) The Company’s commodity contracts are reflected in Prepaid Expenses and Other Current Assets.

Fair Value Hedge - Assets (Liabilities): The carrying amount of the Company’s fair value hedged assets (liabilities) are:


In thousands	Location on Consolidated Statements of Financial Position	April 27, 2025		October 27, 2024
Commodity Contracts	Accounts Payable(1)	$	2	$	(2,902)

(1) Represents the carrying amount of fair value hedged assets and liabilities, which are offset by other assets included in master netting arrangements described above.

The pre-tax gains (losses) recognized in AOCL related to the Company’s derivative instruments are:


	Quarter Ended					Six Months Ended
In thousands		April 27, 2025		April 28, 2024		April 27, 2025		April 28, 2024
Commodity Contracts		$	(6,135)	$	7,299	$	13,000	$	1,685
Excluded Component(1)		(96)		657		(183)		1,813

(1) Represents the time value of commodity options excluded from the assessment of effectiveness for which the difference between changes in fair value and periodic amortization is recorded in AOCL.

The pre-tax gains (losses) reclassified from AOCL into earnings related to the Company’s derivative instruments are:


	Location on Consolidated Statements of Operations	Quarter Ended					Six Months Ended
In thousands			April 27, 2025		April 28, 2024		April 27, 2025		April 28, 2024
Commodity Contracts	Cost of Products Sold		$	(1,326)	$	(8,155)	$	(3,467)	$	(19,756)
Interest Rate Contracts	Interest Expense		247		247		494		494

See Note H - Accumulated Other Comprehensive Loss for the after-tax impact of these gains or losses on Net Earnings.

Consolidated Statements of Operations Impact: The effect on the Consolidated Statements of Operations for pre-tax gains (losses) related to the Company’s derivative instruments are:


	Quarter Ended				Six Months Ended
In thousands	April 27, 2025		April 28, 2024		April 27, 2025		April 28, 2024
Net Earnings Attributable to Hormel Foods Corporation	$	180,017	$	189,278	$	350,592	$	408,140

Cash Flow Hedges - Commodity Contracts
Gain (Loss) Reclassified from AOCL	(1,326)		(8,155)		(3,467)		(19,756)
Amortization of Excluded Component from Options	(211)		(850)		(419)		(2,006)

Fair Value Hedges - Commodity Contracts
Gain (Loss) on Commodity Futures(1)	(571)		1,033		1,133		4,628
Total Gain (Loss) on Commodity Contracts(2)	(2,107)		(7,972)		(2,753)		(17,134)

Cash Flow Hedges - Interest Rate Contracts
Gain (Loss) Reclassified from AOCL	247		247		494		494
Fair Value Hedge - Interest Rate Contracts

Amortization of Loss Due to Discontinuance of Fair Value Hedge(3)	—		(3,125)		—		(6,250)
Total Gain (Loss) on Interest Rate Contracts(4)	247		(2,878)		494		(5,755)

Total Gain (Loss) Recognized in Earnings	$	(1,860)	$	(10,849)	$	(2,259)	$	(22,890)

(2) Total Gain (Loss) on Commodity Contracts is recognized in earnings through Cost of Products Sold.

(3) Represents the fair value hedging adjustment amortized through earnings.

(4) Total Gain (Loss) on Interest Rate Contracts is recognized in earnings through Interest Expense.

PENSION AND OTHER POST-RETIREMENT BENEFITS

6 Months Ended

Apr. 27, 2025

Retirement Benefits [Abstract]

PENSION AND OTHER POST-RETIREMENT BENEFITS

NOTE G - PENSION AND OTHER POST-RETIREMENT BENEFITS

Net periodic cost of defined benefit plans consists of:


	Pension Benefits
	Quarter Ended				Six Months Ended
In thousands	April 27, 2025		April 28, 2024		April 27, 2025		April 28, 2024
Service Cost	$	11,973	$	9,023	$	23,947	$	18,076
Interest Cost	17,646		18,336		35,292		36,672
Expected Return on Plan Assets	(21,737)		(19,377)		(43,474)		(38,755)
Amortization of Prior Service Cost (Credit)	319		(221)		639		(443)
Recognized Actuarial Loss (Gain)	3,014		3,317		6,027		6,634

Net Periodic Cost	$	11,215	$	11,077	$	22,431	$	22,183


	Post-retirement Benefits
	Quarter Ended				Six Months Ended
In thousands	April 27, 2025		April 28, 2024		April 27, 2025		April 28, 2024
Service Cost	$	41	$	41	$	83	$	82
Interest Cost	2,479		2,896		4,959		5,792
Amortization of Prior Service Cost (Credit)	(14)		2		(12)		4
Recognized Actuarial Loss (Gain)	(40)		(318)		(80)		(635)

Net Periodic Cost	$	2,466	$	2,622	$	4,950	$	5,244

Non-service cost components of net pension and post-retirement benefit cost are presented within Interest and Investment Income.

ACCUMULATED OTHER COMPREHENSIVE LOSS

6 Months Ended

Apr. 27, 2025

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

ACCUMULATED OTHER COMPREHENSIVE LOSS

NOTE H - ACCUMULATED OTHER COMPREHENSIVE LOSS

Components of Accumulated Other Comprehensive Loss are as follows:


In thousands	Foreign Currency Translation		Pension & Other Benefits			Derivatives & Hedging			Equity Method Investments			Accumulated Other Comprehensive Loss
Balance at January 26, 2025	$	(97,427)	$	(184,959)		$	17,853		$	(6,730)		$	(271,263)
Unrecognized Gains (Losses)	—					—
Gross	(27,898)		73			(6,231)			81			(33,976)
Tax Effect	—		—			1,521			—			1,521
Reclassification into Net Earnings	—		—			—						—
Gross	—		3,279		(1)	1,079		(2)	1,821		(3)	6,179
Tax Effect	—		(810)			(252)			—			(1,062)
Change Net of Tax	(27,898)		2,542			(3,883)			1,902			(27,338)
Balance at April 27, 2025	$	(125,326)	$	(182,417)		$	13,970		$	(4,828)		$	(298,601)

Balance at October 27, 2024	$	(70,794)	$	(187,325)		$	1,991		$	(7,204)		$	(263,331)
Unrecognized Gains (Losses)
Gross	(54,532)		(46)			12,817			(849)			(42,610)
Tax Effect	—		—			(3,113)			—			(3,113)
Reclassification into Net Earnings
Gross	—		6,574		(1)	2,973		(2)	3,225		(3)	12,772
Tax Effect	—		(1,620)			(699)			—			(2,319)
Change Net of Tax	(54,532)		4,908			11,979			2,376			(35,270)
Balance at April 27, 2025	$	(125,326)	$	(182,417)		$	13,970		$	(4,828)		$	(298,601)

(1) Included in computation of net periodic cost. See Note G - Pension and Other Post-Retirement Benefits for additional information.

(2) Included in Cost of Products Sold and Interest Expense. See Note F - Derivatives and Hedging for additional information.

(3) Included in Equity in Earnings of Affiliates.

FAIR VALUE MEASUREMENTS

6 Months Ended

Apr. 27, 2025

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

NOTE I - FAIR VALUE MEASUREMENTS

Level 1: Observable inputs based on quoted prices (unadjusted) in active markets for identical assets or liabilities.

The Company’s financial assets and liabilities carried at fair value on a recurring basis and their level within the fair value hierarchy are presented in the tables below.


	Fair Value Measurements at April 27, 2025
In thousands	Total Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets at Fair Value
Short-term Marketable Securities	$	29,293	$	6,055	$	23,238	$	—
Other Trading Securities	208,649		—		208,649		—
Commodity Derivatives	11,160		10,586		574		—
Total Assets at Fair Value	$	249,102	$	16,641	$	232,461	$	—
Liabilities at Fair Value
Deferred Compensation	$	59,521	$	—	$	59,521	$	—
Commodity Derivatives	3,078		2,131		946		—
Total Liabilities at Fair Value	$	62,598	$	2,131	$	60,467	$	—


	Fair Value Measurements at October 27, 2024
In thousands	Total Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets at Fair Value
Short-term Marketable Securities	$	24,742	$	5,134	$	19,608	$	—
Other Trading Securities	209,729		—		209,729		—
Commodity Derivatives	9,890		9,575		314		—
Total Assets at Fair Value	$	244,361	$	14,710	$	229,652	$	—
Liabilities at Fair Value
Deferred Compensation	$	62,101	$	—	$	62,101	$	—
Commodity Derivatives	12,638		11,127		1,510		—
Total Liabilities at Fair Value	$	74,738	$	11,127	$	63,611	$	—

The following methods and assumptions were used to estimate the fair value of the financial assets and liabilities above:

generated losses of $3.7 million and $1.1 million, respectively, compared to gains of $2.4 million and $13.9 million for the quarter and six months ended April 28, 2024, respectively.

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Apr. 27, 2025
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE J - COMMITMENTS AND CONTINGENCIES There were no material changes outside the ordinary course of business during the quarter and six months ended April 27, 2025, to the purchase commitments and other commitments and guarantees last disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended October 27, 2024. Legal Proceedings: The Company is a party to various legal proceedings related to the ongoing operation of its business, including claims both by and against the Company. At any time, such proceedings typically involve claims related to product liability, labeling, contracts, antitrust regulations, intellectual property, competition laws, employment practices, or other actions brought by employees, customers, consumers, competitors, regulators, or suppliers. The Company establishes accruals for its potential exposure, as appropriate, for claims against the Company when losses become probable and reasonably estimable. However, future developments or settlements are uncertain and may require the Company to change such accruals as proceedings progress. Resolution of any currently known matter, either individually or in the aggregate, is not expected to have a material effect on the Company’s financial condition, results of operations, or liquidity. Pork Antitrust Litigation Beginning in June 2018, a series of class action complaints were filed against the Company, as well as several other pork-processing companies and a benchmarking service called Agri Stats, in the U.S. District Court for the District of Minnesota styled In re Pork Antitrust Litigation (the Pork Antitrust Litigation). The Class Plaintiffs alleged, among other things, that beginning in January 2009, the defendants conspired and combined to fix, raise, maintain, and stabilize the price of pork and pork products—including through the use of Agri Stats—in violation of federal antitrust laws. Since the original filing, certain plaintiffs opted out of class treatment and began proceeding with individual direct actions making similar claims (Non-Class Direct-Action Plaintiffs), including claims of violations of state antitrust laws. The plaintiffs seek treble damages, injunctive relief, pre- and post-judgment interest, costs, and attorneys’ fees. Although the Company strongly denies liability, continues to deny the allegations asserted, and believes it has valid defenses, to avoid the uncertainty, risk, expense, and distraction of continued litigation, the Company executed settlement agreements providing for payments by the Company to the Class Plaintiffs and one Non-Class Direct-Action Plaintiff. For the Class Plaintiffs, the total settlement amount of $11.8 million was recorded as Accrued Expenses on the Consolidated Statements of Financial Position in the second quarter of fiscal 2024 and was paid during the second half of fiscal 2024. For the one Non-Class Direct-Action Plaintiff, the settlement amount of $0.2 million was recorded as Accrued Expenses on the Consolidated Statements of Financial Position in the first quarter of fiscal 2025 and was paid in the second quarter of fiscal 2025. All settlement amounts were recorded in Selling, General, and Administrative in the Consolidated Statements of Operations. In the second quarter of fiscal 2025, the U.S. District Court for the District of Minnesota (Court) granted the Company’s Motion for Summary Judgment and dismissed the Company from the federal litigation. Certain defendants have challenged the Court's summary judgement decision. The Company continues to defend against state claims brought by one Non-Class Direct Action Plaintiff. The Company has not recorded any liability for this matter as it does not believe a loss is probable. The Company cannot reasonably estimate any reasonably possible loss. The Company believes that it has valid and meritorious defenses against the allegations. Turkey Antitrust Litigation Beginning in December 2019, a series of class action complaints were filed against the Company, as well as several other turkey-processing companies and a benchmarking service called Agri Stats, in the U.S. District Court for the Northern District of Illinois styled In re Turkey Antitrust Litigation. The plaintiffs allege, among other things, that from at least 2010 to 2017, the defendants conspired and combined to fix, raise, maintain, and stabilize the price of turkey products—including through the use of Agri Stats—in violation of federal antitrust laws. The complaints on behalf of the classes of indirect purchasers also include causes of action under various state unfair competition laws, consumer protection laws, and unjust enrichment common laws. The plaintiffs seek treble damages, injunctive relief, pre- and post-judgment interest, costs, and attorneys’ fees. Since the original filing, certain direct-action plaintiffs have opted out of class treatment and are proceeding with individual direct actions making similar claims, and others may do so in the future. The Company has not recorded any liability for these matters as it does not believe a loss is probable. The Company cannot reasonably estimate any reasonably possible loss. The Company believes that it has valid and meritorious defenses against the allegations. Poultry Wages Antitrust Litigation In December 2019, a putative class of non-supervisory production and maintenance employees at poultry-processing plants in the continental U.S. filed an amended consolidated class action complaint against Jennie-O Turkey Store, Inc. and various other poultry processing companies in the U.S. District Court for the District of Maryland styled Jien, et al. v. Perdue Farms, Inc., et al. (the Poultry Wages Antitrust Litigation). In the operative amended complaint filed in February 2022, the plaintiffs alleged that, since 2000, the defendants directly and through wage surveys and a benchmarking service exchanged information regarding compensation in an effort to depress and fix wages and benefits for employees at poultry-processing plants, feed mills, and hatcheries in violation of federal antitrust laws. The complaint sought, among other things, treble monetary damages, punitive damages, restitution, and pre- and post-judgment interest, as well as declaratory and injunctive relief. In July 2022, the Court partially granted the Company’s motion to dismiss and dismissed plaintiffs’ per se wage-fixing claim as to the Company. Although the Company strongly denies liability, continues to deny the allegations asserted by the plaintiffs, and believes it has valid defenses, to avoid the uncertainty, risk, expense, and distraction of continued litigation, the Company executed a settlement agreement with the plaintiffs on August 20, 2024, to settle this matter for the payment of $3.5 million. The Company recorded the agreed-upon settlement amount as Accrued Expenses on the Consolidated Statements of Financial Position and in Selling, General, and Administrative in the Consolidated Statements of Operations for the third quarter of fiscal 2024. The Company paid the settlement in the second quarter of fiscal 2025. Red Meat Wages Antitrust Litigation In November 2022, a putative class of non-supervisory production and maintenance employees at “red meat” processing plants in the continental U.S. filed a class action complaint against the Company and various other beef- and pork-processing companies in the U.S. District Court for the District of Colorado styled Brown, et al. v. JBS USA Food Co., et al. (the Red Meat Wages Antitrust Litigation). In the operative amended complaint filed in January 2024, the plaintiffs alleged that, since 2000, the defendants directly and through wage surveys and a benchmarking service exchanged information regarding compensation in an effort to depress and fix wages and benefits for employees at beef- and pork-processing plants in violation of federal antitrust laws. The complaint sought, among other things, treble monetary damages, punitive damages, restitution, and pre- and post-judgment interest, as well as declaratory and injunctive relief. Although the Company strongly denies liability, continues to deny the allegations asserted by the plaintiffs, and believes it has valid defenses, to avoid the uncertainty, risk, expense, and distraction of continued litigation, the Company executed a settlement agreement with the plaintiffs on August 20, 2024, agreeing to pay $13.5 million and provide certain data and information. The Company recorded the agreed-upon settlement amount as Accrued Expenses on the Consolidated Statements of Financial Position and in Selling, General, and Administrative in the Consolidated Statements of Operations for the third quarter of fiscal 2024. The settlement has been approved by the Court and was paid in the second quarter of fiscal 2025. Tax Proceedings: Two current Company subsidiaries organized in Brazil, Clean Field Comércio de Produtos de Alimentícios LTDA and Omamori Indústria de Alimentos LTDA, along with a former subsidiary, Talis Distribuidora de Alimentos LTDA, which are reported in the International segment, received tax deficiency notices from the State of São Paulo Tax Authority Office alleging underpayment of ICMS and ICMS-ST taxes, which are similar to value added taxes, for multiple tax years. The subsidiaries have filed objections to appeal these notices, and the proceedings are in various stages of the administrative review process. Any adverse outcomes at the administrative level are expected to be eligible for further appeal through judicial processes. The Company has not recorded any liability relating to these assessments and cannot reasonably estimate any reasonably possible loss at this time.

LONG-TERM DEBT AND OTHER BORROWING ARRANGEMENTS

6 Months Ended

Apr. 27, 2025

Debt Disclosure [Abstract]

LONG-TERM DEBT AND OTHER BORROWING ARRANGEMENTS

NOTE K - LONG-TERM DEBT AND OTHER BORROWING ARRANGEMENTS

Long-term Debt consists of:


In thousands	April 27, 2025		October 27, 2024
Senior Unsecured Notes with Interest at 3.050% Interest Due Semi-annually through June 2051 Maturity Date	$	600,000	$	600,000
Senior Unsecured Notes with Interest at 1.800% Interest Due Semi-annually through June 2030 Maturity Date	1,000,000		1,000,000
Senior Unsecured Notes with Interest at 1.700% Interest Due Semi-annually through June 2028 Maturity Date	750,000		750,000
Senior Unsecured Notes with Interest at 4.800% Interest Due Semi-annually through March 2027 Maturity Date	500,000		500,000
Unamortized Discount on Senior Notes	(6,267)		(6,687)
Unamortized Debt Issuance Costs	(14,201)		(15,628)

Finance Lease Liabilities	25,263		27,541
Other Financing Arrangements	3,152		3,530
Total Debt	2,857,946		2,858,756
Less: Current Maturities of Long-term Debt	7,249		7,813
Long-term Debt Less Current Maturities	$	2,850,697	$	2,850,944

INCOME TAXES	6 Months Ended
INCOME TAXES	Apr. 27, 2025
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE L - INCOME TAXES The Company’s tax provision is determined using an estimated annual effective tax rate and adjusted for discrete taxable events that may occur during the quarter. The effects of tax legislation are recognized in the period in which the law is enacted. The deferred tax assets and liabilities are remeasured using enacted tax rates expected to apply to taxable income in the years the related temporary differences are anticipated to reverse. The Company’s effective tax rate for the quarter and six months ended April 27, 2025, was 22.0% and 21.9%, respectively, compared to 22.5% and 23.0%, respectively, for the corresponding periods a year ago. The Company benefited primarily from higher federal deductions, the purchase of federal transferable energy tax credits, and favorable state audit settlements in the second quarter and first six months of fiscal 2025. Unrecognized tax benefits, including interest and penalties, are primarily recorded in Other Long-term Liabilities. If recognized as of April 27, 2025, these benefits would impact the Company’s effective tax rate by $16.4 million compared to $16.6 million as of April 28, 2024. The Company includes accrued interest and penalties related to uncertain tax positions in Provision for Income Taxes, with immaterial expenses included during the quarter ended April 27, 2025, and April 28, 2024. The amount of accrued interest and penalties associated with unrecognized tax benefits was $2.8 million at April 27, 2025, and $2.5 million at April 28, 2024. Tax Examinations: The Company is regularly audited by federal, state, and foreign taxing authorities. The IRS concluded its examination of fiscal 2022 in the second quarter of fiscal 2024. The IRS placed the Company in the Bridge phase of the Compliance Assurance Process (CAP) for fiscal years 2023 and 2024. In this phase, the IRS will not accept any disclosures, conduct any reviews, or provide any assurances. The Company has elected to participate in CAP through fiscal year 2026. The objective of CAP is to contemporaneously work with the IRS to achieve federal tax compliance and resolve all or most of the issues prior to filing of the tax return. The Company may elect to continue participating in CAP for future tax years; the Company may withdraw from the program at any time. The Company is in various stages of audit by several state taxing authorities on a variety of fiscal years, as far back as 2015. While it is reasonably possible that one or more of these audits may be completed within the next 12 months and the related unrecognized tax benefits may change based on the status of the examinations, as of April 27, 2025, it was not possible to reasonably estimate the effect of any amount of such change to previously recorded uncertain tax positions. The Company is subject to various examinations by foreign tax authorities. With limited exceptions, the Company is no longer subject to foreign tax examinations for fiscal years prior to 2018 for material jurisdictions. See Note J - Commitments and Contingencies for additional information. Tax Legislation: The Organization for Economic Cooperation and Development published a framework for Pillar Two of the Global Anti-Base Erosion Rules which is designed to coordinate participating jurisdictions in updating the international tax system to ensure that large multinational companies pay a minimum tax of 15%. Many countries have enacted, or begun the process of enacting, laws based on the Pillar Two framework. The Company considered the applicable tax laws in relevant jurisdictions and concluded the impact of Pillar Two was not material to the Company's tax provision for the quarter and six months ended April 27, 2025. The Company will continue to evaluate the impact of such legislative changes but does not expect the new tax laws to have a material effect on the Company’s consolidated financial statements in future reporting periods.

EARNINGS PER SHARE DATA

6 Months Ended

Apr. 27, 2025

Earnings Per Share [Abstract]

EARNINGS PER SHARE DATA

NOTE M - EARNINGS PER SHARE DATA


	Quarter Ended		Six Months Ended
In thousands	April 27, 2025	April 28, 2024	April 27, 2025	April 28, 2024
Basic Weighted-average Shares Outstanding	550,277	547,868	549,868	547,444
Dilutive Potential Common Shares	334	817	365	859
Diluted Weighted-average Shares Outstanding	550,611	548,685	550,233	548,303

Antidilutive Potential Common Shares	22,394	18,214	21,086	18,053

SEGMENT REPORTING

6 Months Ended

Apr. 27, 2025

Segment Reporting [Abstract]

SEGMENT REPORTING

NOTE N - SEGMENT REPORTING

The Foodservice segment consists primarily of the processing, marketing, and sale of food products for foodservice, convenience store, and commercial customers located in the United States.


	Quarter Ended				Six Months Ended
In thousands	April 27, 2025		April 28, 2024		April 27, 2025		April 28, 2024
Net Sales
Retail	$	1,783,835	$	1,788,556	$	3,673,968	$	3,699,827
Foodservice	936,442		932,003		1,866,627		1,845,090
International	178,533		166,794		347,028		339,346
Total Net Sales	$	2,898,810	$	2,887,352	$	5,887,623	$	5,884,263

Segment Profit
Retail	$	137,135	$	132,399	$	256,281	$	281,904
Foodservice	140,633		149,302		279,459		299,466
International	18,407		23,202		39,252		43,234
Total Segment Profit	296,175		304,903		574,992		624,603
Net Unallocated Expense	65,411		60,694		126,111		94,714
Noncontrolling Interest	(275)		(70)		(320)		(204)
Earnings Before Income Taxes	$	230,489	$	244,139	$	448,561	$	529,685

The Company’s products primarily consist of meat and other food products. Total revenue contributed by classes of similar products are:


	Quarter Ended				Six Months Ended
In thousands	April 27, 2025		April 28, 2024		April 27, 2025		April 28, 2024
Perishable	$	2,076,241	$	2,029,418	$	4,228,063	$	4,135,989
Shelf-stable	822,569		857,934		1,659,560		1,748,274
Total Net Sales	$	2,898,810	$	2,887,352	$	5,887,623	$	5,884,263

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Apr. 27, 2025	Apr. 28, 2024	Apr. 27, 2025	Apr. 28, 2024
Pay vs Performance Disclosure
Net Earnings Attributable to Hormel Foods Corporation	$ 180,017	$ 189,278	$ 350,592	$ 408,140

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Apr. 27, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Apr. 27, 2025
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation: The accompanying unaudited consolidated financial statements of Hormel Foods Corporation (the Company) have been prepared in accordance with accounting principles generally accepted in the United States (U.S.) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include certain information and footnotes required by U.S. generally accepted accounting principles (GAAP) for comprehensive financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results and cash flows for the interim period are not necessarily indicative of the results that may be expected for the full year. These statements should be reviewed in conjunction with the consolidated financial statements and associated notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended October 27, 2024. The significant accounting policies used in preparing these interim consolidated financial statements are consistent with those described in Note A - Summary of Significant Accounting Policies to the consolidated financial statements in the Form 10-K. The Company has determined there have been no material changes in the Company’s significant accounting policies, including estimates and assumptions, as disclosed in its Annual Report on Form 10-K for the fiscal year ended October 27, 2024.
Reclassifications	Reclassifications: Certain reclassifications of previously reported amounts have been made to conform to the current year presentation.
Accounting Changes and Recent Accounting Pronouncements	Accounting Changes and Recent Accounting Pronouncements: New Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The update is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The ASU requires disclosures to include significant segment expenses that are regularly provided to the chief operating decision maker (CODM), a description of other segment items by reportable segment, and allows the disclosure of additional measures of a segment’s profit or loss used by the CODM when deciding how to allocate resources. The ASU also requires all annual disclosures currently required by Topic 280 to be included in interim periods. The update is effective for the Company's fiscal year ending October 26, 2025, and interim periods for the fiscal year ending October 25, 2026. Early adoption is permitted and requires retrospective application to all prior periods presented in the financial statements. The Company is currently assessing the impact of adopting the updated provisions. In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The update is intended to enhance transparency and decision usefulness of income tax disclosures. This ASU updates income tax disclosure requirements by requiring specific categories and greater disaggregation within the rate reconciliation and disaggregation of income taxes paid by jurisdiction. The update is effective for the Company's fiscal year ending October 25, 2026. The Company is currently assessing the impact of adopting the updated provisions. In November 2024, the FASB issued ASU 2024-03 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The new guidance is intended to provide investors more detailed disclosures around specific types of expenses. The new disclosures require certain details for expenses presented on the face of the Consolidated Statements of Operations as well as selling expenses to be presented in the notes to the financial statements. The guidance is effective for the Company's annual period ending October 29, 2028, and interim periods for the fiscal year ending October 28, 2029. The disclosure updates are required to be applied prospectively with the option for retrospective application. The Company is currently assessing the impact of adopting the updated provisions. Recently issued accounting standards or pronouncements not disclosed have been excluded as they are currently not relevant to the Company.
Fair Value Measurements	Accounting guidance establishes a fair value hierarchy which requires assets and liabilities measured at fair value to be categorized into one of three levels based on the inputs used in the valuation. The three levels are defined as follows: Level 1: Observable inputs based on quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Observable inputs, other than those included in Level 1, based on quoted prices for similar assets and liabilities in active markets, or quoted prices for identical assets and liabilities in inactive markets. Level 3: Unobservable inputs that reflect an entity’s own assumptions about what inputs a market participant would use in pricing the asset or liability based on the best information available in the circumstances.
Segment Reporting	The Company develops, processes, and distributes a wide array of food products in a variety of markets. The Company reports its results in the following three segments: Retail, Foodservice, and International, which are consistent with how the Company’s chief operating decision maker (CODM) assesses performance and allocates resources. The Retail segment consists primarily of the processing, marketing, and sale of food products sold predominantly in the retail market in the United States. This segment also includes the results from the Company’s MegaMex Foods, LLC joint venture. The Foodservice segment consists primarily of the processing, marketing, and sale of food products for foodservice, convenience store, and commercial customers located in the United States. The International segment processes, markets, and sells Company products internationally. This segment also includes the results from the Company’s international joint ventures, international equity method investments, and international royalty arrangements. Financial measures for each of the Company’s reportable segments are set forth below. Intersegment sales are eliminated in consolidation and are not reviewed when evaluating segment performance. The Company does not allocate deferred compensation, non-recurring expenses associated with the Transform and Modernize initiative, gains or losses on the sale of businesses, investment income, interest expense, or interest income to its segments when measuring performance. The Company also retains various other income and expense items at the corporate level. Equity in Earnings of Affiliates is included in segment profit; however, earnings attributable to the Company’s corporate venturing investments and noncontrolling interests are excluded. These items are included below as Net Unallocated Expense and Noncontrolling Interest when reconciling to Earnings Before Income Taxes.

GOODWILL AND INTANGIBLE ASSETS (Tables)

6 Months Ended

Apr. 27, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of changes in the carrying amount of goodwill

The change in the carrying amount of goodwill for the six months ended April 27, 2025, is:


In thousands	Retail		Foodservice		International		Total





Balance at October 27, 2024	$	2,916,796	$	1,748,355	$	258,336	$	4,923,487

Foreign Currency Translation	—		—		(2,852)		(2,852)
Balance at April 27, 2025	$	2,916,796	$	1,748,355	$	255,484	$	4,920,635

Schedule of definite lived and indefinite lived intangible assets

The intangible assets by type are:


	April 27, 2025						October 27, 2024
In thousands	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Definite-lived Intangible Assets
Customer Relationships	$	143,139	$	(73,516)	$	69,623	$	168,239	$	(93,536)	$	74,703
Other Definite-lived Intangibles	59,241		(22,233)		37,008		59,241		(20,107)		39,134
Trade Names/Trademarks	6,210		(6,210)		—		6,210		(5,996)		214
Foreign Currency Translation	—		(4,518)		(4,518)		—		(4,458)		(4,458)
Total Definite-lived Intangible Assets	$	208,590	$	(106,477)	$	102,113	$	233,690	$	(124,097)	$	109,593
Indefinite-lived Intangible Assets
Brands/Trade Names/Trademarks					$	1,629,582					$	1,629,582
Other Indefinite-lived Intangibles					184						184
Foreign Currency Translation					(7,069)						(6,655)
Total Indefinite-lived Intangible Assets					1,622,697						1,623,112
Total Intangible Assets					$	1,724,810					$	1,732,705

Schedule of amortization expense

Amortization expense on intangible assets is as follows:


	Quarter Ended				Six Months Ended
In thousands	April 27, 2025		April 28, 2024		April 27, 2025		April 28, 2024
Amortization Expense	$	3,588	$	3,978	$	7,418	$	8,442

Schedule of estimated annual amortization expense

Estimated annual amortization expense on intangible assets for the five fiscal years after October 27, 2024, is as follows:


In thousands	Amortization Expense
2025	$	14,624
2026	14,169
2027	13,927
2028	12,972
2029	11,504

INVESTMENTS IN AFFILIATES (Tables)

6 Months Ended

Apr. 27, 2025

Equity Method Investments and Joint Ventures [Abstract]

Schedule of equity in earnings of affiliates

Equity in Earnings of Affiliates consists of:


		Quarter Ended				Six Months Ended
In thousands	% Owned	April 27, 2025		April 28, 2024		April 27, 2025		April 28, 2024
MegaMex Foods, LLC(1)	50%	$	8,473	$	8,288	$	17,776	$	16,379
Other Equity Method Investments(2)	Various (25-45%)	6,877		6,894		13,685		14,894
Total Equity in Earnings of Affiliates		$	15,350	$	15,182	$	31,461	$	31,273

(1) MegaMex Foods, LLC is reflected in the Retail segment.

(2) Other Equity Method Investments are primarily reflected in the International segment but also include corporate venturing investments.

Schedule of distributions received from equity method investees

Distributions received from equity method investees consists of:


	Quarter Ended				Six Months Ended
In thousands	April 27, 2025		April 28, 2024		April 27, 2025		April 28, 2024
Dividends	$	6,250	$	10,000	$	26,144	$	25,731

INVENTORIES (Tables)

6 Months Ended

Apr. 27, 2025

Inventory, Net [Abstract]

Schedule of principal components of inventories

Principal components of inventories are:


In thousands	April 27, 2025		October 27, 2024
Finished Products	$	1,035,774	$	881,295
Raw Materials and Work-in-Process	431,747		427,834
Operating Supplies	135,818		147,333
Maintenance Materials and Parts	125,898		119,837
Total Inventories	$	1,729,237	$	1,576,300

DERIVATIVES AND HEDGING (Tables)

6 Months Ended

Apr. 27, 2025

Derivative [Line Items]

Schedule of fair values of derivative instruments

The gross fair values of the Company’s derivative instruments designated as hedges are:


	April 27, 2025					October 27, 2024
In thousands		Assets		Liabilities			Assets		Liabilities
Gross Fair Value of Commodity Contracts		$	11,120	$	(3,055)		$	9,851	$	(12,638)
Counterparty and Collateral Netting Offset(1)		2,276		3,055			(1,785)		12,638
Amounts Recognized on Consolidated Statements of Financial Position(2)		$	13,396	$	—		$	8,066	$	—

(2) The Company’s commodity contracts are reflected in Prepaid Expenses and Other Current Assets.

Schedule of fair value hedge assets (liabilities)

The carrying amount of the Company’s fair value hedged assets (liabilities) are:


In thousands	Location on Consolidated Statements of Financial Position	April 27, 2025		October 27, 2024
Commodity Contracts	Accounts Payable(1)	$	2	$	(2,902)

(1) Represents the carrying amount of fair value hedged assets and liabilities, which are offset by other assets included in master netting arrangements described above.

Schedule of gains or losses related to derivative instruments

The pre-tax gains (losses) recognized in AOCL related to the Company’s derivative instruments are:


	Quarter Ended					Six Months Ended
In thousands		April 27, 2025		April 28, 2024		April 27, 2025		April 28, 2024
Commodity Contracts		$	(6,135)	$	7,299	$	13,000	$	1,685
Excluded Component(1)		(96)		657		(183)		1,813

(1) Represents the time value of commodity options excluded from the assessment of effectiveness for which the difference between changes in fair value and periodic amortization is recorded in AOCL.

The pre-tax gains (losses) reclassified from AOCL into earnings related to the Company’s derivative instruments are:


	Location on Consolidated Statements of Operations	Quarter Ended					Six Months Ended
In thousands			April 27, 2025		April 28, 2024		April 27, 2025		April 28, 2024
Commodity Contracts	Cost of Products Sold		$	(1,326)	$	(8,155)	$	(3,467)	$	(19,756)
Interest Rate Contracts	Interest Expense		247		247		494		494

See Note H - Accumulated Other Comprehensive Loss for the after-tax impact of these gains or losses on Net Earnings.

Consolidated Statements of Operations Impact: The effect on the Consolidated Statements of Operations for pre-tax gains (losses) related to the Company’s derivative instruments are:


	Quarter Ended				Six Months Ended
In thousands	April 27, 2025		April 28, 2024		April 27, 2025		April 28, 2024
Net Earnings Attributable to Hormel Foods Corporation	$	180,017	$	189,278	$	350,592	$	408,140

Cash Flow Hedges - Commodity Contracts
Gain (Loss) Reclassified from AOCL	(1,326)		(8,155)		(3,467)		(19,756)
Amortization of Excluded Component from Options	(211)		(850)		(419)		(2,006)

Fair Value Hedges - Commodity Contracts
Gain (Loss) on Commodity Futures(1)	(571)		1,033		1,133		4,628
Total Gain (Loss) on Commodity Contracts(2)	(2,107)		(7,972)		(2,753)		(17,134)

Cash Flow Hedges - Interest Rate Contracts
Gain (Loss) Reclassified from AOCL	247		247		494		494
Fair Value Hedge - Interest Rate Contracts

Amortization of Loss Due to Discontinuance of Fair Value Hedge(3)	—		(3,125)		—		(6,250)
Total Gain (Loss) on Interest Rate Contracts(4)	247		(2,878)		494		(5,755)

Total Gain (Loss) Recognized in Earnings	$	(1,860)	$	(10,849)	$	(2,259)	$	(22,890)

(2) Total Gain (Loss) on Commodity Contracts is recognized in earnings through Cost of Products Sold.

(3) Represents the fair value hedging adjustment amortized through earnings.

(4) Total Gain (Loss) on Interest Rate Contracts is recognized in earnings through Interest Expense.

Cash Flow Hedges

Derivative [Line Items]

Schedule of outstanding commodity futures contracts

The Company’s outstanding contracts related to its commodity hedging programs include:

In millions

April 27, 2025

October 27, 2024

Corn

30.7

bushels

29.2

bushels

Lean Hogs

200.6

pounds

175.6

pounds

Natural Gas

3.0

MMBtu

4.2

MMBtu

Diesel Fuel

6.0

gallons

4.0

gallons

PENSION AND OTHER POST-RETIREMENT BENEFITS (Tables)

6 Months Ended

Apr. 27, 2025

Retirement Benefits [Abstract]

Schedule of net periodic cost of defined benefit plans

Net periodic cost of defined benefit plans consists of:


	Pension Benefits
	Quarter Ended				Six Months Ended
In thousands	April 27, 2025		April 28, 2024		April 27, 2025		April 28, 2024
Service Cost	$	11,973	$	9,023	$	23,947	$	18,076
Interest Cost	17,646		18,336		35,292		36,672
Expected Return on Plan Assets	(21,737)		(19,377)		(43,474)		(38,755)
Amortization of Prior Service Cost (Credit)	319		(221)		639		(443)
Recognized Actuarial Loss (Gain)	3,014		3,317		6,027		6,634

Net Periodic Cost	$	11,215	$	11,077	$	22,431	$	22,183


	Post-retirement Benefits
	Quarter Ended				Six Months Ended
In thousands	April 27, 2025		April 28, 2024		April 27, 2025		April 28, 2024
Service Cost	$	41	$	41	$	83	$	82
Interest Cost	2,479		2,896		4,959		5,792
Amortization of Prior Service Cost (Credit)	(14)		2		(12)		4
Recognized Actuarial Loss (Gain)	(40)		(318)		(80)		(635)

Net Periodic Cost	$	2,466	$	2,622	$	4,950	$	5,244

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)

6 Months Ended

Apr. 27, 2025

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

Schedule of components of accumulated other comprehensive loss

Components of Accumulated Other Comprehensive Loss are as follows:


In thousands	Foreign Currency Translation		Pension & Other Benefits			Derivatives & Hedging			Equity Method Investments			Accumulated Other Comprehensive Loss
Balance at January 26, 2025	$	(97,427)	$	(184,959)		$	17,853		$	(6,730)		$	(271,263)
Unrecognized Gains (Losses)	—					—
Gross	(27,898)		73			(6,231)			81			(33,976)
Tax Effect	—		—			1,521			—			1,521
Reclassification into Net Earnings	—		—			—						—
Gross	—		3,279		(1)	1,079		(2)	1,821		(3)	6,179
Tax Effect	—		(810)			(252)			—			(1,062)
Change Net of Tax	(27,898)		2,542			(3,883)			1,902			(27,338)
Balance at April 27, 2025	$	(125,326)	$	(182,417)		$	13,970		$	(4,828)		$	(298,601)

Balance at October 27, 2024	$	(70,794)	$	(187,325)		$	1,991		$	(7,204)		$	(263,331)
Unrecognized Gains (Losses)
Gross	(54,532)		(46)			12,817			(849)			(42,610)
Tax Effect	—		—			(3,113)			—			(3,113)
Reclassification into Net Earnings
Gross	—		6,574		(1)	2,973		(2)	3,225		(3)	12,772
Tax Effect	—		(1,620)			(699)			—			(2,319)
Change Net of Tax	(54,532)		4,908			11,979			2,376			(35,270)
Balance at April 27, 2025	$	(125,326)	$	(182,417)		$	13,970		$	(4,828)		$	(298,601)

(1) Included in computation of net periodic cost. See Note G - Pension and Other Post-Retirement Benefits for additional information.

(2) Included in Cost of Products Sold and Interest Expense. See Note F - Derivatives and Hedging for additional information.

(3) Included in Equity in Earnings of Affiliates.

FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Apr. 27, 2025

Fair Value Disclosures [Abstract]

Schedule of financial assets and liabilities carried at fair value on a recurring basis

The Company’s financial assets and liabilities carried at fair value on a recurring basis and their level within the fair value hierarchy are presented in the tables below.


	Fair Value Measurements at April 27, 2025
In thousands	Total Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets at Fair Value
Short-term Marketable Securities	$	29,293	$	6,055	$	23,238	$	—
Other Trading Securities	208,649		—		208,649		—
Commodity Derivatives	11,160		10,586		574		—
Total Assets at Fair Value	$	249,102	$	16,641	$	232,461	$	—
Liabilities at Fair Value
Deferred Compensation	$	59,521	$	—	$	59,521	$	—
Commodity Derivatives	3,078		2,131		946		—
Total Liabilities at Fair Value	$	62,598	$	2,131	$	60,467	$	—


	Fair Value Measurements at October 27, 2024
In thousands	Total Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets at Fair Value
Short-term Marketable Securities	$	24,742	$	5,134	$	19,608	$	—
Other Trading Securities	209,729		—		209,729		—
Commodity Derivatives	9,890		9,575		314		—
Total Assets at Fair Value	$	244,361	$	14,710	$	229,652	$	—
Liabilities at Fair Value
Deferred Compensation	$	62,101	$	—	$	62,101	$	—
Commodity Derivatives	12,638		11,127		1,510		—
Total Liabilities at Fair Value	$	74,738	$	11,127	$	63,611	$	—

LONG-TERM DEBT AND OTHER BORROWING ARRANGEMENTS (Tables)

6 Months Ended

Apr. 27, 2025

Debt Disclosure [Abstract]

Schedule of long-term debt

Long-term Debt consists of:


In thousands	April 27, 2025		October 27, 2024
Senior Unsecured Notes with Interest at 3.050% Interest Due Semi-annually through June 2051 Maturity Date	$	600,000	$	600,000
Senior Unsecured Notes with Interest at 1.800% Interest Due Semi-annually through June 2030 Maturity Date	1,000,000		1,000,000
Senior Unsecured Notes with Interest at 1.700% Interest Due Semi-annually through June 2028 Maturity Date	750,000		750,000
Senior Unsecured Notes with Interest at 4.800% Interest Due Semi-annually through March 2027 Maturity Date	500,000		500,000
Unamortized Discount on Senior Notes	(6,267)		(6,687)
Unamortized Debt Issuance Costs	(14,201)		(15,628)

Finance Lease Liabilities	25,263		27,541
Other Financing Arrangements	3,152		3,530
Total Debt	2,857,946		2,858,756
Less: Current Maturities of Long-term Debt	7,249		7,813
Long-term Debt Less Current Maturities	$	2,850,697	$	2,850,944

EARNINGS PER SHARE DATA (Tables)

6 Months Ended

Apr. 27, 2025

Earnings Per Share [Abstract]

Schedule of denominator for the computation of basic and diluted earnings per share

The shares used as the denominator for those computations are as follows:


	Quarter Ended		Six Months Ended
In thousands	April 27, 2025	April 28, 2024	April 27, 2025	April 28, 2024
Basic Weighted-average Shares Outstanding	550,277	547,868	549,868	547,444
Dilutive Potential Common Shares	334	817	365	859
Diluted Weighted-average Shares Outstanding	550,611	548,685	550,233	548,303

Antidilutive Potential Common Shares	22,394	18,214	21,086	18,053

SEGMENT REPORTING (Tables)

6 Months Ended

Apr. 27, 2025

Segment Reporting [Abstract]

Schedule of sales and operating profits for each of the reportable segments and reconciliation to earnings before income taxes


	Quarter Ended				Six Months Ended
In thousands	April 27, 2025		April 28, 2024		April 27, 2025		April 28, 2024
Net Sales
Retail	$	1,783,835	$	1,788,556	$	3,673,968	$	3,699,827
Foodservice	936,442		932,003		1,866,627		1,845,090
International	178,533		166,794		347,028		339,346
Total Net Sales	$	2,898,810	$	2,887,352	$	5,887,623	$	5,884,263

Segment Profit
Retail	$	137,135	$	132,399	$	256,281	$	281,904
Foodservice	140,633		149,302		279,459		299,466
International	18,407		23,202		39,252		43,234
Total Segment Profit	296,175		304,903		574,992		624,603
Net Unallocated Expense	65,411		60,694		126,111		94,714
Noncontrolling Interest	(275)		(70)		(320)		(204)
Earnings Before Income Taxes	$	230,489	$	244,139	$	448,561	$	529,685

Schedule of total revenues contributed by sales channel

Total revenue contributed by classes of similar products are:


	Quarter Ended				Six Months Ended
In thousands	April 27, 2025		April 28, 2024		April 27, 2025		April 28, 2024
Perishable	$	2,076,241	$	2,029,418	$	4,228,063	$	4,135,989
Shelf-stable	822,569		857,934		1,659,560		1,748,274
Total Net Sales	$	2,898,810	$	2,887,352	$	5,887,623	$	5,884,263

ACQUISITIONS AND DIVESTITURES - Narrative (Details) - USD ($) $ in Thousands			6 Months Ended
	Nov. 18, 2024	Oct. 18, 2024	Apr. 27, 2025	Apr. 28, 2024
Divestitures
Gain (loss) on disposition of business			$ 10,800	$ 0
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Hormel Health Labs, LLC
Divestitures
Preliminary purchase price, sale of business		$ 24,500
Gain (loss) on disposition of business		$ (3,900)
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Mountain Prairie, LLC
Divestitures
Preliminary purchase price, sale of business	$ 13,600
Gain (loss) on disposition of business, including transaction costs	$ (11,300)

GOODWILL AND INTANGIBLE ASSETS - Schedule of Changes in the Carrying Amount of Goodwill (Details) $ in Thousands	6 Months Ended
	Apr. 27, 2025 USD ($)
Goodwill [Roll Forward]
Beginning Balance	$ 4,923,487
Foreign Currency Translation	(2,852)
Ending Balance	4,920,635
Retail
Goodwill [Roll Forward]
Beginning Balance	2,916,796
Foreign Currency Translation	0
Ending Balance	2,916,796
Foodservice
Goodwill [Roll Forward]
Beginning Balance	1,748,355
Foreign Currency Translation	0
Ending Balance	1,748,355
International
Goodwill [Roll Forward]
Beginning Balance	258,336
Foreign Currency Translation	(2,852)
Ending Balance	$ 255,484

GOODWILL AND INTANGIBLE ASSETS - Intangible Assets by Type (Details) - USD ($) $ in Thousands	Apr. 27, 2025	Oct. 27, 2024
Intangible Assets [Line Items]
Gross Carrying Amount	$ 208,590	$ 233,690
Accumulated Amortization	(106,477)	(124,097)
Net Carrying Amount	102,113	109,593
Indefinite-lived Intangible Assets	1,622,697	1,623,112
Intangible Assets	1,724,810	1,732,705
Other Definite-lived Intangibles
Intangible Assets [Line Items]
Indefinite-lived Intangible Assets	184	184
Foreign Currency Translation
Intangible Assets [Line Items]
Indefinite-lived Intangible Assets	(7,069)	(6,655)
Brands/Trade Names/Trademarks
Intangible Assets [Line Items]
Indefinite-lived Intangible Assets	1,629,582	1,629,582
Customer Relationships
Intangible Assets [Line Items]
Gross Carrying Amount	143,139	168,239
Accumulated Amortization	(73,516)	(93,536)
Net Carrying Amount	69,623	74,703
Other Definite-lived Intangibles
Intangible Assets [Line Items]
Gross Carrying Amount	59,241	59,241
Accumulated Amortization	(22,233)	(20,107)
Net Carrying Amount	37,008	39,134
Trade Names/Trademarks
Intangible Assets [Line Items]
Gross Carrying Amount	6,210	6,210
Accumulated Amortization	(6,210)	(5,996)
Net Carrying Amount	0	214
Foreign Currency Translation
Intangible Assets [Line Items]
Gross Carrying Amount	0	0
Accumulated Amortization	(4,518)	(4,458)
Net Carrying Amount	$ (4,518)	$ (4,458)

GOODWILL AND INTANGIBLE ASSETS - Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 27, 2025	Apr. 28, 2024	Apr. 27, 2025	Apr. 28, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization Expense	$ 3,588	$ 3,978	$ 7,418	$ 8,442

GOODWILL AND INTANGIBLE ASSETS - Estimated Annual Amortization Expense (Details) $ in Thousands	Oct. 27, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 14,624
2026	14,169
2027	13,927
2028	12,972
2029	$ 11,504

INVESTMENTS IN AFFILIATES - Schedule of Equity in Earnings of Affiliates (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 27, 2025	Apr. 28, 2024	Apr. 27, 2025	Apr. 28, 2024
Investments In Affiliates
Total Equity in Earnings of Affiliates	$ 15,350	$ 15,182	$ 31,461	$ 31,273
MegaMex Foods, LLC
Investments In Affiliates
% Owned	50.00%	50.00%	50.00%	50.00%
Total Equity in Earnings of Affiliates	$ 8,473	$ 8,288	$ 13,685	$ 16,379
Other Equity Method Investments
Investments In Affiliates
Total Equity in Earnings of Affiliates	$ 6,877	$ 6,894	$ 17,776	$ 14,894
Other Equity Method Investments \| Minimum
Investments In Affiliates
% Owned	25.00%	25.00%	25.00%	25.00%
Other Equity Method Investments \| Maximum
Investments In Affiliates
% Owned	45.00%	45.00%	45.00%	45.00%

INVESTMENTS IN AFFILIATES - Schedule of Distributions Received from Equity Method Investees (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 27, 2025	Apr. 28, 2024	Apr. 27, 2025	Apr. 28, 2024
Investment, Affiliated Issuer
Investments In Affiliates
Dividends	$ 6,250	$ 10,000	$ 26,144	$ 25,731

INVESTMENTS IN AFFILIATES - Narrative (Details) - USD ($) $ in Millions	Apr. 27, 2025	Jan. 24, 2025	Dec. 15, 2022	Oct. 26, 2009
Garudafood
Schedule of Equity Method Investments [Line Items]
Basis difference between fair value and carrying value of investment	$ 298.4		$ 324.8
Fair value		$ 242.2
MegaMex Foods, LLC
Schedule of Equity Method Investments [Line Items]
Basis difference between fair value and carrying value of investment	$ 8.0			$ 21.3

INVENTORIES - Schedule of Principal Components of Inventories (Details) - USD ($) $ in Thousands	Apr. 27, 2025	Oct. 27, 2024
Inventory, Net [Abstract]
Finished Products	$ 1,035,774	$ 881,295
Raw Materials and Work-in-Process	431,747	427,834
Operating Supplies	135,818	147,333
Maintenance Materials and Parts	125,898	119,837
Total Inventories	$ 1,729,237	$ 1,576,300

DERIVATIVES AND HEDGING - Narrative (Details)	3 Months Ended	6 Months Ended
DERIVATIVES AND HEDGING - Narrative (Details)	Jul. 25, 2021	Apr. 27, 2025 USD ($)	Jan. 30, 2022 USD ($)	Apr. 25, 2021 USD ($) derivative
2024 Notes \| 2024 Notes
Derivative [Line Items]
Aggregate principal amount of debt issued			$ 950,000,000
Interest rate			0.65%
Commodity Contracts
Derivative [Line Items]
Hedging gains (losses) to be recognized within next twelve months		$ 7,500,000
Natural Gas
Derivative [Line Items]
Maximum length of time to hedge exposure		2 years
Corn
Derivative [Line Items]
Maximum length of time to hedge exposure		2 years
Lean Hogs
Derivative [Line Items]
Maximum length of time to hedge exposure		1 year
Interest Rate Locks \| Derivatives designated as hedges \| Cash Flow Hedges
Derivative [Line Items]
Number of hedging instruments \| derivative				2
Total notional amount of hedging				$ 1,250,000,000
Interest Rate Locks \| Derivatives designated as hedges \| Cash Flow Hedges \| Minimum
Derivative [Line Items]
Derivative instruments reclassified from Accumulated OCI to income, time of transfer (in years)	7 years
Interest Rate Locks \| Derivatives designated as hedges \| Cash Flow Hedges \| Maximum
Derivative [Line Items]
Derivative instruments reclassified from Accumulated OCI to income, time of transfer (in years)	30 years
Interest Rate Swap \| Derivatives designated as hedges \| Fair Value Hedges
Derivative [Line Items]
Total notional amount of hedging			$ 450,000,000
Interest Rate Contracts
Derivative [Line Items]
Hedging gains (losses) to be recognized within next twelve months		$ 11,000,000.0

DERIVATIVES AND HEDGING - Outstanding Commodity Future Contracts (Details) - Cash Flow Hedges - Derivatives designated as hedges lb in Millions, gal in Millions, bu in Millions, MMBTU in Millions	6 Months Ended	12 Months Ended
	Apr. 27, 2025 MMBTU lb gal bu	Oct. 27, 2024 MMBTU lb gal bu
Corn
Derivative [Line Items]
Futures contracts, volume \| bu	30.7	29.2
Lean Hogs
Derivative [Line Items]
Futures contracts, mass (in pounds) \| lb	200.6	175.6
Natural Gas
Derivative [Line Items]
Futures contracts, energy (in MMBTu) \| MMBTU	3.0	4.2
Diesel Fuel
Derivative [Line Items]
Futures contracts, volume \| gal	6.0	4.0

DERIVATIVES AND HEDGING - Gross Fair Value of Derivatives (Details) - USD ($) $ in Thousands	Apr. 27, 2025	Oct. 27, 2024
Derivatives fair value
Counterparty and Collateral Netting Offset, Assets	$ 2,276	$ (1,785)
Counterparty and Collateral Netting Offset, Liabilities	3,055	12,638
Amounts Recognized on Consolidated Statements of Financial Position, Assets	13,396	8,066
Amounts Recognized on Consolidated Statements of Financial Position, Liabilities	0	0
Derivative asset, statement of financial position [Extensible Enumeration]	13,396	8,066
Derivative liability, statement of financial position [Extensible Enumeration]	0	0
Right to reclaim cash collateral within master netting arrangement	(5,300)	(10,900)
Right to reclaim net cash collateral, cash portion	5,600	26,500
Realized loss on closed positions	(200)	15,600
Derivatives designated as hedges \| Commodity Contracts \| Prepaid Expenses and Other Current Assets
Derivatives fair value
Gross Fair Value of Commodity Contracts, Assets	11,120	9,851
Gross Fair Value of Commodity Contracts, Liabilities	$ (3,055)	$ (12,638)

DERIVATIVES AND HEDGING - Fair Value Hedge Assets (Liabilities) (Details) - USD ($) $ in Thousands	Apr. 27, 2025	Oct. 27, 2024
Fair Value Hedges \| Commodity Contracts \| Accounts Payable
Derivatives fair value
Carrying amount of fair value hedged assets (liabilities)	$ 2	$ (2,902)

DERIVATIVES AND HEDGING - Effects on Accumulated Other Comprehensive Gains and Losses (Before Tax) of Derivative Instruments (Details) - Derivatives designated as hedges - Cash Flow Hedges - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 27, 2025	Apr. 28, 2024	Apr. 27, 2025	Apr. 28, 2024
Commodity Contracts
Derivative instruments gains or losses (before tax)
Gain/(Loss) Reclassified from AOCL into Earnings	$ (1,326)	$ (8,155)	$ (3,467)	$ (19,756)
Interest Rate Contracts
Derivative instruments gains or losses (before tax)
Gain/(Loss) Reclassified from AOCL into Earnings	247	247	494	494
Cost of Products Sold \| Commodity Contracts
Derivative instruments gains or losses (before tax)
Gain/(Loss) Recognized in AOCL	(6,135)	7,299	13,000	1,685
Gain/(Loss) Reclassified from AOCL into Earnings	(1,326)	(8,155)	(3,467)	(19,756)
Cost of Products Sold \| Corn Options
Derivative instruments gains or losses (before tax)
Excluded Component	(96)	657	(183)	1,813
Interest Expense \| Interest Rate Contracts
Derivative instruments gains or losses (before tax)
Gain/(Loss) Reclassified from AOCL into Earnings	$ 247	$ 247	$ 494	$ 494

DERIVATIVES AND HEDGING - Consolidated Condensed Statements of Operations Impact of Gains or Losses on Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 27, 2025	Apr. 28, 2024	Apr. 27, 2025	Apr. 28, 2024
Derivative [Line Items]
Net Earnings Attributable to Hormel Foods Corporation	$ 180,017	$ 189,278	$ 350,592	$ 408,140
Fair Value Hedges
Total Gain (Loss) Recognized in Earnings	(1,860)	(10,849)	(2,259)	(22,890)
Derivatives designated as hedges \| Commodity Contracts
Fair Value Hedges
Total Gain (Loss) Recognized in Earnings	(2,107)	(7,972)	(2,753)	(17,134)
Derivatives designated as hedges \| Interest Rate Contracts
Fair Value Hedges
Total Gain (Loss) Recognized in Earnings	247	(2,878)	494	(5,755)
Derivatives designated as hedges \| Cash Flow Hedges \| Commodity Contracts
Cash Flow Hedges
Gain (Loss) Reclassified from AOCL	(1,326)	(8,155)	(3,467)	(19,756)
Amortization of Excluded Component from Options	(211)	(850)	(419)	(2,006)
Derivatives designated as hedges \| Cash Flow Hedges \| Interest Rate Contracts
Cash Flow Hedges
Gain (Loss) Reclassified from AOCL	247	247	494	494
Derivatives designated as hedges \| Fair Value Hedges \| Commodity Contracts
Fair Value Hedges
Gain (Loss) on Commodity Futures	(571)	1,033	1,133	4,628
Derivatives designated as hedges \| Fair Value Hedges \| Interest Rate Contracts
Fair Value Hedges
Amortization of Loss Due to Discontinuance of Fair Value Hedge	$ 0	$ (3,125)	$ 0	$ (6,250)

PENSION AND OTHER POST-RETIREMENT BENEFITS - Schedule of Net Periodic Benefit Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 27, 2025	Apr. 28, 2024	Apr. 27, 2025	Apr. 28, 2024
Net periodic cost of defined benefit plans
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest and Investment Income	Interest and Investment Income	Interest and Investment Income	Interest and Investment Income
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest and Investment Income	Interest and Investment Income	Interest and Investment Income	Interest and Investment Income
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest and Investment Income	Interest and Investment Income	Interest and Investment Income	Interest and Investment Income
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest and Investment Income	Interest and Investment Income	Interest and Investment Income	Interest and Investment Income
Pension Benefits
Net periodic cost of defined benefit plans
Service Cost	$ 11,973	$ 9,023	$ 23,947	$ 18,076
Interest Cost	17,646	18,336	35,292	36,672
Expected Return on Plan Assets	(21,737)	(19,377)	(43,474)	(38,755)
Amortization of Prior Service Cost (Credit)	319	(221)	639	(443)
Recognized Actuarial Loss (Gain)	3,014	3,317	6,027	6,634
Net Periodic Cost	11,215	11,077	22,431	22,183
Post-retirement Benefits
Net periodic cost of defined benefit plans
Service Cost	41	41	83	82
Interest Cost	2,479	2,896	4,959	5,792
Amortization of Prior Service Cost (Credit)	(14)	2	(12)	4
Recognized Actuarial Loss (Gain)	(40)	(318)	(80)	(635)
Net Periodic Cost	$ 2,466	$ 2,622	$ 4,950	$ 5,244

ACCUMULATED OTHER COMPREHENSIVE LOSS - Schedule of Components (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Apr. 27, 2025	Apr. 27, 2025
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance		$ 7,993,420
Unrecognized Gains (Losses)
Gross	$ (33,976)	(42,610)
Tax Effect	1,521	(3,113)
Reclassification into Net Earnings
Gross	6,179	12,772
Tax Effect	(1,062)	(2,319)
Change Net of Tax	(27,338)	(35,270)
Ending Balance	8,032,337	8,032,337
Accumulated Other Comprehensive Loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(271,263)	(263,331)
Reclassification into Net Earnings
Ending Balance	(298,601)	(298,601)
Foreign Currency Translation
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(97,427)	(70,794)
Unrecognized Gains (Losses)
Gross	(27,898)	(54,532)
Tax Effect	0	0
Reclassification into Net Earnings
Gross	0	0
Tax Effect	0	0
Change Net of Tax	(27,898)	(54,532)
Ending Balance	(125,326)	(125,326)
Pension & Other Benefits
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(184,959)	(187,325)
Unrecognized Gains (Losses)
Gross	73	(46)
Tax Effect	0	0
Reclassification into Net Earnings
Gross	3,279	6,574
Tax Effect	(810)	(1,620)
Change Net of Tax	2,542	4,908
Ending Balance	(182,417)	(182,417)
Derivatives & Hedging
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	17,853	1,991
Unrecognized Gains (Losses)
Gross	(6,231)	12,817
Tax Effect	1,521	(3,113)
Reclassification into Net Earnings
Gross	1,079	2,973
Tax Effect	(252)	(699)
Change Net of Tax	(3,883)	11,979
Ending Balance	13,970	13,970
Equity Method Investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(6,730)	(7,204)
Unrecognized Gains (Losses)
Gross	81	(849)
Tax Effect	0	0
Reclassification into Net Earnings
Gross	1,821	3,225
Tax Effect	0	0
Change Net of Tax	1,902	2,376
Ending Balance	$ (4,828)	$ (4,828)

FAIR VALUE MEASUREMENTS - Financial Assets and Liabilities Carried at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Apr. 27, 2025	Oct. 27, 2024
Assets at Fair Value
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]	Prepaid Expenses and Other Current Assets	Prepaid Expenses and Other Current Assets
Liabilities at Fair Value
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accounts Payable	Accounts Payable
Recurring basis
Assets at Fair Value
Short-term Marketable Securities	$ 29,293	$ 24,742
Other Trading Securities	208,649	209,729
Commodity Derivatives	11,160	9,890
Total Assets at Fair Value	249,102	244,361
Liabilities at Fair Value
Deferred Compensation	59,521	62,101
Commodity Derivatives	3,078	12,638
Total Liabilities at Fair Value	62,598	74,738
Recurring basis \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets at Fair Value
Short-term Marketable Securities	6,055	5,134
Other Trading Securities	0	0
Commodity Derivatives	10,586	9,575
Total Assets at Fair Value	16,641	14,710
Liabilities at Fair Value
Deferred Compensation	0	0
Commodity Derivatives	2,131	11,127
Total Liabilities at Fair Value	2,131	11,127
Recurring basis \| Significant Other Observable Inputs (Level 2)
Assets at Fair Value
Short-term Marketable Securities	23,238	19,608
Other Trading Securities	208,649	209,729
Commodity Derivatives	574	314
Total Assets at Fair Value	232,461	229,652
Liabilities at Fair Value
Deferred Compensation	59,521	62,101
Commodity Derivatives	946	1,510
Total Liabilities at Fair Value	60,467	63,611
Recurring basis \| Significant Unobservable Inputs (Level 3)
Assets at Fair Value
Short-term Marketable Securities	0	0
Other Trading Securities	0	0
Commodity Derivatives	0	0
Total Assets at Fair Value	0	0
Liabilities at Fair Value
Deferred Compensation	0	0
Commodity Derivatives	0	0
Total Liabilities at Fair Value	$ 0	$ 0

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Apr. 27, 2025	Apr. 28, 2024	Apr. 27, 2025	Apr. 28, 2024	Oct. 27, 2024
Fair Value Measurements
Fair value of long-term debt, utilizing discounted cash flows (Level 2)	$ 2,500.0		$ 2,500.0		$ 2,500.0
Rabbi trust
Fair Value Measurements
Gains (losses) related to securities held by the trust	$ (3.7)	$ 2.4	$ (1.1)	$ 13.9

COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Millions		3 Months Ended		6 Months Ended
	Aug. 20, 2024 USD ($)	Jan. 26, 2025 USD ($)	Apr. 28, 2024 USD ($)	Apr. 27, 2025 subsidiary
Loss Contingencies [Line Items]
Number of current subsidiaries received income tax deficiency notice \| subsidiary				2
Lean Hogs
Loss Contingencies [Line Items]
Maximum length of time to hedge exposure				1 year
Pork Antitrust Litigation, Class Plaintiffs \| Settled Litigation
Loss Contingencies [Line Items]
Settlement amount recorded			$ 11.8
Pork Antitrust Litigation, Non-Class Direct-Action Plaintiff \| Settled Litigation
Loss Contingencies [Line Items]
Settlement amount recorded		$ 0.2
Poultry Wages Antitrust Litigation \| Settled Litigation
Loss Contingencies [Line Items]
Settlement amount recorded	$ 3.5
Red Meat Wages Antitrust Litigation \| Settled Litigation
Loss Contingencies [Line Items]
Settlement amount recorded	$ 13.5

LONG-TERM DEBT AND OTHER BORROWING ARRANGEMENTS - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Apr. 27, 2025	Oct. 27, 2024	Mar. 08, 2024	Jun. 03, 2021	Jun. 11, 2020
Debt Instrument [Line Items]
Unamortized Debt Issuance Costs	$ (14,201)	$ (15,628)
Finance Lease Liabilities	25,263	27,541
Other Financing Arrangements	3,152	3,530
Total Debt	2,857,946	2,858,756
Less: Current Maturities of Long-term Debt	7,249	7,813
Long-term Debt Less Current Maturities	2,850,697	2,850,944
Senior Notes
Debt Instrument [Line Items]
Unamortized Discount on Senior Notes	$ (6,267)	(6,687)
Senior Notes \| Senior Unsecured Notes with Interest at 3.050% Interest Due Semi-annually through June 2051 Maturity Date
Debt Instrument [Line Items]
Interest rate	3.05%			3.05%
Senior Notes	$ 600,000	600,000
Senior Notes \| Senior Unsecured Notes with Interest at 1.800% Interest Due Semi-annually through June 2030 Maturity Date
Debt Instrument [Line Items]
Interest rate	1.80%				1.80%
Senior Notes	$ 1,000,000	1,000,000
Senior Notes \| Senior Unsecured Notes with Interest at 1.700% Interest Due Semi-annually through June 2028 Maturity Date
Debt Instrument [Line Items]
Interest rate	1.70%			1.70%
Senior Notes	$ 750,000	750,000
Senior Notes \| Senior Unsecured Notes with Interest at 4.800% Interest Due Semi-annually through March 2027 Maturity Date
Debt Instrument [Line Items]
Interest rate	4.80%		4.80%
Senior Notes	$ 500,000	$ 500,000

LONG-TERM DEBT AND OTHER BORROWING ARRANGEMENTS - Narrative (Details) - USD ($)	Mar. 25, 2025	Mar. 08, 2024	Jun. 03, 2021	Jun. 11, 2020	Apr. 27, 2025	Mar. 24, 2025	Oct. 27, 2024
Senior Notes \| 2027 Notes
Debt Instrument [Line Items]
Aggregate principal amount of debt issued		$ 500,000,000
Interest rate		4.80%			4.80%
Redemption price, percentage		101.00%
Senior Notes \| 2028 Notes
Debt Instrument [Line Items]
Aggregate principal amount of debt issued			$ 750,000,000
Interest rate			1.70%		1.70%
Redemption price, percentage			101.00%
Senior Notes \| 2051 Notes
Debt Instrument [Line Items]
Aggregate principal amount of debt issued			$ 600,000,000
Interest rate			3.05%		3.05%
Redemption price, percentage			101.00%
Senior Notes \| 2030 Notes
Debt Instrument [Line Items]
Aggregate principal amount of debt issued				$ 1,000,000,000
Interest rate				1.80%	1.80%
Redemption price, percentage				101.00%
Credit Facility \| Revolving Credit Facility March 25, 2025 \| Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing capacity under credit facility	$ 750,000,000
Additional uncommitted option under credit facility	$ 375,000,000
Amount outstanding under credit facility					$ 0
Credit Facility \| Revolving Credit Facility March 25, 2025 \| Unsecured Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Variable fee percentage for availability of line of credit	0.05%
Credit Facility \| Revolving Credit Facility March 25, 2025 \| Unsecured Revolving Credit Facility \| Minimum \| Base Rate
Debt Instrument [Line Items]
Margin over interest rate percentage	0.00%
Credit Facility \| Revolving Credit Facility March 25, 2025 \| Unsecured Revolving Credit Facility \| Minimum \| Eurocurrency rate
Debt Instrument [Line Items]
Margin over interest rate percentage	0.575%
Credit Facility \| Revolving Credit Facility March 25, 2025 \| Unsecured Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Variable fee percentage for availability of line of credit	0.09%
Credit Facility \| Revolving Credit Facility March 25, 2025 \| Unsecured Revolving Credit Facility \| Maximum \| Base Rate
Debt Instrument [Line Items]
Margin over interest rate percentage	0.16%
Credit Facility \| Revolving Credit Facility March 25, 2025 \| Unsecured Revolving Credit Facility \| Maximum \| Eurocurrency rate
Debt Instrument [Line Items]
Margin over interest rate percentage	1.16%
Credit Facility \| Prior Revolving Credit Facility \| Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing capacity under credit facility						$ 750,000,000
Amount outstanding under credit facility							$ 0

INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	Apr. 27, 2025	Apr. 28, 2024	Apr. 27, 2025	Apr. 28, 2024
Income Tax Disclosure [Abstract]
Effective tax rate	22.00%	22.50%	21.90%	23.00%
Unrecognized tax benefits that would impact effective tax rate	$ 16.4	$ 16.6	$ 16.4	$ 16.6
Accrued interest and penalties associated with unrecognized tax benefits	$ 2.8	$ 2.5	$ 2.8	$ 2.5

EARNINGS PER SHARE DATA - Shares Used as Denominator (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Apr. 27, 2025	Apr. 28, 2024	Apr. 27, 2025	Apr. 28, 2024
Earnings Per Share [Abstract]
Basic Weighted-average Shares Outstanding (in shares)	550,277	547,868	549,868	547,444
Dilutive Potential Common Shares (in shares)	334	817	365	859
Diluted Weighted-average Shares Outstanding (in shares)	550,611	548,685	550,233	548,303
Antidilutive Potential Common Shares (in shares)	22,394	18,214	21,086	18,053

SEGMENT REPORTING - Narrative (Details)	6 Months Ended
SEGMENT REPORTING - Narrative (Details)	Apr. 27, 2025 segment
Segment Reporting [Abstract]
Number of reportable segments	3

SEGMENT REPORTING - Sales and Operating Profits for Each Reportable and Reconciliation to Earnings Before Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 27, 2025	Apr. 28, 2024	Apr. 27, 2025	Apr. 28, 2024
Operating profit and other financial information
Total Net Sales	$ 2,898,810	$ 2,887,352	$ 5,887,623	$ 5,884,263
Segment Profit	248,352	252,320	476,682	536,758
Net Unallocated Expense	65,411	60,694	126,111	94,714
Noncontrolling Interest	(275)	(70)	(320)	(204)
Earnings Before Income Taxes	230,489	244,139	448,561	529,685
Retail
Operating profit and other financial information
Total Net Sales	1,783,835	1,788,556	3,673,968	3,699,827
Foodservice
Operating profit and other financial information
Total Net Sales	936,442	932,003	1,866,627	1,845,090
International
Operating profit and other financial information
Total Net Sales	178,533	166,794	347,028	339,346
Operating Segments
Operating profit and other financial information
Segment Profit	296,175	304,903	574,992	624,603
Operating Segments \| Retail
Operating profit and other financial information
Segment Profit	137,135	132,399	256,281	281,904
Operating Segments \| Foodservice
Operating profit and other financial information
Segment Profit	140,633	149,302	279,459	299,466
Operating Segments \| International
Operating profit and other financial information
Segment Profit	$ 18,407	$ 23,202	$ 39,252	$ 43,234

SEGMENT REPORTING - Revenue Contributed by Sales Channel (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 27, 2025	Apr. 28, 2024	Apr. 27, 2025	Apr. 28, 2024
Revenue from External Customer [Line Items]
Total Net Sales	$ 2,898,810	$ 2,887,352	$ 5,887,623	$ 5,884,263
Perishable
Revenue from External Customer [Line Items]
Total Net Sales	2,076,241	2,029,418	4,228,063	4,135,989
Shelf-stable
Revenue from External Customer [Line Items]
Total Net Sales	$ 822,569	$ 857,934	$ 1,659,560	$ 1,748,274

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