HORMEL FOODS CORP /DE/ financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data HORMEL FOODS CORP /DE/ files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	9,523	9,168	9,546	9,497	9,608	11,386	12,459	12,110	11,921	12,106
Cost of revenue	7,365	7,171	7,566	7,613	7,782	9,458	10,294	10,110	9,899	10,214
Gross profit	2,158	1,997	1,979	1,885	1,826	1,928	2,165	2,000	2,022	1,892
Research and development	34.7	34.2	33.8	32.5	31.9	33.6	34.7	33.7	36.1	35.2
Selling, general and administrative	872	759	841	728	761	853	879	942	1,005	997
Operating income	1,324	1,277	1,180	1,196	1,100	1,123	1,313	1,072	1,068	719
Interest expense	12.9	12.7	26.5	18.1	21.1	43.3	62.5	73.4	80.9	78
Other non-operating income	6.19	14.6	27.8	31.5	-52.3	-113	-99.3	214	215	236
Pre-tax income	1,317	1,279	1,181	1,210	1,115	1,126	1,278	1,013	1,035	663
Income tax	427	432	169	231	206	217	278	221	231	186
Net income to minority interests	0.47	0.37	0.44	0.34	0.27	0.3	0.24	-0.65	-0.41	-0.43
Net income	890	847	1,012	979	908	909	1,000	794	805	478
EBITDA	1,456	1,408	1,342	1,361	1,306	1,332	1,548	1,325	1,326	983
EPS, basic	1.68	1.60	1.91	1.83	1.69	1.68	1.84	1.45	1.47	0.87
EPS, diluted	1.64	1.57	1.86	1.80	1.66	1.66	1.82	1.45	1.47	0.87
Shares, basic (weighted)	529	528	531	535	538	541	545	546	548	550
Shares, diluted (weighted)	542	539	544	545	547	548	550	549	549	550
Dividend per share	0.58	0.68	0.75	0.84	0.93	0.98	1.04	1.10	1.13	1.16

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	415	444	459	673	1,714	614	982	737	742	671
Short-term investments			0	14.7	17.3	21.2	16.1	16.7	24.7	32.9
Receivables	591	618	600	574	702	896	868	817	818	785
Inventory	986	921	964	1,042	1,073	1,369	1,716	1,680	1,576	1,747
Other current assets	5.72	4.54	6.66	14.5	12.4	14.9	16.6	39	35.3	44
Total current assets	2,030	2,027	2,050	2,361	3,579	2,948	3,637	3,297	3,246	3,406
Property, plant and equipment	1,105	1,203	1,513	1,629	1,898	2,109	2,141	2,166	2,195	2,239
Lease right-of-use assets					53.1	72.3	73.6	132	148	163
Goodwill	1,834	2,120	2,714	2,482	2,613	4,929	4,926	4,928	4,923	4,924
Intangible assets	903	1,027	1,207	1,034	1,076	1,822	1,803	1,757	1,733	1,647
Other non-current assets	182	185	190	178	250	300	283	370	412	432
Total assets	6,976	6,976	8,142	8,109	9,908	12,696	13,307	13,449	13,435	13,393
Accounts payable	482	553	619	590	645	793	817	771	736	732
Accrued liabilities	82.1	77	48.3	62	59.1	51.2	58.8	51.7	66.4	55.8
Short-term debt		0	0	0	259	8.76	8.8	951	7.81	6.65
Total current liabilities	1,053	1,058	1,139	1,105	1,504	1,416	1,473	2,312	1,399	1,381
Long-term debt	250	250	625	250	1,045	3,315	3,291	2,359	2,851	2,851
Lease liabilities					43.1	56.8	55.6	109	121	133
Other non-current liabilities	93.1	99.3	99.1	115	157	163	142	192	211	225
Total liabilities	1,919	2,036	2,537	2,183	3,478	5,718	5,767	5,710	5,431	5,477
Total debt	250	250	625	250	1,304	3,324	3,299	3,309	2,859	2,857
Paid-in capital		13.7	107	185	290	360	469	506	571	620
Retained earnings	4,737	5,163	5,730	6,128	6,523	6,882	7,313	7,493	7,678	7,517
Other comprehensive income	-296	-248	-243	-400	-395	-277	-256	-272	-263	-244
Shareholders' equity	4,448	4,936	5,601	5,921	6,426	6,973	7,535	7,735	7,993	7,901
Minority interests	3.4	3.79	4.01	4.08	4.78	5.48	4.94	4.1	10.6	14.6
Total equity	4,451	4,940	5,605	5,926	6,430	6,978	7,540	7,739	8,004	7,916
Total liabilities and equity	6,370	6,976	8,142	8,109	9,908	12,696	13,307	13,449	13,435	13,393

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	891	847	1,013	979	908	909	1,000	793	805	478
Depreciation and amortization	132	131	162	165	206	209	236	253	258	264
Stock-based compensation	17.8	15.6	20.6	19.7	22.5	24.7	24.9	24.1	23.2	25.6
Deferred income tax	44.3	62.2	-7.44	28.6	32	28.7	177	31.8	87.7	52.9
Change in receivables	20.9	-29.7	36.1	-11.1	-120	-192	28.4	49	1.9	32.7
Change in inventory	-12.3	41	-8.29	-124	-1.84	-145	-352	35.7	95.3	-172
Change in payables	-40.8	-2.55	48.4	-44.1	111	115	-14.5	-141	-27.2	-69.3
Cash from operations	1,040	1,034	1,242	923	1,128	1,002	1,135	1,048	1,267	845
Capital expenditures	-256	-221	-390	-294	-368	-232	-279	-270	-256	-311
Acquisitions	-281	-520	-858	0	-271	-3,396	0	0
Purchases of investments		0	0	-14.5	-2.59	-4.36		-0.04	-6.09	-6.94
Sales and maturities of investments							2.49
Cash from investing	-408	-587	-1,235	220	-656	-3,626	-258	-690	-237	-299
Debt issued	0	0	375	0	992	2,276	0	1.98	498	0
Debt repaid	0	0	-0.16	-375
Stock issued	12.1	21.7	71.8	59.9	81.8	45.9	79.8	12	40.7	22.1
Share buybacks	-87.9	-94.5	-46.9	-174	-12.4	-20	0	-12.3	0	0
Dividends paid	-296	-346	-388	-437	-487	-523	-558	-593	-615	-633
Cash from financing	-557	-419	11.6	-926	566	1,521	-487	-600	-1,030	-614
Exchange rate effect		1.04	-2.99	-3.14	3.53	2.61	-21.7	-3.81	5.61	-3.87
Net change in cash	67.9	29	15	214	1,041	-1,101	369	-246	5.35	-71.2
Free cash flow	784	813	852	629	761	770	856	778	1,010	534
Interest paid	12.9	12.7	25.6	19	14.5	25.1	57	57.1	70.3	74.6
Income taxes paid	372	336	148	221	170	167	93.1	205	186	184

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to July 26, 2026; growth uses fiscal years. Valuation uses the share price of $19.71 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	15.7%	Gross profit / revenue.
Operating margin	4.7%	Operating income / revenue.
EBITDA margin	7.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	4.3%	Pre-tax income / revenue.
Net margin	2.8%	Net income / revenue.
FCF margin	6.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	9.0%	Cash from operations / revenue.
Effective tax rate	34.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	4.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.6%	Net income / average total assets.
Return on invested capital (ROIC)	3.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	9.1%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.6%	Capital expenditures / revenue.
D&A / revenue	2.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	1.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-1.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-6.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-4.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	0.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-32.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-18.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-8.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-25.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-14.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-5.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-40.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-21.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-12.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-40.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-21.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-12.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-33.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-9.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-5.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-47.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-14.5%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-6.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	2.7%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	3.7%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	4.5%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-1.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	1.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	4.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-0.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	0.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	6.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.88x	Current assets / current liabilities.
Quick ratio	0.46x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.46x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.36x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	21.5%	Total debt / total assets.
Liabilities / assets	40.9%	Total liabilities / total assets.
Net debt	$1.99B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.35x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	7.28x	Operating income / interest expense.
Working capital	$1.65B	Current assets - current liabilities.
Goodwill and intangibles / assets	48.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.40B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.91x	Revenue / average total assets.
Fixed asset turnover	5.62x	Revenue / average property, plant and equipment.
Inventory turnover	5.69x	Cost of revenue / average inventory.
Days inventory	64 days	365 x average inventory / cost of revenue.
Days payables	24 days	365 x average accounts payable / cost of revenue.
FCF conversion	227.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	28.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.62	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$22.04	Revenue / diluted weighted shares.
FCF per share	$1.42	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.98	Cash from operations / diluted weighted shares.
Book value per share	$14.23	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$2.55	Tangible book value / shares outstanding.
Cash per share	$1.58	(Cash + short-term investments) / shares outstanding.
Payout ratio	187.0%	Dividends paid / net income, when net income is positive.
Dividends / FCF	82.1%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$10.85B	Share price x shares outstanding.
Enterprise value	$12.83B	Market cap + total debt - cash - short-term investments.
P/E	31.6x	Market cap / net income. Only when net income is positive.
P/S	0.89x	Market cap / revenue.
P/B	1.38x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	7.73x	Market cap / tangible book value, when positive.
P/FCF	13.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	9.94x	Market cap / cash from operations, when positive.
EV/Sales	1.06x	Enterprise value / revenue.
EV/EBIT	22.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	15.2x	Enterprise value / EBITDA, when both are positive.
EV/FCF	16.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.2%	Free cash flow / market cap.
Earnings yield	3.2%	Net income / market cap (the inverse of P/E).
Dividend yield	5.9%	Dividends paid over the period / market cap.
Shareholder yield	5.9%	(Dividends paid + share buybacks) / market cap.

What was HORMEL FOODS CORP /DE/'s revenue in fiscal 2025?

HORMEL FOODS CORP /DE/ reported revenue of $12.11B for fiscal 2025, 1.6% higher than the year before.

Was HORMEL FOODS CORP /DE/ profitable in fiscal 2025?

Yes. Net income was $478.2M, a net margin of 4%.

How much free cash flow did HORMEL FOODS CORP /DE/ generate in fiscal 2025?

Cash from operations of $845.3M minus capital expenditures of $310.9M left free cash flow of $534.3M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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