Hormel Foods
HRL · NYSEMeat Packing Plants · Fiscal year ends Oct 25
Hormel Foods reported revenue of $12.1B in the fiscal year ended Oct 2025, up 1.6% from the year before. Operating income was $719M, an operating margin of 5.9%, and net income was $478M. Operating cash flow of $845M less capital expenditure of $311M left free cash flow of $534M. Net debt was $2.2B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Oct 2021 | Oct 2022 | Oct 2023 | Oct 2024 | Oct 2025 |
|---|---|---|---|---|---|
| Revenue | $11.4B | $12.5B | $12.1B | $11.9B | $12.1B |
| Cost of revenue | $9.5B | $10.3B | $10.1B | $9.9B | $10.2B |
| Gross profit | $1.9B | $2.2B | $2B | $2B | $1.9B |
| Research & development | $34M | $35M | $34M | $36M | $35M |
| Selling, general & admin | $853M | $879M | $942M | $1B | $997M |
| Operating income | $1.1B | $1.3B | $1.1B | $1.1B | $719M |
| Interest expense | $43M | $63M | $73M | $81M | $78M |
| Pre-tax income | $1.1B | $1.3B | $1B | $1B | $663M |
| Income tax | $217M | $278M | $221M | $231M | $186M |
| Net income | $909M | $1,000M | $794M | $805M | $478M |
| Diluted EPS | 1.66 | 1.82 | 1.45 | 1.47 | 0.87 |
| Diluted shares | 548M | 550M | 549M | 549M | 550M |
Balance sheet
| Fiscal year | Oct 2021 | Oct 2022 | Oct 2023 | Oct 2024 | Oct 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $614M | $982M | $737M | $742M | $671M |
| Receivables | $896M | $868M | $817M | $818M | $785M |
| Inventory | $1.4B | $1.7B | $1.7B | $1.6B | $1.7B |
| Current assets | $2.9B | $3.6B | $3.3B | $3.2B | $3.4B |
| Goodwill | $4.9B | $4.9B | $4.9B | $4.9B | $4.9B |
| Total assets | $12.7B | $13.3B | $13.4B | $13.4B | $13.4B |
| Payables | $793M | $817M | $771M | $736M | $732M |
| Current liabilities | $1.4B | $1.5B | $2.3B | $1.4B | $1.4B |
| Short-term debt | $9M | $9M | $951M | $8M | $7M |
| Long-term debt | $3.3B | $3.3B | $2.4B | $2.9B | $2.9B |
| Shareholders' equity | $7B | $7.5B | $7.7B | $8B | $7.9B |
Cash flow
| Fiscal year | Oct 2021 | Oct 2022 | Oct 2023 | Oct 2024 | Oct 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1B | $1.1B | $1B | $1.3B | $845M |
| Capital expenditure | $232M | $279M | $270M | $256M | $311M |
| Free cash flow | $770M | $856M | $778M | $1B | $534M |
| Depreciation & amortisation | $209M | $236M | $253M | $258M | $264M |
| Stock-based compensation | $25M | $25M | $24M | $23M | $26M |
| Share buybacks | $20M | $0 | $12M | $0 | $0 |
| Dividends paid | $523M | $558M | $593M | $615M | $633M |
| Dividend per share | 0.98 | 1.04 | 1.10 | 1.13 | 1.16 |
Key ratios
| Fiscal year | Oct 2021 | Oct 2022 | Oct 2023 | Oct 2024 | Oct 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 9.4% | −2.8% | −1.6% | 1.6% |
| Operating income growth (YoY) | – | 16.9% | −18.3% | −0.4% | −32.7% |
| EPS growth (YoY) | – | 9.6% | −20.3% | 1.4% | −40.8% |
| Gross margin | 16.9% | 17.4% | 16.5% | 17.0% | 15.6% |
| Operating margin | 9.9% | 10.5% | 8.9% | 9.0% | 5.9% |
| Net margin | 8.0% | 8.0% | 6.6% | 6.8% | 4.0% |
| Return on equityBlank when equity is negative | 13.0% | 13.3% | 10.3% | 10.1% | 6.1% |
| ROCEEBIT ÷ (assets − current liabilities) | 10.0% | 11.1% | 9.6% | 8.9% | 6.0% |
| Free cash flow margin | 6.8% | 6.9% | 6.4% | 8.5% | 4.4% |
| Cash conversion (CFO ÷ net income) | 1.10x | 1.13x | 1.32x | 1.57x | 1.77x |
| Receivable days | 29 | 25 | 25 | 25 | 24 |
| Inventory days | 53 | 61 | 61 | 58 | 62 |
| Payable days | 31 | 29 | 28 | 27 | 26 |
| Interest cover | 25.9x | 21.0x | 14.6x | 13.2x | 9.21x |
| Debt ÷ equity | 0.48x | 0.44x | 0.43x | 0.36x | 0.36x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $2.7B | $2.3B | $2.6B | $2.1B | $2.2B |
| Current ratio | 2.08x | 2.47x | 1.43x | 2.32x | 2.47x |
Recent filings
More in Meat Packing Plants
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.