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 ~~July~~January 2725, ~~2025~~2026


☐			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, a 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 ~~August~~February 2422, ~~2025~~2026

Common Stock

$0.01465

par value

~~549~~550,~~998~~284,~~433~~207

Common Stock Nonvoting

$0.01

par value

Table of Contents

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	87
	Notes to the Consolidated Financial Statements	98
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	2726
	Non-GAAP Measures	2726
	Liquidity and Capital Resources	3029
	Critical Accounting Estimates	3231
	Forward-looking Statements	3231
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	3331
Item 4.	Controls and Procedures	3332
PART II - OTHER INFORMATION		3433
Item 1.	Legal Proceedings	3433
Item 1A.	Risk Factors	3433
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	3433
Item 3.	Defaults Upon Senior Securities	3433
Item 4.	Mine Safety Disclosures	3433
Item 5.	Other Information	3433
Item 6.	Exhibits	3533
SIGNATURES		3634

Table of Contents

PART I – FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS

HORMEL FOODS CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

Unaudited

	Quarter Ended				~~Nine Months Ended~~
In thousands, except per share amounts	~~July~~January 2725, ~~2025~~2026		~~July~~January 2826, ~~2024~~2025		~~July 27, 2025~~		~~July 28, 2024~~
Net Sales	$	3,~~032~~027,~~876~~317	$	2,~~898~~988,~~443~~813	$	~~8,920,499~~	$	~~8,782,706~~
Cost of Products Sold	2,~~545~~557,~~567~~742		2,~~410~~513,~~075~~581		~~7,473,524~~		~~7,281,798~~
Gross Profit	~~487~~469,~~309~~575		~~488~~475,~~369~~232		~~1,446,975~~		~~1,500,908~~
Selling, General, and Administrative	~~258~~241,~~713~~698		~~259~~263,~~653~~013		~~773,158~~		~~766,707~~
Equity in Earnings of Affiliates	1115,~~153~~820		716,~~977~~111		~~42,614~~		~~39,250~~
Operating Income	~~239~~243,~~748~~697		~~236~~228,~~693~~330		~~716,430~~		~~773,452~~
Interest and Investment Income	16,227		10,484		27,084		43,416
Interest Income	6,528		7,543
Interest Expense	19,~~461~~728		2119,~~459~~462		~~58,438~~		~~61,464~~
Earnings Before Income Taxes	236,514		225,719		685,076		755,404
Other Income (Expense), Net	3,815		1,661
Provision for Income Taxes	52,818		48,984		151,107		170,733
Earnings Before Income Taxes	234,312		218,073
Net Earnings	183,696		176,735		533,968		584,671
Provision for Income Taxes	52,542		47,543
Less: Net Earnings (Loss) Attributable to Noncontrolling Interest	(46)		34		(366)		(170)
Net Earnings	181,769		170,530
Net Earnings Attributable to Hormel Foods Corporation	$	183,742	$	176,701	$	534,334	$	584,842
Less: Net Earnings (Loss) Attributable to Noncontrolling Interest	(32)		(45)
Net Earnings Per Share
Net Earnings Attributable to Hormel Foods Corporation	$	181,801	$	170,575
Basic	$	0.33	$	0.32	$	0.97	$	1.07
Net Earnings Per Share:
Diluted	$	0.33	$	0.32	$	0.97	$	1.07
Basic	$	0.33	$	0.31
Weighted-average Shares Outstanding
Diluted	$	0.33	$	0.31
Basic	550,408		548,685		550,048		547,858
Weighted-average Shares Outstanding:
Diluted	550,723		549,266		550,396		548,624
Basic	550,477		549,460
Diluted	550,706		549,854

See accompanying Notes to the Consolidated Financial Statements

Table of Contents

HORMEL FOODS CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Unaudited

Quarter Ended

~~Nine Months Ended~~

In thousands

~~July~~January 2725, ~~2025~~2026

~~July~~January 2826, ~~2024~~2025

~~July 27, 2025~~

~~July 28, 2024~~

Net Earnings

~~183~~181,~~696~~769

~~176~~170,~~735~~530

~~533,968~~

~~584,671~~

Other Comprehensive Income (Loss), Net of Tax:

Foreign Currency Translation

162,~~772~~492

(2927,~~075~~078)

~~(38,427)~~

~~(36,931)~~

Pension and Other Benefits

21,~~523~~487

2,~~008~~366

~~7,431~~

~~6,205~~

Derivatives and Hedging

(16,~~190)~~948

~~(18~~15,~~601)~~862

~~10,788~~

~~(1,397)~~

Equity Method Investments

~~5,756~~(210)

~~(6,770)~~473

~~8,132~~

~~(10,330)~~

Total Other Comprehensive Income (Loss)

2310,~~861~~718

(528,~~438~~377)

~~(12,075)~~

~~(42,453)~~

Comprehensive Income

~~207~~192,~~557~~487

~~124~~162,~~297~~153

~~521,893~~

~~542,218~~

Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interest

~~221~~63

(~~357~~490)

~~(766)~~

~~(502)~~

Comprehensive Income Attributable to Hormel Foods Corporation

~~207~~192,~~337~~423

~~124~~162,~~653~~643

~~522,660~~

~~542,720~~

See accompanying Notes to the Consolidated Financial Statements

Table of Contents

HORMEL FOODS CORPORATION

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

Unaudited

In thousands, except share and per share amounts	~~July~~January 2725, ~~2025~~2026		October 2726, ~~2024~~2025
Assets
Cash and Cash Equivalents	$	~~599~~867,~~189~~906	$	~~741~~670,~~881~~679
Short-term Marketable Securities	3133,~~480~~302		2432,~~742~~909
Accounts Receivable (Net of Allowance for Doubtful Accounts of$3,660 at July 27, 2025, and $3,712 at October 27, 2024)	764,338		817,908
Accounts Receivable (Net of Allowance of $3,778 and $3,743, respectively)	696,252		784,812
Inventories	1,~~821~~647,~~860~~271		1,~~576~~747,~~300~~279
Taxes Receivable	5058,~~559~~808		5096,~~380~~791
Prepaid Expenses and Other Current Assets	5584,~~064~~702		3573,~~265~~187
Total Current Assets	3,~~322~~388,~~490~~240		3,~~246~~405,~~476~~656
Goodwill	4,~~923~~888,~~218~~532		4,~~923~~924,~~487~~087
Intangible Assets	1,~~721~~588,~~487~~104		1,~~732~~647,~~705~~297
Pension Assets	~~192~~209,~~123~~262		~~205~~211,~~964~~826
Investments in Affiliates	~~698~~577,~~632~~058		~~719~~533,~~481~~984
Other Assets	~~426~~423,~~068~~755		~~411~~431,~~889~~500
Property, Plant, and Equipment
Property, Plant, and Equipment, Net	2,241,482		2,238,770
Land	74,411		75,159
Total Assets	$	13,316,433	$	13,393,119
Buildings	1,506,306		1,503,519
Equipment	2,940,137		2,905,058
Construction in Progress	330,408		228,726
Less: Allowance for Depreciation	(2,638,553)		(2,517,734)
Net Property, Plant, and Equipment	2,212,709		2,194,728
Total Assets	$	13,496,726	$	13,434,729
Liabilities and Shareholders’ Investment
Accounts Payable	$	~~707~~670,~~753~~938	$	~~735~~731,~~604~~578
Accrued Expenses	5960,~~036~~350		6655,~~380~~772
Accrued Marketing Expenses	~~117~~129,~~328~~824		~~108~~113,~~156~~947
Employee-related Expenses	~~251~~224,~~860~~470		~~283~~273,~~490~~402
Interest and Dividends Payable	~~174~~175,~~361~~868		~~175~~180,~~941~~700
Taxes Payable	284,~~454~~983		2118,~~916~~752
Current Maturities of Long-term Debt	6,~~740~~485		76,~~813~~646
Total Current Liabilities	1,~~345~~272,~~531~~917		1,~~399~~380,~~299~~796
Long-term Debt Less Current Maturities	2,~~850~~851,~~165~~007		2,850,~~944~~778
Pension and Post-retirement Benefits	386,554		379,891
Pension and Postretirement Benefits	356,108		358,984
Deferred Income Taxes	~~595~~663,~~066~~854		~~589~~661,~~366~~349
Other Long-term Liabilities	~~226~~219,~~316~~340		~~211~~225,~~219~~397
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 July 27, 2025: 549,998,398Shares Issued as of October 27, 2024: 548,605,305	8,057		8,037
Common Stock, Par Value $0.01465 a Share — Authorized 1,600,000,000 Shares;Issued 550,211,704 and 550,107,260 Shares, respectively	8,061		8,059
Additional Paid-in Capital	~~617~~625,~~598~~982		~~571~~620,~~178~~069
Accumulated Other Comprehensive Loss	(~~275~~233,~~006~~023)		(~~263~~243,~~331~~646)
Retained Earnings	7,~~732~~537,~~618~~481		7,~~677~~516,~~537~~690
Hormel Foods Corporation Shareholders’ Investment	87,~~083~~938,~~268~~500		7,~~993~~901,~~420~~171
Noncontrolling Interest	914,~~824~~707		1014,~~590~~644
Total Shareholders’ Investment	87,~~093~~953,~~092~~207		87,~~004~~915,~~011~~815
Total Liabilities and Shareholders’ Investment	$	13,~~496~~316,~~726~~433	$	13,~~434~~393,~~729~~119

See accompanying Notes to the Consolidated Financial Statements

Table of Contents

HORMEL FOODS CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ INVESTMENT

Unaudited

	Quarter Ended July 28, 2024
	Quarter Ended January 26, 2025
	Hormel Foods Corporation Shareholders	~~Hormel Foods Corporation Shareholders~~
	CommonStock			TreasuryStock			AdditionalPaid-inCapital		RetainedEarnings		AccumulatedOtherComprehensiveIncome (Loss)		Non-controllingInterest		TotalShareholders’Investment
In thousands, except per share amounts	Shares	Amount		Shares	Amount
Balance at April 28, 2024	548,030	$	8,028	—	$	—	$	549,130	$	7,591,157	$	(262,325)	$	10,462	$	7,896,452
Balance at October 27, 2024	548,605	$	8,037	—	$	—	$	571,178	$	7,677,537	$	(263,331)	$	10,590	$	8,004,011
Net Earnings (Loss)									~~176~~170,~~701~~575				34(45)		~~176~~170,~~735~~530
Other Comprehensive Income (Loss)											(527,~~048~~932)		(~~390~~445)		(528,~~438~~377)
Stock-based Compensation Expense							5,~~107~~454								5,~~107~~454
Exercise of Stock-based Compensation Awards, Net of Withholding Taxes	~~299~~1,180	417					625,~~321~~980								625,~~325~~997
Declared Dividends – $0.2825 per Share							291		(155,248)						(154,957)
Declared Dividends – $0.2900 per Share							275		(159,448)						(159,173)
Balance at July 28, 2024	548,329	$	8,033	—	$	—	$	560,849	$	7,612,610	$	(314,373)	$	10,106	$	7,877,225
Balance at January 26, 2025	549,785	$	8,054	—	$	—	$	602,887	$	7,688,663	$	(271,263)	$	10,101	$	8,038,442
	Quarter Ended July 27, 2025
	Quarter Ended January 25, 2026
	Hormel Foods Corporation Shareholders	~~Hormel Foods Corporation Shareholders~~
	CommonStock			TreasuryStock			AdditionalPaid-inCapital		RetainedEarnings		AccumulatedOtherComprehensiveIncome (Loss)		Non-controllingInterest		TotalShareholders’Investment
In thousands, except per share amounts	Shares	Amount		Shares	Amount
Balance at April 27, 2025	549,888	$	8,056	—	$	—	$	614,189	$	7,708,693	$	(298,601)	$	9,604	$	8,041,941
Balance at October 26, 2025	550,107	$	8,059	—	$	—	$	620,069	$	7,516,690	$	(243,646)	$	14,644	$	7,915,815
Net Earnings (Loss)									~~183~~181,~~742~~801				(4632)		~~183~~181,~~696~~769
Other Comprehensive Income (Loss)											2310,~~595~~623		~~266~~95		2310,~~861~~718
Stock-based Compensation Expense	~~(9)~~	—					46,~~853~~919								46,~~852~~919
Exercise of Stock-based Compensation Awards, Net of Withholding Taxes	~~120~~104	2					(1,~~785~~108)								(1,~~784~~106)
Declared Dividends – $0.2900 per Share							342		(159,817)						(159,475)
Declared Dividends – $0.2925 per Share							102		(161,009)						(160,907)
Balance at July 27, 2025	549,998	$	8,057	—	$	—	$	617,598	$	7,732,618	$	(275,006)	$	9,824	$	8,093,092
Balance at January 25, 2026	550,212	$	8,061	—	$	—	$	625,982	$	7,537,481	$	(233,023)	$	14,707	$	7,953,207

See accompanying Notes to the Consolidated Financial Statements

Table of Contents

HORMEL FOODS CORPORATION

CONSOLIDATED CONDENSED STATEMENTS OF ~~CHANGES~~CASH ~~IN SHAREHOLDERS’ INVESTMENT~~FLOWS

Unaudited

	Nine Months Ended July 28, 2024
	Quarter Ended
			Hormel Foods Corporation Shareholders
In thousands	January 25, 2026		January 26, 2025
	CommonStock				TreasuryStock			AdditionalPaid-inCapital		RetainedEarnings		AccumulatedOtherComprehensiveIncome (Loss)		Non-controllingInterest		TotalShareholders’Investment
Operating Activities
In thousands, except per share amounts	Shares		Amount		Shares	Amount
Net Earnings	$	181,769	$	170,530
Balance at October 29, 2023	546,599		$	8,007	—	$	—	$	506,179	$	7,492,952	$	(272,252)	$	4,100	$	7,738,985
Adjustments to Reconcile to Net Cash Provided by (Used in) Operating Activities:
Net Earnings (Loss)										584,842				(170)		584,671
Depreciation and Amortization	67,095		65,872
Other Comprehensive Income (Loss)												(42,121)		(332)		(42,453)
Equity in Earnings of Affiliates	(15,820)		(16,111)
Contribution from Noncontrolling Interest														6,508		6,508
Distributions Received from Equity Method Investees	13,051		19,894
Stock-based Compensation Expense	52		1					20,110								20,112
Provision for Deferred Income Taxes	139		(70)
Exercise of Stock-based Compensation Awards, Net of Withholding Taxes	1,677		24					33,760								33,784
Non-cash Investment Activities	(3,237)		(2,547)
Declared Dividends – $0.8475 per Share								800		(465,183)						(464,383)
Stock-based Compensation Expense	6,919		5,454
Balance at July 28, 2024	548,329		$	8,033	—	$	—	$	560,849	$	7,612,610	$	(314,373)	$	10,106	$	7,877,225
Operating Lease Cost	10,821		9,580
	Nine Months Ended July 27, 2025
Loss (Gain) on Sale of Business	(23,508)		10,800
			Hormel Foods Corporation Shareholders
Other Non-cash, Net	1,465		1,140
	CommonStock				TreasuryStock			AdditionalPaid-inCapital		RetainedEarnings		AccumulatedOtherComprehensiveIncome (Loss)		Non-controllingInterest		TotalShareholders’Investment
Changes in Operating Assets and Liabilities, Net of Divestitures:
In thousands, except per share amounts	Shares		Amount		Shares	Amount
Decrease (Increase) in Accounts Receivable	90,901		57,194
Balance at October 27, 2024	548,605		$	8,037	—	$	—	$	571,178	$	7,677,537	$	(263,331)	$	10,590	$	8,004,011
Decrease (Increase) in Inventories	91,293		55,606
Net Earnings (Loss)										534,334				(366)		533,968
Decrease (Increase) in Prepaid Expenses and Other Assets	833		(8,101)
Other Comprehensive Income (Loss)												(11,675)		(400)		(12,075)
Increase (Decrease) in Pension and Postretirement Benefits	1,728		10,167
Stock-based Compensation Expense	45		1					21,386								21,387
Increase (Decrease) in Accounts Payable and Accrued Expenses	(97,026)		(56,325)
Exercise of Stock-based Compensation Awards, Net of Withholding Taxes	1,348		20					24,038								24,057
Increase (Decrease) in Net Income Taxes Payable	22,791		(13,877)
Declared Dividends – $0.8700 per Share								996		(479,252)						(478,257)
Net Cash Provided by (Used in) Operating Activities	349,214		309,206
Balance at July 27, 2025	549,998		$	8,057	—	$	—	$	617,598	$	7,732,618	$	(275,006)	$	9,824	$	8,093,092
Investing Activities
Net Sale (Purchase) of Securities	(323)		(1,387)
Proceeds from Sale of Business	78,853		13,643
Purchases of Property, Plant, and Equipment	(68,993)		(72,167)
Proceeds from Sales of Property, Plant, and Equipment	5		35
Proceeds from (Purchases of) Affiliates and Other Investments	(1,593)		(1,393)
Proceeds from Company-owned Life Insurance	—		936
Net Cash Provided by (Used in) Investing Activities	7,948		(60,333)
Financing Activities
Repayments of Long-term Debt and Finance Leases	(1,825)		(2,202)
Dividends Paid on Common Stock	(159,501)		(154,980)
Proceeds from Stock-based Compensation Plans, Net of Withholding Taxes	(1,106)		14,120
Net Cash Provided by (Used in) Financing Activities	(162,433)		(143,063)
Effect of Exchange Rate Changes on Cash	2,498		(7,294)
Increase (Decrease) in Cash and Cash Equivalents	197,228		98,516
Cash and Cash Equivalents at Beginning of Year	670,679		741,881
Cash and Cash Equivalents at End of Period	$	867,906	$	840,398
Supplemental Non-cash Investing and Financing Activities:
Purchases of Property, Plant, and Equipment Included in Accounts Payable	$	26,207	$	20,090

See accompanying Notes to the Consolidated Financial Statements

Table of Contents

HORMEL FOODS CORPORATION

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

Unaudited

	Nine Months Ended
In thousands	July 27, 2025		July 28, 2024
Operating Activities
Net Earnings	$	533,968	$	584,671
Adjustments to Reconcile to Net Cash Provided by (Used in) Operating Activities:
Depreciation and Amortization	194,527		191,354
Equity in Earnings of Affiliates	(42,614)		(39,250)
Distributions Received from Equity Method Investees	38,847		32,997
Provision for Deferred Income Taxes	(1,405)		(1,422)
Non-cash Investment Activities	(9,181)		(20,502)
Stock-based Compensation Expense	21,387		20,112
Operating Lease Cost	30,473		27,869
Loss (Gain) on Sale of Business	10,800		—
Other Non-cash, Net	552		18,510
Changes in Operating Assets and Liabilities:
Decrease (Increase) in Accounts Receivable	53,942		89,428
Decrease (Increase) in Inventories	(247,084)		30,596
Decrease (Increase) in Prepaid Expenses and Other Assets	1,290		(7,719)
Increase (Decrease) in Pension and Post-retirement Benefits	30,356		32,042
Increase (Decrease) in Accounts Payable and Accrued Expenses	(100,437)		(95,374)
Increase (Decrease) in Net Income Taxes Payable	6,921		(5,196)
Net Cash Provided by (Used in) Operating Activities	522,345		858,117
Investing Activities
Net Sale (Purchase) of Securities	(6,170)		(6,106)
Proceeds from Sale of Business	13,139		—
Purchases of Property, Plant, and Equipment	(219,444)		(172,656)
Proceeds from Sales of Property, Plant, and Equipment	91		432
Proceeds from (Purchases of) Affiliates and Other Investments	(3,283)		(6,681)
Proceeds from Company-owned Life Insurance	10,676		8,112
Net Cash Provided by (Used in) Investing Activities	(204,991)		(176,899)
Financing Activities
Proceeds from Long-term Debt	—		497,765
Payment of Debt Issuance Costs	—		(1,105)
Repayments of Long-term Debt and Finance Leases	(6,250)		(956,797)
Dividends Paid on Common Stock	(473,692)		(459,978)
Proceeds from Stock-based Compensation Plans, Net of Withholding Taxes	24,057		33,784
Proceeds from Noncontrolling Interest	—		6,508
Net Cash Provided by (Used in) Financing Activities	(455,884)		(879,823)
Effect of Exchange Rate Changes on Cash	(4,161)		(453)
Increase (Decrease) in Cash and Cash Equivalents	(142,692)		(199,057)
Cash and Cash Equivalents at Beginning of Year	741,881		736,532
Cash and Cash Equivalents at End of Period	$	599,189	$	537,476
Supplemental Non-cash Financing and Investing Activities:
Purchases of Property, Plant, and Equipment Included in Accounts Payable	$	31,147	$	18,635

See Notes to the Consolidated Financial Statements

Table of Contents

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 2726, ~~2024~~2025. 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 2726, ~~2024~~2025.

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~~prior ofyear ~~previously reported~~ amounts have been ~~made~~reclassified to conform to the current year presentation.

•Consolidated Statements of Operations: Interest and Investment Income has been separated into Interest Income and Other Income (Expense), Net.

•Consolidated Statements of Financial Position: The major classes of Property, Plant, and Equipment are now disclosed in Note F - Property, Plant, and Equipment.

Accounting Changes and Recent Accounting Pronouncements:

New Accounting Pronouncements Not Yet Adopted

In ~~November~~December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-0709 ~~Segment~~Income ~~Reporting~~Taxes (Topic ~~280~~740): Improvements to ~~Reportable~~Income ~~Segment~~Tax Disclosures. The update is intended to ~~improve~~enhance ~~reportable~~transparency ~~segment~~and ~~disclosure~~decision ~~requirements,~~usefulness ~~primarily~~of ~~through~~annual ~~enhanced~~income ~~disclosures~~tax ~~about significant expenses~~disclosures. The ASU ~~requires~~updates ~~disclosures~~income totax ~~include~~disclosure ~~significant~~requirements ~~segment~~by ~~expenses~~requiring ~~that~~specific ~~are~~categories ~~regularly~~and ~~provided~~greater todisaggregation within the ~~chief~~rate ~~operating~~reconciliation ~~decision maker (CODM), a description of other segment items by reportable segment,~~ and ~~allows~~disaggregation ~~the disclosure~~ of ~~additional~~income ~~measures~~taxes ofpaid ~~a segment’s profit or loss used~~ by ~~the CODM when deciding how to allocate resources~~jurisdiction. 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 2625, ~~2025, and subsequent interim periods thereafter~~2026. ~~Early adoption is permitted and requires retrospective application to all prior periods presented in the financial statements.~~ The Company ~~will~~is ~~adopt~~currently ~~the~~assessing ~~provisions of this ASU in~~ the ~~fourth~~impact ~~quarter~~ of ~~fiscal~~adopting ~~2025. The adoption is not expected to have a material effect on~~ the ~~Company’s~~updated ~~financial condition or results~~provisions.

In ~~December~~November ~~2023~~2024, the FASB issued ASU ~~2023~~2024-0903 Income ~~Taxes~~Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (~~Topic~~Subtopic ~~740~~220-40): ~~Improvements~~Disaggregation toof Income ~~Tax~~Statement Expenses. Subsequently, in January 2025, the FASB issued ASU 2025-01 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. The ~~update~~new guidance is intended to ~~enhance~~provide ~~transparency~~investors ~~and~~more ~~decision~~detailed ~~usefulness~~disclosures around specific types of ~~annual~~expenses. ~~income~~The ~~tax~~new disclosures. ~~This~~require ~~ASU~~certain ~~updates~~details ~~income~~for ~~tax~~expenses ~~disclosure~~presented ~~requirements~~on bythe ~~requiring~~face ~~specific~~of ~~categories~~the ~~and~~Consolidated ~~greater~~Statements ~~disaggregation~~of ~~within~~Operations ~~the~~as ~~rate~~well ~~reconciliation~~as ~~and~~selling ~~disaggregation~~expenses ofto ~~income~~be ~~taxes~~presented ~~paid~~in bythe ~~jurisdiction~~notes to the financial statements. ~~The~~As ~~update~~clarified by ASU 2025-01, the guidance is effective for the Company's fiscal year ending October 2529, ~~2026~~2028, and subsequent interim periods thereafter. 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~~guidance.

In ~~November~~September ~~2024~~2025, the FASB issued ASU ~~2024~~2025-0306 ~~Income~~Intangibles ~~Statement~~ - ~~Reporting~~Goodwill ~~Comprehensive~~and ~~Income~~Other - ~~Expense~~Internal-Use ~~Disaggregation~~Software ~~Disclosures~~ (Subtopic ~~220~~350-40): ~~Disaggregation~~Targeted ofImprovements ~~Income~~to ~~Statement Expenses. Subsequently, in January 2025,~~ the ~~FASB~~Accounting ~~issued~~for ~~ASU 2025~~Internal-~~01,~~Use ~~Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date~~Software. The new guidance is intended to ~~provide~~modernize ~~investors~~the ~~more~~accounting ~~detailed disclosures around specific types of expenses. The new disclosures require certain details~~ for ~~expenses~~internal-use ~~presented~~software oncosts ~~the~~and ~~face~~better ofalign ~~the~~recognition ~~Consolidated~~practices. ~~Statements~~The ofupdate ~~Operations~~introduces asprinciples-based ~~well~~criteria asentities ~~selling~~must ~~expenses~~consider to bebegin ~~presented~~capitalizing incosts ~~the~~based ~~notes~~on tomanagement ~~the~~authorization ~~financial~~and ~~statements.~~project Ascompletion ~~clarified~~probability. byThe ~~ASU 2025-01, the~~ guidance is effective for the Company's fiscal year ending October 2928, ~~2028~~2029, and subsequent interim periods thereafter., ~~The~~with ~~disclosure~~early ~~updates~~adoption ~~are~~permitted. ~~required~~Several totransition beapproaches ~~applied~~are ~~prospectively~~available ~~with~~including ~~the~~prospective, ~~option~~retrospective, ~~for~~and ~~retrospective~~a ~~application~~modified transition approach. The Company is currently assessing the impact, oftransition ~~adopting~~approach, ~~the~~and ~~updated~~timing ~~guidance~~of adoption.

~~Recently~~In ~~issued~~December ~~accounting~~2025, ~~standards~~the orFASB ~~pronouncements~~issued ~~not~~ASU ~~disclosed~~2025-11, ~~have~~Interim ~~been~~Reporting ~~excluded~~(Topic as270): ~~they~~Narrow-Scope ~~are~~Improvements. ~~currently~~The ~~not~~update ~~relevant~~is intended to improve the ~~Company.~~navigability of interim disclosure requirements and provide additional guidance about disclosures

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to be provided in interim reporting periods, including a requirement to disclose events since the end of the last annual reporting period that have a material impact on the entity. The update is effective for interim reporting periods within the Company’s fiscal year beginning October 30, 2028. Early adoption is permitted and the guidance may be applied prospectively or retrospectively. The Company is currently assessing the impact of adopting the updated provisions. The adoption is not expected to have a material effect on the Company’s financial condition or results of operations.

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~~Justin's, LLC Transaction: On ~~October~~December 1815, ~~2024~~2025, the Company sold 51% of its equity ~~interests~~interest in ~~Hormel Health Labs~~Justin's, LLC ~~(Hormel Health Labs)~~ and related assets to ~~Lyons~~Forward ~~Health~~Consumer ~~Labs Holdco~~Partners, LLC for cash proceeds of $2477.53 million, net of estimated working capital adjustments. As a result of the transaction, the Company no longer holds a controlling financial interest in Justin's, LLC, resulting in deconsolidation. The ~~divestiture~~sale resulted in a pre-tax gain of $323.95 million, ~~net of transaction costs,~~ which was recognized in Selling, General, and Administrative. Results of operations for ~~Hormel~~Justin's, ~~Health~~LLC ~~Labs~~ were primarily reflected ~~within~~in the ~~Foodservice~~Retail segment ~~through~~prior ~~the~~to ~~date of divestiture~~deconsolidation.

OnThe ~~November~~Company ~~18,~~maintained ~~2024,~~ the ~~Company~~ability ~~sold~~to ~~its~~exercise ~~equity~~significant ~~interests~~influence inover athe ~~non-core~~entity ~~sow~~in ~~operation~~its new structure, ~~Mountain~~Joy ~~Prairie~~Topco LP (f/k/a Justin's, LLC), and ~~related~~will ~~assets~~account tofor ~~Chaparral~~this ~~Ranches,~~interest ~~LLC~~as ~~for~~an ~~$13.6~~equity ~~million~~method investment. The ~~divestiture~~Company ~~resulted~~recorded the remaining 49% equity interest in aJoy ~~pre-tax~~Topco ~~loss~~LP at its estimated fair value of $1146.3 million, ~~including~~plus ~~transaction~~$1.1 million in capitalized deal costs in Investment in Affiliates. The Company engaged a third-party specialist to assist with the valuation, which ~~was~~reflected ~~recognized~~a incombination ~~Selling~~of observable data and significant unobservable, ~~General~~or Level 3, ~~and~~inputs ~~Administrative~~to determine the estimated fair value of the investment. Results of ~~operations~~Joy ~~for~~Topco ~~Mountain~~LP ~~Prairie,~~are ~~LLC~~reported ~~were~~as ~~primarily~~Equity ~~reflected~~in Earnings of Affiliates within the Retail segment. ~~through~~See ~~the~~Note ~~date~~D of- ~~divestiture~~Investments in Affiliates for additional information.

Mountain Prairie, LLC 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 cash proceeds of $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.

Whole-bird Turkey Transaction: On February 13, 2026, subsequent to the end of the quarter, the Company entered into a definitive agreement to sell its whole-bird turkey business to Life-Science Innovations (LSI). LSI will acquire the Melrose, Minnesota, whole-bird production facility; Swanville, Minnesota, feed mill; and associated transportation assets. LSI will also assume supply contracts with certain third-party turkey growers and provide co-manufacturing services to the Company through the end of fiscal 2026. The purchase price consists of cash at closing and a secured promissory note payable over time. The transaction is expected to close by the end of the second quarter of fiscal 2026, subject to customary closing conditions. The Company is evaluating the accounting implications of the planned sale.

NOTE C - GOODWILL AND INTANGIBLE ASSETS

Goodwill: The change in the carrying amount of goodwill for the ~~nine~~quarter ~~months~~ ended ~~July~~January 2725, ~~2025~~2026, is:

In thousands	Retail		Foodservice		International		Total
Balance at October 27, 2024	$	2,916,796	$	1,748,355	$	258,336	$	4,923,487
Balance at October 26, 2025	$	2,916,796	$	1,748,355	$	258,936	$	4,924,087
Foreign Currency Translation	—		—		(269)		(269)
Goodwill Sold(1)	(33,570)		(1,330)		—		(34,900)
Balance at July 27, 2025	$	2,916,796	$	1,748,355	$	258,067	$	4,923,218
Foreign Currency Translation	—		—		(655)		(655)
Balance at January 25, 2026	$	2,883,226	$	1,747,025	$	258,281	$	4,888,532

~~Intangible~~(1) Goodwill ~~Assets: The~~sold ~~intangible~~during ~~assets~~fiscal by2026 ~~type~~was ~~are:~~due to the sale of the Company's controlling equity interest in Justin's, LLC. See Note B - Acquisitions and Divestitures for additional information.

	July 27, 2025						October 27, 2024
In thousands	GrossCarryingAmount		AccumulatedAmortization		NetCarryingAmount		GrossCarryingAmount		AccumulatedAmortization		NetCarryingAmount
Definite-lived Intangible Assets
Customer Relationships	$	143,139	$	(76,047)	$	67,092	$	168,239	$	(93,536)	$	74,703
Other Definite-lived Intangibles	59,451		(23,505)		35,946		59,241		(20,107)		39,134
Trade Names/Trademarks	6,210		(6,210)		—		6,210		(5,996)		214
Foreign Currency Translation	—		(4,486)		(4,486)		—		(4,458)		(4,458)
Total Definite-lived Intangible Assets	$	208,800	$	(110,248)	$	98,552	$	233,690	$	(124,097)	$	109,593
Indefinite-lived Intangible Assets
Brands/Trade Names/Trademarks					$	1,629,563					$	1,629,582
Other Indefinite-lived Intangibles					—						184
Foreign Currency Translation					(6,628)						(6,655)
Total Indefinite-lived Intangible Assets					1,622,935						1,623,112
Total Intangible Assets					$	1,721,487					$	1,732,705

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Intangible Assets: The Company's intangible assets by type are:


	January 25, 2026						October 26, 2025
In thousands	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Definite-lived Intangible Assets
Customer Relationships	$	107,648	$	(57,026)	$	50,622	$	134,328	$	(78,565)	$	55,763
Other Definite-lived Intangibles	59,095		(25,330)		33,764		59,445		(24,620)		34,824
Trade Names/Trademarks	—		—		—		6,210		(6,210)		—
Foreign Currency Translation	—		(2,885)		(2,885)		—		(4,476)		(4,476)
Total Definite-lived Intangible Assets	$	166,742	$	(85,241)	$	81,501	$	199,982	$	(113,872)	$	86,111
Indefinite-lived Intangible Assets
Brands/Trade Names/Trademarks(1)					$	1,513,306					$	1,567,623
Foreign Currency Translation					(6,703)						(6,437)
Total Indefinite-lived Intangible Assets					1,506,603						1,561,186
Total Intangible Assets					$	1,588,104					$	1,647,297

(1) Includes the removal of a $54.3 million indefinite‑lived trade name following the sale of the Company's controlling equity interest in Justin's, LLC. See Note B - Acquisitions and Divestitures for additional information.

Amortization expense on intangible assets is as follows:

Quarter Ended

~~Nine Months Ended~~

In thousands

~~July~~January 2725, ~~2025~~2026

~~July~~January 2826, ~~2024~~2025

~~July 27, 2025~~

~~July 28, 2024~~

Amortization Expense

3,~~797~~070

3,~~968~~830

~~11,215~~

~~12,409~~

Estimated annual amortization expense on intangible assets for the five fiscal years after October 2726, ~~2024~~2025, is as follows:

In thousands	AmortizationExpense
2025	$	14,624
2026	$	12,042
2026	14,169
2027	11,685
2027	13,927
2028	10,773
2028	12,972
2029	9,511
2029	11,504
2030	9,326

NOTE D - INVESTMENTS IN AFFILIATES

Ownership: As of January 25, 2026, the Company's equity method investments include:


	Segment	Ownership Percentage
MegaMex Foods, LLC	Retail	50%
Joy Topco LP(1)	Retail	49%
The Purefoods - Hormel Company, Inc.	International	40%
PT Garudafood Putra Putri Jaya Tbk. (Garudafood)	International	30%
Okinawa Hormel Ltd.	International	26%
Corporate Venturing Investments	n/a	26% - 43%

(1) In the first quarter of fiscal 2026, the Company recorded a 49% ownership interest in Joy Topco LP in connection with the sale of its controlling equity interest in Justin’s, LLC. See Note B - Acquisitions and Divestitures for additional information.

Equity in Earnings: The Company's share of earnings from its equity method investments is recorded as Equity in Earnings of Affiliates and further disclosed in Note O - Segment Reporting. Equity in earnings from corporate venturing investments is not included in any of the reportable segments' measure of segment profit.

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~~NOTE~~Distributions: DDistributions -received ~~INVESTMENTS~~from INequity ~~AFFILIATES~~method investees consists of:

Equity in Earnings of Affiliates consists of:


In thousands	Quarter Ended
	January 25, 2026		January 26, 2025
Distributions	$	13,051	$	19,894

		Quarter Ended				Nine Months Ended
In thousands	% Owned	July 27, 2025		July 28, 2024		July 27, 2025		July 28, 2024
MegaMex Foods, LLC(1)	50%	$	5,755	$	3,066	$	23,531	$	19,444
Other Equity Method Investments(2)	Various (25-45%)	5,398		4,912		19,083		19,806
Total Equity in Earnings of Affiliates		$	11,153	$	7,977	$	42,614	$	39,250

Basis Difference: The initial and unamortized basis differences as of January 25, 2026, are:

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


In thousands	Initial Basis Difference		Unamortized Basis Difference
Garudafood(1)	$	324,828	$	135,545
MegaMex Foods, LLC	21,273		7,397

(21) ~~Other~~The ~~Equity~~Garudafood ~~Method~~remaining ~~Investments~~unamortized ~~are~~basis ~~primarily~~difference ~~reflected~~includes in the ~~International~~impact ~~segment~~of ~~but~~foreign ~~also~~currency ~~include~~translation ~~corporate~~and ~~venturing investments~~impairment.

~~Distributions~~Fair ~~received~~Value: ~~from~~Based on quoted market prices, the fair value of the common stock held in Garudafood was $233.7 million as of January 23, 2026. The Company's other equity method ~~investees~~investments ~~consists~~do ~~of:~~not have readily determinable fair values.

	Quarter Ended				Nine Months Ended
In thousands	July 27, 2025		July 28, 2024		July 27, 2025		July 28, 2024
Dividends	$	12,703	$	7,266	$	38,847	$	32,997

Transactions: The Company has agreements with its equity method investments which, in some cases, result in amounts due to or due from these parties. The amounts due to equity method investees were $44.8 million and $38.8 million as of January 25, 2026, and October 26, 2025, respectively. The amounts due from equity method investees were $9.3 million and $11.9 million as of January 25, 2026, and October 26, 2025, respectively.

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 July 27, 2025, basis differences of $303.7 million, which includes the impact of foreign currency translation, and $7.8 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 $248.9 million as of July 25, 2025.

NOTE E - INVENTORIES

Principal components of inventories are:

In thousands	~~July~~January 2725, ~~2025~~2026		October 2726, ~~2024~~2025
Finished Products	$	1952,~~102,248~~510	$	~~881~~1,~~295~~055,472
Raw Materials and Work-in-Process	~~443~~413,~~942~~015		~~427~~414,~~834~~436
Operating Supplies	~~142~~141,~~901~~220		~~147~~142,~~333~~643
Maintenance Materials and Parts	~~132~~140,~~769~~526		~~119~~134,~~837~~729
Total Inventories	$	1,~~821~~647,~~860~~271	$	1,~~576~~747,~~300~~279

NOTE F - ~~DERIVATIVES~~PROPERTY, PLANT, AND ~~HEDGING~~EQUIPMENT

Property, plant, and equipment consists of the following:


In thousands	January 25, 2026		October 26, 2025
Land	$	74,971	$	74,710
Buildings	1,538,947		1,537,276
Equipment	3,055,464		3,014,677
Construction in Progress	283,249		286,466
Less: Allowance for Depreciation	(2,711,149)		(2,674,359)
Property, Plant, and Equipment, Net	$	2,241,482	$	2,238,770

NOTE G - 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.

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~~Cash~~intended ~~Flow~~to ~~Interest~~make ~~Rate Hedges: In~~ the ~~second~~forward ~~quarter~~priced ofcommodities ~~fiscal~~cost ~~2021,~~nearly the ~~Company~~same ~~designated two separate interest rate locks~~ as cash ~~flow~~market ~~hedges~~purchases toat ~~manage~~the ~~interest~~date ~~rate~~of ~~risk associated with anticipated debt transactions~~delivery. ~~The~~Changes ~~total~~in ~~notional~~the ~~amount~~fair value of the ~~Company’s~~futures ~~locks~~contracts ~~was~~and ~~$1.25 billion. In~~ the ~~third~~offsetting ~~quarter~~gain ofor ~~fiscal~~loss ~~2021,~~on the ~~associated~~hedged ~~unsecured~~purchase ~~senior~~commitment ~~notes~~are ~~were~~marked-to-market ~~issued~~through ~~with~~earnings ~~tenors of seven~~ and ~~thirty~~recorded ~~years~~as ~~and~~a ~~both~~Current ~~locks~~Asset ~~were lifted (See Note K - Long-term Debt~~ and ~~Other~~Current ~~Borrowing~~Liability, ~~Arrangements)~~respectively. ~~Mark-to-market~~Gains ~~gains~~or ~~and~~ losses onrelated to these ~~instruments~~fair ~~were~~value ~~deferred~~hedges asare arecognized ~~component~~through Cost of ~~AOCL.~~Products ~~The~~Sold ~~resulting gain~~ in ~~AOCL is reclassified to Interest Expense in~~ the ~~period~~periods in which the hedged transactions affect earnings.

~~Fair~~Cash ~~Value~~Flow Interest Rate ~~Hedge~~Hedges: In the ~~first~~second quarter of fiscal ~~2022~~2021, the Company ~~entered~~designated ~~into~~two anseparate interest rate ~~swap~~locks toas ~~protect~~cash ~~against~~flow ~~changes~~hedges ~~in the fair value of a portion of previously issued senior unsecured notes attributable~~ to ~~the~~manage ~~change in the benchmark~~ interest rate. ~~The~~risk ~~hedge~~associated ~~specifically~~with ~~designated~~anticipated ~~the~~debt ~~last~~transactions. ~~$450 million~~The oftotal ~~the~~notional ~~$950 million aggregate principal~~ amount of the Company'’s ~~0.650%~~locks ~~notes~~was ~~due~~$1.25 billion. ~~June~~In ~~2024 (~~the ~~2024~~third ~~Notes).~~quarter ~~The~~of ~~Company~~fiscal ~~terminated~~2021, the ~~swap~~associated inunsecured ~~the~~senior ~~fourth~~notes ~~quarter~~were ofissued ~~fiscal~~with ~~2022.~~tenors ~~The~~of ~~loss~~seven ~~related~~and to30 ~~the~~years ~~swap~~and ~~was~~both ~~recorded~~locks aswere alifted ~~fair~~(See ~~value~~Note ~~hedging~~L ~~adjustment~~- toLong-term ~~the~~Debt ~~hedged debt~~ and ~~amortized~~Other ~~through~~Borrowing ~~earnings~~Arrangements). ~~over~~Mark-to-market ~~the~~gains ~~remaining~~and ~~life~~losses ofon ~~the~~these ~~debt.~~instruments Inwere ~~the~~deferred ~~third~~as ~~quarter~~a component of ~~fiscal~~AOCL. ~~2024,~~The ~~the~~resulting ~~fair~~gain ~~value~~in ~~hedging~~AOCL ~~adjustment~~is ~~was~~reclassified ~~completely amortized~~ to ~~correspond~~Interest ~~with~~Expense in the ~~payment~~period ofin which the ~~2024~~hedged ~~Notes~~transactions ~~upon~~affect ~~maturity~~earnings.

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~~quarters ~~and nine months~~ ended ~~July~~January 2725, ~~2025~~2026, and ~~July~~January 2826, ~~2024~~2025.

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

In millions

~~July~~January 2725, ~~2025~~2026

October 2726, ~~2024~~2025

Corn

2728.13

bushels

2927.24

bushels

Lean Hogs

~~183~~201.24

pounds

~~175~~188.6

pounds

Natural Gas

3.26

MMBtu

43.26

MMBtu

Diesel Fuel

58.73

gallons

47.05

gallons

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

	July 27, 2025					October 27, 2024
	January 25, 2026					October 26, 2025
In thousands		Assets		Liabilities			Assets		Liabilities
Gross Fair Value of Commodity Contracts		$	1319,~~884~~482	$	(64,~~101~~336)		$	9,~~851~~862	$	(124,~~638~~243)
Counterparty and Collateral Netting Offset(1)		(36,~~816~~854)		64,~~101~~336			~~(1,785)~~304		124,~~638~~243
Amounts Recognized on Consolidated Statements of Financial Position(2)		$	10,068	$	—		$	8,066	$	—
Amounts Recognized in Prepaid Expenses and Other Current Assets		$	12,629	$	—		$	10,166	$	—

(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~~obligation to ~~reclaim~~return net cash collateral of $2.35 million (including cash payable of $24.04 million and $41.39 million of realized gain) as of ~~July~~January 2725, ~~2025~~2026, and the right to reclaim net cash collateral of $104.95 million (including cash ~~receivable~~payable of $265.5 million and $1510.61 million of realized ~~loss~~gain) as of October 2726, ~~2024~~2025.

(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

~~July~~January 2725, ~~2025~~2026

October 2726, ~~2024~~2025

Commodity Contracts

Accounts Payable(1)

(~~772~~288)

(~~2,902~~157)

(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 ~~July~~January 2725, ~~2025~~2026, the Company included in AOCL pre-tax hedging gains of $614.29 million on commodity contracts and gains of $10.83 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

~~Nine Months Ended~~

In thousands

~~July~~January 2725, ~~2025~~2026

~~July~~January 2826, ~~2024~~2025

~~July 27, 2025~~

~~July 28, 2024~~

Commodity Contracts

311,~~038~~631

~~(26~~19,~~172)~~134

~~16,038~~

~~(24,487)~~

Excluded Component(1)

3910

~~299~~(87)

~~(143)~~

~~2,112~~

(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

~~Nine Months Ended~~

In thousands

~~July~~January 2725, ~~2025~~2026

~~July~~January 2826, ~~2024~~2025

~~July 27, 2025~~

~~July 28, 2024~~

Commodity Contracts

Cost of Products Sold

42,~~361~~194

(12,~~541~~141)

~~894~~

~~(21,297)~~

Interest Rate Contracts

Interest Expense

247

~~741~~

See Note HI - 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				~~Nine Months Ended~~
In thousands	~~July~~January 2725, ~~2025~~2026		~~July~~January 2826, ~~2024~~2025		~~July 27, 2025~~		~~July 28, 2024~~
Net Earnings Attributable to Hormel Foods Corporation	$	~~183~~181,~~742~~801	$	~~176~~170,~~701~~575	$	~~534,334~~	$	~~584,842~~
Cash Flow Hedges - Commodity Contracts
Gain (Loss) Reclassified from AOCL	42,~~361~~194		(12,~~541~~141)		~~894~~		~~(21,297)~~
Amortization of Excluded Component from Options	(~~237~~227)		(~~472~~208)		~~(656)~~		~~(2,478)~~
Fair Value Hedges - Commodity Contracts
Gain (Loss) on Commodity Futures(1)	~~679~~(92)		1,~~139~~704		~~1,812~~		~~5,766~~
Total Gain (Loss) on Commodity Contracts(2)	4,802		(874)		2,050		(18,008)
Total Gain (Loss) on Commodity Contracts	1,876		(645)
Cash Flow Hedges - Interest Rate Contracts
Gain (Loss) Reclassified from AOCL	247		247		~~741~~		~~741~~
Fair Value Hedge - Interest Rate Contracts
Total Gain (Loss) on Interest Rate Contracts	247		247
Amortization of Loss Due to Discontinuance of Fair Value Hedge(3)	—		(1,202)		—		(7,451)
Total Gain (Loss) Recognized in Earnings	$	2,123	$	(398)
Total Gain (Loss) on Interest Rate Contracts(4)	247		(955)		741		(6,710)
Total Gain (Loss) Recognized in Earnings	$	5,050	$	(1,828)	$	2,791	$	(24,718)

(1) Represents gains or losses on commodity contracts designated as fair value hedges that were closed during the ~~quarter~~quarters ~~and nine months~~ ended ~~July~~January 2725, ~~2025~~2026, and ~~July~~January 2826, ~~2024~~2025, 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~~NOTE ~~Gain~~H ~~(Loss)~~- onPENSION ~~Commodity~~AND ~~Contracts~~OTHER isPOSTRETIREMENT ~~recognized in earnings through Cost of Products Sold.~~BENEFITS

(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

~~Nine Months Ended~~

In thousands

~~July~~January 2725, ~~2025~~2026

~~July~~January 2826, ~~2024~~2025

~~July 27, 2025~~

~~July 28, 2024~~

Service Cost

1110,~~973~~034

911,~~033~~973

~~35,920~~

~~27,108~~

Interest Cost

1718,~~646~~066

1817,~~336~~646

~~52,938~~

~~55,008~~

Expected Return on Plan Assets

(2122,~~737~~351)

(1921,~~377~~737)

~~(65,211)~~

~~(58,132)~~

Amortization of Prior Service Cost (Credit)

~~319~~128

~~(221)~~319

~~958~~

~~(664)~~

Recognized Actuarial Loss (Gain)

32,~~014~~190

3,~~317~~014

~~9,041~~

~~9,951~~

Net Periodic Cost

118,~~215~~067

11,~~086~~215

~~33,646~~

~~33,270~~

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Post-retirement Benefits

Postretirement Benefits

Quarter Ended

~~Nine Months Ended~~

In thousands

~~July~~January 2725, ~~2025~~2026

~~July~~January 2826, ~~2024~~2025

~~July 27, 2025~~

~~July 28, 2024~~

Service Cost

4135

4142

~~124~~

~~123~~

Interest Cost

2,~~480~~202

2,~~895~~480

~~7,438~~

~~8,687~~

Amortization of Prior Service Cost (Credit)

(67)

~~(18)~~

Recognized Actuarial Loss (Gain)

(40307)

(~~317~~40)

~~(120)~~

~~(952)~~

Net Periodic Cost

21,~~475~~922

2,~~621~~484

~~7,425~~

~~7,864~~

~~Non-service~~NOTE ~~cost~~I ~~components of net pension and post~~-~~retirement~~ ~~benefit~~ACCUMULATED ~~cost~~OTHER ~~are~~COMPREHENSIVE ~~presented within Interest and Investment Income.~~LOSS

NOTE H - ACCUMULATED OTHER COMPREHENSIVE LOSS

Components of Accumulated Other Comprehensive Loss are as follows:

In thousands	ForeignCurrencyTranslation		Pension &OtherBenefits			Derivatives &Hedging			EquityMethodInvestments			AccumulatedOtherComprehensiveLoss
Balance at April 27, 2025	$	(125,326)	$	(182,417)		$	13,970		$	(4,828)		$	(298,601)
Balance at October 26, 2025	$	(114,431)	$	(143,017)		$	12,038		$	1,763		$	(243,646)
Unrecognized Gains (Losses)	—					—
Gross	16,506		47			3,077			4,902			24,531
Tax Effect	—		—			(798)			—			(798)
Reclassification into Net Earnings	—		—			—						—
Gross	—		3,287		(1)	(4,608)		(2)	855		(3)	(466)
Tax Effect	—		(810)			1,138			—			328
Change Net of Tax	16,506		2,523			(1,190)			5,756			23,595
Balance at July 27, 2025	$	(108,820)	$	(179,894)		$	12,780		$	929		$	(275,006)
Balance at October 27, 2024	$	(70,794)	$	(187,325)		$	1,991		$	(7,204)		$	(263,331)
Unrecognized Gains (Losses)
Gross	~~(38~~2,~~027)~~398		1(24)			1511,~~894~~641			~~4,052~~679			~~(18~~14,~~079)~~694
Tax Effect	—		—			(32,~~910~~857)			—			(32,~~910~~857)
Reclassification into Net Earnings
Gross	—		92,~~861~~004		(1)	(12,~~635~~441)		(2)	~~4,080~~(889)		(3)	12(1,~~306~~327)
Tax Effect	—		(~~2,430~~493)			~~440~~606			—			~~(1,991)~~112
Change Net of Tax	~~(38~~2,~~027)~~398		71,~~431~~487			106,~~788~~948			~~8,132~~(210)			~~(11~~10,~~675)~~623
Balance at July 27, 2025	$	(108,820)	$	(179,894)		$	12,780		$	929		$	(275,006)
Balance at January 25, 2026	$	(112,033)	$	(141,530)		$	18,985		$	1,554		$	(233,023)

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

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

(3) Included in Equity in Earnings of Affiliates.

NOTE IJ - 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.

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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 July 27, 2025

Fair Value Measurements at January 25, 2026

In thousands

Total FairValue

Quoted Pricesin ActiveMarkets forIdentical Assets(Level 1)

SignificantOtherObservableInputs(Level 2)

SignificantUnobservableInputs(Level 3)

Assets at Fair Value

Short-term Marketable Securities

3133,~~480~~302

67,~~640~~229

2426,~~840~~073

—

Other Trading Securities

~~215~~222,~~026~~364

—

~~215~~222,~~026~~364

—

Commodity Derivatives

1419,~~016~~483

1318,~~243~~528

~~774~~955

—

Total Assets at Fair Value

~~260~~275,~~522~~149

1925,~~882~~757

~~240~~249,~~640~~392

—

Liabilities at Fair Value

Deferred Compensation

63,~~024~~036

—

63,~~024~~036

—

Commodity Derivatives

64,~~101~~360

53,~~343~~837

~~758~~523

—

Total Liabilities at Fair Value

6967,~~125~~396

53,~~343~~837

63,~~782~~559

—

Fair Value Measurements at October 27, 2024

Fair Value Measurements at October 26, 2025

In thousands

Total FairValue

Quoted Pricesin ActiveMarkets forIdentical Assets(Level 1)

SignificantOtherObservableInputs(Level 2)

SignificantUnobservableInputs(Level 3)

Assets at Fair Value

Short-term Marketable Securities

2432,~~742~~909

56,~~134~~944

1925,~~608~~965

—

Other Trading Securities

~~209~~219,~~729~~197

—

~~209~~219,~~729~~197

—

Commodity Derivatives

9,~~890~~888

9,~~575~~212

~~314~~676

—

Total Assets at Fair Value

~~244~~261,~~361~~994

1416,~~710~~156

~~229~~245,~~652~~838

—

Liabilities at Fair Value

Deferred Compensation

6263,~~101~~582

—

6263,~~101~~582

—

Commodity Derivatives

124,~~638~~291

113,~~127~~436

~~1,510~~855

—

Total Liabilities at Fair Value

7467,~~738~~873

113,~~127~~436

6364,~~611~~437

—

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~~maintained byunder 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 nine months~~ ended ~~July~~January 2725, ~~2025~~2026, investments held by the rabbi trust generated gains of $3.2 million compared to gains of $2.7 million for the quarter ended January 26, 2025.

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

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~~generated~~the ~~gains~~U.S. ofInternal ~~$9.7~~Revenue ~~million~~Service ~~and~~(IRS) $8applicable federal rates.6 ~~million,~~These ~~respectively,~~liabilities ~~compared~~are toclassified ~~gains~~as ofLevel $42.9 ~~million~~The ~~and~~Company's ~~$18.8~~funding ~~million~~in ~~for~~ the ~~quarter~~rabbi ~~and~~trust ~~nine~~related ~~months~~to ~~ended~~deferred ~~July~~compensation ~~28,~~plans ~~2024,~~generally ~~respectively~~mirrors the investment selections within the plans.

~~Under~~Commodity ~~the~~Derivatives: The Company’s ~~deferred~~commodity ~~compensation~~derivatives ~~plans~~represent futures, ~~participants~~swaps, ~~can~~and ~~defer~~options ~~certain~~contracts ~~types~~used ofin ~~compensation~~its ~~and~~hedging ~~elect~~or toother ~~receive~~programs ato ~~return~~offset ~~based~~price onfluctuations ~~the~~associated ~~changes~~with inpurchases ~~fair~~of ~~value~~grain, ofnatural ~~various~~gas, ~~investment~~diesel ~~options~~fuel, ~~which~~lean ~~include~~hogs, ~~equity~~and ~~securities~~pork, ~~money~~and ~~market~~to ~~accounts,~~minimize ~~bond~~the ~~funds,~~price orrisk ~~other~~assumed ~~portfolios~~when ~~for~~forward-priced ~~which~~contracts ~~there~~are isoffered anto ~~active~~the ~~quoted~~Company’s ~~market~~commodity suppliers. The Company’s ~~also~~futures ~~offers~~and aoptions ~~fixed~~contracts ~~rate~~for ~~investment~~corn ~~option~~are totraded ~~participants.~~on ~~The~~the ~~rate~~Chicago ~~earned~~Board onof ~~these~~Trade, ~~investments~~while isfutures ~~adjusted~~contracts ~~annually~~for ~~based~~lean onhogs aare ~~specified~~traded ~~percent~~on of the UChicago Mercantile Exchange.S. ~~Internal~~These ~~Revenue~~are ~~Service~~active ~~(IRS)~~markets ~~applicable~~with ~~federal~~quoted ~~rates.~~prices ~~These~~available, ~~liabilities~~and these contracts are classified as Level 21. The Company's ~~funding~~holds innatural gas, diesel fuel, and pork swap contracts that are over-the-counter ~~rabbi~~instruments ~~trust~~classified ~~related~~as toLevel ~~deferred~~2. ~~compensation~~The ~~plans~~value ~~generally~~of ~~mirrors~~the natural gas and diesel fuel swap contracts is calculated using quoted prices from the ~~investment~~New ~~selections~~York ~~within~~Mercantile Exchange, and the ~~plans~~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.

~~Commodity Derivatives:~~ The Company’s ~~commodity~~financial ~~derivatives~~assets ~~represent futures, swaps,~~ and ~~options~~liabilities ~~contracts~~also ~~used~~include incash ~~its~~and ~~hedging~~cash ~~or other programs to offset price fluctuations associated with purchases of grain~~equivalents, ~~natural~~accounts ~~gas~~receivable, ~~diesel~~accounts ~~fuel~~payable, ~~lean hogs,~~ and ~~pork~~other liabilities, ~~and~~for towhich ~~minimize~~carrying ~~the~~value ~~price~~approximates ~~risk~~fair ~~assumed~~value ~~when~~due ~~forward-priced contracts are offered~~ to ~~the~~their ~~Company’s~~short-term ~~commodity suppliers~~maturities. The Company’s ~~futures~~does ~~and~~not ~~options~~carry ~~contracts~~its ~~for~~long-term ~~corn~~debt ~~are~~at ~~traded~~fair value on the ~~Chicago~~Consolidated ~~Board~~Statements of ~~Trade,~~Financial ~~while futures contracts for lean hogs are traded on the Chicago Mercantile Exchange~~Position. ~~These~~The ~~are~~fair ~~active~~value ~~markets~~of ~~with~~long-term ~~quoted prices available~~debt, ~~and~~utilizing ~~these~~discounted ~~contracts~~cash ~~are~~flows ~~classified~~(Level as2), ~~Level~~was 1$2.5 ~~The~~billion ~~Company~~as ~~holds~~of ~~natural~~January ~~gas~~25, ~~diesel fuel~~2026, and ~~pork swap contracts that are over-the-counter instruments classified as Level~~ $2.6 ~~The~~billion ~~value~~as of ~~the~~October ~~natural gas and diesel fuel swap contracts is calculated using quoted prices from the New York Mercantile Exchange~~26, ~~and the value of the pork swap contracts are calculated using a futures implied U~~2025.S. ~~Department~~See ofNote ~~Agriculture~~L ~~estimated~~- ~~pork cut~~Long-~~out~~term ~~value.~~Debt ~~All derivatives are reviewed for potential credit risk~~ and ~~risk~~Other ofBorrowing ~~nonperformance.~~Arrangements ~~The net balance~~ for ~~commodity~~additional ~~derivatives is included in Prepaid Expenses and Other Current Assets or Accounts Payable, as appropriate~~information.

Nonrecurring Fair Value Measurements: The Company’s ~~financial~~may ~~assets~~be ~~and~~required ~~liabilities~~to ~~include~~measure ~~cash~~certain nonfinancial assets and ~~cash~~liabilities ~~equivalents~~including goodwill, ~~accounts~~intangible ~~receivable~~assets, ~~accounts~~equity ~~payable~~method investments, and ~~other~~property, ~~liabilities~~plant, ~~for~~and ~~which~~equipment ~~carrying~~at ~~value approximates~~ fair value ~~due~~on toa ~~their~~nonrecurring ~~short-term maturities~~basis. ~~The~~There ~~Company~~were ~~does~~no ~~not~~material ~~carry~~remeasurements ~~its~~of ~~long-term~~assets ~~debt~~or liabilities at fair value on ~~the~~a ~~Consolidated~~nonrecurring ~~Statements~~basis ofsubsequent ~~Financial~~to ~~Position.~~their ~~The~~initial ~~fair~~recognition ~~value~~during ofthe ~~long-term~~quarters ~~debt,~~ended ~~utilizing~~January ~~discounted cash flows (Level 2)~~25, ~~was $2.5 billion as of July 27~~2026, ~~2025,~~ and ~~October~~January 2726, ~~2024~~2025. ~~See Note K - Long-term Debt and Other Borrowing Arrangements for additional information.~~

~~The~~NOTE ~~Company~~K ~~measures~~- ~~certain~~COMMITMENTS ~~nonfinancial~~AND 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 nine months ended July 27, 2025, and July 28, 2024.CONTINGENCIES

~~NOTE~~During Jthe quarter ended January 25, 2026, there were no material changes outside the ordinary course of business to the purchase commitments and other commitments and guarantees last disclosed in the Company’s Annual Report on Form 10-K ~~COMMITMENTS~~for ~~AND~~the ~~CONTINGENCIES~~fiscal year ended October 26, 2025.

There were no material changes outside the ordinary course of business during the quarter and nine months ended July 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 onin the ~~Consolidated~~second ~~Statements~~quarter of ~~Financial~~fiscal ~~Position~~2024 inand was paid during the second ~~quarter~~half of fiscal 2024. For the one Non-Class Direct-Action Plaintiff, the settlement amount of $0.2 million was recorded as Accrued Expenses in the first quarter of fiscal 2025 and was paid ~~during~~in the second ~~half~~quarter of fiscal ~~2024~~2025. All settlement amounts were recorded in Selling, General, and Administrative.

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

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~~For~~judgment ~~the one Non-Class Direct-Action Plaintiff~~decision, ~~the~~but ~~settlement amount of $0.2 million was recorded as Accrued Expenses on~~ the ~~Consolidated~~District ~~Statements~~Court oflargely ~~Financial~~denied ~~Position in~~ the ~~first~~various ~~quarter~~motions. ofIn ~~fiscal~~November 2025, ~~and was paid in~~ the ~~second~~Eighth ~~quarter~~Circuit Court of ~~fiscal~~Appeals ~~2025.~~denied ~~All~~the ~~settlement~~defendants' ~~amounts~~petition ~~were~~to ~~recorded~~order inthe ~~Selling,~~District ~~General,~~Court ~~and~~to ~~Administrative~~vacate inits ~~the~~summary ~~Consolidated~~judgment ~~Statements of Operations~~decision.

InThe ~~the~~Company ~~second~~settled ~~quarter of fiscal 2025,~~ the ~~U.S.~~only ~~District~~pending ~~Court~~matter ~~for~~that ~~the~~involved ~~District~~state ofclaims ~~Minnesota~~brought ~~(Court)~~by ~~granted~~one ~~the~~Non-Class ~~Company’s~~Direct ~~Motion~~Action Plaintiff for ~~Summary~~non-monetary ~~Judgment~~terms ~~and~~in ~~dismissed~~November ~~the Company from the federal litigation~~2025. ~~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 defendants' motions for summary judgment were submitted in January 2026. 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, have 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 KL - LONG-TERM DEBT AND OTHER BORROWING ARRANGEMENTS

Long-term Debt consists of:

In thousands	~~July~~January 2725, ~~2025~~2026		October 2726, ~~2024~~2025
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	(65,~~058~~638)		(65,~~687~~848)
Unamortized Debt Issuance Costs	(1312,~~488~~062)		(1512,~~628~~775)
Finance Lease Liabilities	2322,~~371~~378		2723,~~541~~122
Other Financing Arrangements	32,~~079~~814		32,~~530~~924
Total Debt	2,~~856~~857,~~905~~492		2,~~858~~857,~~756~~424
Less: Current Maturities of Long-term Debt	6,~~740~~485		76,~~813~~646
Long-term Debt Less Current Maturities	$	2,~~850~~851,~~165~~007	$	2,850,~~944~~778

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.

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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 G - 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.

18Interest 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. The Company had no outstanding borrowings from this facility as of January 25, 2026, and October 26, 2025.

~~Table~~Debt Covenants: The Company is required by certain covenants in its debt agreements to maintain specified levels of ~~Contents~~financial ratios and financial position, including maintaining a minimum interest coverage ratio. As of January 25, 2026, the Company was in compliance with all covenants.

~~Interest~~NOTE onM ~~funds borrowed under the revolving credit agreement will be charged, depending on the applicable currency, at either a risk~~-~~free~~ ~~rate,~~INCOME 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 into 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 July 27, 2025, and October 27, 2024.TAXES

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 July 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 was 22.34% and 21.78% for the ~~quarter~~quarters ended ~~July~~January 2725, ~~2025~~2026, and ~~July~~January 2826, ~~2024~~2025, respectively. The ~~increase~~change was primarily due to ~~decreased benefits from the purchase of federal transferable energy credits compared to the prior year, offset in part by~~ increased ~~federal~~stock ~~deductions~~option ~~and~~expirations ~~favorable return to provision adjustments~~ in the ~~current~~quarter ~~year. The Company’s effective tax rate was 22.1% and 22.6% for the nine months~~ ended ~~July~~January 2725, ~~2025, and July 28, 2024, respectively~~2026. ~~The Company benefited from increased federal deductions compared to the prior year.~~

Unrecognized tax benefits, ~~including~~if ~~interest and penalties, are primarily recorded in Other Long-term Liabilities. If~~ recognized as of ~~July~~January 2725, ~~2025~~2026, ~~these benefits~~ would impact the Company’s effective tax rate by $1716.58 million compared to $1716.27 million as of ~~July~~January 2826, ~~2024~~2025. The Company includes accrued interest and penalties related to uncertain tax positions in Provision for Income Taxes, with immaterial expenses included during the ~~quarter~~quarters ended ~~July~~January 2725, ~~2025~~2026, and ~~July~~January 2826, ~~2024~~2025. The amount of accrued interest and penalties associated with unrecognized tax benefits was $3.2.9 million at ~~July~~January 2725, ~~2025~~2026, and $2.76 million at ~~July~~January 2826, ~~2024~~2025.

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

The ~~IRS~~Company ~~concluded~~has ~~its~~elected ~~examination~~to ofparticipate ~~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~~2027. 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. Current fiscal years under IRS CAP examination are 2025 and 2026.

The Company is in various stages of audit by several state taxing authorities on a variety of fiscal years, as far back as ~~2015~~2019. 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 ~~July~~January 2725, ~~2025~~2026, 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. See Note J - Commitments and Contingencies for additional information.18

Tax Legislation: On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was signed into law. OBBBA includes income tax provisions such as a permanent extension of certain provisions of the Tax Cuts and Jobs Act, elective deductions for domestic research and development, reinstatement of 100% first-year bonus depreciation, and modifications to the international tax framework. The Company assessed the provisions of OBBBA and determined the changes were not material to the Company's

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The Company is subject to various examinations by foreign tax ~~provision~~authorities. ~~for~~With limited exceptions, the ~~quarter~~Company ~~and~~is ~~nine~~no ~~months~~longer ~~ended~~subject ~~July~~to ~~27,~~foreign ~~2025,~~tax ~~and~~examinations ~~does~~for ~~not~~fiscal ~~expect~~years aprior ~~material~~to ~~impact~~2018. onSee ~~the~~Note ~~Company's~~K ~~consolidated~~- ~~financial~~Commitments ~~statements~~and inContingencies ~~future~~for ~~reporting~~additional ~~periods~~information.

~~The~~Tax ~~Organization~~Legislation: ~~for~~On ~~Economic~~July ~~Cooperation~~4, ~~and~~2025, ~~Development~~the ~~published~~One aBig ~~framework~~Beautiful ~~for~~Bill ~~Pillar~~Act ~~Two~~(OBBBA) ofwas ~~the~~signed ~~Global~~into ~~Anti-Base~~law. ~~Erosion~~OBBBA ~~Rules,~~includes ~~which~~income istax ~~designed~~provisions tosuch ~~coordinate~~as ~~participating~~a ~~jurisdictions~~permanent inextension ~~updating~~of ~~the~~certain ~~international~~provisions ~~tax~~of ~~system~~the toTax ~~ensure~~Cuts ~~that~~and ~~large~~Jobs ~~multinational~~Act, ~~companies~~elective ~~pay~~deductions afor ~~minimum~~domestic ~~tax~~research ofand ~~15%. Many countries have enacted~~development, orreinstatement ~~begun~~of ~~the~~100% ~~process~~first-year ofbonus ~~enacting~~depreciation, ~~laws~~and ~~based~~modifications onto the ~~Pillar~~international ~~Two~~tax framework. The Company ~~considered~~assessed the ~~applicable~~provisions ~~tax~~of ~~laws~~OBBBA ~~in relevant jurisdictions~~ and ~~concluded~~determined the ~~impact~~changes ofwere ~~Pillar Two was~~ not material to the Company's tax provision, ~~for the quarter~~ and ~~nine months ended July 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 impact on the Company’'s consolidated financial statements in future reporting periods.

~~NOTE~~The MOrganization for Economic Cooperation and Development published a framework for Pillar Two of the Global Anti-Base ~~EARNINGS~~Erosion ~~PER~~Rules, ~~SHARE~~which ~~DATA~~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 ended January 25, 2026. The Company will continue to evaluate the impact of such legislative changes but does not expect the new tax laws to have a material impact on the Company’s consolidated financial statements in future reporting periods.

NOTE N - 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

~~Nine Months Ended~~

In thousands

~~July~~January 2725, ~~2025~~2026

~~July~~January 2826, ~~2024~~2025

~~July 27, 2025~~

~~July 28, 2024~~

Basic Weighted-average Shares Outstanding

550,~~408~~477

~~548~~549,~~685~~460

~~550,048~~

~~547,858~~

Dilutive Potential Common Shares

~~315~~229

~~581~~395

~~348~~

~~766~~

Diluted Weighted-average Shares Outstanding

550,~~723~~706

549,~~266~~854

~~550,396~~

~~548,624~~

Antidilutive Potential Common Shares

2117,~~681~~733

1719,~~560~~778

~~21,284~~

~~17,888~~

NOTE NO - SEGMENT REPORTING

Segment Results: 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~~channels, including grocery stores, mass merchandisers, club stores, natural food chains, drug, dollar and discount chains, and e-commerce providers in the ~~United States~~U.S. 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~~to ~~foodservice~~distributors and operators across a wide range of providers of food away from home, ~~convenience~~including ~~store~~restaurants, hospitality, healthcare, K-12, college and ~~commercial~~universities, ~~customers~~and ~~located~~convenience stores in the ~~United States~~U.S.

The International segment processes, markets, and sells the Company's products through retail and foodservice channels internationally. This segment also includes the results from the Company’s international joint ventures, ~~international~~ equity method investments, and ~~international~~ royalty arrangements, as well as operations in China and Brazil.

~~Financial~~The ~~measures~~results ~~for~~of each ofsegment ~~the Company’s reportable segments~~ are ~~set~~regularly ~~forth~~provided ~~below.~~to ~~Intersegment~~the ~~sales are eliminated in consolidation and are not reviewed when evaluating segment performance. The~~ Company's ~~does~~Interim ~~not~~Chief ~~allocate~~Executive ~~deferred compensation~~Officer, ~~non-recurring~~who ~~expenses~~is ~~associated with~~ the ~~Transform~~chief ~~and~~operating ~~Modernize~~decision ~~initiative,~~maker ~~gains or losses on the sale of businesses, investment income, interest expense, or interest income to its segments when measuring performance~~(CODM). The ~~Company~~CODM ~~also~~primarily ~~retains~~uses ~~various~~net ~~other~~sales ~~income~~ and ~~expense items at the corporate level. Equity in Earnings of Affiliates is included in~~ segment profit; ~~however,~~to ~~earnings~~compare ~~attributable~~results to the ~~Company’s~~prior ~~corporate~~year, ~~venturing~~annual ~~investments~~operating ~~and~~plan, ~~noncontrolling interests are excluded. These items are included below as Net Unallocated Expense~~ and ~~Noncontrolling~~periodic ~~Interest~~forecasts when ~~reconciling~~evaluating tosegment ~~Earnings~~performance ~~Before~~and ~~Income~~allocating ~~Taxes~~resources.

The ~~Company~~accounting ispolicies anof ~~integrated~~the ~~enterprise,~~segments ~~characterized~~are bygenerally ~~substantial~~the ~~intersegment~~same ~~cooperation,~~as ~~cost~~those ~~allocations,~~presented ~~and~~in ~~sharing~~Note A - Summary of ~~assets.~~Significant ~~Therefore,~~Accounting Policies in the Company’s ~~does~~Annual ~~not~~Report ~~represent~~on ~~that~~Form 10-K ~~these~~for ~~segments~~the fiscal year ended October 26, if2025. ~~operated~~Intersegment ~~independently~~sales are eliminated in consolidation and are not reviewed when evaluating segment performance. Segment profit also excludes unallocated general corporate expenses, ~~would~~deferred ~~report~~compensation, non-recurring expenses associated with the ~~results~~Transform ~~shown~~and ~~below.~~

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Modernize initiative, corporate restructuring plan costs, and interest and other income and expense. 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.

Segment results, including the significant expense categories regularly provided to the CODM, are provided below. Certain portions of these expenses are retained at the corporate level and are presented in Net Unallocated Expense. The Company is an integrated enterprise, characterized by substantial intersegment cooperation, cost allocations, and sharing of assets. The Company does not represent that these segments, if operated independently, would report the profit and other financial information shown.


	Quarter Ended January 25, 2026
In thousands	Retail		Foodservice		International		Total
Net Sales	$	1,847,806	$	998,227	$	181,284
Cost of Products Sold	1,619,712		794,438		142,885
Selling, General, and Administrative	140,846		47,248		22,345
Equity in Earnings of Affiliates	8,942		—		6,824

Noncontrolling Interest (Earnings) Loss	—		—		32
Segment Profit	$	96,190	$	156,541	$	22,910	$	275,641
Net Unallocated Expense							41,298
Noncontrolling Interest Earnings (Loss)							(32)
Earnings Before Income Taxes							$	234,312


	Quarter Ended January 26, 2025
In thousands	Retail		Foodservice		International		Total
Net Sales	$	1,890,133	$	930,185	$	168,495
Cost of Products Sold	1,640,761		743,519		129,053
Selling, General, and Administrative	139,528		47,840		25,170
Equity in Earnings of Affiliates	9,303		—		6,527

Noncontrolling Interest (Earnings) Loss	—		—		45
Segment Profit	$	119,147	$	138,826	$	20,845	$	278,818
Net Unallocated Expense							60,700
Noncontrolling Interest Earnings (Loss)							(45)
Earnings Before Income Taxes							$	218,073

The Company’s CODM reviews assets and capital expenditures at a consolidated level and does not use assets by segment to evaluate performance or allocate resources. Therefore, the Company does not disclose these measures by segment. Depreciation and amortization expense is included in the measure of segment profit and disclosed below.


In thousands	Quarter Ended
		January 25, 2026		January 26, 2025
Depreciation and Amortization
Retail		$	35,563	$	36,210
Foodservice		20,797		19,952
International		4,566		4,332
Corporate		6,168		5,379
Total Depreciation and Amortization		$	67,095	$	65,872

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


	Quarter Ended
In thousands	January 25, 2026		January 26, 2025
Perishable	$	2,238,330	$	2,151,822
Shelf-stable	788,987		836,991
Total Net Sales	$	3,027,317	$	2,988,813

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	Quarter Ended				Nine Months Ended
In thousands	July 27, 2025		July 28, 2024		July 27, 2025		July 28, 2024
Net Sales
Retail	$	1,858,434	$	1,767,251	$	5,532,401	$	5,467,078
Foodservice	986,976		954,021		2,853,603		2,799,110
International	187,466		177,171		534,495		516,517
Total Net Sales	$	3,032,876	$	2,898,443	$	8,920,499	$	8,782,706
Segment Profit
Retail	$	122,566	$	127,932	$	378,847	$	409,836
Foodservice	140,711		142,487		420,170		441,952
International	18,941		21,792		58,193		65,026
Total Segment Profit	282,218		292,211		857,210		916,814
Net Unallocated Expense	45,658		66,526		171,769		161,239
Noncontrolling Interest	(46)		34		(366)		(170)
Earnings Before Income Taxes	$	236,514	$	225,719	$	685,076	$	755,404

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

	Quarter Ended				Nine Months Ended
In thousands	July 27, 2025		July 28, 2024		July 27, 2025		July 28, 2024
Perishable	$	2,222,646	$	2,115,087	$	6,450,709	$	6,251,076
Shelf-stable	810,230		783,356		2,469,790		2,531,630
Total Net Sales	$	3,032,876	$	2,898,443	$	8,920,499	$	8,782,706

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.

NOTE P - RESTRUCTURING

The Company is undertaking a corporate restructuring plan designed to reduce administrative expenses, improve efficiencies, and align its workforce to the Company’s future needs, while enabling continued investment in the Company’s growth. The restructuring includes a voluntary early retirement program for certain groups of employees, the closing of certain open roles, involuntary role reductions, and making select changes to benefit programs. The Company expects to incur restructuring charges of approximately $22.0 million for one-time pension benefits, cash severance payments, other employee benefit costs, and professional fees. The charges were primarily recognized in the fourth quarter of fiscal 2025 and the first quarter of fiscal 2026. Of the estimated charges, the Company expects that approximately $9.0 million will be cash expenditures during fiscal 2026.

The Company recognized $8.5 million of costs associated with restructuring activities during the first quarter of fiscal 2026. There were no restructuring costs recognized during the first quarter of fiscal 2025. All costs are unallocated corporate expenses which are not included in any of the reportable segments' measure of segment profit. A summary of these costs by type is as follows:


In thousands	Location on Consolidated Statements of Operations	Quarter Ended January 25, 2026		Total Plan Costs
Cash Severance	Selling, General, and Administrative	$	6,721	$	6,721
Employee Benefits	Selling, General, and Administrative	1,342		1,342
Professional Fees	Selling, General, and Administrative	413		1,007
Pension Benefits	Other Income (Expense), Net	—		12,696
Total Restructuring Costs		$	8,476	$	21,767

The liability for cash severance and employee benefits was recorded in Employee-related Expenses and the liability for professional fees was recorded in Accounts Payable. The reconciliation of the beginning and ending liability balances showing activity during the year is as follows:


In thousands	Cash Severance		Employee Benefits		Professional Fees		Total
Liability Balances at October 26, 2025	$	—	$	—	$	594	$	594
Costs Incurred and Charged to Expense	6,721		1,342		413		8,476

Costs Paid or Otherwise Settled	(6,282)		(1,034)		(794)		(8,110)
Liability Balances at January 25, 2026	$	440	$	308	$	213	$	961

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 and remains focused on driving long-term growth through a balanced business model, a diverse portfolio, and a commitment to creating value for all stakeholders. The Company’s three reportable segments, Retail, Foodservice, and International, are described in Note NO - Segment Reporting in the Notes to the Consolidated Financial Statements in this Quarterly Report on Form 10-Q.

The Company discloses certain measures not defined by United States (U.S.) Generally Accepted Accounting Principles (GAAP), including organic volume, organic net sales, adjusted selling, general and administrative (SG&A) ~~expenses~~, adjusted SG&A as a percent of net sales, adjusted earnings before income taxes, and adjusted diluted earnings per share. The Company utilizes these non-GAAP measures to understand and evaluate operating performance on a consistent basis. For additional information and reconciliations to the most closely comparable measures calculated in accordance with GAAP, see the "Non-GAAP Measures" section of this Item.

Diluted earnings per share was $0.33 for the ~~third~~first quarter of fiscal ~~2025~~2026, up 36 percent compared to the same period last year. Adjusted diluted earnings per share for the ~~third~~first quarter of fiscal ~~2025~~2026 was $0.3534, down 53 percent compared to the same period last year. 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 third quarter of fiscal 2025 increased 5 percent compared to the prior year. Organic net sales increased 6 percent with growth in each segment.

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•~~Total~~Net ~~segment~~sales ~~profit~~ for the ~~third~~first quarter of fiscal ~~2025~~2026 ~~decreased~~increased 31 percent. ~~Segment~~Organic ~~profit~~net ~~declined~~sales inincreased ~~each~~2 percent with growth from the Foodservice and International segments and lower organic net sales from the Retail segment.

•~~Retail~~Total segment profit ~~declined~~for in the ~~third~~first quarter of fiscal ~~2025,~~2026 asdecreased ~~robust~~1 ~~net~~percent. ~~sales~~Segment ~~growth~~profit increased in both Foodservice and International and was more than offset by ~~input~~the ~~cost~~decline ~~pressures~~in ~~and~~the ~~higher~~Retail ~~SG&A expenses~~segment.

~~•Foodservice~~◦Retail segment profit ~~decreased~~declined in the ~~third~~first quarter of fiscal ~~2025~~2026, asdue ~~meaningful~~to ~~net~~lower sales, ~~growth~~higher ~~was~~raw ~~more~~material ~~than offset by the rise in commodity~~ input costs, and ~~margin~~higher ~~pressures~~logistics ~~primarily in non-core businesses~~expenses.

~~•International~~◦Foodservice segment profit ~~declined~~increased in the ~~third~~first quarter of fiscal ~~2025~~2026, asdriven ~~meaningful~~primarily ~~net sales growth was more than offset~~ by ~~competitive~~the ~~pressures~~benefit infrom ~~Brazil~~pricing ~~and lower pork offal margins~~actions.

~~•Earnings~~◦International ~~before~~segment ~~income~~profit ~~taxes~~increased ~~for~~in the ~~third~~first quarter of fiscal ~~2025 increased 5 percent~~2026, as ~~the~~lower ~~benefits~~export ~~from~~margins ~~higher net sales and higher interest and investment income~~ were ~~partially~~ offset by ~~higher~~lower ~~input~~SG&A ~~costs.~~and ~~Adjusted~~growth ~~earnings~~in ~~before income taxes decreased 2 percent~~China.

•~~The~~Earnings ~~pre-tax~~before ~~impact~~income oftaxes ~~non-recurring~~for ~~expenses~~the ~~related~~first toquarter ~~the~~of ~~Company’s~~fiscal ~~Transform~~2026 ~~and~~increased ~~Modernize~~7 ~~(T&M)~~percent, ~~initiative~~as in the ~~third~~benefits ~~quarter~~from ofhigher ~~fiscal~~net ~~2025~~sales ~~was~~and the $1423.5 million, ~~most~~gain on the sale of ~~which~~our ~~was~~controlling ~~recorded~~equity interest in ~~SG&A~~Justin's, LLC were partially offset by higher cost of products sold. Adjusted earnings before income taxes decreased 2 percent.

•~~Cash~~The ~~flow~~pre-tax ~~from~~impact ~~operations~~of ~~was~~non-recurring ~~$522~~expenses ~~million~~related ~~for~~to the ~~first~~Company’s ~~nine~~Transform ~~months~~and ofModernize ~~fiscal~~(T&M) ~~2025~~initiative, acorporate 39restructuring ~~percent~~plan, ~~decrease~~and ~~from~~a ~~the~~consulting ~~comparable~~agreement ~~period~~with ofa ~~the~~former ~~prior~~executive ~~year.~~(Consulting ~~The~~Agreement) ~~decline~~ in ~~cash~~the ~~flow~~first ~~from~~quarter ~~operations~~of ~~was~~fiscal ~~primarily~~2026 ~~due~~were to$27.2 amillion, ~~planned~~which ~~inventory~~was ~~build~~primarily recorded in ~~the second and third quarters of fiscal 2025 and elevated commodity market prices~~SG&A.

~~Changes~~•Cash inflow ~~global~~from ~~trade~~operations ~~policies,~~was ~~including~~$349 ~~recently~~million ~~announced~~for ~~tariffs and retaliatory tariffs, did not directly have a material impact on our results of operations during~~ the ~~third~~first quarter ~~or first nine months~~ of fiscal ~~2025. The Company continues to monitor and evaluate the impact of proposed and enacted tariffs~~2026, ~~including~~a ~~proposed~~13 ~~and~~percent ~~enacted~~increase ~~retaliatory~~largely ~~tariffs,~~due ~~and other trade restrictions, as well as our ability~~ to ~~mitigate~~a ~~their~~reduction ~~impacts~~in inventory.

During the first quarter of fiscal 2026, the Company observed increased logistics costs amid a tightening of available freight capacity, largely driven by winter weather disruptions and industry dynamics. Such cost pressures contributed to higher expenses in the first quarter of fiscal 2026. If logistics costs continue to rise or remain elevated, such conditions could increase the Company’s expenses and have an adverse impact on the Company’s results of operations. The Company will continue to monitor these conditions and evaluate any potential impact on future periods.

Changes in global trade policies, including tariffs and retaliatory tariffs, had a minor impact on the Company's results of operations during the first quarter of fiscal 2026. 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 its ability to mitigate their impacts.

Consolidated Results

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

	Quarter Ended					~~Nine Months Ended~~
In thousands, except per share amounts	~~July~~January 2725, ~~2025~~2026		~~July~~January 2826, ~~2024~~2025		%Change	~~July 27, 2025~~		~~July 28, 2024~~		~~%Change~~
Volume (lbs.)	1,~~046~~013,~~590~~764		1,~~018~~055,~~690~~308		2(3.79)	~~3,101,288~~		~~3,180,087~~		~~(2.5)~~
Organic Volume (lbs.)	1,~~046~~013,~~590~~764		1,~~002~~053,~~183~~805		4(3.48)	~~3,101,288~~		~~3,131,065~~		~~(1.0)~~
Net Sales	$	3,~~032~~027,~~876~~317	$	2,~~898~~988,~~443~~813	41.63	$	~~8,920,499~~	$	~~8,782,706~~	~~1.6~~
Organic Net Sales	3,~~032~~027,~~876~~317		2,~~869~~980,~~760~~277		51.76	~~8,920,499~~		~~8,698,914~~		~~2.5~~
Earnings Before Income Taxes	236,514		225,719		4.8	685,076		755,404		(9.3)
Net Earnings Attributable to Hormel Foods Corporation	181,801		170,575		6.6
Net Earnings Attributable to Hormel Foods Corporation	183,742		176,701		4.0	534,334		584,842		(8.6)
Diluted Earnings Per Share	0.33		0.31		6.5
Diluted Earnings Per Share	0.33		0.32		3.1	0.97		1.07		(9.3)
Adjusted Diluted Earnings Per Share	0.34		0.35		(2.9)
Adjusted Diluted Earnings Per Share	0.35		0.37		(5.4)	1.05		1.16		(9.5)

Volume and Net Sales

~~Volume~~Net ~~and~~Sales ~~net sales~~ increased for the ~~third~~first quarter of fiscal ~~2025~~2026 while volume decreased ~~and net sales increased for the first nine months of fiscal 2025~~ compared to the prior year.

For the ~~third~~first quarter of fiscal ~~2025~~2026, organic net sales ~~increased~~growth across the enterprise were led by the Foodservice and International segments offset by declines in ~~each~~the Retail segment. ~~Net~~Strong ~~sales~~performance ~~growth~~in ~~across~~our ~~the~~multinational ~~enterprise~~businesses ~~was~~and ~~driven~~our ~~primarily~~Foodservice customized solutions business, partially offset by the ~~turkey~~strategic ~~portfolio,~~exit ~~Planters®~~from ~~snack~~select ~~nuts,~~non-core ~~the~~private ~~SPAM®~~label ~~family~~snack ofnut ~~products~~items, ~~and~~were the ~~Foodservice~~key ~~customized~~drivers ~~solutions~~of ~~business~~net sales growth.

For the first ~~nine~~quarter ~~months~~ of fiscal ~~2025~~2026, ~~net~~organic ~~sales~~volume increased marginally in ~~each~~the International segment., ~~Net~~was ~~sales~~comparable ~~growth~~to ~~for~~ the ~~first~~prior ~~nine~~year ~~months~~in ofthe ~~fiscal~~Foodservice ~~2025~~segment, ~~was~~and ~~driven~~declined ~~primarily~~in by the ~~turkey~~Retail ~~portfolio~~segment, ~~the~~primarily ~~customized~~driven ~~solutions~~by ~~business,~~ the ~~SPAM®~~strategic ~~family~~exit offrom ~~products,~~select ~~the~~non-core ~~Mexican~~private ~~foods~~label ~~portfolio,~~snack ~~and~~nut ~~the bacon portfolio~~items.

For the third quarter of fiscal 2025, volume grew in the Retail and International segments while organic volume grew in the Foodservice segment. For the first nine months of fiscal 2025, organic volume in the Foodservice segment increased compared to the prior year. Volume increased in the International segment and declined in the Retail segment for the first nine months of fiscal 2025.

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

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In fiscal 2026, the Company expects net sales growth, which assumes growth across a broad range of categories, increased brand support, and market-based pricing actions. Risks to this outlook include slowing consumer demand and commodity price fluctuations.

Cost of Products Sold

Quarter Ended

~~Nine Months Ended~~

In thousands

~~July~~January 2725, ~~2025~~2026

~~July~~January 2826, ~~2024~~2025

%Change

~~July 27, 2025~~

~~July 28, 2024~~

~~%Change~~

Cost of Products Sold

2,~~545~~557,~~567~~742

2,~~410~~513,~~075~~581

51.68

~~7,473,524~~

~~7,281,798~~

~~2.6~~

Cost of products sold for the ~~third~~first quarter of fiscal ~~2025~~2026 increased, primarily due to ~~increased~~higher ~~volume~~logistics expenses and higher commodity input costs, mainly for ~~pork bellies,~~ beef, ~~and nuts. Cost of products sold for the first nine months of fiscal 2025 increased primarily due to higher commodity input costs, mainly for~~ pork ~~bellies~~trim, ~~nuts,~~ and ~~beef~~nuts.

On a per pound basis, cost of products sold for the ~~third~~first quarter ~~and first nine months~~ of fiscal ~~2025~~2026 increased compared to the prior year.

Gross Profit

Quarter Ended

~~Nine Months Ended~~

In thousands

~~July~~January 2725, ~~2025~~2026

~~July~~January 2826, ~~2024~~2025

%Change

~~July 27, 2025~~

~~July 28, 2024~~

~~%Change~~

Gross Profit

~~487~~469,~~309~~575

~~488~~475,~~369~~232

(01.2)

~~1,446,975~~

~~1,500,908~~

~~(3.6)~~

Percent of Net Sales

1615.15

1615.89

~~16.2~~

~~17.1~~

For the ~~third~~first quarter ~~and first nine months~~ of fiscal ~~2025~~2026, gross profit as a percent of net sales declined. ~~For~~as ~~the~~gross ~~third~~profit ~~quarter~~improvement ~~and~~from ~~first~~the ~~nine~~Foodservice ~~months~~segment ofwas ~~fiscal~~more ~~2025,~~than ~~gross~~offset ~~profit~~by asdeclines ain ~~percent~~Retail ofand ~~net sales declined for each segment~~International. All segments benefited from ~~savings~~market-based ~~realized~~pricing asactions ~~part~~and ofsavings generated through the Company’s T&M initiative, inwhich ~~the~~were ~~third~~offset ~~quarter~~by ~~and~~inflationary ~~first nine months of fiscal 2025~~pressures.

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

Selling, General, and Administrative (SG&A)

	Quarter Ended							~~Nine Months Ended~~
In thousands	~~July~~January 2725, ~~2025~~2026			~~July~~January 2826, ~~2024~~2025			%Change	~~July 27, 2025~~			~~July 28, 2024~~			~~%Change~~
SG&A	$	~~258~~241,~~713~~698		$	~~259~~263,~~653~~013		(08.41)	$	~~773,158~~		$	~~766,707~~		~~0.8~~
Percent of Net Sales	8.50		%	98.08		%		~~8.7~~		%	~~8.7~~		%
Adjusted SG&A	$	~~245~~238,~~228~~412		$	~~230~~237,~~373~~481		60.4	$	~~720,366~~		$	~~706,941~~		~~1.9~~
Adjusted Percent of Net Sales	87.19		%	7.9		%		~~8.1~~		%	~~8.0~~		%

For the ~~third~~first quarter of fiscal ~~2025~~2026, SG&A and SG&A as a percent of net sales decreased,. ~~primarily~~The ~~due~~gain toon the sale of the controlling equity interest in Justin’s, LLC and the lapping of ~~prior~~a ~~year~~loss ~~legal~~on ~~expenses~~the ~~which~~sale of a non-core sow operation in fiscal 2025 were partially offset by expenses associated with the corporate restructuring plan and Consulting Agreement. Adjusted SG&A was comparable to the prior year, as a reduction in marketing and advertising was offset by higher employee-related and legal expenses.

~~For~~Advertising investments in the first ~~nine~~quarter ~~months~~ of fiscal ~~2025,~~2026 ~~SG&A~~were ~~increased~~$41 ~~and~~million, ~~SG&A as~~ a ~~percent~~decrease of ~~net~~6 ~~sales~~percent ~~was~~compared ~~comparable~~ to the prior year. ~~Higher~~In ~~employee-related~~fiscal ~~expenses~~2026, ~~increased~~the ~~expenses~~Company ~~related~~intends to ~~the~~continue ~~T&M~~investing ~~initiative,~~in ~~and~~its ~~the~~priority ~~loss~~brands onand for the ~~sale of a non~~full-~~core~~year ~~sow~~advertising ~~operation~~expense ~~were~~to ~~partially~~increase ~~offset~~compared byto the ~~lapping of~~ prior year ~~legal expenses and lower advertising expense~~.

~~Advertising~~Equity ~~investments~~ in ~~the~~Earnings ~~third quarter~~ of fiscal 2025 were $41 million, an increase of 2 percent compared to the prior year. For the first nine months of fiscal 2025, advertising investments were $121 million, a decrease of 6 percent compared to last year. The Company expects advertising investments to decrease in the fourth quarter of fiscal 2025 compared to the prior year. Affiliates


	Quarter Ended
In thousands	January 25, 2026		January 26, 2025		% Change
Equity in Earnings of Affiliates	$	15,820	$	16,111	(1.8)

Equity in earnings of affiliates for the first quarter of fiscal 2026 decreased due to the results of MegaMex Foods, LLC, which were partially offset by favorable results from international investments.

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~~Equity~~Interest inIncome, ~~Earnings~~Interest ofExpense, ~~Affiliates~~and Other Income (Expense), Net

	Quarter Ended					~~Nine Months Ended~~
In thousands	~~July~~January 2725, ~~2025~~2026		~~July~~January 2826, ~~2024~~2025		%Change	~~July 27, 2025~~		~~July 28, 2024~~		~~%Change~~
Equity in Earnings of Affiliates	$	11,153	$	7,977	39.8	$	42,614	$	39,250	8.6
Interest Income	$	6,528	$	7,543	(13.5)
Interest Expense	19,728		19,462		1.4
Other Income (Expense), Net	3,815		1,661		129.6

~~Equity~~Interest inincome ~~earnings~~declined ofin ~~affiliates for~~ the ~~third~~first quarter of fiscal ~~2025~~2026, ~~increased~~primarily due to ~~favorable~~lower ~~results~~interest ~~for~~rates. ~~MegaMex~~Interest ~~Foods,~~expense ~~LLC,~~marginally ~~and~~increased ain ~~modest~~the ~~benefit~~first ~~from~~quarter. ~~international~~Other ~~investments.~~income ~~For~~increased in the first ~~nine~~quarter ~~months~~ of fiscal ~~2025~~2026, ~~equity in earnings of affiliates increased,~~ primarily ~~due~~attributable to ~~favorable~~lower ~~results~~pension ~~for MegaMex Foods, LLC, which were partially offset by the results of international investments~~costs.

Interest and Investment Income and Interest Expense

	Quarter Ended					Nine Months Ended
In thousands	July 27, 2025		July 28, 2024		%Change	July 27, 2025		July 28, 2024		%Change
Interest and Investment Income	$	16,227	$	10,484	54.8	$	27,084	$	43,416	(37.6)
Interest Expense	19,461		21,459		(9.3)	58,438		61,464		(4.9)

Interest and investment income increased for the third quarter of fiscal 2025, primarily due to favorable rabbi trust performance. Interest and investment income decreased for the first nine months of fiscal 2025, primarily due to lower average monthly cash balances and performance from the rabbi trust. Interest expense decreased in the third quarter and first nine months of fiscal 2025, primarily due to the lapping of interest rate swap amortization.

Effective Tax Rate

Quarter Ended

~~Nine Months Ended~~

July 27, 2025

July 28, 2024

July 27, 2025

July 28, 2024

January 25, 2026

January 26, 2025

Effective Tax Rate

22.34

21.78

~~22.1~~

~~22.6~~

The effective tax rate in the ~~third~~first quarter of fiscal ~~2025~~2026 was 22.34% compared to 21.78% for the prior year, primarily due to ~~decreased~~an ~~benefits~~increase ~~from~~in ~~the~~stock ~~purchase~~option ofexpirations ~~federal~~in ~~transferable energy credits. For~~ the first ~~nine~~quarter ~~months~~ of fiscal ~~2025, the Company benefited from increased federal deductions compared to the prior year~~2026. For additional information, refer to Note LM - Income Taxes of the Notes to the Consolidated Financial Statements.

The effective tax rate for fiscal ~~2025~~2026 is expected to be ~~approximately~~between 21.5 and 22.0%5 percent.

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, corporate restructuring plan costs, gains or losses on the sale of businesses, ~~investment~~and ~~income,~~ interest ~~expense,~~and orother ~~interest~~ income and expense 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.

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.


	Quarter Ended
In thousands	January 25, 2026		January 26, 2025		% Change
Net Sales
Retail	$	1,847,806	$	1,890,133	(2.2)
Foodservice	998,227		930,185		7.3
International	181,284		168,495		7.6
Total Net Sales	$	3,027,317	$	2,988,813	1.3

Segment Profit
Retail	$	96,190	$	119,147	(19.3)
Foodservice	156,541		138,826		12.8
International	22,910		20,845		9.9
Total Segment Profit	275,641		278,818		(1.1)
Net Unallocated Expense	41,298		60,700		(32.0)
Noncontrolling Interest	(32)		(45)		30.1
Earnings Before Income Taxes	$	234,312	$	218,073	7.4

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	Quarter Ended					Nine Months Ended
In thousands	July 27, 2025		July 28, 2024		% Change	July 27, 2025		July 28, 2024		% Change
Net Sales
Retail	$	1,858,434	$	1,767,251	5.2	$	5,532,401	$	5,467,078	1.2
Foodservice	986,976		954,021		3.5	2,853,603		2,799,110		1.9
International	187,466		177,171		5.8	534,495		516,517		3.5
Total Net Sales	$	3,032,876	$	2,898,443	4.6	$	8,920,499	$	8,782,706	1.6
Segment Profit
Retail	$	122,566	$	127,932	(4.2)	$	378,847	$	409,836	(7.6)
Foodservice	140,711		142,487		(1.2)	420,170		441,952		(4.9)
International	18,941		21,792		(13.1)	58,193		65,026		(10.5)
Total Segment Profit	282,218		292,211		(3.4)	857,210		916,814		(6.5)
Net Unallocated Expense	45,658		66,526		(31.4)	171,769		161,239		6.5
Noncontrolling Interest	(46)		34		(234.1)	(366)		(170)		(114.7)
Earnings Before Income Taxes	$	236,514	$	225,719	4.8	$	685,076	$	755,404	(9.3)

Retail

	Quarter Ended					~~Nine Months Ended~~
In thousands	~~July~~January 2725, ~~2025~~2026		~~July~~January 2826, ~~2024~~2025		%Change	~~July 27, 2025~~		~~July 28, 2024~~		~~%Change~~
Volume (lbs.)	~~712~~693,~~912~~884		~~680~~736,~~214~~886		4(5.8)	~~2,127,075~~		~~2,170,621~~		~~(2.0)~~
Net Sales	$	1,858,434	$	1,767,251	5.2	$	5,532,401	$	5,467,078	1.2
Organic Volume (lbs.)	693,884		735,472		(5.7)
Segment Profit	122,566		127,932		(4.2)	378,847		409,836		(7.6)
Net Sales	$	1,847,806	$	1,890,133	(2.2)
Organic Net Sales	1,847,806		1,882,212		(1.8)
Segment Profit	96,190		119,147		(19.3)

~~Net~~Organic ~~sales~~volume ~~growth~~and ~~was~~organic ~~wide~~net ~~ranging~~sales indeclined ~~the Retail segment~~ in the ~~third~~first quarter of fiscal ~~2025.~~2026 ~~Meaningful~~compared ~~volume~~to ~~and net sales contributions came from~~ the ~~turkey~~prior ~~portfolio,~~year. ~~Planters®~~Organic ~~snack~~volume ~~nuts,~~ and ~~the~~organic ~~SPAM®~~net ~~family~~sales ofperformance ~~products.~~was ~~Other~~significantly ~~brands~~impacted ~~which~~by ~~grew~~the ~~volume~~strategic ~~and~~exit ~~net~~from ~~sales~~select innon-core ~~the~~private ~~quarter~~label ~~include~~snack ~~Wholly®~~nut ~~guacamole,~~items ~~Hormel®~~and ~~Black~~declines ~~Label®~~in ~~bacon,~~branded ~~Hormel®~~and ~~chili,~~private ~~and~~label ~~Gatherings®~~packaged ~~party~~deli ~~trays~~items. ~~For~~Key ~~the~~priority ~~first~~brands ~~nine~~delivered ~~months~~year-over-year ~~of fiscal 2025,~~ net sales growth ~~for the Retail segment was led by the turkey portfolio~~, ~~the~~including ~~SPAM~~Jennie-O® ~~family~~ground ofturkey ~~products,~~ and ~~the~~Planters® ~~Mexican~~snack ~~foods portfolio~~nuts.

Retail segment profit declined in the ~~third~~first quarter of fiscal ~~2025~~2026, asdue ~~robust~~to ~~net~~lower sales, ~~growth~~higher ~~was~~raw ~~more~~material ~~than offset by~~ input ~~cost~~costs, ~~pressures~~ and higher ~~SG&A~~logistics expenses. ~~For the first nine months of fiscal 2025, segment profit decreased as net sales growth was more than offset by higher input costs.~~

For the fourth quarter of fiscal 2025, Retail segment profit is anticipated to be comparable to the prior year, as the benefit from net sales growth is expected to be offset by higher input costs.

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Foodservice

Quarter Ended

~~Nine Months Ended~~

In thousands

~~July~~January 2725, ~~2025~~2026

~~July~~January 2826, ~~2024~~2025

%Change

~~July 27, 2025~~

~~July 28, 2024~~

~~%Change~~

Volume (lbs.)

~~248~~244,~~540~~419

~~259~~243,~~947~~853

(40.4)2

~~734,988~~

~~777,785~~

~~(5.5)~~

Organic Volume (lbs.)

~~248~~244,~~540~~419

243,~~440~~777

20.13

~~734,988~~

~~728,763~~

~~0.9~~

Net Sales

~~986~~998,~~976~~227

~~954~~930,~~021~~185

37.53

~~2,853,603~~

~~2,799,110~~

~~1.9~~

Organic Net Sales

~~986~~998,~~976~~227

~~925~~929,~~338~~679

6.7.4

~~2,853,603~~

~~2,715,318~~

~~5.1~~

Segment Profit

~~140~~156,~~711~~541

~~142~~138,~~487~~826

(112.2)8

~~420,170~~

~~441,952~~

~~(4.9)~~

Organic ~~volume and organic~~ net sales growth ~~were~~was broad-based in the Foodservice segment in the ~~third~~first quarter of fiscal ~~2025~~2026, ~~with~~primarily ~~significant~~driven ~~contributions~~by ~~from~~strong performance across the customized solutions business, ~~Planters®~~premium ~~snack~~prepared ~~nuts~~proteins, and ~~the~~branded ~~Jennie-O®~~pepperoni, ~~turkey~~while ~~portfolio.~~organic ~~Other~~volume ~~branded~~was flat. Notable products, such as ~~Hormel~~Austin Blues® ~~pepperoni~~smoked meats, Hormel® Fire Braised™® meats, and ~~Café H~~Hormel® ~~globally~~Natural ~~inspired~~Choice® ~~proteins,~~meats delivered strong volume and net sales growth.

~~For~~Segment profit increased for the first ~~nine~~quarter ~~months~~ of fiscal ~~2025~~2026, ~~organic~~primarily ~~net~~driven ~~sales growth in the Foodservice segment was led~~ by the ~~customized~~benefit ~~solutions~~of ~~business,~~pricing ~~the Jennie-O® turkey portfolio~~actions, ~~and~~which ~~premium~~remain ~~prepared~~aligned ~~proteins.~~with ~~Organic~~market ~~volume increased compared to the prior year period~~dynamics.

~~Segment~~The ~~profit~~Foodservice ~~decreased~~segment ~~for~~continued ~~the~~to ~~third~~benefit ~~quarter~~from ofan ~~fiscal~~extensive ~~2025~~range asof ~~meaningful~~solutions-based ~~net~~products, ~~sales~~its ~~growth~~direct-selling ~~was~~organization, ~~more than offset by the rise in commodity input costs~~ and ~~margin~~a ~~pressures,~~diverse ~~primarily~~channel inpresence ~~non-core~~during ~~businesses. For~~ the first ~~nine~~quarter ~~months~~ of fiscal ~~2025, segment profit declined, as net sales growth was more than offset by margin pressures, primarily in non-core businesses~~2026.

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 third quarter and first nine months of fiscal 2025.

For the fourth quarter of fiscal 2025, the Company expects Foodservice segment profit to decrease compared to the prior year, as organic net sales growth is expected to be more than offset by margin pressures, primarily in non-core businesses.

International

	Quarter Ended					~~Nine Months Ended~~
In thousands	~~July~~January 2725, ~~2025~~2026		~~July~~January 2826, ~~2024~~2025		%Change	~~July 27, 2025~~		~~July 28, 2024~~		~~%Change~~
Volume (lbs.)	8575,~~138~~461		7874,~~529~~569		81.42	~~239,225~~		~~231,681~~		~~3.3~~
Net Sales	$	187,466	$	177,171	5.8	$	534,495	$	516,517	3.5
Organic Volume (lbs.)	75,461		74,556		1.2
Segment Profit	18,941		21,792		(13.1)	58,193		65,026		(10.5)
Net Sales	$	181,284	$	168,495	7.6
Organic Net Sales	181,284		168,386		7.7
Segment Profit	22,910		20,845		9.9

~~Strong~~For the International segment, organic volume and organic net sales ~~performance~~grew in the ~~International~~first ~~segment~~quarter ~~was~~of ~~driven~~fiscal by2026. ~~growth~~Organic ~~across~~net ~~the~~sales ~~China~~growth ~~market~~was ~~and~~driven ~~robust~~by ~~exports~~strong ofperformance ~~SPAM® luncheon meat~~ in ~~the~~our ~~third~~multinational ~~quarter~~businesses and ~~first~~branded ~~nine~~exports, ~~months~~led ofby ~~fiscal~~SPAM® ~~2025~~luncheon meat.

International segment profit ~~decreased~~increased in the ~~third~~first quarter of fiscal ~~2025~~2026 aslargely ~~meaningful~~due ~~net~~to ~~sales~~lower ~~growth~~SG&A ~~was~~and ~~more~~growth ~~than offset by competitive pressures~~ in ~~Brazil and lower pork offal margins. For the first nine months of fiscal 2025~~China, ~~segment~~which ~~profit~~were ~~declined,~~partially ~~as net sales growth was more than~~ offset by ~~softness~~lower inexport ~~Brazil~~margins.

~~In the fourth quarter of fiscal 2025, the Company expects International segment profit to decrease compared to the prior year, primarily due to higher input costs and continued softness in Brazil.~~ 25

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Unallocated Income and Expense

Quarter Ended

~~Nine Months Ended~~

In thousands

~~July~~January 2725, ~~2025~~2026

~~July~~January 2826, ~~2024~~2025

~~July 27, 2025~~

~~July 28, 2024~~

Net Unallocated Expense

4541,~~658~~298

6660,~~526~~700

~~171,769~~

~~161,239~~

Noncontrolling Interest

(4632)

34(45)

~~(366)~~

~~(170)~~

For the ~~third~~first quarter of fiscal ~~2025~~2026, net unallocated expense decreased, ~~primarily~~ due to the ~~lapping~~gain ofon ~~prior~~the ~~year~~sale ~~legal~~of ~~expenses. Net unallocated expense increased for~~ the ~~first~~controlling ~~nine~~equity ~~months~~interest ofin ~~fiscal~~Justin’s, ~~2025~~LLC, ~~primarily~~and ~~due~~lapping toa ~~reduced interest income, the~~ loss on the sale of a non-core sow operation, ~~rabbi~~in ~~trust~~fiscal ~~performance, and higher expenses related to the T&M initiative~~2025. These factors were partially offset by expenses associated with the ~~lapping~~corporate ofrestructuring ~~prior~~plan ~~year~~and ~~legal~~Consulting ~~expenses~~Agreement.

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 2726, ~~2024~~2025.

Non-GAAP Measures

This ~~filing~~report 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.

Gain or Loss on Sale of Business

In the first quarter of fiscal 2026, the Company sold 51% of its equity interest in Justin's, LLC, resulting in a gain on the sale. 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~~impacts from ~~the~~these ~~sale,~~sales ~~including~~are ~~transaction costs, is~~ not reflective of the Company’s ongoing operating cost structure, isare not indicative of the Company’s core operating performance, and isare not meaningful when comparing the Company’s operating performance against that of prior periods. Thus, the Company has adjusted for (i.e., excluded) ~~the~~these ~~loss~~impacts.

Legal Matters

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

Litigation Settlements

In fiscal 2025 ~~and 2024~~, the Company entered into a settlement ~~agreements~~agreement with ~~certain~~a ~~plaintiffs~~plaintiff in ~~its~~a pending antitrust litigation. See Note JK - Commitments and Contingencies of the Notes to the Consolidated Financial Statements for additional information.

Corporate Restructuring Plan

In the fourth quarter of fiscal 2025, the Company commenced a corporate restructuring plan, the focus of which is to reduce administrative expenses, improve efficiencies, and align the workforce to the Company’s future needs, while enabling

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continued investment in the Company’s growth. The costs incurred to execute the corporate restructuring plan and the charges incurred under the program are primarily related to severance and employee benefit costs. Because the Company believes the charges incurred under the corporate restructuring plan do not reflect future operating costs and are not meaningful when comparing the Company's operating performance against that of prior periods, the Company adjusts for (i.e., excludes) these impacts. See Note P - Restructuring of the Notes to the Consolidated Financial Statements for additional information.

Consulting Agreement

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

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 provision expense or benefit of each of the pre-tax items excluded from the Company's GAAP results was computed based on the facts and tax implications associated with each item.


	Quarter Ended
In thousands, except per share amounts	January 25, 2026		January 26, 2025
Cost of Products Sold (GAAP)	$	2,557,742	$	2,513,581
Transform and Modernize Initiative(1)	(382)		(186)
Adjusted Cost of Products Sold (Non-GAAP)	$	2,557,360	$	2,513,395





SG&A (GAAP)	$	241,698	$	263,013
Transform and Modernize Initiative(2)	(10,543)		(13,968)
Gain (Loss) on Sale of Business	23,508		(11,324)
Corporate Restructuring Plan	(8,476)		—
Consulting Agreement	(7,775)		—
Litigation Settlements	—		(240)


Adjusted SG&A (Non-GAAP)	$	238,412	$	237,481

Operating Income (GAAP)	$	243,697	$	228,330
Transform and Modernize Initiative(1)(2)	10,925		14,155
(Gain) Loss on Sale of Business	(23,508)		11,324
Corporate Restructuring Plan	8,476		—
Consulting Agreement	7,775		—
Litigation Settlements	—		240


Adjusted Operating Income (Non-GAAP)	$	247,364	$	254,049

Earnings Before Income Taxes (GAAP)	$	234,312	$	218,073
Transform and Modernize Initiative(1)(2)	10,925		14,155
(Gain) Loss on Sale of Business	(23,508)		11,324
Corporate Restructuring Plan	8,476		—
Consulting Agreement	7,775		—
Litigation Settlements	—		240


Adjusted Earnings Before Income Taxes (Non-GAAP)	$	237,979	$	243,791

Provision for Income Taxes (GAAP)	$	52,542	$	47,543
Transform and Modernize Initiative(1)(2)	2,677		3,086
(Gain) Loss on Sale of Business	(5,760)		2,469
Corporate Restructuring Plan	2,077		—
Consulting Agreement	—		—
Litigation Settlements	—		52


Adjusted Provision for Income Taxes (Non-GAAP)	$	51,536	$	53,149

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Organic Volume and Organic Net Sales


	Quarter Ended
In thousands, except per share amounts	January 25, 2026		January 26, 2025

Net Earnings Attributable to Hormel Foods Corporation (GAAP)	$	181,801	$	170,575
Transform and Modernize Initiative(1)(2)	8,248		11,069
(Gain) Loss on Sale of Business	(17,749)		8,855
Corporate Restructuring Plan	6,400		—
Consulting Agreement	7,775		—
Litigation Settlements	—		188


Adjusted Net Earnings Attributable to Hormel Foods Corporation (Non-GAAP)	$	186,475	$	190,687

Diluted Earnings Per Share (GAAP)	$	0.33	$	0.31
Transform and Modernize Initiative(1)(2)	0.01		0.02
(Gain) Loss on Sale of Business	(0.03)		0.02
Corporate Restructuring Plan	0.01		—
Consulting Agreement	0.01		—
Litigation Settlements	—		—


Adjusted Diluted Earnings Per Share (Non-GAAP)	$	0.34	$	0.35

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.


	Quarter Ended
	January 25, 2026		January 26, 2025
SG&A as a Percent of Net Sales (GAAP)	8.0	%	8.8	%
Transform and Modernize Initiative(2)	(0.3)		(0.5)
Gain (Loss) on Sale of Business	0.8		(0.4)
Corporate Restructuring Plan	(0.3)		—
Consulting Agreement	(0.3)		—
Litigation Settlements	—		—


Adjusted SG&A as a Percent of Net Sales (Non-GAAP)	7.9	%	7.9	%

~~The~~(1) Comprised ~~tables~~primarily ~~below~~of ~~show~~asset ~~the~~write-offs ~~calculations~~and toseverance ~~reconcile~~related ~~from the GAAP measures~~ to ~~the~~supply ~~non-GAAP~~chain ~~measures~~and ~~presented~~portfolio ~~in this Quarterly Report on Form 10-Q~~optimization. ~~The tax impacts were calculated using the effective tax rate for the quarter in which the transactions occurred.~~

	Quarter Ended				Nine Months Ended
In thousands, except per share amounts	July 27, 2025		July 28, 2024		July 27, 2025		July 28, 2024
Cost of Products Sold (GAAP)	$	2,545,567	$	2,410,075	$	7,473,524	$	7,281,798
Transform and Modernize Initiative(1)	(1,010)		(1,226)		(3,973)		(4,646)
Adjusted Cost of Products Sold (Non-GAAP)	$	2,544,557	$	2,408,848	$	7,469,551	$	7,277,152
SG&A (GAAP)	$	258,713	$	259,653	$	773,158	$	766,707
Transform and Modernize Initiative(2)	(13,485)		(12,280)		(41,228)		(31,016)
Loss on Sale of Business	—		—		(11,324)		—
Litigation Settlements	—		(17,000)		(240)		(28,750)
Adjusted SG&A (Non-GAAP)	$	245,228	$	230,373	$	720,366	$	706,941
Operating Income (GAAP)	$	239,748	$	236,693	$	716,430	$	773,452
Transform and Modernize Initiative(1)(2)	14,496		13,506		45,202		35,663
Loss on Sale of Business	—		—		11,324		—
Litigation Settlements	—		17,000		240		28,750
Adjusted Operating Income (Non-GAAP)	$	254,244	$	267,200	$	773,196	$	837,864
Earnings Before Income Taxes (GAAP)	$	236,514	$	225,719	$	685,076	$	755,404
Transform and Modernize Initiative(1)(2)	14,496		13,506		45,202		35,663
Loss on Sale of Business	—		—		11,324		—
Litigation Settlements	—		17,000		240		28,750
Adjusted Earnings Before Income Taxes (Non-GAAP)	$	251,010	$	256,225	$	741,842	$	819,816
Provision for Income Taxes (GAAP)	$	52,818	$	48,984	$	151,107	$	170,733
Transform and Modernize Initiative(1)(2)	3,233		2,931		9,960		8,009
Loss on Sale of Business	—		—		2,469		—
Litigation Settlements	—		3,689		52		6,333
Adjusted Provision for Income Taxes (Non-GAAP)	$	56,051	$	55,603	$	163,588	$	185,074
Net Earnings Attributable to Hormel Foods Corporation (GAAP)	$	183,742	$	176,701	$	534,334	$	584,842
Transform and Modernize Initiative(1)(2)	11,263		10,575		35,242		27,654
Loss on Sale of Business	—		—		8,855		—
Litigation Settlements	—		13,311		188		22,417
Adjusted Net Earnings Attributable to Hormel Foods Corporation (Non-GAAP)	$	195,005	$	200,588	$	578,620	$	634,913
Diluted Earnings Per Share (GAAP)	$	0.33	$	0.32	$	0.97	$	1.07
Transform and Modernize Initiative(1)(2)	0.02		0.02		0.06		0.05
Loss on Sale of Business	—		—		0.02		—
Litigation Settlements	—		0.02		—		0.04
Adjusted Diluted Earnings Per Share (Non-GAAP)	$	0.35	$	0.37	$	1.05	$	1.16

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	Quarter Ended				Nine Months Ended
	July 27, 2025		July 28, 2024		July 27, 2025		July 28, 2024
SG&A as a Percent of Net Sales (GAAP)	8.5	%	9.0	%	8.7	%	8.7	%
Transform and Modernize Initiative(2)	(0.4)		(0.4)		(0.5)		(0.4)
Loss on Sale of Business	—		—		(0.1)		—
Litigation Settlements	—		(0.6)		—		(0.3)
Adjusted SG&A as a Percent of Net Sales (Non-GAAP)	8.1	%	7.9	%	8.1	%	8.0	%
Operating Margin (GAAP)	7.9	%	8.2	%	8.0	%	8.8	%
Transform and Modernize Initiative(1)(2)	0.5		0.5		0.5		0.4
Loss on Sale of Business	—		—		0.1		—
Litigation Settlements	—		0.6		—		0.3
Adjusted Operating Margin (Non-GAAP)	8.4	%	9.2	%	8.7	%	9.5	%

(1) Comprised primarily of equipment relocation expenses, severance, and asset write-offs 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
	July 27, 2025			July 28, 2024
In thousands		GAAP			GAAP		Divestiture		Non-GAAP Organic		Non-GAAP% Change
Volume (lbs.)
Retail		712,912			680,214		—		680,214		4.8
Foodservice		248,540			259,947		(16,507)		243,440		2.1
International		85,138			78,529		—		78,529		8.4
Total Volume (lbs.)		1,046,590			1,018,690		(16,507)		1,002,183		4.4
Net Sales
Retail		$	1,858,434		$	1,767,251	$	—	$	1,767,251	5.2
Foodservice		986,976			954,021		(28,683)		925,338		6.7
International		187,466			177,171		—		177,171		5.8
Total Net Sales		$	3,032,876		$	2,898,443	$	(28,683)	$	2,869,760	5.7

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

Nine Months Ended

Quarter Ended

July 27, 2025

July 28, 2024

January 25, 2026

January 26, 2025

In thousands

GAAP

Divestiture

Non-GAAP Organic

Non-GAAP% Change

Volume (lbs.)

Retail

2693,~~127,075~~884

2736,~~170,621~~886

—(1,413)

2735,~~170,621~~472

(25.07)

Foodservice

~~734~~244,~~988~~419

~~777~~243,~~785~~853

(~~49,023~~77)

~~728~~243,~~763~~777

0.93

International

~~239~~75,~~225~~461

~~231~~74,~~681~~569

—(13)

~~231~~74,~~681~~556

31.32

Total Volume (lbs.)

31,~~101~~013,~~288~~764

31,~~180~~055,~~087~~308

(491,~~023~~503)

31,~~131~~053,~~065~~805

(13.08)

Net Sales

Retail

51,~~532~~847,~~401~~806

51,~~467~~890,~~078~~133

—(7,921)

51,~~467~~882,~~078~~212

(1.28)

Foodservice

2998,~~853,603~~227

2930,~~799,110~~185

(~~83,792~~506)

2929,~~715,318~~679

57.14

International

~~534~~181,~~495~~284

~~516~~168,~~517~~495

—(109)

~~516~~168,~~517~~386

37.57

Total Net Sales

83,~~920~~027,~~499~~317

82,~~782~~988,~~706~~813

(838,~~792~~536)

82,~~698~~980,~~914~~277

21.56

2928

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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

	Nine Months Ended
	Quarter Ended
In thousands	~~July~~January 2725, ~~2025~~2026		~~July~~January 2826, ~~2024~~2025
Cash and Cash Equivalents at End of Period	$	~~599~~867,~~189~~906	$	~~537~~840,~~476~~398
Cash Provided by (Used in) Operating Activities	~~522~~349,~~345~~214		~~858~~309,~~117~~206
Cash Provided by (Used in) Investing Activities	~~(204~~7,~~991)~~948		(~~176~~60,~~899~~333)
Cash Provided by (Used in) Financing Activities	(~~455~~162,~~884~~433)		(~~879~~143,~~823~~063)
Increase (Decrease) in Cash and Cash Equivalents	~~(142~~197,~~692)~~228		~~(199~~98,~~057)~~516

Cash and cash equivalents ~~decreased~~increased $~~143~~197 million ~~during the first nine months of fiscal 2025 as the Company utilized cash on hand to make additional purchases of inventory~~ and ~~capital~~$99 ~~assets~~million asduring ~~well as fund dividend payments. During~~ the first ~~nine~~three months of fiscal ~~2024,~~2026 ~~cash~~ and ~~cash~~fiscal ~~equivalents decreased $199 million primarily as a result of the Company repaying a portion of long-term debt by using existing cash on hand~~2025, ~~partially offset by proceeds received from issuing debt~~respectively. Cash provided by operating activities was sufficient to cover dividend payments and capital expenditures ~~during~~in ~~the~~both ~~first nine months of fiscal 2024~~years. 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 impacted by changes in operating assets and liabilities ~~and lower net earnings~~.

–Inventory ~~increased~~decreased $~~247~~91 million during the first ~~nine~~three months of fiscal ~~2025~~2026 compared to a decrease of $3156 million in the comparable period of the prior year. The ~~increase~~decrease in inventory during fiscal ~~2025~~2026 was driven by ~~intentional~~holiday ~~seasonal~~sales and ~~promotional~~lower ~~inventory~~raw ~~build,~~material ~~recovery~~markets ofcompared ~~snack~~to ~~nuts inventory levels following~~ the ~~production~~end ~~disruptions~~of atfiscal ~~the Suffolk, Virginia manufacturing facility, and increased raw material costs~~2025. The decrease in inventory during fiscal ~~2024~~2025 was ~~due~~primarily todriven benefits in supply chain processes associated with the Company's T&M initiative as well as the impact of production disruptions at the Suffolk, Virginia manufacturing facility. These reduced levels of inventory were partially offset by ~~higher~~holiday ~~levels~~sales ofand constrained turkey ~~on hand in fiscal 2024~~inventories.

–Accounts ~~payable~~receivable ~~and accrued expenses~~ decreased $~~100~~91 million and $9557 million during the first ~~nine~~three months of fiscal ~~2025~~2026 and fiscal ~~2024~~2025, respectively~~. The decrease during fiscal 2025 was driven by the general timing of payments~~, ~~annual~~primarily ~~incentive~~due ~~payments,~~to ~~and~~lower ~~legal~~sales ~~settlements.~~compared ~~The decrease during fiscal 2024 was due~~ to the ~~general~~fourth ~~timing~~quarter of ~~payments,~~each ~~feed~~respective ~~and~~prior ~~livestock deferral payments, and annual incentive payments, which were partially offset by higher accruals for marketing and legal expenses~~year.

–~~Accounts~~Net ~~receivable~~income ~~decreased~~taxes ~~$54~~payable ~~million~~benefited ~~and~~from ~~$89 million during~~ the ~~first~~receipt ~~nine months~~ of ~~fiscal~~a ~~2025~~$38 ~~and~~million ~~fiscal~~federal ~~2024,~~income ~~respectively,~~tax ~~primarily~~refund ~~due~~in tofiscal ~~lower sales compared to the fourth quarter of each respective prior year~~2026.

–Accounts payable and accrued expenses decreased $97 million and $56 million during the first three months of fiscal 2026 and fiscal 2025, respectively. These decreases were driven by annual incentive payments and livestock and feed deferral payments, which were partially offset by higher marketing accruals. The decrease in fiscal 2026 was also due to the general timing of invoice payments.

Cash Provided by (Used in) Investing Activities

•Capital expenditures were $~~219~~69 million and $~~173~~72 million during the first ~~nine~~three months of fiscal ~~2025~~2026 and fiscal ~~2024~~2025, respectively. The largest ~~project~~projects during ~~both~~fiscal ~~years~~2026 ~~was~~were ~~for~~related to capacity expansion at the ambient meat snack facility in Jiaxing, China, and investments in data and technology. Significant projects during fiscal 2025 included the transition from harvest to value-added capacity for Hormel® Fire Braised® products and Applegate® products at the Company's facility in Barron, Wisconsin., ~~Other significant projects included investments in data~~ and ~~technology~~equipment ~~during~~upgrades ~~fiscal~~for ~~2025~~chili ~~and~~production ~~investment~~ in ~~wastewater infrastructure to support operations in Austin~~Beloit, ~~Minnesota during fiscal 2024~~Wisconsin.

•Proceeds from the sale of business were $~~13.1~~79 million during the first ~~nine~~three months of fiscal 2026, from the sale of the Company’s controlling equity interest in Justin's, LLC, and were $14 million in the first three 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

•Cash dividends paid to the Company’s shareholders totaled $~~474~~160 million during the first ~~nine~~three months of fiscal ~~2025~~2026, compared to $~~460~~155 million in the comparable period of fiscal ~~2024~~2025.

•Proceeds from the exercise of stock options were $24 million in the first nine months of fiscal 2025, compared to $34 million in the first nine months of fiscal 2024.

•The Company paid $950 million of its senior unsecured notes upon maturity on June 3, 2024.

•Proceeds from the issuance of long-term debt were $498 million in fiscal 2024, due to the Company's issuance of senior unsecured notes with an aggregate principal amount of $500 million.

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 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.

30The 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 expects to continue optimizing its portfolio through acquisitions and divestitures that align with its strategic priorities. The Company maintains multiple liquidity sources, including its ability to issue debt, which supports strategic investments and acquisitions.

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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 ~~388~~390 consecutive quarterly dividends since becoming a public company in 1928. ~~The~~On November 24, 2025, the Board of Directors ~~approved~~authorized ana ~~increased~~quarterly ~~annual~~ dividend ~~rate~~ for ~~fiscal~~the ~~2025,~~first ~~raising~~quarter itof tofiscal ~~$1.16~~2026, ~~per~~of ~~share from~~ $10.132925 per share, ~~representing~~a ~~the~~1% ~~59th~~increase ~~consecutive~~from ~~annual~~the ~~dividend~~prior ~~increase~~year.

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~~2026 are expected to focus on projects related to ~~value-added capacity~~infrastructure, ~~infrastructure~~new data and technology, and ~~new~~equipment ~~technology~~upgrades. Capital expenditures for fiscal ~~2025~~2026 are estimated to be ~~approximately~~$260 million to $~~300~~290 million.

Debt

As of ~~July~~January 2725, ~~2025~~2026, the Company’s outstanding debt included an aggregate of $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 ~~nine~~three months of fiscal ~~2025~~2026, the Company made $6125 million of interest payments and the Company expects to make an additional $1249 million of interest payments ~~during~~in fiscal ~~2025~~2026 on these notes. See Note KL - 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 ~~July~~January 2725, ~~2025~~2026, the Company had no outstanding borrowings ~~from~~under 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 ~~July~~January 2725, ~~2025~~2026, 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 ~~July~~January 2725, ~~2025~~2026, the Company’s international subsidiaries held $~~185~~214 million of cash and cash equivalents. During the ~~third~~first quarter of fiscal ~~2025~~2026, the Company repatriated $4421 million in cash from an international ~~subsidiary~~subsidiaries ~~and~~with ~~recognized~~a ~~foreign withholding taxes on the~~ one-time distribution. 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 ~~nine~~three months of fiscal ~~2025~~2026. 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 2726, ~~2024~~2025.

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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.

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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 2726, ~~2024~~2025.

FORWARD-LOOKING STATEMENTS

This report contains “forward-looking” ~~information~~statements, ~~within~~which are based on the ~~meaning~~Company's ofcurrent assumptions and expectations. These statements are typically accompanied by the ~~federal~~words ~~securities~~"aim," ~~laws~~"anticipate," "believe," "could," “estimate,” "expect," “intend,” "may," "might," “plan,” “project,” "seek," “target,” "will," "would," or similar words or expressions. The “principal forward-looking” ~~information~~statements ~~may~~in this report include statements ~~concerning~~regarding the Company’'s: future financial and operational performance, fiscal 2026 outlook, expectations regarding commodity markets and raw material costs, intentions regarding future dividends, expectations regarding the Company's strategic initiatives, including the Transform and Modernize initiative and the Company's recent corporate restructuring plan, expectations for the ~~future~~adequacy asof ~~well~~and ascosts ~~other~~associated ~~statements~~with the Company's sources of ~~beliefs~~liquidity, ~~future~~expected ~~plans~~compliance with debt covenants, ~~strategies~~expectations regarding its contractual obligations and liabilities, orexpectations ~~anticipated~~regarding ~~events~~the impact of new accounting pronouncements, expected contributions and ~~similar~~payments ~~expressions~~related ~~concerning~~to ~~matters~~its ~~that~~pension ~~are~~plan, ~~not~~expectations ~~historical~~regarding ~~facts~~the return on plan assets, expectations regarding the timing and recognition of compensation expenses, and expectations regarding the outcome of, and adequacy of its reserves for, claims, litigation, and the resolution of tax matters.

~~The~~All such forward-looking statements are intended to enjoy the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, (as amended. Although the ~~Reform~~Company ~~Act)~~believes ~~provides~~there is a ~~“safe~~reasonable ~~harbor”~~basis for the forward-looking statements, toits ~~encourage~~actual ~~companies~~results tocould ~~provide~~be ~~prospective~~materially ~~information~~different. The most important factors that could cause the Company's isactual ~~filing~~results ~~this~~to ~~cautionary~~differ ~~statement~~from inits ~~connection~~forward-looking statements include, but are not limited to, risks related to the deterioration of economic conditions; risks related to acquisitions, joint ventures, equity investments, and divestitures; risks and uncertainties associated with intangible assets, including any future goodwill or intangible assets impairment charges; the ~~Reform~~risk ~~Act.~~of ~~When~~disruption ~~used~~of inoperations; ~~this~~the ~~Quarterly~~risk ~~Report~~that onthe ~~Form 10-Q~~Company may fail to realize anticipated cost savings or operating profit improvements associated with strategic initiatives, including the Transform and Modernize initiative and the Company’'s ~~Annual~~recent ~~Report~~corporate restructuring plan; risk of unfavorable changes in the Company's relationships with third parties; risk of the Company's inability to ~~Stockholders~~protect information technology (IT) systems against, or effectively respond to, cyberattacks, security breaches or other ~~filings~~IT byinterruptions; labor relations and labor availability risks; food safety risks; fluctuations in commodity prices and availability of raw materials and other inputs; fluctuations in market demand for the Company's ~~with~~products; risks related to the ~~Securities~~Company's ~~and~~ability ~~Exchange~~to ~~Commission,~~respond to changing consumer preferences; damage to the Company’'s ~~press~~reputation ~~releases~~or brand image; risks of litigation; risks associated with government regulation; risks related to trade policies, export and ~~oral~~import ~~statements~~controls, ~~made~~and bytariffs; and the other risks and uncertainties described in Item 1A – Risk Factors of the Company’s ~~representatives,~~Annual Report on Form 10-K for the ~~words~~fiscal oryear ~~phrases~~ended ~~“should~~October ~~result~~26,” ~~“believe,”~~2025. ~~“intend,”~~Though ~~“plan,”~~the ~~“are~~Company ~~expected~~has attempted to,” ~~“targeted,”~~list ~~“will~~comprehensively ~~continue,”~~these ~~“will~~important ~~approximate,”~~cautionary ~~“is~~risk ~~anticipated~~factors,” ~~“estimate,”~~the ~~“project,”~~Company orcautions ~~similar~~that ~~expressions~~other ~~are~~factors ~~intended~~may in the future prove to ~~identify~~be ~~forward-looking~~important ~~statements~~in ~~within~~affecting the ~~meaning~~Company’s ofbusiness ~~the~~or ~~Reform~~results ~~Act~~of operations. ~~Such~~Forward-looking statements ~~are~~speak ~~subject~~only toas ~~certain~~of ~~risks~~the date they are made, and ~~uncertainties~~the ~~that~~Company ~~could~~does ~~cause~~not ~~actual~~undertake ~~results~~any obligation to ~~differ~~update ~~materially~~any ~~from~~forward-looking ~~historical~~statement ~~results~~except ~~and~~as ~~those~~otherwise ~~anticipated~~required orby ~~projected~~law.

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,

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including the production disruption at the Suffolk, Virginia, facility, food-specific laws or regulations, or outbreaks of disease 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 concentration of credit risk, among others. The Company may use derivative financial and commodity instruments to manage these risks and does not enter into these instruments for trading or speculative purposes. There have been no material changes in the Company's market risk as disclosed in its Annual Report on Form 10-K for the fiscal year ended October 26, 2025 except as noted below.

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 hedging 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 ~~July~~January 2725, ~~2025~~2026, was $714.~~4 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 July 27, 2025, by $26.4 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 July 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 hypothetical 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 July 27, 2025, by $65.9 million. A 10 percent increase would have negatively impacted the long-term debt by $61.2 million.31

~~Foreign~~Table ~~Currency Exchange Rate Risk: The fair values~~ of certain Company assets and liabilities are subject to fluctuations in foreign currency exchange rates. The Company’s net asset position in foreign currencies was $1.1 billion as of July 27, 2025, and $1.2 billion as of October 27, 2024, with most of the exposure existing in Indonesian rupiah, Chinese yuan, and Brazilian real. The Company does not use market risk sensitive instruments to manage this risk.Contents

~~Investment Risk: The~~ Company ~~has~~measures ~~corporate-owned~~its ~~life~~market ~~insurance~~risk ~~policies~~exposure ~~classified~~on asits ~~trading~~cash ~~securities~~flow ascommodity ~~part~~contracts ofusing a ~~rabbi~~sensitivity ~~trust~~analysis, towhich ~~fund~~considers ~~certain~~a ~~supplemental~~hypothetical ~~executive~~10 ~~retirement~~percent ~~plans~~change ~~and~~in ~~deferred income plans. As of July 27, 2025,~~ the ~~balance~~market ~~of these securities totaled $215~~prices.0 ~~million~~A ~~compared~~10 topercent ~~$209.7~~decrease ~~million as of October 27, 2024. The rabbi trust is invested primarily~~ in ~~fixed~~the ~~income funds. The Company is subject to~~ market ~~risk~~price ~~due~~would tohave ~~fluctuations~~negatively inimpacted the fair value of the ~~remaining investments as unrealized gains and losses associated with these securities are included in the~~ Company’s ~~net~~cash ~~earnings~~flow oncommodity acontracts ~~mark-to-market~~as ~~basis.~~of AJanuary ~~hypothetical~~25, 102026, ~~percent~~by ~~decline~~$32.4 inmillion, ~~the~~which ~~value of the investments not held~~ in ~~fixed~~turn ~~income funds~~ would have ~~negatively~~lowered ~~impacted~~ the Company’s ~~pre-tax~~future ~~earnings~~cost byon ~~approximately~~purchased ~~$10.7~~commodities ~~million,~~by ~~while~~ a 10similar ~~percent increase in value would have a positive impact of the same~~ amount.

~~Concentration~~Interest ofRate ~~Credit~~ Risk: The Company is ~~exposed~~subject to ~~credit~~interest rate risk primarily from ~~its~~changes ~~customers~~in fair value of long-term fixed rate debt. The Company’s ~~regularly~~long-term ~~assesses~~debt ~~the~~had ~~credit~~a ~~worthiness~~fair value of $2.5 billion as of January 25, 2026. The Company measures its ~~customers~~market risk exposure of long-term fixed rate debt using a sensitivity analysis, which considers a hypothetical 10 percent change in interest rates. As of ~~July~~January 2725, ~~2025~~2026, ~~and~~a ~~October~~10 ~~27,~~percent ~~2024,~~decrease ~~one~~in ~~customer~~interest ~~accounted~~rates ~~for~~would ~~more~~have ~~than~~positively impacted the fair value of the Company’s long-term debt by $60.9 million. A 10 percent ofincrease ~~net~~would ~~accounts~~have ~~receivable~~negatively impacted the long-term debt by $56.5 million.

Foreign Currency Exchange Rate Risk: The fair values of certain Company assets and liabilities are subject to fluctuations in foreign currency exchange rates. The Company’s net asset position in foreign currencies was $0.8 billion as of January 25, 2026, with most of the exposure existing in Chinese yuan, Indonesian rupiah, and Philippine peso. The Company 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. 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 of January 25, 2026, the balance of these securities totaled $222.4 million. A hypothetical 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 $10.8 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 January 25, 2026, one customer accounted for more than 10 percent 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 Interim Chief Executive Officer and the Interim Chief Financial Officer and Controller, 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 Interim Chief Executive Officer and Interim Chief Financial Officer and Controller 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 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 Interim Chief Executive Officer and Interim Chief Financial Officer and Controller, as appropriate, to allow timely decisions regarding required disclosure.

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and procedures were effective to provide reasonable assurance the information the Company is required to disclose in 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~~Implementation ~~implementations~~is ~~are~~ expected to ~~continue~~be ~~over~~completed ~~the~~in ~~next~~fiscal ~~several years~~2026. 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.

~~There~~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) induring the ~~third~~first quarter of fiscal ~~2025~~2026 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

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PART II - OTHER INFORMATION

Item 1. LEGAL PROCEEDINGS

Information regarding legal proceedings is available in Note JK - 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 2726, ~~2024~~2025.

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

There were no issuer purchases of equity securities in the quarter ended ~~July~~January 2725, ~~2025~~2026. 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 ~~July~~January 2725, ~~2025~~2026, 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 ~~July~~January 2725, ~~2025~~2026, 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.

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Item 6. EXHIBITS

10.1(1)			Employment Agreement, dated as of June 20, 2025, between Hormel Foods Corporation and Jeffrey Ettinger.
10.2(1)			Employment Agreement, dated as of June 20, 2025, between Hormel Foods Corporation and John Ghingo.
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 ~~July~~January 2725, ~~2025~~2026, 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 ~~July~~January 2725, ~~2025~~2026, formatted in Inline XBRL (included as Exhibit 101).
(1)			Management contract or compensatory plan or arrangement.

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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: August 28, 2025	By:	/s/ JACINTH C. SMILEY
Date: February 26, 2026	By:	/s/ PAUL R. KUEHNEMAN
		JACINTH C. SMILEY
		Executive Vice President and Chief Financial Officer
		(Principal Financial Officer)
Date: August 28, 2025	By:	/s/ PAUL R. KUEHNEMAN
		PAUL R. KUEHNEMAN
		Vice President and Controller
		Interim Chief Financial Officer and Controller
		(Principal Accounting Officer)
		(Duly Authorized Officer and Principal Financial and Accounting Officer)

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