Hormel Foods (HRL) FY2025 10-K Annual Report
Hormel Foods (HRL) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Dec 5, 2025. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Hormel Foods FY2025 10-K Analysis
Business Overview
- • Core business model focuses on branded packaged foods and related consumer products
- • No new products, services, or segments introduced or emphasized in FY 2025 filing
- • Interim CEO Jeffrey M. Ettinger appointed, indicating leadership transition during FY 2025
- • Equity compensation plans include 18.3 million securities outstanding with weighted-average exercise price $38.10
- • Noteworthy adoption of a $750 million credit agreement dated March 25, 2025, supporting financial flexibility
Management Discussion & Analysis
- • Revenue $12.1B, up 2% YoY driven by Retail, Foodservice, and International segments
- • Operating income $719M (Non-GAAP), down 11%; operating margin 15.6% vs 17.0% YoY; net earnings $478M GAAP, down 41%, adjusted net earnings $755M, down 13%
- • Best segment: Retail profit $425M GAAP (declined 24%); Worst segment: International loss $(80M) GAAP vs $92M profit prior year, impaired by $164M equity investment charge
- • Operating cash flow $845M; capex $311M including capacity expansions and technology investments; dividends $633M, 1% increase in annualized dividend to $1.17/share; no share repurchases in FY25
- • Fiscal 2026 guidance: organic net sales growth 1%-4%; adjusted diluted EPS $1.43-$1.51; risks include inflationary pressures, macroeconomic weakness, and commodity price volatility
Risk Factors
- • Impairment charge $163.7M on Garudafood equity investment indicating risks in acquisitions and foreign joint ventures
- • Exposure to U.S. tariffs and retaliatory trade barriers increasing key input costs and supply chain uncertainty
- • Fire at Little Rock peanut butter facility in Q4 fiscal 2025 disrupted production and highlighted operational vulnerability
- • Competition from private label, alternative meat, and plant-based protein producers impacting sales, margins, and market share
- • Customer concentration risk with Walmart representing 16% of fiscal 2025 sales, loss could materially impact revenue
Hormel Foods FY2025 Key Financial MetricsXBRL
Revenue
$12.1B
▲ +1.6% YoY
Net Income
$478M
▼ -40.6% YoY
Gross Margin
15.6%
▼ -134bp YoY
Operating Margin
5.9%
▼ -302bp YoY
Net Margin
4.0%
▼ -280bp YoY
ROE
6.1%
▼ -402bp YoY
Total Assets
$13.4B
▼ -0.3% YoY
EPS (Diluted)
$0.87
▼ -40.8% YoY
Operating Cash Flow
$845M
▼ -33.3% YoY
Source: XBRL data from Hormel Foods FY2025 10-K filing on SEC EDGAR. All figures in USD.
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