Hormel Foods (HRL) Q1 FY2026 earnings: revenue $3.0 billion, up 1.3% on the year

Hormel Foods Corp. (HRL) reported revenue of $3.0 billion for Q1 FY2026, the quarter ended 25 January 2026, up 1.3% on the same quarter a year earlier. Net income was $182 million, up 6.6% on the year, and diluted earnings per share $0.33. The figures are the company's own, from the 10-Q it filed with the SEC on 26 February 2026.

Revenue

$3.0 billion

+1.3% on the year · -5.0% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

8.0%

7.6% a year earlier

Q2 FY2024Q1 FY2026

Net income

$182 million

+6.6% on the year

Q2 FY2024Q1 FY2026

Diluted EPS

$0.33

+6.5% on the year

Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 raised, 1 new, 4 kept.

Net sales rose on organic growth: Net sales were $3.03 billion, up 1.3%. Organic net sales rose 2%, the fifth consecutive quarter of organic net sales growth, excluding the Justin's sale.
Diluted EPS up, adjusted EPS down: Diluted EPS was $0.33 against $0.31. Adjusted diluted EPS was $0.34 against $0.35, after excluding the Justin's gain and restructuring, consulting and transformation costs.
Retail volume and profit fell: Retail organic volume fell 6% and organic net sales fell 2%; segment profit fell 19%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	3,027	3,186	2,989	-5.0%	+1.3%
Cost of revenue	2,558	2,741	2,514	-6.7%	+1.8%
Gross profit	470	445	475	+5.6%	-1.2%
Gross margin	15.5%	14.0%	15.9%
Selling, general and administrative	242	223	263	+8.2%	-8.1%
Operating income	244	2.2	228	+11,114.8%	+6.7%
Operating margin	8.0%	0.1%	7.6%
Interest expense	19.7	19.6	19.5	+0.7%	+1.4%
Pre-tax income	234	-21.6	218		+7.4%
Income tax	52.5	34.6	47.5	+52.0%	+10.5%
Effective tax rate	22.4%	n/a	21.8%
Net income	182	-56.1	171		+6.6%
Net margin	6.0%	-1.8%	5.7%
Diluted EPS	$0.33	-$0.10	$0.31		+6.5%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	349	323	309	+8.1%	+12.9%
Capital expenditure	69.0	91.5	72.2	-24.6%	-4.4%
Free cash flow	280	231	237	+21.1%	+18.2%
Free cash flow margin	9.3%	7.3%	7.9%
Cash from investing	7.9	-93.6	-60.3
Cash from financing	-162	-158	-143
Depreciation and amortisation	67.1	69.4	65.9	-3.3%	+1.9%
Share-based compensation	6.9	4.2	5.5	+64.2%	+26.9%
Dividends paid	160	160	155	+0.0%	+2.9%
Dividend per share	$0.29	n/a	$0.29		+0.9%
Diluted shares, weighted	551m	551m	550m	+0.0%	+0.2%
Shares outstanding at period end	550m	550m	550m	+0.0%	+0.1%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	7,938	7,901	8,028	+0.5%	-1.1%
Non-controlling interest	14.7	14.6	10.1	+0.4%	+45.6%
Debt	2,857	2,857	2,857	+0.0%	+0.0%
Operating lease liabilities	n/a	133	n/a
Finance lease liabilities	n/a	17.0	n/a
Other liabilities	2,506	2,470	2,508	+1.5%	-0.1%
Total liabilities and equity	13,316	13,393	13,403	-0.6%	-0.6%
Goodwill	4,889	4,924	4,917	-0.7%	-0.6%
Intangible assets	1,588	1,647	1,728	-3.6%	-8.1%
Investments	33.3	32.9	26.0	+1.2%	+28.0%
Cash and equivalents	868	671	840	+29.4%	+3.3%
Receivables	696	785	768	-11.3%	-9.3%
Inventory	1,647	1,747	1,517	-5.7%	+8.6%
Other assets	3,595	3,586	3,608	+0.3%	-0.4%
Total assets	13,316	13,393	13,403	-0.6%	-0.6%

Questions

What was Hormel Foods' revenue in Q1 FY2026?

Hormel Foods (HRL) reported revenue of $3.0 billion for Q1 FY2026, the quarter ended 25 January 2026, up 1.3% on the same quarter a year earlier.

How much did Hormel Foods earn in Q1 FY2026?

Net income for Q1 FY2026 was $182 million, up 6.6% on the year, and diluted earnings per share $0.33.

When did Hormel Foods report Q1 FY2026 results?

Hormel Foods filed its 10-Q for the quarter ended 25 January 2026 with the SEC on 26 February 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	3,455	3,044	3,097	3,034	3,283	2,971	2,978	2,963	3,198	2,997	2,887	2,898	3,138	2,989	2,899	3,033	3,186	3,027	2,973	2,961
Cost of revenue	2,877	2,506	2,543	2,528	2,717	2,475	2,486	2,465	2,684	2,488	2,384	2,410	2,617	2,514	2,414	2,546	2,741	2,558	2,454	2,490
Gross profit	578	539	553	506	566	496	491	498	514	509	504	488	521	475	484	487	445	470	519	472
Gross margin	17%	18%	18%	17%	17%	17%	17%	17%	16%	17%	17%	17%	17%	16%	17%	16%	14%	16%	17%	16%
SG&A	230	226	225	222	206	222	212	291	217	240	267	260	239	263	251	259	223	242	319	324
Operating income	358	320	335	291	367	289	296	217	270	284	252	237	294	228	248	240	2.2	244	217	111
Operating margin	10%	11%	11%	10%	11%	10%	10%	7%	8%	9%	9%	8%	9%	8%	9%	8%	0%	8%	7%	4%
Interest expense	15.6	14.6	14.7	15.6	17.6	18.3	18.3	18.4	18.4	18.3	21.7	21.5	19.4	19.5	19.5	19.5	19.6	19.7	19.8	19.6
Pre-tax income	352	309	322	290	357	281	279	208	246	286	244	226	280	218	230	237	-21.6	234	206	103
Tax rate	20%	22%	19%	25%	22%	23%	22%	22%	20%	23%	22%	22%	21%	22%	22%	22%	n/a	22%	24%	42%
Net income	282	240	262	219	280	218	217	163	196	219	189	177	220	171	180	184	-56.1	182	157	59.6
Net margin	8%	8%	8%	7%	9%	7%	7%	5%	6%	7%	7%	6%	7%	6%	6%	6%	-2%	6%	5%	2%
Diluted EPS	$0.51	$0.44	$0.48	$0.40	$0.51	$0.40	$0.40	$0.30	$0.36	$0.40	$0.34	$0.32	$0.40	$0.31	$0.33	$0.33	-$0.10	$0.33	$0.29	$0.11
Operating cash flow	564	384	193	186	372	204	208	317	319	404	236	218	409	309	56.4	157	323	349	179	241
Capital expenditure	93.1	49.7	78.5	61.0	89.7	37.1	53.5	77.9	102	47.2	60.0	65.5	83.8	72.2	75.1	72.2	91.5	69.0	82.2	68.2
Free cash flow	471	334	115	125	282	167	155	239	217	357	176	153	325	237	-18.6	84.5	231	280	96.8	172
Buybacks	10.3	0.0	0.0	0.0	0.0	n/a	n/a	0.0	n/a	n/a	n/a	0.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Dividends paid	133	133	141	142	142	142	151	150	150	150	155	155	155	155	159	159	160	160	161	161
Shares outstanding	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	549m	550m	550m	550m	550m	550m	550m	550m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 25 January 2026, filed 26 February 2026: the filing.