Hormel Foods (HRL) financial statements
Hormel Foods reported revenue of $12.1B in fiscal 2025, up 2.7% a year over 9 years.
Net income was $478M and the operating margin 5.9%, against 13.9% in 2016.
Free cash flow was $534M, and the company returned $633M in dividends.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Hormel Foods's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.5B | $9.2B | $9.5B | $9.5B | $9.6B | $11.4B | $12.5B | $12.1B | $11.9B | $12.1B |
| Cost of revenue | $7.4B | $7.2B | $7.6B | $7.6B | $7.8B | $9.5B | $10.3B | $10.1B | $9.9B | $10.2B |
| Gross profit | $2.2B | $2.0B | $2.0B | $1.9B | $1.8B | $1.9B | $2.2B | $2.0B | $2.0B | $1.9B |
| Research and development | $35M | $34M | $34M | $32M | $32M | $34M | $35M | $34M | $36M | $35M |
| Selling, general and admin | $872M | $759M | $841M | $728M | $761M | $853M | $879M | $942M | $1.0B | $997M |
| Operating income | $1.3B | $1.3B | $1.2B | $1.2B | $1.1B | $1.1B | $1.3B | $1.1B | $1.1B | $719M |
| Interest expense | $13M | $13M | $26M | $18M | $21M | $43M | $63M | $73M | $81M | $78M |
| Pre-tax income | $1.3B | $1.3B | $1.2B | $1.2B | $1.1B | $1.1B | $1.3B | $1.0B | $1.0B | $663M |
| Income tax | $427M | $432M | $169M | $231M | $206M | $217M | $278M | $221M | $231M | $186M |
| Net income | $890M | $847M | $1.0B | $979M | $908M | $909M | $1000M | $794M | $805M | $478M |
| EPS (diluted) | $1.64 | $1.57 | $1.86 | $1.80 | $1.66 | $1.66 | $1.82 | $1.45 | $1.47 | $0.87 |
| Diluted shares | 542M | 539M | 544M | 545M | 547M | 548M | 550M | 549M | 549M | 550M |
| Gross margin | 22.7% | 21.8% | 20.7% | 19.8% | 19.0% | 16.9% | 17.4% | 16.5% | 17.0% | 15.6% |
| Operating margin | 13.9% | 13.9% | 12.4% | 12.6% | 11.5% | 9.9% | 10.5% | 8.9% | 9.0% | 5.9% |
| Net margin | 9.3% | 9.2% | 10.6% | 10.3% | 9.5% | 8.0% | 8.0% | 6.6% | 6.8% | 4.0% |
Balance sheet
Fiscal years, from Hormel Foods's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $415M | $444M | $459M | $688M | $1.7B | $635M | $998M | $753M | $767M | $704M |
| Receivables | $591M | $618M | $600M | $574M | $702M | $896M | $868M | $817M | $818M | $785M |
| Inventory | $986M | $921M | $964M | $1.0B | $1.1B | $1.4B | $1.7B | $1.7B | $1.6B | $1.7B |
| Total current assets | $2.0B | $2.0B | $2.1B | $2.4B | $3.6B | $2.9B | $3.6B | $3.3B | $3.2B | $3.4B |
| Property, plant and equipment | $1.1B | $1.2B | $1.5B | $1.6B | $1.9B | $2.1B | $2.1B | $2.2B | $2.2B | $2.2B |
| Goodwill | $1.8B | $2.1B | $2.7B | $2.5B | $2.6B | $4.9B | $4.9B | $4.9B | $4.9B | $4.9B |
| Total assets | $7.0B | $7.0B | $8.1B | $8.1B | $9.9B | $12.7B | $13.3B | $13.4B | $13.4B | $13.4B |
| Total current liabilities | $1.1B | $1.1B | $1.1B | $1.1B | $1.5B | $1.4B | $1.5B | $2.3B | $1.4B | $1.4B |
| Long-term debt | $250M | $250M | $625M | $250M | $1.0B | $3.3B | $3.3B | $2.4B | $2.9B | $2.9B |
| Total liabilities | $1.9B | $2.0B | $2.5B | $2.2B | $3.5B | $5.7B | $5.8B | $5.7B | $5.4B | $5.5B |
| Shareholders' equity | $4.4B | $4.9B | $5.6B | $5.9B | $6.4B | $7.0B | $7.5B | $7.7B | $8.0B | $7.9B |
| Net debt | -$165M | -$194M | $166M | -$423M | -$411M | $2.7B | $2.3B | $2.6B | $2.1B | $2.2B |
Cash flow
Fiscal years, from Hormel Foods's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.0B | $1.0B | $1.2B | $923M | $1.1B | $1.0B | $1.1B | $1.0B | $1.3B | $845M |
| Capital spending | $256M | $221M | $390M | $294M | $368M | $232M | $279M | $270M | $256M | $311M |
| Free cash flow | $784M | $813M | $852M | $629M | $761M | $770M | $856M | $778M | $1.0B | $534M |
| Stock-based compensation | $18M | $16M | $21M | $20M | $22M | $25M | $25M | $24M | $23M | $26M |
| Dividends paid | $296M | $346M | $388M | $437M | $487M | $523M | $558M | $593M | $615M | $633M |
| Share buybacks (net) | -$88M | -$94M | -$47M | -$174M | -$12M | -$20M | $0 | -$12M | $0 | $0 |
| Net borrowing | $0 | $0 | $375M | -$375M | $992M | $2.3B | $0 | $2M | $498M | $0 |
| Free cash flow margin | 8.2% | 8.9% | 8.9% | 6.6% | 7.9% | 6.8% | 6.9% | 6.4% | 8.5% | 4.4% |
| Dividends per share | $0.55 | $0.64 | $0.71 | $0.80 | $0.89 | $0.96 | $1.02 | $1.08 | $1.12 | $1.15 |
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Open HRL in InvestinglyQuestions
What was Hormel Foods's revenue in 2025?
$12.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does Hormel Foods generate?
$534M in fiscal 2025 (operating cash flow minus capital spending).
From Hormel Foods's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.