HORMEL FOODS CORP /DE/, 10-Q filed on 8/28/2025
Quarterly Report
v3.25.2
COVER - shares
 9 Months Ended
Jul. 27, 2025
Aug. 24, 2025
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jul. 27, 2025  
Document Transition Report false  
Entity File Number 1-2402  
Entity Registrant Name HORMEL FOODS CORPORATION  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 41-0319970  
Entity Address, Address Line One 1 Hormel Place  
Entity Address, City or Town Austin  
Entity Address, State or Province MN  
Entity Address, Postal Zip Code 55912-3680  
City Area Code 507  
Local Phone Number 437-5611  
Title of 12(b) Security Common Stock  
Trading Symbol HRL  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Smaller Reporting Company false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0000048465  
Amendment Flag false  
Current Fiscal Year End Date --10-26  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q3  
Common Stock $0.01465 par value    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding (in shares)   549,998,433
Common Stock Nonvoting $0.01 par value    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding (in shares)   0
v3.25.2
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Jul. 27, 2025
Jul. 28, 2024
Jul. 27, 2025
Jul. 28, 2024
Income Statement [Abstract]        
Net Sales $ 3,032,876 $ 2,898,443 $ 8,920,499 $ 8,782,706
Cost of Products Sold 2,545,567 2,410,075 7,473,524 7,281,798
Gross Profit 487,309 488,369 1,446,975 1,500,908
Selling, General, and Administrative 258,713 259,653 773,158 766,707
Equity in Earnings of Affiliates 11,153 7,977 42,614 39,250
Operating Income 239,748 236,693 716,430 773,452
Interest and Investment Income 16,227 10,484 27,084 43,416
Interest Expense 19,461 21,459 58,438 61,464
Earnings Before Income Taxes 236,514 225,719 685,076 755,404
Provision for Income Taxes 52,818 48,984 151,107 170,733
Net Earnings 183,696 176,735 533,968 584,671
Less: Net Earnings (Loss) Attributable to Noncontrolling Interest (46) 34 (366) (170)
Net Earnings Attributable to Hormel Foods Corporation $ 183,742 $ 176,701 $ 534,334 $ 584,842
Net Earnings Per Share        
Basic (in dollars per share) $ 0.33 $ 0.32 $ 0.97 $ 1.07
Diluted (in dollars per share) $ 0.33 $ 0.32 $ 0.97 $ 1.07
Weighted-average Shares Outstanding        
Basic (in shares) 550,408 548,685 550,048 547,858
Diluted (in shares) 550,723 549,266 550,396 548,624
v3.25.2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jul. 27, 2025
Jul. 28, 2024
Jul. 27, 2025
Jul. 28, 2024
Statement of Comprehensive Income [Abstract]        
Net Earnings $ 183,696 $ 176,735 $ 533,968 $ 584,671
Other Comprehensive Income (Loss), Net of Tax:        
Foreign Currency Translation 16,772 (29,075) (38,427) (36,931)
Pension and Other Benefits 2,523 2,008 7,431 6,205
Derivatives and Hedging (1,190) (18,601) 10,788 (1,397)
Equity Method Investments 5,756 (6,770) 8,132 (10,330)
Total Other Comprehensive Income (Loss) 23,861 (52,438) (12,075) (42,453)
Comprehensive Income 207,557 124,297 521,893 542,218
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interest 221 (357) (766) (502)
Comprehensive Income Attributable to Hormel Foods Corporation $ 207,337 $ 124,653 $ 522,660 $ 542,720
v3.25.2
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($)
$ in Thousands
Jul. 27, 2025
Oct. 27, 2024
Assets    
Cash and Cash Equivalents $ 599,189 $ 741,881
Short-term Marketable Securities 31,480 24,742
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
Inventories 1,821,860 1,576,300
Taxes Receivable 50,559 50,380
Prepaid Expenses and Other Current Assets 55,064 35,265
Total Current Assets 3,322,490 3,246,476
Goodwill 4,923,218 4,923,487
Intangible Assets 1,721,487 1,732,705
Pension Assets 192,123 205,964
Investments in Affiliates 698,632 719,481
Other Assets 426,068 411,889
Property, Plant, and Equipment    
Land 74,411 75,159
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 707,753 735,604
Accrued Expenses 59,036 66,380
Accrued Marketing Expenses 117,328 108,156
Employee-related Expenses 251,860 283,490
Interest and Dividends Payable 174,361 175,941
Taxes Payable 28,454 21,916
Current Maturities of Long-term Debt 6,740 7,813
Total Current Liabilities 1,345,531 1,399,299
Long-term Debt Less Current Maturities 2,850,165 2,850,944
Pension and Post-retirement Benefits 386,554 379,891
Deferred Income Taxes 595,066 589,366
Other Long-term Liabilities 226,316 211,219
Shareholders’ Investment    
Preferred Stock 0 0
Additional Paid-in Capital 617,598 571,178
Accumulated Other Comprehensive Loss (275,006) (263,331)
Retained Earnings 7,732,618 7,677,537
Hormel Foods Corporation Shareholders’ Investment 8,083,268 7,993,420
Noncontrolling Interest 9,824 10,590
Total Shareholders’ Investment 8,093,092 8,004,011
Total Liabilities and Shareholders’ Investment 13,496,726 13,434,729
Common Stock, Nonvoting    
Shareholders’ Investment    
Common Stock 0 0
Common Stock    
Shareholders’ Investment    
Common Stock $ 8,057 $ 8,037
v3.25.2
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (PARENTHETICAL) - USD ($)
$ in Thousands
Jul. 27, 2025
Oct. 27, 2024
Accounts Receivable, Allowance for Doubtful Accounts $ 3,660 $ 3,712
Preferred Stock, Par Value (in dollars per share) $ 0.01 $ 0.01
Preferred Stock, Authorized Shares (in shares) 160,000,000 160,000,000
Preferred Stock, Issued Shares (in shares) 0 0
Common Stock, Nonvoting    
Common Stock, Par Value (in dollars per share) $ 0.01 $ 0.01
Common Stock, Authorized Shares (in shares) 400,000,000 400,000,000
Common Stock, Issued Shares (in shares) 0 0
Common Stock    
Common Stock, Par Value (in dollars per share) $ 0.01465 $ 0.01465
Common Stock, Authorized Shares (in shares) 1,600,000,000 1,600,000,000
Common Stock, Issued Shares (in shares) 549,998,398 548,605,305
v3.25.2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' INVESTMENT - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Jul. 27, 2025
Jul. 28, 2024
Jul. 27, 2025
Jul. 28, 2024
Increase (Decrease) in Shareholders' Investment        
Beginning balance $ 8,041,941 $ 7,896,452 $ 8,004,011 $ 7,738,985
Net Earnings (Loss) 183,696 176,735 533,968 584,671
Other Comprehensive Income (Loss) 23,861 (52,438) (12,075) (42,453)
Contribution from Noncontrolling Interest       6,508
Stock-based Compensation Expense 4,852 5,107 21,387 20,112
Exercise of Stock-based Compensation Awards, Net of Withholding Taxes (1,784) 6,325 24,057 33,784
Declared Dividends (159,475) (154,957) (478,257) (464,383)
Ending balance $ 8,093,092 $ 7,877,225 $ 8,093,092 $ 7,877,225
Common Stock        
Increase (Decrease) in Shareholders' Investment        
Beginning balance (in shares) 549,888 548,030 548,605 546,599
Beginning balance $ 8,056 $ 8,028 $ 8,037 $ 8,007
Stock-based Compensation Expense (in shares) (9)   45 52
Stock-based Compensation Expense $ 0   $ 1 $ 1
Exercise of Stock-based Compensation Awards, Net of Withholding Taxes (in shares) 120 299 1,348 1,677
Exercise of Stock-based Compensation Awards, Net of Withholding Taxes $ 2 $ 4 $ 20 $ 24
Ending balance (in shares) 549,998 548,329 549,998 548,329
Ending balance $ 8,057 $ 8,033 $ 8,057 $ 8,033
Treasury Stock        
Increase (Decrease) in Shareholders' Investment        
Beginning balance (in shares) 0 0 0 0
Beginning balance $ 0 $ 0 $ 0 $ 0
Ending balance (in shares) 0 0 0 0
Ending balance $ 0 $ 0 $ 0 $ 0
Additional Paid-in Capital        
Increase (Decrease) in Shareholders' Investment        
Beginning balance 614,189 549,130 571,178 506,179
Stock-based Compensation Expense 4,853 5,107 21,386 20,110
Exercise of Stock-based Compensation Awards, Net of Withholding Taxes (1,785) 6,321 24,038 33,760
Declared Dividends 342 291 996 800
Ending balance 617,598 560,849 617,598 560,849
Retained Earnings        
Increase (Decrease) in Shareholders' Investment        
Beginning balance 7,708,693 7,591,157 7,677,537 7,492,952
Net Earnings (Loss) 183,742 176,701 534,334 584,842
Declared Dividends (159,817) (155,248) (479,252) (465,183)
Ending balance 7,732,618 7,612,610 7,732,618 7,612,610
Accumulated Other Comprehensive Income (Loss)        
Increase (Decrease) in Shareholders' Investment        
Beginning balance (298,601) (262,325) (263,331) (272,252)
Other Comprehensive Income (Loss) 23,595 (52,048) (11,675) (42,121)
Ending balance (275,006) (314,373) (275,006) (314,373)
Non-controlling Interest        
Increase (Decrease) in Shareholders' Investment        
Beginning balance 9,604 10,462 10,590 4,100
Net Earnings (Loss) (46) 34 (366) (170)
Other Comprehensive Income (Loss) 266 (390) (400) (332)
Contribution from Noncontrolling Interest       6,508
Ending balance $ 9,824 $ 10,106 $ 9,824 $ 10,106
v3.25.2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' INVESTMENT (PARENTHETICAL) - $ / shares
 3 Months Ended 9 Months Ended
Jul. 27, 2025
Jul. 28, 2024
Jul. 27, 2025
Jul. 28, 2024
Statement of Stockholders' Equity [Abstract]        
Declared Dividends (in dollars per share) $ 0.2900 $ 0.2825 $ 0.8700 $ 0.8475
v3.25.2
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Jul. 27, 2025
Jul. 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 0
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 0
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 0 497,765
Payment of Debt Issuance Costs 0 (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 0 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
v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 9 Months Ended
Jul. 27, 2025
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 27, 2024. 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 27, 2024.

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 of previously reported amounts have been made to conform to the current year presentation.

Accounting Changes and Recent Accounting Pronouncements:

New Accounting Pronouncements Not Yet Adopted
In November 2023, the FASB issued ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The update is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The ASU requires disclosures to include significant segment expenses that are regularly provided to the chief operating decision maker (CODM), a description of other segment items by reportable segment, and allows the disclosure of additional measures of a segment’s profit or loss used by the CODM when deciding how to allocate resources. 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 26, 2025, and subsequent interim periods thereafter. Early adoption is permitted and requires retrospective application to all prior periods presented in the financial statements. The Company will adopt the provisions of this ASU in the fourth quarter of fiscal 2025. The adoption is not expected to have a material effect on the Company’s financial condition or results.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The update is intended to enhance transparency and decision usefulness of annual income tax disclosures. This ASU updates income tax disclosure requirements by requiring specific categories and greater disaggregation within the rate reconciliation and disaggregation of income taxes paid by jurisdiction. The update is effective for the Company's fiscal year ending October 25, 2026. The Company is currently assessing the impact of adopting the updated provisions.

In November 2024, the FASB issued ASU 2024-03 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income 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 new guidance is intended to provide investors more detailed disclosures around specific types of expenses. The new disclosures require certain details for expenses presented on the face of the Consolidated Statements of Operations as well as selling expenses to be presented in the notes to the financial statements. As clarified by ASU 2025-01, the guidance is effective for the Company's fiscal year ending October 29, 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 guidance.

Recently issued accounting standards or pronouncements not disclosed have been excluded as they are currently not relevant to the Company.
v3.25.2
ACQUISITIONS AND DIVESTITURES
 9 Months Ended
Jul. 27, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
ACQUISITIONS AND DIVESTITURES
NOTE B - ACQUISITIONS AND DIVESTITURES

Divestitures: On October 18, 2024, the Company sold its equity interests in Hormel Health Labs, LLC (Hormel Health Labs) and related assets to Lyons Health Labs Holdco, LLC for $24.5 million. The divestiture resulted in a pre-tax gain of $3.9 million, net of transaction costs, which was recognized in Selling, General, and Administrative. Results of operations for Hormel Health Labs were reflected within the Foodservice segment through the date of 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 $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.
v3.25.2
GOODWILL AND INTANGIBLE ASSETS
 9 Months Ended
Jul. 27, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS
NOTE C - GOODWILL AND INTANGIBLE ASSETS

Goodwill: The change in the carrying amount of goodwill for the nine months ended July 27, 2025, is:
In thousandsRetailFoodserviceInternationalTotal
Balance at October 27, 2024
$2,916,796 $1,748,355 $258,336 $4,923,487 
Foreign Currency Translation— — (269)(269)
Balance at July 27, 2025
$2,916,796 $1,748,355 $258,067 $4,923,218 

Intangible Assets: The intangible assets by type are:
July 27, 2025October 27, 2024
In thousandsGross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount		Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
Definite-lived Intangible Assets
Customer Relationships$143,139 $(76,047)$67,092 $168,239 $(93,536)$74,703 
Other Definite-lived Intangibles59,451 (23,505)35,946 59,241 (20,107)39,134 
Trade Names/Trademarks6,210 (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 Assets1,622,935 1,623,112 
Total Intangible Assets$1,721,487 $1,732,705 

Amortization expense on intangible assets is as follows:
 Quarter EndedNine Months Ended
In thousandsJuly 27, 2025July 28, 2024July 27, 2025July 28, 2024
Amortization Expense$3,797 $3,968 $11,215 $12,409 

Estimated annual amortization expense on intangible assets for the five fiscal years after October 27, 2024, is as follows:
In thousandsAmortization
Expense
2025$14,624 
202614,169 
202713,927 
202812,972 
202911,504 
v3.25.2
INVESTMENTS IN AFFILIATES
 9 Months Ended
Jul. 27, 2025
Equity Method Investments and Joint Ventures [Abstract]  
INVESTMENTS IN AFFILIATES
NOTE D - INVESTMENTS IN AFFILIATES

Equity in Earnings of Affiliates consists of:
 Quarter EndedNine Months Ended
In thousands
% OwnedJuly 27, 2025July 28, 2024July 27, 2025July 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 
(1)    MegaMex Foods, LLC is reflected in the Retail segment.
(2)    Other Equity Method Investments are primarily reflected in the International segment but also include corporate venturing investments.

Distributions received from equity method investees consists of:
 Quarter EndedNine Months Ended
In thousands
July 27, 2025July 28, 2024July 27, 2025July 28, 2024
Dividends$12,703 $7,266 $38,847 $32,997 

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.
v3.25.2
INVENTORIES
 9 Months Ended
Jul. 27, 2025
Inventory, Net [Abstract]  
INVENTORIES
NOTE E - INVENTORIES

Principal components of inventories are:
In thousands
July 27, 2025October 27, 2024
Finished Products$1,102,248 $881,295 
Raw Materials and Work-in-Process443,942 427,834 
Operating Supplies142,901 147,333 
Maintenance Materials and Parts132,769 119,837 
Total Inventories
$1,821,860 $1,576,300 
v3.25.2
DERIVATIVES AND HEDGING
 9 Months Ended
Jul. 27, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVES AND HEDGING
NOTE F - 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.
Cash Flow Interest Rate Hedges: In the second quarter of fiscal 2021, the Company designated two separate interest rate locks as cash flow hedges to manage interest rate risk associated with anticipated debt transactions. The total notional amount of the Company’s locks was $1.25 billion. In the third quarter of fiscal 2021, the associated unsecured senior notes were issued with tenors of seven and thirty years and both locks were lifted (See Note K - Long-term Debt and Other Borrowing Arrangements). Mark-to-market gains and losses on these instruments were deferred as a component of AOCL. The resulting gain in AOCL is reclassified to Interest Expense in the period in which the hedged transactions affect earnings.

Fair Value Interest Rate Hedge: In the first quarter of fiscal 2022, the Company entered into an interest rate swap to protect against changes in the fair value of a portion of previously issued senior unsecured notes attributable to the change in the benchmark interest rate. The hedge specifically designated the last $450 million of the $950 million aggregate principal amount of the Company's 0.650% notes due June 2024 (the 2024 Notes). The Company terminated the swap in the fourth quarter of fiscal 2022. The loss related to the swap was recorded as a fair value hedging adjustment to the hedged debt and amortized through earnings over the remaining life of the debt. In the third quarter of fiscal 2024, the fair value hedging adjustment was completely amortized to correspond with the payment of the 2024 Notes upon maturity.

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 and nine months ended July 27, 2025, and July 28, 2024.

Volume: The Company’s outstanding contracts related to its commodity hedging programs include:
In millions
July 27, 2025October 27, 2024
Corn27.1 
bushels
29.2 
bushels
Lean Hogs183.2 
pounds
175.6 
pounds
Natural Gas3.2 
MMBtu
4.2 
MMBtu
Diesel Fuel
5.7 
gallons
4.0 
gallons

Fair Value of Derivatives: The gross fair values of the Company’s derivative instruments designated as hedges are:
July 27, 2025October 27, 2024
In thousands
Assets
Liabilities
Assets
Liabilities
Gross Fair Value of Commodity Contracts
$13,884 $(6,101)$9,851 $(12,638)
Counterparty and Collateral Netting Offset(1)
(3,816)6,101 (1,785)12,638 
Amounts Recognized on Consolidated Statements of Financial Position(2)
$10,068 $— $8,066 $— 
(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 to reclaim net cash collateral of $2.3 million (including cash payable of $2.0 million and $4.3 million of realized gain) as of July 27, 2025, and the right to reclaim net cash collateral of $10.9 million (including cash receivable of $26.5 million and $15.6 million of realized loss) as of October 27, 2024.
(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 27, 2025October 27, 2024
Commodity Contracts
Accounts Payable(1)
$(772)$(2,902)
(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 27, 2025, the Company included in AOCL pre-tax hedging gains of $6.2 million on commodity contracts and gains of $10.8 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 EndedNine Months Ended
In thousandsJuly 27, 2025July 28, 2024July 27, 2025July 28, 2024
Commodity Contracts
$3,038 $(26,172)$16,038 $(24,487)
Excluded Component(1)
39 299 (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.
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 EndedNine Months Ended
In thousandsJuly 27, 2025July 28, 2024July 27, 2025July 28, 2024
Commodity Contracts
Cost of Products Sold
$4,361 $(1,541)$894 $(21,297)
Interest Rate Contracts
Interest Expense
247 247 741 741 

See Note H - 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 EndedNine Months Ended
In thousands
July 27, 2025July 28, 2024July 27, 2025July 28, 2024
Net Earnings Attributable to Hormel Foods Corporation$183,742 $176,701 $534,334 $584,842 
Cash Flow Hedges - Commodity Contracts
Gain (Loss) Reclassified from AOCL4,361 (1,541)894 (21,297)
Amortization of Excluded Component from Options(237)(472)(656)(2,478)
Fair Value Hedges - Commodity Contracts
Gain (Loss) on Commodity Futures(1)
679 1,139 1,812 5,766 
Total Gain (Loss) on Commodity Contracts(2)
4,802 (874)2,050 (18,008)
Cash Flow Hedges - Interest Rate Contracts
Gain (Loss) Reclassified from AOCL247 247 741 741 
Fair Value Hedge - Interest Rate Contracts
Amortization of Loss Due to Discontinuance of Fair Value Hedge(3)
— (1,202)— (7,451)
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 and nine months ended July 27, 2025, and July 28, 2024, 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 Gain (Loss) on Commodity Contracts is recognized in earnings through Cost of Products Sold.
(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.
v3.25.2
PENSION AND OTHER POST-RETIREMENT BENEFITS
 9 Months Ended
Jul. 27, 2025
Retirement Benefits [Abstract]  
PENSION AND OTHER POST-RETIREMENT BENEFITS
NOTE G - PENSION AND OTHER POST-RETIREMENT BENEFITS

Net periodic cost of defined benefit plans consists of:
 Pension Benefits
 Quarter EndedNine Months Ended
In thousands
July 27, 2025July 28, 2024July 27, 2025July 28, 2024
Service Cost$11,973 $9,033 $35,920 $27,108 
Interest Cost17,646 18,336 52,938 55,008 
Expected Return on Plan Assets(21,737)(19,377)(65,211)(58,132)
Amortization of Prior Service Cost (Credit)
319 (221)958 (664)
Recognized Actuarial Loss (Gain)
3,014 3,317 9,041 9,951 
Net Periodic Cost
$11,215 $11,086 $33,646 $33,270 
 Post-retirement Benefits
 Quarter EndedNine Months Ended
In thousands
July 27, 2025July 28, 2024July 27, 2025July 28, 2024
Service Cost$41 $41 $124 $123 
Interest Cost2,480 2,895 7,438 8,687 
Amortization of Prior Service Cost (Credit)
(6)2 (18)6 
Recognized Actuarial Loss (Gain)
(40)(317)(120)(952)
Net Periodic Cost
$2,475 $2,621 $7,425 $7,864 

Non-service cost components of net pension and post-retirement benefit cost are presented within Interest and Investment Income.
v3.25.2
ACCUMULATED OTHER COMPREHENSIVE LOSS
 9 Months Ended
Jul. 27, 2025
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE LOSS
NOTE H - ACCUMULATED OTHER COMPREHENSIVE LOSS

Components of Accumulated Other Comprehensive Loss are as follows:
In thousands
Foreign
Currency
Translation		Pension &
Other
Benefits
Derivatives &
Hedging
Equity
Method
Investments		Accumulated
Other
Comprehensive
Loss
Balance at April 27, 2025
$(125,326)$(182,417)$13,970 $(4,828)$(298,601)
Unrecognized Gains (Losses)— — 
Gross16,506 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 Tax16,506 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(38,027)1 15,894 4,052 (18,079)
Tax Effect— — (3,910)— (3,910)
Reclassification into Net Earnings
Gross— 9,861 
(1)
(1,635)
(2)
4,080 
(3)
12,306 
Tax Effect— (2,430)440 — (1,991)
Change Net of Tax(38,027)7,431 10,788 8,132 (11,675)
Balance at July 27, 2025
$(108,820)$(179,894)$12,780 $929 $(275,006)

(1)    Included in computation of net periodic cost. See Note G - Pension and Other Post-Retirement Benefits for additional information.
(2)    Included in Cost of Products Sold and Interest Expense. See Note F - Derivatives and Hedging for additional information.
(3)    Included in Equity in Earnings of Affiliates.
v3.25.2
FAIR VALUE MEASUREMENTS
 9 Months Ended
Jul. 27, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS
NOTE I - 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.

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
In thousands
Total Fair
Value		Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Assets at Fair Value    
Short-term Marketable Securities
$31,480 $6,640 $24,840 $— 
Other Trading Securities
215,026 — 215,026 — 
Commodity Derivatives
14,016 13,243 774 — 
Total Assets at Fair Value$260,522 $19,882 $240,640 $— 
Liabilities at Fair Value
Deferred Compensation
$63,024 $— $63,024 $— 
Commodity Derivatives
6,101 5,343 758 — 
Total Liabilities at Fair Value$69,125 $5,343 $63,782 $— 

 Fair Value Measurements at October 27, 2024
In thousands
Total Fair
Value		Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Assets at Fair Value    
Short-term Marketable Securities
$24,742 $5,134 $19,608 $— 
Other Trading Securities
209,729 — 209,729 — 
Commodity Derivatives
9,890 9,575 314 — 
Total Assets at Fair Value$244,361 $14,710 $229,652 $— 
Liabilities at Fair Value
Deferred Compensation
$62,101 $— $62,101 $— 
Commodity Derivatives12,638 11,127 1,510 — 
Total Liabilities at Fair Value$74,738 $11,127 $63,611 $— 

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 by 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 27, 2025, investments held by the rabbi trust
generated gains of $9.7 million and $8.6 million, respectively, compared to gains of $4.9 million and $18.8 million for the quarter and nine months ended July 28, 2024, respectively.

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 the U.S. Internal Revenue Service (IRS) applicable federal rates. These liabilities are classified as Level 2. The Company's funding in the rabbi trust related to deferred compensation plans generally mirrors the investment selections within the plans.

Commodity Derivatives: The Company’s commodity derivatives represent futures, swaps, and options contracts used in its hedging or other programs to offset price fluctuations associated with purchases of grain, natural gas, diesel fuel, lean hogs, and pork, and to minimize the price risk assumed when forward-priced contracts are offered to the Company’s commodity suppliers. The Company’s futures and options contracts for corn are traded on the Chicago Board of Trade, while futures contracts for lean hogs are traded on the Chicago Mercantile Exchange. These are active markets with quoted prices available, and these contracts are classified as Level 1. The Company holds natural gas, diesel fuel, and pork swap contracts that are over-the-counter instruments classified as Level 2. The value of the natural gas and diesel fuel swap contracts is calculated using quoted prices from the New York Mercantile Exchange, and the 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. The net balance for commodity derivatives is included in Prepaid Expenses and Other Current Assets or Accounts Payable, as appropriate.

The Company’s financial assets and liabilities include cash and cash equivalents, accounts receivable, accounts payable, and other liabilities, for which carrying value approximates fair value due to their short-term maturities. The Company does not carry its long-term debt at fair value on the Consolidated Statements of Financial Position. The fair value of long-term debt, utilizing discounted cash flows (Level 2), was $2.5 billion as of July 27, 2025, and October 27, 2024. See Note K - Long-term Debt and Other Borrowing Arrangements for additional information.

The Company measures certain nonfinancial 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.
v3.25.2
COMMITMENTS AND CONTINGENCIES
 9 Months Ended
Jul. 27, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES
NOTE J - COMMITMENTS AND CONTINGENCIES

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 on the Consolidated Statements of Financial Position in the second quarter of fiscal 2024 and was paid during the second half of fiscal 2024.
For the one Non-Class Direct-Action Plaintiff, the settlement amount of $0.2 million was recorded as Accrued Expenses on the Consolidated Statements of Financial Position in the first quarter of fiscal 2025 and was paid in the second quarter of fiscal 2025. All settlement amounts were recorded in Selling, General, and Administrative in the Consolidated Statements of Operations.

In the second quarter of fiscal 2025, the U.S. District Court for the District of Minnesota (Court) granted the Company’s Motion for Summary Judgment and dismissed the Company from the federal litigation. 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 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.
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.
v3.25.2
LONG-TERM DEBT AND OTHER BORROWING ARRANGEMENTS
 9 Months Ended
Jul. 27, 2025
Debt Disclosure [Abstract]  
LONG-TERM DEBT AND OTHER BORROWING ARRANGEMENTS
NOTE K - LONG-TERM DEBT AND OTHER BORROWING ARRANGEMENTS
Long-term Debt consists of:
In thousands
July 27, 2025October 27, 2024
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(6,058)(6,687)
Unamortized Debt Issuance Costs(13,488)(15,628)
Finance Lease Liabilities23,371 27,541 
Other Financing Arrangements3,079 3,530 
Total Debt
2,856,905 2,858,756 
Less: Current Maturities of Long-term Debt6,740 7,813 
Long-term Debt Less Current Maturities$2,850,165 $2,850,944 

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.

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.
Interest 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. 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.

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.
v3.25.2
INCOME TAXES
 9 Months Ended
Jul. 27, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES
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 22.3% and 21.7% for the quarter ended July 27, 2025, and July 28, 2024, respectively. The increase 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 deductions and favorable return to provision adjustments in the current year. The Company’s effective tax rate was 22.1% and 22.6% for the nine months ended July 27, 2025, and July 28, 2024, respectively. The Company benefited from increased federal deductions compared to the prior year.

Unrecognized tax benefits, including interest and penalties, are primarily recorded in Other Long-term Liabilities. If recognized as of July 27, 2025, these benefits would impact the Company’s effective tax rate by $17.5 million compared to $17.2 million as of July 28, 2024. The Company includes accrued interest and penalties related to uncertain tax positions in Provision for Income Taxes, with immaterial expenses included during the quarter ended July 27, 2025, and July 28, 2024. The amount of accrued interest and penalties associated with unrecognized tax benefits was $3.2 million at July 27, 2025, and $2.7 million at July 28, 2024.

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

The IRS concluded its examination of 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. 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.

The Company is in various stages of audit by several state taxing authorities on a variety of fiscal years, as far back as 2015. 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 27, 2025, 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.

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
tax provision for the quarter and nine months ended July 27, 2025, and does not expect a material impact on the Company's consolidated financial statements in future reporting periods.

The Organization for Economic Cooperation and Development published a framework for Pillar Two of the Global Anti-Base Erosion Rules, which 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 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.
v3.25.2
EARNINGS PER SHARE DATA
 9 Months Ended
Jul. 27, 2025
Earnings Per Share [Abstract]  
EARNINGS PER SHARE DATA
NOTE M - 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 EndedNine Months Ended
In thousands
July 27, 2025July 28, 2024July 27, 2025July 28, 2024
Basic Weighted-average Shares Outstanding
550,408 548,685 550,048 547,858 
Dilutive Potential Common Shares315 581 348 766 
Diluted Weighted-average Shares Outstanding
550,723 549,266 550,396 548,624 
Antidilutive Potential Common Shares21,681 17,560 21,284 17,888 
v3.25.2
SEGMENT REPORTING
 9 Months Ended
Jul. 27, 2025
Segment Reporting [Abstract]  
SEGMENT REPORTING
NOTE N - SEGMENT REPORTING

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 in the United States. 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 foodservice, convenience store, and commercial customers located in the United States.

The International segment processes, markets, and sells Company products internationally. This segment also includes the results from the Company’s international joint ventures, international equity method investments, and international royalty arrangements.

Financial measures for each of the Company’s reportable segments are set forth below. Intersegment sales are eliminated in consolidation and are not reviewed when evaluating segment performance. The Company does not allocate deferred compensation, non-recurring expenses associated with the Transform and Modernize initiative, gains or losses on the sale of businesses, investment income, interest expense, or interest income to its segments when measuring performance. The Company also retains various other income and expense items 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 results shown below.
 Quarter EndedNine Months Ended
In thousands
July 27, 2025July 28, 2024July 27, 2025July 28, 2024
Net Sales  
Retail$1,858,434 $1,767,251 $5,532,401 $5,467,078 
Foodservice986,976 954,021 2,853,603 2,799,110 
International187,466 177,171 534,495 516,517 
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 
Foodservice140,711 142,487 420,170 441,952 
International18,941 21,792 58,193 65,026 
Total Segment Profit282,218 292,211 857,210 916,814 
Net Unallocated Expense45,658 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 EndedNine Months Ended
In thousands
July 27, 2025July 28, 2024July 27, 2025July 28, 2024
Perishable$2,222,646 $2,115,087 $6,450,709 $6,251,076 
Shelf-stable810,230 783,356 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.
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jul. 27, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 9 Months Ended
Jul. 27, 2025
Accounting Policies [Abstract]  
Basis of Presentation
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 27, 2024. 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 27, 2024.
Reclassifications
Reclassifications: Certain reclassifications of previously reported amounts have been made to conform to the current year presentation.
Accounting Changes and Recent Accounting Pronouncements
Accounting Changes and Recent Accounting Pronouncements:

New Accounting Pronouncements Not Yet Adopted
In November 2023, the FASB issued ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The update is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The ASU requires disclosures to include significant segment expenses that are regularly provided to the chief operating decision maker (CODM), a description of other segment items by reportable segment, and allows the disclosure of additional measures of a segment’s profit or loss used by the CODM when deciding how to allocate resources. 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 26, 2025, and subsequent interim periods thereafter. Early adoption is permitted and requires retrospective application to all prior periods presented in the financial statements. The Company will adopt the provisions of this ASU in the fourth quarter of fiscal 2025. The adoption is not expected to have a material effect on the Company’s financial condition or results.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The update is intended to enhance transparency and decision usefulness of annual income tax disclosures. This ASU updates income tax disclosure requirements by requiring specific categories and greater disaggregation within the rate reconciliation and disaggregation of income taxes paid by jurisdiction. The update is effective for the Company's fiscal year ending October 25, 2026. The Company is currently assessing the impact of adopting the updated provisions.

In November 2024, the FASB issued ASU 2024-03 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income 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 new guidance is intended to provide investors more detailed disclosures around specific types of expenses. The new disclosures require certain details for expenses presented on the face of the Consolidated Statements of Operations as well as selling expenses to be presented in the notes to the financial statements. As clarified by ASU 2025-01, the guidance is effective for the Company's fiscal year ending October 29, 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 guidance.

Recently issued accounting standards or pronouncements not disclosed have been excluded as they are currently not relevant to the Company.
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.
Segment Reporting
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 in the United States. 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 foodservice, convenience store, and commercial customers located in the United States.

The International segment processes, markets, and sells Company products internationally. This segment also includes the results from the Company’s international joint ventures, international equity method investments, and international royalty arrangements.

Financial measures for each of the Company’s reportable segments are set forth below. Intersegment sales are eliminated in consolidation and are not reviewed when evaluating segment performance. The Company does not allocate deferred compensation, non-recurring expenses associated with the Transform and Modernize initiative, gains or losses on the sale of businesses, investment income, interest expense, or interest income to its segments when measuring performance. The Company also retains various other income and expense items 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.
v3.25.2
GOODWILL AND INTANGIBLE ASSETS (Tables)
 9 Months Ended
Jul. 27, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of changes in the carrying amount of goodwill The change in the carrying amount of goodwill for the nine months ended July 27, 2025, is:
In thousandsRetailFoodserviceInternationalTotal
Balance at October 27, 2024
$2,916,796 $1,748,355 $258,336 $4,923,487 
Foreign Currency Translation— — (269)(269)
Balance at July 27, 2025
$2,916,796 $1,748,355 $258,067 $4,923,218 
Schedule of definite lived and indefinite lived intangible assets The intangible assets by type are:
July 27, 2025October 27, 2024
In thousandsGross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount		Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
Definite-lived Intangible Assets
Customer Relationships$143,139 $(76,047)$67,092 $168,239 $(93,536)$74,703 
Other Definite-lived Intangibles59,451 (23,505)35,946 59,241 (20,107)39,134 
Trade Names/Trademarks6,210 (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 Assets1,622,935 1,623,112 
Total Intangible Assets$1,721,487 $1,732,705 
Schedule of amortization expense
Amortization expense on intangible assets is as follows:
 Quarter EndedNine Months Ended
In thousandsJuly 27, 2025July 28, 2024July 27, 2025July 28, 2024
Amortization Expense$3,797 $3,968 $11,215 $12,409 
Schedule of estimated annual amortization expense
Estimated annual amortization expense on intangible assets for the five fiscal years after October 27, 2024, is as follows:
In thousandsAmortization
Expense
2025$14,624 
202614,169 
202713,927 
202812,972 
202911,504 
v3.25.2
INVESTMENTS IN AFFILIATES (Tables)
 9 Months Ended
Jul. 27, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of equity in earnings of affiliates
Equity in Earnings of Affiliates consists of:
 Quarter EndedNine Months Ended
In thousands
% OwnedJuly 27, 2025July 28, 2024July 27, 2025July 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 
(1)    MegaMex Foods, LLC is reflected in the Retail segment.
(2)    Other Equity Method Investments are primarily reflected in the International segment but also include corporate venturing investments.
Schedule of distributions received from equity method investees
Distributions received from equity method investees consists of:
 Quarter EndedNine Months Ended
In thousands
July 27, 2025July 28, 2024July 27, 2025July 28, 2024
Dividends$12,703 $7,266 $38,847 $32,997 
v3.25.2
INVENTORIES (Tables)
 9 Months Ended
Jul. 27, 2025
Inventory, Net [Abstract]  
Schedule of principal components of inventories
Principal components of inventories are:
In thousands
July 27, 2025October 27, 2024
Finished Products$1,102,248 $881,295 
Raw Materials and Work-in-Process443,942 427,834 
Operating Supplies142,901 147,333 
Maintenance Materials and Parts132,769 119,837 
Total Inventories
$1,821,860 $1,576,300 
v3.25.2
DERIVATIVES AND HEDGING (Tables)
 9 Months Ended
Jul. 27, 2025
Derivative [Line Items]  
Schedule of fair values of derivative instruments The gross fair values of the Company’s derivative instruments designated as hedges are:
July 27, 2025October 27, 2024
In thousands
Assets
Liabilities
Assets
Liabilities
Gross Fair Value of Commodity Contracts
$13,884 $(6,101)$9,851 $(12,638)
Counterparty and Collateral Netting Offset(1)
(3,816)6,101 (1,785)12,638 
Amounts Recognized on Consolidated Statements of Financial Position(2)
$10,068 $— $8,066 $— 
(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 to reclaim net cash collateral of $2.3 million (including cash payable of $2.0 million and $4.3 million of realized gain) as of July 27, 2025, and the right to reclaim net cash collateral of $10.9 million (including cash receivable of $26.5 million and $15.6 million of realized loss) as of October 27, 2024.
(2)    The Company’s commodity contracts are reflected in Prepaid Expenses and Other Current Assets.
Schedule of 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 27, 2025October 27, 2024
Commodity Contracts
Accounts Payable(1)
$(772)$(2,902)
(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.
Schedule of gains or losses related to derivative instruments
The pre-tax gains (losses) recognized in AOCL related to the Company’s derivative instruments are:
Quarter EndedNine Months Ended
In thousandsJuly 27, 2025July 28, 2024July 27, 2025July 28, 2024
Commodity Contracts
$3,038 $(26,172)$16,038 $(24,487)
Excluded Component(1)
39 299 (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.
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 EndedNine Months Ended
In thousandsJuly 27, 2025July 28, 2024July 27, 2025July 28, 2024
Commodity Contracts
Cost of Products Sold
$4,361 $(1,541)$894 $(21,297)
Interest Rate Contracts
Interest Expense
247 247 741 741 

See Note H - 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 EndedNine Months Ended
In thousands
July 27, 2025July 28, 2024July 27, 2025July 28, 2024
Net Earnings Attributable to Hormel Foods Corporation$183,742 $176,701 $534,334 $584,842 
Cash Flow Hedges - Commodity Contracts
Gain (Loss) Reclassified from AOCL4,361 (1,541)894 (21,297)
Amortization of Excluded Component from Options(237)(472)(656)(2,478)
Fair Value Hedges - Commodity Contracts
Gain (Loss) on Commodity Futures(1)
679 1,139 1,812 5,766 
Total Gain (Loss) on Commodity Contracts(2)
4,802 (874)2,050 (18,008)
Cash Flow Hedges - Interest Rate Contracts
Gain (Loss) Reclassified from AOCL247 247 741 741 
Fair Value Hedge - Interest Rate Contracts
Amortization of Loss Due to Discontinuance of Fair Value Hedge(3)
— (1,202)— (7,451)
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 and nine months ended July 27, 2025, and July 28, 2024, 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 Gain (Loss) on Commodity Contracts is recognized in earnings through Cost of Products Sold.
(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.
Cash Flow Hedges  
Derivative [Line Items]  
Schedule of outstanding commodity futures contracts The Company’s outstanding contracts related to its commodity hedging programs include:
In millions
July 27, 2025October 27, 2024
Corn27.1 
bushels
29.2 
bushels
Lean Hogs183.2 
pounds
175.6 
pounds
Natural Gas3.2 
MMBtu
4.2 
MMBtu
Diesel Fuel
5.7 
gallons
4.0 
gallons
v3.25.2
PENSION AND OTHER POST-RETIREMENT BENEFITS (Tables)
 9 Months Ended
Jul. 27, 2025
Retirement Benefits [Abstract]  
Schedule of net periodic cost of defined benefit plans
Net periodic cost of defined benefit plans consists of:
 Pension Benefits
 Quarter EndedNine Months Ended
In thousands
July 27, 2025July 28, 2024July 27, 2025July 28, 2024
Service Cost$11,973 $9,033 $35,920 $27,108 
Interest Cost17,646 18,336 52,938 55,008 
Expected Return on Plan Assets(21,737)(19,377)(65,211)(58,132)
Amortization of Prior Service Cost (Credit)
319 (221)958 (664)
Recognized Actuarial Loss (Gain)
3,014 3,317 9,041 9,951 
Net Periodic Cost
$11,215 $11,086 $33,646 $33,270 
 Post-retirement Benefits
 Quarter EndedNine Months Ended
In thousands
July 27, 2025July 28, 2024July 27, 2025July 28, 2024
Service Cost$41 $41 $124 $123 
Interest Cost2,480 2,895 7,438 8,687 
Amortization of Prior Service Cost (Credit)
(6)2 (18)6 
Recognized Actuarial Loss (Gain)
(40)(317)(120)(952)
Net Periodic Cost
$2,475 $2,621 $7,425 $7,864 
v3.25.2
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)
 9 Months Ended
Jul. 27, 2025
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]  
Schedule of components of accumulated other comprehensive loss
Components of Accumulated Other Comprehensive Loss are as follows:
In thousands
Foreign
Currency
Translation		Pension &
Other
Benefits
Derivatives &
Hedging
Equity
Method
Investments		Accumulated
Other
Comprehensive
Loss
Balance at April 27, 2025
$(125,326)$(182,417)$13,970 $(4,828)$(298,601)
Unrecognized Gains (Losses)— — 
Gross16,506 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 Tax16,506 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(38,027)1 15,894 4,052 (18,079)
Tax Effect— — (3,910)— (3,910)
Reclassification into Net Earnings
Gross— 9,861 
(1)
(1,635)
(2)
4,080 
(3)
12,306 
Tax Effect— (2,430)440 — (1,991)
Change Net of Tax(38,027)7,431 10,788 8,132 (11,675)
Balance at July 27, 2025
$(108,820)$(179,894)$12,780 $929 $(275,006)

(1)    Included in computation of net periodic cost. See Note G - Pension and Other Post-Retirement Benefits for additional information.
(2)    Included in Cost of Products Sold and Interest Expense. See Note F - Derivatives and Hedging for additional information.
(3)    Included in Equity in Earnings of Affiliates.
v3.25.2
FAIR VALUE MEASUREMENTS (Tables)
 9 Months Ended
Jul. 27, 2025
Fair Value Disclosures [Abstract]  
Schedule of financial assets and liabilities carried at fair value on a recurring basis
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
In thousands
Total Fair
Value		Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Assets at Fair Value    
Short-term Marketable Securities
$31,480 $6,640 $24,840 $— 
Other Trading Securities
215,026 — 215,026 — 
Commodity Derivatives
14,016 13,243 774 — 
Total Assets at Fair Value$260,522 $19,882 $240,640 $— 
Liabilities at Fair Value
Deferred Compensation
$63,024 $— $63,024 $— 
Commodity Derivatives
6,101 5,343 758 — 
Total Liabilities at Fair Value$69,125 $5,343 $63,782 $— 

 Fair Value Measurements at October 27, 2024
In thousands
Total Fair
Value		Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Assets at Fair Value    
Short-term Marketable Securities
$24,742 $5,134 $19,608 $— 
Other Trading Securities
209,729 — 209,729 — 
Commodity Derivatives
9,890 9,575 314 — 
Total Assets at Fair Value$244,361 $14,710 $229,652 $— 
Liabilities at Fair Value
Deferred Compensation
$62,101 $— $62,101 $— 
Commodity Derivatives12,638 11,127 1,510 — 
Total Liabilities at Fair Value$74,738 $11,127 $63,611 $— 
v3.25.2
LONG-TERM DEBT AND OTHER BORROWING ARRANGEMENTS (Tables)
 9 Months Ended
Jul. 27, 2025
Debt Disclosure [Abstract]  
Schedule of long-term debt
Long-term Debt consists of:
In thousands
July 27, 2025October 27, 2024
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(6,058)(6,687)
Unamortized Debt Issuance Costs(13,488)(15,628)
Finance Lease Liabilities23,371 27,541 
Other Financing Arrangements3,079 3,530 
Total Debt
2,856,905 2,858,756 
Less: Current Maturities of Long-term Debt6,740 7,813 
Long-term Debt Less Current Maturities$2,850,165 $2,850,944 
v3.25.2
EARNINGS PER SHARE DATA (Tables)
 9 Months Ended
Jul. 27, 2025
Earnings Per Share [Abstract]  
Schedule of denominator for the computation of basic and diluted earnings per share The shares used as the denominator for those computations are as follows:
 Quarter EndedNine Months Ended
In thousands
July 27, 2025July 28, 2024July 27, 2025July 28, 2024
Basic Weighted-average Shares Outstanding
550,408 548,685 550,048 547,858 
Dilutive Potential Common Shares315 581 348 766 
Diluted Weighted-average Shares Outstanding
550,723 549,266 550,396 548,624 
Antidilutive Potential Common Shares21,681 17,560 21,284 17,888 
v3.25.2
SEGMENT REPORTING (Tables)
 9 Months Ended
Jul. 27, 2025
Segment Reporting [Abstract]  
Schedule of sales and operating profits for each of the reportable segments and reconciliation 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 results shown below.
 Quarter EndedNine Months Ended
In thousands
July 27, 2025July 28, 2024July 27, 2025July 28, 2024
Net Sales  
Retail$1,858,434 $1,767,251 $5,532,401 $5,467,078 
Foodservice986,976 954,021 2,853,603 2,799,110 
International187,466 177,171 534,495 516,517 
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 
Foodservice140,711 142,487 420,170 441,952 
International18,941 21,792 58,193 65,026 
Total Segment Profit282,218 292,211 857,210 916,814 
Net Unallocated Expense45,658 66,526 171,769 161,239 
Noncontrolling Interest(46)34 (366)(170)
Earnings Before Income Taxes$236,514 $225,719 $685,076 $755,404 
Schedule of total revenues contributed by sales channel Total revenue contributed by classes of similar products are: 
Quarter EndedNine Months Ended
In thousands
July 27, 2025July 28, 2024July 27, 2025July 28, 2024
Perishable$2,222,646 $2,115,087 $6,450,709 $6,251,076 
Shelf-stable810,230 783,356 2,469,790 2,531,630 
Total Net Sales$3,032,876 $2,898,443 $8,920,499 $8,782,706 
v3.25.2
ACQUISITIONS AND DIVESTITURES - Narrative (Details) - USD ($)
$ in Thousands
 9 Months Ended
Nov. 18, 2024
Oct. 18, 2024
Jul. 27, 2025
Jul. 28, 2024
Divestitures        
Gain (loss) on disposition of business     $ 10,800 $ 0
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Hormel Health Labs, LLC        
Divestitures        
Preliminary purchase price, sale of business   $ 24,500    
Gain (loss) on disposition of business   $ (3,900)    
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Mountain Prairie, LLC        
Divestitures        
Preliminary purchase price, sale of business $ 13,600      
Gain (loss) on disposition of business, including transaction costs $ (11,300)      
v3.25.2
GOODWILL AND INTANGIBLE ASSETS - Schedule of Changes in the Carrying Amount of Goodwill (Details)
$ in Thousands
 9 Months Ended
Jul. 27, 2025
USD ($)
Goodwill [Roll Forward]  
Beginning Balance $ 4,923,487
Foreign Currency Translation (269)
Ending Balance 4,923,218
Retail  
Goodwill [Roll Forward]  
Beginning Balance 2,916,796
Foreign Currency Translation 0
Ending Balance 2,916,796
Foodservice  
Goodwill [Roll Forward]  
Beginning Balance 1,748,355
Foreign Currency Translation 0
Ending Balance 1,748,355
International  
Goodwill [Roll Forward]  
Beginning Balance 258,336
Foreign Currency Translation (269)
Ending Balance $ 258,067
v3.25.2
GOODWILL AND INTANGIBLE ASSETS - Intangible Assets by Type (Details) - USD ($)
$ in Thousands
Jul. 27, 2025
Oct. 27, 2024
Intangible Assets [Line Items]    
Gross Carrying Amount $ 208,800 $ 233,690
Accumulated Amortization (110,248) (124,097)
Net Carrying Amount 98,552 109,593
Indefinite-lived Intangible Assets 1,622,935 1,623,112
Intangible Assets 1,721,487 1,732,705
Other Definite-lived Intangibles    
Intangible Assets [Line Items]    
Indefinite-lived Intangible Assets 0 184
Foreign Currency Translation    
Intangible Assets [Line Items]    
Indefinite-lived Intangible Assets (6,628) (6,655)
Brands/Trade Names/Trademarks    
Intangible Assets [Line Items]    
Indefinite-lived Intangible Assets 1,629,563 1,629,582
Customer Relationships    
Intangible Assets [Line Items]    
Gross Carrying Amount 143,139 168,239
Accumulated Amortization (76,047) (93,536)
Net Carrying Amount 67,092 74,703
Other Definite-lived Intangibles    
Intangible Assets [Line Items]    
Gross Carrying Amount 59,451 59,241
Accumulated Amortization (23,505) (20,107)
Net Carrying Amount 35,946 39,134
Trade Names/Trademarks    
Intangible Assets [Line Items]    
Gross Carrying Amount 6,210 6,210
Accumulated Amortization (6,210) (5,996)
Net Carrying Amount 0 214
Foreign Currency Translation    
Intangible Assets [Line Items]    
Gross Carrying Amount 0 0
Accumulated Amortization (4,486) (4,458)
Net Carrying Amount $ (4,486) $ (4,458)
v3.25.2
GOODWILL AND INTANGIBLE ASSETS - Amortization Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jul. 27, 2025
Jul. 28, 2024
Jul. 27, 2025
Jul. 28, 2024
Goodwill and Intangible Assets Disclosure [Abstract]        
Amortization Expense $ 3,797 $ 3,968 $ 11,215 $ 12,409
v3.25.2
GOODWILL AND INTANGIBLE ASSETS - Estimated Annual Amortization Expense (Details)
$ in Thousands
Oct. 27, 2024
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2025 $ 14,624
2026 14,169
2027 13,927
2028 12,972
2029 $ 11,504
v3.25.2
INVESTMENTS IN AFFILIATES - Schedule of Equity in Earnings of Affiliates (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jul. 27, 2025
Jul. 28, 2024
Jul. 27, 2025
Jul. 28, 2024
Investments In Affiliates        
Total Equity in Earnings of Affiliates $ 11,153 $ 7,977 $ 42,614 $ 39,250
MegaMex Foods, LLC        
Investments In Affiliates        
% Owned 50.00% 50.00% 50.00% 50.00%
Total Equity in Earnings of Affiliates $ 5,755 $ 3,066 $ 23,531 $ 19,444
Other Equity Method Investments        
Investments In Affiliates        
Total Equity in Earnings of Affiliates $ 5,398 $ 4,912 $ 19,083 $ 19,806
Other Equity Method Investments | Minimum        
Investments In Affiliates        
% Owned 25.00% 25.00% 25.00% 25.00%
Other Equity Method Investments | Maximum        
Investments In Affiliates        
% Owned 45.00% 45.00% 45.00% 45.00%
v3.25.2
INVESTMENTS IN AFFILIATES - Schedule of Distributions Received from Equity Method Investees (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jul. 27, 2025
Jul. 28, 2024
Jul. 27, 2025
Jul. 28, 2024
Investment, Affiliated Issuer        
Investments In Affiliates        
Dividends $ 12,703 $ 7,266 $ 38,847 $ 32,997
v3.25.2
INVESTMENTS IN AFFILIATES - Narrative (Details) - USD ($)
$ in Millions
Jul. 27, 2025
Jul. 25, 2025
Dec. 15, 2022
Oct. 26, 2009
Garudafood        
Schedule of Equity Method Investments [Line Items]        
Basis difference between fair value and carrying value of investment $ 303.7   $ 324.8  
Fair value   $ 248.9    
MegaMex Foods, LLC        
Schedule of Equity Method Investments [Line Items]        
Basis difference between fair value and carrying value of investment $ 7.8     $ 21.3
v3.25.2
INVENTORIES - Schedule of Principal Components of Inventories (Details) - USD ($)
$ in Thousands
Jul. 27, 2025
Oct. 27, 2024
Inventory, Net [Abstract]    
Finished Products $ 1,102,248 $ 881,295
Raw Materials and Work-in-Process 443,942 427,834
Operating Supplies 142,901 147,333
Maintenance Materials and Parts 132,769 119,837
Total Inventories $ 1,821,860 $ 1,576,300
v3.25.2
DERIVATIVES AND HEDGING - Narrative (Details)
 3 Months Ended 9 Months Ended
Jul. 25, 2021
Jul. 27, 2025
USD ($)
Jan. 30, 2022
USD ($)
Apr. 25, 2021
USD ($)
derivative
2024 Notes | 2024 Notes        
Derivative [Line Items]        
Aggregate principal amount of debt issued     $ 950,000,000  
Interest rate     0.65%  
Commodity Contracts        
Derivative [Line Items]        
Hedging gains (losses) to be recognized within next twelve months   $ 6,200,000    
Natural Gas        
Derivative [Line Items]        
Maximum length of time to hedge exposure   2 years    
Corn        
Derivative [Line Items]        
Maximum length of time to hedge exposure   2 years    
Lean Hogs        
Derivative [Line Items]        
Maximum length of time to hedge exposure   1 year    
Interest Rate Locks | Derivatives designated as hedges | Cash Flow Hedges        
Derivative [Line Items]        
Number of hedging instruments | derivative       2
Total notional amount of hedging       $ 1,250,000,000
Interest Rate Locks | Derivatives designated as hedges | Cash Flow Hedges | Minimum        
Derivative [Line Items]        
Derivative instruments reclassified from Accumulated OCI to income, time of transfer (in years) 7 years      
Interest Rate Locks | Derivatives designated as hedges | Cash Flow Hedges | Maximum        
Derivative [Line Items]        
Derivative instruments reclassified from Accumulated OCI to income, time of transfer (in years) 30 years      
Interest Rate Swap | Derivatives designated as hedges | Fair Value Hedges        
Derivative [Line Items]        
Total notional amount of hedging     $ 450,000,000  
Interest Rate Contracts        
Derivative [Line Items]        
Hedging gains (losses) to be recognized within next twelve months   $ 10,800,000    
v3.25.2
DERIVATIVES AND HEDGING - Outstanding Commodity Future Contracts (Details) - Cash Flow Hedges - Derivatives designated as hedges
lb in Millions, gal in Millions, bu in Millions, MMBTU in Millions
 9 Months Ended 12 Months Ended
Jul. 27, 2025
MMBTU
lb
bu
gal
Oct. 27, 2024
MMBTU
lb
gal
bu
Corn    
Derivative [Line Items]    
Futures contracts, volume | bu 27.1 29.2
Lean Hogs    
Derivative [Line Items]    
Futures contracts, mass (in pounds) | lb 183.2 175.6
Natural Gas    
Derivative [Line Items]    
Futures contracts, energy (in MMBTu) | MMBTU 3.2 4.2
Diesel Fuel    
Derivative [Line Items]    
Futures contracts, volume | gal 5.7 4.0
v3.25.2
DERIVATIVES AND HEDGING - Gross Fair Value of Derivatives (Details) - USD ($)
$ in Thousands
Jul. 27, 2025
Oct. 27, 2024
Derivatives fair value    
Counterparty and Collateral Netting Offset, Assets $ (3,816) $ (1,785)
Counterparty and Collateral Netting Offset, Liabilities 6,101 12,638
Amounts Recognized on Consolidated Statements of Financial Position, Assets 10,068 8,066
Amounts Recognized on Consolidated Statements of Financial Position, Liabilities 0 0
Derivative asset, statement of financial position [Extensible Enumeration] 10,068 8,066
Derivative liability, statement of financial position [Extensible Enumeration] 0 0
Right to reclaim cash collateral within master netting arrangement 2,300 10,900
Right to reclaim net cash collateral, cash portion (2,000) 26,500
Realized gain (loss) on closed positions 4,300 (15,600)
Derivatives designated as hedges | Commodity Contracts | Prepaid Expenses and Other Current Assets    
Derivatives fair value    
Gross Fair Value of Commodity Contracts, Assets 13,884 9,851
Gross Fair Value of Commodity Contracts, Liabilities $ (6,101) $ (12,638)
v3.25.2
DERIVATIVES AND HEDGING - Fair Value Hedge Assets (Liabilities) (Details) - USD ($)
$ in Thousands
Jul. 27, 2025
Oct. 27, 2024
Fair Value Hedges | Commodity Contracts | Accounts Payable    
Derivatives fair value    
Carrying amount of fair value hedged assets (liabilities) $ (772) $ (2,902)
v3.25.2
DERIVATIVES AND HEDGING - Effects on Accumulated Other Comprehensive Gains and Losses (Before Tax) of Derivative Instruments (Details) - Derivatives designated as hedges - Cash Flow Hedges - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jul. 27, 2025
Jul. 28, 2024
Jul. 27, 2025
Jul. 28, 2024
Commodity Contracts        
Derivative instruments gains or losses (before tax)        
Gain/(Loss) Reclassified from AOCL into Earnings $ 4,361 $ (1,541) $ 894 $ (21,297)
Interest Rate Contracts        
Derivative instruments gains or losses (before tax)        
Gain/(Loss) Reclassified from AOCL into Earnings 247 247 741 741
Cost of Products Sold | Commodity Contracts        
Derivative instruments gains or losses (before tax)        
Gain/(Loss) Recognized in AOCL 3,038 (26,172) 16,038 (24,487)
Gain/(Loss) Reclassified from AOCL into Earnings 4,361 (1,541) 894 (21,297)
Cost of Products Sold | Corn Options        
Derivative instruments gains or losses (before tax)        
Excluded Component 39 299 (143) 2,112
Interest Expense | Interest Rate Contracts        
Derivative instruments gains or losses (before tax)        
Gain/(Loss) Reclassified from AOCL into Earnings $ 247 $ 247 $ 741 $ 741
v3.25.2
DERIVATIVES AND HEDGING - Consolidated Condensed Statements of Operations Impact of Gains or Losses on Derivative Instruments (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jul. 27, 2025
Jul. 28, 2024
Jul. 27, 2025
Jul. 28, 2024
Derivative [Line Items]        
Net Earnings Attributable to Hormel Foods Corporation $ 183,742 $ 176,701 $ 534,334 $ 584,842
Fair Value Hedges        
Total Gain (Loss) Recognized in Earnings 5,050 (1,828) 2,791 (24,718)
Derivatives designated as hedges | Commodity Contracts        
Fair Value Hedges        
Total Gain (Loss) Recognized in Earnings 4,802 (874) 2,050 (18,008)
Derivatives designated as hedges | Interest Rate Contracts        
Fair Value Hedges        
Total Gain (Loss) Recognized in Earnings 247 (955) 741 (6,710)
Derivatives designated as hedges | Cash Flow Hedges | Commodity Contracts        
Cash Flow Hedges        
Gain (Loss) Reclassified from AOCL 4,361 (1,541) 894 (21,297)
Amortization of Excluded Component from Options (237) (472) (656) (2,478)
Derivatives designated as hedges | Cash Flow Hedges | Interest Rate Contracts        
Cash Flow Hedges        
Gain (Loss) Reclassified from AOCL 247 247 741 741
Derivatives designated as hedges | Fair Value Hedges | Commodity Contracts        
Fair Value Hedges        
Gain (Loss) on Commodity Futures 679 1,139 1,812 5,766
Derivatives designated as hedges | Fair Value Hedges | Interest Rate Contracts        
Fair Value Hedges        
Amortization of Loss Due to Discontinuance of Fair Value Hedge $ 0 $ (1,202) $ 0 $ (7,451)
v3.25.2
PENSION AND OTHER POST-RETIREMENT BENEFITS - Schedule of Net Periodic Benefit Costs (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jul. 27, 2025
Jul. 28, 2024
Jul. 27, 2025
Jul. 28, 2024
Pension Benefits        
Net periodic cost of defined benefit plans        
Service Cost $ 11,973 $ 9,033 $ 35,920 $ 27,108
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] Interest and Investment Income Interest and Investment Income Interest and Investment Income Interest and Investment Income
Interest Cost $ 17,646 $ 18,336 $ 52,938 $ 55,008
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] Interest and Investment Income Interest and Investment Income Interest and Investment Income Interest and Investment Income
Expected Return on Plan Assets $ (21,737) $ (19,377) $ (65,211) $ (58,132)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration] Interest and Investment Income Interest and Investment Income Interest and Investment Income Interest and Investment Income
Amortization of Prior Service Cost (Credit) $ 319 $ (221) $ 958 $ (664)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Interest and Investment Income Interest and Investment Income Interest and Investment Income Interest and Investment Income
Recognized Actuarial Loss (Gain) $ 3,014 $ 3,317 $ 9,041 $ 9,951
Net Periodic Cost 11,215 11,086 33,646 33,270
Post-retirement Benefits        
Net periodic cost of defined benefit plans        
Service Cost $ 41 $ 41 $ 124 $ 123
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] Interest and Investment Income Interest and Investment Income Interest and Investment Income Interest and Investment Income
Interest Cost $ 2,480 $ 2,895 $ 7,438 $ 8,687
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration] Interest and Investment Income Interest and Investment Income Interest and Investment Income Interest and Investment Income
Amortization of Prior Service Cost (Credit) $ (6) $ 2 $ (18) $ 6
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Interest and Investment Income Interest and Investment Income Interest and Investment Income Interest and Investment Income
Recognized Actuarial Loss (Gain) $ (40) $ (317) $ (120) $ (952)
Net Periodic Cost $ 2,475 $ 2,621 $ 7,425 $ 7,864
v3.25.2
ACCUMULATED OTHER COMPREHENSIVE LOSS - Schedule of Components (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jul. 27, 2025
Jul. 27, 2025
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Beginning balance $ 8,041,941 $ 8,004,011
Unrecognized Gains (Losses)    
Gross 24,531 (18,079)
Tax Effect (798) (3,910)
Reclassification into Net Earnings    
Gross (466) 12,306
Tax Effect 328 (1,991)
Change Net of Tax 23,595 (11,675)
Ending balance 8,093,092 8,093,092
Accumulated Other Comprehensive Loss    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Beginning balance (298,601) (263,331)
Reclassification into Net Earnings    
Ending balance (275,006) (275,006)
Foreign Currency Translation    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Beginning balance (125,326) (70,794)
Unrecognized Gains (Losses)    
Gross 16,506 (38,027)
Tax Effect 0 0
Reclassification into Net Earnings    
Gross 0 0
Tax Effect 0 0
Change Net of Tax 16,506 (38,027)
Ending balance (108,820) (108,820)
Pension & Other Benefits    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Beginning balance (182,417) (187,325)
Unrecognized Gains (Losses)    
Gross 47 1
Tax Effect 0 0
Reclassification into Net Earnings    
Gross 3,287 9,861
Tax Effect (810) (2,430)
Change Net of Tax 2,523 7,431
Ending balance (179,894) (179,894)
Derivatives & Hedging    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Beginning balance 13,970 1,991
Unrecognized Gains (Losses)    
Gross 3,077 15,894
Tax Effect (798) (3,910)
Reclassification into Net Earnings    
Gross (4,608) (1,635)
Tax Effect 1,138 440
Change Net of Tax (1,190) 10,788
Ending balance 12,780 12,780
Equity Method Investments    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Beginning balance (4,828) (7,204)
Unrecognized Gains (Losses)    
Gross 4,902 4,052
Tax Effect 0 0
Reclassification into Net Earnings    
Gross 855 4,080
Tax Effect 0 0
Change Net of Tax 5,756 8,132
Ending balance $ 929 $ 929
v3.25.2
FAIR VALUE MEASUREMENTS - Financial Assets and Liabilities Carried at Fair Value on Recurring Basis (Details) - Recurring basis - USD ($)
$ in Thousands
Jul. 27, 2025
Oct. 27, 2024
Assets at Fair Value    
Short-term Marketable Securities $ 31,480 $ 24,742
Other Trading Securities $ 215,026 $ 209,729
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] Prepaid Expenses and Other Current Assets Prepaid Expenses and Other Current Assets
Commodity Derivatives $ 14,016 $ 9,890
Total Assets at Fair Value 260,522 244,361
Liabilities at Fair Value    
Deferred Compensation $ 63,024 $ 62,101
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] Accounts Payable Accounts Payable
Commodity Derivatives $ 6,101 $ 12,638
Total Liabilities at Fair Value 69,125 74,738
Quoted Prices in Active Markets for Identical Assets (Level 1)    
Assets at Fair Value    
Short-term Marketable Securities 6,640 5,134
Other Trading Securities 0 0
Commodity Derivatives 13,243 9,575
Total Assets at Fair Value 19,882 14,710
Liabilities at Fair Value    
Deferred Compensation 0 0
Commodity Derivatives 5,343 11,127
Total Liabilities at Fair Value 5,343 11,127
Significant Other Observable Inputs (Level 2)    
Assets at Fair Value    
Short-term Marketable Securities 24,840 19,608
Other Trading Securities 215,026 209,729
Commodity Derivatives 774 314
Total Assets at Fair Value 240,640 229,652
Liabilities at Fair Value    
Deferred Compensation 63,024 62,101
Commodity Derivatives 758 1,510
Total Liabilities at Fair Value 63,782 63,611
Significant Unobservable Inputs (Level 3)    
Assets at Fair Value    
Short-term Marketable Securities 0 0
Other Trading Securities 0 0
Commodity Derivatives 0 0
Total Assets at Fair Value 0 0
Liabilities at Fair Value    
Deferred Compensation 0 0
Commodity Derivatives 0 0
Total Liabilities at Fair Value $ 0 $ 0
v3.25.2
FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jul. 27, 2025
Jul. 28, 2024
Jul. 27, 2025
Jul. 28, 2024
Oct. 27, 2024
Fair Value Measurements          
Fair value of long-term debt, utilizing discounted cash flows (Level 2) $ 2,500.0   $ 2,500.0   $ 2,500.0
Rabbi trust          
Fair Value Measurements          
Gains (losses) related to securities held by the trust $ 9.7 $ 4.9 $ 8.6 $ 18.8  
v3.25.2
COMMITMENTS AND CONTINGENCIES - Narrative (Details)
$ in Millions
 3 Months Ended 9 Months Ended
Aug. 20, 2024
USD ($)
Jan. 26, 2025
USD ($)
Apr. 28, 2024
USD ($)
Jul. 27, 2025
subsidiary
Loss Contingencies [Line Items]        
Number of current subsidiaries received income tax deficiency notice | subsidiary       2
Lean Hogs        
Loss Contingencies [Line Items]        
Maximum length of time to hedge exposure       1 year
Pork Antitrust Litigation, Class Plaintiffs | Settled Litigation        
Loss Contingencies [Line Items]        
Settlement amount recorded     $ 11.8  
Pork Antitrust Litigation, Non-Class Direct-Action Plaintiff | Settled Litigation        
Loss Contingencies [Line Items]        
Settlement amount recorded   $ 0.2    
Poultry Wages Antitrust Litigation | Settled Litigation        
Loss Contingencies [Line Items]        
Settlement amount recorded $ 3.5      
Red Meat Wages Antitrust Litigation | Settled Litigation        
Loss Contingencies [Line Items]        
Settlement amount recorded $ 13.5      
v3.25.2
LONG-TERM DEBT AND OTHER BORROWING ARRANGEMENTS - Schedule of Long-term Debt (Details) - USD ($)
$ in Thousands
Jul. 27, 2025
Oct. 27, 2024
Mar. 08, 2024
Jun. 03, 2021
Jun. 11, 2020
Debt Instrument [Line Items]          
Unamortized Debt Issuance Costs $ (13,488) $ (15,628)      
Finance Lease Liabilities 23,371 27,541      
Other Financing Arrangements 3,079 3,530      
Total Debt 2,856,905 2,858,756      
Less: Current Maturities of Long-term Debt 6,740 7,813      
Long-term Debt Less Current Maturities 2,850,165 2,850,944      
Senior Notes          
Debt Instrument [Line Items]          
Unamortized Discount on Senior Notes $ (6,058) (6,687)      
Senior Notes | Senior Unsecured Notes with Interest at 3.050% Interest Due Semi-annually through June 2051 Maturity Date          
Debt Instrument [Line Items]          
Interest rate 3.05%     3.05%  
Senior Notes $ 600,000 600,000      
Senior Notes | Senior Unsecured Notes with Interest at 1.800% Interest Due Semi-annually through June 2030 Maturity Date          
Debt Instrument [Line Items]          
Interest rate 1.80%       1.80%
Senior Notes $ 1,000,000 1,000,000      
Senior Notes | Senior Unsecured Notes with Interest at 1.700% Interest Due Semi-annually through June 2028 Maturity Date          
Debt Instrument [Line Items]          
Interest rate 1.70%     1.70%  
Senior Notes $ 750,000 750,000      
Senior Notes | Senior Unsecured Notes with Interest at 4.800% Interest Due Semi-annually through March 2027 Maturity Date          
Debt Instrument [Line Items]          
Interest rate 4.80%   4.80%    
Senior Notes $ 500,000 $ 500,000      
v3.25.2
LONG-TERM DEBT AND OTHER BORROWING ARRANGEMENTS - Narrative (Details) - USD ($)
Mar. 25, 2025
Mar. 08, 2024
Jun. 03, 2021
Jun. 11, 2020
Jul. 27, 2025
Mar. 24, 2025
Oct. 27, 2024
Senior Notes | 2027 Notes              
Debt Instrument [Line Items]              
Aggregate principal amount of debt issued   $ 500,000,000          
Interest rate   4.80%     4.80%    
Redemption price, percentage   101.00%          
Senior Notes | 2028 Notes              
Debt Instrument [Line Items]              
Aggregate principal amount of debt issued     $ 750,000,000        
Interest rate     1.70%   1.70%    
Redemption price, percentage     101.00%        
Senior Notes | 2051 Notes              
Debt Instrument [Line Items]              
Aggregate principal amount of debt issued     $ 600,000,000        
Interest rate     3.05%   3.05%    
Redemption price, percentage     101.00%        
Senior Notes | 2030 Notes              
Debt Instrument [Line Items]              
Aggregate principal amount of debt issued       $ 1,000,000,000      
Interest rate       1.80% 1.80%    
Redemption price, percentage       101.00%      
Credit Facility | Revolving Credit Facility March 25, 2025 | Unsecured Revolving Credit Facility              
Debt Instrument [Line Items]              
Borrowing capacity under credit facility $ 750,000,000            
Additional uncommitted option under credit facility $ 375,000,000            
Amount outstanding under credit facility         $ 0    
Credit Facility | Revolving Credit Facility March 25, 2025 | Unsecured Revolving Credit Facility | Minimum              
Debt Instrument [Line Items]              
Variable fee percentage for availability of line of credit 0.05%            
Credit Facility | Revolving Credit Facility March 25, 2025 | Unsecured Revolving Credit Facility | Minimum | Base Rate              
Debt Instrument [Line Items]              
Margin over interest rate percentage 0.00%            
Credit Facility | Revolving Credit Facility March 25, 2025 | Unsecured Revolving Credit Facility | Minimum | Eurocurrency rate              
Debt Instrument [Line Items]              
Margin over interest rate percentage 0.575%            
Credit Facility | Revolving Credit Facility March 25, 2025 | Unsecured Revolving Credit Facility | Maximum              
Debt Instrument [Line Items]              
Variable fee percentage for availability of line of credit 0.09%            
Credit Facility | Revolving Credit Facility March 25, 2025 | Unsecured Revolving Credit Facility | Maximum | Base Rate              
Debt Instrument [Line Items]              
Margin over interest rate percentage 0.16%            
Credit Facility | Revolving Credit Facility March 25, 2025 | Unsecured Revolving Credit Facility | Maximum | Eurocurrency rate              
Debt Instrument [Line Items]              
Margin over interest rate percentage 1.16%            
Credit Facility | Prior Revolving Credit Facility | Unsecured Revolving Credit Facility              
Debt Instrument [Line Items]              
Borrowing capacity under credit facility           $ 750,000,000  
Amount outstanding under credit facility             $ 0
v3.25.2
INCOME TAXES - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jul. 27, 2025
Jul. 28, 2024
Jul. 27, 2025
Jul. 28, 2024
Income Tax Disclosure [Abstract]        
Effective tax rate 22.30% 21.70% 22.10% 22.60%
Unrecognized tax benefits that would impact effective tax rate $ 17.5 $ 17.2 $ 17.5 $ 17.2
Accrued interest and penalties associated with unrecognized tax benefits $ 3.2 $ 2.7 $ 3.2 $ 2.7
v3.25.2
EARNINGS PER SHARE DATA - Shares Used as Denominator (Details) - shares
shares in Thousands
 3 Months Ended 9 Months Ended
Jul. 27, 2025
Jul. 28, 2024
Jul. 27, 2025
Jul. 28, 2024
Earnings Per Share [Abstract]        
Basic Weighted-average Shares Outstanding (in shares) 550,408 548,685 550,048 547,858
Dilutive Potential Common Shares (in shares) 315 581 348 766
Diluted Weighted-average Shares Outstanding (in shares) 550,723 549,266 550,396 548,624
Antidilutive Potential Common Shares (in shares) 21,681 17,560 21,284 17,888
v3.25.2
SEGMENT REPORTING - Narrative (Details)
 9 Months Ended
Jul. 27, 2025
segment
Segment Reporting [Abstract]  
Number of reportable segments 3
v3.25.2
SEGMENT REPORTING - Sales and Operating Profits for Each Reportable and Reconciliation to Earnings Before Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jul. 27, 2025
Jul. 28, 2024
Jul. 27, 2025
Jul. 28, 2024
Operating profit and other financial information        
Total Net Sales $ 3,032,876 $ 2,898,443 $ 8,920,499 $ 8,782,706
Segment Profit 239,748 236,693 716,430 773,452
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
Retail        
Operating profit and other financial information        
Total Net Sales 1,858,434 1,767,251 5,532,401 5,467,078
Foodservice        
Operating profit and other financial information        
Total Net Sales 986,976 954,021 2,853,603 2,799,110
International        
Operating profit and other financial information        
Total Net Sales 187,466 177,171 534,495 516,517
Operating Segments        
Operating profit and other financial information        
Segment Profit 282,218 292,211 857,210 916,814
Operating Segments | Retail        
Operating profit and other financial information        
Segment Profit 122,566 127,932 378,847 409,836
Operating Segments | Foodservice        
Operating profit and other financial information        
Segment Profit 140,711 142,487 420,170 441,952
Operating Segments | International        
Operating profit and other financial information        
Segment Profit $ 18,941 $ 21,792 $ 58,193 $ 65,026
v3.25.2
SEGMENT REPORTING - Revenue Contributed by Sales Channel (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jul. 27, 2025
Jul. 28, 2024
Jul. 27, 2025
Jul. 28, 2024
Revenue from External Customer [Line Items]        
Total Net Sales $ 3,032,876 $ 2,898,443 $ 8,920,499 $ 8,782,706
Perishable        
Revenue from External Customer [Line Items]        
Total Net Sales 2,222,646 2,115,087 6,450,709 6,251,076
Shelf-stable        
Revenue from External Customer [Line Items]        
Total Net Sales $ 810,230 $ 783,356 $ 2,469,790 $ 2,531,630