HRL earnings analysis
What we found in HRL's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Third-quarter revenue of $2.961 billion declined 0.3% sequentially and 2.3% year over year, while GAAP diluted EPS fell to $0.11 from $0.29 in the prior quarter and $0.33 a year earlier. Adjusted EPS of $0.37 increased from $0.35 year over year, tempering the weak GAAP result and supporting a neutral rather than bearish assessment. The provided filing text does not include the income-statement detail needed to calculate margins, segment results, balance-sheet changes, or cash flow.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue declined sequentially and year over year
- Revenue was $2.961 billion, down approximately $9 million, or 0.3%, from $2.970 billion in the prior quarter and down approximately $69 million, or 2.3%, from $3.030 billion in the prior-year quarter.
- GAAP EPS fell sharply
- GAAP diluted EPS was $0.11, versus $0.29 in the prior quarter and $0.33 in the prior-year quarter, indicating a sharp decline in reported profitability.
- Adjusted EPS increased
- Adjusted EPS was $0.37 versus $0.35 in the prior-year quarter, an increase of $0.02, or approximately 6%, according to the prior earnings disclosure.
- Commodity hedging remains active
- The company reported $17.0 million of fair value for cash-flow commodity contracts as of July 26, 2026, reflecting continued use of hedging for grain, lean hogs, natural gas, diesel fuel, and aluminum.
- Transformation implementation continues
- Management stated that the Oracle Cloud Solutions transformation is expected to be completed in fiscal 2026; the order-to-cash implementation is the principal internal-control change noted for the quarter.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Commodity price volatility
- Commodity exposure remains material: a hypothetical 10% decrease in commodity prices would have reduced the fair value of cash-flow commodity contracts by $32.1 million as of July 26, 2026, although it would also reduce future purchased-commodity costs by a similar amount.
- Interest-rate exposure
- Long-term debt had a fair value of $2.5 billion as of July 26, 2026. A hypothetical 10% increase in interest rates would have reduced its fair value by $54.6 million, while a 10% decrease would have increased it by $59.1 million.
- Unhedged foreign-currency exposure
- The company had a $0.8 billion net foreign-currency asset position as of July 26, 2026, concentrated in the Chinese yuan, Indonesian rupiah, and Philippine peso, and stated that it does not use market-risk instruments to manage this exposure. The 10-Q also states there were no material changes to the risk factors disclosed in the fiscal 2025 Form 10-K.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.11
What they said about what is next.
No quantitative outlook was identified in the provided 10-Q text. The previously disclosed fiscal 2026 outlook appeared in the prior 8-K, including revenue of $12.1 billion-$12.2 billion and adjusted EPS of $1.45-$1.51.
The filing reads about the same as the one before it.
What came before.
- 10-Q · May 28, 2026
- Hormel Foods reported a solid performance in Q2 FY2026, with net sales of $2.97 billion, a 3% year-over-year increase, though diluted EPS of $0.29 missed expectations of $0.35, reflecting a 12% decline from the previous…
- 10-Q · February 26, 2026
- Hormel Foods reported Q1 net sales of $3,027,317 (in thousands), up $38,504 versus the prior year quarter, with operating income rising to $243,697 (in thousands) and diluted EPS of $0.33 versus $0.31 a year ago. The…
- 10-Q · August 28, 2025
- Hormel Foods reported quarterly net sales of $3,032,876 (thousands) vs $2,898,443 in the prior-year quarter, with diluted EPS of $0.33 (vs $0.32). Gross profit was essentially flat at $487,309 and operating income was…
- 10-Q · February 27, 2025
- Hormel reported essentially flat net sales of $2,988,813,000 for the quarter versus $2,996,911,000 a year ago, while net earnings fell to $170,575,000 (diluted EPS $0.31) from $218,863,000 (diluted EPS $0.40). Gross…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing HRL makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever