Hormel Foods Corporation (HRL) Cash Flow Statement
Where HRL’s cash came from and went, FY2025
October 31, 2025 · U.S. dollars- Cash from operations
- $845.3M −33.3% vs FY2024
- Capital expenditures
- $310.9M 2.6% of revenue
- Free cash flow
- $534.3M 4.4% margin
- Returned to shareholders
- $633.2M 118% of free cash flow
- Change in cash
- −$71.2M cash at year-end $670.7M
Cash from operations
$845.3M
Capital expenditures
−$310.9M
Investments (net)
−$6.9M
Acquisitions & other
+$19.2M
Dividends
−$633.2M
Share buybacks (net)
+$27.0M
Net borrowing (repayment)
−$7.8M
Currency & other
−$3.9M
Change in cash
−$71.2M
Drawn to scale: where the cash came from and how it was used. Hover for values.
HRL operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
HRL cash flow trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $992.8MFY2016 | $845.3MFY2025 | −1.8%/yr | |
| Capital expenditures | $249.3MFY2016 | $310.9MFY2025 | +2.5%/yr | |
| Free cash flow | $743.6MFY2016 | $534.3MFY2025 | −3.6%/yr | |
| Free cash flow margin | 7.8%FY2016 | 4.4%FY2025 | −3.4 pts | |
| Operating cash flow / net income | 1.11FY2016 | 1.77FY2025 | +0.65 | |
| Stock-based compensation | $17.8MFY2016 | $25.6MFY2025 | +4.1%/yr | |
| Dividends paid | $296.5MFY2016 | $633.2MFY2025 | +8.8%/yr | |
| Share buybacks (net) | $87.9MFY2016 | $0FY2025 | −100.0% | |
| Capex / revenue | 2.6%FY2016 | 2.6%FY2025 | 0.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
HRL cash flow by activity
OperatingInvestingFinancingChange in cash
HRL net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
HRL cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $477.8M | $804.6M | $792.9M | $1.00B | $909.1M | $908.4M | $979.1M | $1.01B | $847.1M | $890.5M |
| Depreciation & amortization | $263.9M | $257.8M | $253.3M | $262.8M | $228.4M | $205.8M | $165.2M | $161.9M | $131.0M | $132.0M |
| Stock-based compensation | $25.6M | $23.2M | $24.1M | $24.9M | $24.7M | $22.5M | $19.7M | $20.6M | $15.6M | $17.8M |
| Change in working capital | −$243.3M | $68.2M | −$124.8M | −$371.8M | −$165.8M | −$29.0M | −$221.4M | $50.0M | $31.9M | −$30.6M |
| Other non-cash items | $321.3M | $113.0M | $102.3M | $218.8M | $5.4M | $20.4M | −$19.7M | −$3.3M | $8.3M | −$16.8M |
| Cash from operating activities | $845.3M | $1.27B | $1.05B | $1.13B | $1.00B | $1.13B | $923.0M | $1.24B | $1.03B | $992.8M |
| Investing activities | ||||||||||
| Capital expenditures | −$310.9M | −$256.4M | −$270.2M | −$277.7M | −$230.2M | −$367.5M | −$256.4M | −$379.9M | −$217.3M | −$249.3M |
| Investments (net) | −$6.9M | −$236.9M | −$689.5M | −$258.0M | −$4.4M | −$2.6M | −$14.5M | −$1.24B | −$593.0M | −$409.0M |
| Acquisitions & other investing | $19.2M | $256.4M | $270.2M | $277.7M | −$3.39B | −$286.2M | $491.1M | $379.9M | $223.1M | $249.3M |
| Cash from investing activities | −$298.6M | −$236.9M | −$689.5M | −$258.0M | −$3.63B | −$656.3M | $220.2M | −$1.24B | −$587.2M | −$409.0M |
| Financing activities | ||||||||||
| Dividends paid | −$633.2M | −$615.0M | −$592.9M | −$557.8M | −$523.1M | −$487.4M | −$437.1M | −$388.1M | −$346.0M | −$296.5M |
| Share repurchases & issuance (net) | $27.0M | $40.7M | −$12.3M | $79.8M | −$20.0M | −$12.4M | −$174.2M | −$46.9M | −$94.5M | −$87.9M |
| Net borrowing (repayment) | −$7.8M | −$461.3M | −$6.8M | −$8.7M | $2.28B | $992.4M | −$374.8M | $374.8M | $374.8M | −$185.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $1,000 | $5.4M | $12.0M | $1,000 | −$212.7M | $73.5M | $59.9M | $71.8M | −$353.1M | $59.7M |
| Cash from financing activities | −$614.0M | −$1.03B | −$600.1M | −$486.7M | $1.52B | $566.2M | −$926.2M | $11.6M | −$418.8M | −$509.6M |
| Summary | ||||||||||
| Net change in cash | −$71.2M | $5.3M | −$245.6M | $368.6M | −$1.10B | $1.04B | $213.8M | $15.0M | $29.0M | $67.9M |
| Cash at end of period | $670.7M | $741.9M | $736.5M | $982.1M | $613.5M | $1.71B | $672.9M | $459.1M | $444.1M | $415.1M |
| Free cash flow | $534.3M | $1.01B | $777.6M | $857.3M | $771.7M | $760.5M | $666.6M | $861.9M | $812.6M | $743.6M |
| Free cash flow margin | 4.4% | 8.5% | 6.4% | 6.9% | 6.8% | 7.9% | 7.0% | 9.0% | 8.9% | 7.8% |
| Capex / revenue | 2.6% | 2.2% | 2.2% | 2.2% | 2.0% | 3.8% | 2.7% | 4.0% | 2.4% | 2.6% |
| Operating cash flow / net income | 1.77 | 1.57 | 1.32 | 1.13 | 1.10 | 1.24 | 0.94 | 1.23 | 1.22 | 1.11 |
| Jul '26 | Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $59.5M | $157.4M | $181.8M | −$56.2M | $183.7M | $179.7M | $170.5M | $219.8M | $176.7M | $189.3M | $218.9M | $195.5M |
| Depreciation & amortization | $66.4M | $68.8M | $67.1M | $69.4M | $64.7M | $64.0M | $65.9M | $66.4M | $63.7M | $63.6M | $64.1M | $68.9M |
| Stock-based compensation | $4.8M | $9.5M | $6.9M | $4.2M | $4.9M | $11.1M | $5.5M | $3.1M | $5.1M | $10.6M | $4.4M | $3.1M |
| Change in working capital | $10.5M | −$108.2M | $110.5M | $11.7M | −$95.8M | −$203.8M | $44.7M | $24.4M | −$34.8M | −$36.8M | $115.4M | −$45.4M |
| Other non-cash items | $99.3M | $51.4M | −$17.1M | $293.8M | −$694,000 | $5.5M | $22.7M | $94.9M | $7.4M | $9.5M | $1.2M | $97.0M |
| Cash from operating activities | $240.6M | $178.9M | $349.2M | $322.9M | $156.7M | $56.4M | $309.2M | $408.6M | $218.0M | $236.1M | $404.0M | $319.1M |
| Investing activities | ||||||||||||
| Capital expenditures | −$68.2M | −$82.2M | −$69.0M | −$91.5M | −$72.2M | −$75.1M | −$72.2M | −$83.8M | −$65.5M | −$60.0M | −$47.2M | −$101.7M |
| Investments (net) | $3.5M | $197,000 | −$323,000 | −$766,000 | −$66.3M | −$78.3M | −$60.3M | −$60.0M | −$64.2M | −$64.6M | −$48.2M | −$101.1M |
| Acquisitions & other investing | $3.1M | $23.3M | $77.3M | −$1.4M | $72.2M | $75.1M | $72.2M | $83.8M | $65.5M | $60.0M | $47.5M | $101.7M |
| Cash from investing activities | −$61.5M | −$58.7M | $7.9M | −$93.6M | −$66.3M | −$78.3M | −$60.3M | −$60.0M | −$64.2M | −$64.6M | −$47.9M | −$101.1M |
| Financing activities | ||||||||||||
| Dividends paid | −$161.0M | −$160.9M | −$159.5M | −$159.5M | −$159.5M | −$159.2M | −$155.0M | −$155.0M | −$154.9M | −$154.7M | −$150.3M | −$150.4M |
| Share repurchases & issuance (net) | — | — | −$1.1M | $27.0M | $24.1M | $25.8M | $14.1M | $40.7M | $0 | — | −$280,000 | −$3.5M |
| Net borrowing (repayment) | −$1.8M | −$1.8M | −$1.8M | −$1.6M | −$2.0M | −$2.0M | −$2.2M | −$2.2M | −$952.3M | — | — | −$2.2M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$282,000 | −$220,000 | −$1,000 | −$24.1M | −$25.8M | −$14.1M | −$1,000 | −$33.8M | $6.3M | $509.2M | $16.9M | $7.1M |
| Cash from financing activities | −$163.0M | −$163.0M | −$162.4M | −$158.1M | −$163.3M | −$149.6M | −$143.1M | −$150.3M | −$1.10B | $354.4M | −$133.6M | −$149.1M |
| Summary | ||||||||||||
| Net change in cash | $17.3M | −$41.2M | $197.2M | $71.5M | −$70.5M | −$170.7M | $98.5M | $204.4M | −$948.9M | $523.2M | $226.7M | $67.4M |
| Cash at end of period | $844.1M | $826.8M | $867.9M | $670.7M | $599.2M | $669.7M | $840.4M | $741.9M | $537.5M | $1.49B | $963.2M | $736.5M |
| Free cash flow | $172.4M | $96.8M | $280.2M | $231.4M | $84.5M | −$18.6M | $237.0M | $324.8M | $152.5M | $176.2M | $356.8M | $217.4M |
| Free cash flow margin | 5.8% | 3.3% | 9.3% | 7.3% | 2.8% | −0.6% | 7.9% | 10.4% | 5.3% | 6.1% | 11.9% | 6.8% |
| Capex / revenue | 2.3% | 2.8% | 2.3% | 2.9% | 2.4% | 2.6% | 2.4% | 2.7% | 2.3% | 2.1% | 1.6% | 3.2% |
| Operating cash flow / net income | 4.04 | 1.14 | 1.92 | — | 0.85 | 0.31 | 1.81 | 1.86 | 1.23 | 1.25 | 1.85 | 1.63 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
HRL cash generation
In fiscal 2025 (ended October 31, 2025), Hormel generated $845.3 million of cash from operations (down 33.3%) and spent $310.9 million on capital expenditures, leaving free cash flow of $534.3 million, 4.4% of revenue. It returned $633.2 million to shareholders through dividends ($633.2 million) and net share buybacks ($0). Cash and equivalents fell by $71.2 million over the year.
Related: HRL income statement, HRL balance sheet, HRL dividend history. See the HRL stock overview for the latest quote and news.
HRL cash flow FAQ
What is Hormel's free cash flow?
Hormel's free cash flow was $534.3 million in fiscal 2025: $845.3 million of operating cash flow minus $310.9 million of capital expenditures It was $1.0 billion a year earlier..
How much cash does Hormel generate from operations?
Hormel generated $845.3 million of cash from operating activities in fiscal 2025, 1.77 times its net income of $477.8 million.
How much does Hormel spend on capital expenditures?
Hormel spent $310.9 million on capital expenditures in fiscal 2025, 2.6% of revenue, compared with $256.4 million the year before.
How much does Hormel pay in dividends?
Hormel paid $633.2 million in dividends in fiscal 2025, 118.5% of free cash flow.