Hormel Foods Corporation (HRL) Income Statement
HRL FY2025 at a glance
Fiscal year ended October 31, 2025 · U.S. dollarsHRL revenue and net income
Where HRL's revenue goes
FY2025Each bar shows an amount and its share of revenue. HRL kept 4.0% of revenue as net income.
HRL profit margins
HRL growth rates
to FY2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +1.6% | −1.0% | +4.7% | +2.7% |
| Gross profit | −6.4% | −4.4% | +0.7% | +0.5% |
| Operating income | −32.7% | −18.2% | −8.2% | −3.9% |
| Net income | −40.6% | −21.8% | −12.0% | −3.5% |
| EPS (diluted) | −13.3% | −9.2% | −3.9% | +0.2% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
HRL quarterly EPS vs estimates
Hormel beat the analyst EPS estimate in 6 of the last 8 quarters. Next report: December 3, 2026 (estimate $0.38).
HRL income statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $12.11B | $11.92B | $12.11B | $12.46B | $11.39B | $9.61B | $9.50B | $9.55B | $9.17B | $9.52B |
| Cost of revenue | $10.21B | $9.90B | $10.11B | $10.29B | $9.46B | $7.78B | $7.61B | $7.57B | $7.17B | $7.37B |
| Gross profit | $1.89B | $2.02B | $2.00B | $2.16B | $1.93B | $1.83B | $1.88B | $1.98B | $2.00B | $2.16B |
| Research & development | $35.2M | — | $33.7M | $34.7M | $33.6M | $31.9M | $32.5M | $33.8M | $34.2M | $34.7M |
| Sales, general & admin | $940.5M | $893.0M | $908.5M | $722.0M | $714.6M | $637.7M | $596.5M | $686.7M | $626.5M | $667.9M |
| Total operating expenses | $1.17B | $954.2M | $927.8M | $852.1M | $805.3M | $725.7M | $688.4M | $799.5M | $719.9M | $834.3M |
| Operating income | $718.6M | $1.07B | $1.07B | $1.31B | $1.12B | $1.10B | $1.20B | $1.18B | $1.28B | $1.32B |
| Interest income | $53.8M | $48.4M | $14.8M | $34.5M | $3.6M | $14.5M | $13.4M | $1.3M | $10.9M | $6.2M |
| Interest expense | $78.0M | $80.9M | $73.4M | $62.5M | $43.3M | $21.1M | $18.1M | $26.5M | $12.7M | $12.9M |
| Income before taxes | $663.4M | $1.04B | $1.01B | $1.28B | $1.13B | $1.11B | $1.21B | $1.18B | $1.28B | $1.32B |
| Income taxes | $185.7M | $230.8M | $220.6M | $277.9M | $217.0M | $206.4M | $230.6M | $168.7M | $431.5M | $426.7M |
| Net income | $478.2M | $805.0M | $793.6M | $1000.0M | $908.8M | $908.1M | $978.8M | $1.01B | $846.7M | $890.1M |
| EBITDA | $1.01B | $1.37B | $1.34B | $1.60B | $1.40B | $1.34B | $1.39B | $1.37B | $1.42B | $1.46B |
| EPS (diluted) | $1.37 | $1.58 | $1.62 | $1.83 | $1.73 | $1.67 | $1.74 | $1.78 | $1.58 | $1.64 |
| Gross margin | 15.6% | 17.0% | 16.5% | 17.4% | 16.9% | 19.0% | 19.8% | 20.7% | 21.8% | 22.7% |
| Operating margin | 5.9% | 9.0% | 8.9% | 10.5% | 9.9% | 11.5% | 12.6% | 12.4% | 13.9% | 13.9% |
| Net margin | 4.0% | 6.8% | 6.6% | 8.0% | 8.0% | 9.5% | 10.3% | 10.6% | 9.2% | 9.3% |
| Jul '26 | Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.96B | $2.97B | $3.03B | $3.19B | $3.03B | $2.90B | $2.99B | $3.14B | $2.90B | $2.89B | $3.00B | $3.20B |
| Cost of revenue | $2.49B | $2.45B | $2.56B | $2.74B | $2.55B | $2.41B | $2.51B | $2.62B | $2.41B | $2.38B | $2.49B | $2.68B |
| Gross profit | $471.5M | $518.5M | $469.6M | $444.8M | $487.3M | $484.4M | $475.2M | $521.2M | $488.4M | $503.8M | $508.7M | $514.4M |
| Research & development | — | — | — | — | — | — | — | — | — | — | — | $33.7M |
| Sales, general & admin | $323.5M | $318.6M | $241.7M | $220.2M | $258.7M | $251.4M | $263.0M | $186.0M | $230.4M | $254.9M | $196.4M | $600.6M |
| Total operating expenses | $360.6M | $301.4M | $225.9M | $442.7M | $247.6M | $236.1M | $246.9M | $226.8M | $251.7M | $251.5M | $224.3M | $244.4M |
| Operating income | $110.9M | $217.1M | $243.7M | $2.2M | $239.7M | $248.4M | $228.3M | $294.5M | $236.7M | $252.3M | $284.4M | $270.0M |
| Interest income | $6.7M | $6.5M | $6.5M | $14.0M | $16.2M | $1.7M | $9.2M | $5.0M | $10.5M | $13.5M | $19.4M | $5.9M |
| Interest expense | $19.6M | $19.8M | $19.7M | $19.6M | $19.5M | $19.5M | $19.5M | $19.4M | $21.5M | $21.7M | $18.3M | $18.4M |
| Income before taxes | $103.2M | $206.1M | $234.3M | −$21.6M | $236.5M | $230.5M | $218.1M | $280.0M | $225.7M | $244.1M | $285.5M | $245.8M |
| Income taxes | $43.6M | $48.7M | $52.5M | $34.6M | $52.8M | $50.7M | $47.5M | $60.1M | $49.0M | $54.9M | $66.8M | $50.3M |
| Net income | $59.6M | $157.5M | $181.7M | −$56.1M | $183.7M | $180.0M | $170.6M | $220.2M | $176.7M | $189.3M | $218.9M | $195.9M |
| EBITDA | $189.2M | $294.7M | $321.1M | $67.3M | $320.7M | $314.0M | $303.4M | $365.9M | $310.8M | $329.4M | $367.9M | $330.2M |
| EPS (diluted) | $0.37 | $0.40 | $0.34 | $0.32 | $0.35 | $0.35 | $0.35 | $0.42 | $0.37 | $0.38 | $0.41 | $0.42 |
| Gross margin | 15.9% | 17.4% | 15.5% | 14.0% | 16.1% | 16.7% | 15.9% | 16.6% | 16.8% | 17.4% | 17.0% | 16.1% |
| Operating margin | 3.7% | 7.3% | 8.0% | 0.1% | 7.9% | 8.6% | 7.6% | 9.4% | 8.2% | 8.7% | 9.5% | 8.4% |
| Net margin | 2.0% | 5.3% | 6.0% | −1.8% | 6.1% | 6.2% | 5.7% | 7.0% | 6.1% | 6.6% | 7.3% | 6.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in HRL's financial statements (latest annual report filed December 5, 2025); data from EODHD. Sales, general & administrative expenses include sales and marketing.
HRL financial results
In fiscal year 2025 (ended October 31, 2025), Hormel reported revenue of $12.1 billion, up 1.6% from the year before. It had net income of $478.2 million (down 40.6%), a net profit margin of 4.0%. Diluted earnings per share came to $1.37. Over five years revenue grew at an average rate of 4.7% a year.
See the HRL stock overview for the latest quote and news, or the HRL chart for price history and technical indicators.
HRL income statement FAQ
What is Hormel's annual revenue?
Hormel reported total revenue of $12.1 billion for fiscal year 2025, which ended on October 31, 2025. That was up 1.6% from $11.9 billion the previous year.
Is Hormel profitable?
Yes. Hormel reported net income of $478.2 million in fiscal 2025, a net profit margin of 4.0%; its operating margin was 5.9%.
What is Hormel's gross margin?
Hormel's gross margin was 15.6% in fiscal 2025: for every $100 of revenue, Hormel kept $16 after the direct cost of its products and services.
How much does Hormel spend on research and development?
Hormel spent $35.2 million on research and development in fiscal 2025, 0.3% of revenue.
How fast is Hormel growing?
Revenue grew 4.7% a year on average over the last five fiscal years, from $9.6 billion to $12.1 billion.
What are Hormel's earnings per share?
Hormel earned $1.37 per diluted share in fiscal 2025, compared with $1.58 a year earlier.
When will Hormel report its next earnings?
Hormel is expected to report results for the quarter ending October 31, 2026 on December 3, 2026 before the market opens.
When does Hormel's fiscal year end?
Hormel's fiscal year ends in October. The latest annual report covers the year ended October 31, 2025 and was filed on December 5, 2025.