Hormel Foods (HRL) 10-K risk factor changes: FY2025 vs FY2024

Deterioration of economic conditions could harm the Company’s business. The Company’s business may be adversely affected by changes in national or global economic conditions, including inflation, interest rates, tax rates, availability of capital, energy availability and costs (including fuel surcharges), political developments, civil unrest, [added: terrorist attacks, armed conflicts, public health crises, legal] and [added: regulatory actions, immigration policies and trends, and] the effects of governmental initiatives to manage economic [removed: conditions.][added: conditions, including through the imposition of tariffs, quotas, trade barriers, and other restrictions.]

[removed: Volatility in financial markets and the deterioration] [added: Any] of [added: these or other changes in] national and global economic conditions could [added: adversely] impact the Company’s [added: results of] operations [added: and financial condition, including] as follows:

[removed: Volatile] [added: ▪Volatile] fluctuations in market conditions could cause [removed: these] [added: the Company's hedging] instruments [added: for its exposure] to [added: commodity prices to] become ineffective, which could require any gains or losses associated with these instruments to be reported in the Company’s earnings each period.

[removed: There] [added: Although the Company has developed business continuity plans for various disease scenarios, there] can be no assurance [removed: given, however,] that these plans will be effective in [removed: eliminating] [added: reducing] the negative effects of any such diseases on the Company’s [removed: operating results.][added: results of operations.]

The Company’s operations are subject to the [removed: general] risks associated with acquisitions, joint ventures, equity investments, and divestitures. The Company regularly reviews opportunities to support the Company’s strategic initiative of delivering long-term value to shareholders through acquisitions, joint ventures, and equity investments and to divest non-strategic assets.

The Company has made several acquisitions, joint ventures, equity investments, and divestitures in recent years, including the purchase of a minority interest in Garudafood in fiscal 2023 and the [removed: divestiture] [added: divestitures] of Hormel Health Labs, LLC in fiscal [removed: 2024.][added: 2024 and Mountain Prairie, LLC in fiscal 2025.]

There is also the risk of post-acquisition impairment charges if purchase assumptions are not [removed: achieved.][added: achieved, which could adversely affect the Company's results of operations and financial condition.]

The Company’s level of indebtedness may increase to fund [removed: future] acquisitions, joint ventures, or equity [removed: investments.][added: investments in the future.]

Higher levels of debt may, among other things, impact the Company’s liquidity or credit rating and increase the Company’s exposure to [removed: negative] fluctuations in interest rates.

Any of these [removed: risks] [added: outcomes] could [added: adversely] impact the [removed: Company’s financial] [added: Company's reputation,] results [added: of operations,] and [removed: business reputation.][added: financial condition.]

Impairment testing requires [added: significant] judgment around estimates and assumptions and is impacted by [removed: factors such as] [added: various factors, including] revenue growth rates, operating margins, tax rates, royalty rates, and discount rates.

An unfavorable change in [added: any of] these factors may lead to the impairment of goodwill and/or intangible assets.

The Company is subject to the risk of disruption of operations, including at owned facilities, co-manufacturers, suppliers, logistics providers, customers, or other third-party service providers. The Company’s ability, and the ability of the Company’s co‑manufacturers, suppliers, and logistics providers to manufacture, [removed: supply] [added: supply,] and distribute the Company’s products is critical to the Company’s success.

A significant disruption in the operation of the Company’s manufacturing, supply, or distribution capabilities, whether Company-owned or supported by third parties, could have a negative impact on the Company’s ability to operate its [removed: business.][added: business, particularly if such a disruption were to occur at a facility that supports a meaningful amount of the Company’s production, such as its Austin, Minnesota manufacturing facility.]

Actions taken to mitigate the impact of any potential disruption, including [added: investing in capital improvements, redundant supply, or] increasing inventory in anticipation of a potential production or supply interruption, may adversely affect the Company’s [removed: financial results.][added: results of operations.]

Additionally, labor-related challenges have caused disruptions for [removed: many of these] [added: Company] providers [removed: and may continue to impact] [added: in] the [removed: Company’s ability to receive inputs or distribute products.][added: past.]

[removed: Disruption in] [added: Any disruption to] services from third-party service providers used to support business functions such as benefit plan administration, payroll processing, [removed: information technology (IT) and cloud computing services could have a negative impact on the Company’s business.]

The Company may not realize the anticipated cost savings or operating profit improvements associated with strategic initiatives, including its Transform and Modernize initiative. The Company implements strategic initiatives to achieve a profitable cost structure, operate more [removed: profitably,] [added: efficiently,] better serve customers, and optimize cash flow.

A failure or delay in implementing the improvements associated with these strategic initiatives could adversely impact the Company’s [removed: results,] [added: results of operations,] ability to meet its long-term growth expectations, and ability to fund future initiatives.

If this initiative does not achieve the expected financial impact in the aggregate or on the expected timeline, the Company’s [removed: financial] results [added: of operations] and ability to meet its long-term growth expectations could be adversely impacted.

In addition, the Company is in the midst of multi-year data and technology transformation projects to achieve better analytics, customer service, [added: and] process [removed: efficiencies,] [added: efficiencies] and [added: to] upgrade technologies.

Multiple phases of these projects have already been [removed: implemented] [added: implemented,] and additional phases are expected to be implemented in the upcoming years.

[added: The Company is subject to the risk of unfavorable changes in the Company’s relationships with significant customers, suppliers, distributors, and other third parties.] Sales to the Company's largest customer, Walmart, accounted for approximately 16 percent of consolidated gross sales less returns and allowances during fiscal [removed: 2024.][added: 2025.]

The Company’s top five customers collectively represented approximately [removed: 37] [added: 38] percent of consolidated gross sales less returns and allowances during fiscal [removed: 2024.][added: 2025.]

The loss of one or more of the top customers in any of the reportable segments could [removed: have a material adverse effect upon such segment’s] [added: adversely affect the Company's results of operations and] financial [removed: results.][added: condition.]

The Company may be adversely impacted if the Company is affected by cybersecurity [removed: attacks, security breaches,] [added: attacks] or other [removed: IT interruptions, involving its own systems or those with whom it does business.] [added: security breaches.] IT systems are an important part of the Company’s business operations.

[removed: The Company may be adversely affected if it fails to timely replace legacy technologies.] The Company has been evolving its IT [removed: infrastructure] [added: infrastructure,] but continues to rely on a variety of legacy technologies across its business.

If the Company fails to [removed: timely complete this work,] [added: effectively implement these updates,] the risk of an adverse cybersecurity incident may increase, [removed: if,] [added: including] for [removed: example,] [added: example if] vendors fail to continue to provide security [removed: updates.][added: updates for legacy technologies.]

[removed: Deterioration of labor relations, labor availability or increases in labor costs could harm the Company’s business. A] [added: In addition, a] significant increase in labor [removed: costs] [added: costs, a reduction of available labor,] or a deterioration of labor relations at any of the Company’s owned facilities or co-manufacturing facilities [removed: resulting] [added: could result] in work slowdowns or [removed: stoppages] [added: stoppages, which] could [removed: harm] [added: adversely affect] the [removed: Company’s] [added: Company's reputation, results of operations, and] financial [removed: results.][added: condition.]

▪food contamination caused by disease-producing organisms or pathogens, such as *Listeria monocytogenes*, *Salmonella*, and pathogenic *E [removed: coli*.;][added: coli*., including contamination caused by the introduction of pathogens as a result of improper handling by customers or consumers (over which the Company has no control);]

[removed: During] [added: In addition, during] the third quarter of fiscal 2024, the Company voluntarily recalled a limited number of [removed: *Planters®*] [added: Planters®] products due to the potential for contamination of the product with *Listeria monocytogenes*.

Although [removed: to-date there have] [added: the Company has not] been [removed: no] [added: made aware of any] reports of illness related to the recalled [removed: products,] [added: products in connection with either of these recalls,] the Company has experienced costs and business impacts associated with the [removed: event.][added: events.]

The outbreak of [added: any] such diseases could adversely affect the Company’s supply of raw materials, increase the cost of production, reduce utilization of the Company’s harvest facilities, and reduce earnings.

The impact of [removed: global] [added: a changing] climate [removed: change] may [added: also] increase [removed: these] [added: disease] risks due to changes in weather or migratory patterns, which may result in certain types of diseases occurring more frequently or with more intense effects.

If an outbreak of ASF were to occur in the U.S., the Company’s supply of hogs and pork could be [removed: materially] [added: significantly] impacted.

[added: Furthermore,] HPAI was detected within the Company’s turkey supply chain during fiscal 2024 and [removed: the first quarter of] fiscal 2025.

[removed: The impact] [added: Future impacts] of HPAI [removed: has reduced and the Company believes it will continue to] [added: could] reduce [added: the] production volume in the Company’s turkey facilities.

The Company [removed: is continuing] [added: continues] to monitor the situation and will take appropriate actions to protect the health of the turkeys across the supply chain.

Fluctuations in commodity prices and availability of raw materials and other inputs could harm the Company’s [removed: earnings.] [added: results of operations.] The Company’s results of operations and financial condition are largely dependent upon the cost and supply of pork, poultry, beef, feed grains, nuts, energy, and other inputs, as well as the selling prices for many of the Company’s products, which are determined by dynamic market forces of supply and demand.

This approach is designed to ensure a more stable supply of raw materials while minimizing extreme fluctuations in costs over the [removed: long-term.][added: long term.]

▪The imposition of tariffs, quotas, trade barriers, or other restrictions could increase the cost of key inputs or reduce their availability.

In particular, recent U.S. tariffs imposed or threatened to be imposed on a variety of countries, and any retaliatory actions taken by such countries, could result in the Company incurring additional costs to procure key inputs.

▪Fuel and transportation costs may become inflated and there may be supply chain shortages and delays, as has occurred in recent years.

For example, based on an assessment in the fourth quarter of fiscal 2025 and in connection with the preparation of the Company's consolidated financial statements, the Company initiated an impairment review of its investment in Garudafood and concluded that the decline in fair value was no longer believed to be temporary.

As a result, the Company recognized a $163.7 million impairment charge to reduce the investment's carrying amount to estimated fair value.

During the Company’s fiscal 2025 quantitative impairment testing, the International reporting unit with a goodwill balance of $258.9 million was identified as having modest fair value in excess of its carrying amount and is considered at heightened risk of impairment.

Separately, impairments were recognized on the Planters® and Chi-Chi's® trade names for $59.1 million and $2.9 million, respectively.

The Justin’s® trade name was also identified as having heightened risk of impairment.

As of October 26, 2025, the total carrying value of indefinite-lived intangible assets considered at heightened risk, including the trade names impaired, was $683.3 million.

If the Company continues to face unfavorable changes in any of the factors impacting its intangible assets, the Company may be required to record impairment charges in connection with such assets, which could adversely affect the Company's results of operations and financial condition.

For example, in the fourth quarter of fiscal 2025 a fire occurred at the Company’s Little Rock, Arkansas, peanut butter production facility, which negatively impacted production at the facility.

If the Company’s owned facilities, or key co-manufacturers, suppliers, or logistics providers experience significant labor-related challenges in the future, it could impact the Company’s ability to receive inputs or distribute products.

Any of these outcomes could adversely affect the Company's results of operations and financial condition.

Any disruption to a significant customer or sales channel could result in a reduction in sales or a change in the mix of products sold, which could adversely affect the Company's results of operations.

information technology (IT), and cloud computing services could adversely affect the Company's business, results of operations, and financial condition.

Furthermore, in the fourth quarter of fiscal 2025, the Company commenced a corporate restructuring plan, the focus of which is to reduce administrative expenses, improve efficiencies, and align the workforce to the Company’s future needs, while enabling continued investment in the Company’s growth.

The program includes a voluntary early retirement program for certain groups of employees, the closing of certain open roles, involuntary role reductions, and making select changes to benefit programs.

If the Company is unable to fully realize the anticipated benefits of this corporate restructuring plan, including the reduction of expenses and the enablement of continued investment in the Company's growth, the Company's results of operations could be adversely impacted.

Any of these outcomes could adversely affect the Company's results of operations and financial condition.

The Company relies on suppliers, distributors, and other third parties to source key inputs, deliver products to customers, and support its operations.

Any termination of, or adverse change in, the Company's relationship with any of these companies could decrease the Company's sales, increase the Company's costs, and negatively impact the Company's results of operations.

The Company has programs in place to prevent, detect, contain, and respond to cyber incidents.

However, the Company may be unable to anticipate security incidents, detect attacks, or implement adequate preventive measures as cyber threats continue to evolve and cyberattacks have become more sophisticated and frequent, including through the use of enhanced technologies and capabilities (such as artificial intelligence) by threat actors with a wide range of expertise and motives.

For example, threat actors have increasingly targeted organizations in the U.S. and internationally with sophisticated ransomware attacks, which the Company may be unable to anticipate, detect, or contain.

In addition, hardware or software that the Company develops or obtains from third parties may contain defects that could compromise the Company's IT systems.

Unauthorized parties may also attempt to gain access to the Company's IT systems or facilities, or those of third parties with whom the Company does business, through fraud, deception, social engineering, or other bad acts.

Errors or malicious actions by the Company's team members or contractors and other vulnerabilities or irregularities could also negate the Company's security measures or those of third parties with whom the Company does business and result in a compromise or breach of the Company's or their IT systems.

The utilization of hybrid and remote work by the Company's team members, suppliers, and other third parties has amplified the Company's already extensive reliance on IT systems and unimpeded internet access.

Furthermore, the training the Company conducts as part of information security and cybersecurity efforts may not be effective in preventing or limiting successful attacks.

The Company and third parties with whom it does business face attempts by others to gain unauthorized access to, sabotage, take control of, and corrupt, its or their IT systems and data.

As a result of these types of attempts, both the Company and third

parties with whom it does business have experienced information security, cybersecurity, and data privacy incidents.

None of these incidents have had a material impact on the Company's business strategy, results of operations, or financial condition.

If the Company or third parties with whom the Company does business experience additional significant information security, cybersecurity, or data privacy incidents or fail to detect and appropriately respond to significant incidents, the Company's business operations could be severely disrupted and it could be exposed to costly government enforcement actions and private litigation.

In addition, the Company's customers and consumers could delay, reduce, or cease purchases of the Company's products.

Any of these outcomes could adversely affect the Company's reputation, results of operations, and financial condition.

A significant disruption to the Company's IT systems and the Company's failure to adequately maintain and update those systems could adversely affect the Company's operations. The Company relies extensively on IT systems throughout its business.

The Company also relies on continued and unimpeded access to the internet to use its IT systems.

These systems are subject to possible damage or interruption from many events, including power and other outages, telecommunications failures, third-party failures, malicious attacks, security breaches, unplanned downtime, program transitions, and implementation errors.

Any damage or disruption to the Company's IT systems could severely interrupt the Company's business operations, including the Company's ability to develop, process, and distribute its products, which could adversely affect its reputation, results of operations, and financial condition.

Decreases in consumer spending rates and shifts in consumer product preferences could also negatively impact the Company.

The Company has no manufacturing operations in Russia, Ukraine, or the Middle East, yet it has experienced inflated fuel costs and supply chain shortages and delays due to the impact of the military conflicts on the global economy.

If these conflicts or others arise or escalate further, the Company could, among other things, face additional supply chain disruptions, rising prices for oil and other commodities, volatility in capital markets and foreign exchange rates, rising interest rates, or heightened cybersecurity risks, any of which may adversely affect the Company’s business.

The Company manages its exposure to commodity prices through hedging programs that utilize hedge accounting, where qualified, for financial reporting purposes.

If a highly pathogenic human disease outbreak developed, such as COVID-19, it may negatively impact the global economy, demand for Company products, the supply chain, the Company’s co-manufacturers, and/or the Company’s workforce availability including leadership, and the Company’s financial results could suffer.

The Company has developed contingency plans to address infectious disease scenarios and the potential impact on its operations and will continue to update these plans, as necessary.

During fiscal 2023, an impairment was indicated for the *Justin’s®* trade name, resulting in an impairment charge of $28.4 million.

In addition, during fiscal 2023, the Company recorded a $7.0 million impairment charge related to a corporate venturing investment to recognize a decline in fair value not believed to be temporary.

Fiscal 2024 net sales for *Planters®* snack nuts were negatively impacted by production disruptions at the Suffolk, Virginia, facility.

The Company believes these impacts are short term in nature (less than one year) and projects sales to recover to historical levels shortly after supply normalizes.

Should the impact last longer, or be more severe than currently anticipated, it is likely the Company would have to recognize an impairment charge on this trade name, which is currently valued at $675 million.

Disruptions related to significant customers or sales channels could result in a reduction in sales or a change in the mix of products sold.

The Company is subject to risk of the loss of a significant contract or unfavorable changes in the Company’s relationships with significant customers. The Company is a party to several supply, distribution, contract packaging and other significant contracts.

The loss of a significant contract or failure to obtain new significant contracts could adversely affect the Company’s financial results.

Cyber incidents are occurring more frequently across U.S. industries and are being made by groups and individuals with a wide range of motives and expertise.

In addition, high-profile data security incidents and IT interruptions at other companies, including companies with whom the Company does business, evidence an external environment that is becoming increasingly challenging.

From time to time, the Company has experienced, and may experience in the future, breaches of security measures due to human error, malfeasance, insider threats, system errors or vulnerabilities or other irregularities, none of which have been material to date.

In addition, from time to time the Company has experienced disruptions to its operations due to IT interruptions at third parties with whom it does business.

To date, none of these have been material.

Although the Company has programs in place related to business continuity, disaster recovery, and information security initiatives to maintain the confidentiality, integrity, and availability of systems, business applications, and customer information, the Company may not be able to anticipate or implement effective preventive measures against all potential IT interruptions or cybersecurity threats, especially because, in connection with cybersecurity threats the techniques used change frequently and

because attacks can originate from a wide variety of sources, both domestic and foreign.

Cybersecurity risk cannot be fully mitigated because of the rapidly evolving nature of the threats, targets, and consequences.

If the Company experiences a loss or significant disruption in its operations due to a cybersecurity event or other IT interruption, the Company may suffer reputational, competitive, and business harm and may be exposed to legal liability, which may adversely affect the Company’s results of operations.

The Company is investing significant funds to update its IT infrastructure.

Labor and skilled labor availability challenges could continue to have an adverse effect on the Company’s business.

The Company’s operations are subject to the general risks of the food industry. The food products manufacturing industry is subject to the risks posed by a number of factors, including:

The pathogens that may cause food contamination are found generally in livestock and in the environment and thus may be present in the Company’s products.

These pathogens can also be introduced to products as a result of improper handling by customers or consumers.

The Company does not have control over handling procedures once products have been shipped for distribution.

If one or more of these risks were to materialize, the Company could incur significant costs, loss of sales, regulatory action, or litigation as well as negative impacts to its brand and business reputation.

The Company has developed business continuity plans for various disease scenarios and will continue to update these plans, as necessary.

To mitigate this risk, the Company partners with multiple long-term suppliers.

The reputation of the Company and its brands have been in the past, and could in the future be, adversely impacted by a number of factors, including unfavorable events or rumors, adverse publicity, and negative information disseminated through social and digital media.

Failure to maintain, extend, and expand the Company’s reputation or brand image could adversely impact operating results.

Climate change, or legal, regulatory or market measures to address climate change, could have an adverse impact on the Company’s business and results of operations. There is growing concern that carbon dioxide and other greenhouse gases in the atmosphere may have an adverse impact on global temperatures, weather patterns, and the frequency and severity of extreme weather and natural disasters.

If such climate change has a negative impact on agricultural productivity, the Company may have decreased availability of, or less favorable pricing for, the raw materials necessary for its operations.

Climate change may also cause decreased availability of, or less favorable pricing for, water, which could have an adverse effect on the Company’s financial results, operations, and supply chain.

In addition, natural disasters and extreme weather, including those caused by climate change, have caused and could continue to cause disruption in the Company’s operations and supply chain and increases in property insurance premiums.

The increasing concern over climate change may also result in greater local, state, federal, and foreign legal requirements, including requirements to limit greenhouse gas emissions or conserve water usage.

If such requirements are enacted, the Company could experience significant cost increases in its operations and supply chain.

[added: Diluted earnings per] share and adjusted diluted earnings per [removed: share(1)] [added: share] for fiscal [removed: 2024] [added: 2025] were [removed: $1.47] [added: $0.87] and [removed: $1.58,] [added: $1.37,] respectively, compared to [removed: $1.45] [added: $1.47] and [removed: $1.61 last] [added: $1.58 in the prior] year.

Capital expenditures in fiscal [removed: 2024] [added: 2025] were [removed: $256] [added: $311] million, including investments in capacity expansions for [removed: *Hormel®* *Fire Braised®*] [added: Hormel® Fire Braised™ and Applegate®] products, [removed: *Applegate®* products] [added: data] and [added: technology, people and animal safety, and] the Jiaxing, China, facility.

Dividends paid to shareholders were a record [removed: $615] [added: $633] million.

Fiscal [removed: 2025 Outlook(2):] [added: 2026 Outlook:] The Company continues to navigate through a dynamic consumer and operating environment.

Organic net [removed: sales(1)] [added: sales] growth of 1 percent to [removed: 3] [added: 4] percent is expected in fiscal [removed: 2025,] [added: 2026,] which [removed: assumes benefits from modestly higher volumes,] [added: the Company anticipates being driven by] growth [removed: in key categories and markets, higher] [added: across a broad range of categories, increased] brand support and innovation, market-based pricing actions, and the [added: Company’s] current assumptions for raw material costs.

[removed: From a bottom-line perspective, diluted] [added: Diluted] earnings per share are expected to be [removed: $1.51] [added: $1.29] to [removed: $1.65] [added: $1.39] and adjusted diluted earnings per [removed: share(1)] [added: share] are expected to be [removed: $1.58] [added: $1.43] to [removed: $1.72.][added: $1.51.]

[removed: Segment] [added: From a bottom-line perspective, segment] profit growth from all three segments is expected in [removed: the back half of the year.][added: fiscal 2026.]

The Company remains in a strong financial position due to its [removed: consistent] [added: operating] cash flow, liquidity, and solid balance sheet.

The [removed: annual] [added: implied annualized] dividend [added: rate] for [removed: 2025 will be $1.16] [added: 2026 is $1.17] per share, representing an increase of [removed: 3] [added: 1] percent and marking the [removed: 59th] [added: 60th] consecutive year of dividend increases.

A review of the Company’s fiscal [removed: 2024] [added: 2025] performance compared to fiscal [removed: 2023] [added: 2024] appears in the following section.

A review of fiscal [removed: 2023] [added: 2024] performance compared to fiscal [removed: 2022] [added: 2023] is set forth in Part II, Item 7 of the Company’s [added: Annual Report on] Form 10-K for the fiscal year ended October [removed: 29, 2023,] [added: 27, 2024,] under the caption "Management’s Discussion and Analysis of Financial Condition and Results of Operations," which is incorporated herein by reference.

[removed: (2)] All forward-looking comparisons for fiscal [removed: 2025] [added: 2026] are comparing fiscal [removed: 2024] [added: 2025] GAAP figures to projected fiscal [removed: 2025] [added: 2026] GAAP figures, unless otherwise noted.

The Company reports its results in the following three reportable segments: [added: Retail, Foodservice, and International.]

[removed: Net] [added: Volume, Net Sales, Net] Earnings [added: (Loss)] and Diluted Earnings [added: (Loss)] Per Share

| | | | | | | Fourth Quarter Ended | | | | | | | | | | | | [removed: | | | | | |] Fiscal Year Ended | | | | | | | | | [removed: | | | | | |]

| *In thousands, except per share amounts* | | | | | | October [removed: 27, 2024] [added: 26, 2025] | | | | | | October [removed: 29, 2023] [added: 27, 2024] | | | | | | % Change | | | | | | October [removed: 27, 2024] [added: 26, 2025] | | | | | | October [removed: 29, 2023] [added: 27, 2024] | | | | | | % Change | | |

| Net Earnings [added: (Loss)] Attributable to Hormel Foods Corporation [added: (GAAP)] | | | | | | $ | [removed: 220,196] [added: (56,137)] | | | | | $ | [removed: 195,935 | | | | | 12.4 |] [added: 220,196] | | | | | $ | [removed: 805,038] [added: 478,197] | | | | | $ | [removed: 793,572 | | | | | 1.4 |] [added: 805,038] | |

| Diluted Earnings [added: (Loss)] Per Share [removed: | | | | | | 0.40 | | | | | | 0.36] [added: (GAAP)] | | | | | | [removed: 11.1] [added: $] | [added: (0.10)] | | | | | [removed: 1.47] [added: $] | [added: 0.40] | | | | | [removed: 1.45] [added: $] | [added: 0.87] | | | | | [removed: 1.4] [added: $] | [added: 1.47] | |

| Adjusted Diluted Earnings Per [removed: Share(1)] [added: Share] | | | | | | [removed: 0.42] [added: 0.32] | | | | | | 0.42 | | | | | | [removed: —] [added: (23.8)] | | | | | | [removed: 1.58] [added: 1.37] | | | | | | [removed: 1.61] [added: 1.58] | | | | | | [removed: (1.9)] [added: (13.3)] | | |

[removed: Volume] [added: Organic Volume] and [added: Organic] Net [removed: Sales][added: Sales (Non-GAAP)]

| *In thousands* | | | | | | October [removed: 27, 2024] [added: 26, 2025] | | | | | | October [removed: 29, 2023] [added: 27, 2024] | | | | | | % Change | | | | | | October [removed: 27, 2024] [added: 26, 2025] | | | | | | October [removed: 29, 2023] [added: 27, 2024] | | | | | | % Change | | |

| Net Sales | | | | | | $ | [removed: 3,138,091] [added: 3,185,661] | | | | | $ | [removed: 3,198,079] [added: 3,138,091] | | | | | [removed: (1.9)] [added: 1.5] | | | | | | $ | [removed: 11,920,797] [added: 12,106,160] | | | | | $ | [removed: 12,110,010] [added: 11,920,797] | | | | | [removed: (1.6)] [added: 1.6] | | |

In fiscal [removed: 2025,] [added: 2026,] the Company expects net sales growth, which assumes [removed: benefits from modestly higher volumes,] growth [removed: in key categories and markets, higher] [added: across a broad range of categories, increased] brand support and innovation, [added: and] market-based pricing [removed: actions, and the current assumptions for raw material costs.][added: actions.]

Risks to this outlook include slowing consumer demand and [removed: market] [added: commodity] price fluctuations.

| *In thousands* | | | | | | [removed: 2024] [added: October 26, 2025] | | | | | | [removed: 2023] [added: October 27, 2024] | | | | | | % Change | | | | | | [removed: 2024] [added: October 26, 2025] | | | | | | [removed: 2023] [added: October 27, 2024] | | | | | | % Change | | |

Cost of products sold for the fourth quarter and full year of fiscal [removed: 2024 decreased] [added: 2025 increased] due to [removed: lower sales.][added: higher commodity input costs, mainly for pork bellies, beef, and nuts.]

In fiscal [removed: 2025,] [added: 2026, the Company expects] raw material costs for [removed: pork, beef,] [added: beef] and nuts [removed: are anticipated] to [removed: be] [added: remain] above historical [removed: levels.][added: averages.]

The [removed: Company expects its] [added: Company’s] T&M initiative [added: is projected] to [removed: deliver] [added: continue delivering] cost savings in fiscal [removed: 2025, targeting the] [added: 2026, with a focus on] procurement of ingredients and supplies, [removed: logistics,] [added: production-related costs,] and [removed: production costs.][added: logistics.]

| Percent of Net Sales | | | | | | [removed: 16.6] [added: 14.0] | | % | | | | [removed: 16.1] [added: 16.6] | | % | | | | | | | | | | [removed: 17.0] [added: 15.6] | | % | | | | [removed: 16.5] [added: 17.0] | | % | | | | | | |

[removed: Compared to fiscal 2023, gross profit as a percent] [added: For the fourth quarter] of [added: fiscal 2025,] net sales [removed: increased for] [added: growth across] the Retail and [removed: International] [added: Foodservice] segments [removed: and decreased for] [added: offset declines in] the [removed: Foodservice] [added: International] segment.

In fiscal [removed: 2025,] [added: 2026,] the Company expects gross profit as a percent of net sales to increase compared to the prior year.

| Percent of Net Sales | | | | | | [removed: 7.6] [added: 7.0] | | % | | | | [removed: 6.8] [added: 7.6] | | % | | | | | | | | | | [removed: 8.4] [added: 8.2] | | % | | | | [removed: 7.8] [added: 8.4] | | % | | | | | | |

| Adjusted Percent of Net [removed: Sales(1)] [added: Sales] | | | | | | [removed: 7.2] [added: 6.9] | | % | | | | [removed: 6.6] [added: 7.2] | | % | | | | | | | | | | 7.8 | | % | | | | [removed: 7.1] [added: 7.8] | | % | | | | | | |

Advertising investments in fiscal [removed: 2024] [added: 2025] were [removed: $163] [added: $148] million, representing a [removed: 2] [added: 9] percent [removed: increase] [added: decrease] compared to fiscal [removed: 2023.][added: 2024.]

In fiscal [removed: 2025,] [added: 2026,] the Company intends to continue investing in its leading brands and for full year advertising expense to increase compared to the prior year.

Interest [added: Income, Interest Expense,] and [removed: Investment] [added: Other] Income [removed: and Interest Expense][added: (Expense), Net]

| Effective Tax Rate | | | | | | [removed: 21.5] [added: (159.9)] | | % | | | | [removed: 20.5] [added: 21.5] | | % | | | | [removed: 22.3] [added: 28.0] | | % | | | | [removed: 21.8] [added: 22.3] | | % |

The [added: fiscal 2024] effective tax rate [removed: for fiscal 2024] included a benefit from the purchase of federal energy tax credits.

For additional information, refer to Note [removed: N] [added: O] - Income Taxes of the Notes to the Consolidated Financial Statements.

The Company expects the effective tax rate in fiscal [removed: 2025] [added: 2026] to be between [removed: 22] [added: 21.5] and [removed: 23] [added: 22.5] percent.

The Company is a global manufacturer and marketer of branded food products and remains focused on driving long-term growth through a balanced business model, a diverse portfolio, and a commitment to creating value for all stakeholders.

The Company discloses certain measures not defined by U.S. Generally Accepted Accounting Principles (GAAP), including organic volume, organic net sales, adjusted selling, general and administrative (SG&A), adjusted SG&A as a percent of net sales, adjusted operating income, adjusted net earnings, adjusted diluted earnings per share, and adjusted segment profit.

For additional information and reconciliations to the most closely comparable measures calculated in accordance with GAAP, see the "Non-GAAP Measures" section of this Item.

Fiscal 2025: The Company believes fiscal 2025 was a challenging year, as strong net sales performance did not translate into net earnings growth.

Net sales totaled $12.1 billion, an increase of 2 percent compared to the prior year.

Growth was driven by all three segments, and the Company delivered four consecutive quarters of net sales gains.

In fiscal 2025, the Company experienced persistent input cost inflation, primarily related to commodity markets, which significantly pressured earnings.

Pork belly, beef, and nut input costs caused the most earnings pressure during the year.

The Company continued to support its strategic programs during fiscal 2025, including its multi-year Transform and Modernize (T&M) initiative.

The Company also recognized expenses associated with a corporate restructuring plan designed to reduce administrative expenses, improve efficiencies, and align its workforce to the Company’s future needs, while enabling continued investment in the Company’s growth.

SG&A decreased in fiscal 2025 primarily due to the lapping of antitrust settlements incurred in the prior year, lower advertising spend, and proceeds from a legal settlement.

Adjusted SG&A as a percent of net sales was comparable to the prior year.

Operating income decreased 33 percent compared to the prior year, as earnings were significantly impacted by non-cash impairment charges recorded in the International and Retail segments.

Adjusted operating income decreased 11 percent.

Net earnings decreased 41 percent compared to the prior year due to the above factors and a higher effective tax rate primarily driven by impairment charges.

Adjusted net earnings declined 13 percent.

Changes in global trade policies, including tariffs and retaliatory tariffs, had a minor impact on the Company’s results of operations during fiscal 2025.

The Company continues to monitor and evaluate the impact of proposed and enacted tariffs, including proposed and enacted retaliatory tariffs, and other trade restrictions, as well as its ability to mitigate their impacts.

Earnings are expected to decline in the first quarter of the year, followed by growth in each of the remaining three quarters.

Further, continued capital expenditure investments are expected, including investments in data and technology and value-added capacity expansions.

| Volume (lbs.) | | | | | | 1,088,430 | | | | | | 1,108,203 | | | | | | (1.8) | | | | | | 4,189,719 | | | | | | 4,288,290 | | | | | | (2.3) | | |

| Organic Volume (lbs.) | | | | | | 1,088,430 | | | | | | 1,092,952 | | | | | | (0.4) | | | | | | 4,189,719 | | | | | | 4,224,016 | | | | | | (0.8) | | |

| Organic Net Sales | | | | | | 3,185,661 | | | | | | 3,114,240 | | | | | | 2.3 | | | | | | 12,106,160 | | | | | | 11,813,154 | | | | | | 2.5 | | |

Net sales increased for the fourth quarter and full year of fiscal 2025 while volume declined over both periods.

Net sales growth across the enterprise was driven primarily by the Jennie-O® turkey portfolio, Foodservice customized solutions business, Planters® snack nuts, Applegate® natural and organic meats, and premium prepared proteins, and the SPAM® family of products.

For the full year fiscal 2025, net sales increased in each segment.

Net sales growth for the full year was driven primarily by the Jennie-O® turkey portfolio, the SPAM® family of products, Foodservice customized solutions business, Planters® snack nuts, Applegate® natural and organic meats, the bacon portfolio, and the Mexican foods portfolio.

For the fourth quarter of fiscal 2025, volume in the Retail segment was comparable to the prior year and declined in the International segment.

For the fourth quarter of fiscal 2025, organic volume increased in the Foodservice segment.

For the full year of fiscal 2025, organic volume in the Foodservice segment increased compared to the prior year.

Volume declined in the Retail segment and was comparable to the prior year in the International segment for the full year of fiscal 2025.

| Cost of Products Sold | | | | | | $ | 2,740,820 | | | | | $ | 2,616,861 | | | | | 4.7 | | | | | | $ | 10,214,344 | | | | | $ | 9,898,659 | | | | | 3.2 | | |

Pork costs are anticipated to be lower than fiscal 2025 levels; however, they are expected to remain elevated compared to long-term averages.

Inflationary pressures on employee-related, packaging, and production expenses are expected to persist at normalized levels.

| Gross Profit | | | | | | $ | 444,842 | | | | | $ | 521,230 | | | | | (14.7) | | | | | | $ | 1,891,816 | | | | | $ | 2,022,138 | | | | | (6.4) | | |

Gross profit as a percentage of net sales decreased in both the fourth quarter and full year of fiscal 2025 compared to the prior year.

Each segment experienced a decline in gross profit as a percentage of net sales versus fiscal 2024.

All segments benefited from cost savings generated through the Company’s T&M initiative, which were more than offset by inflationary pressures.

| SG&A | | | | | | $ | 223,466 | | | | | $ | 238,587 | | | | | (6.3) | | | | | | $ | 996,624 | | | | | $ | 1,005,294 | | | | | (0.9) | | |

| Adjusted SG&A | | | | | | 220,175 | | | | | | 226,069 | | | | | | (2.6) | | | | | | 940,540 | | | | | | 933,010 | | | | | | 0.8 | | |

Executive Overview

Fiscal 2024: The Company believes fiscal 2024 demonstrated the solid execution of its strategy, the power of its portfolio and the resilience of its team.

The Company achieved net sales of $11.9 billion, declining 2 percent compared to the prior year, as the benefit from broad-based growth in the Foodservice segment and value-added growth in the Retail segment from *Applegate®*, value-added fresh pork, bacon, and value-added turkey, was more than offset by declines in the Retail and International segments.

Declines in the Retail segment were driven primarily by significant year-over-year pricing declines for whole bird and commodity turkey and softness in the Convenient Meals & Proteins vertical.

International net sales declines were driven by lower commodity exports and lower net sales in China.

Segment profit increased 2 percent compared to prior year, as favorable results in the International segment were partially offset by unfavorable results in the Retail segment.

Segment profit for the Foodservice segment was comparable to the prior year.

Net earnings increased 1 percent compared to the prior year, as improved segment profit and favorable interest and investment income were partially offset by a higher effective tax rate.

Adjusted net earnings(1) — excluding the impact of costs associated with the Company’s Transform and Modernize (T&M) initiative, litigation settlements, and the gain on the divestiture of Hormel Health Labs, LLC (Hormel Health Labs) — declined 2 percent.

Diluted earnings per

International segment profit increased significantly compared to prior year due to contribution from the Company’s minority investments, improved mix and favorable costs in the Company's China business, and favorable export product mix.

Segment profit for the Foodservice segment was comparable to the prior year as the benefit from higher sales and lower logistics expenses were offset by higher selling, general and administrative (SG&A) expenses.

Retail segment profit declined for the full year due to lower sales, lower equity in earnings of affiliates, and higher SG&A expenses.

These declines were partially offset by the benefit from lower logistics expenses, savings from the T&M initiative, and the lapping of a non-cash impairment charge associated with the *Justin’s®* trade name in fiscal 2023.

Fiscal 2024 was an important year of investment for the Company's multi-year T&M initiative.

The Company again reinvested into the business through capital expenditures and returned a record amount of cash to shareholders in the form of dividends.

Earnings are expected to decline in the first half of the year as growth in key categories and markets is expected to be offset by the recovery from a prior year production disruption at the Company's Suffolk, Virginia, facility, the impact from lower commodity turkey markets, and higher SG&A expenses, including increased brand support through advertising.

Further, continued capital expenditure investments including investments for data and technology related to its T&M initiative and capacity expansions for *Hormel®* *Fire Braised®* products, *Applegate®* products and the Jiaxing, China, facility.

Consistent with the plan outlined at its 2023 investor day, the Company expects fiscal 2025 to be a year of acceleration in its T&M initiative.

For fiscal 2025, the Company expects a benefit to net earnings from its T&M initiative.

(1) See the "Non-GAAP Measures" section below for a description of the Company’s use of measures not defined by U.S. generally accepted accounting principles (GAAP).

The Company is a processor of branded and unbranded food products for retail, foodservice, and commercial customers.

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.

The Company’s fiscal year consisted of 52 weeks in fiscal years 2024, 2023, and 2022.

Fiscal year 2025 will consist of 52 weeks.

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

(1) See the "Non-GAAP Measures" section below for a description of the Company’s use of measures not defined by U.S. GAAP.

| Volume (lbs.) | | | | | | 1,108,203 | | | | | | 1,155,445 | | | | | | (4.1) | | | | | | 4,288,290 | | | | | | 4,411,738 | | | | | | (2.8) | | |

Volume for the fourth quarter and full year of fiscal 2024 declined, as higher volume in the Foodservice segment was more than offset by lower volume in the Retail segment, primarily in the Convenient Meals & Proteins and the Value-Added Meats verticals.

Net sales declined in the fourth quarter of fiscal 2024, as higher net sales in the Foodservice and International segments were more than offset by declines in the Retail segment, driven by significant year-over-year pricing declines for whole bird turkeys and lower sales of *Planters®* snack nuts resulting from production disruptions at the Suffolk, Virginia, facility.

Full year fiscal 2024 net sales declined compared to the prior year, as the benefit from broad-based growth in the Foodservice segment and value-added growth in the Retail segment from *Applegate®*, value-added fresh pork, bacon, and value-added turkey, was more than offset by declines in the Retail and International segments.

| | | | | | | October 27, | | | | | | October 29, | | | | | | | | | | | | October 27, | | | | | | October 29, | | | | | | | | |

| Cost of Products Sold | | | | | | $ | 2,616,861 | | | | | $ | 2,683,655 | | | | | (2.5) | | | | | | $ | 9,898,659 | | | | | $ | 10,110,169 | | | | | (2.1) | | |

Cost of products sold per pound increased one percent in fiscal 2024, driven primarily by product mix changes and inflationary pressures, partially offset by cost savings from the Company's T&M initiative.

Feed costs are expected to be lower as compared to the prior year.

The Company is exposed to various forms of market risk as a part of its ongoing business practices including commodity price risk, interest rate risk, foreign currency exchange rate risk, [removed: and] investment risk, [added: and concentration of credit risk,] among others.

These [added: hedging] programs utilize futures, swaps, and options contracts and are accounted for as cash flow hedges.

The fair value of the Company’s cash flow commodity contracts as of October [removed: 27, 2024,] [added: 26, 2025,] was [removed: $(5.9)] [added: $5.5] million compared to [removed: $(17.1)] [added: $(5.9)] million as of October [removed: 29, 2023.][added: 27, 2024.]

A 10 percent decrease in the market price would have negatively impacted the fair value of the Company’s cash flow commodity contracts as of October [removed: 27, 2024,] [added: 26, 2025,] by [removed: $26.7] [added: $29.3] million, which in turn would [removed: lower] [added: have lowered] the Company’s future cost on purchased commodities by a similar amount.

[removed: As of October 27, 2024, the] [added: The] Company’s long-term debt had a fair value of [removed: $2.5] [added: $2.6] billion [added: as of October 26, 2025,] compared to [removed: $2.7] [added: $2.5] billion as of October [removed: 29, 2023.][added: 27, 2024.]

The Company measures its market risk exposure of long-term fixed rate debt using a sensitivity analysis, which considers a [added: hypothetical] 10 percent change in interest rates.

A 10 percent decrease in interest rates would have positively impacted the fair value of the Company’s long-term debt as of October [removed: 27, 2024,] [added: 26, 2025,] by [removed: $73.8] [added: $62.2] million.

A 10 percent increase would have negatively impacted the long-term debt by [removed: $68.9] [added: $57.9] million.

Foreign Currency Exchange Rate Risk: The fair values of certain [removed: of the Company’s] [added: Company] assets [added: and liabilities] are subject to fluctuations in foreign currency exchange rates.

The Company’s net asset position in foreign currencies [added: was $0.8 billion] as of October [removed: 27, 2024, was] [added: 26, 2025, and] $1.2 [removed: billion, compared to $1.1] billion as of October [removed: 29, 2023,] [added: 27, 2024,] with most of the exposure existing in Chinese yuan, Indonesian [removed: rupiah] [added: rupiah,] and [removed: Brazilian real.][added: Philippine peso.]

The Company [removed: currently] does not use market risk sensitive instruments to manage this risk.

As of October [removed: 27, 2024,] [added: 26, 2025,] the balance of these securities totaled [removed: $209.7] [added: $219.2] million compared to [removed: $188.2] [added: $209.7] million as of October [removed: 29, 2023.][added: 27, 2024.]

A [added: hypothetical] 10 percent decline in the value of the investments not held in fixed income funds would have negatively impacted the Company’s pre-tax earnings by approximately [removed: $10.0] [added: $10.6] million, while a 10 percent increase in value would have a positive impact of the same amount.

The Company may use derivative financial and commodity instruments to manage these risks and does not enter into these instruments for trading or speculative purposes.

The Company is subject to market risk due to fluctuations in the value of the remaining investments.

Concentration of Credit Risk: The Company is exposed to credit risk from its customers.

The Company regularly assesses the credit worthiness of its customers.

As of October 26, 2025, and October 27, 2024, one customer accounted for more than 10 percent of net accounts receivable.

The Company is subject to market risk due to fluctuations in the value of the remaining investments as unrealized gains and losses associated with these securities are included in the Company’s net earnings on a mark-to-market basis.

Hormel Foods Corporation, a Delaware [removed: corporation (collectively, the "Company", "we," "us," and "our"),] [added: corporation,] was founded by George A.

The Company [removed: started] [added: originated] as a processor of meat and food products and continues in this line of business [removed: with emphasis on the manufacturing and distribution of branded, value-added consumer items.][added: today.]

[removed: Inspired Food.™*] The Company has [removed: continually] expanded its product portfolio through organic growth and [removed: acquisitions.][added: acquisitions to become a global branded food company with more than $12 billion in annual revenue.]

The Company currently operates with the following three [removed: operating and] reportable segments: Retail, Foodservice, and International.

The Retail segment consists primarily of the processing, marketing, and sale of food products sold predominantly in [removed: the] retail [removed: market] [added: channels, including grocery stores, mass merchandisers, club stores, natural food chains, drug, dollar and discount chains, and e-commerce providers] in the United [removed: States.][added: States (U.S.).]

This segment also includes the results from the Company’s MegaMex Foods, LLC [added: (MegaMex Foods)] joint venture.

The International segment processes, markets, and sells [removed: Company] [added: the Company's] products [added: through retail and foodservice channels] internationally.

This segment also includes the results from the Company’s international joint ventures, [removed: international] equity method investments, and [removed: international] royalty [removed: arrangements.][added: arrangements, as well as operations in China and Brazil.]

Net [removed: sales to unaffiliated customers,] [added: sales,] segment profit, and certain other financial information by segment are reported in Note [removed: P] [added: Q] - Segment Reporting of the Notes to the Consolidated Financial Statements and in Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The Company’s products primarily consist of meat, nuts, and other food products sold across multiple distribution channels, such as [removed: United States (U.S.)] [added: U.S.] retail, U.S. foodservice, and internationally.

The [added: Company's] sales team is also responsible for the product portfolio of MegaMex Foods, [removed: LLC (MegaMex Foods),] a U.S. based Mexican food company, of which the Company owns a minority interest.

Products are primarily distributed by common [removed: carrier.][added: carriers.]

Distribution of export sales to customers is [added: primarily done] by third party carriers, while the China and Brazil operations also rely on company-owned and operated delivery systems.

The Company has licensed [added: other] companies to manufacture various products internationally on a royalty basis.

The Company also has minority [removed: positions] [added: interests] in food companies in the Philippines (The Purefoods-Hormel Company, Inc., 40 percent holding) and Indonesia (PT Garudafood Putra Putri Jaya Tbk (Garudafood), approximately 30 percent holding).

The Company takes [removed: what it believes is] a balanced approach to sourcing its raw materials.

Production costs from raising turkeys are subject to fluctuations in [added: input costs, including] grain prices and fuel costs.

As of October [removed: 27, 2024,] [added: 26, 2025,] the Company had approximately 20,000 active employees, with over 90 percent located within the U.S. [removed: Approximately] [added: At fiscal year end, approximately] 20 percent of [added: the Company's] employees [removed: are] [added: were] covered by collective bargaining agreements.

Contracts at two of the Company's facilities, covering approximately [removed: 300] [added: 700] employees, expire in the next fiscal year.

The Company offers competitive compensation packages to its employees and provides a multitude of benefits, including medical, life and disability insurance, contributory and non-contributory retirement savings plans, [removed: free post-secondary tuition and] [added: paid parental leave,] tuition reimbursement programs, and two years of tuition-free community and technical college for U.S. employees’ dependent children.

The Company considers the tenure of its team members to be an [removed: important] indicator of [removed: overall performance] [added: the success of its retention efforts] and is proud of its tenure figures.

As of October [removed: 27, 2024,] [added: 26, 2025,] approximately 50 percent of the Company’s team members had five or more years of service, and the [removed: 37-person] [added: 38-person] officer team had an average of [removed: 23] [added: 22] years of service.

The Company welcomes the [removed: diversity,] unique skills, thoughts, [added: backgrounds,] and experiences of its team members, customers, and consumers.

The Company has [removed: twelve] [added: nine] employee resource groups (ERGs) that support the Company’s mission to create a workplace where all people feel welcomed, respected, and valued.

The [removed: Company’s dedicated corporate safety department] [added: Company] develops and administers [removed: company-wide] policies to ensure the safety of each employee and compliance with Occupational Safety and Health Administration standards [added: in the U.S.] and comparable [removed: global requirements internationally.][added: international requirements.]

The [removed: corporate safety department] [added: Company] also conducts regular audits of Company-owned production facilities to ensure compliance with [removed: Company] safety policies.

The Company conducts safety training for all team members and, during fiscal [removed: 2024,] [added: 2025,] completed approximately 1,200 safety assessments each month.

The Company recognizes that team members perform best when they are healthy, and that optimal performance is necessary for the Company to [removed: achieve its key results.][added: succeed.]

In addition to the health care benefits package, the Company’s [removed: Inspired Health program aims] [added: wellness programs aim] to cultivate and maintain a culture of health and wellness that is focused on encouraging and empowering team members to make healthy lifestyle choices through awareness, prevention, and positive health behavior changes.

The Company believes it is in compliance with current laws and regulations and does not expect continued compliance to have a material impact on its capital expenditures, earnings, or [added: competitive position.]

In addition to compliance with environmental laws and regulations, the Company has [removed: set aspirational goals] [added: established guiding principles] to [added: support the long-term health of its business and] further improve its sustainability efforts and reduce its environmental impact.

Sales to the Company’s largest customer, Walmart Inc. and its subsidiaries (Walmart), accounted for [removed: approximately 16] [added: 15.6] percent of consolidated gross sales less returns and allowances during fiscal [removed: 2024.][added: 2025.]

The Company’s top five customers collectively represented approximately [removed: 37] [added: 38] percent of consolidated gross sales less returns and allowances during fiscal [removed: 2024.][added: 2025.]

Through effective marketing, a dedicated network of direct and indirect sales personnel, and robust quality assurance programs, the Company’s strategy is to provide high quality products that possess strong brand recognition supported by reliable customer service, to support a higher value proposition for [removed: customers.][added: customers and consumers.]

To grow and maintain its competitive position, the Company focuses on meeting [added: customer and] consumer preferences, delivering product innovation, and maintaining long-term and lasting relationships with industry partners.

As of October [removed: 27, 2024,] [added: 26, 2025,] the Company [removed: held 22 U.S.] [added: has thirteen U.S.-granted] and [removed: eight foreign] [added: six foreign-granted] patents.

HORMEL, ALWAYS TENDER, APPLEGATE, AUSTIN BLUES, BACON 1, BLACK LABEL, BREAD READY, BURKE, CAFÉ H, CERATTI, CHI-CHI’S, COLUMBUS, COMPLEATS, CORN NUTS, CURE 81, DAN’S PRIZE, DI LUSSO, DINTY MOORE, DON MIGUEL, DOÑA MARIA, EMBASA, FAST ‘N EASY, FIRE BRAISED, [added: FLASH 180,] FONTANINI, HERDEZ, HORMEL GATHERINGS, HOUSE OF TSANG, JENNIE-O, JUSTIN’S, LA VICTORIA, LAYOUT, LLOYD’S, MARY KITCHEN, MR. PEANUT, NATURAL CHOICE, NUT-RITION, OLD SMOKEHOUSE, OVEN READY, PILLOW PACK, PLANTERS, ROSA GRANDE, SADLER’S SMOKEHOUSE, SKIPPY, SPAM, [removed: SQUARE TABLE,] SPECIAL RECIPE, [added: SQUARE TABLE,] VALLEY FRESH, and WHOLLY.

The [removed: Company makes available its annual report] [added: Company's Annual Report] on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, [added: proxy statements,] and amendments to [removed: those reports] [added: such documents] filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of [removed: 1934] [added: 1934, as amended (Exchange Act), are available free of charge] on [removed: its] [added: the Investors section of the Company's] website [removed: at www.hormelfoods.com.][added: (investor.hormelfoods.com) as soon as reasonably practicable after the Company files such material with, or furnishes it to, the U.S. Securities and Exchange Commission (SEC).]

[removed: The] [added: All such forward-looking statements are intended to enjoy the protection of the safe harbor for forward-looking statements contained in the] Private Securities Litigation Reform Act of [removed: 1995 (the Reform Act) provides a “safe harbor” for forward-looking statements to encourage companies to provide prospective information.][added: 1995, as amended.]

The Company is built on a foundation of innovation and integrity and a commitment to delivering high-quality, trusted food products across a diverse portfolio of brands and product solutions including Planters®, SPAM®, Jennie-O®, Skippy®, Applegate®, Wholly®, Hormel® Black Label®, Fontanini®, Bacon1®, Hormel® pepperoni, and more than 30 other beloved brands.

The Company is a member of the S&P 500 Index and the S&P 500 Dividend Aristocrats.

When used in this report, the terms "we," "our," "us," and the "Company" mean Hormel Foods Corporation and its subsidiaries, collectively, unless the context otherwise requires or indicates.

The Foodservice segment consists primarily of the processing, marketing, and sale of food products to distributors and operators across a wide range of providers of food away from home, including restaurants, hospitality, healthcare, K-12, college and universities, and convenience stores in the U.S.

This program offers a comprehensive suite of wellness benefits designed to support every aspect of well-being - physical, financial, and professional.

These include tobacco cessation resources, confidential mental health support, family-building assistance, and opportunities for professional development.

The Company's internet website is hormelfoods.com.

In addition, the SEC maintains a website (sec.gov) that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC.

Investors should note that the Company currently announces material information to its investors and others using filings with the SEC, press releases, public conference calls, webcasts, or its website (hormelfoods.com).

Information that the Company posts on its website could be deemed material to investors.

The Company encourages investors, the media, and others interested in the Company to review the information it posts on these channels.

The information on the Company's website is not, and shall not be deemed to be, a part hereof or incorporated into this or any of the Company's other filings with the SEC.

This report contains forward-looking statements, which are based on the Company's current assumptions and expectations.

These statements are typically accompanied by the words "aim," "anticipate," "believe," "could," “estimate,” "expect," “intend,” "may," "might," “plan,” “project,” "seek," “target,” "will," "would," or similar words or expressions.

The principal forward-looking statements in this report include statements regarding the Company's: future financial and operational performance, fiscal 2026 outlook, expectations regarding commodity markets and raw material costs, intentions regarding future dividends, expectations regarding the Company's strategic initiatives, including the Transform and Modernize initiative and the Company's recent corporate restructuring plan, expectations for the adequacy of and costs associated with the Company's sources of liquidity, expected compliance with debt covenants, expectations regarding its contractual obligations and liabilities, expectations regarding the impact of new accounting pronouncements, expected contributions and payments related to its pension plan, expectations regarding the return on plan assets, expectations regarding the timing and recognition of compensation expenses, and expectations regarding the outcome of, and adequacy of its reserves for, claims, litigation, and the resolution of tax matters.

Although the Company believes there is a reasonable basis for the forward-looking statements, its actual results could be materially different.

The most important factors which could cause the Company's actual results to differ from its forward-looking statements are set forth in its description of risk factors included in Part I, Item 1A – Risk Factors to this Form 10-K, which should be read in conjunction with the forward-looking statements in this report.

Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update any forward-looking statement except as otherwise required by law.

The Company builds on its founder’s legacy of innovation, quality, and integrity with focus on its purpose statement — *Inspired People.

Today, the Company is a global branded food company bringing some of the most trusted and iconic brands to tables across the globe with approximately $12 billion in annual revenue generated from more than 80 countries.

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.

In fiscal 2024, the Company provided financial support for a new, third-party operated childcare center in Austin, Minnesota, providing a needed service for team members and the Austin community.

As of October 27, 2024, the Company’s U.S. workforce for majority-owned operations was made up of approximately 40 percent female and approximately 60 percent underrepresented minorities.

The Company’s U.S. salaried employees for majority-owned operations as of October 27, 2024 was made up of approximately 35 percent female and approximately 25 percent underrepresented minorities.

This program includes biometric screenings, on-site fitness centers and fitness center discounts, an online health university with robust information and resources, a tobacco cessation program, wellness challenges, and confidential health and wellness support.

competitive position.

These goals are outlined in the Company’s 20 by 30 Challenge and address topics such as renewable sourcing, reducing organic waste and greenhouse gas emissions, supporting regenerative agriculture, packaging sustainability, and reducing food waste.

The Company’s greenhouse gas emissions reduction targets were validated by the Science Based Targets initiative.

These reports are accessible under the caption, “Investors – Financials – SEC Filings” on the Company’s website and are available as soon as reasonably practicable after such material is electronically filed with or furnished to the Securities and Exchange Commission (SEC).

These filings are also available on the SEC’s website at www.sec.gov.

The documents are available in print, free of charge, to any shareholder who requests them.

This report contains “forward-looking” information within the meaning of the federal securities laws.

The “forward-looking” information may include statements concerning the Company’s outlook for the future as well as other statements of beliefs, future plans, strategies, or anticipated events and similar expressions concerning matters that are not historical facts.

The Company is filing this cautionary statement in connection with the Reform Act.

When used in the Company’s Annual Report to Stockholders, other filings by the Company with the SEC, the Company’s press releases, and oral statements made by the Company’s representatives, the words or phrases “should result,” “believe,” “intend,” “plan,” “are expected to,” “targeted,” “will continue,” “will approximate,” “is anticipated,” “estimate,” “project,” or

similar expressions are intended to identify forward-looking statements within the meaning of the Reform Act.

Such statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results and those anticipated or projected.

In connection with the “safe harbor” provisions of the Reform Act, the Company is identifying risk factors that could affect financial performance and cause the Company’s actual results to differ materially from opinions or statements expressed with respect to future periods.

The following discussion of risk factors contains certain cautionary statements regarding the Company’s business, which should be considered by investors and others.

Such risk factors should be considered in conjunction with any discussions of operations or results by the Company or its representatives, including any forward-looking discussion, as well as comments contained in press releases, presentations to securities analysts or investors, or other communications by the Company.

The Company cautions readers not to place undue reliance on forward-looking statements, which represent current views as of the date made.

Forward-looking statements are inherently at risk to changes in the Company’s business as well as the national and worldwide economic environment.

The risks and uncertainties that could cause actual results to differ from those anticipated or projected include, among other things, risks related to the deterioration of economic conditions; risks associated with acquisitions, joint ventures, equity investments, and divestitures; risks and uncertainties associated with intangible assets, including any future goodwill or intangible assets impairment charges; the risk of disruption of operations, including at owned facilities, co-manufacturers, suppliers, logistics providers, customers, or other third-party service providers; the risk that the Company may fail to realize anticipated cost savings or operating profit improvements associated with strategic initiatives, including the Transform and Modernize initiative; risk of loss of a significant contract or unfavorable changes in the Company’s relationships with significant customers; risk of the Company’s inability to protect information technology systems against, or effectively respond to, cyber attacks, security breaches or other IT interruptions, against or involving the Company’s IT systems or those of others with whom it does business; risk of the Company’s failure to timely replace legacy technologies; deterioration of labor relations or labor availability or increases to labor costs; general risks of the food industry, including those related to food safety, such as costs resulting from food contamination, product recalls, the remediation of food safety events at its facilities, including the production disruption at the Suffolk, Virginia, facility, or outbreaks of disease among livestock and poultry flocks; fluctuations in commodity prices and availability of raw materials and other inputs; fluctuations in market demand for the Company’s products, including due to private label products and lower-priced alternatives; risks related to the Company’s ability to respond to changing consumer preferences, diets and eating patterns, and the success of innovation and marketing investments; damage to the Company’s reputation or brand image; risks associated with climate change, or legal, regulatory, or market measures to address climate change; risks of litigation; potential sanctions and compliance costs arising from government regulation; compliance with stringent environmental regulations and potential environmental litigation; and risks arising from the Company’s foreign operations, including geopolitical risk, exchange rate risk, legal, tax, and regulatory risk, and risks associated with tariffs.

Information regarding legal proceedings is available in Note [removed: J] [added: K] - Commitments and Contingencies of the Notes to the Consolidated Financial Statements.

For the fiscal year ended October [removed: 27, 2024][added: 26, 2025]

[removed: ][added: ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, [added: a] smaller reporting company, or an emerging growth company.

| [added: | | |] Large accelerated filer | | | ☒ | | | Accelerated filer | | | ☐ | | |

| [added: | | |] Non-accelerated filer | | | ☐ | | | Smaller reporting company | | | ☐ | | |

| | | | | | | [added: | | |] Emerging growth company | | | ☐ | | |

The aggregate market value of the voting and nonvoting common stock held by non-affiliates of the registrant as of April [removed: 28, 2024,] [added: 27, 2025,] was [removed: $10,250,143,536] [added: $8,637,339,615] based on the closing price of [removed: $35.32] [added: $29.70] on the last business day of the registrant’s most recently completed second fiscal quarter.

As of [removed: December 1, 2024,] [added: November 30, 2025,] the number of shares outstanding of each of the registrant’s classes of common stock was as follows:

Common Stock, $0.01465 Par Value – [removed: 549,012,922] [added: 550,107,295] shares

Portions of the Proxy Statement for the Annual Meeting of Stockholders to be held [added: on or about] January [removed: 28, 2025,] [added: 27, 2026,] are incorporated by reference into Part III, Items 10-14.

| [Item [removed: 1.](#i1ac7ec8f8925469684434ec738b27af1_13)] [added: 1.](#ibd9f6a5a817643b188470023bceb4c4a_13)] | | | [removed: [B](#i1ac7ec8f8925469684434ec738b27af1_13)[usiness](#i1ac7ec8f8925469684434ec738b27af1_13)] [added: [B](#ibd9f6a5a817643b188470023bceb4c4a_13)[usiness](#ibd9f6a5a817643b188470023bceb4c4a_13)] | | | [removed: [3](#i1ac7ec8f8925469684434ec738b27af1_13)] [added: [3](#ibd9f6a5a817643b188470023bceb4c4a_13)] | | |

| [Item [removed: 1A.](#i1ac7ec8f8925469684434ec738b27af1_19)] [added: 1A.](#ibd9f6a5a817643b188470023bceb4c4a_19)] | | | [Risk [removed: Factors](#i1ac7ec8f8925469684434ec738b27af1_19)] [added: Factors](#ibd9f6a5a817643b188470023bceb4c4a_19)] | | | [removed: [6](#i1ac7ec8f8925469684434ec738b27af1_19)] [added: [6](#ibd9f6a5a817643b188470023bceb4c4a_19)] | | |

| [Item [removed: 1B.](#i1ac7ec8f8925469684434ec738b27af1_22)] [added: 1B.](#ibd9f6a5a817643b188470023bceb4c4a_22)] | | | [removed: [U](#i1ac7ec8f8925469684434ec738b27af1_22)[nresolved Staff](#i1ac7ec8f8925469684434ec738b27af1_22) [](#i1ac7ec8f8925469684434ec738b27af1_22)[C](#i1ac7ec8f8925469684434ec738b27af1_22)omments] [added: [U](#ibd9f6a5a817643b188470023bceb4c4a_22)[nresolved Staff](#ibd9f6a5a817643b188470023bceb4c4a_22) [](#ibd9f6a5a817643b188470023bceb4c4a_22)[C](#ibd9f6a5a817643b188470023bceb4c4a_22)omments] | | | [removed: [12](#i1ac7ec8f8925469684434ec738b27af1_22)] [added: [13](#ibd9f6a5a817643b188470023bceb4c4a_22)] | | |

| [Item [removed: 2.](#i1ac7ec8f8925469684434ec738b27af1_25)] [added: 2.](#ibd9f6a5a817643b188470023bceb4c4a_549755815736)] | | | [removed: [Properties](#i1ac7ec8f8925469684434ec738b27af1_25)] [added: [Properties](#ibd9f6a5a817643b188470023bceb4c4a_549755815736)] | | | [removed: [13](#i1ac7ec8f8925469684434ec738b27af1_25)] [added: [14](#ibd9f6a5a817643b188470023bceb4c4a_549755815736)] | | |

| [Item [removed: 3.](#i1ac7ec8f8925469684434ec738b27af1_28)] [added: 3.](#ibd9f6a5a817643b188470023bceb4c4a_31)] | | | [Legal [removed: Proceedings](#i1ac7ec8f8925469684434ec738b27af1_28)] [added: Proceedings](#ibd9f6a5a817643b188470023bceb4c4a_31)] | | | [removed: [14](#i1ac7ec8f8925469684434ec738b27af1_28)] [added: [15](#ibd9f6a5a817643b188470023bceb4c4a_31)] | | |

| [Item [removed: 4.](#i1ac7ec8f8925469684434ec738b27af1_31)] [added: 4.](#ibd9f6a5a817643b188470023bceb4c4a_34)] | | | [Mine Safety [removed: Disclosures](#i1ac7ec8f8925469684434ec738b27af1_31)] [added: Disclosures](#ibd9f6a5a817643b188470023bceb4c4a_34)] | | | [removed: [14](#i1ac7ec8f8925469684434ec738b27af1_31)] [added: [15](#ibd9f6a5a817643b188470023bceb4c4a_34)] | | |

| [Item [removed: 5.](#i1ac7ec8f8925469684434ec738b27af1_40)] [added: 5.](#ibd9f6a5a817643b188470023bceb4c4a_43)] | | | [Market for [removed: Registrant](#i1ac7ec8f8925469684434ec738b27af1_40)’[s] [added: Registrant](#ibd9f6a5a817643b188470023bceb4c4a_43)’[s] Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity [removed: Securities](#i1ac7ec8f8925469684434ec738b27af1_40)] [added: Securities](#ibd9f6a5a817643b188470023bceb4c4a_43)] | | | [removed: [15](#i1ac7ec8f8925469684434ec738b27af1_40)] [added: [16](#ibd9f6a5a817643b188470023bceb4c4a_43)] | | |

| [Item [removed: 6.](#i1ac7ec8f8925469684434ec738b27af1_43)] [added: 6.](#ibd9f6a5a817643b188470023bceb4c4a_46)] | | | [removed: [Reserved](#i1ac7ec8f8925469684434ec738b27af1_43)] [added: [Reserved](#ibd9f6a5a817643b188470023bceb4c4a_46)] | | | [removed: [16](#i1ac7ec8f8925469684434ec738b27af1_43)] [added: [17](#ibd9f6a5a817643b188470023bceb4c4a_46)] | | |

| [Item [removed: 7.](#i1ac7ec8f8925469684434ec738b27af1_49)] [added: 7.](#ibd9f6a5a817643b188470023bceb4c4a_52)] | | | [removed: [M](#i1ac7ec8f8925469684434ec738b27af1_49)[anagement](#i1ac7ec8f8925469684434ec738b27af1_49)’[s] [added: [M](#ibd9f6a5a817643b188470023bceb4c4a_52)[anagement](#ibd9f6a5a817643b188470023bceb4c4a_52)’[s] Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i1ac7ec8f8925469684434ec738b27af1_49)] [added: Operations](#ibd9f6a5a817643b188470023bceb4c4a_52)] | | | [removed: [16](#i1ac7ec8f8925469684434ec738b27af1_49)] [added: [17](#ibd9f6a5a817643b188470023bceb4c4a_52)] | | |

| [Item [removed: 7A.](#i1ac7ec8f8925469684434ec738b27af1_100)] [added: 7A.](#ibd9f6a5a817643b188470023bceb4c4a_91)] | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#i1ac7ec8f8925469684434ec738b27af1_100)] [added: Risk](#ibd9f6a5a817643b188470023bceb4c4a_91)] | | | [removed: [31](#i1ac7ec8f8925469684434ec738b27af1_100)] [added: [32](#ibd9f6a5a817643b188470023bceb4c4a_91)] | | |

| [Item [removed: 8.](#i1ac7ec8f8925469684434ec738b27af1_106)] [added: 8.](#ibd9f6a5a817643b188470023bceb4c4a_97)] | | | [removed: [F](#i1ac7ec8f8925469684434ec738b27af1_106)[inancial] [added: [F](#ibd9f6a5a817643b188470023bceb4c4a_97)[inancial] Statements and Supplemental [removed: Data](#i1ac7ec8f8925469684434ec738b27af1_106)] [added: Data](#ibd9f6a5a817643b188470023bceb4c4a_97)] | | | [removed: [32](#i1ac7ec8f8925469684434ec738b27af1_106)] [added: [34](#ibd9f6a5a817643b188470023bceb4c4a_97)] | | |

| [Item [removed: 9.](#i1ac7ec8f8925469684434ec738b27af1_181)] [added: 9.](#ibd9f6a5a817643b188470023bceb4c4a_172)] | | | [removed: [C](#i1ac7ec8f8925469684434ec738b27af1_181)[hanges] [added: [C](#ibd9f6a5a817643b188470023bceb4c4a_172)[hanges] in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#i1ac7ec8f8925469684434ec738b27af1_181)] [added: Disclosure](#ibd9f6a5a817643b188470023bceb4c4a_172)] | | | [removed: [70](#i1ac7ec8f8925469684434ec738b27af1_181)] [added: [73](#ibd9f6a5a817643b188470023bceb4c4a_172)] | | |

| [Item [removed: 9A.](#i1ac7ec8f8925469684434ec738b27af1_184)] [added: 9A.](#ibd9f6a5a817643b188470023bceb4c4a_175)] | | | [Controls and [removed: Procedures](#i1ac7ec8f8925469684434ec738b27af1_184)] [added: Procedures](#ibd9f6a5a817643b188470023bceb4c4a_175)] | | | [removed: [70](#i1ac7ec8f8925469684434ec738b27af1_184)] [added: [74](#ibd9f6a5a817643b188470023bceb4c4a_175)] | | |

| [Item [removed: 9B.](#i1ac7ec8f8925469684434ec738b27af1_187)] [added: 9B.](#ibd9f6a5a817643b188470023bceb4c4a_178)] | | | [Other [removed: Information](#i1ac7ec8f8925469684434ec738b27af1_187)] [added: Information](#ibd9f6a5a817643b188470023bceb4c4a_178)] | | | [removed: [70](#i1ac7ec8f8925469684434ec738b27af1_187)] [added: [74](#ibd9f6a5a817643b188470023bceb4c4a_178)] | | |

| [Item [removed: 9C.](#i1ac7ec8f8925469684434ec738b27af1_190)] [added: 9C.](#ibd9f6a5a817643b188470023bceb4c4a_181)] | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#i1ac7ec8f8925469684434ec738b27af1_190)] [added: Inspections](#ibd9f6a5a817643b188470023bceb4c4a_181)] | | | [removed: [70](#i1ac7ec8f8925469684434ec738b27af1_190)] [added: [74](#ibd9f6a5a817643b188470023bceb4c4a_181)] | | |

| [Item [removed: 10.](#i1ac7ec8f8925469684434ec738b27af1_196)] [added: 10.](#ibd9f6a5a817643b188470023bceb4c4a_187)] | | | [removed: [D](#i1ac7ec8f8925469684434ec738b27af1_196)[irectors,] [added: [D](#ibd9f6a5a817643b188470023bceb4c4a_187)[irectors,] Executive Officers, and Corporate [removed: Governance](#i1ac7ec8f8925469684434ec738b27af1_196)] [added: Governance](#ibd9f6a5a817643b188470023bceb4c4a_187)] | | | [removed: [71](#i1ac7ec8f8925469684434ec738b27af1_196)] [added: [74](#ibd9f6a5a817643b188470023bceb4c4a_187)] | | |

| [Item [removed: 11.](#i1ac7ec8f8925469684434ec738b27af1_199)] [added: 11.](#ibd9f6a5a817643b188470023bceb4c4a_190)] | | | [Executive [removed: Compensation](#i1ac7ec8f8925469684434ec738b27af1_199)] [added: Compensation](#ibd9f6a5a817643b188470023bceb4c4a_190)] | | | [removed: [71](#i1ac7ec8f8925469684434ec738b27af1_199)] [added: [75](#ibd9f6a5a817643b188470023bceb4c4a_190)] | | |

| [Item [removed: 12.](#i1ac7ec8f8925469684434ec738b27af1_202)] [added: 12.](#ibd9f6a5a817643b188470023bceb4c4a_193)] | | | [removed: [S](#i1ac7ec8f8925469684434ec738b27af1_202)[ecurity] [added: [S](#ibd9f6a5a817643b188470023bceb4c4a_193)[ecurity] Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i1ac7ec8f8925469684434ec738b27af1_202)] [added: Matters](#ibd9f6a5a817643b188470023bceb4c4a_193)] | | | [removed: [71](#i1ac7ec8f8925469684434ec738b27af1_202)] [added: [75](#ibd9f6a5a817643b188470023bceb4c4a_193)] | | |

| [Item [removed: 13.](#i1ac7ec8f8925469684434ec738b27af1_205)] [added: 13.](#ibd9f6a5a817643b188470023bceb4c4a_196)] | | | [removed: [C](#i1ac7ec8f8925469684434ec738b27af1_205)[ertain] [added: [C](#ibd9f6a5a817643b188470023bceb4c4a_196)[ertain] Relationships and Related Transactions, and Director [removed: Independence](#i1ac7ec8f8925469684434ec738b27af1_205)] [added: Independence](#ibd9f6a5a817643b188470023bceb4c4a_196)] | | | [removed: [71](#i1ac7ec8f8925469684434ec738b27af1_205)] [added: [75](#ibd9f6a5a817643b188470023bceb4c4a_196)] | | |

| [Item [removed: 14.](#i1ac7ec8f8925469684434ec738b27af1_208)] [added: 14.](#ibd9f6a5a817643b188470023bceb4c4a_199)] | | | [removed: [P](#i1ac7ec8f8925469684434ec738b27af1_208)[rincipal] [added: [P](#ibd9f6a5a817643b188470023bceb4c4a_199)[rincipal] Accountant Fees and [removed: Services](#i1ac7ec8f8925469684434ec738b27af1_208)] [added: Services](#ibd9f6a5a817643b188470023bceb4c4a_199)] | | | [removed: [72](#i1ac7ec8f8925469684434ec738b27af1_208)] [added: [75](#ibd9f6a5a817643b188470023bceb4c4a_199)] | | |

| [Item [removed: 15.](#i1ac7ec8f8925469684434ec738b27af1_214)] [added: 15.](#ibd9f6a5a817643b188470023bceb4c4a_205)] | | | [removed: [E](#i1ac7ec8f8925469684434ec738b27af1_214)[xhibits] [added: [E](#ibd9f6a5a817643b188470023bceb4c4a_205)[xhibits] and Financial Statement [removed: Schedules](#i1ac7ec8f8925469684434ec738b27af1_214)] [added: Schedules](#ibd9f6a5a817643b188470023bceb4c4a_205)] | | | [removed: [72](#i1ac7ec8f8925469684434ec738b27af1_214)] [added: [75](#ibd9f6a5a817643b188470023bceb4c4a_205)] | | |

| [Item [removed: 16.](#i1ac7ec8f8925469684434ec738b27af1_217)] [added: 16.](#ibd9f6a5a817643b188470023bceb4c4a_208)] | | | [removed: [F](#i1ac7ec8f8925469684434ec738b27af1_217)[orm](#i1ac7ec8f8925469684434ec738b27af1_217)] [added: [F](#ibd9f6a5a817643b188470023bceb4c4a_208)[orm](#ibd9f6a5a817643b188470023bceb4c4a_208)] [10-K [removed: S](#i1ac7ec8f8925469684434ec738b27af1_217)ummary] [added: S](#ibd9f6a5a817643b188470023bceb4c4a_208)ummary] | | | [removed: [74](#i1ac7ec8f8925469684434ec738b27af1_217)] [added: [78](#ibd9f6a5a817643b188470023bceb4c4a_208)] | | |

| | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| [PART I](#ibd9f6a5a817643b188470023bceb4c4a_13) | | | | | | | | |

| [Item 1C.](#ibd9f6a5a817643b188470023bceb4c4a_25) | | | [Cybersecurity](#ibd9f6a5a817643b188470023bceb4c4a_25) | | | [13](#ibd9f6a5a817643b188470023bceb4c4a_25) | | |

| [PART II](#ibd9f6a5a817643b188470023bceb4c4a_43) | | | | | | | | |

| [PART III](#ibd9f6a5a817643b188470023bceb4c4a_187) | | | | | | | | |

| [PART IV](#ibd9f6a5a817643b188470023bceb4c4a_205) | | | | | | | | |

| [SIGNATURES](#ibd9f6a5a817643b188470023bceb4c4a_211) | | | | | | [79](#ibd9f6a5a817643b188470023bceb4c4a_211) | | |

| | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| [PART I](#i1ac7ec8f8925469684434ec738b27af1_13) | | | | | | | | |

| [I](#i1ac7ec8f8925469684434ec738b27af1_549755815662)[tem 1C.](#i1ac7ec8f8925469684434ec738b27af1_549755815662) | | | [C](#i1ac7ec8f8925469684434ec738b27af1_549755815662)[yber](#i1ac7ec8f8925469684434ec738b27af1_549755815662)[s](#i1ac7ec8f8925469684434ec738b27af1_549755815662)[ecurity](#i1ac7ec8f8925469684434ec738b27af1_549755815662) | | | [12](#i1ac7ec8f8925469684434ec738b27af1_549755815662) | | |

| [PART II](#i1ac7ec8f8925469684434ec738b27af1_40) | | | | | | | | |

| [PART III](#i1ac7ec8f8925469684434ec738b27af1_196) | | | | | | | | |

| [PART IV](#i1ac7ec8f8925469684434ec738b27af1_214) | | | | | | | | |

| [SIGNATURES](#i1ac7ec8f8925469684434ec738b27af1_220) | | | | | | [75](#i1ac7ec8f8925469684434ec738b27af1_220) | | |

The ERM Executive Committee, comprised of the Company’s senior leadership team, has the ultimate responsibility for [removed: overseeing] [added: managing] the identification of the key risks facing the Company and meets regularly to discuss the Company’s approach to mitigating those risks.

As a component of the cybersecurity incident response process, the Company [added: periodically] conducts attack simulations and exercises and has used third parties to support this work.

The Company’s Disclosure Committee also includes [removed: a member] [added: members] of the ERM Executive Committee, helping to ensure timely analysis of [added: potential] disclosure obligations relating to cybersecurity events.

- Use of [added: internal resources and] third parties to assess, test, validate, and strengthen the cybersecurity program, [removed: including penetration testing] and the periodic use of [removed: a] third [removed: party] [added: parties] to [added: perform penetration testing and to] assess the quality and maturity of the program against the NIST Cybersecurity Framework; and

Risk Factors under the heading “The Company may be adversely impacted if the Company is affected by cybersecurity [removed: attacks, security breaches,] [added: attacks] or other [removed: IT interruptions, involving its own systems or those with whom it does business.”][added: security breaches.”]

The Company has various processing plants, warehouses, and operational facilities, mainly located in the U.S. The Company maintains a national sales force through strategic placement of sales offices across the U.S. [removed: Properties are] [added: The Company] also [removed: maintained] [added: maintains properties] internationally to support global processing and sales.

The majority of the Company’s [removed: property is] [added: properties are] owned.

The Company believes its operating facilities are [removed: well maintained] [added: well-maintained] and suitable for current use.

| Area (1) *Square feet, in thousands* | | | [removed: Production Facilities | | | Warehouse/Distribution Centers | | | Administration/Sales/Research Offices | | | Total | | |] [added: Owned] | | | Leased | | | [removed: Owned] [added: Total] | | |

| Arkansas | | | 589 | | | [removed: 250 | | | 11 | | | 850 | | | | | |] 261 | | | [removed: 589] [added: 850] | | |

| Nebraska | | | 845 | | | — | | | [removed: — | | |] 845 | | | [removed: | | | — | | | 845 | | |]

| Australia | | | — | | | [removed: — | | |] 2 | | | 2 | | | [removed: | | | 2 | | | — | | |]

| Brazil | | | [removed: 440 | | | — | | |] 3 | | | [removed: 443 | | | | | |] 440 | | | [removed: 3] [added: 443] | | |

(1) Turkey [removed: growout] [added: grow-out] facilities are excluded.

| | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Minnesota | | | 4,373 | | | 162 | | | 4,535 | | |

| Iowa | | | 1,718 | | | 427 | | | 2,145 | | |

| Wisconsin | | | 1,218 | | | 202 | | | 1,420 | | |

| California | | | 149 | | | 673 | | | 822 | | |

| All Other States | | | 2,518 | | | 1,249 | | | 3,767 | | |

| Total Domestic | | | 11,410 | | | 2,974 | | | 14,384 | | |

| China | | | 756 | | | 74 | | | 830 | | |

| Indonesia | | | — | | | 18 | | | 18 | | |

| Total International | | | 759 | | | 534 | | | 1,293 | | |

| Total Square Feet | | | 12,169 | | | 3,508 | | | 15,677 | | |

| | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Arizona | | | — | | | — | | | 2 | | | 2 | | | | | | 2 | | | — | | |

| California | | | 352 | | | 427 | | | 27 | | | 806 | | | | | | 673 | | | 133 | | |

| Colorado | | | 829 | | | — | | | 10 | | | 839 | | | | | | 4 | | | 835 | | |

| Florida | | | — | | | — | | | 5 | | | 5 | | | | | | 5 | | | — | | |

| Georgia | | | 259 | | | — | | | — | | | 259 | | | | | | — | | | 259 | | |

| Illinois | | | 738 | | | — | | | 22 | | | 760 | | | | | | 22 | | | 738 | | |

| Iowa | | | 1,484 | | | 659 | | | 3 | | | 2,146 | | | | | | 427 | | | 1,719 | | |

| Kansas | | | 312 | | | — | | | 3 | | | 315 | | | | | | 3 | | | 312 | | |

| Massachusetts | | | — | | | — | | | 4 | | | 4 | | | | | | 4 | | | — | | |

| Michigan | | | — | | | — | | | 3 | | | 3 | | | | | | 3 | | | — | | |

| Minnesota | | | 3,692 | | | 289 | | | 581 | | | 4,562 | | | | | | 127 | | | 4,435 | | |

| New Jersey | | | — | | | — | | | 26 | | | 26 | | | | | | 26 | | | — | | |

| North Carolina | | | — | | | — | | | 3 | | | 3 | | | | | | 3 | | | — | | |

| Ohio | | | — | | | 453 | | | 8 | | | 461 | | | | | | 322 | | | 139 | | |

| Pennsylvania | | | — | | | 348 | | | 9 | | | 357 | | | | | | 357 | | | — | | |

| Texas | | | 506 | | | — | | | 5 | | | 511 | | | | | | 3 | | | 508 | | |

| Utah | | | — | | | 209 | | | — | | | 209 | | | | | | 209 | | | — | | |

| Virginia | | | 625 | | | — | | | — | | | 625 | | | | | | — | | | 625 | | |

| Washington | | | — | | | — | | | 2 | | | 2 | | | | | | 2 | | | — | | |

| Wisconsin | | | 1,225 | | | 104 | | | 6 | | | 1,335 | | | | | | 197 | | | 1,138 | | |

| Total Domestic | | | 11,456 | | | 2,739 | | | 730 | | | 14,925 | | | | | | 2,650 | | | 12,275 | | |

| China | | | 695 | | | 52 | | | 88 | | | 835 | | | | | | 2 | | | 833 | | |

| Total International | | | 1,135 | | | 52 | | | 93 | | | 1,280 | | | | | | 444 | | | 836 | | |

| Total Square Feet | | | 12,591 | | | 2,791 | | | 823 | | | 16,205 | | | | | | 3,094 | | | 13,111 | | |

Information [removed: About] [added: about our] Executive Officers

The following table provides information regarding the executive officers of the Company as of December 5, [removed: 2024:][added: 2025:]

| [removed: John F. Ghingo] | | | | | | [removed: 52] | | | | | | Executive Vice President, Retail | | | | | | 10/2024 to [removed: Present] [added: 07/2025] | | |

| [removed: Mark J. Ourada] [added: David F. Weber] | | | | | | [removed: 59] [added: 56] | | | | | | Group Vice President, Foodservice | | | | | | [removed: 03/2018] [added: 03/2025] to Present | | |

| Swen Neufeldt | | | | | | [removed: 51] [added: 52] | | | | | | Group Vice President, Hormel Foods International Corporation | | | | | | 06/2020 to Present | | |

| [removed: Steve J. Lykken] [added: Kevin L. Myers, Ph.D.] | | | | | | [removed: 54] [added: 60] | | | | | | [added: Interim] Group Vice President, Supply Chain | | | | | | [removed: 02/2024] [added: 04/2025] to Present | | |

| [removed: Colleen R. Batcheler] | | | | | | [removed: 50] | | | | | | Senior Vice President, External Affairs, and General Counsel | | | | | | 06/2024 to [removed: Present] [added: 05/2025] | | |

| Mary Katherine Clark | | | | | | [removed: 45] [added: 46] | | | | | | Senior Vice President and Chief Communications Officer | | | | | | 03/2024 to Present | | |

| | | | | | | | | | | | | Vice President of Communications, Mattress Firm Holding Corp. [removed: (retailer of mattresses] [added: (mattresses] and related products) | | | | | | 10/2022 to 02/2024 | | |

| Katherine M. Losness-Larson | | | | | | [removed: 59] [added: 60] | | | | | | Senior Vice President, Human Resources | | | | | | 10/2022 to Present | | |

| Pierre M. Lilly | | | | | | [removed: 53] [added: 54] | | | | | | Senior Vice President and Chief Compliance Officer | | | | | | 10/2020 to Present | | |

| [removed: Kevin L. Myers, Ph.D.] | | | | | | [removed: 59] | | | | | | Senior Vice President, Research and Development and Quality Control | | | | | | 03/2015 to [removed: Present] [added: 04/2025] | | |

| [removed: Paul R. Kuehneman] | | | | | | [removed: 53] | | | | | | Vice President and Controller | | | | | | 02/2022 to [removed: Present] [added: 10/2025] | | |

| Jeffrey M. Ettinger | | | | | | 67 | | | | | | Interim Chief Executive Officer | | | | | | 07/2025 to Present | | |

| | | | | | | | | | | | | Chair, The Hormel Foundation | | | | | | 07/2024 to 07/2025; | | |

| | | | | | | | | | | | | | | | | | | 08/2018 to 06/2023 | | |

| | | | | | | | | | | | | Interim President, the University of Minnesota (public land-grant university) | | | | | | 06/2023 to 06/2024 | | |

| | | | | | | | | | | | | Board Member, Ecolab, Inc. (water, hygiene, and infection prevention solutions) | | | | | | 05/2015 to 05/2023 | | |

| | | | | | | | | | | | | Board Member, The Toro Company (landscape equipment) | | | | | | 07/2010 to 05/2023 | | |

| John F. Ghingo | | | | | | 53 | | | | | | President | | | | | | 07/2025 to Present | | |

| Paul R. Kuehneman | | | | | | 54 | | | | | | Interim Chief Financial Officer and Controller | | | | | | 10/2025 to Present | | |

| Colleen R. Batcheler | | | | | | 51 | | | | | | Senior Vice President, External Affairs, General Counsel & Corporate Secretary | | | | | | 05/2025 to Present | | |

| | | | | | | | | | | | | Vice President, Foodservice Sales | | | | | | 03/2018 to 03/2025 | | |

No family relationship exists among the executive officers and no arrangements or understandings between any executive officer and any other person pertaining to such executive officer's selection as such exist.

| James P. Snee | | | | | | 57 | | | | | | Chairman of the Board, President and Chief Executive Officer | | | | | | 11/2017 to Present | | |

| Jacinth C. Smiley | | | | | | 56 | | | | | | Executive Vice President and Chief Financial Officer | | | | | | 01/2022 to Present | | |

| | | | | | | | | | | | | Group Vice President, Corporate Strategy | | | | | | 04/2021 to 12/2021 | | |

| | | | | | | | | | | | | Vice President and Chief Accounting Officer, LyondellBasell Industries Holdings B.V. (chemicals) | | | | | | 04/2018 to 04/2021 | | |

| | | | | | | | | | | | | Vice President, Meat Products | | | | | | 10/2016 to 06/2020 | | |

| | | | | | | | | | | | | Group Vice President, Jennie-O Turkey Store | | | | | | 03/2021 to 02/2024 | | |

| | | | | | | | | | | | | Senior Vice President/President, Jennie-O Turkey Store, Inc. (subsidiary of registrant) | | | | | | 12/2017 to 03/2021 | | |

| | | | | | | | | | | | | Director of Communications, PepsiCo, Inc. (beverages and convenient foods) | | | | | | 03/2019 to 10/2020 | | |

| | | | | | | | | | | | | Director of Internal Audit | | | | | | 05/2016 to 10/2020 | | |

No family relationship exists among the executive officers.

As of November [removed: 27, 2024,] [added: 24, 2025,] there were approximately [removed: 9,000] [added: 8,500] record holders of the Company’s common stock and approximately [removed: 242,000] [added: 260,000] holders whose shares were held in street name by brokerage firms and financial institutions.

There were no issuer purchases of equity securities in the quarter ended October [removed: 27, 2024.][added: 26, 2025.]

[removed: The] [added: As of October 26, 2025, the] maximum number of shares that may yet be purchased under the repurchase plans or programs [removed: as of October 27, 2024] is 3,677,494.

The Company has paid dividends for [removed: 385] [added: 389] consecutive quarters.

The following graph shows a comparison of cumulative total shareholder return, calculated on a dividend-reinvested basis, for the Company, the S&P 500 Index, and the S&P 500 Packaged Foods & Meats Index for the five years ended October [removed: 27, 2024.][added: 26, 2025.]

The graph assumes $100 was invested in each as of the market close on October [removed: 28, 2019.][added: 26, 2020.]

[removed: ][added: ]

On November 25, 2024, the Board of Directors authorized an increase to the annual dividend rate for fiscal 2025 to $1.16 per share, representing the 59th consecutive annual dividend increase.

The accompanying financial statements were prepared by the management of Hormel Foods [removed: Corporation] [added: Corporation,] which is responsible for their integrity and objectivity.

The audit was conducted in accordance with the standards of the U.S. Public Company Accounting Oversight Board and includes [removed: a review] [added: an evaluation] of the Company’s accounting and financial controls and tests of transactions.

Under the supervision, and with the participation of management, including the [added: Interim] Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework in *Internal Control - Integrated Framework* issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework).

Based on our evaluation under the framework in *Internal Control - Integrated Framework*, we concluded that our internal control over financial reporting was effective as of October [removed: 27, 2024.][added: 26, 2025.]

Our internal control over financial reporting as of October [removed: 27, 2024,] [added: 26, 2025,] has been audited by Ernst & Young LLP, an independent registered public accounting firm, as stated in their report which is included herein.

| [removed: President and] [added: Interim] Chief Executive Officer | | | | | | [removed: and] [added: Interim] Chief Financial Officer [added: and Controller] | | |

Report of [removed: Independent] [added: Independent] Registered Public Accounting Firm

We have audited Hormel Foods Corporation’s internal control over financial reporting as of October [removed: 27, 2024,] [added: 26, 2025,] based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria).

In our opinion, Hormel Foods Corporation (the Company) maintained, in all material respects, effective internal control over financial reporting as of October [removed: 27, 2024,] [added: 26, 2025,] based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statements of financial position of the Company as of October [removed: 27, 2024] [added: 26, 2025] and October [removed: 29, 2023,] [added: 27, 2024,] the related consolidated statements of operations, comprehensive income, changes in shareholders’ investment and cash flows for each of the three years in the period ended October [removed: 27, 2024,] [added: 26, 2025,] and the related notes and financial statement schedule listed in the Index at Item 15 and our report dated December 5, [removed: 2024] [added: 2025] expressed an unqualified opinion thereon.

We have audited the accompanying consolidated statements of financial position of Hormel Foods Corporation (the Company) as of October [removed: 27, 2024] [added: 26, 2025] and October [removed: 29, 2023,] [added: 27, 2024,] the related consolidated statements of operations, comprehensive income, changes in shareholders’ investment and cash flows for each of the three years in the period ended October [removed: 27, 2024,] [added: 26, 2025,] and the related notes and financial statement schedule listed in the Index at Item 15 (collectively referred to as the “consolidated financial statements”).

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at October [removed: 27, 2024] [added: 26, 2025] and October [removed: 29, 2023,] [added: 27, 2024,] and the results of its operations and its cash flows for each of the three years in the period ended October [removed: 27, 2024,] [added: 26, 2025,] in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of October [removed: 27, 2024,] [added: 26, 2025,] based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated December 5, [removed: 2024] [added: 2025] expressed an unqualified opinion thereon.

Critical Audit [removed: Matter][added: Matters]

The critical audit [removed: matter] [added: matters] communicated below [removed: is a matter] [added: are matters] arising from the current period audit of the financial statements that [removed: was] [added: were] communicated or required to be communicated to the audit committee and that: (1) [removed: relates] [added: relate] to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments.

The communication of [removed: the] critical audit [removed: matter] [added: matters] does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit [removed: matter] [added: matters] below, providing [removed: a] separate [removed: opinion] [added: opinions] on the critical audit [removed: matter] [added: matters] or on the [removed: account] [added: accounts] or [removed: disclosure] [added: disclosures] to which [removed: it relates.][added: they relate.]

| *Description of the Matter* | | | At October [removed: 27, 2024,] [added: 26, 2025,] the Company had [removed: $1.3] [added: $1.37] billion in plan assets related to the defined benefit pension plans. This includes [removed: $87.3] [added: $82.3] million of private equity and real estate funds and [removed: $724.5] [added: $685.8] million of investments recorded at net asset value (NAV). | | | | | | | | | | | |

| | | | Our audit procedures included, among others, inquiring of management and the investment advisor regarding changes to the investment portfolio, investment strategies, and valuation policies. We confirmed the completeness of the investments and ownership interest directly with the fund managers. We performed a hindsight analysis comparing the fair value of the investments using the most recently available financial statements of the fund to [removed: management’s recorded value as of] the [removed: date of] [added: unaudited fair value recorded by] the [removed: audited financial statements] [added: funds as] of the [removed: fund.] [added: same measurement date.] We rolled forward the fair value of certain investments from the date of the audited financial statements of the funds to the measurement date by predicting income from the date of the audited financial statements to the measurement date using a relevant benchmark return and evaluating activity (e.g. purchases, sales) to calculate the fair value of the funds recorded by management as of the measurement date. Additionally, we inspected the trust statement for observable transactions near year end to compare to the estimated fair value. | | | | | | | | | | | |

| | | | | | | October [removed: 27,] [added: 26,] | | | | | | October [removed: 29,] [added: 27,] | | | | | | October [removed: 30,] [added: 29,] | | |

| *In thousands, except per share amounts* | | | | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Net Sales | | | | | | $ | [removed: 11,920,797] [added: 12,106,160] | | | | | $ | [removed: 12,110,010] [added: 11,920,797] | | | | | $ | [removed: 12,458,806] [added: 12,110,010] | |

| Cost of Products Sold | | | | | | [removed: 9,898,659] [added: 10,214,344] | | | | | | [removed: 10,110,169] [added: 9,898,659] | | | | | | [removed: 10,294,120] [added: 10,110,169] | | |

| Gross Profit | | | | | | [removed: 2,022,138] [added: 1,891,816] | | | | | | [removed: 1,999,841] [added: 2,022,138] | | | | | | [removed: 2,164,686] [added: 1,999,841] | | |

| Selling, General, and Administrative | | | | | | [removed: 1,005,294] [added: 996,624] | | | | | | [removed: 942,167] [added: 1,005,294] | | | | | | [removed: 879,265] [added: 942,167] | | |

| Equity in Earnings of Affiliates | | | | | | [removed: 51,088] [added: (105,839)] | | | | | | [removed: 42,754] [added: 51,088] | | | | | | [removed: 27,185] [added: 42,754] | | |

| Goodwill and Intangible Impairment | | | | | | [removed: —] [added: 28,383] | | | | | | [removed: 28,383] [added: —] | | | | | | — | | | [added: | | | | | |]

| Operating Income | | | | | | [removed: 1,067,932] [added: 718,603] | | | | | | [removed: 1,072,046] [added: 1,067,932] | | | | | | [removed: 1,312,607] [added: 1,072,046] | | |

| Interest Expense | | | | | | [removed: 80,894] [added: 78,038] | | | | | | [removed: 73,402] [added: 80,894] | | | | | | [removed: 62,515] [added: 73,402] | | |

| Earnings Before Income Taxes | | | | | | [removed: 1,035,434] [added: 663,449] | | | | | | [removed: 1,013,472] [added: 1,035,434] | | | | | | [removed: 1,278,103] [added: 1,013,472] | | |

| Provision for Income Taxes | | | | | | [removed: 230,803] [added: 185,684] | | | | | | [removed: 220,552] [added: 230,803] | | | | | | [removed: 277,877] [added: 220,552] | | |

| Net Earnings | | | | | | [removed: 804,631] [added: 477,764] | | | | | | [removed: 792,920] [added: 804,631] | | | | | | [removed: 1,000,226] [added: 792,920] | | |

| Less: Net Earnings (Loss) Attributable to Noncontrolling Interest | | | | | | [removed: (407)] [added: (433)] | | | | | | [removed: (653)] [added: (407)] | | | | | | [removed: 239] [added: (653)] | | |

| Net Earnings Attributable to Hormel Foods Corporation | | | | | | $ | [removed: 805,038] [added: 478,197] | | | | | $ | [removed: 793,572] [added: 805,038] | | | | | $ | [removed: 999,987] [added: 793,572] | |

| Basic | | | | | | $ | [removed: 1.47] [added: 0.87] | | | | | $ | [removed: 1.45] [added: 1.47] | | | | | $ | [removed: 1.84] [added: 1.45] | |

| Diluted | | | | | | $ | [removed: 1.47] [added: 0.87] | | | | | $ | [removed: 1.45] [added: 1.47] | | | | | $ | [removed: 1.82] [added: 1.45] | |

| Basic | | | | | | [removed: 548,129] [added: 550,164] | | | | | | [removed: 546,421] [added: 548,129] | | | | | | [removed: 544,918] [added: 546,421] | | |

| Diluted | | | | | | [removed: 548,832] [added: 550,496] | | | | | | [removed: 548,982] [added: 548,832] | | | | | | [removed: 549,566] [added: 548,982] | | |

| *In thousands* | | | | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Net Earnings | | | | | | $ | [removed: 804,631] [added: 477,764] | | | | | $ | [removed: 792,920] [added: 804,631] | | | | | $ | [removed: 1,000,226] [added: 792,920] | |

| Foreign Currency Translation | | | | | | [removed: 15,618] [added: (44,120)] | | | | | | [removed: 3,588] [added: 15,618] | | | | | | [removed: (39,393)] [added: 3,588] | | |

| /s/ Jeffrey M. Ettinger | | | | | | /s/ Paul R. Kuehneman | | |

| Jeffrey M. Ettinger | | | | | | Paul R. Kuehneman | | |

December 5, 2025

| | | | Indefinite-lived Intangible Asset Impairment Analysis of Planters Trade Name | | | | | | | | | | | |

| *Description of the Matter* | | | At October 26, 2025, the Company’s indefinite-lived intangible asset balance was $1.56 billion, which includes the Planters trade name. As described in Note C, the company recorded an impairment charge of $59.1 million related to the Planters trade name asset during fiscal year 2025. As disclosed in Note A to the consolidated financial statements, the Company’s indefinite-lived intangibles assets are tested for impairment annually, in the fourth quarter, or when indicators of impairment are identified. The Company performed a quantitative assessment which involved determining the fair value of the Planters trade name asset and comparing that amount to the asset’s carrying amount. | | | | | | | | | | | |

| | | | Auditing the Company's measurement of the fair value of the Planters trade name asset was complex due to the significant estimation required in determining the fair value of the asset. The fair value estimate was sensitive to significant assumptions including forecasted sales growth, royalty rate, and discount rate. Elements of these significant assumptions are forward-looking and could be affected by future economic and market conditions. | | | | | | | | | | | |

| *How We Addressed the Matter in Our Audit* | | | We obtained an understanding, evaluated the design and tested the operating effectiveness of controls that address the Company’s quantitative impairment assessment of the Planters indefinite-lived intangible trade name, which encompassed testing controls over management’s review of the valuation model, the significant assumptions used to develop the fair value estimate, and the completeness and accuracy of the data used in the fair value estimate. | | | | | | | | | | | |

| | | | To test the estimated fair value of the Planters trade name, we performed audit procedures that included, among others, assessing the valuation methodology, evaluating the significant assumptions discussed above, and testing the completeness and accuracy of the underlying data used by the Company in its analysis. We compared the significant assumptions used by management to current industry and economic trends as well as historical results. We assessed the historical accuracy of management’s estimates and performed sensitivity analyses of significant assumptions to evaluate the changes in the fair value of the asset that would result from changes in the assumptions. We involved our valuation specialists to assist in evaluation of the valuation methodology and the reasonableness of the significant assumptions discussed above. | | | | | | | | | | | |

December 5, 2025

| Goodwill and Intangible Impairment | | | | | | 70,751 | | | | | | — | | | | | | 28,383 | | |

| Interest Income | | | | | | 24,227 | | | | | | 40,172 | | | | | | 23,501 | | |

| Other Income (Expense), Net | | | | | | (1,344) | | | | | | 8,224 | | | | | | (8,673) | | |

| | | | | | | October 26, | | | | | | October 27, | | |

| Intangible Assets | | | | | | 1,647,297 | | | | | | 1,732,705 | | |

| Exercise of Stock-based Compensation Awards, Net of Withholding Taxes | | | | | | 629 | | | | | | 9 | | | | | | | | | | | | | | | | | | 12,009 | | | | | | | | | | | | | | | | | | | | | | | | 12,018 | | |

| Exercise of Stock-based Compensation Awards, Net of Withholding Taxes | | | | | | 1,951 | | | | | | 28 | | | | | | | | | | | | | | | | | | 40,685 | | | | | | | | | | | | | | | | | | | | | | | | 40,713 | | |

| Net Earnings (Loss) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 478,197 | | | | | | | | | | | | (433) | | | | | | 477,764 | | |

| Contribution from Noncontrolling Interest | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 4,969 | | | | | | 4,969 | | |

| Exercise of Stock-based Compensation Awards, Net of Withholding Taxes | | | | | | 1,457 | | | | | | 21 | | | | | | | | | | | | | | | | | | 22,035 | | | | | | | | | | | | | | | | | | | | | | | | 22,056 | | |

| Declared Dividends — $1.16 per Share | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,255 | | | | | | (639,044) | | | | | | | | | | | | | | | | | | (637,789) | | |

| Balance at October 26, 2025 | | | | | | 550,107 | | | | | | $ | 8,059 | | | | | — | | | | | | $ | — | | | | | $ | 620,069 | | | | | $ | 7,516,690 | | | | | $ | (243,646) | | | | | $ | 14,644 | | | | | $ | 7,915,815 | |

| | | | | | | October 26, | | | | | | October 27, | | | | | | October 29, | | |

| Net Earnings | | | | | | $ | 477,764 | | | | | $ | 804,631 | | | | | $ | 792,920 | |

| Goodwill and Intangible Impairment | | | | | | 70,751 | | | | | | — | | | | | | 28,383 | | |

| Loss (Gain) on Sale of Business | | | | | | 10,800 | | | | | | (4,399) | | | | | | — | | |

| Proceeds from Stock-based Compensation Plans, Net of Withholding Taxes | | | | | | 22,056 | | | | | | 40,713 | | | | | | 12,018 | | |

- Consolidated Statements of Operations: Interest and Investment Income has been separated into Interest Income and Other Income (Expense), Net.

- Consolidated Statements of Financial Position: The major classes of Property, Plant, and Equipment are now disclosed in Note F - Property, Plant, and Equipment.

- Consolidated Statements of Cash Flows: The prior year Loss (Gain) on Sale of Business, previously included in Other Non-cash, Net, is now presented separately.

During the fourth quarter of fiscal 2025, the Company completed its annual impairment testing of long-lived assets by performing qualitative assessments.

See additional discussion regarding the Company’s definite-lived intangible asset impairment testing in Note C - Goodwill and Intangible Assets.

Goodwill and intangible impairment charges, when applicable, are reflected as Goodwill and Intangible Impairment in the Consolidated Statements of Operations and Consolidated Statements of Cash Flows.

The impairment charges are reflected in the segment with primary ownership of the asset.

Additionally, the Company assesses factors that may impact the reporting unit’s financial results such as

changes in fair value or cash flows generated by the items hedged.

*Fiscal 2025*

In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures*.

The Company adopted ASU 2023-07 in fiscal 2025.

Refer to Note Q - Segment Reporting for the updated disclosures.

The ASU is effective for the Company's fiscal year ending October 25, 2026.

| /s/ James P. Snee | | | | | | /s/ Jacinth C. Smiley | | |

| James P. Snee | | | | | | Jacinth C. Smiley | | |

| Chairman of the Board, | | | | | | Executive Vice President | | |

December 5, 2024

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Interest and Investment Income | | | | | | 48,396 | | | | | | 14,828 | | | | | | 28,012 | | |

| Other Intangibles | | | | | | 1,732,705 | | | | | | 1,757,171 | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Balance at October 31, 2021 | | | | | | 542,412 | | | | | | $ | 7,946 | | | | | — | | | | | | $ | — | | | | | $ | 360,336 | | | | | $ | 6,881,870 | | | | | $ | (277,269) | | | | | $ | 5,478 | | | | | $ | 6,978,360 | |

| Net Earnings (Loss) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 999,987 | | | | | | | | | | | | 239 | | | | | | 1,000,226 | | |

| Exercise of Stock Options/ Restricted Shares | | | | | | 3,787 | | | | | | 55 | | | | | | | | | | | | | | | | | | 79,871 | | | | | | | | | | | | | | | | | | | | | | | | 79,927 | | |

| Declared Dividends — $1.04 per Share | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,475 | | | | | | (568,482) | | | | | | | | | | | | | | | | | | (567,007) | | |

| Exercise of Stock Options/ Restricted Shares | | | | | | 629 | | | | | | 9 | | | | | | | | | | | | | | | | | | 12,009 | | | | | | | | | | | | | | | | | | | | | | | | 12,018 | | |

| Exercise of Stock Options/ Restricted Shares | | | | | | 1,951 | | | | | | 28 | | | | | | | | | | | | | | | | | | 40,685 | | | | | | | | | | | | | | | | | | | | | | | | 40,713 | | |

| Proceeds from Exercise of Stock Options | | | | | | 40,713 | | | | | | 12,018 | | | | | | 79,827 | | |

| Cash and Cash Equivalents at Beginning of Year | | | | | | 736,532 | | | | | | 982,107 | | | | | | 613,530 | | |

Reportable Segments: As of October 30, 2022, the Company had four operating and reportable segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, and International and Other.

At the beginning of fiscal 2023, the Company transitioned to a new strategic operating model, which aligns its businesses to be more agile, consumer and customer focused, and market driven.

Effective on October 31, 2022, the Company operates with the following three operating and reportable segments: Retail, Foodservice, and International, which are consistent with how the Company’s chief operating decision maker assesses performance and allocates resources.

This change had no impact on the consolidated results of operations, financial position, shareholders’ investment, or cash flows.

Prior period segment results have been retrospectively recast to reflect the new reportable segments.

The Company also has corporate-owned life insurance policies on

certain participants in the deferred compensation plans.

The cash surrender value of these policies is included in Other Assets on the Consolidated Statements of Financial Position.

The fair value of each reporting unit is

As a result of organizational changes in the first quarter of fiscal 2023, the Company conducted an assessment of its operating segments and reporting units.

Based on this analysis, goodwill was reallocated using the relative fair value approach.

Prior to the goodwill reallocation, an impairment assessment was performed which indicated no impairment to the Company’s reporting units.

Subsequent to the goodwill reallocation, the Company completed quantitative impairment testing on each new reporting unit.

The fair value of each reporting unit exceeded its carrying amount; therefore, no impairment charges were recorded.

No impairment charges were recorded as a result of the annual assessments in fiscal years 2024, 2023, and 2022.

No other impairment charges were recorded as a result of the assessments in fiscal years 2024, 2023, and 2022.

The Company did not record an impairment charge on any of its equity method investments in fiscal 2024 or 2022.

For additional share repurchases information, see Part II, Item 5 - Market for Registrants’ Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

The reclassifications had no impact on the Consolidated Statements of Operations, Consolidated Statements of Comprehensive Income, Consolidated Statements of Financial Position, Consolidated Statements of Shareholders' Investment, or Consolidated Statements of Cash Flows.

*Fiscal 2022*

In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2019-12, *Income Taxes - Simplifying the Accounting for Income Taxes (Topic 740).* The updated guidance simplifies the accounting for income taxes by removing certain exceptions in Topic 740 and clarifying and amending existing guidance.

The amendments are effective for fiscal years beginning after December 15, 2020, with early adoption permitted.

The Company adopted the provisions of this new accounting standard at the beginning of fiscal 2022 and adoption did not have a material impact on its Consolidated Financial Statements.

The update is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024.

As of the end of the period covered by this report (the Evaluation Date), the Company carried out an evaluation, under the supervision and with the participation of management, including the [added: Interim] Chief Executive Officer and the [added: Interim] Chief Financial [removed: Officer,] [added: Officer and Controller,] of the effectiveness of the design and operation of [removed: our] [added: its] disclosure controls and procedures (as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934, as amended (the Exchange Act)).

Based on that evaluation, [removed: our] [added: the Company’s Interim] Chief Executive Officer and [added: Interim] Chief Financial Officer [added: and Controller] concluded, as of the Evaluation Date, [removed: our] [added: the Company’s] disclosure controls and procedures were effective to provide reasonable assurance the information [removed: we are] [added: the Company is] required to disclose in reports [removed: we file] [added: it files] or [removed: submit] [added: submits] under the Exchange Act is recorded, processed, [removed: summarized] [added: summarized,] and reported within the time periods specified in [added: the] Securities and Exchange Commission rules and forms, and such information is accumulated and communicated to [removed: our] [added: the Company’s] management, including [removed: our] [added: its Interim] Chief Executive Officer and [added: Interim] Chief Financial [removed: Officer,] [added: Officer and Controller,] as appropriate, to allow timely decisions regarding required disclosure.

Management’s report on the Company’s internal control over financial reporting is included on page [removed: [32](#i1ac7ec8f8925469684434ec738b27af1_106)] [added: [34](#ibd9f6a5a817643b188470023bceb4c4a_97)] of this report.

The report of the Company’s independent registered public accounting firm related to their assessment of the effectiveness of internal control over financial reporting is included on page [removed: [33](#i1ac7ec8f8925469684434ec738b27af1_109)] [added: [35](#ibd9f6a5a817643b188470023bceb4c4a_100)] of this report.

The Company is in the midst of a multi-year transformation project to achieve better analytics, customer [removed: service] [added: service,] and process efficiencies through the use of Oracle Cloud Solutions.

With the exception of the order-to-cash implementation described above, there were no changes in the Company’s internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) [removed: through] [added: during] the fourth quarter of fiscal [removed: 2024] [added: 2025] that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

Implementation is expected to continue into fiscal 2026.

Additional implementations will continue over the next several years.

During the fiscal quarter ended October [removed: 27, 2024,] [added: 26, 2025,] no director or officer of the Company adopted, modified, or terminated a [removed: "Rule] [added: “Rule] 10b5-1 trading [removed: arrangement"] [added: arrangement”] or [removed: "non-Rule] [added: “non-Rule] 10b5-1 trading [removed: arrangement,"] [added: arrangement,”] as the terms are defined in Item 408(a) of Regulation S-K.

Information under “Item 1 – Election of Directors”, “Board Independence”, “Delinquent Section 16(a) Reports”, “Board of Director Meetings”, “Board Committees”, and “Insider Trading Policy, including Stock Hedging and Pledging Policies” in the definitive proxy statement for the Annual Meeting of Stockholders to be held [added: on or about] January [removed: 28, 2025,] [added: 27, 2026,] is incorporated herein by reference.

[removed: A copy of the Code of Ethical Business Conduct is available on the] Company’s website at www.hormelfoods.com, free of charge, under the caption, “Investors – Governance – Documents.” The Company intends to satisfy any disclosure requirement under Item 5.05 of Form 8-K regarding an amendment to, or waiver from, a provision of this Code of Ethical Business Conduct by posting such information on the Company’s website at the address and location specified above.

A copy of the Code of Ethical Business Conduct is available on the

Information commencing with “Executive Compensation” through [removed: "Pay Versus Performance] [added: "CEO Pay Ratio] Disclosure”, and information under “Compensation of Directors” and “Equity Grant Timing” in the definitive proxy statement for the Annual Meeting of Stockholders to be held [added: on or about] January [removed: 28, 2025,] [added: 27, 2026,] is incorporated herein by reference.

Information regarding the Company’s equity compensation plans as of October [removed: 27, 2024,] [added: 26, 2025,] is presented below:

| Equity Compensation Plans Approved by Security Holders | | | | | | [removed: 17,049,227] [added: 18,319,049] | | | | | | [removed: 38.43] [added: $38.10] | | | | | | [removed: 8,208,947] [added: 5,279,066] | | |

Information under “Security Ownership of Certain Beneficial Owners” and “Security Ownership of Management” in the definitive proxy statement for the Annual Meeting of Stockholders to be held [added: on or about] January [removed: 28, 2025,] [added: 27, 2026,] is incorporated herein by reference.

| Total | | | | | | 18,319,049 | | | | | | $38.10 | | | | | | 5,279,066 | | |

(1) Includes 17,308,013 stock options, 819,821 restricted stock units, 56,523 restricted shares and 134,691 deferred stock units.

| Total | | | | | | 17,049,227 | | | | | | 38.43 | | | | | | 8,208,947 | | |

(1) Includes 15,993,513 stock options, 881,874 restricted stock units, 53,312 restricted shares and 120,528 deferred stock units.

Information under “Related Party Transactions” and “Board Independence” in the definitive proxy statement for the Annual Meeting of Stockholders to be held [added: on or about] January [removed: 28, 2025,] [added: 27, 2026,] is incorporated herein by reference.

Information under “Independent Registered Public Accounting Firm Fees” and “Audit Committee Preapproval Policies and Procedures” in the definitive proxy statement for the Annual Meeting of Stockholders to be held [added: on or about] January [removed: 28, 2025,] [added: 27, 2026,] is incorporated herein by reference.

The following consolidated financial statements of Hormel Foods Corporation for the fiscal year ended October [removed: 27, 2024,] [added: 26, 2025,] are filed as part of this report:

Consolidated Statements of Operations – Fiscal Years Ended October [added: 26, 2025, October] 27, 2024, [removed: October 29, 2023,] and October [removed: 30, 2022.][added: 29, 2023.]

Consolidated Statements of Comprehensive Income – Fiscal Years Ended October [added: 26, 2025, October] 27, 2024, [removed: October 29, 2023,] and October [removed: 30, 2022.][added: 29, 2023.]

Consolidated Statements of Financial Position – October [removed: 27, 2024] [added: 26, 2025,] and October [removed: 29, 2023.][added: 27, 2024.]

Consolidated Statements of Changes in Shareholders’ Investment – Fiscal Years Ended October [added: 26, 2025, October] 27, 2024, [removed: October 29, 2023,] and October [removed: 30, 2022.][added: 29, 2023.]

Consolidated Statements of Cash Flows – Fiscal Years Ended October [added: 26, 2025, October] 27, 2024, [removed: October 29, 2023,] and October [removed: 30, 2022.][added: 29, 2023.]

[removed: Report] [added: Reports] of Independent Registered Public Accounting Firm (PCAOB ID: 42)

Schedule II – Valuation and Qualifying Accounts and Reserves – Fiscal Years Ended October [added: 26, 2025, October] 27, 2024, [removed: October 29, 2023,] and October [removed: 30, 2022.][added: 29, 2023.]

| Fiscal year ended October [removed: 30, 2022] [added: 26, 2025] Allowance for doubtful accounts receivable | | | | | | $ | [removed: 4,033] [added: 3,712] | | | | | $ | [removed: (646)] [added: 1,184] | | | | | $ | — | | | | | | | | $ | [removed: 31] [added: 3,522] | | (1) | | | | | | $ | [removed: 3,507] [added: 3,743] | |

All other financial statements and schedules for which provision is made in the applicable accounting regulations of the Securities and Exchange Commission are not required under the related instructions or are [removed: inapplicable,] [added: inapplicable] and therefore have been omitted.

| [3.1](https://www.sec.gov/Archives/edgar/data/48465/000004846524000011/ex31-restatedcertificateof.htm)(1) | | | | | | [Restated Certificate of Incorporation as amended [removed: January](https://www.sec.gov/Archives/edgar/data/48465/000004846524000011/ex31-restatedcertificateof.htm) [31](https://www.sec.gov/Archives/edgar/data/48465/000004846524000011/ex31-restatedcertificateof.htm)[, 20](https://www.sec.gov/Archives/edgar/data/48465/000004846524000011/ex31-restatedcertificateof.htm)[24](https://www.sec.gov/Archives/edgar/data/48465/000004846524000011/ex31-restatedcertificateof.htm)[.] [added: January 31, 2024.] (Incorporated by reference to Exhibit 3.1 to [removed: Hormel’s](https://www.sec.gov/Archives/edgar/data/48465/000004846524000011/ex31-restatedcertificateof.htm) [](https://www.sec.gov/Archives/edgar/data/48465/000004846524000011/ex31-restatedcertificateof.htm)[Quarterly](https://www.sec.gov/Archives/edgar/data/48465/000004846524000011/ex31-restatedcertificateof.htm) [Report] [added: Hormel’s Quarterly Report] on Form [removed: 10-](https://www.sec.gov/Archives/edgar/data/48465/000004846524000011/ex31-restatedcertificateof.htm)[Q](https://www.sec.gov/Archives/edgar/data/48465/000004846524000011/ex31-restatedcertificateof.htm) [](https://www.sec.gov/Archives/edgar/data/48465/000004846524000011/ex31-restatedcertificateof.htm)[for] [added: 10-Q for] the quarter ended January 28, [removed: 2024](https://www.sec.gov/Archives/edgar/data/48465/000004846524000011/ex103-hrlrestrictedstockun.htm)[,] [added: 2024,] File No. 001-02402.)](https://www.sec.gov/Archives/edgar/data/48465/000004846524000011/ex31-restatedcertificateof.htm) | | |