The following consolidated financial statements of Hormel Foods Corporation for the fiscal year ended October 26, 2025, are filed as part of this report:
Consolidated Statements of Operations – Fiscal Years Ended October 26, 2025, October 27, 2024, and October 29, 2023.
Consolidated Statements of Comprehensive Income – Fiscal Years Ended October 26, 2025, October 27, 2024, and October 29, 2023.
Consolidated Statements of Financial Position – October 26, 2025, and October 27, 2024.
Consolidated Statements of Changes in Shareholders’ Investment – Fiscal Years Ended October 26, 2025, October 27, 2024, and October 29, 2023.
Consolidated Statements of Cash Flows – Fiscal Years Ended October 26, 2025, October 27, 2024, and October 29, 2023.
Notes to the Consolidated Financial Statements
Report of Management
Reports of Independent Registered Public Accounting Firm (PCAOB ID: 42)
FINANCIAL STATEMENT SCHEDULES
The following consolidated financial statement schedule of Hormel Foods Corporation required is submitted herewith:
Schedule II – Valuation and Qualifying Accounts and Reserves – Fiscal Years Ended October 26, 2025, October 27, 2024, and October 29, 2023.
HORMEL FOODS CORPORATION
SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS AND RESERVES
In thousands
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| | | | | | | | | Additions/(Benefits) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Classification | | | | | | Balance at Beginning of Period | | | | | | Charged to Cost and Expenses | | | | | | Charged to Other Accounts (Describe) | | | | | | | | | Deductions (Describe) | | | | | | | | | Balance at End of Period | | |
| Valuation reserve deduction from assets account: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Fiscal year ended October 26, 2025 Allowance for doubtful accounts receivable | | | | | | $ | 3,712 | | | | | $ | 1,184 | | | | | $ | — | | | | | | | | $ | 3,522 | | (1) | | | | | | $ | 3,743 | |
| | | | | | | | | | | | | | | | | | | | | | | | (2,369) | | | (2) | | | | | | | | | | | |
| Fiscal year ended October 27, 2024 Allowance for doubtful accounts receivable | | | | | | $ | 3,557 | | | | | $ | 286 | | | | | $ | — | | | | | | | | $ | 337 | | (1) | | | | | | $ | 3,712 | |
| | | | | | | | | | | | | | | | | | | | | | | | (206) | | | (2) | | | | | | | | | | | |
| Fiscal year ended October 29, 2023 Allowance for doubtful accounts receivable | | | | | | $ | 3,507 | | | | | $ | 289 | | | | | $ | — | | | | | | | | $ | 275 | | (1) | | | | | | $ | 3,557 | |
| | | | | | | | | | | | | | | | | | | | | | | | (36) | | | (2) | | | | | | | | | | | |
(1) Uncollectible accounts written off.
(2) Recoveries on accounts previously written off.
FINANCIAL STATEMENTS AND SCHEDULES OMITTED
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 inapplicable and therefore have been omitted.
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| HORMEL FOODS CORPORATION | | | | | | | | | | | |
| LIST OF EXHIBITS | | | | | | | | | | | |
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| NUMBER | | | DESCRIPTION OF DOCUMENT | | | | | |
| 3.1(1) | | | | | | Restated Certificate of Incorporation as amended January 31, 2024. (Incorporated by reference to Exhibit 3.1 to Hormel’s Quarterly Report on Form 10-Q for the quarter ended January 28, 2024, File No. 001-02402.) | | |
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| 3.2(1) | | | | | | Bylaws as amended to date. (Incorporated by reference to Exhibit 3(ii) to Hormel’s Current Report on Form 8-K dated May 21, 2018, File No. 001-02402.) | | |
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| 4.1(1) | | | | | | Description of Capital Stock. (Incorporated by reference to Exhibit 4.3 to the Hormel’s Annual Report on Form 10-K for the fiscal year ended October 28, 2019, File No. 001-02402.) | | |
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| 4.2(1) | | | | | | Indenture dated as of April 1, 2011, between the Company and U.S. Bank National Association. (Incorporated by reference to Exhibit 4.3 to Hormel’s Registration Statement on Form S-3 filed on April 4, 2011, File No. 333-173284.) | | |
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| 4.3(1) | | | | | | Form of 1.800% Notes due June 11, 2030. (Incorporated by reference to Exhibit 4.1 to Hormel’s Current Report on Form 8-K dated June 4, 2020, File No. 001-02402.) | | |
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| NUMBER | | | DESCRIPTION OF DOCUMENT | | | | | |
| 4.4 | | | | | | Pursuant to Item 601(b)(4)(iii) of Regulation S-K, copies of instruments defining the rights of holders of certain long-term debt are not filed. Hormel agrees to furnish copies thereof to the Securities and Exchange Commission upon request. | | |
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| 4.5(1) | | | | | | Form of 1.700% Notes due 2028. (Incorporated by reference to Exhibit 4.2 to Hormel’s Current Report on Form 8-K dated June 3, 2021, File No. 001-02402.) | | |
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| 4.6(1) | | | | | | Form of 3.050% Notes due 2051. (Incorporated by reference to Exhibit 4.3 to Hormel’s Current Report on Form 8-K dated June 3, 2021, File No. 001-02402.) | | |
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| 4.7(1) | | | | | | Form of 4.800% Notes Due March 30, 2027. (Incorporated by reference to Exhibit 4.1 to Hormel’s Current Report on Form 8-K dated March 5, 2024, File No. 001-02402.) | | |
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| 10.1(1)(3) | | | | | | Hormel Foods Corporation Supplemental Executive Retirement Plan (2007 Restatement). (Incorporated by reference to Exhibit 10.2 to Hormel’s Current Report on Form 8-K dated November 21, 2011, File No. 001-02402.) | | |
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| 10.2(1)(3) | | | | | | First Amendment of Hormel Foods Corporation Supplemental Executive Retirement Plan (2007 Restatement). (Incorporated by reference to Exhibit 10.3 to Hormel’s Current Report on Form 8-K dated November 21, 2011, File No. 001-02402.) | | |
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| 10.3(1)(3) | | | | | | Second Amendment of Hormel Foods Corporation Supplemental Executive Retirement Plan (2007 Restatement). (Incorporated by reference to Exhibit 10.4 to Hormel’s Current Report on Form 8-K dated November 21, 2011, File No. 001-02402.) | | |
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| 10.4(1)(3) | | | | | | Third Amendment of Hormel Foods Corporation Supplemental Executive Retirement Plan (2007 Restatement). (Incorporated by reference to Exhibit 10.5 to Hormel’s Current Report on Form 8-K dated November 21, 2011, File No. 001-02402.) | | |
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| 10.5(1)(3) | | | | | | Hormel Foods Corporation 2000 Stock Incentive Plan (Amended 1-31-2006). (Incorporated by reference to Exhibit 10.1 to Hormel’s Current Report on Form 8-K dated January 31, 2006, File No. 001-02402.) | | |
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| 10.6(1)(3) | | | | | | Hormel Foods Corporation Executive Deferred Income Plan II (November 21, 2011 Restatement). (Incorporated by reference to Exhibit 10.1 to Hormel’s Current Report on Form 8-K dated November 21, 2011, File No. 001-02402.) | | |
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| 10.7(1)(3) | | | | | | Form of Indemnification Agreement for Directors and Officers. (Incorporated by reference to Exhibit 10.1 to Hormel’s Quarterly Report on Form 10-Q for the quarter ended April 29, 2012, File No. 001-02402.) | | |
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| 10.8(1)(3) | | | | | | Hormel Foods Corporation 2009 Nonemployee Director Deferred Stock Plan (Plan Adopted November 24, 2008). (Incorporated by reference to Exhibit 10.2 to Hormel’s Quarterly Report on Form 10-Q for the quarter ended January 25, 2009, File No. 001-02402.) | | |
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| 10.9(1)(3) | | | | | | Hormel Foods Corporation 2009 Long-Term Incentive Plan. (Incorporated by reference to Appendix A to Hormel’s definitive Proxy Statement filed on December 18, 2013, File No. 001-02402.) | | |
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| 10.10(1)(3) | | | | | | Hormel Survivor Income Plan for Executives (1993 Restatement). (Incorporated by reference to Exhibit 10.11 to Hormel’s Annual Report on Form 10-K for the fiscal year ended October 29, 2006, File No. 001-02402.) | | |
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| 10.11(1)(3) | | | | | | Hormel Foods Corporation 2018 Incentive Compensation Plan. (Incorporated by reference to Appendix A to Hormel’s Definitive Proxy Statement filed on December 20, 2017, File No. 001-02402.) | | |
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| 10.12(1)(3) | | | | | | Hormel Foods Corporation Restricted Stock Award Agreement Under the 2018 Incentive Compensation Plan (Non-Employee Directors). (Incorporated by reference to Exhibit 10.1 to Hormel’s Current Report on Form 8-K dated January 30, 2018, File No. 001-02402.) | | |
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| 10.13(1)(3) | | | | | | Hormel Foods Corporation Stock Option Agreement Under the 2018 Incentive Compensation Plan. (Incorporated by reference to Exhibit 10.2 to Hormel’s Current Report on Form 8-K dated January 30, 2018, File No. 001-02402.) | | |
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| 10.14(1)(3) | | | | | | Hormel Foods Corporation Restricted Stock Unit Agreement Under the 2018 Incentive Compensation Plan. (Incorporated by reference to Exhibit 10.15 to Hormel’s Annual Report on Form 10-K for the fiscal year ended October 27, 2019, File No. 001-02402.) | | |
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| 10.15(1) | | | | | | U.S. $750,000,000 Credit Agreement, dated as of March 25, 2025, among the Company, Wells Fargo Bank, National Association, as Administrative Agent, Swing Line Lender and Issuing Lender, and the lenders identified on the signature pages thereof. (Incorporated by reference to Exhibit 10.1 to Hormel's Current Report on Form 8-K filed on March 26, 2025, File No. 001- 02402.) | | |
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| 10.16(1)(3) | | | | | | Hormel Foods Corporation Long-Term Incentive Plan Award Agreement Under the 2018 Incentive Compensation Plan. (Incorporated by reference to Exhibit 10.1 to Hormel’s Quarterly Report on Form 10-Q for the quarter ended January 28, 2024, File No. 001-02402.) | | |
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| 10.17(1)(3) | | | | | | Hormel Foods Corporation Stock Option Agreement Under the 2018 Incentive Compensation Plan. (Incorporated by reference to Exhibit 10.2 to Hormel’s Quarterly Report on Form 10-Q for the quarter ended January 28, 2024, File No. 001-02402.) | | |
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| NUMBER | | | DESCRIPTION OF DOCUMENT | | | | | |
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| 10.18(1)(3) | | | | | | Hormel Foods Corporation Restricted Stock Unit Agreement Under the 2018 Incentive Compensation Plan. (Incorporated by reference to Exhibit 10.3 to Hormel’s Quarterly Report on Form 10-Q for the quarter ended January 28, 2024, File No. 001-02402.) | | |
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| 10.19(1)(3) | | | | | | Retirement and Transition Agreement, dated as of January 9, 2025, between Hormel Foods Corporation and James Snee. (Incorporated by reference to Exhibit 10.1 to Hormel’s Quarterly Report on Form 10-Q for the quarter ended January 26, 2025, File No. 001-02402.) | | |
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| 10.20(1)(3) | | | | | | Employment Agreement, dated as of June 20, 2025, between Hormel Foods Corporation and Jeffrey Ettinger. (Incorporated by reference to Exhibit 10.1 to Hormel’s Quarterly Report on Form 10-Q for the quarter ended July 27, 2025, File No. 001-02402.) | | |
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| 10.21(1)(3) | | | | | | Employment Agreement, dated as of June 20, 2025, between Hormel Foods Corporation and John Ghingo. (Incorporated by reference to Exhibit 10.2 to Hormel’s Quarterly Report on Form 10-Q for the quarter ended July 27, 2025, File No. 001-02402.) | | |
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| 10.22(2)(3) | | | | | | Hormel Foods Corporation Interim CEO Restricted Stock Unit Agreement Under the 2018 Incentive Compensation Plan. | | |
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| 10.23(2)(3) | | | | | | Hormel Foods Corporation Interim CEO Stock Option Agreement Under the 2018 Incentive Compensation Plan. | | |
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| 19(1) | | | | | | Hormel Foods Corporation Insider Trading Policy. (Incorporated by reference to Exhibit 19 on Hormel’s Annual Report on Form 10-K for the fiscal year ended October 27, 2024, File No. 001-02402.) | | |
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| 21.1(2) | | | | | | Subsidiaries of the Registrant. | | |
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| 23.1(2) | | | | | | Consent of Independent Registered Public Accounting Firm. | | |
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| 24.1(2) | | | | | | Power of Attorney. | | |
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| 31.1(2) | | | | | | Certification Required Under Section 302 of the Sarbanes-Oxley Act of 2002. | | |
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| 31.2(2) | | | | | | Certification Required Under Section 302 of the Sarbanes-Oxley Act of 2002. | | |
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| 32.1(2) | | | | | | Certification Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | | |
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| 97.1(1) | | | | | | Hormel Foods Corporation Compensation Recovery Policy. (Incorporated by reference to Exhibit 97.1 to Hormel’s Annual Report on Form 10-K for the fiscal year ended October 29, 2023, File No. 001-02402.) | | |
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| 101(2) | | | | | | The following financial statements from the Company’s Annual Report on Form 10-K for the fiscal year ended October 26, 2025, formatted in Inline XBRL: (i) Consolidated Statements of Financial Position, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statements of Changes in Shareholders’ Investment, (v) Consolidated Statements of Cash Flows, and (vi) Notes to the Consolidated Financial Statements, tagged as blocks of text and including detailed tags. | | |
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| 104(2) | | | | | | The cover page from the Company’s Annual Report on Form 10-K for the fiscal year ended October 26, 2025, formatted in Inline XBRL (included as Exhibit 101). | | |
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| (1) | | | | | | Document has previously been filed with the Securities and Exchange Commission and is incorporated herein by reference. | | |
| (2) | | | | | | These exhibits are transmitted herewith via EDGAR. | | |
| (3) | | | | | | Management contract or compensatory plan or arrangement. | | |
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