tickdelta
Sign in

Tickdelta is free for now. Sign up and get Pro free

← Screener

Consumer staples · Meat Products · NYSE

HRLHormel Foods

Compare with peers → Embed
The 10-K against last year's

184 changes: 47 added, 53 removed, 81 reworded, 3 quiet changes

10-K Dec 5, 2025 vs Dec 5, 2024
Risk FactorsRedline ↓
49.3%
of the text changed · 6,247 words now
41.6%
of the text changed · 7,378 words now

10-K 0000048465-25-000059 (Dec 5, 2025) vs 10-K 0000048465-24-000051 (Dec 5, 2024) Not compared: Legal Proceedings, Accounting Policies.

The redline

The paragraph that changed most in each section

Marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

Risk Factors 343 words changed in this paragraph; it is 31% similar to last year's version.
The Company may be adversely impacted if the Company is affected by cybersecurity attacks, security breaches, attacks or other IT interruptions, involving its own systems or those with whom it does business. security breaches. IT systems are an important part of the Company’s business operations. The Company also increasingly relies upon third-party service providers for a variety of business functions, including cloud-based services. Cyber incidents are occurring 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 frequently across U.S. industries sophisticated and are being made frequent, including through the use of enhanced technologies and capabilities (such as artificial intelligence) by groups and individuals threat actors with a wide range of motives expertise and expertise. 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, high-profile data security incidents and hardware or software that the Company develops or obtains from third parties may contain defects that could compromise the Company's IT interruptions at other companies, including companies 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, evidence an external environment that is becoming increasingly challenging. From time to time, through fraud, deception, social engineering, or other bad acts. Errors or malicious actions by the Company has experienced, Company's team members or contractors and may experience in other vulnerabilities or irregularities could also negate the future, breaches of Company's security measures due to human error, malfeasance, insider threats, system errors or vulnerabilities or other irregularities, none those 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 the Company does business. To date, none business and result in a compromise or breach of these have been material. 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.

Source: Item 1A, 10-K 0000048465-25-000059 vs Item 1A, 10-K 0000048465-24-000051

MD&A 116 words changed in this paragraph; it is 38% similar to last year's version.
In the fourth quarter of fiscal 2023, 2025, the Company incurred impairment charges associated with the Justin’s® trade name and commenced a corporate venturing investment. 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 costs incurred to execute the corporate restructuring plan and the charges incurred under the program are primarily related to severance and employee benefit costs. Because the Company believes that non-recurring costs for these impairments are not reflective of the Company’s ongoing operating cost structure, are not indicative of charges incurred under the Company’s core operating performance, corporate restructuring plan do not reflect expected future operating costs, costs and may are not be meaningful when comparing the Company’s Company's operating performance against that of prior periods; therefore, periods, the Company is excluding these discrete costs. adjusts for

Source: Item 7, 10-K 0000048465-25-000059 vs Item 7, 10-K 0000048465-24-000051

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of HRL's Risk Factors and MD&A, 10-K Dec 5, 2025 against 10-K Dec 5, 2024. Each links to the text at sec.gov.

RemovedRisk Factors
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.

Read it in 10-K Dec 5, 2024 at sec.gov ↗

RemovedRisk Factors
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. There can be no assurance given, however, that these plans will be effective in eliminating the negative effects of any such diseases on the Company’s operating results.

Read it in 10-K Dec 5, 2024 at sec.gov ↗

RemovedRisk Factors
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.

Read it in 10-K Dec 5, 2024 at sec.gov ↗

RemovedRisk Factors
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.

Read it in 10-K Dec 5, 2024 at sec.gov ↗

RemovedRisk Factors
The Company may be adversely impacted if the Company is affected by cybersecurity attacks, security breaches, or other IT interruptions, involving its own systems or those with whom it does business. IT systems are an important part of the Company’s business operations. The Company also increasingly relies upon third-party service providers for a variety of business functions, including cloud-based services. 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.

Read it in 10-K Dec 5, 2024 at sec.gov ↗

RemovedRisk Factors
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

Read it in 10-K Dec 5, 2024 at sec.gov ↗

RemovedRisk Factors
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.

Read it in 10-K Dec 5, 2024 at sec.gov ↗

RemovedRisk Factors
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.

Read it in 10-K Dec 5, 2024 at sec.gov ↗

Show the other 16
RemovedRisk Factors
Deterioration of labor relations, labor availability or increases in labor costs could harm the Company’s business. A significant increase in labor costs or a deterioration of labor relations at any of the Company’s owned facilities or co-manufacturing facilities resulting in work slowdowns or stoppages could harm the Company’s financial results. Labor and skilled labor availability challenges could continue to have an adverse effect on the Company’s business.

Read it in 10-K Dec 5, 2024 at sec.gov ↗

RemovedRisk Factors
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.

Read it in 10-K Dec 5, 2024 at sec.gov ↗

RemovedRisk Factors
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.

Read it in 10-K Dec 5, 2024 at sec.gov ↗

RemovedRisk Factors
During the third quarter of fiscal 2024, the Company voluntarily recalled a limited number of Planters® products due to the potential for contamination of the product with Listeria monocytogenes. Although to-date there have been no reports of illness related to the recalled products, the Company has experienced costs and business impacts associated with the event.

Read it in 10-K Dec 5, 2024 at sec.gov ↗

RemovedMD&A
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

Read it in 10-K Dec 5, 2024 at sec.gov ↗

RemovedMD&A
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.

Read it in 10-K Dec 5, 2024 at sec.gov ↗

RemovedMD&A
Fiscal 2024 was an important year of investment for the Company's multi-year T&M initiative. The Company made meaningful progress on the initiative, which is expected to deliver long-term value to the organization.

Read it in 10-K Dec 5, 2024 at sec.gov ↗

RemovedMD&A
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.

Read it in 10-K Dec 5, 2024 at sec.gov ↗

RemovedMD&A
(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).

Read it in 10-K Dec 5, 2024 at sec.gov ↗

RemovedMD&A
(2) All forward-looking comparisons for fiscal 2025 are comparing fiscal 2024 GAAP figures to projected fiscal 2025 GAAP figures, unless otherwise noted.

Read it in 10-K Dec 5, 2024 at sec.gov ↗

RemovedMD&A
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.

Read it in 10-K Dec 5, 2024 at sec.gov ↗

RemovedMD&A
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.

Read it in 10-K Dec 5, 2024 at sec.gov ↗

RemovedMD&A
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.

Read it in 10-K Dec 5, 2024 at sec.gov ↗

Next Related parties →