HRLHormel Foods

Consumer staples · Meat Products · NYSE

Hormel Foods Corporation, a Delaware corporation, was founded by George A. Hormel in 1891 in Austin, Minnesota, as Geo. 10-K, Item 1

Headquarters: Austin, MN
CEO: James P. Snee
Next results: around Dec 3, 2026

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What the 10-K filed 2025-12-05 says about risks that are not on the face of the balance sheet, from the notes to the financial statements, Legal Proceedings and the MD&A (and, for big customers and key suppliers, Business and Risk Factors). Tickdelta picks sentences with specifics (amounts, accruals, covenant ratios) and quotes them as filed. New marks a sentence with nothing like it in the 10-K filed 2024-12-05.

Big customers

1 new

Customers the company names as a large share of revenue or receivables (it must name any worth 10% of revenue).

New “Major Customers: Sales to Walmart Inc. and its subsidiaries (Walmart) represented 15.6% or $2.0 billion, 15.6% or $2.0 billion, and 15.5% or $2.0 billion of the Company’s consolidated gross sales less returns and allowances in fiscal 2025, 2024, and 2023, respectively.”
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Key suppliers

Parts or manufacturing that depend on one or a few suppliers.

No specific sentence about this in the 10-K.

Lawsuits and legal claims

4 new

Pending cases, settlements and what the company has set aside for them.

New “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.”
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New “For full year fiscal 2025, SG&A decreased, primarily due to the lapping of antitrust settlements incurred in fiscal 2024, lower advertising spend, and proceeds from a legal settlement recognized in fiscal 2025.”
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New “For the Class Plaintiffs, the total settlement amount of $11.8 million was recorded as Accrued Expenses in the second quarter of fiscal 2024 and was paid during the second half of fiscal 2024.”
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New “For the one Non-Class Direct-Action Plaintiff, the settlement amount of $0.2 million was recorded as Accrued Expenses in the first quarter of fiscal 2025 and was paid in the second quarter of fiscal 2025.”
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“Although the Company strongly denies liability, continues to deny the allegations asserted by the plaintiffs, and believes it has valid defenses, to avoid the uncertainty, risk, expense, and distraction of continued litigation, the Company executed a settlement agreement with the plaintiffs on August 20, 2024, to settle this matter for the payment of $3.5 million.”
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Guarantees and indemnities

1 new

Promises to pay someone else's debts or losses if they cannot.

“As of October 26, 2025, the Company had $48 million of standby letters of credit issued on its behalf.”
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New “Other Commitments and Guarantees: The Company has commitments of approximately $18.0 million related to infrastructure improvements supporting various manufacturing facilities and $4.7 million for a media advertising agreement as of October 26, 2025.”
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“As of October 26, 2025, the Company has $47.6 million of standby letters of credit issued on its behalf.”
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Debt covenants

Conditions in loan agreements that, if broken, can make debt due early.

“As of October 26, 2025, the Company was in compliance with all covenants in its debt agreements and expects to maintain compliance in the future.”
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“Debt Covenants: The Company is required by certain covenants in its debt agreements to maintain specified levels of financial ratios and financial position, including maintaining a minimum interest coverage ratio.”
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“As of October 26, 2025, the Company was in compliance with all covenants.”
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Commitments off the balance sheet

Contracts the company must pay for later: purchase obligations, take-or-pay deals.

No specific sentence about this in the 10-K.

Sentences are chosen by their words, not read by AI, so some can be off topic. Always check the filing. Open the 10-K ↗

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