Income Statement Research
Review the full annual statement in one scroll, from headline results to detailed SEC line items, margin conversion, and growth diagnostics.
Commentary
A written read of the filing-backed figures above. The statement itself remains the source of truth.
This explanation uses an earlier data snapshot or evidence version. Compare its generation date with the current filing figures.
Over the past five years, Hormel Foods Corporation displayed a period of moderate growth followed by noticeable declines in key profitability metrics. Revenue grew from US$11.39 billion in 2021 to a peak of approximately US$12.46 billion in 2022 before declining to about US$12.11 billion in 2025. The gross profit trend mirrors this pattern, with a peak of US$2.16 billion in 2022 and a decline to approximately US$1.89 billion by 2025. Notably, the operating income reached its highest point in 2022 at US$1.31 billion but experienced a steeper decline in subsequent years, dropping to US$718.60 million in 2025—a significant reduction of over 30% from the 2022 level. Net income, while peaking at just under US$1.00 billion in 2022, similarly fell to US$478.20 million in 2025, suggesting the company has seen pressures on its profit margins in the most recent period. These trends indicate that while Hormel Foods was able to attain strong revenue and profitability levels in 2021–2022, there has been a marked deterioration in operating efficiency and net profitability since then. The decline in operating margins—from approximately 10.5% in 2022 to around 5.9% in 2025—may point to rising operational costs or pricing pressures impacting the firm’s profitability. Within the competitive food industry, such shifts could be driven by changes in raw material costs, supply chain disruptions, or strategic investments that have yet to yield the desired returns. Overall, despite the recent pullback in margins, the company’s solid revenue base and historical resilience suggest that if the underlying operational challenges are addressed, its financial health may stabilize in the medium term.
This analysis is for informational purposes only and does not constitute financial advice or a recommendation for any investment decision. Please consult a qualified financial professional for personalised guidance.
Snapshot
HORMEL FOODS CORPORATION's top line, gross profit, operating income, and bottom-line conversion. Values in USD millions.
Revenue
+1.5%Compound growth, FY2021 to FY2025
Gross profit
-0.5%Compound growth, FY2021 to FY2025
Operating Income
-10.6%Compound growth, FY2021 to FY2025
Net income
-14.8%Compound growth, FY2021 to FY2025
Headline results
Four lines, five fiscal years, straight from the filings.
HORMEL FOODS CORPORATION headline income statement — FY2025
Trend
The same four lines drawn across the window.
All values shown in USD millions unless noted otherwise.
Line items
The full annual income statement layer for HORMEL FOODS CORPORATION, from revenue down to share counts.
Statement basis
USD millions, except per-share and share-count rows.
HORMEL FOODS CORPORATION expanded income statement — FY2025
Expanded annual statement lines sourced from the SEC EDGAR database for HORMEL FOODS CORPORATION.
Margins
How much of HORMEL FOODS CORPORATION's revenue survives through gross profit, operating income, and net income.
Gross margin
-131 bpsFY2025, versus FY2021
Operating Margin
-392 bpsFY2025, versus FY2021
Net income margin
-403 bpsFY2025, versus FY2021
Observation window
yearsFY2021 through FY2025
Margin table
Side-by-side read of gross, operating and net margin.
HORMEL FOODS CORPORATION margins — FY2025
Margin trend
The shape of profitability across the window.
Margins are calculated from annual SEC facts using reported revenue as the denominator.
Year on year
Every headline line of HORMEL FOODS CORPORATION's statement measured against the immediately prior period.
Revenue YoY
FY2024FY2025 versus FY2024
Gross profit YoY
FY2024FY2025 versus FY2024
Op. income YoY
FY2024FY2025 versus FY2024
Net income YoY
FY2024FY2025 versus FY2024
Year-on-year table
Contractions are tinted so slowdowns are obvious.
HORMEL FOODS CORPORATION year-on-year change — FY2025
Momentum
Whether the business is accelerating or rolling over.
Year-on-year change compares each annual period against the immediately prior year inside the selected window.
Compound growth
Compounded annual growth from FY2021 to FY2025, which filters out one-year noise.
Revenue CAGR
4yrFY2021 to FY2025
Gross profit CAGR
4yrFY2021 to FY2025
Op. income CAGR
4yrFY2021 to FY2025
Net income CAGR
4yrFY2021 to FY2025
Compound rates use the first and last reported year in the window, so a gap in either endpoint suppresses the figure.
