What changed in this filing

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Item 1. Financial Statements

2026-05-28 compared with 2026-02-26 · 280 added, 150 removed, 643 unchanged (40% of the section changed)

2 unchanged sentences

CONSOLIDATED STATEMENTS OF OPERATIONS

Quarter Ended

Quarter Ended Six Months Ended

In thousands, except per share amounts

January 25, 2026 January 26, 2025

April 26, 2026 April 27, 2025 April 26, 2026 April 27, 2025

Net Sales $ 2,972,600 $ 2,898,810 $ 5,999,917 $ 5,887,623

21 unchanged sentences

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Quarter Ended

January 25, 2026 January 26, 2025

Quarter Ended Six Months Ended

April 26, 2026 April 27, 2025 April 26, 2026 April 27, 2025

Net Earnings $ 157,378 $ 179,742 $ 339,147 $ 350,272

3 unchanged sentences

Derivatives and Hedging

3,542 ( 3,883 ) 10,490 11,979

Equity Method Investments ( 1,856 ) 1,902 ( 2,066 ) 2,376

3 unchanged sentences

Comprehensive Income (Loss) Attributable to Noncontrolling Interest

( 151 ) ( 497 ) ( 88 ) ( 987 )

Comprehensive Income Attributable to Hormel Foods Corporation

4 unchanged sentences

In thousands, except share and per share amounts

January 25, 2026 October 26, 2025

April 26, 2026 October 26, 2025

Cash and Cash Equivalents $ 826,750 $ 670,679

Short-term Marketable Securities 33,107 32,909

Accounts Receivable (Net of Allowance of $ 3,778 and $ 3,743 , respectively)

Accounts and Other Receivables, Net

760,073 813,989

42 unchanged sentences

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ INVESTMENT

Quarter Ended January 26, 2025

Quarter Ended April 27, 2025

Hormel Foods Corporation Shareholders

4 unchanged sentences

Shares Amount Shares Amount

Balance at October 27, 2024 548,605 $ 8,037 — $ — $ 571,178 $ 7,677,537 $ ( 263,331 ) $ 10,590 $ 8,004,011

Balance at January 26, 2025 549,785 $ 8,054 — $ — $ 602,887 $ 7,688,663 $ ( 271,263 ) $ 10,101 $ 8,038,442

Net Earnings (Loss)

3 unchanged sentences

Stock-based Compensation Expense

54 1 11,079 11,080

Exercise of Stock-based Compensation Awards, Net of Withholding Taxes

2 unchanged sentences

379 ( 159,987 ) ( 159,609 )

Balance at January 26, 2025 549,785 $ 8,054 — $ — $ 602,887 $ 7,688,663 $ ( 271,263 ) $ 10,101 $ 8,038,442

Quarter Ended January 25, 2026

Balance at April 27, 2025 549,888 $ 8,056 — $ — $ 614,189 $ 7,708,693 $ ( 298,601 ) $ 9,604 $ 8,041,941

Quarter Ended April 26, 2026

Hormel Foods Corporation Shareholders

9 unchanged sentences

Shares Amount Shares Amount

Balance at January 25, 2026 550,212 $ 8,061 — $ — $ 625,982 $ 7,537,481 $ ( 233,023 ) $ 14,707 $ 7,953,207

Net Earnings (Loss)

157,474 ( 96 ) 157,378

Other Comprehensive Income (Loss)

5,032 ( 55 ) 4,977

Stock-based Compensation Expense

65 1 9,525 9,526

Exercise of Stock-based Compensation Awards, Net of Withholding Taxes

25 — ( 220 ) ( 220 )

Declared Dividends – $ 0.2925 per Share

390 ( 161,383 ) ( 160,992 )

Balance at April 26, 2026 550,302 $ 8,062 — $ — $ 635,677 $ 7,533,573 $ ( 227,991 ) $ 14,556 $ 7,963,876

See accompanying Notes to the Consolidated Financial Statements

HORMEL FOODS CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ INVESTMENT

Six Months Ended April 27, 2025

Hormel Foods Corporation Shareholders

Stock Treasury

Stock Additional

Capital Retained

Earnings Accumulated

Comprehensive

Income (Loss) Non-controlling

Shareholders’

In thousands, except per share amounts

Shares Amount Shares Amount

Balance at October 27, 2024 548,605 $ 8,037 — $ — $ 571,178 $ 7,677,537 $ ( 263,331 ) $ 10,590 $ 8,004,011

2 unchanged sentences

Other Comprehensive Income (Loss) ( 35,270 ) ( 666 ) ( 35,936 )

Stock-based Compensation Expense 54 1 16,534 16,535

Exercise of Stock-based Compensation Awards, Net of Withholding Taxes

1,228 18 25,823 25,841

Declared Dividends – $ 0.5800 per Share

654 ( 319,436 ) ( 318,782 )

Balance at April 27, 2025 549,888 $ 8,056 — $ — $ 614,189 $ 7,708,693 $ ( 298,601 ) $ 9,604 $ 8,041,941

Six Months Ended April 26, 2026

Hormel Foods Corporation Shareholders

Stock Treasury

Stock Additional

Capital Retained

Earnings Accumulated

Comprehensive

Income (Loss) Non-

Interest Total

Shareholders’

In thousands, except per share amounts

Shares Amount Shares Amount

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

Net Earnings (Loss)

339,274 ( 127 ) 339,147

Other Comprehensive Income (Loss) 15,655 40 15,694

Stock-based Compensation Expense 65 1 16,444 16,445

3 unchanged sentences

492 ( 322,391 ) ( 321,899 )

Balance at January 25, 2026 550,212 $ 8,061 — $ — $ 625,982 $ 7,537,481 $ ( 233,023 ) $ 14,707 $ 7,953,207

Balance at April 26, 2026 550,302 $ 8,062 — $ — $ 635,677 $ 7,533,573 $ ( 227,991 ) $ 14,556 $ 7,963,876

See accompanying Notes to the Consolidated Financial Statements

1 unchanged sentence

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

Quarter Ended

January 25, 2026 January 26, 2025

Six Months Ended

April 26, 2026 April 27, 2025

Operating Activities

58 unchanged sentences

• Consolidated Statements of Financial Position:

The major classes of Property, Plant, and Equipment are now disclosed in Note F - Property, Plant, and Equipment.

Certain amounts within Prepaid Expenses and Other Current Assets were reclassified to Accounts and Other Receivables, Net.

• Consolidated Condensed Statements of Cash Flows:

Due to the reclassification noted above on the Consolidated Statements of Financial Position, there was an associated reclassification between Decrease (Increase) in Accounts Receivable and Decrease (Increase) in Prepaid Expenses and Other Assets.

Accounting Changes and Recent Accounting Pronouncements:

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The ASU updates income tax disclosure requirements by requiring specific categories and greater disaggregation within the rate reconciliation and disaggregation of income taxes paid by jurisdiction.

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

The Company is currently assessing the impact of adopting the updated provisions.

The Company expects to adopt the ASU in connection with its Annual Report on Form 10-K for the fiscal year ending October 25, 2026.

While the standard will require additional disclosures related to the Company's income taxes, the Company does not expect the adoption to have a material effect on the Company’s financial condition or results of operations.

In November 2024, the FASB issued ASU 2024-03 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40):

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The guidance is effective for the Company's fiscal year ending October 28, 2029, and subsequent interim periods thereafter, with early adoption permitted.

Several transition approaches are available including prospective, retrospective, and a modified transition approach.

Several transition approaches are available including prospective, retrospective,

and a modified transition approach.

The Company is currently assessing the impact, transition approach, and timing of adoption.

1 unchanged sentence

Narrow-Scope Improvements .

The update is intended to improve the navigability of interim disclosure requirements and provide additional guidance about disclosures

to be provided in interim reporting periods, including a requirement to disclose events since the end of the last annual reporting period that have a material impact on the entity.

The update is intended to improve the navigability of interim disclosure requirements and provide additional guidance about disclosures to be provided in interim reporting periods, including a requirement to disclose events since the end of the last annual reporting period that have a material impact on the entity.

The update is effective for interim reporting periods within the Company’s fiscal year beginning October 30, 2028.

Early adoption is permitted and the guidance may be applied prospectively or retrospectively.

The Company is currently assessing the impact of adopting the updated provisions.

The Company is currently assessing the impact of adopting the updated provisions and transition approach.

The adoption is not expected to have a material effect on the Company’s financial condition or results of operations.

In May 2026, the FASB issued ASU 2026-02, Environmental Credits and Environmental Credit Obligations (Topic 818) .

The update is intended to improve the accounting for and disclosure of environmental credits and related obligations by establishing consistent guidance for recognition, measurement, presentation, and disclosure.

The ASU introduces a comprehensive model and requires enhanced disclosures to improve transparency and comparability.

The guidance is effective for interim and annual reporting for the Company's fiscal year ending October 28, 2029, on a retrospective basis with early adoption permitted.

The Company is currently assessing the impact of adopting the updated guidance.

Recently issued accounting standards or pronouncements not disclosed have been excluded as they are currently not relevant to the Company.

NOTE B - ACQUISITIONS AND DIVESTITURES

Whole-bird Turkey Transaction:

On April 24, 2026, the Company completed the sale of its whole-bird turkey business to Willmar Poultry Innovations, LLC, a subsidiary of Life-Science Innovations, for $ 61.2 million including cash proceeds of $ 21.2 million and a secured promissory note with a face value of $ 40.0 million.

Refer to Note F - Notes Receivable for additional information on the secured promissory note.

The divestiture resulted in an estimated pre-tax loss of $ 61.0 million, including transaction costs, which was recognized in Selling, General, and Administrative.

The transaction is subject to customary working capital adjustments, which the Company expects to finalize by the end of fiscal 2026.

The sale included the whole-bird production facility in Melrose, Minnesota, a feed mill in Swanville, Minnesota, and associated transportation assets.

The Company continues to own and use the Jennie-O ® brand name.

The buyer has assumed certain supply contracts with dedicated third-party hen growers and is contracted to provide co-manufacturing services to the Company in the future.

There was a nominal impact to the Company's future commitments.

Results of operations for the whole-bird turkey business were primarily reflected in the Retail segment.

Justin's, LLC Transaction:

On December 15, 2025, the Company sold 51 % of its equity interest in Justin's, LLC and related assets to Forward Consumer Partners, LLC for cash proceeds of $ 77.3 million, net of estimated working capital adjustments.

As a result of the transaction, the Company no longer holds a controlling financial interest in Justin's, LLC, resulting in deconsolidation.

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Results of operations for Justin's, LLC were primarily reflected in the Retail segment prior to deconsolidation.

The Company maintained the ability to exercise significant influence over the entity in its new structure, Joy Topco LP (f/k/a Justin's, LLC), and will account for this interest as an equity method investment.

The Company recorded the remaining 49 % equity interest in Joy Topco LP at its estimated fair value of $ 46.3 million plus $ 1.1 million in capitalized deal costs in Investment in Affiliates.

The Company maintained the ability to exercise significant influence over the entity in its new structure, Joy Topco, L.P., and will account for this interest as an equity method investment.

The Company recorded the remaining 49 % equity interest in Joy Topco, L.P.

at its estimated fair value of $ 46.3 million plus $ 1.1 million in capitalized deal costs in Investment in Affiliates.

The Company engaged a third-party specialist to assist with the valuation, which reflected a combination of observable data and significant unobservable, or Level 3, inputs to determine the estimated fair value of the investment.

Results of Joy Topco LP are reported as Equity in Earnings of Affiliates within the Retail segment.

Results of Joy Topco, L.P.

are reported as Equity in Earnings of Affiliates within the Retail segment.

See Note D - Investments in Affiliates for additional information.

3 unchanged sentences

Results of operations for Mountain Prairie, LLC were primarily reflected within the Retail segment through the date of divestiture.

Whole-bird Turkey Transaction:

On February 13, 2026, subsequent to the end of the quarter, the Company entered into a definitive agreement to sell its whole-bird turkey business to Life-Science Innovations (LSI).

LSI will acquire the Melrose, Minnesota, whole-bird production facility;

Swanville, Minnesota, feed mill;

and associated transportation assets.

LSI will also assume supply contracts with certain third-party turkey growers and provide co-manufacturing services to the Company through the end of fiscal 2026.

The purchase price consists of cash at closing and a secured promissory note payable over time.

The transaction is expected to close by the end of the second quarter of fiscal 2026, subject to customary closing conditions.

The Company is evaluating the accounting implications of the planned sale.

NOTE C - GOODWILL AND INTANGIBLE ASSETS

The change in the carrying amount of goodwill for the quarter ended January 25, 2026, is:

The change in the carrying amount of goodwill for the six months ended April 26, 2026, is:

In thousands Retail Foodservice International Total

4 unchanged sentences

Foreign Currency Translation — — 2,264 2,264

Balance at January 25, 2026

Balance at April 26, 2026

$ 2,863,709 $ 1,747,025 $ 261,200 $ 4,871,935

(1) Goodwill sold during fiscal 2026 was due to the sale of the Company's controlling equity interest in Justin's, LLC.

(1) Goodwill sold during fiscal 2026 was due to the sale of the Company's controlling equity interest in Justin's, LLC ($ 34.9 million) and the divestiture of the whole-bird turkey business ($ 19.5 million).

See Note B - Acquisitions and Divestitures for additional information.

1 unchanged sentence

The Company's intangible assets by type are:

January 25, 2026 October 26, 2025

April 26, 2026 October 26, 2025

In thousands Gross

15 unchanged sentences

Total Intangible Assets $ 1,585,631 $ 1,647,297

(1) Includes the removal of a $ 54.3 million indefinite‑lived trade name following the sale of the Company's controlling equity interest in Justin's, LLC.

(1) Includes the removal of a $ 54.3 million indefinite‑lived trade name following the sale of the Company's controlling equity interest in Justin's, LLC in the first quarter of fiscal 2026.

See Note B - Acquisitions and Divestitures for additional information.

Amortization expense on intangible assets is as follows:

Quarter Ended

In thousands January 25, 2026 January 26, 2025

Quarter Ended Six Months Ended

In thousands April 26, 2026 April 27, 2025 April 26, 2026 April 27, 2025

Amortization Expense $ 3,014 $ 3,588 $ 6,084 $ 7,418

3 unchanged sentences

NOTE D - INVESTMENTS IN AFFILIATES

As of January 25, 2026, the Company's equity method investments include:

As of April 26, 2026, the Company's equity method investments include:

Segment Ownership Percentage

MegaMex Foods, LLC Retail 50 %

Joy Topco LP (1)

Joy Topco, L.P.

The Purefoods - Hormel Company, Inc.

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Corporate Venturing Investments n/a 26 % - 43 %

(1) In the first quarter of fiscal 2026, the Company recorded a 49 % ownership interest in Joy Topco LP in connection with the sale of its controlling equity interest in Justin’s, LLC.

(1) In the first quarter of fiscal 2026, the Company recorded a 49 % ownership interest in Joy Topco, L.P.

in connection with the sale of its controlling equity interest in Justin’s, LLC.

See Note B - Acquisitions and Divestitures for additional information.

Equity in Earnings:

The Company's share of earnings from its equity method investments is recorded as Equity in Earnings of Affiliates and further disclosed in Note O - Segment Reporting.

The Company's share of earnings from its equity method investments is recorded as Equity in Earnings of Affiliates and further disclosed in Note Q - Segment Reporting.

Equity in earnings from corporate venturing investments is not included in any of the reportable segments' measure of segment profit.

1 unchanged sentence

Distributions received from equity method investees consists of:

In thousands Quarter Ended

January 25, 2026 January 26, 2025

In thousands Quarter Ended Six Months Ended

April 26, 2026 April 27, 2025 April 26, 2026 April 27, 2025

Distributions $ 6,250 $ 6,250 $ 19,301 $ 26,144

Basis Difference:

The initial and unamortized basis differences as of January 25, 2026, are:

The initial and unamortized basis differences as of April 26, 2026, are:

Initial Basis Difference Unamortized Basis Difference

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(1) The Garudafood remaining unamortized basis difference includes the impact of foreign currency translation and impairment.

Based on quoted market prices, the fair value of the common stock held in Garudafood was $ 233.7 million as of January 23, 2026.

The fair value of the common stock held in Garudafood was $ 224.2 million as of April 24, 2026, based on the closing market price on the Indonesia Stock Exchange (IDX) and converted to U.S.

The Company's other equity method investments do not have readily determinable fair values.

As of April 26, 2026, and in accordance with the Company's accounting procedures and internal controls, the Company evaluated whether an other‑than‑temporary impairment existed for its investment in Garudafood, which had a carrying value of $ 247.4 million.

This evaluation included consideration of the severity and duration of the carrying value in excess of Garudafood’s quoted market value, performance of Garudafood's stock price, Garudafood's operating performance and outlook, and the Company's strategic intent and ability to hold the investment.

The Company considers Garudafood a long-term strategic partner, maintains representation on Garudafood’s Board of Commissioners, and has the intent and ability to retain its investment for a period of time sufficient to allow for recovery in market value.

Based on the evaluation of the factors above, the Company does not consider the investment to be other‑than‑temporarily impaired as of April 26, 2026.

The Company will continue to assess the value of its investment in Garudafood, which may result in the recognition of an other‑than‑temporary impairment in the future.

Transactions:

The Company has agreements with its equity method investments which, in some cases, result in amounts due to or due from these parties.

The amounts due to equity method investees were $ 44.8 million and $ 38.8 million as of January 25, 2026, and October 26, 2025, respectively.

The amounts due from equity method investees were $ 9.3 million and $ 11.9 million as of January 25, 2026, and October 26, 2025, respectively.

NOTE E - INVENTORIES

The amounts due to equity method investees were $ 55.5 million and $ 38.8 million as of April 26, 2026, and October 26, 2025, respectively.

The amounts due from equity method investees were $ 7.8 million and $ 11.9 million as of April 26, 2026, and October 26, 2025, respectively.

NOTE E - ACCOUNTS AND OTHER RECEIVABLES, NET

The components of accounts and other receivables, net are:

April 26, 2026 October 26, 2025

Trade Accounts

$ 728,472 $ 788,514

35,420 29,218

Total Receivables

763,892 817,731

Allowance for Credit Losses 3,819 3,743

Accounts and Other Receivables, Net

$ 760,073 $ 813,989

Trade accounts receivable represents amounts billed and outstanding from customers in the ordinary course of business.

Other receivables consists of miscellaneous amounts due to the Company such as insurance and other contractual proceeds or reimbursements.

As of April 26, 2026, other receivables also includes the current portion of a secured promissory note related to the divestiture of the whole-bird turkey business.

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 April 26, 2026, one customer accounted for more than 10 percent of net accounts receivable.

NOTE F - NOTES RECEIVABLE

In connection with the sale of the whole-bird turkey business on April 24, 2026, the Company entered into a $ 40.0 million secured promissory note receivable that matures on December 31, 2030, and bears interest at a rate of 6 % per annum.

Principal and interest payments are to be made in equal annual installments beginning December 31, 2026.

The Company determined the fair value of the note approximated face value at inception and no premium or discount was recognized.

The note is accounted for at amortized cost and interest income is recognized using the effective interest method.

The Company evaluated the note for expected credit losses and concluded that the allowance was immaterial as of April 26, 2026.

The current and long-term portions of the note were reflected in Accounts and Other Receivables, Net and Other Assets, respectively.

NOTE G - INVENTORIES

Principal components of inventories are:

January 25, 2026 October 26, 2025

April 26, 2026 October 26, 2025

Finished Products $ 1,053,750 $ 1,055,472

4 unchanged sentences

$ 1,750,914 $ 1,747,279

NOTE F - PROPERTY, PLANT, AND EQUIPMENT

NOTE H - PROPERTY, PLANT, AND EQUIPMENT

Property, plant, and equipment consists of the following:

January 25, 2026 October 26, 2025

April 26, 2026 October 26, 2025

$ 75,054 $ 74,710

7 unchanged sentences

$ 2,166,093 $ 2,238,770

NOTE G - DERIVATIVES AND HEDGING

NOTE I - DERIVATIVES AND HEDGING

The Company uses hedging programs to manage risk associated with various commodity purchases and interest rates.

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The total notional amount of the Company’s locks was $ 1.25 billion.

In the third quarter of fiscal 2021, the associated unsecured senior notes were issued with tenors of seven and 30 years and both locks were lifted (See Note L - Long-term Debt and Other Borrowing Arrangements).

In the third quarter of fiscal 2021, the associated unsecured senior notes were issued with tenors of seven and 30 years and both locks were lifted (See Note N - Long-term Debt and Other Borrowing Arrangements).

Mark-to-market gains and losses on these instruments were deferred as a component of AOCL.

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The Company holds certain futures and swap contracts to manage the Company’s exposure to fluctuations in grain and pork commodity markets for which it has not applied hedge accounting.

Activity related to derivatives not designated for hedge accounting was immaterial to the consolidated financial statements during the quarters ended January 25, 2026, and January 26, 2025.

Activity related to derivatives not designated for hedge accounting was immaterial to the consolidated financial statements during the quarter and six months ended April 26, 2026, and April 27, 2025.

The Company’s outstanding contracts related to its commodity hedging programs include:

January 25, 2026 October 26, 2025

April 26, 2026 October 26, 2025

Corn 31.0 bushels

3 unchanged sentences

The gross fair values of the Company’s derivative instruments designated as hedges are:

January 25, 2026 October 26, 2025

April 26, 2026 October 26, 2025

Gross Fair Value of Commodity Contracts

4 unchanged sentences

$ 15,530 $ — $ 10,166 $ —

(1) Per the terms of the Company’s master netting arrangements, the gross fair value of the Company’s commodity contracts was offset by the obligation to return net cash collateral of $ 2.5 million (including cash payable of $ 4.4 million and $ 1.9 million of realized gain) as of January 25, 2026, and the right to reclaim net cash collateral of $ 4.5 million (including cash payable of $ 5.5 million and $ 10.1 million of realized gain) as of October 26, 2025.

(1) Per the terms of the Company’s master netting arrangements, the gross fair value of the Company’s commodity contracts was offset by the obligation to return net cash collateral of $ 3.6 million (including cash payable of $ 10.7 million and $ 7.1 million of realized gain) as of April 26, 2026, and the right to reclaim net cash collateral of $ 4.5 million (including cash payable of $ 5.5 million and $ 10.1 million of realized gain) as of October 26, 2025.

Fair Value Hedge - Assets (Liabilities):

1 unchanged sentence

Location on Consolidated Statements of Financial Position

January 25, 2026 October 26, 2025

April 26, 2026 October 26, 2025

Commodity Contracts

3 unchanged sentences

Accumulated Other Comprehensive Loss Impact:

As of January 25, 2026, the Company included in AOCL pre-tax hedging gains of $ 14.9 million on commodity contracts and gains of $ 10.3 million related to interest rate settled positions.

As of April 26, 2026, the Company included in AOCL pre-tax hedging gains of $ 19.8 million on commodity contracts and gains of $ 10.0 million related to interest rate settled positions.

The Company expects to recognize the majority of the gains on commodity contracts over the next twelve months.

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The pre-tax gains (losses) recognized in AOCL related to the Company’s derivative instruments are:

Quarter Ended

In thousands January 25, 2026 January 26, 2025

Quarter Ended Six Months Ended

In thousands April 26, 2026 April 27, 2025 April 26, 2026 April 27, 2025

Commodity Contracts

1 unchanged sentence

Excluded Component (1)

( 25 ) ( 96 ) ( 15 ) ( 183 )

(1) Represents the time value of commodity options excluded from the assessment of effectiveness for which the difference between changes in fair value and periodic amortization is recorded in AOCL.

2 unchanged sentences

Statements of Operations

Quarter Ended

In thousands January 25, 2026 January 26, 2025

Quarter Ended Six Months Ended

In thousands April 26, 2026 April 27, 2025 April 26, 2026 April 27, 2025

Commodity Contracts

2 unchanged sentences

Interest Rate Contracts Interest Expense

See Note I - Accumulated Other Comprehensive Loss for the after-tax impact of these gains or losses on Net Earnings.

247 247 494 494

See Note K - Accumulated Other Comprehensive Loss for the after-tax impact of these gains or losses on Net Earnings.

Consolidated Statements of Operations Impact:

The effect of pre-tax gains (losses) related to the Company’s derivative instruments are:

Quarter Ended

January 25, 2026 January 26, 2025

Quarter Ended Six Months Ended

April 26, 2026 April 27, 2025 April 26, 2026 April 27, 2025

Net Earnings Attributable to Hormel Foods Corporation $ 157,474 $ 180,017 $ 339,274 $ 350,592

4 unchanged sentences

Gain (Loss) on Commodity Futures (1)

215 ( 571 ) 123 1,133

Total Gain (Loss) on Commodity Contracts

3 unchanged sentences

Total Gain (Loss) on Interest Rate Contracts

247 247 494 494

Total Gain (Loss) Recognized in Earnings $ 6,152 $ ( 1,860 ) $ 8,274 $ ( 2,259 )

(1) Represents gains or losses on commodity contracts designated as fair value hedges that were closed during the quarters ended January 25, 2026, and January 26, 2025, which were offset by a corresponding gain or loss on the underlying hedged purchase commitment.

(1) Represents gains or losses on commodity contracts designated as fair value hedges that were closed during the quarter and six months ended April 26, 2026, and April 27, 2025, which were offset by a corresponding gain or loss on the underlying hedged purchase commitment.

Additional gains or losses related to changes in the fair value of open commodity contracts, along with the offsetting gain or loss on the hedged purchase commitment, are also marked-to-market through earnings with no impact on a net basis.

NOTE H - PENSION AND OTHER POSTRETIREMENT BENEFITS

NOTE J - PENSION AND OTHER POSTRETIREMENT BENEFITS

Net periodic cost of defined benefit plans consists of:

Pension Benefits

Quarter Ended

January 25, 2026 January 26, 2025

Quarter Ended Six Months Ended

April 26, 2026 April 27, 2025 April 26, 2026 April 27, 2025

Service Cost $ 10,034 $ 11,973 $ 20,068 $ 23,947

2 unchanged sentences

Amortization of Prior Service Cost (Credit)

128 319 256 639

Recognized Actuarial Loss (Gain)

2,190 3,014 4,380 6,027

Net Periodic Cost

1 unchanged sentence

Postretirement Benefits

Quarter Ended

January 25, 2026 January 26, 2025

Quarter Ended Six Months Ended

April 26, 2026 April 27, 2025 April 26, 2026 April 27, 2025

Service Cost $ 35 $ 41 $ 70 $ 83

1 unchanged sentence

Amortization of Prior Service Cost (Credit)

( 7 ) ( 14 ) ( 14 ) ( 12 )

Recognized Actuarial Loss (Gain)

2 unchanged sentences

$ 1,922 $ 2,466 $ 3,845 $ 4,950

NOTE I - ACCUMULATED OTHER COMPREHENSIVE LOSS

NOTE K - ACCUMULATED OTHER COMPREHENSIVE LOSS

Components of Accumulated Other Comprehensive Loss are as follows:

3 unchanged sentences

Comprehensive

Balance at January 25, 2026

$ ( 112,033 ) $ ( 141,530 ) $ 18,985 $ 1,554 $ ( 233,023 )

Unrecognized Gains (Losses) — —

Gross 1,790 46 10,805 ( 530 ) 12,111

Tax Effect — — ( 2,618 ) — ( 2,618 )

Reclassification into Net Earnings — — — —

Gross — 2,004 (1)

( 6,157 ) (2)

( 1,326 ) (3)

Tax Effect — ( 493 ) 1,512 — 1,018

Change Net of Tax 1,790 1,556 3,542 ( 1,856 ) 5,032

Balance at April 26, 2026

$ ( 110,243 ) $ ( 139,973 ) $ 22,527 $ ( 303 ) $ ( 227,991 )

Balance at October 26, 2025

6 unchanged sentences

( 8,599 ) (2)

( 2,215 ) (3)

Tax Effect — ( 987 ) 2,117 — 1,130

Change Net of Tax 4,188 3,044 10,490 ( 2,066 ) 15,655

Balance at January 25, 2026

Balance at April 26, 2026

$ ( 110,243 ) $ ( 139,973 ) $ 22,527 $ ( 303 ) $ ( 227,991 )

(1) Included in computation of net periodic cost.

See Note H - Pension and Other Postretirement Benefits for additional information.

See Note J - Pension and Other Postretirement Benefits for additional information.

(2) Included in Cost of Products Sold and Interest Expense.

See Note G - Derivatives and Hedging for additional information.

See Note I - Derivatives and Hedging for additional information.

(3) Included in Equity in Earnings of Affiliates.

NOTE J - FAIR VALUE MEASUREMENTS

NOTE L - FAIR VALUE MEASUREMENTS

Accounting guidance establishes a fair value hierarchy which requires assets and liabilities measured at fair value to be categorized into one of three levels based on the inputs used in the valuation.

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The Company’s financial assets and liabilities carried at fair value on a recurring basis and their level within the fair value hierarchy are presented in the tables below.

Fair Value Measurements at January 25, 2026

Fair Value Measurements at April 26, 2026

Value Quoted Prices

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The portfolio is managed by a third party who is responsible for daily trading activities, and all assets within the portfolio are highly liquid.

The cash, U.S.

The equities, U.S.

government securities, and money market funds held by the portfolio are classified as Level 1.

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Market prices are obtained from a variety of industry providers, large financial institutions, and other third-party sources to calculate a representative daily market value, and therefore, these securities are classified as Level 2.

Deferred Compensation and Other Trading Securities:

The Company maintains a rabbi trust to fund certain supplemental executive retirement plans and deferred compensation plans.

These funds are maintained under a third-party insurance policy, and the funds' values represent their cash surrender value based on the fair value of the underlying investments in the account.

Other Trading Securities and Deferred Compensation:

Other trading securities includes life insurance policies held in a rabbi trust maintained by the Company to fund certain supplemental executive retirement plans and deferred compensation plans.

The rabbi trust is valued based on the insurance policies' cash surrender value and the fair value of the underlying investments.

These policies are classified as Level 2.

The majority of the funds held in the rabbi trust relate to supplemental executive retirement plans and are invested in fixed income investments.

The majority of the policies held in the rabbi trust relate to supplemental executive retirement plans and are invested in fixed income investments.

The declared rate on these investments is set based on a formula using the yield of the general account investment portfolio supporting the fund, as adjusted for expenses and other charges.

The rate is guaranteed for one year at issue and may be reset annually on the policy anniversary, subject to a guaranteed minimum rate.

During the quarter ended January 25, 2026, investments held by the rabbi trust generated gains of $ 3.2 million compared to gains of $ 2.7 million for the quarter ended January 26, 2025.

During the quarter and six months ended April 26, 2026, investments held by the rabbi trust generated gains of $ 2.0 million and $ 5.2 million, respectively, compared to losses of $ 3.7 million and $ 1.1 million, respectively, for the quarter and six months ended April 27, 2025.

Under the Company’s deferred compensation plans, participants can defer certain types of compensation and elect to receive a return based on the changes in fair value of various investment options, which include equity securities, money market accounts, bond funds, or other portfolios for which there is an active quoted market.

The Company also offers a fixed rate investment option to participants.

The rate earned on these investments is adjusted annually based on a specified percent of

The rate earned on these investments is adjusted annually based on a specified percent of the U.S.

Internal Revenue Service (IRS) applicable federal rates.

These liabilities are classified as Level 2.

The Company's funding in the rabbi trust related to deferred compensation plans generally mirrors the investment selections within the plans.

The portion of the

Company's funding in the rabbi trust related to deferred compensation plans generally mirrors the investment selections within the plans.

Commodity Derivatives:

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All derivatives are reviewed for potential credit risk and risk of nonperformance.

The Company’s financial assets and liabilities also include cash and cash equivalents, accounts receivable, accounts payable, and other liabilities, for which carrying value approximates fair value due to their short-term maturities.

The Company’s financial assets and liabilities also include cash and cash equivalents, accounts and other receivables, accounts payable, and other liabilities, for which carrying value approximates fair value as they are generally short‑term in nature or otherwise expected to be settled at amounts that would not differ materially from fair value.

The Company does not carry its long-term debt at fair value on the Consolidated Statements of Financial Position.

The fair value of long-term debt, utilizing discounted cash flows (Level 2), was $ 2.5 billion as of January 25, 2026, and $ 2.6 billion as of October 26, 2025.

See Note L - Long-term Debt and Other Borrowing Arrangements for additional information.

The fair value of long-term debt, utilizing discounted cash flows (Level 2), was $ 2.5 billion as of April 26, 2026, and $ 2.6 billion as of October 26, 2025.

See Note N - Long-term Debt and Other Borrowing Arrangements for additional information.

Nonrecurring Fair Value Measurements:

The Company may be required to measure certain nonfinancial assets and liabilities including goodwill, intangible assets, equity method investments, and property, plant, and equipment at fair value on a nonrecurring basis.

There were no material remeasurements of assets or liabilities at fair value on a nonrecurring basis subsequent to their initial recognition during the quarters ended January 25, 2026, and January 26, 2025.

NOTE K - COMMITMENTS AND CONTINGENCIES

During the quarter ended January 25, 2026, there were no material changes outside the ordinary course of business to the purchase commitments and other commitments and guarantees last disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended October 26, 2025.

During the quarter ended April 26, 2026, the Company recorded a $ 40.0 million secured promissory note receivable associated with the sale of the whole-bird turkey business.

The Company determined the fair value of the note approximated face value at inception.

Fair value was determined using discounted cash flows (Level 2).

There were no other material remeasurements of assets or liabilities at fair value on a nonrecurring basis subsequent to their initial recognition during the quarter and six months ended April 26, 2026, and April 27, 2025.

NOTE M - COMMITMENTS AND CONTINGENCIES

During the quarter and six months ended April 26, 2026, there were no material changes outside the ordinary course of business to the purchase commitments and other commitments and guarantees last disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended October 26, 2025.

Legal Proceedings:

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At any time, such proceedings typically involve claims related to product liability, labeling, contracts, antitrust regulations, intellectual property, competition laws, employment practices, or other actions brought by employees, customers, consumers, competitors, regulators, or suppliers.

The Company establishes accruals for its potential exposure, as appropriate, for claims against the Company when losses become probable and reasonably estimable.

However, future developments or settlements are uncertain and may require the Company to change such accruals as proceedings progress.

Resolution of any currently known matter, either individually or in the aggregate, is not expected to have a material effect on the Company’s financial condition, results of operations, or liquidity.

Pork Antitrust Litigation

Beginning in June 2018, a series of class action complaints were filed against the Company, as well as several other pork-processing companies and a benchmarking service called Agri Stats, in the U.S.

District Court for the District of Minnesota styled In re Pork Antitrust Litigation (the Pork Antitrust Litigation).

The Class Plaintiffs alleged, among other things, that beginning in January 2009, the defendants conspired and combined to fix, raise, maintain, and stabilize the price of pork and pork products—including through the use of Agri Stats—in violation of federal antitrust laws.

Since the original filing, certain plaintiffs opted out of class treatment and began proceeding with individual direct actions making similar claims (Non-Class Direct-Action Plaintiffs), including claims of violations of state antitrust laws.

The plaintiffs seek treble damages, injunctive relief, pre- and post-judgment interest, costs, and attorneys’ fees.

Although the Company strongly denies liability, continues to deny the allegations asserted, and believes it has valid defenses, to avoid the uncertainty, risk, expense, and distraction of continued litigation, the Company executed settlement agreements providing for payments by the Company to the Class Plaintiffs and one Non-Class Direct-Action Plaintiff.

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.

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.

All settlement amounts were recorded in Selling, General, and Administrative.

In the second quarter of fiscal 2025, the U.S.

District Court for the District of Minnesota granted the Company’s Motion for Summary Judgment and dismissed the Company from the federal litigation.

Certain defendants challenged the summary

judgment decision, but the District Court largely denied the various motions.

In November 2025, the Eighth Circuit Court of Appeals denied the defendants' petition to order the District Court to vacate its summary judgment decision.

The Company settled the only pending matter that involved state claims brought by one Non-Class Direct Action Plaintiff for non-monetary terms in November 2025.

The Company establishes accruals for its potential exposure, as appropriate, for legal claims against the Company when losses become probable and reasonably estimable.

The Company does not reduce these liabilities for potential insurance or third-party recoveries;

the Company accrues for insurance or other third-party recoveries when applicable.

Future developments or settlements are uncertain and may require the Company to change such accruals as proceedings progress.

Turkey Antitrust Litigation:

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The defendants' motions for summary judgment were submitted in January 2026.

The Company has not recorded any liability for these matters as it does not believe a loss is probable.

The summary judgment motions remain pending.

On May 20, 2026, the court ordered that the first trial related to these matters (if required) will involve only the class of direct purchaser plaintiffs and commence on October 8, 2026.

The Company has not recorded any liability for these

matters as it does not believe a loss is probable.

The Company cannot reasonably estimate any reasonably possible loss.

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The Company has not recorded any liability relating to these assessments and cannot reasonably estimate any reasonably possible loss at this time.

NOTE L - LONG-TERM DEBT AND OTHER BORROWING ARRANGEMENTS

Other Proceedings:

While we cannot predict with certainty the results of other currently known legal proceedings against the Company, resolution of such matters, either individually or in the aggregate, is not expected to have a material effect on the Company’s financial condition, results of operations, or liquidity.

NOTE N - LONG-TERM DEBT AND OTHER BORROWING ARRANGEMENTS

Long-term Debt consists of:

January 25, 2026 October 26, 2025

April 26, 2026 October 26, 2025

Senior Unsecured Notes with Interest at 3.050 %

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If a change of control triggering event occurs, the Company must offer to purchase the notes at a purchase price equal to 101 % of their principal amount, plus accrued and unpaid interest, if any, to the date of purchase.

During the second quarter of fiscal 2026, the notes were reclassified to Current Maturities of Long-term Debt.

On June 3, 2021, the Company issued $ 750.0 million aggregate principal amount of its 1.700 % notes due June 2028 (2028 Notes) and $ 600.0 million aggregate principal amount of its 3.050 % notes due June 2051 (2051 Notes).

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Interest accrues per annum at the stated rates and is paid semi-annually in arrears on June 3 and December 3 of each year, commencing December 3, 2021.

Interest rate risk was

hedged utilizing interest rate locks on the 2028 Notes and 2051 Notes.

Interest rate risk was hedged utilizing interest rate locks on the 2028 Notes and 2051 Notes.

The Company lifted the hedges in conjunction with the issuance of these notes.

See Note G - Derivatives and Hedging for additional information.

See Note I - Derivatives and Hedging for additional information.

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The lending commitments under the agreement are scheduled to expire on March 25, 2030, at which time the Company will be required to pay in full all obligations then outstanding.

The Company had no outstanding borrowings from this facility as of January 25, 2026, and October 26, 2025.

The Company had no outstanding borrowings from this facility as of April 26, 2026, and October 26, 2025.

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.

As of January 25, 2026, the Company was in compliance with all covenants.

NOTE M - INCOME TAXES

As of April 26, 2026, the Company was in compliance with all covenants.

NOTE O - INCOME TAXES

The Company’s tax provision is determined using an estimated annual effective tax rate and adjusted for discrete taxable events that may occur during the quarter.

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The deferred tax assets and liabilities are remeasured using enacted tax rates expected to apply to taxable income in the years the related temporary differences are anticipated to reverse.

The Company’s effective tax rate was 22.4 % and 21.8 % for the quarters ended January 25, 2026, and January 26, 2025, respectively.

The change was primarily due to increased stock option expirations in the quarter ended January 25, 2026.

Unrecognized tax benefits, if recognized as of January 25, 2026, would impact the Company’s effective tax rate by $ 16.8 million compared to $ 16.7 million as of January 26, 2025.

The Company includes accrued interest and penalties related to uncertain tax positions in Provision for Income Taxes, with immaterial expenses included during the quarters ended January 25, 2026, and January 26, 2025.

The amount of accrued interest and penalties associated with unrecognized tax benefits was $ 2.9 million at January 25, 2026, and $ 2.6 million at January 26, 2025.

The Company’s effective tax rate was 23.6 % and 22.0 % for the quarter ended April 26, 2026, and April 27, 2025, respectively.

The Company’s effective tax rate was 23.0 % and 21.9 % for the six months ended April 26, 2026, and April 27, 2025, respectively.

The increase in the effective tax rate in fiscal 2026 was primarily due to the impact of the whole-bird turkey transaction in the quarter ended April 26, 2026.

Unrecognized tax benefits, if recognized as of April 26, 2026, would impact the Company’s effective tax rate by $ 17.4 million compared to $ 16.4 million as of April 27, 2025.

The amount of accrued interest and penalties associated with unrecognized tax benefits was $ 3.2 million at April 26, 2026, and $ 2.8 million at April 27, 2025.

Tax Examinations:

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The Company is in various stages of audit by several state taxing authorities on a variety of fiscal years, as far back as 2019.

While it is reasonably possible that one or more of these audits may be completed within the next 12 months and the related unrecognized tax benefits may change based on the status of the examinations, as of January 25, 2026, it was not possible to reasonably estimate the effect of any amount of such change to previously recorded uncertain tax positions.

While it is reasonably possible that one or more of these audits may be completed within the next 12 months and the related unrecognized tax benefits may change based on the status of the examinations, as of April 26, 2026, it was not possible to reasonably estimate the effect of any amount of such change to previously recorded uncertain tax positions.

The Company is subject to various examinations by foreign tax authorities.

With limited exceptions, the Company is no longer subject to foreign tax examinations for fiscal years prior to 2018.

See Note K - Commitments and Contingencies for additional information.

See Note M - Commitments and Contingencies for additional information.

Tax Legislation:

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OBBBA includes income tax provisions such as a permanent extension of certain provisions of the Tax Cuts and Jobs Act, elective deductions for domestic research and development, reinstatement of 100% first-year bonus depreciation, and modifications to the international tax framework.

The Company assessed the provisions of OBBBA and determined the changes were not material to the Company's tax provision, and does not expect a material impact on the Company's consolidated financial statements in future reporting periods.

The Company assessed the provisions of OBBBA and determined the changes were not material to the Company's

tax provision, and does not expect the provisions to have a material impact on the Company's consolidated financial statements in future reporting periods.

The Organization for Economic Cooperation and Development published a framework for Pillar Two of the Global Anti-Base Erosion Rules, which is designed to coordinate participating jurisdictions in updating the international tax system to ensure that large multinational companies pay a minimum tax of 15%.

Many countries have enacted, or begun the process of enacting, laws based on the Pillar Two framework.

The Company considered the applicable tax laws in relevant jurisdictions and concluded the impact of Pillar Two was not material to the Company's tax provision for the quarter ended January 25, 2026.

The Company considered the applicable tax laws in relevant jurisdictions and concluded the impact of Pillar Two was not material to the Company's tax provision for the six months ended April 26, 2026.

The Company will continue to evaluate the impact of such legislative changes but does not expect the new tax laws to have a material impact on the Company’s consolidated financial statements in future reporting periods.

NOTE N - EARNINGS PER SHARE DATA

NOTE P - EARNINGS PER SHARE DATA

The reported net earnings attributable to the Company were used when computing basic and diluted earnings per share.

1 unchanged sentence

The shares used as the denominator for those computations are as follows:

Quarter Ended

January 25, 2026 January 26, 2025

Quarter Ended Six Months Ended

April 26, 2026 April 27, 2025 April 26, 2026 April 27, 2025

Basic Weighted-average Shares Outstanding

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Antidilutive Potential Common Shares 18,123 22,394 17,928 21,086

NOTE O - SEGMENT REPORTING

NOTE Q - SEGMENT REPORTING

Segment Results:

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The Retail segment consists primarily of the processing, marketing, and sale of food products sold predominantly in retail channels, including grocery stores, mass merchandisers, club stores, natural food chains, drug, dollar and discount chains, and e-commerce providers in the U.S.

This segment also includes the results from the Company’s MegaMex Foods joint venture.

This segment also includes the results from the Company’s equity method investments in MegaMex Foods, LLC and Joy Topco, L.P.

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.

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Intersegment sales are eliminated in consolidation and are not reviewed when evaluating segment performance.

Segment profit also excludes unallocated general corporate expenses, deferred compensation, non-recurring expenses associated with the Transform and

Modernize initiative, corporate restructuring plan costs, and interest and other income and expense.

Segment profit also excludes unallocated general corporate expenses, deferred compensation, non-recurring expenses associated with the Transform and Modernize initiative, corporate restructuring plan costs, and interest and other income and expense.

Equity in Earnings of Affiliates is included in segment profit;

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The Company does not represent that these segments, if operated independently, would report the profit and other financial information shown.

Quarter Ended January 25, 2026

Quarter Ended April 26, 2026

In thousands Retail Foodservice International Total

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Earnings Before Income Taxes $ 206,063

Quarter Ended January 26, 2025

Quarter Ended April 27, 2025

In thousands Retail Foodservice International Total

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Earnings Before Income Taxes $ 230,489

Six Months Ended April 26, 2026

In thousands Retail Foodservice International Total

Net Sales $ 3,637,471 $ 1,994,937 $ 367,509

Cost of Products Sold 3,133,547 1,586,448 289,789

Selling, General, and Administrative 272,210 96,164 46,031

Equity in Earnings of Affiliates 20,116 — 13,229

Noncontrolling Interest (Earnings) Loss — — 127

Segment Profit $ 251,829 $ 312,325 $ 45,046 $ 609,200

Net Unallocated Expense 168,698

Noncontrolling Interest Earnings (Loss) ( 127 )

Earnings Before Income Taxes $ 440,375

Six Months Ended April 27, 2025

In thousands Retail Foodservice International Total

Net Sales $ 3,673,968 $ 1,866,627 $ 347,028

Cost of Products Sold 3,159,346 1,491,753 273,189

Selling, General, and Administrative 276,116 95,414 48,337

Equity in Earnings of Affiliates 17,776 — 13,429

Noncontrolling Interest (Earnings) Loss — — 320

Segment Profit $ 256,281 $ 279,459 $ 39,252 $ 574,992

Net Unallocated Expense 126,111

Noncontrolling Interest Earnings (Loss) ( 320 )

Earnings Before Income Taxes $ 448,561

The Company’s CODM reviews assets and capital expenditures at a consolidated level and does not use assets by segment to evaluate performance or allocate resources.

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Depreciation and amortization expense is included in the measure of segment profit and disclosed below.

In thousands Quarter Ended

January 25, 2026 January 26, 2025

In thousands Quarter Ended Six Months Ended

April 26, 2026 April 27, 2025 April 26, 2026 April 27, 2025

Depreciation and Amortization

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Total revenue contributed by classes of similar products are:

Quarter Ended

In thousands January 25, 2026 January 26, 2025

Quarter Ended Six Months Ended

In thousands April 26, 2026 April 27, 2025 April 26, 2026 April 27, 2025

Perishable $ 2,218,854 $ 2,076,241 $ 4,457,184 $ 4,228,063

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Shelf-stable includes canned luncheon meats, nut butters, snack nuts, chili, shelf-stable microwaveable meals, hash, stews, tortillas, salsas, tortilla chips, and other items that do not require refrigeration.

NOTE P - RESTRUCTURING

NOTE R - RESTRUCTURING

The Company is undertaking 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.

3 unchanged sentences

Of the estimated charges, the Company expects that approximately $ 9.0 million will be cash expenditures during fiscal 2026.

The Company recognized $ 8.5 million of costs associated with restructuring activities during the first quarter of fiscal 2026.

There were no restructuring costs recognized during the first quarter of fiscal 2025.

The Company recognized $ 0.1 million and $ 8.5 million of costs associated with restructuring activities during the second quarter and first six months of fiscal 2026.

There were no restructuring costs recognized during the second quarter and first six months of fiscal 2025.

All costs are unallocated corporate expenses which are not included in any of the reportable segments' measure of segment profit.

A summary of these costs by type is as follows:

In thousands Location on Consolidated Statements of Operations Quarter Ended January 25, 2026

In thousands Location on Consolidated Statements of Operations Quarter Ended April 26, 2026

Six Months Ended April 26, 2026

Total Plan Costs

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Costs Paid or Otherwise Settled ( 6,639 ) ( 1,359 ) ( 1,006 ) ( 9,004 )

Liability Balances at January 25, 2026

Liability Balances at April 26, 2026

$ 87 $ 27 $ 7 $ 121

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements