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Item 1. Financial Statements

2026-08-27 compared with 2026-05-28 · 228 added, 186 removed, 737 unchanged (36% of the section changed)

2 unchanged sentences

CONSOLIDATED STATEMENTS OF OPERATIONS

Quarter Ended Six Months Ended

Quarter Ended Nine Months Ended

In thousands, except per share amounts

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

July 26, 2026 July 27, 2025 July 26, 2026 July 27, 2025

Net Sales $ 2,961,333 $ 3,032,876 $ 8,961,250 $ 8,920,499

21 unchanged sentences

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Quarter Ended Six Months Ended

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

Quarter Ended Nine Months Ended

July 26, 2026 July 27, 2025 July 26, 2026 July 27, 2025

Net Earnings $ 59,519 $ 183,696 $ 398,666 $ 533,968

16 unchanged sentences

In thousands, except share and per share amounts

April 26, 2026 October 26, 2025

July 26, 2026 October 26, 2025

Cash and Cash Equivalents $ 839,639 $ 670,679

5 unchanged sentences

Prepaid Expenses and Other Current Assets 53,420 44,010

Assets Held for Sale 10,659 —

Total Current Assets 3,526,238 3,405,656

14 unchanged sentences

Current Maturities of Long-term Debt 505,634 6,646

Liabilities Held for Sale 27,483 —

Total Current Liabilities 1,873,991 1,380,796

22 unchanged sentences

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ INVESTMENT

Quarter Ended April 27, 2025

Quarter Ended July 27, 2025

Hormel Foods Corporation Shareholders

4 unchanged sentences

Shares Amount Shares Amount

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

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

Net Earnings (Loss)

8 unchanged sentences

342 ( 159,817 ) ( 159,475 )

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

Balance at July 27, 2025 549,998 $ 8,057 — $ — $ 617,598 $ 7,732,618 $ ( 275,006 ) $ 9,824 $ 8,093,092

Quarter Ended July 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

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

Net Earnings (Loss)

2 unchanged sentences

( 8,916 ) ( 480 ) ( 9,396 )

Contribution from Noncontrolling Interest

Stock-based Compensation Expense

4 unchanged sentences

365 ( 161,329 ) ( 160,964 )

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

Balance at July 26, 2026 550,343 $ 8,063 — $ — $ 640,472 $ 7,431,817 $ ( 236,907 ) $ 16,210 $ 7,859,654

See accompanying Notes to the Consolidated Financial Statements

1 unchanged sentence

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ INVESTMENT

Six Months Ended April 27, 2025

Nine Months Ended July 27, 2025

Hormel Foods Corporation Shareholders

17 unchanged sentences

996 ( 479,252 ) ( 478,257 )

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

Balance at July 27, 2025 549,998 $ 8,057 — $ — $ 617,598 $ 7,732,618 $ ( 275,006 ) $ 9,824 $ 8,093,092

Nine Months Ended July 26, 2026

Hormel Foods Corporation Shareholders

13 unchanged sentences

Other Comprehensive Income (Loss) 6,739 ( 441 ) 6,298

Contribution from Noncontrolling Interest 2,189 2,189

Stock-based Compensation Expense 65 1 21,292 21,293

3 unchanged sentences

857 ( 483,720 ) ( 482,863 )

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

Balance at July 26, 2026 550,343 $ 8,063 — $ — $ 640,472 $ 7,431,817 $ ( 236,907 ) $ 16,210 $ 7,859,654

See accompanying Notes to the Consolidated Financial Statements

1 unchanged sentence

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended

April 26, 2026 April 27, 2025

Nine Months Ended

July 26, 2026 July 27, 2025

Operating Activities

8 unchanged sentences

Operating Lease Cost 32,558 30,473

Loss (Gain) on Sale of Business 36,706 10,800

Loss (Gain) on Divestitures 94,085 10,800

Other Non-cash, Net ( 33 ) 552

19 unchanged sentences

Proceeds from Stock-based Compensation Plans, Net of Withholding Taxes ( 1,744 ) 24,057

Proceeds from Noncontrolling Interest 135 —

Net Cash Provided by (Used in) Financing Activities ( 488,435 ) ( 455,884 )

Effect of Exchange Rate Changes on Cash 5,368 ( 4,161 )

Increase (Decrease) in Cash and Cash Equivalents 156,072 ( 72,193 )

Cash and Cash Equivalents at Beginning of Year 670,679 741,881

Increase (Decrease) in Cash, Cash Equivalents, and Cash Held for Sale 173,417 ( 142,692 )

Cash, Cash Equivalents, and Cash Held for Sale at Beginning of Year 670,679 741,881

Cash, Cash Equivalents, and Cash Held for Sale at End of Period 844,095 599,189

Cash Held for Sale 4,457 —

Cash and Cash Equivalents at End of Period $ 839,639 $ 599,189

25 unchanged sentences

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.

Assets Held for Sale:

The Company classifies assets as held for sale when all held for sale criteria have been met per U.S.

The Company presents held for sale assets and liabilities of disposal groups separately on the Company's Consolidated Statements of Financial Position.

Depreciation and amortization cease to be recorded for disposal groups classified as held for sale.

The net assets of the disposal group held for sale are recorded at the lower of carrying value or fair value, less expected costs to sell, with any loss recorded in the period in which held for sale criteria are met.

The Company assesses subsequent changes in the fair value, less expected costs to sell, of a disposal group each period it remains classified as held for sale and recognizes the change as an adjustment to the carrying value of the disposal group, with any subsequent gains limited to the cumulative impairment losses previously recognized.

The Company recognizes valuation losses and subsequent gains on held for sale disposal groups in Selling, General, and Administrative on the Consolidated Statements of Operations and presents the non-cash adjustments in Loss (Gain) on Divestitures in the Consolidated Condensed Statements of Cash Flows.

See additional discussion regarding the Company's assets held for sale in Note B - Acquisitions and Divestitures.

Accounting Changes and Recent Accounting Pronouncements:

20 unchanged sentences

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.

13 unchanged sentences

NOTE B - ACQUISITIONS AND DIVESTITURES

Assets and Liabilities Held for Sale:

Brazil Transaction:

During the third quarter of fiscal year 2026, the Company entered into a definitive agreement for the sale of its operations in Brazil, operated under the Ceratti ® brand, to Zanchetta Alimentos LTDA.

Accordingly, the assets and liabilities associated with the Brazil business were classified as held for sale as of July 26, 2026.

The Company recognized a non-cash, pre-tax valuation loss of $ 56.1 million to value the disposal group at its fair value less costs to sell, which includes the impact of accumulated foreign currency translation losses that will be recognized in earnings upon sale.

The valuation loss reduced the value of Assets Held for Sale and was recorded in Selling, General, and Administrative.

The components of Assets Held for Sale and Liabilities Held for Sale are as follows:

In thousands July 26, 2026

Cash and Cash Equivalents $ 4,457

Accounts and Other Receivables, Net 13,269

Inventories 6,898

Taxes Receivable 742

Prepaid Expenses and Other Current Assets 6,422

Goodwill 4,470

Intangible Assets 9,804

Other Assets 11,562

Property, Plant, and Equipment, Net 9,183

Gross Assets Held for Sale 66,807

Reserve for Assets Held for Sale ( 56,149 )

Assets Held for Sale $ 10,659

Accounts Payable $ 6,414

Accrued Expenses 3,661

Employee-related Expenses 2,734

Taxes Payable 988

Pension and Postretirement Benefits 1,378

Deferred Income Taxes 3,363

Other Long-term Liabilities 8,944

Liabilities Held for Sale $ 27,483

The Brazil divestiture was finalized on July 31, 2026, subsequent to the end of the third quarter.

The Company received cash proceeds of $ 22.1 million from the sale, and expects the reserve for assets held for sale recognized as of July 26, 2026 to materially represent the loss on the sale.

Results of operations for the Brazil business were reflected in the International segment.

Divestitures:

Whole-bird Turkey Transaction:

1 unchanged sentence

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 divestiture resulted in a pre-tax loss of $ 60.8 million, including transaction costs, which was recognized in Selling, General, and Administrative.

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

4 unchanged sentences

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 expected to be settled in fiscal 2026.

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 $ 75.8 million.

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

13 unchanged sentences

NOTE C - GOODWILL AND INTANGIBLE ASSETS

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

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

In thousands Retail Foodservice International Total

3 unchanged sentences

( 53,086 ) ( 1,330 ) — ( 54,416 )

Goodwill Reclassified to Assets Held for Sale (2)

— — ( 4,470 ) ( 4,470 )

Foreign Currency Translation — — 2,563 2,563

Balance at April 26, 2026

Balance at July 26, 2026

$ 2,863,709 $ 1,747,025 $ 257,028 $ 4,867,763

1 unchanged sentence

See Note B - Acquisitions and Divestitures for additional information.

(2) Goodwill reclassified to assets held for sale in the third quarter of fiscal 2026 relates to the Brazil divestiture.

See Note B - Acquisitions and Divestitures for additional information.

Intangible Assets:

The Company's intangible assets by type are:

April 26, 2026 October 26, 2025

July 26, 2026 October 26, 2025

In thousands Gross

15 unchanged sentences

Total Intangible Assets $ 1,572,850 $ 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 in the first quarter of fiscal 2026.

(1) In the third quarter of fiscal 2026, an indefinite-lived trade name associated with the Brazil divestiture was reclassified to assets held for sale ($ 9.7 million).

Due to the sale of the Company's controlling equity interest in Justin's, LLC in the first quarter of fiscal 2026, the related indefinite‑lived trade name was derecognized ($ 54.3 million).

See Note B - Acquisitions and Divestitures for additional information.

Amortization expense on intangible assets is as follows:

Quarter Ended Six Months Ended

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

Quarter Ended Nine Months Ended

In thousands July 26, 2026 July 27, 2025 July 26, 2026 July 27, 2025

Amortization Expense $ 3,020 $ 3,797 $ 9,103 $ 11,215

3 unchanged sentences

NOTE D - INVESTMENTS IN AFFILIATES

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

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

Segment Ownership Percentage

12 unchanged sentences

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 Q - 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 O - 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 Six Months Ended

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

In thousands Quarter Ended Nine Months Ended

July 26, 2026 July 27, 2025 July 26, 2026 July 27, 2025

Distributions $ 12,199 $ 12,703 $ 31,500 $ 38,847

Basis Difference:

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

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

Initial Basis Difference Unamortized Basis Difference

2 unchanged sentences

MegaMex Foods, LLC 21,273 6,971

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

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.

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

The fair value of the common stock held in Garudafood was $ 183.6 million as of July 24, 2026, based on the closing market price on the Indonesia Stock Exchange 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.

Impairment Charges:

In connection with the preparation of the Company's consolidated financial statements, the Company initiated an impairment review of its investment in Garudafood in the third quarter of fiscal 2026.

While the investment has continued to provide positive equity in earnings and the Company continues to consider Garudafood a long-term strategic partner, the severity and duration of the excess carrying value compared to its fair value, driven primarily by continued declines in Garudafood's quoted market price, indicated that the decline in value was no longer believed to be temporary.

As a result, the Company recorded a $ 48.2 million impairment charge to reduce the carrying amount of the investment to its estimated fair value.

Fair value was determined based on Garudafood's unadjusted quoted market price, a Level 1 input.

The impairment charge is reflected in Equity in Earnings of Affiliates within the International segment.

The remaining carrying value of the Garudafood investment is $ 183.6 million.

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 $ 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

The amounts due to equity method investees were $ 37.0 million and $ 38.8 million as of July 26, 2026, and October 26, 2025, respectively.

The amounts due from equity method investees were $ 8.7 million and $ 11.9 million as of July 26, 2026, and October 26, 2025, respectively.

NOTE E - BALANCE SHEET INFORMATION

Additional information related to the Consolidated Statements of Financial Position is as follows:

In thousands July 26, 2026 October 26, 2025

Accounts and Other Receivables, Net

Trade Accounts (1)

2 unchanged sentences

Total Receivables 737,302 817,731

763,892 817,731

Allowance for Credit Losses ( 3,842 ) ( 3,743 )

Accounts and Other Receivables, Net $ 733,460 $ 813,989

$ 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:

April 26, 2026 October 26, 2025

In thousands July 26, 2026 October 26, 2025

Finished Products $ 1,056,902 $ 1,055,472

4 unchanged sentences

$ 1,801,567 $ 1,747,279

NOTE H - PROPERTY, PLANT, AND EQUIPMENT

Property, plant, and equipment consists of the following:

April 26, 2026 October 26, 2025

Property, Plant, and Equipment, Net

$ 75,321 $ 74,710

4 unchanged sentences

Allowance for Depreciation ( 2,702,589 ) ( 2,674,359 )

( 2,677,603 ) ( 2,674,359 )

Property, Plant, and Equipment, Net

$ 2,163,025 $ 2,238,770

NOTE I - DERIVATIVES AND HEDGING

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

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

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

Assets held for sale are excluded from the information above.

See Note B - Acquisitions and Divestitures for additional detail.

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 July 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 received a $ 40.0 million secured promissory note 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 total carrying value of the note, including accrued interest, was $ 40.6 million as of July 26, 2026.

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

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

NOTE G - DERIVATIVES AND HEDGING

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

1 unchanged sentence

Cash Flow Commodity Hedges:

The Company uses futures, swaps, and options contracts to offset price fluctuations in the Company’s future purchases of grain, lean hogs, natural gas, and diesel fuel.

The Company uses futures, swaps, and options contracts to offset price fluctuations in the Company’s future purchases of grain, lean hogs, natural gas, diesel fuel, and aluminum.

These contracts are designated as cash flow hedges;

therefore, the related gains or losses are reported in Accumulated Other Comprehensive Loss (AOCL) and reclassified into earnings, through Cost of Products Sold, in the periods in which the hedged transactions affect earnings.

The Company typically does not hedge its grain, natural gas, or diesel fuel exposure beyond two fiscal years and its lean hog exposure beyond one fiscal year.

The Company typically does not hedge its grain, natural gas, diesel fuel, or aluminum exposure beyond two fiscal years and its lean hog exposure beyond one fiscal year.

Fair Value Commodity Hedges:

The Company designates the futures it uses to minimize the price risk assumed when fixed forward priced contracts are offered to the Company’s lean hog and grain suppliers as fair value hedges.

The programs are

intended to make the forward priced commodities cost nearly the same as cash market purchases at the date of delivery.

The programs are intended to make the forward priced commodities cost nearly the same as cash market purchases at the date of delivery.

Changes in the fair value of the futures contracts and the offsetting gain or loss on the hedged purchase commitment are marked-to-market through earnings and recorded as a Current Asset and Current Liability, respectively.

3 unchanged sentences

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 N - 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 L - Long-term Debt and Other Borrowing Arrangements).

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

2 unchanged sentences

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 quarter and six months ended April 26, 2026, and April 27, 2025.

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

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

April 26, 2026 October 26, 2025

In millions July 26, 2026 October 26, 2025

Corn 32.1 bushels

1 unchanged sentence

Natural Gas 3.4 MMBtu

Diesel Fuel 6.9 gallons 7.5 gallons

Aluminum 3.9 pounds — pounds

Fair Value of Derivatives:

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

April 26, 2026 October 26, 2025

July 26, 2026 October 26, 2025

Gross Fair Value of Commodity Contracts

4 unchanged sentences

$ 16,887 $ — $ 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 $ 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.

(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 right to reclaim net cash collateral of $ 1.1 million (including cash payable of $ 5.8 million and $ 6.9 million of realized gain) as of July 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

April 26, 2026 October 26, 2025

July 26, 2026 October 26, 2025

Commodity Contracts

3 unchanged sentences

Accumulated Other Comprehensive Loss Impact:

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.

As of July 26, 2026, the Company included in AOCL pre-tax hedging gains of $ 15.5 million on commodity contracts and gains of $ 9.8 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.

1 unchanged sentence

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

Quarter Ended Six Months Ended

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

Quarter Ended Nine Months Ended

In thousands July 26, 2026 July 27, 2025 July 26, 2026 July 27, 2025

Commodity Contracts

6 unchanged sentences

Statements of Operations

Quarter Ended Six Months Ended

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

Quarter Ended Nine Months Ended

In thousands July 26, 2026 July 27, 2025 July 26, 2026 July 27, 2025

Commodity Contracts

3 unchanged sentences

247 247 741 741

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

See Note I - 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 Six Months Ended

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

Quarter Ended Nine Months Ended

July 26, 2026 July 27, 2025 July 26, 2026 July 27, 2025

Net Earnings Attributable to Hormel Foods Corporation $ 59,573 $ 183,742 $ 398,848 $ 534,334

12 unchanged sentences

Total Gain (Loss) Recognized in Earnings $ 3,503 $ 5,050 $ 11,778 $ 2,791

(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.

(1) Represents gains or losses on commodity contracts designated as fair value hedges that were closed during the quarter and nine months ended July 26, 2026, and July 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 J - PENSION AND OTHER POSTRETIREMENT BENEFITS

NOTE H - PENSION AND OTHER POSTRETIREMENT BENEFITS

Net periodic cost of defined benefit plans consists of:

Pension Benefits

Quarter Ended Six Months Ended

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

Quarter Ended Nine Months Ended

July 26, 2026 July 27, 2025 July 26, 2026 July 27, 2025

Service Cost $ 10,034 $ 11,973 $ 30,101 $ 35,920

8 unchanged sentences

Postretirement Benefits

Quarter Ended Six Months Ended

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

Quarter Ended Nine Months Ended

July 26, 2026 July 27, 2025 July 26, 2026 July 27, 2025

Service Cost $ 35 $ 41 $ 105 $ 124

6 unchanged sentences

$ 1,924 $ 2,475 $ 5,768 $ 7,425

NOTE K - ACCUMULATED OTHER COMPREHENSIVE LOSS

NOTE I - ACCUMULATED OTHER COMPREHENSIVE LOSS

Components of Accumulated Other Comprehensive Loss are as follows:

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Comprehensive

Balance at January 25, 2026

Balance at April 26, 2026

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

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Change Net of Tax ( 9,432 ) 1,513 ( 3,453 ) 2,456 ( 8,916 )

Balance at April 26, 2026

Balance at July 26, 2026

$ ( 119,675 ) $ ( 138,460 ) $ 19,074 $ 2,153 $ ( 236,907 )

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Change Net of Tax ( 5,245 ) 4,557 7,037 390 6,739

Balance at April 26, 2026

Balance at July 26, 2026

$ ( 119,675 ) $ ( 138,460 ) $ 19,074 $ 2,153 $ ( 236,907 )

(1) Included in computation of net periodic cost.

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

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

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

See Note I - Derivatives and Hedging for additional information.

See Note G - Derivatives and Hedging for additional information.

(3) Included in Equity in Earnings of Affiliates.

NOTE L - FAIR VALUE MEASUREMENTS

NOTE J - 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 April 26, 2026

Fair Value Measurements at July 26, 2026

Value Quoted Prices

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$ 28,807 $ 6,234 $ 22,573 $ —

Other Trading Securities

224,374 — 224,374 —

Rabbi Trust 218,927 — 218,927 —

Commodity Derivatives

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$ 32,909 $ 6,944 $ 25,965 $ —

Other Trading Securities

219,197 — 219,197 —

Rabbi Trust 219,197 — 219,197 —

Commodity Derivatives

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Short-term Marketable Securities:

The Company holds securities as part of a portfolio maintained to generate investment income and to provide cash for operations of the Company, if necessary.

The Company holds securities as part of a portfolio maintained to generate investment income.

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

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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.

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 Company maintains a rabbi trust that holds life insurance policies 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 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 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 U.S.

Internal Revenue Service (IRS) applicable federal rates.

During the quarter and nine months ended July 26, 2026, investments held by the rabbi trust generated gains of $ 3.2 million and $ 8.3 million, respectively, compared to gains of $ 9.7 million and $ 8.6 million, respectively, for the quarter and nine months ended July 27, 2025.

Deferred Compensation:

Under the Company’s deferred compensation plans, participants can defer certain types of compensation and direct their account balances into various investment alternatives.

Liabilities of the Company’s deferred compensation plans are measured at amounts due to participants, based on the fair value of participants' selected investments.

These liabilities are classified as Level 2.

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:

The Company’s commodity derivatives represent futures, swaps, and options contracts used in its hedging or other programs to offset price fluctuations associated with purchases of grain, natural gas, diesel fuel, lean hogs, and pork, and to minimize the price risk assumed when forward-priced contracts are offered to the Company’s commodity suppliers.

The Company’s futures and options contracts for corn are traded on the Chicago Board of Trade, while futures contracts for lean hogs are traded on the Chicago Mercantile Exchange.

These are active markets with quoted prices available, and these contracts are classified as Level 1.

The Company holds natural gas, diesel fuel, and pork swap contracts that are over-the-counter instruments classified as Level 2.

The value of the natural gas and diesel fuel swap contracts is calculated using quoted prices from the New York Mercantile Exchange, and the value of the pork swap contracts are calculated using a futures implied U.S.

Department of Agriculture estimated pork cut-out value.

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

The Company’s commodity derivatives consist of futures, swaps, and options contracts used to manage commodity price risk.

Exchange-traded contracts are classified as Level 1 and valued using quoted market prices.

Over-the-counter contracts are classified as Level 2 and valued using observable market-based inputs.

All derivatives are

reviewed for potential credit risk and risk of nonperformance.

See Note G - Derivatives and Hedging for additional information.

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 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.

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

See Note L - 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.

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.

During the quarter ended July 26, 2026, the Company recorded a non-cash, pre-tax valuation loss associated with its operations in Brazil which were classified as held for sale.

The Company determined the fair value of the disposal group as its fair value, less expected costs to sell, using the negotiated purchase price (Level 2) and including the impact of accumulated foreign currency translation losses that will be recognized in earnings upon sale.

See Note B - Acquisitions and Divestitures for additional information.

During the quarter ended July 26, 2026, the Company recorded a $ 48.2 million impairment charge on an equity method investment.

Fair value was determined using the unadjusted quoted market price (Level 1).

See Note D - Investments in Affiliates for additional information.

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 nine months ended July 26, 2026, and July 27, 2025.

NOTE K - COMMITMENTS AND CONTINGENCIES

During the quarter and nine months ended July 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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The plaintiffs allege, among other things, that from at least 2010 to 2017, the defendants conspired and combined to fix, raise, maintain, and stabilize the price of turkey products—including through the use of Agri Stats—in violation of federal antitrust laws.

The complaints on behalf of the classes of indirect purchasers also include causes of action under various state unfair competition laws, consumer protection laws, and unjust enrichment common laws.

The complaints on behalf of the class of indirect purchasers also include causes of action under various state unfair competition laws, consumer protection laws, and unjust enrichment common laws.

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

Since the original filing, certain direct-action plaintiffs have opted out of class treatment and are proceeding with individual direct actions making similar claims, and others may do so in the future.

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

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.

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 a settlement agreement providing for payment by the Company to the class of direct purchaser plaintiffs in the total settlement amount of $ 37.5 million, subject to court approval, which was recorded as Accrued Expenses and in Selling, General, and Administrative in the third quarter of fiscal 2026.

The Company continues to defend against claims brought by the direct-action plaintiffs and the class of indirect purchasers.

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

The Company cannot reasonably estimate any reasonably possible loss.

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Tax Proceedings:

Two current Company subsidiaries organized in Brazil, Clean Field Comércio de Produtos de Alimentícios LTDA and Omamori Indústria de Alimentos LTDA, along with a former subsidiary, Talis Distribuidora de Alimentos LTDA, which are reported in the International segment, have received tax deficiency notices from the State of São Paulo Tax Authority Office alleging underpayment of ICMS and ICMS-ST taxes, which are similar to value added taxes, for multiple tax years.

The subsidiaries have filed objections to appeal these notices, and the proceedings are in various stages of the administrative review process.

Any adverse outcomes at the administrative level are expected to be eligible for further appeal through judicial processes.

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

As further described in Note B - Acquisitions and Divestitures, during the third quarter of fiscal 2026, the Company entered into a definitive agreement for the sale of its operations in Brazil.

This transaction was finalized on July 31, 2026, subsequent to the end of the third quarter.

Included in this transaction were multiple Company subsidiaries organized in Brazil, which were reported in the International segment, and which previously received tax deficiency notices from the State of São Paulo Tax Authority Office alleging underpayment of certain taxes for multiple tax years.

Any potential liabilities relating to these assessments were transferred to the buyer in connection with the completion of the transaction.

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

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

NOTE L - LONG-TERM DEBT AND OTHER BORROWING ARRANGEMENTS

Long-term Debt consists of:

April 26, 2026 October 26, 2025

July 26, 2026 October 26, 2025

Senior Unsecured Notes with Interest at 3.050 %

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

See Note I - Derivatives and Hedging for additional information.

See Note G - Derivatives and Hedging for additional information.

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.

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Bank National Association, JPMorgan Chase Bank, N.A., and BofA Securities, Inc., as syndication agents, and the lenders party thereto.

The revolving credit agreement provides for an unsecured revolving credit facility with an aggregate principal commitment amount at any time outstanding of up to $ 750.0 million with an uncommitted increase option of an additional $ 375.0 million upon the satisfaction of certain conditions.

The revolving credit agreement provides for an unsecured revolving credit facility with an aggregate principal commitment amount at

any time outstanding of up to $ 750.0 million with an uncommitted increase option of an additional $ 375.0 million upon the satisfaction of certain conditions.

Interest on funds borrowed under the revolving credit agreement will be charged, depending on the applicable currency, at either a risk-free rate, as defined in the revolving credit agreement (with borrowings in U.S.

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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 April 26, 2026, and October 26, 2025.

The Company had no outstanding borrowings from this facility as of July 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 April 26, 2026, the Company was in compliance with all covenants.

NOTE O - INCOME TAXES

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

NOTE M - 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.

1 unchanged sentence

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

The Company’s effective tax rate was 42.3 % and 22.3 % for the quarter ended July 26, 2026, and July 27, 2025, respectively.

The Company’s effective tax rate was 26.7 % and 22.1 % for the nine months ended July 26, 2026, and July 27, 2025, respectively.

The increase in the effective tax rate in the quarter and nine months ended July 26, 2026 was primarily due to the impact of the Brazil divestiture and the non-cash impairment charge related to an equity method investment.

Unrecognized tax benefits, if recognized as of July 26, 2026, would impact the Company’s effective tax rate by $ 18.4 million compared to $ 17.5 million as of July 27, 2025.

The amount of accrued interest and penalties associated with unrecognized tax benefits was $ 3.5 million at July 26, 2026, and $ 3.2 million at July 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 April 26, 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 July 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 M - Commitments and Contingencies for additional information.

See Note K - 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 the provisions to have 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 six months ended April 26, 2026.

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 nine months ended July 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 P - EARNINGS PER SHARE DATA

NOTE N - 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 Six Months Ended

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

Quarter Ended Nine Months Ended

July 26, 2026 July 27, 2025 July 26, 2026 July 27, 2025

Basic Weighted-average Shares Outstanding

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Antidilutive Potential Common Shares 18,055 21,681 17,970 21,284

NOTE Q - SEGMENT REPORTING

NOTE O - SEGMENT REPORTING

Segment Results:

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The accounting policies of the segments are generally the same as those presented in Note A - Summary of Significant Accounting Policies in the Company’s Annual Report on Form 10-K for the fiscal year ended October 26, 2025.

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.

Intersegment sales are eliminated in consolidation and are not considered in management's assessment of segment performance.

Segment profit also excludes unallocated general corporate expenses, deferred compensation, nonrecurring expenses associated with the Transform and Modernize initiative, corporate restructuring plan costs, gains and losses on divestitures, 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 April 26, 2026

Quarter Ended July 26, 2026

In thousands Retail Foodservice International Total

8 unchanged sentences

Earnings Before Income Taxes $ 103,157

Quarter Ended April 27, 2025

Quarter Ended July 27, 2025

In thousands Retail Foodservice International Total

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Earnings Before Income Taxes $ 236,514

Six Months Ended April 26, 2026

Nine Months Ended July 26, 2026

In thousands Retail Foodservice International Total

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Earnings Before Income Taxes $ 543,531

Six Months Ended April 27, 2025

Nine Months Ended July 27, 2025

In thousands Retail Foodservice International Total

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

In thousands Quarter Ended Six Months Ended

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

In thousands Quarter Ended Nine Months Ended

July 26, 2026 July 27, 2025 July 26, 2026 July 27, 2025

Depreciation and Amortization

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Total revenue contributed by classes of similar products are:

Quarter Ended Six Months Ended

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

Quarter Ended Nine Months Ended

In thousands July 26, 2026 July 27, 2025 July 26, 2026 July 27, 2025

Perishable $ 2,188,817 $ 2,222,646 $ 6,646,000 $ 6,450,709

3 unchanged sentences

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 R - RESTRUCTURING

NOTE P - 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 $ 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.

The Company recognized nominal restructuring costs during the third quarter and $ 8.5 million during the first nine months of fiscal 2026.

There were no restructuring costs recognized during the third quarter and first nine 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 April 26, 2026

Six Months Ended April 26, 2026

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

Nine Months Ended July 26, 2026

Total Plan Costs

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Costs Paid or Otherwise Settled ( 6,617 ) ( 1,372 ) ( 1,014 ) ( 9,003 )

Liability Balances at April 26, 2026

Liability Balances at July 26, 2026

$ 82 $ 14 $ — $ 96

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