Every material Form 8-K Hormel Foods has filed with the SEC since May 28, 2025, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Hormel Foods disclosed that John F. Ghingo's employment agreement, which was tied to his role as President and was set to expire December 31, 2026, terminated October 26, 2026 under an October 23, 2026 letter agreement, as he took on the additional role of Chief Executive Officer. The filing says Ghingo now has no specified term as President and CEO, which is a governance detail rather than a change in operations or financial results.
John F. Ghingo began serving as President and Chief Executive Officer effective October 26, 2026, and continues on the Board of Directors.
His prior Employment Agreement, scheduled to expire December 31, 2026, terminated as of October 26, 2026.
The Letter Agreement was entered into October 23, 2026; the filing states he has no specified term as President and CEO.
The full Letter Agreement is expected to be filed as an exhibit to the Form 10-K for the fiscal year ended October 25, 2026.
Hormel Foods director Sally J. Smith notified the company on October 21, 2026, that she will retire from its Board of Directors. She will not stand for re-election at the 2027 Annual Meeting of Stockholders, and the filing says the decision was not due to any disagreement with the company.
Notice given October 21, 2026, by director Sally J. Smith
Retirement takes effect when her current term expires at the 2027 Annual Meeting of Stockholders
Filing states the decision was not due to any disagreement with the company
Hormel Foods agreed on September 29, 2026 to acquire all outstanding membership interests of Brakebush Brothers, LLC, a value-added chicken company, for a base price of $1.055 billion in cash, subject to customary adjustments. The deal is expected to close in the first quarter of Hormel's fiscal 2027, subject to antitrust waiting periods and other closing conditions, and the company expects it to be accretive to adjusted earnings per share beginning in fiscal 2028.
Base purchase price of $1.055 billion in cash, subject to customary adjustments
Brakebush generated approximately $1.2 billion in net sales over the last 12 months, per the press release
Expected closing in the first quarter of fiscal 2027; either party may terminate if not completed by March 29, 2027, with a possible three-month extension
Company plans to finance the deal with a combination of cash on hand and long-term debt and expects run-rate cost synergies of about $20 million by the end of fiscal 2028
Hormel reported third-quarter fiscal 2026 net sales of $2.96 billion, down 2.4% from a year earlier, and GAAP diluted EPS of $0.11 versus $0.33, while adjusted diluted EPS rose to $0.37 from $0.35. The company raised its low end of adjusted EPS guidance to $1.45 to $1.51 but cut its GAAP EPS and net sales guidance, reflecting charges tied to the Brazil divestiture, an Indonesia impairment and a litigation settlement.
Net sales were $2.96 billion, down 2.4% from $3.03 billion; organic net sales fell 2%.
GAAP diluted EPS was $0.11 versus $0.33; adjusted diluted EPS was $0.37 versus $0.35.
Fiscal 2026 adjusted EPS guidance was raised to $1.45 to $1.51 from $1.43 to $1.51; GAAP EPS guidance was cut to $1.06 to $1.12 from $1.28 to $1.37.
Discrete pre-tax items included a $56 million loss on the Brazil divestiture, a $48 million non-cash impairment in Indonesia and a $38 million litigation settlement.
Hormel Foods appointed Ash Bhumbla as Executive Vice President and Chief Financial Officer, effective September 8, 2026, ending Paul R. Kuehneman's service as interim CFO on that date. Mr. Bhumbla most recently served as Senior Vice President and CFO, Chicken segment, at Tyson Foods, and the filing sets out a base salary of $700,000 and sign-on awards for shareholders to weigh in the company's disclosed pay package.
Ash Bhumbla becomes Executive Vice President and Chief Financial Officer effective September 8, 2026
Paul R. Kuehneman's interim CFO role ends; he remains Vice President and Controller and Principal Accounting Officer
Bhumbla's offer includes a $700,000 base salary and an annual long-term incentive target of $2.1 million
Sign-on package includes a $700,000 cash award and restricted stock units with a $1.2 million grant date value
Hormel's board appointed John F. Ghingo, the company's current President and a board member, as President and Chief Executive Officer, effective October 26, 2026. Interim CEO Jeffrey M. Ettinger's service ends October 25, 2026, and he will remain on the board. The filing also sets Ghingo's new base salary at $1.28 million and a long-term incentive target of $6.8 million, which shareholders may watch as the company's leadership transition takes effect.
John F. Ghingo, age 53, appointed President and CEO effective October 26, 2026; he will also remain a board member.
Jeffrey M. Ettinger's interim CEO service concludes October 25, 2026; he will continue as a board member.
Ghingo's initial annual base salary is $1.28 million, with a short-term incentive target of 150% of base salary.
Long-term incentive target of $6.8 million per year, with about 50% in performance-based cash, 25% in stock options and 25% in restricted stock units.
Hormel Foods entered into an international assignment letter with Swen Neufeldt, its Group Vice President, International, who will move to a Singapore subsidiary while keeping his current role. The filing details his compensation and relocation benefits, which the company says are designed to minimize the financial impact of the move.
Assignment to Hormel Foods Asia Pacific Pte. Ltd. in Singapore begins on or around July 27, 2026, with no fixed end date
Base salary of $526,400 per year plus a cost-of-living adjustment of $56,103 per year, with a Company-paid housing allowance of $90,566 per year
Special relocation payment of $20,000 and household goods shipment allowance of up to $25,000; repayment applies if he resigns or is terminated for cause before the three-year anniversary
Hormel reported fiscal second-quarter 2026 net sales of $2.97 billion, up 2.5% from a year earlier, but GAAP operating income fell to $217 million from $248 million and GAAP diluted EPS was $0.29 versus $0.33. The company lowered its fiscal 2026 GAAP diluted EPS guidance to $1.28 to $1.37 from $1.37 to $1.46, reflecting the $61 million loss on the whole-bird turkey sale, while reaffirming adjusted diluted EPS guidance of $1.43 to $1.51.
Q2 net sales $2.97 billion, up 2.5%; organic net sales up 3%
Q2 GAAP diluted EPS $0.29 vs $0.33 a year earlier; adjusted diluted EPS $0.40 vs $0.35
Fiscal 2026 GAAP diluted EPS guidance cut to $1.28 to $1.37 from $1.37 to $1.46; adjusted EPS guidance reaffirmed at $1.43 to $1.51
Loss on the whole-bird turkey business sale, including transaction costs, was $61 million in the quarter
Hormel Foods reported first-quarter fiscal 2026 results for the period ended January 25, 2026, with net sales up 1.3% to $3.03 billion and GAAP diluted EPS of $0.33, up from $0.31. Adjusted diluted EPS fell to $0.34 from $0.35, and Retail segment profit dropped 19%. The company raised its GAAP diluted EPS guidance to $1.37 to $1.46 but reaffirmed its adjusted guidance of $1.43 to $1.51.
Net sales of $3.03 billion, up 1.3%; organic net sales up 2%
GAAP diluted EPS of $0.33 vs. $0.31 a year earlier; adjusted diluted EPS of $0.34 vs. $0.35
Retail segment profit down 19%; Foodservice segment profit up 12.8%; International up 9.9%
Fiscal 2026 GAAP diluted EPS guidance raised to $1.37 to $1.46 from $1.29 to $1.39; adjusted guidance of $1.43 to $1.51 reaffirmed
Hormel Foods reported preliminary first-quarter fiscal 2026 results, expecting net sales of about $3 billion, 2% organic net sales growth and diluted EPS of $0.33 (adjusted $0.34). The company reaffirmed its fiscal 2026 organic net sales and adjusted EPS guidance and agreed to sell its whole-bird turkey business to Life-Science Innovations, which it expects to close by the end of its second fiscal quarter. The company estimates minimal impact from the sale on fiscal 2026 net sales and adjusted EPS guidance.
Preliminary Q1 fiscal 2026 net sales of about $3 billion, with 2% organic net sales growth; the company says this is its fifth consecutive quarter of year-over-year organic growth
Preliminary Q1 diluted EPS of $0.33 and adjusted diluted EPS of $0.34
Fiscal 2026 organic net sales and adjusted diluted EPS guidance reaffirmed
Definitive agreement to sell whole-bird turkey business to Life-Science Innovations; expected to close by end of fiscal Q2 2026, with financial terms not disclosed
At its January 27, 2026 annual meeting, Hormel Foods stockholders approved a 2026 Equity and Incentive Compensation Plan that adds 18,000,000 new shares, and they re-elected all twelve director nominees. The board also adopted an Executive Severance Plan effective January 31, 2026, which sets severance terms for selected officers, and the new equity plan will dilute existing holders as awards are granted.
Stockholders approved the 2026 Plan with 404,954,106 votes for (87.2%) and 58,599,558 against (12.6%)
The plan adds 18,000,000 new shares; 21,951,785 shares were available for awards as of January 27, 2026
All twelve director nominees were elected to serve until the 2027 annual meeting
The Executive Severance Plan sets the CEO severance factor at 2.0 and other participants at 1.0
Hormel Foods reported fourth-quarter fiscal 2025 net sales of $3.2 billion, up 1.5%, but a $234 million non-cash impairment charge pushed operating income down to $2 million and produced a diluted loss of $0.10 per share. The company also guided fiscal 2026 adjusted diluted earnings per share to $1.43 to $1.51, up 4% to 10%, which signals an expected profit recovery for shareholders.
Q4 net sales were $3.2 billion, up 1.5%; operating income was $2 million versus $294 million a year earlier.
Q4 diluted loss per share was $0.10, compared with diluted earnings of $0.40 a year earlier; adjusted diluted EPS was $0.32 versus $0.42.
Fiscal 2026 outlook calls for net sales of $12.2 billion to $12.5 billion and adjusted diluted EPS of $1.43 to $1.51.
Quarterly dividend was increased 1% to an annualized rate of $1.17 per share, which the company described as its 60th consecutive year of dividend increases.
Hormel Foods announced a corporate restructuring that includes a voluntary early retirement program, closing open roles, and involuntary reductions, eliminating about 250 corporate and sales roles, with most departures by December 31, 2025. The company expects restructuring charges of $20 million to $25 million, mostly in the fourth quarter of fiscal 2025 and first quarter of fiscal 2026, with about $8 million to $10 million in future cash expenditures over the next 12 months.
About 250 corporate and sales roles to be eliminated, with most departures by December 31, 2025
Restructuring charges expected to be $20 million to $25 million, mostly one-time pension, severance, stock compensation and benefit costs
About $8 million to $10 million of the charges expected to be future cash expenditures over the next 12 months
Company says actual amounts may differ materially and additional charges could arise if the program expands
Hormel Foods expects fourth-quarter adjusted earnings per share about $0.08 to $0.09 below its prior expectations, and it is not reaffirming its GAAP EPS guidance range pending year-end closing, with non-cash impairment charges expected mainly in its International segment and snack nuts business. Net sales growth is expected toward the top end of its guidance range. Chief Financial Officer Jacinth Smiley is leaving, and Paul Kuehneman was named interim CFO and controller effective October 27, 2025.
Adjusted EPS expected about $0.08 to $0.09 below prior expectations for the fiscal fourth quarter ended October 26, 2025.
GAAP EPS guidance range not reaffirmed; non-cash impairment charges expected, primarily in International and snack nuts.
Net sales growth expected toward the top end of the previously issued guidance range.
Jacinth Smiley no longer CFO effective October 26, 2025, and remains employed until November 30, 2025; a Little Rock peanut butter plant fire is being repaired, with full production expected early in fiscal 2026.
Hormel Foods reported third-quarter fiscal 2025 results, with net sales up 4.6% to $3.03 billion while adjusted diluted EPS fell to $0.35 from $0.37 a year earlier. Management said commodity input costs were the largest contributor to the earnings shortfall and expects profit recovery to lag into next year, which matters to shareholders because profit is under pressure even as sales grow.
Net sales were $3.03 billion, up 4.6%; GAAP diluted EPS was $0.33 versus $0.32, and adjusted diluted EPS was $0.35 versus $0.37.
Operating income was $240 million, and adjusted operating income was $254 million, compared with $267 million a year earlier.
Fourth-quarter outlook calls for net sales of $3.15 billion to $3.25 billion and adjusted diluted EPS of $0.38 to $0.40.
Interim CEO Jeff Ettinger said the company fell short of its expectations and is taking targeted pricing actions to address commodity inflation.
Hormel Foods appointed director Jeffrey Ettinger as interim chief executive officer and John Ghingo as president, both effective July 14, 2025, while CEO James Snee retires at the end of fiscal 2025. The changes set up a leadership transition, with Ettinger's interim term running to October 25, 2026, and Ghingo joining the board.
Jeffrey M. Ettinger, age 66, becomes interim CEO effective July 14, 2025; his employment agreement runs through October 25, 2026, with a $1,200,000 annual base salary.
John F. Ghingo, age 52, becomes President and joins the board effective July 14, 2025, with a $730,000 initial annual base salary and a $3,200,000 annual long-term incentive target.
James P. Snee steps down from the board when the appointments take effect, serves as a special advisor until October 26, 2025, and his employment ends that day.
The Hormel Foundation, which holds approximately 46% of the company's common stock, is led by Ettinger as chairman through July 14, 2025, when he steps down from that role.
Hormel Foods reported second-quarter fiscal 2025 results for the quarter ended April 27, 2025, with net sales of $2.90 billion, up 0.4% from a year earlier, while diluted earnings per share were $0.33 compared with $0.34. The company narrowed its fiscal 2025 outlook, lowering the top of its diluted EPS range to $1.59 from $1.63 and raising the bottom of its net sales range to $12.0 billion from $11.9 billion, so shareholders face a narrower profit expectation with a lower ceiling.
Net sales of $2.90 billion, up 0.4%; organic net sales up 1%
Operating income of $248 million vs. $252 million a year earlier; adjusted operating income of $265 million vs. $276 million
Diluted EPS of $0.33 vs. $0.34; adjusted diluted EPS of $0.35 vs. $0.38
Fiscal 2025 diluted EPS range narrowed to $1.49 to $1.59 from $1.49 to $1.63; net sales range set at $12.0 to $12.2 billion from $11.9 to $12.2 billion
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