Cash Flow Statement

Operating Cash Flow

-7%

-23%

10Y

Currency: USD

	Apr-2002	Jul-2002	Oct-2002	Jan-2003	Apr-2003	Jul-2003	Oct-2003	Jan-2004	Apr-2004	Jul-2004	Oct-2004	Jan-2005	May-2005	Jul-2005	Oct-2005	Jan-2006	Apr-2006	Jul-2006	Oct-2006	Jan-2007	Apr-2007	Jul-2007	Oct-2007	Jan-2008	Apr-2008	Jul-2008	Oct-2008	Jan-2009	Apr-2009	Jul-2009	Oct-2009	Jan-2010	Apr-2010	Jul-2010	Oct-2010	Jan-2011	May-2011	Jul-2011	Oct-2011	Jan-2012	Apr-2012	Jul-2012	Oct-2012	Jan-2013	Apr-2013	Jul-2013	Oct-2013	Jan-2014	Apr-2014	Jul-2014	Oct-2014	Jan-2015	Apr-2015	Jul-2015	Oct-2015	Jan-2016	Apr-2016	Jul-2016	Oct-2016	Jan-2017	Apr-2017	Jul-2017	Oct-2017	Jan-2018	Apr-2018	Jul-2018	Oct-2018	Jan-2019	Apr-2019	Jul-2019	Oct-2019	Jan-2020	Apr-2020	Jul-2020	Oct-2020	Jan-2021	Apr-2021	Jul-2021	Oct-2021	Jan-2022	May-2022	Jul-2022	Oct-2022	Jan-2023	Apr-2023	Jul-2023	Oct-2023	Jan-2024	Apr-2024	Jul-2024	Oct-2024	Jan-2025	Apr-2025	Jul-2025	Oct-2025	Jan-2026
Operating Cash Flow
Net Income	185	190	189	186	187	183	186	191	211	232	234	246	249	244	255	259	271	278	286	292	293	291	302	315	324	319	289	283	286	312	346	376	374	382	400	438	470	483	479	459	477	489	505	507	504	506	530	554	568	593	606	624	664	672	687	750	785	834	891	891	886	873	847	915	942	970	1 013	951	996	985	979	981	926	929	908	888	888	862	909	926	960	1 002	1 000	978	934	877	793	794	766	780	805	756	747	754	478	489
Depreciation & Amortization	93	89	83	83	85	86	88	91	92	93	95	98	104	112	115	119	119	118	121	122	124	125	127	129	128	128	126	124	125	125	127	127	126	125	126	126	126	126	124	124	122	120	120	119	121	124	125	127	127	129	130	131	132	132	133	133	132	131	132	132	131	132	131	139	148	156	162	163	162	163	165	175	184	193	206	208	209	219	228	242	227	245	263	281	278	288	253	246	239	228	258	260	260	261	264	265
Change in Deffered Taxes	(13)	(16)	3	4	1	2	(5)	(7)	(3)	(6)	(11)	(22)	(18)	(13)	(24)	(15)	(13)	(17)	(27)	(25)	(27)	(25)	(7)	(12)	(12)	(17)	(10)	(6)	(6)	(0)	(0)	9	8	6	29	28	22	33	7	3	9	2	5	3	5	(2)	1	4	4	10	10	11	21	17	20	17	4	15	44	57	58	51	62	(18)	(24)	(5)	(7)	62	29	11	29	29	65	65	32	32	36	36	29	29	26	98	177	176	177	105	32	32	32	31	88	88	88	88	53	53
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	19	7	10	13	14	13	14	14	14	12	12	12	12	13	14	14	14	17	17	17	17	15	16	17	17	16	17	19	18	17	17	14	14	15	16	16	16	17	17	18	18	18	16	16	16	16	15	19	21	21	23	20	20	21	22	22	22	21	23	24	25	23	25	25	25	24	24	25	24	23	23	23	23	24	25	25	26	27
Other Non-Cash Items	(7)	(8)	(6)	(5)	(4)	(2)	(3)	(5)	(11)	(31)	(26)	(32)	(25)	(6)	0	(5)	(5)	(5)	13	(4)	(3)	(4)	(6)	(10)	(12)	(3)	32	30	27	15	(1)	(4)	5	10	(4)	(1)	(14)	(20)	(17)	(15)	(13)	(7)	3	(10)	1	18	4	18	10	(9)	(8)	(20)	(13)	8	20	10	(4)	(21)	(23)	(11)	5	4	(5)	(28)	(30)	(29)	(2)	14	(11)	(7)	(35)	(23)	17	5	11	7	(10)	(4)	2	32	56	56	67	25	5	11	95	118	132	140	49	71	67	59	294	256
Cash Taxes Paid	0	0	101	0	0	0	76	0	0	0	139	0	0	0	137	0	0	0	155	0	0	0	223	0	0	0	145	0	0	0	160	0	0	0	213	0	0	0	227	0	0	0	227	0	0	0	226	0	0	0	286	0	0	0	297	0	0	0	372	0	0	0	336	0	0	0	148	0	0	0	221	0	0	0	170	0	0	0	167	0	0	0	93	0	0	0	205	0	0	0	186	0	0	0	184	0
Cash Interest Paid	0	0	32	0	0	0	33	0	0	0	27	0	0	0	28	0	0	0	26	0	0	0	27	0	0	0	28	0	0	0	28	0	0	0	27	0	0	0	32	0	0	0	13	0	0	0	13	0	0	0	13	0	0	0	13	0	0	0	13	0	0	0	13	0	0	0	26	0	0	0	19	0	0	0	15	0	0	0	25	0	0	0	57	0	0	0	57	0	0	0	70	0	0	0	75	0
Change in Working Capital	57	47	57	16	(24)	(29)	(14)	(9)	14	(6)	(0)	53	(20)	61	108	17	53	(28)	(67)	(10)	(72)	(73)	(85)	12	(65)	(67)	(165)	(139)	(16)	(32)	87	(12)	(38)	(24)	(66)	(54)	(23)	(90)	(103)	(93)	(167)	(149)	(114)	(111)	(69)	16	(22)	108	(54)	(119)	9	(66)	114	214	131	115	39	(35)	(51)	(159)	(217)	(157)	(2)	134	161	154	77	(64)	(12)	(80)	(216)	(237)	(86)	37	(29)	11	(182)	(426)	(166)	(49)	(76)	(86)	(372)	(494)	(424)	(181)	(125)	58	107	(2)	68	(3)	(170)	(231)	(243)	(177)
Cash from Operating Activities	314 N/A	303 -4%	327 +8%	284 -13%	244 -14%	241 -2%	253 +5%	261 +3%	302 +16%	282 -7%	292 +3%	344 +18%	290 -16%	397 +37%	454 +14%	375 -17%	424 +13%	346 -18%	327 -6%	376 +15%	316 -16%	314 -1%	332 +6%	434 +31%	363 -16%	360 -1%	272 -24%	291 +7%	416 +43%	420 +1%	559 +33%	496 -11%	474 -4%	498 +5%	486 -3%	537 +11%	582 +8%	533 -8%	491 -8%	477 -3%	428 -10%	455 +6%	518 +14%	507 -2%	562 +11%	663 +18%	638 -4%	810 +27%	655 -19%	603 -8%	747 +24%	679 -9%	918 +35%	1 043 +14%	992 -5%	1 024 +3%	955 -7%	924 -3%	993 +8%	909 -8%	864 -5%	903 +4%	1 034 +15%	1 143 +11%	1 197 +5%	1 246 +4%	1 242 0%	1 125 -9%	1 164 +3%	1 071 -8%	923 -14%	924 +0%	1 106 +20%	1 228 +11%	1 128 -8%	1 145 +2%	941 -18%	688 -27%	1 002 +46%	1 180 +18%	1 218 +3%	1 327 +9%	1 135 -14%	955 -16%	970 +2%	1 101 +13%	1 048 -5%	1 248 +19%	1 276 +2%	1 177 -8%	1 267 +8%	1 172 -7%	992 -15%	931 -6%	845 -9%	885 +5%
Investing Cash Flow
Capital Expenditures	(62)	(59)	(65)	(67)	(70)	(72)	(67)	(70)	(71)	(79)	(80)	(89)	(96)	(101)	(107)	(108)	(121)	(137)	(142)	(152)	(148)	(130)	(126)	(122)	(124)	(126)	(126)	(120)	(104)	(101)	(97)	(90)	(91)	(90)	(90)	(88)	(86)	(82)	(97)	(111)	(119)	(135)	(132)	(124)	(120)	(107)	(107)	(122)	(138)	(150)	(159)	(150)	(137)	(144)	(144)	(150)	(189)	(213)	(256)	(260)	(233)	(208)	(221)	(237)	(286)	(347)	(390)	(375)	(336)	(300)	(294)	(313)	(345)	(366)	(368)	(350)	(314)	(280)	(232)	(242)	(275)	(282)	(279)	(266)	(241)	(258)	(270)	(280)	(287)	(274)	(256)	(281)	(297)	(303)	(311)	(308)
Other Items	13	17	4	(158)	(166)	(209)	(327)	(164)	(105)	(5)	(5)	(85)	(278)	(336)	(297)	(185)	(109)	(104)	(29)	(114)	(39)	(22)	(135)	(115)	(93)	(132)	(28)	10	(21)	10	12	13	(99)	(105)	(169)	(171)	(58)	(80)	(74)	(70)	(71)	(36)	26	112	(567)	(582)	(584)	(706)	(33)	(31)	(458)	(400)	(406)	(1 175)	(757)	(769)	(758)	(169)	(153)	(22)	(27)	151	(366)	(1 361)	(1 352)	(1 360)	(846)	44	512	515	514	474	(283)	(274)	(289)	(285)	(6)	(3 401)	(3 393)	(3 394)	(3 389)	15	21	(394)	(402)	(417)	(419)	(6)	(4)	(4)	20	32	34	38	12	77
Cash from Investing Activities	(49) N/A	(42) +14%	(61) -44%	(225) -271%	(236) -5%	(281) -19%	(394) -40%	(234) +41%	(176) +25%	(84) +53%	(85) -1%	(174) -105%	(374) -115%	(437) -17%	(404) +8%	(293) +28%	(230) +21%	(240) -4%	(171) +29%	(265) -56%	(187) +30%	(153) +18%	(261) -71%	(237) +9%	(217) +9%	(258) -19%	(154) +40%	(109) +29%	(125) -14%	(90) +28%	(85) +6%	(77) +10%	(190) -148%	(195) -2%	(259) -33%	(258) +0%	(144) +44%	(162) -13%	(171) -6%	(181) -6%	(190) -5%	(171) +10%	(107) +38%	(12) +89%	(687) -5 671%	(689) 0%	(691) 0%	(828) -20%	(172) +79%	(180) -5%	(617) -242%	(550) +11%	(543) +1%	(1 319) -143%	(901) +32%	(919) -2%	(947) -3%	(382) +60%	(409) -7%	(282) +31%	(260) +8%	(57) +78%	(587) -925%	(1 598) -172%	(1 638) -2%	(1 707) -4%	(1 235) +28%	(332) +73%	176 N/A	216 +23%	220 +2%	161 -27%	(628) N/A	(641) -2%	(656) -2%	(635) +3%	(321) +50%	(3 681) -1 048%	(3 626) +1%	(3 636) 0%	(3 664) -1%	(267) +93%	(258) +3%	(660) -156%	(643) +3%	(675) -5%	(690) -2%	(286) +58%	(291) -2%	(278) +5%	(237) +15%	(249) -5%	(263) -6%	(265) -1%	(299) -13%	(230) +23%
Financing Cash Flow
Net Issuance of Common Stock	(7)	(11)	(11)	(13)	(16)	(12)	(6)	(12)	(10)	(14)	(38)	(30)	(35)	(47)	(23)	(30)	(30)	(13)	(37)	(29)	(36)	(72)	(87)	(101)	(86)	(95)	(58)	(53)	(56)	(14)	(36)	(36)	(43)	(60)	(47)	(27)	(22)	(40)	(99)	(117)	(140)	(106)	(47)	(16)	6	(26)	(41)	(60)	(71)	(44)	(48)	(50)	(33)	(21)	(15)	(13)	(19)	(58)	(76)	(103)	(119)	(120)	(73)	(51)	(47)	3	25	(2)	16	(97)	(114)	(49)	(39)	72	70	26	21	44	26	44	97	70	80	71	(5)	(2)	(0)	16	37	37	41	36	39	31	22	7
Net Issuance of Debt	14	(82)	(81)	(77)	(77)	(26)	(14)	(15)	(34)	(33)	(32)	(30)	79	44	(16)	(16)	(71)	(31)	(11)	(14)	(55)	(50)	61	(6)	25	65	30	0	0	(15)	(100)	0	(100)	(60)	0	0	248	(102)	(102)	0	(350)	0	0	0	0	0	0	0	0	0	0	0	0	350	185	0	0	(205)	(185)	0	0	(145)	0	630	560	470	375	(255)	(560)	(470)	(375)	(377)	(4)	986	984	984	734	2 018	2 018	2 018	2 267	(9)	(9)	(9)	(8)	(7)	(7)	(7)	491	(461)	(461)	(461)	(959)	(8)	(8)	(7)
Cash Paid for Dividends	(52)	(53)	(53)	(54)	(55)	(56)	(57)	(58)	(59)	(60)	(61)	(62)	(65)	(67)	(69)	(72)	(73)	(74)	(76)	(77)	(79)	(80)	(81)	(82)	(87)	(91)	(96)	(100)	(100)	(101)	(101)	(102)	(104)	(107)	(109)	(112)	(118)	(124)	(130)	(136)	(141)	(147)	(152)	(158)	(163)	(169)	(174)	(180)	(188)	(195)	(203)	(211)	(224)	(238)	(251)	(264)	(275)	(286)	(297)	(307)	(320)	(333)	(346)	(359)	(369)	(378)	(388)	(398)	(411)	(425)	(437)	(449)	(462)	(474)	(487)	(501)	(508)	(516)	(523)	(531)	(539)	(549)	(558)	(567)	(576)	(585)	(593)	(601)	(605)	(610)	(615)	(620)	(624)	(629)	(633)	(638)
Other	4	2	3	2	3	5	7	8	13	11	7	9	5	5	10	9	8	10	9	12	14	13	13	21	15	25	12	(8)	(4)	(15)	(6)	3	6	5	10	7	10	12	6	7	5	4	6	18	20	17	19	10	11	18	22	20	10	5	10	28	49	48	48	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	5	5	5	5	0	0	5	5
Cash from Financing Activities	(41) N/A	(143) -247%	(143) 0%	(142) +0%	(145) -2%	(88) +39%	(71) +20%	(78) -11%	(90) -15%	(97) -7%	(125) -29%	(113) +9%	(15) +86%	(65) -321%	(98) -51%	(109) -11%	(166) -52%	(108) +35%	(115) -6%	(107) +6%	(155) -45%	(189) -22%	(94) +50%	(168) -80%	(133) +21%	(97) +27%	(112) -16%	(61) +45%	(86) -40%	(145) -69%	(243) -68%	(235) +3%	(241) -3%	(222) +8%	(146) +34%	(131) +10%	118 N/A	(254) N/A	(326) -28%	(348) -7%	(627) -80%	(248) +60%	(193) +22%	(157) +19%	(138) +12%	(178) -29%	(196) -10%	(230) -18%	(247) -7%	(221) +11%	(229) -4%	(242) -5%	(248) -2%	97 N/A	(71) N/A	(249) -252%	(245) +2%	(501) -105%	(510) -2%	(382) +25%	(427) -12%	(590) -38%	(419) +29%	219 N/A	144 -34%	95 -34%	12 -88%	(656) N/A	(955) -46%	(992) -4%	(926) +7%	(875) +6%	(504) +42%	584 N/A	566 -3%	509 -10%	246 -52%	1 546 +527%	1 521 -2%	1 531 +1%	1 825 +19%	(488) N/A	(487) +0%	(504) -4%	(589) -17%	(593) -1%	(600) -1%	(592) +1%	(72) +88%	(1 029) -1 323%	(1 030) 0%	(1 040) -1%	(1 544) -48%	(606) +61%	(614) -1%	(633) -3%
Change in Cash
Effect of Foreign Exchange Rates	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1	2	3	3	1	1	1	0	1	0	0	0	0	(1)	0	(1)	(1)	(1)	(2)	(2)	(7)	(8)	(8)	(10)	(6)	(10)	(8)	(2)	1	12	9	2	(3)	(11)	(8)	(4)	(3)	2	(7)	(2)	4	8	12	9	3	(2)	(1)	(13)	(22)	(15)	(18)	(14)	(4)	(7)	(7)	(2)	6	(6)	(2)	2	(4)	6
Net Change in Cash	225 N/A	118 -48%	123 +5%	(83) N/A	(137) -65%	(129) +6%	(212) -65%	(51) +76%	35 N/A	102 +188%	82 -19%	56 -31%	(100) N/A	(105) -5%	(49) +54%	(27) +46%	29 N/A	(3) N/A	42 N/A	4 -92%	(27) N/A	(28) -4%	(23) +18%	29 N/A	13 -55%	6 -58%	5 -9%	121 +2 312%	205 +70%	185 -10%	231 +25%	184 -20%	43 -77%	82 +91%	83 +1%	150 +81%	558 +273%	120 -78%	(5) N/A	(50) -966%	(389) -676%	36 N/A	219 +509%	339 +55%	(262) N/A	(204) +22%	(248) -22%	(248) +0%	237 N/A	202 -15%	(100) N/A	(113) -13%	125 N/A	(182) N/A	13 N/A	(152) N/A	(245) -61%	31 N/A	68 +123%	235 +246%	169 -28%	254 +50%	29 -89%	(224) N/A	(288) -28%	(365) -27%	15 N/A	127 +750%	378 +198%	291 -23%	214 -27%	212 -1%	(33) N/A	1 169 N/A	1 041 -11%	1 027 -1%	878 -14%	(1 438) N/A	(1 101) +23%	(927) +16%	(623) +33%	559 N/A	369 -34%	(225) N/A	(281) -25%	(181) +36%	(246) -36%	364 N/A	906 +149%	(132) N/A	5 N/A	(123) N/A	(817) -565%	62 N/A	(71) N/A	28 N/A
Free Cash Flow
Free Cash Flow	252 N/A	244 -3%	262 +8%	217 -17%	175 -20%	168 -3%	186 +11%	191 +3%	231 +21%	203 -12%	211 +4%	254 +21%	194 -24%	295 +52%	347 +17%	268 -23%	303 +13%	210 -31%	185 -12%	225 +21%	168 -25%	184 +9%	206 +12%	312 +51%	239 -23%	234 -2%	146 -38%	172 +18%	312 +82%	320 +2%	462 +44%	406 -12%	383 -6%	409 +7%	396 -3%	449 +13%	497 +11%	451 -9%	394 -13%	367 -7%	308 -16%	321 +4%	386 +20%	384 -1%	443 +15%	555 +25%	531 -4%	689 +30%	517 -25%	454 -12%	588 +30%	529 -10%	781 +47%	899 +15%	848 -6%	874 +3%	766 -12%	710 -7%	737 +4%	649 -12%	632 -3%	694 +10%	813 +17%	906 +11%	911 +1%	899 -1%	852 -5%	750 -12%	828 +10%	772 -7%	629 -18%	611 -3%	761 +24%	862 +13%	761 -12%	796 +5%	627 -21%	408 -35%	770 +89%	938 +22%	943 +0%	1 045 +11%	856 -18%	689 -20%	728 +6%	842 +16%	778 -8%	968 +24%	989 +2%	903 -9%	1 010 +12%	891 -12%	696 -22%	628 -10%	534 -15%	578 +8%

Income Statement Balance Sheet Cash Flow Statement

Hormel Foods Corp
NYSE:HRL

Cash Flow Statement

Cash Flow Statement
Hormel Foods Corp

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Hormel Foods Corp NYSE:HRL

Cash Flow Statement

Cash Flow Statement Hormel Foods Corp

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Hormel Foods Corp
NYSE:HRL

Cash Flow Statement
Hormel Foods Corp