Hormel Foods Corp

HORMEL FOODS CORPORATION (Exact name of registrant as specified in its charter) Delaware 41-0319970 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)

1 Hormel Place , Austin Minnesota 55912-3680 (Address of principal executive offices) (Zip Code)

The aggregate market value of the voting and nonvoting common stock held by non-affiliates of the registrant as of April 27, 2025, was $ 8,637,339,615 based on the closing price of $29.70 on the last business day of the registrant's most recently completed second fiscal quarter. As of November 30, 2025, the number of shares outstanding of each of the registrant's classes of common stock was as follows: Common Stock, $0.01465 Par Value - 550,107,295 shares Common Stock Nonvoting, $0.01 Par Value - 0 shares

HORMEL FOODS CORPORATION TABLE OF CONTENTS

PART I Item 1. B usiness 3 Item 1A. Risk Factors 6 Item 1B. U nresolved Staff C omments 13 Item 1C. Cybersecurity 13 Item 2. Properties 14 Item 3. Legal Proceedings 15 Item 4. Mine Safety Disclosures 15

PART II Item 5. Market for Registrant ' s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 16 Item 6. Reserved 17 Item 7. M anagement ' s Discussion and Analysis of Financial Condition and Results of Operations 17 Item 7A. Quantitative and Qualitative Disclosures About Market Risk 32 Item 8. F inancial Statements and Supplemental Data 34 Item 9. C hanges in and Disagreements with Accountants on Accounting and Financial Disclosure 73 Item 9A. Controls and Procedures 74 Item 9B. Other Information 74 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 74

PART III Item 10. D irectors, Executive Officers, and Corporate Governance 74 Item 11. Executive Compensation 75 Item 12. S ecurity Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 75 Item 13. C ertain Relationships and Related Transactions, and Director Independence 75 Item 14. P rincipal Accountant Fees and Services 75

PART IV Item 15. E xhibits and Financial Statement Schedules 75 Item 16. F orm 10-K S ummary 78