Analyst Consensus ?
ConsensusHold29 ratings
Bullish517.3%
Neutral1758.6%
Bearish724.1%
Hormel Foods Corporation · HRL · FY2026 Q3 · Calendar Q3 2026
Hormel raises EPS outlook as foodservice offsets retail pressure
The quarter supports a mixed but constructive picture: foodservice momentum and expected lower commodity costs support earnings, while retail pressure and slower organic sales growth temper the outlook.
Reported Before market openNYSEConsumer Defensive
$11.45B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.37
Consensus $0.35
EPS surprise
+4.5%
Reported versus consensus
Reported revenue
$2.96B
Consensus $3.03B
Revenue surprise
-2.4%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-10.2%
Event window
SPY move
+0.7%
Same window
Abnormal move
-10.9%
Stock minus SPY
Volume
4.8×
Versus trailing sessions
Subsequent drift
-2.1%
Up to 20 sessions
HRLSPY benchmark
Ask FN2 about HRL FY2026 Q3
Transcript, numbers and history already loaded
Why did HRL fall 10.2% after beating EPS estimates in FY2026 Q3?What changed in HRL's guidance and outlook in FY2026 Q3?Give me the bull and bear case for HRL after FY2026 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Adjusted EPS guidance was raised and narrowed, while the organic sales growth outlook was narrowed to 1%-2%. Foodservice extended its growth streak, retail remained mixed, and management highlighted the Brazil divestiture and incoming CFO.
Guidance delta
FY2026 adjusted EPS guidance was raised to $1.45-$1.51, while organic net sales growth was narrowed to 1%-2%.
Key takeaways
- Adjusted EPS guidance was raised and narrowed, indicating confidence in earnings momentum.
- Organic net sales growth was narrowed to 1%-2% amid consumer pressure and portfolio actions.
- Foodservice delivered its 12th straight quarter of organic sales growth.
- Retail performance was mixed, with volume pressure offset by growth in priority brands.
- International operations are being reshaped through the Brazil divestiture and an Asia Pacific focus.
Management priorities
- Expand foodservice sales and improve mix profitability.
- Accelerate priority retail brands including Jennie-O, Applegate and Planters.
- Invest in data, technology and production-system upgrades.
- Shift more marketing toward retailer media and e-commerce channels.
- Pursue aligned acquisitions or partnerships within the protein-focused portfolio.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$20.83Current
$23Low
$32.3Average
$54High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 21, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| BNP Paribas | Neutral | Neutral | Maintain | Aug 28, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Aug 14, 2026 |
| Stephens & Co. | Equal Weight | Equal Weight | Maintain | Jul 9, 2026 |
| B of A Securities | Neutral | Neutral | Maintain | Jun 30, 2026 |
| Barclays | Overweight | Overweight | Maintain | Dec 9, 2025 |
| Piper Sandler | Neutral | Neutral | Maintain | Dec 5, 2025 |
| Goldman Sachs | Buy | Buy | Maintain | Oct 30, 2025 |
| Citigroup | Buy | Buy | Maintain | Nov 19, 2024 |
| Argus Research | Hold | Buy | Downgrade | Mar 30, 2023 |
| Credit Suisse | Neutral | Neutral | Maintain | Mar 3, 2023 |
| Seaport Global | Neutral | Neutral | Maintain | Sep 8, 2020 |
| CFRA | Hold | Hold | Maintain | May 21, 2020 |
| Bank of America | Underperform | Underperform | Maintain | Oct 25, 2019 |
| Buckingham Research | Neutral | Neutral | Maintain | May 24, 2019 |
| Jefferies | Hold | Buy | Downgrade | Nov 27, 2018 |
| Vertical Research | Sell | Hold | Downgrade | Nov 6, 2018 |
| Vertical Group | Sell | Hold | Downgrade | Nov 6, 2018 |
| BMO Capital | Market Perform | Outperform | Downgrade | Sep 17, 2018 |
| Buckingham | Neutral | Neutral | Maintain | Aug 16, 2018 |
| Mizuho | Underperform | Neutral | Downgrade | Jul 25, 2018 |
| Morgan Stanley | Underweight | Underweight | Maintain | Nov 3, 2017 |
| KeyBanc | Equal Weight | Sector Weight | Maintain | Dec 2, 2016 |
| Oppenheimer | Perform | Perform | Maintain | Sep 16, 2016 |
| Edward Jones | Buy | Hold | Upgrade | Sep 16, 2016 |
| BB&T Capital | Underweight | Hold | Downgrade | Apr 5, 2016 |
| CLSA | Underperform | Outperform | Downgrade | Feb 18, 2016 |
| Deutsche Bank | Hold | Hold | Maintain | Feb 17, 2016 |
| DA Davidson | Neutral | Neutral | Maintain | Nov 26, 2013 |
| Davenport | Buy | Neutral | Upgrade | Jul 1, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $20.83. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Stephens | Analyst unavailable | $23 | $21.28 | +10.4% | Aug 28, 2026 |
| Coker Palmer | Thomas Palmer | $26 | $24.44 | +24.8% | Aug 14, 2026 |
| Goldman Sachs | Analyst unavailable | $25 | $20.76 | +20.0% | May 21, 2026 |
| Stephens | Analyst unavailable | $22 | $20.76 | +5.6% | May 21, 2026 |
| Stephens | Analyst unavailable | $25 | $24.3 | +20.0% | Feb 11, 2026 |
| Barclays | Analyst unavailable | $30 | $23.85 | +44.0% | Dec 9, 2025 |
| Piper Sandler | Michael Lavery | $26 | $24.16 | +24.8% | Dec 5, 2025 |
| Coker Palmer | Thomas Palmer | $28 | $24.16 | +34.4% | Dec 4, 2025 |
| Goldman Sachs | Analyst unavailable | $27 | $21.49 | +29.6% | Oct 30, 2025 |
| Barclays | Benjamin Theurer | $34 | $25.69 | +63.2% | Aug 29, 2025 |
| Goldman Sachs | Analyst unavailable | $35 | $30.85 | +68.0% | Jun 23, 2025 |
| Piper Sandler | Michael Lavery | $33 | $32.53 | +58.4% | Dec 5, 2024 |
| BNP Paribas | Max Gumport | $28 | $32.19 | +34.4% | Oct 21, 2024 |
| Bank of America Securities | Peter Galbo | $30 | $31.01 | +44.0% | Sep 4, 2024 |
| Coker Palmer | Thomas Palmer | $37 | $31.25 | +77.6% | Aug 13, 2024 |
| Coker Palmer | Thomas Palmer | $29 | $30.79 | +39.2% | May 30, 2024 |
| Coker Palmer | Thomas Palmer | $35 | $35.47 | +68.0% | May 22, 2024 |
| Argus Research | Analyst unavailable | $54 | $45.55 | +159.2% | Dec 30, 2022 |
| J.P. Morgan | Analyst unavailable | $47 | $47.04 | +125.6% | Dec 1, 2022 |
| Argus Research | Analyst unavailable | $53 | $46.83 | +154.4% | Sep 22, 2022 |
| Stephens | Analyst unavailable | $55 | $50.72 | +164.0% | Aug 23, 2022 |
| Piper Sandler | Michael Lavery | $49 | $46 | +135.2% | Dec 10, 2021 |
Track every rating change on HRL the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationHormel Foods Corporation is a prominent global food company that specializes in the creation, preparation, and supply of a diverse array of meat, nut, and other culinary items. Its extensive clientele spans retail outlets, institutional food providers (foodservice), specialty delis, and various commercial enterprises across the United States and internationally. The company's operations are strategically structured into four main divisions: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, and International & Other. Hormel's product portfolio is broad, encompassing numerous perishable goods such as fresh meats, frozen food selections, convenient refrigerated meal options, a variety of sausages, hams, guacamole, and bacon. Additionally, it offers a wide range of non-perishable items, including canned luncheon meats, various nut butters, snack nuts, chili, microwave-ready meals, hashes, stews, tortillas, salsas, and tortilla chips.…
Historical context
All HRL earningsConsumer Defensive peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| KR The Kroger Co. | FY2026 Q2 · Calendar Q3 2026 | +2.8% | +2.7% | Kroger: Strong digital growth offsets softer sales outlook |
| CPB Campbell Soup Company | FY2026 Q4 · Calendar Q3 2026 | +1.1% | -7.0% | Campbell’s leans on savings and innovation amid pressured demand |
| BF-A Brown-Forman Corporation | FY2027 Q1 · Calendar Q3 2026 | +3.0% | — | Brown-Forman holds FY27 outlook as RTD innovation offsets barrel pressure |
| BF-B Brown-Forman Corporation | FY2027 Q1 · Calendar Q3 2026 | 0.0% | — | Brown-Forman maintains FY27 outlook as innovation offsets pressure |
| DG Dollar General Corporation | FY2027 Q2 · Calendar Q3 2026 | +23.4% | +2.5% | Dollar General Raises FY2026 Outlook After Strong Q2 |
| DLTR Dollar Tree, Inc. | FY2027 Q2 · Calendar Q3 2026 | +134.8% | -3.9% | Dollar Tree: Strong Q2 execution, but guidance held steady |
Latest beats and misses
Who reports nextBeat on EPS
- FPSFY2026 Q4 · September 15, 2026+4.3% EPS+9.5% move
- TCOMFY2026 Q2 · September 15, 2026+22.3% EPS+3.0% move
- KRFY2026 Q2 · September 11, 2026+2.8% EPS+2.7% move
- ADBEFY2026 Q3 · September 10, 2026+0.8% EPS+1.4% move
- ORCLFY2027 Q1 · September 10, 2026+10.3% EPS-1.7% move
- CASYFY2027 Q1 · September 8, 2026+8.7% EPS-14.2% move
Get the HRL recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-08-27T19:20:42.321145+00:00
- FN2 earnings calendar · 2026-09-21T01:23:13.071796+00:00
- Polygon adjusted daily market bars · 2026-09-21T04:10:50.579203+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-21T04:10:50.576200+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.