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Side-by-side financial comparison of Hormel Foods (HRL) and Kellanova (K), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
Kellanova is the larger business by last-quarter revenue ($3.3B vs $3.2B, roughly 1.0× Hormel Foods). Kellanova runs the higher net margin — -1.8% vs 9.5%, a 11.2% gap on every dollar of revenue. On growth, Hormel Foods posted the faster year-over-year revenue change (1.5% vs 0.8%). Kellanova produced more free cash flow last quarter ($359.0M vs $231.4M). Over the past eight quarters, Hormel Foods's revenue compounded faster (3.1% CAGR vs -9.0%).
Hormel Foods Corporation, doing business as Hormel Foods or simply Hormel, is an American multinational food processing company founded in 1891 in Austin, Minnesota, by George A. Hormel as George A. Hormel & Company. The company originally focused on the packaging and selling of ham, sausage and other pork, chicken, beef and lamb products to consumers, adding Spam in 1937. By the 1980s, Hormel began offering a wider range of packaged and refrigerated foods.
Kellanova, formerly known as the Kellogg Company, is an American multinational food manufacturing company owned by Mars Inc. headquartered in Chicago, Illinois. The renaming took effect on October 2, 2023, and the company's North American cereal operations were spun off to form the WK Kellogg Co at the same time.
HRL vs K — Head-to-Head
Income Statement — Q4 2025 vs Q3 2025
| Metric | | |
|---|---|---|
| Revenue | $3.2B | $3.3B |
| Net Profit | $-56.1M | $309.0M |
| Gross Margin | 14.0% | 33.3% |
| Operating Margin | 0.1% | 13.9% |
| Net Margin | -1.8% | 9.5% |
| Revenue YoY | 1.5% | 0.8% |
| Net Profit YoY | -125.5% | -15.8% |
| EPS (diluted) | $-0.10 | $0.88 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $3.2B | — | ||
| Q3 25 | $3.0B | $3.3B | ||
| Q2 25 | $2.9B | $3.2B | ||
| Q1 25 | $3.0B | $3.1B | ||
| Q4 24 | $3.1B | $3.1B | ||
| Q3 24 | $2.9B | $3.2B | ||
| Q2 24 | $2.9B | $3.2B | ||
| Q1 24 | $3.0B | $3.2B |
| Q4 25 | $-56.1M | — | ||
| Q3 25 | $183.7M | $309.0M | ||
| Q2 25 | $180.0M | $299.0M | ||
| Q1 25 | $170.6M | $304.0M | ||
| Q4 24 | $220.2M | $365.0M | ||
| Q3 24 | $176.7M | $367.0M | ||
| Q2 24 | $189.3M | $344.0M | ||
| Q1 24 | $218.9M | $267.0M |
| Q4 25 | 14.0% | — | ||
| Q3 25 | 16.1% | 33.3% | ||
| Q2 25 | 16.7% | 34.0% | ||
| Q1 25 | 15.9% | 34.3% | ||
| Q4 24 | 16.6% | 37.7% | ||
| Q3 24 | 16.8% | 36.4% | ||
| Q2 24 | 17.4% | 36.4% | ||
| Q1 24 | 17.0% | 32.2% |
| Q4 25 | 0.1% | — | ||
| Q3 25 | 7.9% | 13.9% | ||
| Q2 25 | 8.6% | 13.7% | ||
| Q1 25 | 7.6% | 13.9% | ||
| Q4 24 | 9.4% | 17.0% | ||
| Q3 24 | 8.2% | 14.1% | ||
| Q2 24 | 8.7% | 15.4% | ||
| Q1 24 | 9.5% | 12.3% |
| Q4 25 | -1.8% | — | ||
| Q3 25 | 6.1% | 9.5% | ||
| Q2 25 | 6.2% | 9.3% | ||
| Q1 25 | 5.7% | 9.9% | ||
| Q4 24 | 7.0% | 11.7% | ||
| Q3 24 | 6.1% | 11.4% | ||
| Q2 24 | 6.6% | 10.8% | ||
| Q1 24 | 7.3% | 8.3% |
| Q4 25 | $-0.10 | — | ||
| Q3 25 | $0.33 | $0.88 | ||
| Q2 25 | $0.33 | $0.85 | ||
| Q1 25 | $0.31 | $0.87 | ||
| Q4 24 | $0.41 | $1.05 | ||
| Q3 24 | $0.32 | $1.05 | ||
| Q2 24 | $0.34 | $1.00 | ||
| Q1 24 | $0.40 | $0.78 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $703.6M | $240.0M |
| Total DebtLower is stronger | $2.9B | $4.3B |
| Stockholders' EquityBook value | $7.9B | $4.2B |
| Total Assets | $13.4B | $15.6B |
| Debt / EquityLower = less leverage | 0.36× | 1.02× |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $703.6M | — | ||
| Q3 25 | $630.7M | $240.0M | ||
| Q2 25 | $699.0M | $354.0M | ||
| Q1 25 | $866.4M | $330.0M | ||
| Q4 24 | $766.6M | $694.0M | ||
| Q3 24 | $561.9M | $569.0M | ||
| Q2 24 | $1.5B | $272.0M | ||
| Q1 24 | $981.9M | $242.0M |
| Q4 25 | $2.9B | — | ||
| Q3 25 | $2.9B | $4.3B | ||
| Q2 25 | $2.9B | $4.3B | ||
| Q1 25 | $2.9B | $5.0B | ||
| Q4 24 | $2.9B | $5.0B | ||
| Q3 24 | $2.9B | $5.1B | ||
| Q2 24 | $2.9B | $5.0B | ||
| Q1 24 | $2.4B | $4.4B |
| Q4 25 | $7.9B | — | ||
| Q3 25 | $8.1B | $4.2B | ||
| Q2 25 | $8.0B | $4.1B | ||
| Q1 25 | $8.0B | $3.9B | ||
| Q4 24 | $8.0B | $3.8B | ||
| Q3 24 | $7.9B | $3.6B | ||
| Q2 24 | $7.9B | $3.3B | ||
| Q1 24 | $7.8B | $3.2B |
| Q4 25 | $13.4B | — | ||
| Q3 25 | $13.5B | $15.6B | ||
| Q2 25 | $13.4B | $15.9B | ||
| Q1 25 | $13.4B | $15.5B | ||
| Q4 24 | $13.4B | $15.6B | ||
| Q3 24 | $13.1B | $15.8B | ||
| Q2 24 | $14.1B | $15.3B | ||
| Q1 24 | $13.5B | $15.3B |
| Q4 25 | 0.36× | — | ||
| Q3 25 | 0.35× | 1.02× | ||
| Q2 25 | 0.35× | 1.05× | ||
| Q1 25 | 0.36× | 1.28× | ||
| Q4 24 | 0.36× | 1.32× | ||
| Q3 24 | 0.36× | 1.40× | ||
| Q2 24 | 0.36× | 1.51× | ||
| Q1 24 | 0.30× | 1.40× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $322.9M | $503.0M |
| Free Cash FlowOCF − Capex | $231.4M | $359.0M |
| FCF MarginFCF / Revenue | 7.3% | 11.0% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 2.9% | 4.4% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | — | 1.63× |
| TTM Free Cash FlowTrailing 4 quarters | $534.3M | $599.0M |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $322.9M | — | ||
| Q3 25 | $156.7M | $503.0M | ||
| Q2 25 | $56.4M | $169.0M | ||
| Q1 25 | $309.2M | $116.0M | ||
| Q4 24 | $408.6M | $467.0M | ||
| Q3 24 | $218.0M | $553.0M | ||
| Q2 24 | $236.1M | $376.0M | ||
| Q1 24 | $404.0M | $364.0M |
| Q4 25 | $231.4M | — | ||
| Q3 25 | $84.5M | $359.0M | ||
| Q2 25 | $-18.6M | $21.0M | ||
| Q1 25 | $237.0M | $-60.0M | ||
| Q4 24 | $324.8M | $279.0M | ||
| Q3 24 | $152.5M | $410.0M | ||
| Q2 24 | $176.2M | $234.0M | ||
| Q1 24 | $356.8M | $209.0M |
| Q4 25 | 7.3% | — | ||
| Q3 25 | 2.8% | 11.0% | ||
| Q2 25 | -0.6% | 0.7% | ||
| Q1 25 | 7.9% | -1.9% | ||
| Q4 24 | 10.4% | 8.9% | ||
| Q3 24 | 5.3% | 12.7% | ||
| Q2 24 | 6.1% | 7.3% | ||
| Q1 24 | 11.9% | 6.5% |
| Q4 25 | 2.9% | — | ||
| Q3 25 | 2.4% | 4.4% | ||
| Q2 25 | 2.6% | 4.6% | ||
| Q1 25 | 2.4% | 5.7% | ||
| Q4 24 | 2.7% | 6.0% | ||
| Q3 24 | 2.3% | 4.4% | ||
| Q2 24 | 2.1% | 4.4% | ||
| Q1 24 | 1.6% | 4.8% |
| Q4 25 | — | — | ||
| Q3 25 | 0.85× | 1.63× | ||
| Q2 25 | 0.31× | 0.57× | ||
| Q1 25 | 1.81× | 0.38× | ||
| Q4 24 | 1.86× | 1.28× | ||
| Q3 24 | 1.23× | 1.51× | ||
| Q2 24 | 1.25× | 1.09× | ||
| Q1 24 | 1.85× | 1.36× |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
HRL
| Retail Segment | $1.9B | 60% |
| Foodservice Segment | $1.1B | 34% |
| Other | $174.7M | 5% |
K
| Retail Channel Snacks | $2.0B | 62% |
| Retail Channel Cereal | $678.0M | 21% |
| Noodlesand Other | $280.0M | 9% |
| Frozen And Specialty Channels | $275.0M | 8% |
