Hormel Foods Corporation makes money by processing raw pork, turkey, and peanuts into branded, shelf-stable and refrigerated consumer products rather than selling commodity raw meat. This strategic focus heavily insulates the company from the volatile agricultural pricing swings that frequently affect pure commodity meatpackers like Tyson Foods. The business model generates revenue through three primary reporting segments, as detailed in the FY2025 Form 10-K. The largest segment is Retail, which generated $7.455 billion in fiscal 2025 (accounting for approximately 62% of total net sales). This segment focuses on Hormel-branded grocery products sold to consumers, including iconic names like SPAM, Skippy, and Applegate. The second major segment is Foodservice, which generated $3.942 billion (approximately 33% of total net sales) by supplying bulk and prepared proteins directly to restaurants, commercial operators, and institutional customers. Finally, the International segment generated $709 million (approximately 6% of total net sales), driving growth through overseas distribution of SPAM, Skippy, and other core brands. Over the last two decades, Hormel has grown this branded-goods base largely through strategic acquisitions: Jennie-O Turkey Store (2001) built a vertically integrated turkey production platform, Skippy (acquired in 2013 for approximately $700 million) added a major shelf-stable peanut butter brand, and Planters (acquired in 2021 from Kraft Heinz for $3.35 billion) added a dominant national snacking-nuts brand. In total, FY2025 net sales were $12.106 billion with net earnings attributable to Hormel Foods of $478.197 million which was down from $805.0 million in FY2024. This earnings contraction reflected significant commodity margin pressure and ongoing retail volume challenges that the company actively managed while navigating a major CEO transition.