Danone vs Hormel: Revenue, Profit and Business Model
Danone had ~$30.8B of annual revenue in FY2025 and ~$2.1B of net income. Hormel had $12.1B of annual revenue in FY2025 and $478.2M of net income.
Latest financial snapshot
Financial summary
Danone
After activist investors pushed out Emmanuel Faber in 2021, CEO Antoine de Saint-Affrique's Renew Danone plan shifted the focus to volume-led growth, margin rebuilding and portfolio pruning. The numbers have followed: recurring operating margin rose from 12.2% in 2022 to 13.4% in 2025, recurring EPS reached EUR3.80 and the 2025 dividend was raised 4.7% to EUR2.25. Reported net income - Group share fell 9.7% to ~$2.06B (EUR1.825B) in 2025 because non-recurring charges rose to ~$819M (EUR725M) at operating level. In H1 2026 recurring EPS grew 0.9% to EUR1.92 and free cash flow was ~$1.02B (EUR0.9B). Danone S.A. is a massive multinational food-products corporation, holding a robust market valuation generally exceeding $40 billion.
Hormel
Revenue has been flat at roughly $11.9-$12.5 billion since FY2022, while net earnings slid from about $1.0 billion in FY2022 to $478 million in FY2025 as turkey, commodity and restructuring costs bit. Fiscal 2026 shows a split picture: Q3 net sales fell 2.4% to $2.96 billion and GAAP diluted EPS was $0.11 after Brazil divestiture, Indonesia impairment and litigation charges, but adjusted EPS rose 6% to $0.37. Hormel ended Q3 with $840 million of cash, has paid dividends since 1928, and is an S&P 500 Dividend Aristocrat. Hormel Foods Corporation is a major American food processing company, maintaining a market valuation generally exceeding $15 billion.
Revenue and profit by year
Danone
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$30.8B | ~$2.1B | 6.7% | -0.3% | Source |
| FY2024 | ~$30.9B | ~$2.3B | 7.4% | -0.9% | Source |
| FY2023 | ~$31.2B | ~$986.5M | 3.2% | -0.2% | Source |
| FY2022 | ~$31.3B | ~$1.1B | 3.4% | +13.9% | Source |
| FY2021 | ~$27.4B | ~$2.1B | 7.8% | — | Source |
Hormel
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $12.1B | $478.2M | 4.0% | +1.6% | Source |
| FY2024 | $11.9B | $805M | 6.8% | -1.6% | Source |
| FY2023 | $12.1B | $793.6M | 6.6% | -2.8% | Source |
| FY2022 | $12.5B | $1000M | 8.0% | +9.4% | Source |
| FY2021 | $11.4B | $908.8M | 8.0% | +18.5% | Source |
| FY2020 | $9.6B | $908.1M | 9.5% | +1.2% | Source |
| FY2019 | $9.5B | $978.8M | 10.3% | -0.5% | Source |
| FY2018 | $9.5B | $1B | 10.6% | +4.1% | Source |
| FY2017 | $9.2B | $846.7M | 9.2% | -3.7% | Source |
| FY2016 | $9.5B | $890.1M | 9.3% | — | Source |
Where the revenue comes from
Danone
- Essential Dairy and Plant-Based (EDP)~50%
Yogurts, fermented drinks, desserts, coffee creamers and plant-based alternatives under Activia, Actimel, Oikos, Danette, Alpro, Silk and International Delight. Danone's largest category by sales.
- Specialized Nutrition~30%
Infant and early-life nutrition (Aptamil, Nutrilon, Cow & Gate) and adult and pediatric medical nutrition (Nutricia, Fortimel, Neocate, Kate Farms). Danone's highest-margin category.
- Waters~20%
Natural mineral, functional and flavored waters including Evian, Volvic, Badoit, Aqua, Mizone and Bonafont.
Hormel
- Retail~62%
Retail generated $7.455 billion in FY2025 net sales from branded products sold through grocery, club, mass, convenience, and other retail channels.
- Foodservice~33%
Foodservice generated $3.942 billion in FY2025 net sales from products sold to restaurants, distributors, operators, and away-from-home customers.
- International~6%
International generated $709 million in FY2025 net sales from branded and foodservice products sold outside the United States.
Business model and strategy
Danone
How it makes money
Danone makes money by selling branded, health-positioned food and drinks through supermarkets, pharmacies, hospitals and online channels in more than 120 markets. Essential Dairy and Plant-Based (yogurts, fermented drinks, coffee creamers, plant-based milks) is the largest category by sales;
Growth strategy
Renew Danone Chapter 2 targets mid-single-digit like-for-like growth by scaling high-growth health platforms: high-protein yogurt and drinks, adult medical nutrition in the U.S. and Europe, gut-health and microbiome products, and functional nutrition.
Competitive advantage
Danone's edge is scientific credibility tied to brands: decades of microbiome and early-life nutrition research behind Activia, Actimel, Aptamil and Nutricia, plus prescription and hospital channels in medical nutrition that are hard for mass-market rivals to enter.
Hormel
How it makes money
Hormel buys commodity inputs (mainly pork, turkey, peanuts and other nuts) and sells them as branded, value-added foods. A raw pound of pork earns thin margins; cured, sliced and branded as Hormel pepperoni, Black Label bacon or a Columbus charcuterie tray, it earns more.
Growth strategy
Hormel's growth plan centers on priority brands (Planters, SPAM, Applegate, Hormel chili, Jennie-O value-added turkey), foodservice prepared proteins, and portfolio shaping. Under its Transform and Modernize initiative it is cutting costs and investing in data and technology.
Competitive advantage
Hormel's edge is a portfolio of brands that lead their niches (SPAM in canned meat, Skippy in peanut butter, Planters in snack nuts, Hormel pepperoni and Jennie-O in turkey), plus a foodservice business that sells labor-saving prepared proteins to operators. Foodservice posted its 12th straight quarter of organic sales growth in Q3 fiscal 2026.
Questions about Danone vs Hormel
Which company has higher revenue — Danone S.A. or Hormel Foods Corporation?
Danone S.A. had ~$30.8B (FY2025), while Hormel Foods Corporation had $12.1B (FY2025). By latest annual revenue, Danone S.A. is the larger business, with Hormel Foods Corporation showing a smaller revenue base.
What is the market cap of Danone S.A. vs Hormel Foods Corporation?
Danone S.A.'s market capitalisation stands at $43.5B, while Hormel Foods Corporation's is $11.3B. Danone S.A. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Hormel Foods Corporation.
How does revenue per employee compare for Danone S.A. and Hormel Foods Corporation?
Danone S.A. has $343k / employee in revenue per employee, while Hormel Foods Corporation has $605k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Danone S.A. and Hormel Foods Corporation make money?
Danone S.A. and Hormel Foods Corporation generate revenue in fundamentally different ways. Danone S.A.: Danone makes money by selling branded, health-positioned food and drinks through supermarkets, pharmacies, hospitals and online channels in more than 120 markets. Hormel Foods Corporation: Hormel buys commodity inputs (mainly pork, turkey, peanuts and other nuts) and sells them as branded, value-added foods.
Which company is valued higher relative to revenue — Danone S.A. or Hormel Foods Corporation?
On a price-to-sales (P/S) basis, Danone S.A. trades at 1.4x P/S and Hormel Foods Corporation at 0.9x P/S. Danone S.A. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Hormel Foods Corporation. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Danone S.A. bigger than Hormel Foods Corporation?
By last reported revenue, Danone S.A. (~$30.8B (FY2025)) is the larger company compared to Hormel Foods Corporation ($12.1B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Danone vs Hormel overview