Hormel vs Kellanova: Revenue, Profit and Business Model
Hormel had $12.1B of annual revenue in FY2025 and $478.2M of net income. Kellanova had $12.7B of annual revenue in FY2024 and $1.3B of net income.
Latest financial snapshot
Financial summary
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.
Kellanova
Kellanova's last standalone Form 10-K reported FY2024 net sales of $12.749 billion, down 2.8% from $13.122 billion in FY2023, and net income of $1.343 billion, up from $951 million. Figures for 2021 and later reflect continuing operations after the WK Kellogg Co spin-off; earlier years are the legacy Kellogg Company. Mars paid $83.50 per share in cash, valuing Kellanova at about $35.9 billion including debt. Since the December 11, 2025 close, Kellanova no longer files quarterly or annual results with the SEC, and Mars, a private company, does not break out Kellanova's numbers. Kellanova (formerly the global snacking division of Kellogg's) is a monumental multinational food manufacturing company, recently targeted for acquisition by Mars in a massive $35.9 billion deal.
Revenue and profit by year
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 |
Kellanova
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2024 | $12.7B | $1.3B | 10.5% | -2.8% | Source |
| FY2023 | $13.1B | $951M | 7.2% | +3.7% | Source |
| FY2022 | $12.7B | $960M | 7.6% | +7.7% | Source |
| FY2021 | $11.7B | $1.5B | 12.7% | -14.7% | Source |
| FY2020 | $13.8B | $1.3B | 9.1% | +1.4% | Source |
| FY2019 | $13.6B | $960M | 7.1% | +0.2% | Source |
| FY2018 | $13.5B | $1.3B | 9.9% | +5.4% | Source |
| FY2017 | $12.9B | $1.3B | 9.8% | -0.9% | Source |
| FY2016 | $13B | $699M | 5.4% | -11.1% | Source |
| FY2015 | $14.6B | $632M | 4.3% | — | Source |
Where the revenue comes from
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.
Kellanova
- Snacking Brands
largest contributor
Pringles, Cheez-It, Pop-Tarts, Rice Krispies Treats, RXBAR, and other snack brands drove the growth profile that made Kellanova attractive to Mars Snacking.
- International Cereal and Noodles
meaningful global base
Kellanova kept Kellogg's international cereal brands and noodle businesses after the North American cereal spin-off, giving it a global grocery footprint beyond U.S. snacks.
- Frozen and Plant-Based Foods
smaller portfolio segment
Frozen breakfast and plant-based products added category breadth but were smaller than the company's global snacks platform.
Business model and strategy
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.
Kellanova
How it makes money
Kellanova makes money by manufacturing branded packaged foods and selling them to grocery chains, mass merchants, club stores, convenience stores, foodservice operators and e-commerce retailers in roughly 180 markets.
Growth strategy
Before the sale, Kellanova's stated plan was to grow its biggest snack brands (Pringles, Cheez-It, Pop-Tarts, Rice Krispies Treats) faster than its other categories, expand Cheez-It internationally, and keep building in emerging markets, especially Africa through Multipro.
Competitive advantage
Kellanova's edge is a small number of very large brands with global reach. Pringles sells in more than 140 countries using a single, standardized product and tube format, and Cheez-It is one of the leading cracker brands in the U.S. That brand scale, plus decades of retailer relationships and an emerging-markets footprint in Africa, Latin America and Asia, is what Mars paid a premium for.
Questions about Hormel vs Kellanova
Which company has higher revenue — Hormel Foods Corporation or Kellanova?
Hormel Foods Corporation had $12.1B (FY2025), while Kellanova had $12.7B (FY2024). By latest annual revenue, Kellanova is the larger business, with Hormel Foods Corporation showing a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Hormel Foods Corporation vs Kellanova?
Hormel Foods Corporation has a market capitalisation of $11.3B. A public market cap figure for Kellanova was not available (it may be privately held).
How does revenue per employee compare for Hormel Foods Corporation and Kellanova?
Hormel Foods Corporation has $605k / employee in revenue per employee, while Kellanova has $554k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Hormel Foods Corporation and Kellanova make money?
Hormel Foods Corporation and Kellanova generate revenue in fundamentally different ways. Hormel Foods Corporation: Hormel buys commodity inputs (mainly pork, turkey, peanuts and other nuts) and sells them as branded, value-added foods. Kellanova: Kellanova makes money by manufacturing branded packaged foods and selling them to grocery chains, mass merchants, club stores, convenience stores, foodservice operators and e-commerce retailers in roughly 180 markets.
Is Hormel Foods Corporation bigger than Kellanova?
By last reported revenue, Kellanova ($12.7B (FY2024)) 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 Hormel vs Kellanova overview