What move does the options market price into Hormel Foods's report?

Implied ±1.0%, either direction.

How often does Hormel Foods move more than the options market prices?

4 of the last 8 reports moved at least as far as the implied move.

HRLNYSEMeat Packing Plants

Hormel Foods Corp (HRL) earnings date, market-implied expected move, and options open interest by expiry

22.62

−0.14 · −0.61%

Regular session12:13 ET

Open22.81Volume5.5MMkt cap$12.5BP/E35.91EPS0.63Div yield5.14%

Day22.59 – 23.087%52-wk18.77 – 26.0353%

HRL

Hormel Foods Corp

OpenVolumeMkt capP/EEPSDiv yield

Day – 52-wk –

Expected move

Inputs

±1.0%implied · report alone

8Q avg ±6.6%·×0.16·cheap

22.5223.00

straddle ±5.7%

spot 22.76exp Dec 4ATM strike 23ATM straddle 1.53IV 28%

Nov 4 closereport share · term structure

Expected move

Inputs

Next report

Dec 3

before open · in 28 days

confirmedQ4 FY26

Calendar

Next report

Last report

−10.25%

vs ±4.5% implied · ×2.28

shaded = implied · ▲▼ = realized

Aug 27 '26 · confirmed

Implied vs realized

Largest filed tie

15.60%

of HRL revenue · Walmart Inc. and its subsidiaries (Walmart)

customerHRL 10-K

Largest filed tie

13F top-10 QoQ

−0.24%

shares held · 10 largest managers

13F · Jun 30 '26128d lag

623 managers

Top fund weight

0.47%

HRL weight · XLP

N-PORTJun 30 '26

8 funds

Last reportshaded = implied▲▼ = realized× = |realized| ÷ implied

Hormel Foods (HRL) reports on Dec 3 before open (confirmed date).

Implied vs realized

8 reports

4 of 8≥ implied

avg implied: ±4.1%
avg realized: ±6.6%

Feb 27 '25Feb 27 '25confirmed±4.6%▼−1.22%×0.27

May 29 '25May 29 '25confirmed±4.2%▲+1.13%×0.27

Aug 28 '25Aug 28 '25confirmed±3.4%▼−13.09%×3.81

Oct 29 '25Oct 29 '25confirmed±1.5%▼−9.13%×6.00

Dec 4 '25Dec 4 '25confirmed±4.4%▲+3.82%×0.87

Q1 FY26Feb 26 '26confirmed±4.5%▼−1.94%×0.44

Q2 FY26May 28 '26confirmed±5.8%▲+12.55%×2.17

Q3 FY26Aug 27 '26confirmed±4.5%▼−10.25%×2.28

quarterimplied−15%0+15%realized×

Q3 FY26±4.5%▼−10.25%×2.28

Q2 FY26±5.8%

Shaded = implied · tick ▲▼ = realized · × = |realized| ÷ impliedSource: options EOD · implied at prior close · realized close to close

Implied vs realized

Positioning

OI · 8 expiries · Nov 4 close

0.14OI · 8 expiries · Nov 4 closeP/C open interest · Dec 4 · first expiry after the report

PUTS · chgexpiry · days · P/CCALLS · chgP/C

2 nearer expiries

891+15%Nov 61d0.871,030+100%0.87

398+64%Nov 138d0.48830+39%0.48

2,622+11%Nov 2015d0.416,400+4%0.41

130−11%Nov 2722d0.26494+18%0.26

report · Dec 3 · before open · confirmed

ExpiryPutsCallsP/C

2 nearer expiries

Nov 61d891+15%1,030+100%0.87

Nov 138d398+64%830+39%0.48

Nov 2015d2,622+11%6,400

Hatched = puts · solid = calls · bars scaled per expiry · chg = OI vs prior sessionSource: options EOD

Positioning

Linked exposure

scenario · straddle±5.7%

Funds 4

XLP±0.0%

RSP±0.0%

IVV±0.0%

SPY±0.0%

Dashed = straddleMethod 2 more funds Source: SEC filings · N-PORT · market data

Linked exposure

Revenue flow

as filedQ3 FY26

2.01%as filednet margin · revenue −0.38% QoQ · −2.36% YoY

Revenue

$3.0B−0.38% QoQ

Gross profit

$472M−9.06% QoQ

15.92% margin

Operating income

$148M−31.83% QoQ

5.00% margin

Pre-tax income

$103M−49.94% QoQ

Net income

$60M−62.18% QoQ

2.01% margin

Cost of revenue

$2.5B+1.46% QoQ

Operating expenses

$324M+8.16% QoQ

Other expense

$45M

Tax

$44M−10.37% QoQ

Revenue$3.0B−0.38%

Gross profit

$472M−9.06%

15.92% margin

Operating income

$148M−31.83%

5.00% margin

Pre-tax income

$103M−49.94%

Net income

$60M−62.18%

2.01% margin

Cost of revenue

$2.5B+1.46%

Operating expenses

$324M+8.16%

Other expense

$45M

Tax$44M−10.37%

flow · deduction · signed % = QoQSource: SEC filings · standardized · QE Jul 26 '26 · width = $

Revenue flow

Intraday

15m bars

Long dash = implied range · Nov 4 close · Hatch = extended hours · ▯ up · ▮ down · bars = volume, 15mSource: market data · 12:00 ET

Intraday

Event sensitivity

CPROF ×2.69· ±3.1% vs ±1.2% · 12 releases

eventrelease day|move|up · n×base

CPROFcorporate profits±3.1%6 of 12×2.69

GDPgross domestic product±2.4%10 of 19×2.10

PCEpersonal income & outlays±1.6%13 of 19×1.41

PPIproducer prices±1.4%7 of 10×1.26

FOMCrate decision±1.2%7 of 24×1.08

CPIconsumer prices±1.1%7 of 10×0.99

NFPjobs report±1.1%5 of 10×0.97

Bar = avg |move| to ±4% · tick = ±1.2% avg day · ×base = |move| ÷ ±1.2% · min 6 releases

Earnings history

EPS 0.11 · consensus —

Quarter	Reported	EPS	Consensus
Q3 FY26	Aug 27 '26 · confirmed	0.11	—
Q2 FY26	May 28 '26 · confirmed	0.29	—
Q1 FY26	Feb 26 '26 · confirmed	0.33	—

Source: filed financials

Methodology

ties · implied moves · holdersMethod