Paul Waterfall had denied manslaughter by gross negligence after Roger Freeman was attacked as he walked with his wife on a footpath across the farmer's land in 2010.
Prosecutors said a bull belonging to Mr Waterfall attacked and killed 63-year-old Mr Freeman and that the farmer had known the animal posed a "deadly risk".
Mr Waterfall had denied knowing the bull was aggressive or that it posed a risk to members of the public.
A jury found the 39-year-old dairy farmer not guilty following a four-week trial at Nottingham Crown Court.
There were sighs of relief from family and friends of the farmer who had sat through the trial, including his wife Julia.
Following the verdict, Judge Gregory Dickinson QC told the court: "I express my condolences to the family, who have been through a horrible ordeal."