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MINNEAPOLIS--(BUSINESS WIRE)--As sports fans across the country gear up for another football season, Blue Buffalo is helping dogs get in on the tailgate action, too, with limited-time treats: Game Day Nudges and Health Bars Touchdown Treats."Game day is a whole-family occasion, and for many households, that includes their dog,” said Ashley Soukup, Business Unit Director for Cat Feeding and Dog Treating at General Mills. “We created Game Day Nudges and Health Bars Touchdown Treats to give pet par.

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Amazon, AbbVie and Alibaba face contrasting growth drivers and challenges, from AI investment and drug launches to costly spending cycles.

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Zacks #1 Rank Additions Company (Symbol) Research Caterpillar (CAT) Analyst Report Dell Technologies (DELL) Analyst Report Robinhood Markets (HOOD) Analyst Report MongoDB (MDB) Analyst Report Aurora Cannabis (ACB) Snapshot Report Investment Ideas Earnings Analysis More Analysis Reported Earnings Surprises View All Positive Negative Symbol Time Expected Reported %Surprise KNOP 16:24 -0.03 0.10 +433.33 DLTH 05:49 -0.05 0.06 +220.00 PL 16:08 -0.02 0.02 +200.00 EGAN 16:19 0.03 0.08 +166.67 AOUT 16:15 -0.24 0.03 +112.50 EPS Positive Surprises for Sep 04, 2026

Symbol Time Expected Reported %Surprise CURV 16:06 -0.03 -0.04 -33.33 VBNK 07:04 0.34 0.27 -20.59 LE 06:46 0.10 0.09 -10.00 CPB 07:15 0.40 0.39 -2.50 EPS Negative Surprises for Sep 04, 2026

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Wall Street má za sebou solidní růst tažený výrokem člena FEDu Wallera, který naznačil ochotu hlasovat pro podržení sazeb na současné úrovni. Růst indexů jde na vrub především největším společnostem jako Nvidia, Meta nebo Microsoft. Index S&P 500 je půl procenta od historického maxima.

Index Dow Jones +1,18 % na 53686,11 b.
S&P 500 +1,06 % na 7747,71 b.
Nasdaq Composite +1,4 % na 26584,06 b.

Index S&P 500 +1,06 % na 7747,71 b. Nejsilnější sektory S&P Změna Nejslabší sektory S&P Změna Zbytná spotřeba +1,6 % Energie -0,7 % Finanční sektor +1,6 % Základní materiály -0,5 % Komunikační služby +1,5 % Nezbytná spotřeba 0 % Nejsilnější akcie S&P Změna Nejslabší akcie S&P Změna Robinhood Markets (HOOD) +17 % Ciena Corp (CIEN) -10 % Coinbase Global (COIN) +10 % Tyson Foods (TSN) -7,3 % Palantir Technologies (PLTR) +7,7 % Charter Communications (CHTR) -4,8 % ServiceNow (NOW) +6,5 % Albemarle Corp (ALB) -4,1 % Principal Financial Group (PFG) +6,5 % General Mills (GIS) -3,3 %
Martin Varecha
Fio banka, a.s.
Prohlášení

Key Takeaways General Mills plans its biggest Life Protection Formula innovation year yet in fiscal 2027. Love Made Fresh retail sales rose about 80% in Q4, helped by new packaging and better in-store execution. Wilderness drove more than half of North America Pet's fiscal 2026 declines, prompting a broader revamp. General Mills, Inc. (GIS - Free Report) is stepping up efforts around Blue Buffalo as it seeks to strengthen its dog-feeding business while expanding initiatives in fresh pet food. The fiscal 2027 plan spans product innovation, packaging, benefit-led communication and e-commerce execution, with particular attention on the core Life Protection Formula line, Love Made Fresh and Wilderness.

The effort comes against a challenging backdrop for North America Pet. Organic net sales declined 3% in the fourth quarter of fiscal 2026, while all-channel retail sales fell approximately 1%, with the gap largely reflecting changes in retailer inventory. For the full year, organic net sales were also down 3%. However, the segment held dollar share in dog feeding and cat feeding, which together represented approximately 80% of retail sales.

For Blue Buffalo's core Life Protection Formula line, General Mills plans clearer communication around ingredient superiority, a refreshed head-to-head campaign, stronger social-first messaging, updated packaging and new pack sizes suited to pet parents shopping online. Fiscal 2027 is also expected to be the biggest year of innovation yet for the Life Protection Formula line.

Image Source: Zacks Investment Research

The company is also building on Love Made Fresh. Retail sales for the line accelerated roughly 80% in the fourth quarter, helped by a new stand-up resealable pouch and improved in-store execution. The fiscal 2027 focus is on driving trial and repeat purchases through better on-shelf availability and sharper natural superior nutrition messaging.

Wilderness remains another area of focus after accounting for more than half of North America Pet's declines in fiscal 2026. GIS is renovating packaging, optimizing offerings for e-commerce and emphasizing protein-forward innovation and communication. Together, these actions show a broad effort to address weaknesses in dog feeding while strengthening Blue Buffalo's offerings across core and fresh-food formats.

Shares of this Zacks Rank #3 (Hold) company have tumbled 12% year to date against the industry’s growth of 6.5%.

Better-Ranked Stocks to ConsiderThe Chefs' Warehouse, Inc. (CHEF - Free Report) is a distributor of specialty food and center-of-the-plate products across the United States, Canada and the Middle East. CHEF currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here

The Zacks Consensus Estimate for The Chefs' Warehouse’s current fiscal-year sales and earnings per share (EPS) implies growth of 10.6% and 33.7%, respectively, from the year-ago figures. CHEF delivered a trailing four-quarter earnings surprise of 30.4%, on average.

The Vita Coco Company, Inc. (COCO - Free Report) , a leading beverage company that develops, markets and distributes coconut water and other plant-based beverages, currently sports a Zacks Rank #1. COCO delivered a trailing four-quarter earnings surprise of 21.9%, on average.

The Zacks Consensus Estimate for The Vita Coco Company’s current fiscal-year sales and EPS calls for growth of 31.6% and 64.7%, respectively, from the year-ago figures.

Darling Ingredients Inc. (DAR - Free Report) , a global developer and producer of sustainable natural ingredients derived from edible and inedible bio-nutrients, currently carries a Zacks Rank of 2 (Buy).

The Zacks Consensus Estimate for Darling’s current fiscal-year sales calls for 11.5% growth from the prior-year levels. The consensus estimate for current fiscal-year EPS stands at $6.98, which implies a substantial improvement from the year-ago period. DAR delivered a trailing four-quarter earnings surprise of 38.9%, on average.

MINNEAPOLIS--(BUSINESS WIRE)--General Mills, Inc. (NYSE: GIS) plans to report results for its fiscal 2027 first quarter on September 23, 2026.A press release, pre-recorded management remarks and supporting slides will be issued that morning followed by a webcasted question and answer session on the results at 8 a.m. CT. Interested parties can access these materials and the webcast at www.generalmills.com/investors.# # #About General MillsGeneral Mills makes food the world loves. The company is g.

General Mills provides defensive diversification for AI-heavy portfolios, but recent performance has been challenging with a 30% decline over five years. GIS currently offers a steady forward dividend yield of about 6%, which stands out as an attractive income feature. The stock is not considered expensive, yet there is limited excitement due to ongoing uncertainty about whether headwinds are fully behind GIS.

B. Metzler seel. Sohn & Co. AG acquired a new stake in shares of General Mills, Inc. (NYSE:GIS – Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 45,059 shares of the company’s stock, valued at approximately $1,568,000.

A number of other large investors also recently bought and sold shares of GIS. Reflection Asset Management bought a new stake in General Mills during the fourth quarter valued at $25,000. Nalls Sherbakoff Group LLC acquired a new stake in General Mills during the fourth quarter worth about $26,000. Brown Shipley& Co Ltd bought a new position in General Mills in the first quarter worth about $26,000. Silvant Capital Management LLC acquired a new position in General Mills in the second quarter valued at approximately $26,000. Finally, Bruce G. Allen Investments LLC boosted its stake in General Mills by 139.8% in the fourth quarter. Bruce G. Allen Investments LLC now owns 578 shares of the company’s stock valued at $27,000 after acquiring an additional 337 shares during the period. Institutional investors own 75.71% of the company’s stock.

General Mills Trading Up 0.1% Shares of NYSE GIS opened at $39.99 on Monday. The company has a current ratio of 0.68, a quick ratio of 0.40 and a debt-to-equity ratio of 1.68. General Mills, Inc. has a one year low of $31.75 and a one year high of $51.33. The business has a 50-day moving average price of $36.64 and a two-hundred day moving average price of $37.71. The firm has a market capitalization of $21.38 billion, a PE ratio of -222.15 and a beta of -0.03.

General Mills (NYSE:GIS – Get Free Report) last announced its quarterly earnings data on Wednesday, July 1st. The company reported $0.95 EPS for the quarter, beating analysts’ consensus estimates of $0.80 by $0.15. General Mills had a negative net margin of 0.48% and a positive return on equity of 21.37%. The firm had revenue of $4.61 billion for the quarter, compared to the consensus estimate of $4.59 billion. During the same period in the previous year, the firm posted $0.53 earnings per share. The firm’s revenue was up 1.2% on a year-over-year basis. General Mills has set its FY 2027 guidance at 3.000-3.200 EPS. As a group, analysts predict that General Mills, Inc. will post 3.07 earnings per share for the current fiscal year. General Mills Announces Dividend The business also recently declared a quarterly dividend, which was paid on Monday, August 3rd. Stockholders of record on Friday, July 10th were paid a dividend of $0.61 per share. This represents a $2.44 annualized dividend and a dividend yield of 6.1%. The ex-dividend date was Friday, July 10th. General Mills’s dividend payout ratio is -1,355.56%.

Analysts Set New Price Targets GIS has been the subject of a number of recent research reports. Wells Fargo & Company upped their price objective on General Mills from $30.00 to $33.00 and gave the stock an “underweight” rating in a research note on Thursday, July 2nd. JPMorgan Chase & Co. boosted their price target on shares of General Mills from $31.00 to $35.00 and gave the company an “underweight” rating in a report on Thursday, July 2nd. Piper Sandler lowered their price target on shares of General Mills from $45.00 to $41.00 and set an “overweight” rating for the company in a research report on Wednesday, May 13th. TD Cowen dropped their price objective on shares of General Mills from $32.00 to $31.00 and set a “hold” rating on the stock in a report on Thursday, July 2nd. Finally, Bank of America lifted their price objective on shares of General Mills from $36.00 to $39.00 and gave the company a “neutral” rating in a research report on Thursday, July 2nd. Four investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and six have issued a Sell rating to the stock. According to MarketBeat.com, General Mills currently has an average rating of “Reduce” and an average target price of $39.16.

View Our Latest Stock Report on General Mills

General Mills Profile (Free Report)

General Mills, Inc (NYSE: GIS) is a multinational consumer foods company that develops, manufactures and markets a broad portfolio of branded food products. Its product categories include ready-to-eat and hot cereals, baking mixes and ingredients, snacks and bars, refrigerated and frozen doughs, yogurt and other dairy products, and a variety of shelf-stable meals and meal components. The company’s portfolio features widely recognized consumer brands across grocery store, mass channel and foodservice outlets.

Founded in the early 20th century and incorporated under its current name in 1928, General Mills has grown through both internal brand development and strategic expansion to become a global food company.

Recommended Stories Five stocks we like better than General Mills VIG, VYM, and VYMI: Which Vanguard Dividend ETF Is Right for You? 3 Closed-End Funds to Maximize Dividend Payments Rocket Lab’s Sell-Off Is Fading—Is It Finally Safe to Buy? $27 Billion in Buybacks: 3 Stocks Betting Their Strong Runs Aren’t Over Want to see what other hedge funds are holding GIS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for General Mills, Inc. (NYSE:GIS – Free Report).

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BlackRock Inc. acquired a new stake in General Mills, Inc. (NYSE:GIS – Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 62,689,876 shares of the company’s stock, valued at approximately $2,181,608,000. BlackRock Inc. owned about 11.75% of General Mills at the end of the most recent quarter.

Several other large investors have also modified their holdings of the company. Reflection Asset Management acquired a new position in General Mills in the fourth quarter valued at $25,000. Nalls Sherbakoff Group LLC acquired a new stake in shares of General Mills during the fourth quarter worth about $26,000. Brown Shipley& Co Ltd purchased a new position in shares of General Mills during the first quarter worth about $26,000. Bruce G. Allen Investments LLC grew its holdings in shares of General Mills by 139.8% during the fourth quarter. Bruce G. Allen Investments LLC now owns 578 shares of the company’s stock worth $27,000 after buying an additional 337 shares during the last quarter. Finally, Main Street Group LTD acquired a new position in General Mills in the 1st quarter valued at about $27,000. 75.71% of the stock is owned by institutional investors and hedge funds.

General Mills Price Performance Shares of NYSE:GIS opened at $40.01 on Thursday. The firm has a market capitalization of $21.39 billion, a price-to-earnings ratio of -222.25 and a beta of -0.03. The company has a debt-to-equity ratio of 1.68, a current ratio of 0.68 and a quick ratio of 0.40. The business’s 50 day simple moving average is $36.41 and its 200-day simple moving average is $37.80. General Mills, Inc. has a 12 month low of $31.75 and a 12 month high of $51.33.

General Mills (NYSE:GIS – Get Free Report) last released its quarterly earnings data on Wednesday, July 1st. The company reported $0.95 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.15. The firm had revenue of $4.61 billion during the quarter, compared to the consensus estimate of $4.59 billion. General Mills had a positive return on equity of 21.37% and a negative net margin of 0.48%.General Mills’s quarterly revenue was up 1.2% on a year-over-year basis. During the same period last year, the business posted $0.53 EPS. General Mills has set its FY 2027 guidance at 3.000-3.200 EPS. As a group, equities analysts forecast that General Mills, Inc. will post 3.07 earnings per share for the current fiscal year. General Mills Announces Dividend The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 3rd. Investors of record on Friday, July 10th were given a $0.61 dividend. The ex-dividend date was Friday, July 10th. This represents a $2.44 annualized dividend and a dividend yield of 6.1%. General Mills’s payout ratio is currently -1,355.56%.

Analyst Upgrades and Downgrades A number of research firms have weighed in on GIS. Wells Fargo & Company increased their price objective on General Mills from $30.00 to $33.00 and gave the stock an “underweight” rating in a research report on Thursday, July 2nd. Jefferies Financial Group upped their price target on General Mills from $33.00 to $36.00 and gave the stock a “hold” rating in a research note on Wednesday, July 1st. JPMorgan Chase & Co. lifted their price objective on shares of General Mills from $31.00 to $35.00 and gave the company an “underweight” rating in a research report on Thursday, July 2nd. Weiss Ratings upgraded shares of General Mills from a “sell (d)” rating to a “sell (d+)” rating in a research report on Thursday, July 2nd. Finally, Sanford C. Bernstein cut General Mills from a “market perform” rating to an “underperform” rating and set a $31.00 price target for the company. in a report on Wednesday, June 3rd. Four equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and six have given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average price target of $39.16.

View Our Latest Stock Report on GIS

About General Mills (Free Report)

General Mills, Inc (NYSE: GIS) is a multinational consumer foods company that develops, manufactures and markets a broad portfolio of branded food products. Its product categories include ready-to-eat and hot cereals, baking mixes and ingredients, snacks and bars, refrigerated and frozen doughs, yogurt and other dairy products, and a variety of shelf-stable meals and meal components. The company’s portfolio features widely recognized consumer brands across grocery store, mass channel and foodservice outlets.

Founded in the early 20th century and incorporated under its current name in 1928, General Mills has grown through both internal brand development and strategic expansion to become a global food company.

Read More Five stocks we like better than General Mills Bloom Energy’s AI Surge Meets a Valuation Reality Check Target Is Winning Shoppers Back—Can the Rally Reach $180? IonQ’s Space Contract Points to a New Frontier for Quantum Investors Is Apple’s AI Strategy Smarter Than Skeptics Think? Want to see what other hedge funds are holding GIS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for General Mills, Inc. (NYSE:GIS – Free Report).

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General Mills, Inc. fundamentals are relatively weak, with high demand elasticity, compressing margins, and poor growth metrics. The goodwill impairment is also a strong sign that the firm's brands are losing their appeal. This needs to be changed to reignite growth. The firm, however, pays attractive, sustainable quarterly dividends, and this is the heart of the investment thesis.

Posted by Defense World Staff on Jul 27th, 2026

Delta Global Management LP purchased a new stake in shares of General Mills, Inc. (NYSE:GIS – Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 49,686 shares of the company’s stock, valued at approximately $1,849,000.

Other institutional investors have also added to or reduced their stakes in the company. Reflection Asset Management bought a new position in shares of General Mills during the fourth quarter valued at about $25,000. Nalls Sherbakoff Group LLC bought a new stake in shares of General Mills in the fourth quarter worth about $26,000. Brown Shipley& Co Ltd purchased a new position in General Mills during the 1st quarter valued at about $26,000. Bruce G. Allen Investments LLC increased its holdings in General Mills by 139.8% during the 4th quarter. Bruce G. Allen Investments LLC now owns 578 shares of the company’s stock valued at $27,000 after purchasing an additional 337 shares during the period. Finally, Main Street Group LTD bought a new position in General Mills during the 1st quarter valued at approximately $27,000. Hedge funds and other institutional investors own 75.71% of the company’s stock.

Wall Street Analysts Forecast Growth Several equities research analysts have weighed in on GIS shares. Wells Fargo & Company increased their price objective on General Mills from $30.00 to $33.00 and gave the stock an “underweight” rating in a report on Thursday, July 2nd. JPMorgan Chase & Co. upped their target price on General Mills from $31.00 to $35.00 and gave the company an “underweight” rating in a report on Thursday, July 2nd. Barclays dropped their price target on General Mills from $41.00 to $36.00 and set an “equal weight” rating for the company in a research note on Monday, May 11th. UBS Group set a $33.00 price objective on shares of General Mills in a research report on Monday, July 6th. Finally, The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $36.00 target price on shares of General Mills in a research report on Tuesday, June 2nd. Four analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and seven have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Reduce” and an average price target of $39.16.

Get Our Latest Report on General Mills

General Mills Stock Up 0.4% GIS stock opened at $36.16 on Monday. General Mills, Inc. has a twelve month low of $31.75 and a twelve month high of $51.33. The company has a quick ratio of 0.40, a current ratio of 0.68 and a debt-to-equity ratio of 1.68. The business has a 50 day moving average of $34.97 and a 200 day moving average of $38.68. The firm has a market cap of $19.30 billion, a PE ratio of -200.86 and a beta of -0.03.

General Mills (NYSE:GIS – Get Free Report) last posted its quarterly earnings results on Wednesday, July 1st. The company reported $0.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.15. General Mills had a positive return on equity of 21.37% and a negative net margin of 0.48%.The firm had revenue of $4.61 billion during the quarter, compared to analyst estimates of $4.59 billion. During the same quarter in the previous year, the firm earned $0.53 EPS. General Mills’s quarterly revenue was up 1.2% compared to the same quarter last year. General Mills has set its FY 2027 guidance at 3.000-3.200 EPS. On average, research analysts forecast that General Mills, Inc. will post 3.07 EPS for the current fiscal year.

General Mills Dividend Announcement The company also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Stockholders of record on Friday, July 10th will be paid a $0.61 dividend. This represents a $2.44 annualized dividend and a dividend yield of 6.7%. The ex-dividend date is Friday, July 10th. General Mills’s dividend payout ratio is currently -1,355.56%.

Insider Activity at General Mills In other news, insider Jacqueline Williams-Roll sold 10,000 shares of the stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $34.27, for a total transaction of $342,700.00. Following the sale, the insider owned 86,002 shares in the company, valued at $2,947,288.54. This represents a 10.42% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Ricardo Fernandez sold 7,995 shares of the firm’s stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $34.50, for a total transaction of $275,827.50. Following the sale, the insider directly owned 62,283 shares of the company’s stock, valued at $2,148,763.50. This trade represents a 11.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.30% of the company’s stock.

General Mills Company Profile (Free Report)

General Mills, Inc (NYSE: GIS) is a multinational consumer foods company that develops, manufactures and markets a broad portfolio of branded food products. Its product categories include ready-to-eat and hot cereals, baking mixes and ingredients, snacks and bars, refrigerated and frozen doughs, yogurt and other dairy products, and a variety of shelf-stable meals and meal components. The company’s portfolio features widely recognized consumer brands across grocery store, mass channel and foodservice outlets.

Founded in the early 20th century and incorporated under its current name in 1928, General Mills has grown through both internal brand development and strategic expansion to become a global food company.

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General Mills is rated Strong Buy, with compelling valuation and a solid cost-saving strategy despite rising macro risks. GIS targets $3 billion in cumulative cost savings by FY30, prioritizing balance sheet improvements and limiting buybacks to offset dilution. FY27 guidance anticipates organic net sales down 1.5% to up 0.5%, with Adj. Operating Profit declining 8–13%, mainly due to non-recurring factors.

MINNEAPOLIS--(BUSINESS WIRE)--Totino's is amping up the flavor in the freezer aisle with new Pizza Rolls™ and Ultimate Pizza™ inspired by the bold flavor combos and snack hacks fans already love. From Garlic Parm and Zesty Limón to Chicken Bacon Ranch and Mexican Style, the new flavors are rolling out nationwide this summer, delivering even more craveable ways to satisfy snack attacks. Snack lovers have been putting their own spin on Totino's Pizza Rolls for years — dunking, dusting, saucing an.

MINNEAPOLIS, CHICAGO & BENTONVILLE, Ark.--(BUSINESS WIRE)--General Mills, ADM and Walmart today announced a strategic collaboration to accelerate regenerative agriculture across 40,000 Midwest wheat acres.

GIS trades near 11.5X forward earnings, but weak sales and profit pressure leave cash flow, savings and demand recovery as key tests.

Key Takeaways GIS expects fiscal 2027 organic net sales to range from down 1.5% to up 0.5%. General Mills faces weak demand, heavier promotions and 4%-5% input cost inflation. GIS targets at least $750 million in fiscal 2027 savings to offset inflation and fund brands. General Mills, Inc. (GIS - Free Report) enters fiscal 2027 with an uneven setup. Weak consumer sentiment, cautious household spending and heavier promotions continue to test the recovery case.

The company is leaning on savings, portfolio simplification and brand investment. The path can improve, but it still needs stronger demand conversion and steadier margins.

GIS Faces a Demand-Led ResetFiscal 2026 organic net sales fell 2%, while reported net sales declined 5% to $18.4 billion. The shortfall reflected weaker consumer sentiment and volatility that pressured category volume growth.

Management expects fiscal 2027 category growth to remain consistent with recent trends and below long-term growth projections. That leaves limited room for an easy topline rebound.

The pressure is demand-led. Households are stretched, shoppers are buying more on promotion and everyday-price volume remains harder to capture.

Pricing power is also muted. Fiscal 2026 organic price and mix declined 1%, showing that volume recovery cannot rely only on higher prices.

Image Source: Zacks Investment Research

General Mills Leans on Brand SupportGeneral Mills is using its Remarkable Experiences Framework to rebuild brand relevance across product, packaging, brand communication, omnichannel execution and consumer value. Fiscal 2027 plans put more weight on innovation and renovation.

That matters because the company’s price investments are largely behind it. The next phase depends on making key brands more competitive without leaning only on discounting.

There were signs of progress in fiscal 2026. North America Retail grew household penetration and improved pound competitiveness, with 65% of its top 10 U.S. categories holding or gaining pound share.

Conagra Brands, Inc. (CAG - Free Report) and Mondelez International, Inc. (MDLZ - Free Report) offer useful peer context for investors watching packaged-food demand, value-seeking behavior and brand support across consumer staples.

GIS Margin Recovery Still Looks FragileThe margin setup remains fragile because promotional buying carries a less profitable mix. Higher input costs also weighed on fiscal 2026 results.

Adjusted gross margin declined 100 basis points to 33.5% of net sales in fiscal 2026. Adjusted operating margin fell 190 basis points to 15.3%.

Fiscal 2027 does not remove that pressure. The Zacks Rank #5 (Strong Sell) company expects 4% to 5% input cost inflation and continued investment in brand remarkability. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

That combination raises the execution bar. Better household penetration must become repeat purchasing, not just temporary volume tied to value offers.

Image Source: Zacks Investment Research

General Mills Still Has Cushion From SavingsProductivity remains the clearest cushion. In fiscal 2026, General Mills generated Holistic Margin Management savings equal to 5% of cost of goods sold.

The company also delivered more than $100 million from transformation and other efficiency efforts. Those actions helped protect profitability despite soft sales.

General Mills is targeting $3 billion in cumulative cost savings through fiscal 2030. Roughly $2 billion is expected from Holistic Margin Management, with the balance from global transformation and other actions.

For fiscal 2027, the company expects at least $750 million in total savings. That can offset inflation and fund brand investment, but savings are not a full substitute for demand recovery.

GIS Signals to Watch From HereBottom line, GIS remains a recovery story with limited room for execution misses. The discounted forward earnings multiple offers some valuation support, but the stock still needs clearer proof that brand investment can stabilize sales while savings protect margins.

The cautious stock-selection setup keeps operating signals in focus. Fiscal 2027 guidance calls for organic net sales ranging from down 1.5% to up 0.5%, adjusted operating profit down 8% to 13% in constant currency and adjusted diluted earnings per share of $3.00 to $3.20.

GIS does not have a detailed Zacks Rank and Style Scores readout in the available stock-selection snapshot. In general, the Zacks Style Scores are most useful when paired with a Zacks Rank, with stronger combinations typically coming from favorable ranks and Style Scores of A or B.

For now, investors may need to watch sales elasticity, promotional intensity, input inflation and savings delivery as the main guideposts. The setup is inexpensive, but the recovery still has to earn confidence through execution.

HomeEarnings AnalysisConsumer Staples Analysis

SummaryGeneral Mills remains a buy, with recent results suggesting potential for a durable rally despite ongoing headwinds from private label competition.GIS faces margin pressure as it prioritizes value and lower prices to retain price-sensitive consumers while exploring innovation and health-focused products for differentiation.Valuation is attractive, with a non-GAAP P/E of 10.58 and a 6.5% dividend yield, though dividend safety is a concern amid a tough economic environment.Execution of cost reduction and turnaround strategies is critical, as persistent headwinds and potential dividend cuts could impact share price performance. jetcityimage/iStock Editorial via Getty Images

I rated General Mills (GIS) a buy back in late March, and then immediately after, GIS stumbled into a long but not especially deep slide. The stock has recovered since then and is up about 1%. Still

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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in GIS over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Long in the making, General Mills' NYSE: GIS stock price bottom was reached in early 2026, and a price recovery lies ahead. Driven by portfolio repositioning and cost-cutting efforts, the multiyear downtrend in the stock price has put this market at a deep value, below 10x trailing earnings, setting it up not only for growth-supported share price appreciation but also for price-multiple expansion. In this scenario, GIS shares could revert to historical highs and potentially trend higher—with the company maintaining its high-yielding dividend in the meantime.

General Mills Today

GIS

General Mills

$37.25 -0.52 (-1.39%)

As of 12:39 PM Eastern

This is a fair market value price provided by Massive. Learn more.

52-Week Range$31.75▼

$54.01Dividend Yield6.55%

P/E Ratio9.11

Price Target$39.00

The company is a solid dividend payer, yielding 6.5% with shares trading near 2026 lows. The 6.5% yield raises a red flag, as high yields often precede a distribution cut or suspension, but the risks are limited for GIS investors. Not only is dividend coverage sufficient, but it is also improving; cash flow is expected to strengthen over time, and share buybacks are working their magic.

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General Mills is an excellent example of how share buybacks work in shareholders' favor, as they are reducing the share count sufficiently to offset the impact of distribution increases. General Mills' net dividend payout for fiscal Q4 2026 is down year-over-year due to a lower share count, with share buybacks expected to continue in the upcoming year. In this scenario, General Mills can sustain annualized per-share distribution increases, benefiting investors, while reducing its capital outlay, benefiting the business.

General Mills Outperforms in Fiscal Year 2026 as Shift Gains TractionGeneral Mills had a steady quarter in fiscal Q4, with revenue growth up by 1.2%, underpinned by one-offs including an extra week compared to last year’s quarter, foreign exchange (FX) conversion, and divestitures. The critical detail is that organic business, ongoing core operations, was flat on a year-over-year (YOY) basis with price and mix offsetting volume declines and mixed results across segments. North American Retail, the primary category, contracted by 4%, compounded by a 1% decline in Food Services, offset by a 4% gain in Pet and a 16% gain internationally.

Margin news was good. While one-offs impaired GAAP results, they were primarily non-cash. The salient detail is that segment margins improved across the board, leaving the adjusted system-wide margin up year over year and earnings per share well ahead of expectations. The 95 cents in adjusted earnings per share (EPS) grew by 27% YOY, outpacing MarketBeat’s consensus by more than 1,500 basis points.

Guidance was also decent. While the company forecasts a marginal revenue contraction, it is tied to a tough comp linked to the extra week in fiscal year 2026. Organic sales are expected to be flattish to slightly down, with adjusted EPS of $3.10 at the midpoint. The $3.10 midpoint is down YOY, but aligned with the consensus, with most analysts expecting worse. The critical detail is that earnings and cash flow are sufficient to sustain capital returns and balance sheet health while the company invests in its next phase. That includes a lean into product value and innovations to help boost top-line performance.

Analysts Trends Key to General Mills Stock Price TrajectoryAnalyst trends were central to the contraction in General Mills' stock price, as they included sentiment downgrades and price target reductions, which drove the stock to the low end of its expected range.

The story as of mid-2026 is that sentiment trends are set up to bottom and reverse, given the fiscal Q4 strength and an outlook for systemic improvements.

It may take time, but investors can expect to see ratings and price targets begin firming as the year progresses, strengthening the bottom in place. As it stands, GIS is in rebound mode, moving up from near the low-end target of $30, with upside forecast at the consensus.

Institutional trends help to limit downside risk in Q3 2026. The group owns more than 75% of the stock and has been accumulating on a trailing 12-month basis, running a bullish balance in every quarter. The likely outcome is that this group continues to underpin support as the year progresses, targeting moments of price weakness as opportunistic entry points.

The company’s biggest risk is top-line weakness and the resulting loss of earnings leverage tied to volume declines. However, to combat this, the company launched a $3 billion cost-saving initiative expected to yield up to $750 million in savings by fiscal year-end.

Plans also focus on underperforming brands, such as Blue Buffalo Wilderness, which has struggled due to its marketing, grain-free base, and health concerns which resulted in several class-action lawsuits by consumers.

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Key Takeaways General Mills says fiscal 2027 will focus on innovation, renovation and sharper brand execution.General Mills targets $3B in cumulative cost savings through fiscal 2030 to fund reinvestment.General Mills expects organic sales from down 1.5% to up 0.5% and adjusted EPS of $3.00-$3.20. General Mills, Inc. (GIS - Free Report) used its fourth-quarter call to argue that fiscal 2026 was a reset year, not an endpoint. Management said pricing work is largely complete, and fiscal 2027 will shift toward innovation, renovation and sharper brand execution.

That message came with a more aggressive productivity plan. Executives paired a modest organic sales outlook with a new $3 billion cumulative cost-savings target through fiscal 2030, framing efficiency as the funding source for both growth investment and margin protection.

GIS Shifts From Pricing to InnovationChairman and CEO Jeffrey Harmening said the company entered fiscal 2026 focused on restoring competitiveness through base pricing. On the call, he described that work as largely finished and said the next step is to make the rest of General Mills’ marketing and product activity work harder.

Harmening tied the fiscal 2027 playbook to product benefits consumers are willing to pay for, including protein, fiber, bold flavors and indulgence. He cited Cheerios, Blue Buffalo, Häagen-Dazs and Annie’s as brands where the company sees room to improve remarkability and mix.

The shift matters because management is not counting on a better consumer backdrop to do the heavy lifting. Executives repeatedly said growth improvement should come from company-controlled levers rather than a rebound in categories.

General Mills Sees a Tough Consumer Holding OnDana McNabb, COO and group president of North America Retail and North America Pet, said the company expects shoppers to remain pressured in fiscal 2027. She said consumers are buying more on promotion, making channel and pack-size tradeoffs, and keeping value at the center of purchase decisions.

McNabb added that categories slowed by about one point exiting the fourth quarter, and management is not assuming that trend reverses soon. Instead, the company is trying to pair better shelf pricing with premium benefits that can still command spending.

That backdrop helps explain the company’s fiscal 2027 guidance. General Mills expects organic net sales to range from down 1.5% to up 0.5%, with adjusted operating profit down 13% to down 8% in constant currency and adjusted EPS of $3.00 to $3.20.

GIS Keeps Totino’s and Pet in FocusAnalyst questions repeatedly returned to market share, and management did not dodge the weak spots. Harmening said Totino’s was a bigger issue than Wilderness dog feeding because of its size, while McNabb said Totino’s suffered from poor execution on price-pack architecture and insufficient innovation.

Management pointed to early fixes, including stronger merchandising, new frozen snack launches and better product architecture. McNabb said June trends had already improved in hot snacks and pizza, though she stopped short of calling four weeks a durable trend.

In Pet, the issue was less consumption than inventory flow. McNabb said channel sales were up 1% for the year, but organic sales lagged because faster-growing customers such as e-commerce and mass carry less inventory, and she said a low-single-digit inventory headwind is built into fiscal 2027 assumptions.

General Mills Pairs Savings With ReinvestmentThe biggest new strategic number from the call was the $3 billion cost-savings target through fiscal 2030. About $2 billion is expected from Holistic Margin Management, while the remaining $1 billion is tied to transformation and other efficiency work.

McNabb said the supply chain is a particular focus, arguing it was built for a different operating environment and now needs more speed and packaging flexibility. Management said details are still in early design, but the fiscal 2027 savings goal is at least $750 million.

Chief financial officer Kofi Bruce said HMM is meant to fund reinvestment into product and marketing, not just protect margins. That framing makes the productivity push central to the growth plan rather than a separate cost-cutting story.

GIS Delivers a Beat, but GAAP Was DistortedFor the quarter, General Mills reported adjusted EPS of $0.95 and revenue of $4.61 billion. That topped the Zacks Consensus Estimate of $0.82 and $4.6 billion, respectively, with EPS surprise of 15.9% and revenue surprise of 0.1%.

Those adjusted results aligned with management’s own expectations, but GAAP figures were heavily distorted. The company posted a loss per share of $3.74, driven by $1.8 billion in goodwill and brand impairment charges and a roughly $1.0 billion valuation loss tied to the planned sale of the Brazil business.

That split between adjusted and reported results shaped the tone of the call. Executives spent little time defending the quarter itself and much more time arguing that the underlying business, especially pricing, household penetration and base volume, is on firmer footing entering fiscal 2027.

General Mills Leaves a Measured But Assertive ToneThe closing message from management was disciplined rather than upbeat. Harmening said the company is on a path to restore profitable growth, but the near-term setup still includes inflation, lapping the 53rd week and divestiture-related headwinds.

Even so, executives sounded more assertive in Q&A than in the headline numbers. Their stance was that fiscal 2027 improvement depends on better execution, better innovation and better mix, not relief from the consumer environment.

Zacks Signals Remain Cautious on GISGIS carries a Zacks Rank #4 (Sell), alongside a Value Score of A, Growth Score of F, Momentum Score of D and VGM Score of D. Under Zacks’ framework, Style Scores work best as a complement to the Zacks Rank, and stronger combinations are generally Rank #1 (Strong Buy) or #2 (Buy) stocks with A or B style grades. You can see the complete list of today’s Zacks #1 Rank stocks here.

That leaves a mixed signal. The value profile stands out, but Zacks’ own guidance says investors should not buy stocks with a Zacks Rank #4 or #5 (Strong Sell) even if some Style Scores are favorable, and the rank can change as estimate revisions move after the quarter.

Key Takeaways General Mills' Q4 earnings and sales beat estimates, with EPS up 27% and net sales rising 1%.Organic sales were broadly flat, while adjusted gross margin rose 150 bps to 34.2% of sales.GIS expects fiscal 2027 organic sales to range from a 1.5% decline to 0.5% growth. General Mills, Inc. (GIS - Free Report) reported fourth-quarter fiscal 2026 results, wherein both top and bottom lines beat the Zacks Consensus Estimate and increased year over year.

 The company posted adjusted earnings of 95 cents per share, which beat the Zacks Consensus Estimate of 82 cents. The bottom line also increased 27% year over year on a constant-currency (cc) basis, driven by elevated adjusted operating profit, a reduced adjusted effective tax rate and fewer shares outstanding, partially offset by higher net interest expense.

Net sales increased 1% to $4,609.6 million, benefiting from a 7-point contribution from the 53rd week and a 1-point benefit from foreign currency exchange, partially offset by a 7-point headwind from the net impact of divestitures and acquisitions. On an organic basis, sales were broadly unchanged, including a 1-point benefit from favorable trade expense timing. The top line also beat the Zacks Consensus Estimate of $4,604 million.

GIS’ Quarterly Margin PerformanceThe adjusted gross margin increased 150 basis points (bps), reaching 34.2% of net sales, supported by favorable pricing and mix, with higher input costs partially offsetting these gains. Favorable trade expense timing contributed a 60 bps benefit to adjusted gross margin. We expected an adjusted gross margin expansion of 50 bps.

General Mills’ adjusted operating profit increased 13% in constant currency to $705 million, driven by elevated adjusted gross profit dollars, including a 7-point benefit from favorable trade expense timing. Adjusted operating margin improved 160 bps to 15.3%. We expected an adjusted operating margin of 14.3% for the quarter.

Decoding GIS’ Segmental PerformanceNorth America Retail: Revenues in the segment were $2,466.6 million, down 4% year over year, including a 10-point headwind from the divestiture and a 7-point benefit from the 53rd week. Organic net sales were essentially unchanged from the prior year, while Nielsen-measured retail sales declined 4%. The difference was primarily cused by a previously anticipated 2-point benefit from trade expense timing and favorable changes in retailer inventory levels.

Segment operating profit of $506.4 million increased 7% for both reported and in constant currency. Growth was driven by favorable net price realization and product mix, along with lower selling, general and administrative (SG&A) expenses. These benefits were partially offset by lower volumes, including the impact of the U.S. yogurt divestiture, and higher input costs. Favorable trade expense timing contributed approximately 9 percentage points to quarterly operating profit growth.

North America Pet: Revenues rose 4% year over year to $702.4 million, benefiting by 7-points from the 53rd week. Sales grew at a double-digit rate in cat food, increased at a low-single-digit rate in dog food and declined slightly in pet treats. Organic net sales declined 3%, while all-channel retail sales fell approximately 1%. The difference was largely attributable to changes in retailer inventory levels.

Segment operating profit increased 14% to $160 million on both a reported and constant-currency basis. The improvement was driven primarily by favorable net price realization and mix, as well as lower input costs, partially offset by elevated SG&A expenses, including a double-digit increase in media investments.

North America Foodservice: Revenues were $574.6 million, which decreased 1%, including a 7-point headwind from the U.S. yogurt divestiture and a 6-point benefit from the 53rd week. Organic net sales were essentially flat, including a 2-point headwind from index pricing on bakery flour.

Segment operating profit gained 22% to $101.3 million, primarily due to Holistic Margin Management cost savings and favorable net price realization and mix, partially offset by input cost inflation.

International: Revenues in the segment were $858.4 million, up 16% year over year, benefiting from an 8-point contribution from the 53rd week and a 5-point benefit from foreign currency exchange. Organic net sales grew 3%, driven by strong performance in Brazil, Europe, India and China.

Segment operating profit increased to $61 million from $33.7 million a year ago, driven by favorable net price realization and mix, along with higher volumes, partially offset by higher input costs and increased SG&A expenses.

GIS’ Financial Health Snapshot & Other DevelopmentsGeneral Mills ended the quarter with cash and cash equivalents of $453.8 million, long-term debt of $12,416 million and total stockholders’ equity (excluding noncontrolling interests) of $7,368.4 million.

The company generated $2,166.2 million in cash from operating activities in fiscal 2026. Capital investments amounted to $539.9 million during the same period. The company paid out dividends worth $1,315 million and bought shares for $500 million in the aforementioned period.

GIS declared a quarterly dividend of 61 cents per share, payable on Aug. 3, 2026, to its shareholders of record as of July 10.

What to Expect From GIS in Fiscal 2027?General Mills expects consumer demand to remain challenging in fiscal 2027 and plans to drive growth through product innovation focused on health, flavor, indulgence and pet humanization trends. The company aims to support profitability with at least $750 million in cost savings, although earnings will face headwinds from the absence of the prior year's 53rd week, higher incentive expenses and the impact of recent divestitures.

The company has provided its full-year fiscal 2027 outlook. Organic net sales are projected to range from a decline of 1.5% to growth of 0.5%. On a constant-currency basis, adjusted operating profit is expected to be down 8% to 13% from the fiscal 2026 base of $2.8 billion. Adjusted earnings per share are expected to be between $3.00 and $3.20, with an immaterial impact from foreign currency exchange. The company also expects free cash flow conversion to be approximately 95% of adjusted after-tax earnings.

This Zacks Rank #4 (Sell) company’s shares have lost 7% in the past three months against the industry’s growth of 3.6%.

Image Source: Zacks Investment Research

Stocks to ConsiderDarling Ingredients Inc. (DAR - Free Report) develops, produces and sells sustainable natural ingredients from edible and inedible bio-nutrients. It currently flaunts a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for Darling Ingredients’ current fiscal-year sales and earnings indicates growth of 12.3% and 575.6%, respectively, from the prior-year reported levels. Darling Ingredients delivered a trailing four-quarter earnings surprise of 14.8%, on average.

United Natural Foods, Inc. (UNFI - Free Report) distributes natural, organic, specialty, produce and conventional grocery and non-food products in the United States and Canada. At present, United Natural carries a Zacks Rank of 2 (Buy). UNFI delivered a trailing four-quarter earnings surprise of 29.9%, on average.

The consensus estimate for United Natural’s current fiscal-year earnings implies growth of 254.9% from the year-ago figures.

Mama's Creations, Inc. (MAMA - Free Report) manufactures and markets fresh deli-prepared foods in the United States. At present, MAMA holds a Zacks Rank of 2. Mama's Creations delivered a trailing four-quarter earnings surprise of 129.2%, on average.

The consensus estimate for Mama's Creations’ current fiscal-year sales and earnings implies growth of 30% and 73.3%, respectively, from the year-ago figures.

General Mills (GIS - Free Report) reported $4.61 billion in revenue for the quarter ended May 2026, representing a year-over-year increase of 1.2%. EPS of $0.95 for the same period compares to $0.74 a year ago.

The reported revenue represents a surprise of +0.13% over the Zacks Consensus Estimate of $4.6 billion. With the consensus EPS estimate being $0.82, the EPS surprise was +16.48%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how General Mills performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Net Sales- North America Foodservice: $574.6 million versus the five-analyst average estimate of $581.13 million. The reported number represents a year-over-year change of -0.8%.Net Sales- International: $858.4 million compared to the $840.1 million average estimate based on five analysts. The reported number represents a change of +16.2% year over year.Net Sales- North America Pet: $702.4 million compared to the $717.24 million average estimate based on five analysts. The reported number represents a change of +4% year over year.Net Sales- North America Retail: $2.47 billion versus the five-analyst average estimate of $2.49 billion. The reported number represents a year-over-year change of -3.6%.Operating Profit- North America Retail: $506.4 million versus the five-analyst average estimate of $501.9 million.Operating Profit- International: $61 million versus $39.51 million estimated by five analysts on average.Operating Profit- North America Pet: $160 million versus $144.19 million estimated by five analysts on average.Operating Profit- North America Foodservice: $101.3 million compared to the $78.16 million average estimate based on five analysts.View all Key Company Metrics for General Mills here>>>

Shares of General Mills have returned +5.2% over the past month versus the Zacks S&P 500 composite's -1.2% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.

General Mills (GIS - Free Report) came out with quarterly earnings of $0.95 per share, beating the Zacks Consensus Estimate of $0.82 per share. This compares to earnings of $0.74 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +16.48%. A quarter ago, it was expected that this maker of Cheerios cereal, Yoplait yogurt and other packaged foods would post earnings of $0.74 per share when it actually produced earnings of $0.64, delivering a surprise of -13.51%.

Over the last four quarters, the company has surpassed consensus EPS estimates three times.

General Mills, which belongs to the Zacks Food - Miscellaneous industry, posted revenues of $4.61 billion for the quarter ended May 2026, surpassing the Zacks Consensus Estimate by 0.13%. This compares to year-ago revenues of $4.56 billion. The company has topped consensus revenue estimates three times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

General Mills shares have lost about 25.2% since the beginning of the year versus the S&P 500's gain of 9.6%.

What's Next for General Mills?While General Mills has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for General Mills was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.81 on $4.38 billion in revenues for the coming quarter and $3.16 on $18.02 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Food - Miscellaneous is currently in the bottom 19% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Lamb Weston (LW - Free Report) , another stock in the same industry, has yet to report results for the quarter ended May 2026. The results are expected to be released on July 24.

This frozen foods supplier is expected to post quarterly earnings of $0.61 per share in its upcoming report, which represents a year-over-year change of -29.9%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Lamb Weston's revenues are expected to be $1.69 billion, up 1% from the year-ago quarter.

MINNEAPOLIS--(BUSINESS WIRE)--General Mills, Inc. (NYSE: GIS) today reported results for its fourth quarter and fiscal year ended May 31, 2026. Fiscal 2026 was a 53-week year, with the extra week falling in the fourth quarter.

“We finished fiscal 2026 on a positive note, delivering fourth-quarter adjusted results that met our expectations while continuing to strengthen our foundation to position General Mills for long-term success,” said General Mills Chairman and Chief Executive Officer Jeff Harmening. “With our price investment work behind us, our focus in fiscal 2027 is to improve our topline growth by driving a step change in the remarkability of our brands. This includes a significant increase in innovation and renovation centered on the benefits that matter most to today’s consumers.

“At the same time, we are laser focused on increasing our efficiency to help offset elevated inflation, fund our growth investments, and generate stronger earnings and cash flow,” Harmening continued. “We’re targeting $3 billion in cumulative cost savings by fiscal 2030, primarily through our Holistic Margin Management productivity program and our global transformation initiative, with $750 million expected to be delivered in fiscal 2027.

“With plans to strengthen our remarkability and a sharp focus on efficiency and capital discipline, I’m confident we’re on the path to restoring profitable growth and driving shareholder value over the long term.”

Guided by its Accelerate strategy, General Mills is investing in its brands to restore profitable organic net sales growth, with initiatives that touch all elements of the company’s Remarkable Experience Framework: product, packaging, brand communication, omnichannel execution, and consumer value. With a stronger foundation of brand remarkability, General Mills believes it is better positioned to deliver stronger, more sustainable, and more profitable growth and value creation over the long term.

Fourth Quarter Results Summary

Net sales were up 1 percent to $4.6 billion, including a 7-point benefit from the 53rd week, a 1-point benefit from foreign currency exchange, and a 7-point headwind from the net impact of divestitures and acquisitions. Organic net sales were flat, including a 1-point benefit from favorable trade expense timing. Gross margin increased 240 basis points to 34.8 percent of net sales, driven by favorable net price realization and mix and favorable mark-to-market effects, partially offset by higher input costs. Adjusted gross margin increased 150 basis points to 34.2 percent of net sales, driven by favorable net price realization and mix, partially offset by higher input costs. Favorable trade expense timing was a 60-basis point benefit to adjusted gross margin in the quarter. Operating loss totaled $2.1 billion compared to operating profit of $504 million a year ago. The change in operating profit was due primarily to $1.8 billion in non-cash goodwill and brand intangible asset charges driven primarily by an increase in discount rates (please see Note 3 below for more information on these items) and a $1.0 billion non-cash pre-tax valuation loss related to the planned divestiture of the Brazil business (please see Note 2 below for more information on this item). Operating profit margin was (45.4) percent compared to 11.1 percent a year ago. Adjusted operating profit of $705 million was up 13 percent in constant currency, driven by higher adjusted gross profit dollars including a 7-point benefit from favorable trade expense timing. Adjusted operating profit margin increased 160 basis points to 15.3 percent. Net loss attributable to General Mills totaled $2.0 billion and diluted loss per share was $3.74 compared to net earnings of $294 million and diluted EPS of $0.53 last year, driven primarily by lower operating profit. Adjusted diluted EPS of $0.95 was up 27 percent in constant currency, driven primarily by higher adjusted operating profit, a lower adjusted effective tax rate, and lower net shares outstanding, partially offset by higher net interest expense. Full Year Results Summary

Net sales were down 5 percent to $18.4 billion, including a 6-point headwind from the net impact of divestitures and acquisitions, a 2-point benefit from the 53rd week, and a 1-point benefit from foreign currency exchange. Organic net sales were down 2 percent, due in part to weaker consumer sentiment and significant volatility that weighed on category volume growth and drove a higher share of consumer purchases on promotion. Gross margin was down 100 basis points to 33.6 percent of net sales and adjusted gross margin was down 100 basis points to 33.5 percent of net sales, both driven by higher input costs, partially offset by the favorable impact of net price realization and mix to gross margin, including the product mix benefit from the North American Yogurt divestitures. Operating profit of $886 million was down 73 percent, driven primarily by the goodwill and brand intangible asset charges, the valuation loss, and lower gross profit dollars in fiscal 2026, partially offset by a $1.0 billion gain on the yogurt divestitures (please see Note 2 for more information on this item). Operating profit margin was 4.8 percent compared to 17.0 percent a year ago. Adjusted operating profit of $2.8 billion was down 16 percent in constant currency, driven primarily by lower adjusted gross profit dollars. Adjusted operating profit margin was down 190 basis points to 15.3 percent. Net loss attributable to General Mills totaled $88 million and diluted loss per share was $0.16 compared to net earnings of $2.3 billion and diluted EPS of $4.10 a year ago, driven primarily by lower operating profit, a higher effective tax rate, and lower after-tax earnings from joint ventures, partially offset by lower net shares outstanding. Adjusted diluted EPS of $3.55 was down 16 percent in constant currency, driven primarily by lower adjusted operating profit. Operating Segment Results

The following items impacted the comparability of year-to-date financial results between fiscal 2025 and fiscal 2026: the divestiture of the U.S. Yogurt business in the first quarter of fiscal 2026, the 53rd week in the fourth quarter of fiscal 2026, the divestiture of the Canada Yogurt business in the third quarter of fiscal 2025, and the acquisition of the North American Whitebridge Pet Brands business in the third quarter of fiscal 2025. Tables may not foot due to rounding. Components of Fiscal 2026 Reported Net Sales Growth

Fourth Quarter

Volume

Price/Mix

Foreign

Exchange

Reported

Net Sales

North America Retail

(13) pts

9 pts

--

(4)%

North America Pet

1 pt

3 pts

--

4%

North America Foodservice

--

(1) pt

--

(1)%

International

8 pts

3 pts

5 pts

16%

Total

(4) pts

4 pts

1 pt

1%

Full Year

North America Retail

(16) pts

5 pts

--

(11)%

North America Pet

--

5 pts

--

6%

North America Foodservice

(4) pts

(2) pts

--

(6)%

International

3 pts

2 pts

4 pts

9%

Total

(8) pts

2 pts

1 pt

(5)%

  Components of Fiscal 2026 Organic Net Sales Growth

Fourth Quarter

Organic

Volume

Organic

Price/Mix

Organic

Net Sales

Foreign

Exchange

Acquisitions & Divestitures

53rd Week

Reported

Net Sales

North America Retail

(2) pts

2 pts

Flat

--

(10) pts

7 pts

(4)%

North America Pet

(6) pts

3 pts

(3)%

--

--

7 pts

4%

North America Foodservice

(2) pts

2 pts

Flat

--

(7) pts

6 pts

(1)%

International

1 pt

2 pts

3%

5 pts

--

8 pts

16%

Total

(2) pts

2 pts

Flat

1 pt

(7) pts

7 pts

1%

Full Year

North America Retail

(1) pt

(2) pts

(3)%

--

(9) pts

1 pt

(11)%

North America Pet

(5) pts

2 pts

(3)%

--

6 pts

2 pts

6%

North America Foodservice

(2) pts

1 pt

(1)%

--

(7) pts

2 pts

(6)%

International

2 pts

1 pt

3%

4 pts

--

2 pts

9%

Total

(1) pt

(1) pt

(2)%

1 pt

(6) pts

2 pts

(5)%

  Fiscal 2026 Segment Operating Profit Growth

Fourth Quarter

% Change

as Reported

% Change in

Constant Currency

North America Retail

7%

7%

North America Pet

14%

14%

North America Foodservice

22%

22%

International

81%

72%

Total

13%

13%

Full Year

North America Retail

(20)%

(20)%

North America Pet

Flat

Flat

North America Foodservice

(6)%

(6)%

International

96%

90%

Total

(13)%

(13)%

  North America Retail Segment
Fourth-quarter net sales for General Mills’ North America Retail segment were down 4 percent to $2.5 billion, including a 10-point headwind from divestitures and a 7-point benefit from the 53rd week. Organic net sales essentially matched year-ago results while Nielsen-measured retail sales were down 4 percent, with the gap driven by a previously expected 2-point benefit from trade expense timing as well as a benefit from changes in retailer inventory. Segment operating profit of $506 million increased 7 percent as reported and in constant currency, driven by favorable net price realization and mix and lower selling, general, and administrative (SG&A) expenses, partially offset by lower volume, including the impact of the U.S. yogurt divestiture, and higher input costs. Favorable trade expense timing was a 9-point benefit to operating profit growth in the quarter.

For the full year, North America Retail segment net sales were down 11 percent to $10.6 billion, including a 9-point headwind from divestitures and a 1-point benefit from the 53rd week. Organic net sales were down 3 percent. Increased consumer value, innovation, and product news drove strong pound competitiveness, with the segment holding or gaining pound share in 65 percent of its top 10 U.S. categories. Segment operating profit of $2.2 billion was down 20 percent as reported and in constant currency, due primarily to lower volume, including the impact of the yogurt divestitures, and higher input costs, partially offset by favorable net price realization and mix and lower SG&A expenses.

North America Pet Segment
Fourth-quarter net sales for the North America Pet segment were up 4 percent to $702 million, including a 7-point benefit from the 53rd week. Net sales were up double digits for cat food, up low-single digits for dog food, and down low-single digits for pet treats. Organic net sales were down 3 percent and all-channel retail sales were down approximately 1 percent, with the 2-point gap driven largely by changes in retailer inventory. Segment operating profit of $160 million was up 14 percent as reported and in constant currency, driven primarily by favorable net price realization and mix and lower input costs, partially offset by higher SG&A expenses, including a double-digit increase in media investment.

For the full year, North America Pet segment net sales were up 6 percent to $2.6 billion, including a 6-point benefit from the North American Whitebridge Pet Brands acquisition and a 2-point benefit from the 53rd week. Organic net sales were down 3 percent and lagged all-channel retail sales growth by approximately 4 points. The segment held dollar share in dog feeding and cat feeding, which represented approximately 80 percent of its retail sales. Segment operating profit of $499 million essentially matched year-ago levels, with higher input costs and higher SG&A expenses, including a double-digit increase in media investment, offset by favorable net price realization and mix and higher volume.

North America Foodservice Segment
Fourth-quarter net sales for the North America Foodservice segment were down 1 percent to $575 million, including a 7-point headwind from the U.S. yogurt divestiture and a 6-point benefit from the 53rd week. Organic net sales essentially matched year-ago results, including a 2-point headwind from index pricing on bakery flour. Segment operating profit increased 22 percent to $101 million, driven primarily by Holistic Margin Management (HMM) cost savings and favorable net price realization and mix, partially offset by input cost inflation.

For the full year, North America Foodservice net sales were down 6 percent to $2.2 billion, including a 7-point headwind from the yogurt divestitures and a 2-point benefit from the 53rd week. Organic net sales were down 1 percent, including a 2-point headwind from index pricing on bakery flour. The segment held or gained dollar share in nearly 90 percent of its priority businesses, driven by gains in healthcare, lodging, recreation, and college and university channels. Segment operating profit was down 6 percent to $333 million, driven by the impact of the yogurt divestitures.

International Segment
Fourth-quarter net sales for the International segment increased 16 percent to $858 million, including an 8-point benefit from the 53rd week and a 5-point benefit from foreign currency exchange. Organic net sales were up 3 percent, driven by growth in Brazil, Europe, India, and China. Segment operating profit of $61 million was up 81 percent as reported and up 72 percent in constant currency, driven by favorable net price realization and mix and higher volume, partially offset by higher input costs and higher SG&A expenses.

For the full year, International net sales were up 9 percent to $3.0 billion, including a 4-point benefit from foreign currency exchange and a 2-point benefit from the 53rd week. Organic net sales were up 3 percent. The segment held or gained dollar share in 45 percent of its priority businesses. Segment operating profit of $189 million was up 96 percent as reported and up 90 percent in constant currency, driven by favorable net price realization and mix and higher volume, partially offset by higher input costs and higher SG&A expenses.

Joint Venture Summary
Fourth-quarter constant-currency net sales were down 3 percent for Cereal Partners Worldwide (CPW) and up 12 percent for Häagen-Dazs Japan (HDJ). Combined after-tax loss from joint ventures totaled $18 million in the quarter, compared to a loss of $6 million in the prior year, driven primarily by the company’s share of losses related to the sale of certain assets at CPW. For the full year, after-tax loss from joint ventures totaled $76 million compared to earnings of $58 million a year ago, driven primarily by the company’s share of a non-cash goodwill impairment charge at CPW as well as losses related to the sale of certain assets at CPW.

Other Income Statement Items
Full-year unallocated corporate items totaled $402 million net expense in fiscal 2026 compared to $396 million net expense a year ago (please see Note 4 below for more information on these expenses). Excluding mark-to-market valuation effects and other items affecting comparability, unallocated corporate items totaled $398 million net expense this year compared to $331 million net expense a year ago.

Restructuring, transformation, impairment, and other exit costs totaled $3.0 billion of net expense in fiscal 2026 compared to $78 million of net expense a year ago (please see Note 3 below for more information on these charges).

Net interest expense totaled $539 million in fiscal 2026 compared to $524 million a year ago, driven primarily by the 53rd week. The effective tax rate was 102.2 percent in fiscal 2026 compared to 20.2 percent last year (please see Note 6 below for more information on our effective tax rate), driven primarily by the non-cash goodwill charge in fiscal 2026 that was not deductible for tax purposes. The adjusted effective tax rate was 21.1 percent compared to 20.6 percent a year ago, driven primarily by unfavorable earnings mix by jurisdiction in fiscal 2026, partially offset by certain non-recurring tax benefits in fiscal 2026.

Cash Flow Generation and Cash Returns
Cash provided by operating activities totaled $2.2 billion in fiscal 2026 compared to $2.9 billion a year ago, driven primarily by changes in accounts payable, other current assets, and other current liabilities. Capital investments totaled $540 million compared to $625 million a year ago. Full-year operating cash flow conversion was not meaningful as a percent of after-tax earnings and free cash flow conversion was 85 percent of adjusted after-tax earnings. Dividends paid decreased 2 percent to $1.3 billion, driven by lower average shares outstanding. The company’s share repurchase activity in fiscal 2026 totaled $500 million compared to $1.2 billion in share repurchases a year ago. Average diluted shares outstanding decreased 4 percent in fiscal 2026 to 538 million.

Targeting $3 Billion in Cost Savings by Fiscal 2030
In an effort to help address input cost inflation, fund growth investments, and deliver accelerated profit and cash flow growth, General Mills announced that it expects to generate $3 billion in cumulative cost savings in the four years through fiscal 2030. Roughly $2 billion of this target is expected to be generated through the company’s ongoing HMM productivity program, equating to annual savings of approximately 4 percent of cost of goods sold. The remaining $1 billion is expected to be generated by the company’s global transformation initiative and other cost efficiency efforts, including redesigning the supply chain network, further streamlining business processes, and driving improvement across other elements of its cost base. These efforts will create a more agile and efficient structure that is better fit for future growth. General Mills expects to generate at least $750 million in total savings in fiscal 2027 toward this $3 billion target.

Dividend Declared
The General Mills board of directors declared a quarterly dividend at the prevailing rate of $0.61 per share, payable August 3, 2026, to shareholders of record July 10, 2026. General Mills and its predecessor company have paid dividends without interruption for 127 years.

Fiscal 2027 Outlook
General Mills’ top priority is to restore profitable organic net sales growth over the long term by improving the remarkability of its brands. For fiscal 2027, the company expects category growth to be consistent with recent trends and below its long-term historical growth rate, driven by a continued challenging consumer backdrop. With its base price investment actions completed in fiscal 2026, the company expects to shift its focus in fiscal 2027 to product innovation and renovation news centered on the benefits that matter most to today’s consumers, including better-for-you benefits like protein and fiber, bold flavors, fun and indulgence, and pet humanization. This approach is expected to further strengthen brand remarkability and drive improved organic net sales performance in fiscal 2027.

On the bottom line, General Mills expects to generate at least $750 million in savings from HMM, its global transformation initiative, and other cost savings actions in fiscal 2027, which are expected to offset input cost inflation and sustained investments in brand remarkability. In addition to those factors, the company expects headwinds of approximately 9 points on operating profit and 11 points on EPS in fiscal 2027 from lapping the 53rd week in fiscal 2026, normalizing corporate incentive expense, and the impact of fiscal 2026 divestitures.

Based on the above assumptions, General Mills outlined its full-year financial targets² for fiscal 2027:

Organic net sales are expected to range between down 1.5 percent and up 0.5 percent. Adjusted operating profit is expected to be down 13 percent to down 8 percent in constant currency from the base of $2.8 billion reported in fiscal 2026. Adjusted diluted earnings are expected to be between $3.00 and $3.20 per share, including an immaterial impact from foreign currency exchange. Free cash flow conversion is expected to be approximately 95 percent of adjusted after-tax earnings. The net impact of divestitures, foreign currency exchange, and the 53rd week is expected to reduce full-year reported net sales growth by approximately 2 percent. Foreign currency exchange is not expected to have a material impact on adjusted operating profit growth. 2 Financial targets are provided on a non-GAAP basis because certain information necessary to calculate comparable GAAP measures is not available. Please see Note 7 to the Consolidated Financial Statements below for discussion of the unavailable information.

General Mills will issue pre-recorded management remarks today, July 1, 2026, at approximately 6:30 a.m. Central time (7:30 a.m. Eastern time) and will hold a live, webcasted question and answer session beginning at 8:00 a.m. Central time (9:00 a.m. Eastern time). The pre-recorded remarks and the webcast will be made available at www.generalmills.com/investors.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on our current expectations and assumptions. These forward-looking statements, including the statements under the captions “Targeting $3 Billion in Cost Savings by Fiscal 2030” and “Fiscal 2027 Outlook,” and statements made by Mr. Harmening, are subject to certain risks and uncertainties that could cause actual results to differ materially from the potential results discussed in the forward-looking statements. In particular, our predictions about future net sales, earnings, and cost savings could be affected by a variety of factors, including: imposed and threatened tariffs by the United States and its trading partners; disruptions or inefficiencies in the supply chain; competitive dynamics in the consumer foods industry and the markets for our products, including new product introductions, advertising activities, pricing actions, and promotional activities of our competitors; economic conditions, including changes in inflation rates, interest rates, tax rates, tariffs, or the availability of capital; product development and innovation; consumer acceptance of new products and product improvements; consumer reaction to pricing actions and changes in promotion levels; acquisitions or dispositions of businesses or assets; changes in capital structure; changes in the legal and regulatory environment, including tax legislation, labeling and advertising regulations, and litigation; impairments in the carrying value of goodwill, other intangible assets, or other long-lived assets, or changes in the useful lives of other intangible assets; changes in accounting standards and the impact of critical accounting estimates; product quality and safety issues, including recalls and product liability; changes in consumer demand for our products; effectiveness of advertising, marketing, and promotional programs; changes in consumer behavior, trends, and preferences, including weight loss trends; consumer perception of health-related issues, including obesity; consolidation in the retail environment; changes in purchasing and inventory levels of significant customers; fluctuations in the cost and availability of supply chain resources, including raw materials, packaging, energy, and transportation; effectiveness of restructuring, transformation and cost saving initiatives; volatility in the market value of derivatives used to manage price risk for certain commodities; benefit plan expenses due to changes in plan asset values and discount rates used to determine plan liabilities; failure or breach of our information technology systems; foreign economic conditions, including currency rate fluctuations; and political unrest in foreign markets and economic uncertainty due to terrorism or war. The Company undertakes no obligation to publicly revise any forward-looking statement to reflect any future events or circumstances.

# # #

      Consolidated Statements of (Loss) Earnings and Supplementary Information
GENERAL MILLS, INC. AND SUBSIDIARIES
(In Millions, Except per Share Data) 

  Fiscal Year

2026

% Change

2025

% Change

2024

(Unaudited)

Net sales

$

18,424.6

(5

)

%

$

19,486.6

(2

)

%

$

19,857.2

Cost of sales

12,228.9

(4

)

%

12,753.6

(1

)

%

12,925.1

Selling, general, and administrative expenses

3,388.5

(2

)

%

3,445.8

6

%

3,259.0

Divestitures gain, net

(1,049.4

)

NM

(95.9

)

NM

—

Restructuring, transformation, impairment, and other exit costs

2,970.8

NM

78.3

(68

)

%

241.4

Operating profit

885.8

(73

)

%

3,304.8

(4

)

%

3,431.7

Benefit plan non-service income

(58.3

)

7

%

(54.4

)

(28

)

%

(75.8

)

Interest, net

538.6

3

%

524.2

9

%

479.2

Earnings before income taxes and after-tax (loss) earnings from joint ventures

405.5

(86

)

%

2,835.0

(6

)

%

3,028.3

Income taxes

414.3

(28

)

%

573.7

(3

)

%

594.5

After-tax (loss) earnings from joint ventures

(76.5

)

NM

57.6

(32

)

%

84.8

Net (loss) earnings, including earnings attributable to noncontrolling interests

(85.3

)

(104

)

%

2,318.9

(8

)

%

2,518.6

Net earnings attributable to noncontrolling interests

2.3

(90

)

%

23.7

8

%

22.0

Net (loss) earnings attributable to General Mills

$

(87.6

)

(104

)

%

$

2,295.2

(8

)

%

$

2,496.6

(Loss) earnings per share — basic

$

(0.16

)

(104

)

%

$

4.12

(5

)

%

$

4.34

(Loss) earnings per share — diluted

$

(0.16

)

(104

)

%

$

4.10

(5

)

%

$

4.31

Dividends per share

$

2.44

2

%

$

2.40

2

%

$

2.36

Fiscal Year

Comparisons as a % of net sales

2026

Basis Pt

Change

2025

Basis Pt

Change

2024

Gross margin

33.6

%

(100

)

34.6

%

(30

)

34.9

%

Selling, general, and administrative expenses

18.4

%

70

17.7

%

130

16.4

%

Operating profit

4.8

%

(1,220

)

17.0

%

(30

)

17.3

%

Net (loss) earnings attributable to General Mills

(0.5

)%

(1,230

)

11.8

%

(80

)

12.6

%

Fiscal Year

Adjusted comparisons as a % of net sales (a):

2026

Basis Pt

Change

2025

Basis Pt

Change

2024

Adjusted gross margin

33.5

%

(100

)

34.5

%

(30

)

34.8

%

Adjusted operating profit

15.3

%

(190

)

17.2

%

(90

)

18.1

%

Adjusted net earnings attributable to General Mills

10.4

%

(160

)

12.0

%

(120

)

13.2

%

  (a) See Note 7 for a reconciliation of these measures not defined by generally accepted accounting principles (GAAP). 

  See accompanying notes to consolidated financial statements. 

        Consolidated Statements of (Loss) Earnings and Supplementary Information
GENERAL MILLS, INC. AND SUBSIDIARIES
(Unaudited) (In Millions, Except per Share Data) 

  Quarter Ended

May 31,

2026

May 25,

2025

% Change

Net sales

$

4,609.6

$

4,556.2

1

%

Cost of sales

3,006.1

3,082.2

(2

)

%

Selling, general, and administrative expenses

888.1

894.3

(1

)

%

Restructuring, transformation, impairment, and other exit costs

2,808.0

75.7

NM

Operating (loss) profit

(2,092.6

)

504.0

NM

Benefit plan non-service income

(12.2

)

(12.8

)

(5

)

%

Interest, net

151.5

139.7

8

%

(Loss) earnings before income taxes and after-tax loss from joint ventures

(2,231.9

)

377.1

NM

Income taxes

(240.4

)

69.1

NM

After-tax loss from joint ventures

(17.6

)

(6.0

)

193

%

Net (loss) earnings, including earnings attributable to noncontrolling interests

(2,009.1

)

302.0

NM

Net (loss) earnings attributable to noncontrolling interests

(1.2

)

8.0

(115

)

%

Net (loss) earnings attributable to General Mills

$

(2,007.9

)

$

294.0

NM

(Loss) earnings per share – basic

$

(3.74

)

$

0.53

NM

(Loss) earnings per share – diluted

$

(3.74

)

$

0.53

NM

Quarter Ended

Comparisons as a % of net sales

May 31,

2026

May 25,

2025

Basis Pt

Change

Gross margin

34.8

%

32.4

%

240

Selling, general, and administrative expenses

19.3

%

19.6

%

(30

)

Operating (loss) profit

NM

11.1

%

NM

Net (loss) earnings attributable to General Mills

NM

6.5

%

NM

Quarter Ended

Adjusted comparisons as a % of net sales (a):

May 31,

2026

May 25,

2025

Basis Pt

Change

Adjusted gross margin

34.2

%

32.7

%

150

Adjusted operating profit

15.3

%

13.7

%

160

Adjusted net earnings attributable to General Mills

11.0

%

8.8

%

220

  (a) See Note 7 for a reconciliation of these measures not defined by generally accepted accounting principles (GAAP). 

  See accompanying notes to consolidated financial statements. 

        Operating Segment Results and Supplementary Information
GENERAL MILLS, INC. AND SUBSIDIARIES
(In Millions) 

  Fiscal Year

2026

% Change

2025

% Change

2024

(Unaudited)

Net sales:

North America Retail

$

10,571.8

(11

)

%

$

11,907.0

(5

)

%

$

12,473.4

International

3,043.8

9

%

2,797.8

2

%

2,746.5

North America Pet

2,613.3

6

%

2,470.8

4

%

2,375.8

North America Foodservice

2,169.5

(6

)

%

2,300.9

2

%

2,258.7

Total segment net sales

$

18,398.4

(6

)

%

$

19,476.5

(2

)

%

$

19,854.4

Corporate and other

26.2

159

%

10.1

NM

2.8

Total net sales

$

18,424.6

(5

)

%

$

19,486.6

(2

)

%

$

19,857.2

Operating profit:

North America Retail

$

2,189.0

(20

)

%

$

2,729.9

(11

)

%

$

3,080.4

International

188.7

96

%

96.4

(23

)

%

125.2

North America Pet

498.8

—

%

501.0

3

%

485.9

North America Foodservice

333.0

(6

)

%

355.4

13

%

315.5

Total segment operating profit

$

3,209.5

(13

)

%

$

3,682.7

(8

)

%

$

4,007.0

Unallocated corporate items

402.3

2

%

395.5

18

%

333.9

Divestitures gain, net

(1,049.4

)

NM

(95.9

)

NM

—

Restructuring, transformation, impairment, and other exit costs

2,970.8

NM

78.3

(68

)

%

241.4

Operating profit

$

885.8

(73

)

%

$

3,304.8

(4

)

%

$

3,431.7

  See accompanying notes to consolidated financial statements. 

        Operating Segment Results and Supplementary Information
GENERAL MILLS, INC. AND SUBSIDIARIES
(Unaudited) (In Millions) 

  Quarter Ended

May 31,

2026

May 25,

2025

% Change

Net sales:

North America Retail

$

2,466.6

$

2,559.8

(4

)

%

International

858.4

738.9

16

%

North America Pet

702.4

675.2

4

%

North America Foodservice

574.6

579.4

(1

)

%

Total segment net sales

$

4,602.0

$

4,553.3

1

%

Corporate and other

7.6

2.9

162

%

Total net sales

$

4,609.6

$

4,556.2

1

%

Operating (loss) profit:

North America Retail

$

506.4

$

473.8

7

%

International

61.0

33.7

81

%

North America Pet

160.0

140.1

14

%

North America Foodservice

101.3

83.1

22

%

Total segment operating profit

$

828.7

$

730.7

13

%

Unallocated corporate items

113.3

151.0

(25

)

%

Restructuring, transformation, impairment, and other exit costs

2,808.0

75.7

NM

Operating (loss) profit

$

(2,092.6

)

$

504.0

NM

  See accompanying notes to consolidated financial statements. 

        Consolidated Balance Sheets
GENERAL MILLS, INC. AND SUBSIDIARIES
(In Millions, Except Par Value) 

May 31, 2026

May 25, 2025

(Unaudited)

ASSETS

Current assets:

Cash and cash equivalents

$

453.8

$

363.9

Receivables

1,646.8

1,795.9

Inventories

1,917.9

1,910.8

Prepaid expenses and other current assets

599.8

464.7

Assets held for sale

—

740.4

Total current assets

4,618.3

5,275.7

Land, buildings, and equipment

3,443.4

3,632.6

Goodwill

14,122.4

15,622.4

Other intangible assets

6,716.9

7,081.4

Other assets

1,115.7

1,459.0

Total assets

$

30,016.7

$

33,071.1

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable

$

3,729.5

$

4,009.5

Current portion of long-term debt

1,053.6

1,528.4

Notes payable

68.4

677.0

Other current liabilities

1,472.8

1,624.0

Liabilities held for sale

449.8

18.4

Total current liabilities

6,774.1

7,857.3

Long-term debt

12,416.0

12,673.2

Deferred income taxes

2,265.8

2,100.8

Other liabilities

1,180.2

1,228.6

Total liabilities

22,636.1

23,859.9

Stockholders’ equity:

Common stock, 754.6 shares issued, $0.10 par value

75.5

75.5

Additional paid-in capital

1,200.9

1,218.8

Retained earnings

20,514.9

21,917.8

Common stock in treasury, at cost, shares of 220.9 and 212.2

(11,900.6

)

(11,467.9

)

Accumulated other comprehensive loss

(2,522.3

)

(2,545.0

)

Total stockholders’ equity

7,368.4

9,199.2

Noncontrolling interests

12.2

12.0

Total equity

7,380.6

9,211.2

Total liabilities and equity

$

30,016.7

$

33,071.1

  See accompanying notes to consolidated financial statements. 

        Consolidated Statements of Cash Flows
GENERAL MILLS, INC. AND SUBSIDIARIES
(In Millions) 

  Fiscal Year

2026

2025

(Unaudited)

Cash Flows - Operating Activities

Net (loss) earnings, including earnings attributable to noncontrolling interests

$

(85.3

)

$

2,318.9

Adjustments to reconcile net earnings to net cash provided by operating activities:

Depreciation and amortization

555.2

539.0

After-tax loss (earnings) from joint ventures

76.5

(57.6

)

Distributions of earnings from joint ventures

39.0

44.6

Stock-based compensation

79.4

91.7

Deferred income taxes

203.2

(120.9

)

Pension and other postretirement benefit plan contributions

(31.7

)

(30.8

)

Pension and other postretirement benefit plan costs

(23.7

)

(12.7

)

Divestitures gain, net

(1,049.4

)

(95.9

)

Restructuring, transformation, impairment, and other exit costs

2,897.7

74.3

Changes in current assets and liabilities, excluding the effects of acquisitions and divestitures

(478.3

)

192.4

Other, net

(16.4

)

(24.8

)

Net cash provided by operating activities

2,166.2

2,918.2

Cash Flows - Investing Activities

Purchases of land, buildings, and equipment

(539.9

)

(625.3

)

Acquisitions, net of cash acquired

—

(1,419.3

)

Proceeds from divestitures

1,830.2

241.8

Investments in affiliates, net

(31.8

)

13.3

Proceeds from disposal of land, buildings, and equipment

4.8

1.1

Other, net

(5.1

)

(6.5

)

Net cash provided (used) by investing activities

1,258.2

(1,794.9

)

Cash Flows - Financing Activities

Change in notes payable

(608.2

)

667.1

Issuance of long-term debt

2,005.8

2,354.9

Payment of long-term debt

(2,823.3

)

(1,300.0

)

Repurchase of Class A limited membership interests in General Mills Cereals, LLC

—

(252.8

)

Proceeds from common stock issued on exercised options

0.5

43.0

Purchases of common stock for treasury

(500.3

)

(1,202.9

)

Dividends paid

(1,315.3

)

(1,338.7

)

Distributions to noncontrolling interest holders

(2.1

)

(21.6

)

Other, net

(72.1

)

(129.1

)

Net cash used by financing activities

(3,315.0

)

(1,180.1

)

Effect of exchange rate changes on cash and cash equivalents

18.4

2.7

Increase (decrease) in cash and cash equivalents

127.8

(54.1

)

Cash and cash equivalents - beginning of year

363.9

418.0

Cash and cash equivalents - end of year (includes $37.9 million of cash classified as held for sale as of May 31, 2026)

$

491.7

$

363.9

Cash flow from changes in current assets and liabilities, excluding the effects of acquisitions and divestitures:

Receivables

$

12.9

$

(79.0

)

Inventories

(82.2

)

(18.5

)

Prepaid expenses and other current assets

(147.7

)

80.8

Accounts payable

(186.2

)

86.7

Other current liabilities

(75.1

)

122.4

Changes in current assets and liabilities

$

(478.3

)

$

192.4

  See accompanying notes to consolidated financial statements. 

        GENERAL MILLS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

  (1)

The accompanying Consolidated Financial Statements of General Mills, Inc. (we, us, our, General Mills, or the Company) have been prepared in accordance with accounting principles generally accepted in the United States for annual and interim financial information. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal recurring nature.

Our fiscal year ends on the last Sunday in May. Fiscal year 2026 consists of 53 weeks, while fiscal years 2025 and 2024 consisted of 52 weeks. Our India business is on an April fiscal year end. In addition, the consolidated results of certain recent acquisitions are reported on a one-month lag. Please see Note 2 for more information.

  (2)

During the fourth quarter of fiscal 2026, we entered into a definitive agreement to sell our business in Brazil to Café Três Corações S.A. (3corações) for a base price of R$800 million, subject to certain specified deductions and customary post-closing adjustments. The sale is anticipated to close in calendar 2026, subject to regulatory approvals and other customary closing conditions. As a result, we have classified relevant assets and liabilities (the disposal group) associated with our Brazil business as held for sale in our Consolidated Balance Sheets as of May 31, 2026. Additionally, in the fourth quarter of fiscal 2026, we recorded a $1,032 million non-cash pre-tax loss to value the disposal group at the lower of its carrying value or fair value less costs to sell based on estimated net proceeds, which was based on Level 2 inputs in the fair value hierarchy and includes the impact of accumulated foreign currency translation losses that will be reclassified to earnings upon sale. We recorded the loss in restructuring, transformation, impairment, and other exit costs in our Consolidated Statements of (Loss) Earnings, which consisted of a $753 million reserve against the assets held for sale and a $265 million accrual of the remaining difference between the carrying amount and the estimated net proceeds within liabilities held for sale. We will monitor changes in the estimated net proceeds that could further impact the value of the disposal group and the loss on sale.

  In fiscal 2025 and 2026, we divested our North American yogurt businesses (Divestitures). During the first quarter of fiscal 2026, we completed the sale of our United States yogurt business to Groupe Lactalis S.A. and recorded a pre-tax gain of $1,046 million. During the third quarter of fiscal 2025, we completed the sale of our Canada yogurt business to Sodiaal International and recorded a pre-tax gain of $96 million. In the first quarter of fiscal 2026, we recorded a sale price adjustment that resulted in an $8 million increase to the pre-tax gain.

  During the third quarter of fiscal 2025, we acquired NX Pet Holding, Inc., representing Whitebridge Pet Brands’ North American premium cat feeding and pet treating business, for a purchase price of $1.4 billion (Acquisition). We financed the transaction with cash on hand and new debt. We consolidated Whitebridge Pet Brands into our Consolidated Balance Sheets and recorded goodwill of $1,087 million, an indefinite-lived intangible asset for the Tiki Pets brand totaling $289 million, and a finite-lived customer relationship asset of $31 million. The goodwill is included in the North America Pet segment and is not deductible for tax purposes. The pro forma effects of this acquisition were not material. The consolidated results are reported in our North America Pet operating segment on a one-month lag. In fiscal 2026, we recorded a $32 million decrease to goodwill, primarily related to adjustments to certain purchase accounting liabilities upon finalization of income tax returns recorded in the second quarter of fiscal 2026.

  During the fourth quarter of fiscal 2024, we acquired a pet food business in Europe for a purchase price of $434 million, net of cash acquired. During fiscal 2025, we paid $8 million related to a purchase price holdback after closing conditions were met. We financed the transaction with cash on hand. We consolidated the business into our Consolidated Balance Sheets and recorded goodwill of $318 million, an indefinite-lived brand intangible asset of $118 million, and a finite-lived customer relationship asset of $14 million. The goodwill is included in the International segment and is not deductible for tax purposes. The pro forma effects of this acquisition were not material. The consolidated results of the business are reported as part of our International operating segment on a one-month lag.

  (3)

Restructuring, transformation, and impairment charges are recorded in our Consolidated Statement of (Loss) Earnings as follows:

Quarter Ended

Fiscal Year

In Millions

May 31,

2026

May 25,

2025

2026

2025

2024

Restructuring, transformation, impairment, and other exit costs

$

2,808.0

$

75.7

$

2,970.8

$

78.3

$

241.4

Cost of sales

6.0

8.2

19.4

9.2

17.6

Total restructuring, transformation, and impairment charges

2,814.0

83.9

2,990.2

87.5

259.0

In the second quarter of fiscal 2026, we recorded a $53 million non-cash impairment charge related to our Uncle Toby’s brand intangible asset. 

Additionally, we identified a triggering event due to a sustained decline in market capitalization and stock price in the fourth quarter of fiscal 2026 reflecting heightened macroeconomic uncertainty and lower market multiples in our industry, which caused a related increase in our discount rates and required an interim impairment assessment. We performed the interim impairment assessment of our goodwill and other intangible assets as of May 31, 2026, and determined that the fair values of our North America Pet reporting unit and our Nudges and True Chews brand intangible assets no longer exceeded the carrying values of the respective assets, primarily driven by an increase in the discount rates. As a result, we recorded a $1,500 million non-cash goodwill impairment charge related to our North America Pet reporting unit and $250 million of non-cash impairment charges related to our Nudges and True Chews brand intangible assets, primarily driven by an increase in the discount rates. The $1,500 million goodwill impairment charge is not deductible for tax purposes.

  In fiscal 2024, we recorded a $117 million non-cash goodwill impairment charge related to our Latin America reporting unit and $103 million of non-cash impairment charges related to our Top Chews, True Chews, and EPIC brand intangible assets. 

  In fiscal 2026, we recorded a $1,032 million non-cash pre-tax valuation loss related to the planned divestiture of our Brazil business. Please see Note 2 for additional information. 

  In fiscal 2026, we approved a multi-year organizational initiative to increase the competitiveness of our supply chain. We expect to incur approximately $101 million of restructuring charges related to these actions, of which approximately $33 million will be cash. These charges are expected to consist of approximately $66 million of net asset write-offs and $35 million of other costs, including severance. We recognized $71 million of asset write-offs and $24 million of other costs in fiscal 2026. We expect these actions to be completed by the end of fiscal 2029. 

  (4)

Unallocated corporate expense totaled $113 million in the fourth quarter of fiscal 2026, compared to $151 million in the same period last year. We recorded a $36 million net decrease in expense related to the mark-to-market valuation of certain commodity positions and grain inventories in the fourth quarter of fiscal 2026, compared to an $8 million net increase in expense in the same period last year. In the fourth quarter of fiscal 2026, we also recorded $15 million of transaction costs, primarily related to the definitive agreements to sell our Brazil business, compared to $16 million of transaction costs related to the Divestitures in the fourth quarter of fiscal 2025. We recorded $6 million of restructuring charges in costs of sales in the fourth quarter of fiscal 2026, compared to $8 million of restructuring charges in costs of sales in the fourth quarter of fiscal 2025. Additionally, in the fourth quarter of fiscal 2026, certain compensation and benefits expenses increased compared to the same period last year, including the impact of the 53rd week. 

  Unallocated corporate expense totaled $402 million in fiscal 2026, compared to $396 million last year. In fiscal 2026, certain compensation and benefits expenses increased compared to fiscal 2025, including the impact of the 53rd week. We recorded $19 million of restructuring charges in cost of sales in fiscal 2026, compared to $9 million of charges in cost of sales in fiscal 2025. Additionally, we recorded a $48 million net decrease in expense related to the mark-to-market valuation of certain commodity positions and grain inventories in fiscal 2026, compared to a $16 million net decrease last year. In fiscal 2026, we also recorded $31 million of transaction costs, primarily related to the Divestitures and the definitive agreement to sell our Brazil business, compared to $49 million of transaction costs related to the Divestitures and the Acquisition last year. 

  (5)

Basic and diluted earnings per share (EPS) were calculated as follows: 

Quarter Ended

Fiscal Year

In Millions, Except per Share Data

May 31,

2026

May 25,

2025

2026

2025

2024

Net (loss) earnings attributable to General Mills

- as reported

$

(2,007.9

)

$

294.0

$

(87.6

)

$

2,295.2

$

2,496.6

Capital appreciation paid on Class A Interests in GMC (a)

—

(10.5

)

—

(10.5

)

—

Net (loss) earnings for EPS calculation

$

(2,007.9

)

$

283.5

$

(87.6

)

$

2,284.7

$

2,496.6

Average number of common shares - basic EPS

536.6

548.2

537.7

554.5

575.5

Incremental share effect from: (b) (c)

Stock options

—

0.6

—

1.2

1.8

Restricted stock units and performance share units

—

1.6

—

1.8

2.2

Average number of common shares - diluted EPS

536.6

550.4

537.7

557.5

579.5

(Loss) earnings per share — basic

$

(3.74

)

$

0.53

$

(0.16

)

$

4.12

$

4.34

(Loss) earnings per share — diluted

$

(3.74

)

$

0.53

$

(0.16

)

$

4.10

$

4.31

  (a) Please see Note 7 for additional information  (b) Incremental shares from stock options, restricted stock units, and performance share units are computed by the treasury stock method. 

(c) During fiscal 2026, we reported a net loss attributable to General Mills. Inclusion of dilutive shares would result in a lower loss per share. As a result, the dilutive shares are considered to be antidilutive and were excluded from the calculation of diluted EPS for fiscal 2026. 

  (6)

The effective tax rate for the fourth quarter of fiscal 2026 was 10.8 percent compared to 18.3 percent for the fourth quarter of fiscal 2025. The 7.5 percentage point decrease was primarily due to certain nonrecurring discrete tax benefits, partially offset by a non-deductible goodwill impairment charge and unfavorable earnings mix by jurisdiction in fiscal 2026. Our adjusted effective tax rate was 12.7 percent in the fourth quarter of fiscal 2026, compared to 19.2 percent in the same period last year (see Note 7 below for a description of our use of measures not defined by GAAP). The 6.5 percentage point decrease was primarily due to certain nonrecurring discrete tax benefits in fiscal 2026, partially offset by unfavorable earnings mix by jurisdiction in fiscal 2026.  

  The effective tax rate for fiscal 2026 was 102.2 percent compared to 20.2 percent in fiscal 2025. The 82.0 percentage point increase was primarily driven by a non-deductible goodwill impairment charge and unfavorable earnings mix by jurisdiction in fiscal 2026, partially offset by certain nonrecurring tax benefits in fiscal 2026. Our adjusted effective tax rate was 21.1 percent, compared to 20.6 percent in fiscal 2025 (see Note 7 below for a description of our use of measures not defined by GAAP). The 0.5 percentage point increase is primarily due to unfavorable earnings mix by jurisdiction in fiscal 2026, partially offset by certain nonrecurring tax benefits in fiscal 2026. 

  (7)

We have included measures in this release that are not defined by GAAP. We believe that these measures provide useful information to investors, and include these measures in other communications to investors. For each of these non-GAAP financial measures, we are providing below a reconciliation of the differences between the non-GAAP measure and the most directly comparable GAAP measure, an explanation of why we believe the non-GAAP measure provides useful information to investors, and any additional material purposes for which our management or Board of Directors uses the non-GAAP measure. These non-GAAP measures should be viewed in addition to, and not in lieu of, the comparable GAAP measure. 

  We provide organic net sales growth rates for our consolidated net sales and segment net sales. This measure is used in reporting to our Board of Directors and executive management and as a component of the Board of Directors’ measurement of our performance for incentive compensation purposes. We believe that organic net sales growth rates provide useful information to investors because they provide transparency to underlying performance in our net sales by excluding the effect that foreign currency exchange rate fluctuations, acquisitions, divestitures, and a 53rd fiscal week, when applicable, have on year-to-year comparability. A reconciliation of these measures to reported net sales growth rates, the relevant GAAP measures, are included in our Operating Segment Results above. 

  Certain measures in this release are presented excluding the impact of foreign currency exchange (constant-currency). To present this information, current period results for entities reporting in currencies other than United States dollars are translated into United States dollars at the average exchange rates in effect during the corresponding period of the prior fiscal year, rather than the actual average exchange rates in effect during the current fiscal year. Therefore, the foreign currency impact is equal to current year results in local currencies multiplied by the change in the average foreign currency exchange rate between the current fiscal period and the corresponding period of the prior fiscal year. We believe that these constant-currency measures provide useful information to investors because they provide transparency to underlying performance by excluding the effect that foreign currency exchange rate fluctuations have on period-to-period comparability given volatility in foreign currency exchange markets. 

  Our fiscal 2027 outlook for organic net sales growth, constant-currency adjusted operating profit and adjusted diluted EPS, and free cash flow conversion are non-GAAP financial measures that exclude, or have otherwise been adjusted for, items impacting comparability, including the effect of foreign currency exchange rate fluctuations, restructuring and transformation charges, transaction and acquisition integration costs, acquisitions, divestitures, mark-to-market effects, and a 53rd week from the prior year. We are not able to reconcile these forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures without unreasonable efforts because we are unable to predict with a reasonable degree of certainty the actual impact of changes in foreign currency exchange rates and commodity prices or the timing or impact of acquisitions, divestitures, and restructuring and transformation actions throughout fiscal 2027. The unavailable information could have a significant impact on our fiscal 2027 GAAP financial results. 

  For fiscal 2027, we currently expect: the net impact from foreign currency exchange rates (based on a blend of forward and forecasted rates and hedge positions), divestitures completed prior to fiscal 2027 and those expected to close in fiscal 2027, and a 53rd week from the prior year to decrease net sales growth by approximately 2 percent; foreign currency exchange rates to have an immaterial impact on adjusted operating profit and adjusted diluted EPS growth; and restructuring and transformation charges and transaction and acquisition integration costs related to actions previously announced to total approximately $80 million to $85 million. 

    Significant Items Impacting Comparability

Several measures below are presented on an adjusted basis. The adjustments are either items resulting from infrequently occurring events or items that, in management’s judgment, significantly affect the year-to-year assessment of operating results.

The following are descriptions of significant items impacting comparability of our results.

Goodwill and other intangible assets impairments
Non-cash goodwill and other intangible assets impairment charges related to our North America Pet reporting unit goodwill and our Nudges, Uncle Toby’s, and True Chews brand intangible assets in fiscal 2026. Non-cash impairment charges related to our Latin America reporting unit goodwill and our Top Chews, True Chews, and EPIC brand intangible assets in fiscal 2024. Please see Note 3.

Divestitures gain, net
Net divestitures gain primarily related to the sale of our United States yogurt business in fiscal 2026 and Canada yogurt business in fiscal 2025. Please see Note 2.

Valuation loss on held for sale business
Non-cash valuation loss related to the planned divestiture of our Brazil business recorded in fiscal 2026. Please see Note 2.

CPW asset impairments. losses, and restructuring charges
CPW non-cash goodwill impairment charge related to the Australian market, and other asset impairment charges and losses related to the sale of certain assets recorded in fiscal 2026. CPW impairment charges related to certain long-lived assets recorded in fiscal 2025. CPW restructuring charges related to previously announced actions recorded in fiscal 2024.

Restructuring and transformation charges
Restructuring and transformation charges related to supply chain actions and previously announced actions recorded in fiscal 2026. Restructuring and transformation charges related to global transformation actions and previously announced restructuring actions in fiscal 2025. Restructuring charges related to commercial strategy restructuring actions and previously announced restructuring actions in fiscal 2024. Please see Note 3.

Mark-to-market effects
Net mark-to-market valuation of certain commodity positions recognized in unallocated corporate items. Please see Note 4.

Transaction costs
Fiscal 2026 transaction costs primarily related to the sale of our United States yogurt business and the definitive agreement to sell our Brazil business. Fiscal 2025 transaction costs related to the sale of our North American yogurt businesses and the Whitebridge Pet Brands acquisition. Transaction costs primarily related to the acquisition of a pet food business in Europe in fiscal 2024. Please see Note 2.

Acquisition integration costs
Integration costs related to the Whitebridge Pet Brands acquisition in fiscal 2025 and the acquisition of a pet food business in Europe in fiscal 2024 recorded in fiscal 2026 and fiscal 2025. Integration costs primarily resulting from the acquisition of TNT Crust in fiscal 2024. Please see Note 2.

Investment activity, net
Valuation adjustments of certain corporate investments in fiscal 2026 and fiscal 2025. Valuation adjustments and the gain on sale of certain corporate investments in fiscal 2024. Please see Note 4.

Capital appreciation paid on GMC Class A Interests
Capital account appreciation attributable and paid to the third-party holder of GMC Class A Interests in fiscal 2025.

Project-related costs
Restructuring initiative project-related costs related to previously announced restructuring actions recorded in fiscal 2025 and fiscal 2024.

Legal recovery
Legal recovery recorded in fiscal 2024.

Product recall, net
Net recoveries recorded in fiscal 2024 related to the fiscal 2023 voluntary recall of certain international Häagen-Dazs ice cream products, net of recoveries.

Adjusted Operating Profit Growth and Related Constant-currency Growth Rate

This measure is used in reporting to our Board of Directors and executive management and as a component of the measurement of our performance for incentive compensation purposes. We believe that this measure provides useful information to investors because it is the operating profit measure we use to evaluate operating profit performance on a comparable year-to-year basis. The measure is evaluated on a constant-currency basis by excluding the effect that foreign currency exchange rate fluctuations have on year-to-year comparability given the volatility in foreign currency exchange rates.

Our adjusted operating profit growth on a constant-currency basis is calculated as follows:

Quarter Ended

Fiscal Year

In Millions

May 31,

2026

May 25,

2025

Change

2026

2025

Change

Operating (loss) profit as reported

$

(2,092.6

)

$

504.0

NM

$

885.8

$

3,304.8

(73

)%

Goodwill and other intangible assets impairments

1,750.0

—

1,802.9

—

Divestitures gain, net

—

—

(1,049.4

)

(95.9

)

Valuation loss on held for sale business

1,031.8

—

1,031.8

—

Restructuring and transformation charges

32.2

83.9

155.5

87.5

Mark-to-market effects

(35.7

)

8.1

(48.4

)

(15.7

)

Transaction costs

14.8

16.2

31.3

49.1

Acquisition integration costs

2.9

6.7

9.5

13.9

Investment activity, net

2.0

3.4

(7.6

)

8.3

Project-related costs

—

0.1

—

0.5

Adjusted operating profit

$

705.4

$

622.5

13

%

$

2,811.5

$

3,352.6

(16

)%

Foreign currency exchange impact

1 pt

Flat

Adjusted operating profit growth, on a constant-currency basis

13

%

(16

)%

  Note: Table may not foot due to rounding. 

  For more information on the reconciling items, please refer to the Significant Items Impacting Comparability section above. 

      Adjusted Diluted EPS and Related Constant-currency Growth Rate

This measure is used in reporting to our Board of Directors and executive management. We believe that this measure provides useful information to investors because it is the profitability measure we use to evaluate earnings performance on a comparable year-to-year basis.

The reconciliation of our GAAP measure, diluted EPS, to adjusted diluted EPS and the related constant-currency growth rates follows:

Quarter Ended

Fiscal Year

Per Share Data

May 31,

2026

May 25,

2025

Change

2026

2025

Change

Diluted (loss) earnings per share, as reported

$

(3.74

)

$

0.53

NM

$

(0.16

)

$

4.10

(104

)%

Goodwill and other intangible assets impairments

3.15

—

3.22

—

Valuation loss on held for sale business

1.45

—

1.45

—

Divestitures gain, net

—

—

(1.43

)

(0.15

)

CPW asset impairments, losses, and restructuring charges

0.06

0.03

0.28

0.04

Restructuring and transformation charges

0.04

0.11

0.22

0.12

Mark-to-market effects

(0.05

)

0.01

(0.07

)

(0.02

)

Transaction costs

0.02

0.03

0.04

0.07

Acquisition integration costs

0.01

0.01

0.01

0.02

Investment activity, net

—

—

(0.01

)

0.01

Capital appreciation paid on GMC Class A Interests

—

0.02

—

0.02

Adjusted diluted earnings per share (a)

$

0.95

$

0.74

28

%

$

3.55

$

4.21

(16

)%

Foreign currency exchange impact

1 pt

Flat

Adjusted diluted earnings per share growth, on a constant-currency basis

27

%

(16

)%

  Note: Table may not foot due to rounding. 

  For more information on the reconciling items, please refer to the Significant Items Impacting Comparability section above. 

(a) During fiscal 2026, we reported a net loss attributable to General Mills. Inclusion of dilutive shares would result in a lower loss per share and was therefore excluded from the calculation of diluted EPS. The inclusion of dilutive shares does not have a significant impact on adjusted diluted EPS and the reconciling items. 

  See our reconciliation below of the effective income tax rate as reported to the adjusted effective income tax rate for the tax impact of each item affecting comparability. 

      Adjusted Earnings Comparisons as a Percent of Net Sales

We believe that these measures provide useful information to investors because they are important for assessing our adjusted earnings comparisons as a percent of net sales on a comparable year-to-year basis.

Our adjusted earnings comparisons as a percent of net sales are calculated as follows:

Quarter Ended

In Millions

May 31, 2026

May 25, 2025

Comparisons as a % of Net Sales

Value

Percent of

Net Sales

Value

Percent of

Net Sales

Gross margin as reported (a)

$

1,603.5

34.8

%

$

1,474.0

32.4

%

Mark-to-market effects

(35.7

)

(0.8

)%

8.1

0.2

%

Restructuring and transformation charges

6.0

0.1

%

8.2

0.2

%

Transaction costs

0.4

—

%

—

—

%

Project-related costs

—

—

%

0.1

—

%

Adjusted gross margin

$

1,574.2

34.2

%

$

1,490.3

32.7

%

Operating (loss) profit as reported

$

(2,092.6

)

(45.4

)%

$

504.0

11.1

%

Goodwill and other intangible assets impairments

1,750.0

38.0

%

—

—

%

Valuation loss on held for sale business

1,031.8

22.4

%

—

—

%

Restructuring and transformation charges

32.2

0.7

%

83.9

1.8

%

Mark-to-market effects

(35.7

)

(0.8

)%

8.1

0.2

%

Transaction costs

14.8

0.3

%

16.2

0.4

%

Acquisition integration costs

2.9

0.1

%

6.7

0.1

%

Investment activity, net

2.0

—

%

3.4

0.1

%

Project-related costs

—

—

%

0.1

—

%

Adjusted operating profit

$

705.4

15.3

%

$

622.5

13.7

%

Net (loss) earnings attributable to General Mills as reported

$

(2,007.9

)

(43.6

)%

$

294.0

6.5

%

Goodwill and other intangible assets impairments, net of tax (b)

1,692.5

36.7

%

—

—

%

Valuation loss on held for sale business, net of tax (b)

780.8

16.9

%

—

—

%

CPW asset impairments, losses, and restructuring charges

29.7

0.6

%

16.7

0.4

%

Restructuring and transformation charges, net of tax (b)

24.9

0.5

%

64.4

1.4

%

Mark-to-market effects, net of tax (b)

(27.5

)

(0.6

)%

6.2

0.1

%

Transaction costs, net of tax (b)

11.4

0.2

%

12.4

0.3

%

Acquisition integration costs, net of tax (b)

2.2

—

%

6.4

0.1

%

Investment activity, net, net of tax (b)

1.6

—

%

2.7

0.1

%

Project-related costs, net of tax (b)

—

—

%

0.1

—

%

Adjusted net earnings attributable to General Mills

$

507.6

11.0

%

$

403.0

8.8

%

  Note: Table may not foot due to rounding. 

  For more information on the reconciling items, please refer to the Significant Items Impacting Comparability section above. 

(a) Net sales less cost of sales. 

(b) See reconciliation of adjusted effective income tax rate below for tax impact of each adjustment. 

        Fiscal Year

In Millions

2026

2025

2024

Comparisons as a % of Net Sales

Value

Percent of

Net Sales

Value

Percent of

Net Sales

Value

Percent of

Net Sales

Gross margin as reported (a)

$

6,195.7

33.6

%

$

6,733.0

34.6

%

$

6,932.1

34.9

%

Mark-to-market effects

(48.4

)

(0.3

)%

(15.7

)

(0.1

)%

(39.1

)

(0.2

)%

Restructuring and transformation charges

19.4

0.1

%

9.2

—

%

17.6

0.1

%

Transaction costs

0.4

—

%

—

—

%

—

—

%

Project-related costs

—

—

%

0.5

—

%

2.0

—

%

Product recall, net

—

—

%

—

—

%

0.2

—

%

Adjusted gross margin

$

6,167.0

33.5

%

$

6,727.0

34.5

%

$

6,912.7

34.8

%

Operating profit as reported

$

885.8

4.8

%

$

3,304.8

17.0

%

$

3,431.7

17.3

%

Goodwill and other intangible

assets impairments

1,802.9

9.8

%

—

—

%

220.2

1.1

%

Divestitures gain, net

(1,049.4

)

(5.7

)%

(95.9

)

(0.5

)%

—

—

%

Valuation loss on held for sale business

1,031.8

5.6

%

—

—

%

—

—

%

Restructuring and transformation charges

155.5

0.8

%

87.5

0.4

%

38.8

0.2

%

Mark-to-market effects

(48.4

)

(0.3

)%

(15.7

)

(0.1

)%

(39.1

)

(0.2

)%

Transaction costs

31.3

0.2

%

49.1

0.3

%

14.0

0.1

%

Acquisition integration costs

9.5

0.1

%

13.9

0.1

%

0.2

—

%

Investment activity, net

(7.6

)

—

%

8.3

—

%

18.5

0.1

%

Project-related costs

—

—

%

0.5

—

%

2.0

—

%

Legal recovery

—

—

%

—

—

%

(53.2

)

(0.3

)%

Product recall, net

—

—

%

—

—

%

(30.3

)

(0.2

)%

Adjusted operating profit

$

2,811.5

15.3

%

$

3,352.6

17.2

%

$

3,602.7

18.1

%

Net (loss) earnings attributable to General Mills as reported

$

(87.6

)

(0.5

)%

$

2,295.2

11.8

%

$

2,496.6

12.6

%

Goodwill and other intangible assets impairments, net of tax (b)

1,732.5

9.4

%

—

—

%

161.8

0.8

%

Valuation loss on held for sale business, net of tax (b)

780.8

4.2

%

—

—

%

—

—

%

Divestitures gain, net, net of tax (b)

(772.8

)

(4.2

)%

(84.8

)

(0.4

)%

—

—

%

CPW asset impairments, losses, and restructuring charges

148.8

0.8

%

23.3

0.1

%

2.0

—

%

Restructuring and transformation charges, net of tax (b)

119.7

0.6

%

67.2

0.3

%

28.4

0.1

%

Mark-to-market effects, net of tax (b)

(37.3

)

(0.2

)%

(12.1

)

(0.1

)%

(30.1

)

(0.2

)%

Transaction costs, net of tax (b)

24.1

0.1

%

37.8

0.2

%

11.9

0.1

%

Acquisition integration costs, net of tax (b)

7.3

—

%

11.9

0.1

%

0.2

—

%

Investment activity, net, net of tax (b)

(5.8

)

—

%

6.4

—

%

12.6

0.1

%

Project-related costs, net of tax (b)

—

—

%

0.4

—

%

1.3

—

%

Legal recovery, net of tax (b)

—

—

%

—

—

%

(40.3

)

(0.2

)%

Product recall, net, net of tax (b)

—

—

%

—

—

%

(23.3

)

(0.1

)%

Adjusted net earnings attributable to General Mills

$

1,909.7

10.4

%

$

2,345.4

12.0

%

$

2,621.1

13.2

%

  Note: Table may not foot due to rounding. 

  For more information on the reconciling items, please refer to the Significant Items Impacting Comparability section above. 

(a) Net sales less cost of sales. 

(b) See reconciliation of adjusted effective income tax rate below for tax impact of each adjustment. 

        Constant-currency Segment Operating Profit Growth Rates

We believe that this measure provides useful information to investors because it provides transparency to underlying performance of our segments by excluding the effect that foreign currency exchange rate fluctuations have on year-to-year comparability given volatility in foreign currency exchange markets.

Our segments’ operating profit growth rates on a constant-currency basis are calculated as follows:

Quarter Ended May 31, 2026

Percentage Change in
Operating Profit
as Reported

Impact of Foreign
Currency
Exchange

Percentage Change in
Operating Profit on
Constant-Currency Basis

North America Retail

7 %

Flat

7 %

International

81 %

9 pts

72 %

North America Pet

14 %

Flat

14 %

North America Foodservice

22 %

Flat

22 %

Total segment operating profit

13 %

Flat

13 %

Note: Table may not foot due to rounding.  

  Fiscal Year Ended May 31, 2026

Percentage Change in
Operating Profit
as Reported

Impact of Foreign
Currency
Exchange

Percentage Change in
Operating Profit on
Constant-Currency Basis

North America Retail

(20) %

Flat

(20) %

International

96 %

5 pts

90 %

North America Pet

Flat

Flat

Flat

North America Foodservice

(6) %

Flat

(6) %

Total segment operating profit

(13) %

Flat

(13) %

  Note: Table may not foot due to rounding. 

        Adjusted Effective Income Tax Rate

We believe this measure provides useful information to investors because it presents the adjusted effective income tax rate on a comparable year-to-year basis.

Adjusted effective income tax rates are calculated as follows:

Quarter Ended

May 31, 2026

May 25, 2025

In Millions

(Except Per Share Data)

Pretax (Loss)

Earnings (a)

Income

Taxes

Pretax

Earnings (a)

Income

Taxes

As reported

$

(2,231.9

)

$

(240.4

)

$

377.1

$

69.1

Goodwill and other intangible assets impairments

1,750.0

57.5

—

—

Valuation loss on held for sale business

1,031.8

251.0

—

—

Restructuring and transformation charges

32.2

7.4

83.9

19.3

Mark-to-market charges

(35.7

)

(8.2

)

16.2

3.7

Transaction costs

14.8

3.4

8.1

1.9

Acquisition integration costs

2.9

0.7

3.4

0.8

Investment activity, net

2.0

0.5

6.7

0.4

Project-related costs

—

—

0.1

0.1

As adjusted

566.2

71.7

495.5

95.2

Effective tax rate:

As reported

10.8

%

18.3

%

As adjusted

12.7

%

19.2

%

Sum of adjustments to income taxes

312.3

26.1

Average number of common shares - diluted EPS (b)

$

537.3

$

550.4

Impact of income tax adjustments on adjusted diluted EPS

$

(0.58

)

$

(0.05

)

  Note: Table may not foot due to rounding. 

  For more information on the reconciling items, please refer to the Significant Items Impacting Comparability section above. 

(a) (Loss) earnings before income taxes and after-tax loss from joint ventures. 

(b) During fiscal 2026, we reported a net loss attributable to General Mills. Inclusion of dilutive shares would result in a lower loss per share and was therefore excluded from the calculation of diluted EPS. The inclusion of dilutive shares does not have a significant impact on adjusted diluted EPS and the reconciling items. 

        Fiscal Year Ended

May 31, 2026

May 25, 2025

May 26, 2024

In Millions

(Except Per Share Data)

Pretax

Earnings (a)

Income

Taxes

Pretax

Earnings (a)

Income

Taxes

Pretax

Earnings (a)

Income

Taxes

As reported

$

405.5

$

414.3

$

2,835.0

$

573.7

$

3,028.3

$

594.5

Goodwill and other intangible assets impairments

1,802.9

70.4

—

—

220.2

58.4

Divestitures gain, net

(1,049.4

)

(276.6

)

(95.9

)

(11.1

)

—

—

Valuation loss on held for sale business

1,031.8

251.0

—

—

—

—

Restructuring and transformation charges

155.5

35.9

87.5

20.2

38.8

10.4

Mark-to-market effects

(48.4

)

(11.1

)

(15.7

)

(3.6

)

(39.1

)

(9.0

)

Transaction costs

31.3

7.2

49.1

11.3

14.0

2.1

Acquisition integration costs

9.5

2.2

13.9

2.0

0.2

0.1

Investment activity, net

(7.6

)

(1.7

)

8.3

1.9

18.5

5.9

Project-related costs

—

—

0.5

0.2

2.0

0.7

Legal recovery

—

—

—

—

(53.2

)

(12.9

)

Product recall, net

—

—

—

—

(30.3

)

(7.0

)

As adjusted

$

2,331.2

$

491.4

$

2,882.7

$

594.6

$

3,199.4

$

643.1

Effective tax rate:

As reported

102.2

%

20.2

%

19.6

%

As adjusted

21.1

%

20.6

%

20.1

%

Sum of adjustments to income taxes

$

77.3

$

20.9

$

48.6

Average number of common shares - diluted EPS (b)

538.5

557.5

579.5

Impact of income tax adjustments on adjusted diluted EPS

$

(0.14

)

$

(0.04

)

$

(0.08

)

  Note: Table may not foot due to rounding. 

  For more information on the reconciling items, please refer to the Significant Items Impacting Comparability section above. 

(a) Earnings before income taxes and after-tax (loss) earnings from joint ventures. 

(b) During fiscal 2026, we reported a net loss attributable to General Mills. Inclusion of dilutive shares would result in a lower loss per share and was therefore excluded from the calculation of diluted EPS. The inclusion of dilutive shares does not have a significant impact on adjusted diluted EPS and the reconciling items. 

        Free Cash Flow Conversion Rate

We believe this measure provides useful information to investors because it is important for assessing our efficiency in converting earnings to cash and returning cash to shareholders. The calculation of free cash flow conversion rate and net cash provided by operating activities conversion rate, its equivalent GAAP measure, follows:

In Millions

Fiscal 2026

Net loss, including earnings attributable to noncontrolling interests, as reported

$

(85.3

)

Goodwill and other intangible assets impairments, net of tax

1,732.5

Valuation loss on held for sale business, net of tax

780.8

Divestitures gain, net, net of tax

(772.8

)

CPW asset impairments, losses, and restructuring charges

148.8

Restructuring and transformation charges, net of tax

119.7

Mark-to-market effects, net of tax

(37.3

)

Transaction costs, net of tax

24.1

Acquisition integration costs, net of tax

7.3

Investment activity, net, net of tax

(5.8

)

Adjusted net earnings, including earnings attributable to noncontrolling interests

$

1,912.0

Net cash provided by operating activities

2,166.2

Purchases of land, buildings, and equipment

(539.9

)

Free cash flow

$

1,626.3

Net cash provided by operating activities conversion rate

NM

Free cash flow conversion rate

85

%

  Note: Table may not foot due to rounding. 

  For more information on the reconciling items, please refer to the Significant Items Impacting Comparability section above. 

  See our reconciliation above of the effective income tax rate as reported to the adjusted effective income tax rate for the tax impact of each item affecting comparability. 

      More News From General Mills, Inc.

Packages of Cheerios, a brand owned by General Mills, are seen in a store in Manhattan, New York, U.S., November 12, 2021. REUTERS/Andrew Kelly/File Photo Purchase Licensing Rights, opens new tab

July 1 (Reuters) - General Mills (GIS.N), opens new tab beat fourth-quarter profit and sales estimates ​on Wednesday, as an increase ‌in consumers choosing to eat at home over dining out boosted ​demand for the Cheerios maker's ​pantry staples and breakfast cereals.

The ⁠company's shares, which have declined ​25% so far in 2026, ​were up 3% in premarket trading.

The Reuters Daily Briefing newsletter provides all the news you need to start your day. Sign up here.

Budget-conscious consumers, hurt by still-high inflation and the rising cost ​of living, are increasingly ​eating at home rather than dining out, helping demand ‌for ⁠packaged food makers like General Mills.

On an adjusted basis, the company posted a quarterly profit ​of 95 ​cents ⁠per share. Analysts on average estimated 80 cents ​per share, according to data ​compiled ⁠by LSEG.

The company posted sales of $4.61 billion for the quarter ⁠ended ​May 31, compared ​with an estimated $4.60 billion.

Reporting by Koyena Das ​in Bengaluru; Editing by Joyjeet Das

Our Standards: The Thomson Reuters Trust Principles., opens new tab

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