NYSE: GIS
GENERAL MILLS INCCIK 0000040704 · SIC 2040 · Grain Mill Products
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General Mills Q1 profit falls 63% to $634M as year-ago yogurt gain laps; EPS $0.74
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General Mills reports $2.1B operating loss on $1.8B pet business impairments, $1B Brazil write-down
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revenue $18.4B, net income -$87.6M. General Mills swings to loss on pet-segment impairments; exits yogurt
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General Mills promotes Dana McNabb to COO and board, grants $6M in retention awards to CFO and CTO
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General Mills director Steve Odland to retire after 20+ years, won't seek reelection
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General Mills raises €1.7B through 30-year subordinated debt offering at 4.75%-5.25%
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General Mills' third-quarter net sales fell 8.4% to $4.44B, and operating profit dropped 41.1% to $524.6M, including a $85 million pre-tax share of a non-cash goodwill impairment charge at CPW, which the company attributes to higher input costs, a decrease in contributions from volume growth, a gain on divestiture related to the sale of our Canada yogurt business recorded in the third quarter of fiscal 2025, and higher restructuring and transformation costs.
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General Mills reports Q3 FY2026 earnings for quarter ended February 22, 2026
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Latest financial statements
From 10-Q filed Sep 23, 2026 (period ending Aug 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Statements of Earnings (Unaudited)
(In Millions, Except per Share Data)
| Description | Quarter ended Aug. 30, 2026 | Quarter ended Aug. 24, 2025 |
|---|---|---|
| Net sales | 4,389.5 | 4,517.5 |
| Cost of sales | 2,902.3 | 2,984.7 |
| Selling, general, and administrative expenses | 832.2 | 845.1 |
| Divestitures gain | — | (1,054.4) |
| Restructuring, transformation, impairment, and other exit costs | 21.4 | 16.3 |
| Operating profit | 633.6 | 1,725.8 |
| Benefit plan non-service income | (10.6) | (15.1) |
| Interest, net | 142.2 | 132.8 |
| Earnings before income taxes and after-tax earnings from joint ventures | 502.0 | 1,608.1 |
| Income taxes | 122.8 | 410.9 |
| After-tax earnings from joint ventures | 18.9 | 6.8 |
| Net earnings, including earnings (loss) attributable to noncontrolling interests | 398.1 | 1,204.0 |
| Net earnings (loss) attributable to noncontrolling interests | 1.1 | (0.2) |
| Net earnings attributable to General Mills | 397.0 | 1,204.2 |
| Earnings per share basic | 0.74 | 2.22 |
| Earnings per share diluted | 0.74 | 2.22 |
Consolidated Balance Sheets
(In Millions, Except Par Value)
| Description | Aug. 30, 2026 (Unaudited) | May 31, 2026 |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | 433.1 | 453.8 |
| Receivables | 1,775.2 | 1,646.8 |
| Inventories | 2,163.2 | 1,917.9 |
| Prepaid expenses and other current assets | 512.8 | 599.8 |
| Total current assets | 4,884.3 | 4,618.3 |
| Land, buildings, and equipment | 3,383.4 | 3,443.4 |
| Goodwill | 14,113.1 | 14,122.4 |
| Other intangible assets | 6,710.2 | 6,716.9 |
| Other assets | 1,182.4 | 1,115.7 |
| Total assets | 30,273.4 | 30,016.7 |
| LIABILITIES AND EQUITY | ||
| Current liabilities: | ||
| Accounts payable | 3,715.2 | 3,729.5 |
| Current portion of long-term debt | 1,046.8 | 1,053.6 |
| Notes payable | 201.6 | 68.4 |
| Other current liabilities | 1,473.4 | 1,472.8 |
| Liabilities held for sale | 503.0 | 449.8 |
| Total current liabilities | 6,940.0 | 6,774.1 |
| Long-term debt | 12,367.2 | 12,416.0 |
| Deferred income taxes | 2,260.4 | 2,265.8 |
| Other liabilities | 1,242.0 | 1,180.2 |
| Total liabilities | 22,809.6 | 22,636.1 |
| Stockholders’ equity: | ||
| Common stock, 754.6 shares issued, $0.10 par value | 75.5 | 75.5 |
| Additional paid-in capital | 1,153.0 | 1,200.9 |
| Retained earnings | 20,581.4 | 20,514.9 |
| Common stock in treasury, at cost, shares of 219.9 and 220.9 | (11,842.6) | (11,900.6) |
| Accumulated other comprehensive loss | (2,516.9) | (2,522.3) |
| Total stockholders’ equity | 7,450.4 | 7,368.4 |
| Noncontrolling interests | 13.4 | 12.2 |
| Total equity | 7,463.8 | 7,380.6 |
| Total liabilities and equity | 30,273.4 | 30,016.7 |
Consolidated Statements of Cash Flows (Unaudited)
(In Millions)
| Description | Quarter ended Aug. 30, 2026 | Quarter ended Aug. 24, 2025 |
|---|---|---|
| Cash Flows - Operating Activities | ||
| Net earnings, including earnings (loss) attributable to noncontrolling interests | 398.1 | 1,204.0 |
| Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
| Depreciation and amortization | 139.8 | 138.7 |
| After-tax earnings from joint ventures | (18.9) | (6.8) |
| Distributions of earnings from joint ventures | 10.9 | 26.9 |
| Stock-based compensation | 21.8 | 15.1 |
| Deferred income taxes | (18.0) | 10.0 |
| Pension and other postretirement benefit plan contributions | (6.6) | (5.2) |
| Pension and other postretirement benefit plan costs | (3.0) | (6.7) |
| Divestitures gain | — | (1,054.4) |
| Restructuring, transformation, impairment, and other exit costs | 21.0 | (2.7) |
| Changes in current assets and liabilities, excluding the effects of acquisitions and divestitures | (251.5) | 58.8 |
| Other, net | 4.2 | 19.3 |
| Net cash provided by operating activities | 297.8 | 397.0 |
| Cash Flows - Investing Activities | ||
| Purchases of land, buildings, and equipment | (90.5) | (109.5) |
| Proceeds from divestitures | — | 1,803.4 |
| Investments in affiliates, net | (25.4) | — |
| Proceeds from disposal of land, buildings, and equipment | — | 2.8 |
| Other, net | — | (1.9) |
| Net cash (used) provided by investing activities | (115.9) | 1,694.8 |
| Cash Flows - Financing Activities | ||
| Change in notes payable | 132.7 | (654.8) |
| Proceeds from common stock issued on exercised options | — | 0.2 |
| Purchases of common stock for treasury | — | (500.0) |
| Dividends paid | (330.5) | (330.9) |
| Other, net | (11.8) | (21.7) |
| Net cash used by financing activities | (209.6) | (1,507.2) |
| Effect of exchange rate changes on cash and cash equivalents | (0.2) | 4.4 |
| (Decrease) increase in cash and cash equivalents | (27.9) | 589.0 |
| Cash and cash equivalents beginning of year (includes $37.9 million of cash classified as held for sale as of May 31, 2026) | 491.7 | 363.9 |
| Cash and cash equivalents end of period (includes $30.7 million of cash classified as held for sale as of Aug. 30, 2026) | 463.8 | 952.9 |
| Cash Flows from changes in current assets and liabilities, excluding the effects of acquisitions and divestitures: | ||
| Receivables | (58.5) | 0.9 |
| Inventories | (261.1) | (135.2) |
| Prepaid expenses and other current assets | 90.4 | 36.6 |
| Accounts payable | (32.1) | (252.5) |
| Other current liabilities | 9.8 | 409.0 |
| Changes in current assets and liabilities | (251.5) | 58.8 |
Amounts as printed on the EDGAR/iXBRL face — (In Millions, Except per Share Data); (In Millions, Except Par Value); (In Millions). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗