General Mills Q3 profit plunges 41% on input costs, yogurt exit; buybacks nearly halted

Filed March 18, 2026 · Period ending February 22, 2026 · Compared to 10-Q Mar 19, 2025 · ~2 min read

Key Changes

• high

  Operating profit fell 41% to $525M in Q3 as higher input costs and lower volumes offset pricing gains; adjusted operating profit down 32% despite favorable mix, signaling margin pressure across the portfolio.

  MD&A: Q3 Operating Results verify on EDGAR →
• high

  Share repurchases collapsed 99.9% to just 5,686 shares from 4.8M shares prior year, despite stock trading 27% lower at $46.40 vs $63.28; signals management prioritizing liquidity or viewing shares as overvalued even at depressed levels.

  Controls: Share Repurchases verify on EDGAR →
• high

  Joint ventures swung to $59M after-tax loss for nine months from $64M profit, driven by $85M goodwill impairment at Cereal Partners Worldwide tied to downward sales revisions in Australia; separate $53M Uncle Toby's brand impairment reflects weakening international cereal outlook.

  MD&A: Joint Ventures & Impairments verify on EDGAR →