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- Goodwill Impairment (new) — General Mills recorded $1.5B non-cash goodwill impairment for North America Pet and $250M brand impairments due to increased discount rates from heightened macroeconomic uncertainty.
General Mills reports $2.1B operating loss on $1.8B pet business impairments, $1B Brazil write-down
Filed July 1, 2026 · Period ending July 1, 2026 · ~1 min read
Key Changes
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Recorded $1.5B goodwill impairment on North America Pet unit and $250M brand impairments (Nudges, True Chews) due to increased discount rates from macroeconomic uncertainty.
Exhibit 99 view on EDGAR → -
high
Took $1.0B non-cash loss on planned Brazil business divestiture, reflecting write-down to expected sale proceeds.
Exhibit 99 view on EDGAR → -
high
Q4 operating loss of $2.1B driven by impairments; adjusted operating profit up 13% in constant currency to $705M. Full-year adjusted EPS down 16% to $3.55.
Exhibit 99 view on EDGAR → -
high
FY2027 guidance: organic sales -1.5% to +0.5%, adjusted operating profit down 8-13% in constant currency, adjusted EPS $3.00-$3.20. Targets $750M cost savings in FY2027.
Exhibit 99 view on EDGAR → -
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Board declared quarterly dividend of $0.61/share, payable August 3 to July 10 shareholders of record. 127 years of uninterrupted dividends.
Exhibit 99 view on EDGAR →
Summary
General Mills disclosed fourth-quarter fiscal 2026 results marked by $2.1 billion in operating losses, driven primarily by $1.8 billion in non-cash impairment charges against its North America Pet business and related brands (Nudges, True Chews), plus a $1.0 billion write-down on its planned Brazil divestiture.
The pet business impairments reflect increased discount rates amid macroeconomic uncertainty—a signal that management's prior valuations no longer hold and that the pet segment faces structural headwinds. The Brazil exit crystallizes a failed international bet. Stripping out these charges, adjusted operating profit rose 13% in constant currency in Q4, but full-year adjusted EPS still fell 16% to $3.55.
The fiscal 2027 outlook offers little relief: management guides to flat-to-declining organic sales (-1.5% to +0.5%) and adjusted operating profit down 8-13% in constant currency, with adjusted EPS of $3.00-$3.20. The company is banking on $750 million in cost savings next year as part of a $3 billion cumulative target by 2030, but the guidance implies margin pressure will outpace productivity gains in the near term. The $1.8 billion impairment is a non-cash charge, but it underscores weakened competitive positioning in pet food and raises questions about the durability of other brand valuations. The dividend remains intact at $0.61 per share, preserving a 127-year streak, but the combination of asset write-downs, international retreat, and cautious guidance warrants close monitoring of cash flow and further restructuring moves.
Section-by-Section Diff
Event · Exhibit 99
General Mills reported Q4 FY2026 results with $2.1B operating loss driven by $1.8B goodwill/intangible impairments and $1.0B Brazil divestiture loss.
Added in current filing · view on EDGAR →
Net sales of $4.6 billion were up 1 percent; organic net sales¹ were in line with last year ... Operating loss totaled $2.1 billion, driven by certain non-cash goodwill and brand intangible asset charges and a non-cash valuation loss related to the planned divestiture of the Brazil business; adjusted operating profit of $705 million was up 13 percent in constant currency ... Diluted loss per share totaled $3.74 compared to earnings per share (EPS) of $0.53 last year; adjusted diluted EPS of $0.95 was up 27 percent in constant currency
Fourth-quarter net sales rose 1% to $4.6B with flat organic sales. Operating loss of $2.1B was driven by $1.8B in non-cash goodwill and brand impairment charges plus a $1.0B non-cash loss on the planned Brazil divestiture. Adjusted operating profit increased 13% in constant currency to $705M. Diluted loss per share was $3.74 versus $0.53 earnings last year; adjusted diluted EPS rose 27% in constant currency to $0.95.
Added in current filing · view on EDGAR →
Net sales of $18.4 billion were down 5 percent, including a 6-point headwind from the net impact of divestitures and acquisitions and a 2-point benefit from the 53rd week; organic net sales¹ were down 2 percent ... Operating profit of $886 million was down 73 percent, driven primarily by the goodwill and brand intangible asset charges and the valuation loss; adjusted operating profit of $2.8 billion was down 16 percent in constant currency ... Diluted loss per share totaled $0.16 compared to EPS of $4.10 last year; adjusted diluted EPS of $3.55 was down 16 percent in constant currency
Full-year net sales declined 5% to $18.4B with organic sales down 2%. Operating profit fell 73% to $886M, driven by impairment charges and the Brazil valuation loss. Adjusted operating profit decreased 16% in constant currency to $2.8B. Diluted loss per share was $0.16 versus $4.10 earnings last year; adjusted diluted EPS declined 16% in constant currency to $3.55.
Added in current filing · view on EDGAR →
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. ... 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.
General Mills targets $3B cumulative cost savings by fiscal 2030, with $750M expected in fiscal 2027. For fiscal 2027, the company guides organic net sales between -1.5% and +0.5%, adjusted operating profit down 8% to 13% in constant currency from the $2.8B fiscal 2026 base, and adjusted diluted EPS of $3.00 to $3.20.
Added in current filing · view on EDGAR →
In fiscal 2026, we recorded a $1,032 million non-cash pre-tax valuation loss related to the planned divestiture of our Brazil business.
General Mills recorded a $1.032B non-cash pre-tax valuation loss related to the planned divestiture of its Brazil business. This charge reflects the write-down to expected sale proceeds.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 2, 2026 · How we verify