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- Goodwill Impairment (new) — A $1.5 billion goodwill impairment in the North America Pet segment was recorded in Q4 fiscal 2026, reflecting a sustained decline in market capitalization and stock price.
General Mills Q1 operating profit falls 63% to $634M on pet impairment and divestiture lap
Filed September 23, 2026 · Period ending August 30, 2026 · Compared to 10-Q Sep 17, 2025 · ~1 min read
Key Financials
SEC XBRL| Metric | PriorAug 24, 2025 | CurrentAug 30, 2026 | Δ |
|---|---|---|---|
| Revenue | $4.52B | $4.39B | ▼ -2.8% |
| Net income | $1.20B | $397.0M | ▼ -67.0% |
| Diluted EPS | $2.22 | $0.74 | ▼ -66.7% |
| Operating income | $1.73B | $633.6M | ▼ -63.3% |
| Cash & equivalents | $952.9M | $433.1M | ▼ -54.5% |
| Long-term debt | $12.2B | $12.4B | ▲ +1.2% |
| Total assets | $33.0B | $30.3B | ▼ -8.3% |
As reported in XBRL by the filer · 10-Q vs 10-Q. Income figures cover the fiscal quarter (not year-to-date); cash & assets are period-end balances. n/m = not meaningful (sign change; a % would mislead). about this table · verify on EDGAR →
Key Number Changes
Prior filing · verify on EDGAR →
28,198,320
Current filing · verify on EDGAR →
26,897,169
Prior filing · verify on EDGAR →
Operating | profit increased 108 | percent to $1,726 | million, primarily driven
by a divestiture gain related to the sale of our United
States yogurt business and favorable net price realization and mix, | partially offset | by a | decrease | in contributions | from | volume growth | and higher | input costs.
Current filing · verify on EDGAR →
Operating
profit decreased 63 percent to $634 million, primarily driven by a gain related to the Divestiture in the first quarter of fiscal 2026,
higher input costs, and a decrease in contributions from volume growth, partially offset by favorable net price realization and mix and
a favorable change in the mark-to-market valuation of certain commodity positions and grain inventories.
Prior filing · verify on EDGAR →
In the | first quarter | of fiscal | 2026, | net sales | decreased | 7 percent ... , | including | the net | impact of | the divestitures | of our | North | American | yogurt | businesses | (Divestitures), | partially | offset | by | the | acquisition | of | Whitebridge | Pet | Brands | (Acquisition). | Organic | net | sales | decreased 3 percent | compared to the | same period last | year.
Current filing · verify on EDGAR →
In the first quarter of fiscal 2027, net sales decreased 3 percent, including the impact of the divestiture of our United States yogurt
business (Divestiture) in the first quarter of fiscal 2026. Organic net sales essentially matched the same period last year.
Prior filing · verify on EDGAR →
Adjusted | operating profit | of $711 | million decreased 18 | percent on a | constant-currency basis, | including the net | impact of | the Divestitures and | Acquisition, primarily driven | by a decrease in | contributions from volume | growth and higher | input costs, partially | offset by favorable | net price realization | and mix.
Current filing · verify on EDGAR →
Adjusted operating profit of $634 million decreased 11 percent on a constant-currency
basis, primarily driven by higher input costs and a decrease in contributions from volume growth, partially offset by favorable net
price realization and mix.
Prior filing · verify on EDGAR →
Diluted | earnings | per | share | of | $2.22 | increased | 116 | percent | in | the | first | quarter | of | fiscal | 2026. | Adjusted | diluted | earnings | per | share | of | $0.86
decreased 20 percent on a constant-currency
basis compared to the first quarter
of fiscal 2025.
Current filing · verify on EDGAR →
Diluted earnings per share of
$0.74 decreased 67 percent in the first quarter of fiscal 2027. Adjusted diluted earnings per share of $0.75 decreased 13 percent on a
constant-currency basis compared to the first quarter of fiscal 2026.
Prior filing · verify on EDGAR →
North | America | Retail net | sales decreased | 13 percent | in the | first | quarter | of | fiscal | 2026 | compared | to | the | same period | in | fiscal | 2025, | driven by | a decrease | in contributions | from volume | growth, | partially offset | by favorable | net price | realization and | mix, both | of which | include the impact from Divestitures.
Current filing · verify on EDGAR →
North America Retail net sales decreased 7 percent in the first quarter of fiscal 2027 compared to the same period in fiscal 2026,
driven by a decrease in contributions from volume growth, partially offset by favorable net price realization and mix, both of which
include the impact of the Divestiture.
Prior filing · verify on EDGAR →
International | net | sales | increased | 6 | percent | in | the | first | quarter | of | fiscal | 2026 | compared | to | the | same | period | in | fiscal | 2025, | driven | by | favorable | net | price | realization | and | mix | and | favorable | foreign | currency | exchange | impacts, | partially | offset | by | a | decrease | in | contributions from volume growth.
Current filing · verify on EDGAR →
International net sales increased 4 percent in the first quarter of fiscal 2027 compared to the same period in fiscal 2026, driven by an
increase in contributions from volume growth and favorable foreign currency exchange impacts, partially offset by unfavorable net
price realization and mix.
Prior filing · verify on EDGAR →
North America | Pet net | sales increased | 6 percent | in the first | quarter of | fiscal 2026 | compared to | the same | period in | fiscal 2025, | driven | by favorable | net price | realization and | mix and | an increase | in contributions | from volume | growth, both | of which | include the | impact of | the Acquisition.
Current filing · verify on EDGAR →
North America Pet net sales in the first quarter of fiscal 2027 essentially matched the same period in fiscal 2026.
Prior filing · verify on EDGAR →
North America Foodservice net sales decreased 4 percent
in the first quarter of fiscal 2026 compared to the same | period in fiscal 2025, | driven by | a decrease | in contributions | from volume | growth and | unfavorable net | price realization | and mix, | both of | which include | the | impact from Divestitures.
Current filing · verify on EDGAR →
North America Foodservice net sales increased 1 percent in the first quarter of fiscal 2027 compared to the same period in fiscal 2026,
driven by favorable net price realization and mix, partially offset by a decrease in contributions from volume growth, both of which
include the impact of the Divestiture.
Prior filing · verify on EDGAR →
During the first quarter of | fiscal 2026, | cash provided by operations was $397 million | compared to $624 million in the same | period last | year. | The | $227 | million | decrease | was | primarily | driven | by | a | $434 | million | decrease | in | net | earnings | excluding | the | pretax | gain | on | Divestitures, | partially offset | by a | $166 million | change in | current assets | and liabilities.
Current filing · verify on EDGAR →
During the first quarter of fiscal 2027, cash provided by operations was $298 million compared to $397 million in the same period last
year. The $99 million decrease was primarily driven by a $310 million change in current assets and liabilities largely driven by lower
accrued federal income taxes payable, which included tax expense of $277 million associated with the Divestiture in fiscal 2026.
Prior filing · verify on EDGAR →
Cash provided | by investing | activities during | the first | quarter | of fiscal | 2026 | was $1,695 | million | compared | to cash | used by | investing | activities of | $148 million | for the | same period | in fiscal
2025. In
the first | quarter of | fiscal 2026, | we completed | the sale | of our | United | States yogurt | business for | $1,798 | million | cash.
Current filing · verify on EDGAR →
Cash used by investing activities during the first quarter of fiscal 2027 was $116 million compared to $1,695 million provided by
investing activities for the same period in fiscal 2026. In the first quarter of fiscal 2026, we completed the sale of our United States
yogurt business for $1,798 million cash.
Prior filing · view on EDGAR →
Goodwill | 15,660.2 | 15,622.4
Current filing · view on EDGAR →
Goodwill | $14,113.1 | $14,122.4
Prior filing · view on EDGAR →
Operating profit | 1,725.8 | 831.5
Current filing · view on EDGAR →
Operating profit | 633.6 | 1,725.8
Key Changes
-
high
Operating profit fell 63% to $634 million, driven by the absence of last year's yogurt divestiture gain and higher input costs.
-
high
Net income dropped 67% to $397.0 million, with diluted EPS down 66.7% to $0.74.
Key Financials view on EDGAR → -
high
A $1.75 billion non-cash impairment was recorded in Q4 fiscal 2026, including $1.5 billion for North America Pet goodwill and $250 million for brand intangibles.
-
high
Cash from operations fell to $298 million from $397 million, largely due to lower accrued federal income taxes payable.
-
medium
The company agreed to sell its Brazil business for R$800 million, recording a $1,031.8 million pre-tax loss in fiscal 2026 and an additional $23.7 million loss in Q1 fiscal 2027.
Summary
General Mills' first quarter of fiscal 2027 showed a sharp drop in profitability, with operating profit falling 63% to $634 million. The decline was driven by the absence of a $1,054.4 million gain from the U.S. yogurt divestiture in the prior-year quarter, along with higher input costs. Net income fell 67% to $397.0 million, and diluted EPS dropped 66.7% to $0.74.
Total revenue declined 2.8% to $4.39 billion, with organic sales essentially flat. The quarter also reflected the impact of a $1.75 billion non-cash impairment charge recorded in the fourth quarter of fiscal 2026, including $1.5 billion for North America Pet goodwill and $250 million for brand intangibles.
This impairment, triggered by a sustained decline in market capitalization and stock price, is a new material event that raises concerns about the long-term value of the pet segment. Additionally, the company agreed to sell its Brazil business, recording a $1,031.8 million pre-tax loss in fiscal 2026 and an additional $23.7 million loss in the first quarter of fiscal 2027. Looking ahead, investors should watch whether the company's cost savings initiatives—targeting at least $750 million in fiscal 2027—can offset expected input cost inflation of 4-5% and the negative impact of lapping the 53rd week and divestitures. The Brazil divestiture is expected to close in early fiscal 2027, and its completion will remove a source of ongoing losses but also reduce geographic diversification.
Section-by-Section Diff
Controls
Disclosure controls remain effective; no internal control changes, but share repurchase activity ceased and ASR details were removed.
Removed from previous filing · verify on EDGAR →
June 30, 2025 - | July 27, 2025 (d) | 7,520,212 | 49.92 | 7,520,212 | 29,397,951
The baseline filing disclosed repurchases of 7,520,212 shares at an average price of $49.92 during the period June 30 to July 27, 2025, while the current filing shows no repurchases in any period. This indicates the company did not repurchase shares during the quarter ended August 30, 2026.
Show 2 minor / wording changes
Removed from previous filing · verify on EDGAR →
In the | first quarter | of fiscal | 2026, we | entered into | two accelerated | share repurchase | (ASR) agreements | with an | unrelated third-party | financial
institution to repurchase an aggregate of $500.0 million of our
shares.
The baseline filing described two ASR agreements totaling $500.0 million entered into in the first quarter of fiscal 2026, with details on initial and final share deliveries. The current filing omits this disclosure entirely, consistent with the ASR agreements having been fully settled by the end of the prior fiscal year.
Previous filing · verify on EDGAR →
28,198,320
Current filing · verify on EDGAR →
26,897,169
The maximum number of shares that may yet be purchased under the repurchase program decreased from 28,198,320 in the baseline to 26,897,169 in the current filing, reflecting the 1,301,151 shares repurchased during the prior fiscal year's second quarter.
MD&A
Operating profit fell 63% to $634M on divestiture lap and input costs; Q1 sales down 3% with flat organic growth.
Previous filing · verify on EDGAR →
Operating | profit increased 108 | percent to $1,726 | million, primarily driven
by a divestiture gain related to the sale of our United
States yogurt business and favorable net price realization and mix, | partially offset | by a | decrease | in contributions | from | volume growth | and higher | input costs.
Current filing · verify on EDGAR →
Operating
profit decreased 63 percent to $634 million, primarily driven by a gain related to the Divestiture in the first quarter of fiscal 2026,
higher input costs, and a decrease in contributions from volume growth, partially offset by favorable net price realization and mix and
a favorable change in the mark-to-market valuation of certain commodity positions and grain inventories.
Operating profit swung from a 108% increase to a 63% decrease year-over-year, driven by the absence of the prior-year divestiture gain and higher input costs. The current quarter's $634 million compares to $1,726 million in the prior-year quarter.
Previous filing · verify on EDGAR →
In the | first quarter | of fiscal | 2026, | net sales | decreased | 7 percent ... , | including | the net | impact of | the divestitures | of our | North | American | yogurt | businesses | (Divestitures), | partially | offset | by | the | acquisition | of | Whitebridge | Pet | Brands | (Acquisition). | Organic | net | sales | decreased 3 percent | compared to the | same period last | year.
Current filing · verify on EDGAR →
In the first quarter of fiscal 2027, net sales decreased 3 percent, including the impact of the divestiture of our United States yogurt
business (Divestiture) in the first quarter of fiscal 2026. Organic net sales essentially matched the same period last year.
Net sales decline moderated from 7% to 3%, and organic net sales improved from a 3% decline to flat. The divestiture impact is now isolated to the U.S. yogurt business rather than multiple divestitures and an acquisition.
Previous filing · verify on EDGAR →
Adjusted | operating profit | of $711 | million decreased 18 | percent on a | constant-currency basis, | including the net | impact of | the Divestitures and | Acquisition, primarily driven | by a decrease in | contributions from volume | growth and higher | input costs, partially | offset by favorable | net price realization | and mix.
Current filing · verify on EDGAR →
Adjusted operating profit of $634 million decreased 11 percent on a constant-currency
basis, primarily driven by higher input costs and a decrease in contributions from volume growth, partially offset by favorable net
price realization and mix.
Adjusted operating profit declined 11% versus 18% in the prior-year quarter, reflecting a smaller decrease in constant-currency terms. The dollar amount fell from $711 million to $634 million.
Previous filing · verify on EDGAR →
Diluted | earnings | per | share | of | $2.22 | increased | 116 | percent | in | the | first | quarter | of | fiscal | 2026. | Adjusted | diluted | earnings | per | share | of | $0.86
decreased 20 percent on a constant-currency
basis compared to the first quarter
of fiscal 2025.
Current filing · verify on EDGAR →
Diluted earnings per share of
$0.74 decreased 67 percent in the first quarter of fiscal 2027. Adjusted diluted earnings per share of $0.75 decreased 13 percent on a
constant-currency basis compared to the first quarter of fiscal 2026.
Reported diluted EPS swung from a 116% increase to a 67% decrease, while adjusted diluted EPS declined 13% versus 20% in the prior-year quarter. The reported EPS decline reflects the absence of the prior-year divestiture gain.
Previous filing · verify on EDGAR →
Our key | priorities in | fiscal 2026 | are to | return North | America Retail | to volume | growth, accelerate | North America | Pet growth | with an | expanded | portfolio, | and | drive efficiencies | to reinvest | in growth. | We | expect | category | growth to | be below | our | long-term | projections, | reflecting | less | benefit | from | net | price | realization | and | mix | amid | a | continued | challenging | consumer | backdrop.
Current filing · verify on EDGAR →
Our key priorities in fiscal 2027 are to strengthen our organic net sales growth, accelerate our enterprise transformation efforts, and
drive disciplined capital allocation and returns. Amid a continued challenging macroeconomic backdrop for consumers, we expect
category growth to be consistent with recent trends and below our long-term growth projections.
The company shifted its fiscal 2027 priorities from segment-specific volume growth to broader organic sales growth, enterprise transformation, and capital allocation. The outlook language now emphasizes consistency with recent trends rather than a specific decline driver.
Previous filing · verify on EDGAR →
We | expect the combination | of these growth investments, | input | cost | inflation, | and | normalization | of | corporate | incentive | will outpace | expected | Holistic Margin | Management | cost | savings | of | 5 | percent | of | cost | of | goods | sold, | savings | from | our | global | transformation | initiative, | and | benefits | from | a | 53rd | week | in | fiscal | 2026.
Current filing · verify on EDGAR →
We expect to generate at least $750
million in total savings from our ongoing Holistic Margin Management (HMM) productivity program, our global transformation
initiative, and other cost savings actions. These savings are part of our $3 billion cumulative cost savings target through fiscal 2030
and will help offset our forecast for 4 to 5 percent input cost inflation and increased investments in product innovation and renovation
in fiscal 2027.
The company quantified its fiscal 2027 cost savings target at $750 million and introduced a $3 billion cumulative target through fiscal 2030, along with a 4-5% input cost inflation forecast. The prior-year language was less specific and focused on cost savings as a percentage of COGS.
Previous filing · verify on EDGAR →
In | addition, | we | expect | the | net | impact | of | the | divestitures | of | our | North | American | yogurt | businesses | and | the | Whitebridge | Pet | Brands
acquisition will reduce adjusted operating profit growth by approximately
5 points in fiscal 2026.
Current filing · verify on EDGAR →
In addition to these factors, we expect decreases 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.
The company now quantifies the expected negative impact on operating profit (9 points) and EPS (11 points) from lapping the 53rd week, incentive normalization, and divestitures. The prior-year disclosure only addressed a 5-point impact from divestitures and acquisition.
Previous filing · verify on EDGAR →
North | America | Retail net | sales decreased | 13 percent | in the | first | quarter | of | fiscal | 2026 | compared | to | the | same period | in | fiscal | 2025, | driven by | a decrease | in contributions | from volume | growth, | partially offset | by favorable | net price | realization and | mix, both | of which | include the impact from Divestitures.
Current filing · verify on EDGAR →
North America Retail net sales decreased 7 percent in the first quarter of fiscal 2027 compared to the same period in fiscal 2026,
driven by a decrease in contributions from volume growth, partially offset by favorable net price realization and mix, both of which
include the impact of the Divestiture.
North America Retail net sales decline improved from 13% to 7%, with organic net sales declining 3% versus 5% in the prior-year quarter. Segment operating profit decreased 15% versus 24% in the prior-year quarter.
Previous filing · verify on EDGAR →
International | net | sales | increased | 6 | percent | in | the | first | quarter | of | fiscal | 2026 | compared | to | the | same | period | in | fiscal | 2025, | driven | by | favorable | net | price | realization | and | mix | and | favorable | foreign | currency | exchange | impacts, | partially | offset | by | a | decrease | in | contributions from volume growth.
Current filing · verify on EDGAR →
International net sales increased 4 percent in the first quarter of fiscal 2027 compared to the same period in fiscal 2026, driven by an
increase in contributions from volume growth and favorable foreign currency exchange impacts, partially offset by unfavorable net
price realization and mix.
International net sales growth slowed from 6% to 4%, but the driver shifted from price/mix to volume growth. Segment operating profit increased 14% versus 214% in the prior-year quarter, reflecting a much smaller base effect.
Previous filing · verify on EDGAR →
North America | Pet net | sales increased | 6 percent | in the first | quarter of | fiscal 2026 | compared to | the same | period in | fiscal 2025, | driven | by favorable | net price | realization and | mix and | an increase | in contributions | from volume | growth, both | of which | include the | impact of | the Acquisition.
Current filing · verify on EDGAR →
North America Pet net sales in the first quarter of fiscal 2027 essentially matched the same period in fiscal 2026.
North America Pet net sales growth stalled from 6% to flat, with organic net sales flat versus a 5% decline in the prior-year quarter. Segment operating profit decreased 12% versus 5% in the prior-year quarter.
Previous filing · verify on EDGAR →
North America Foodservice net sales decreased 4 percent
in the first quarter of fiscal 2026 compared to the same | period in fiscal 2025, | driven by | a decrease | in contributions | from volume | growth and | unfavorable net | price realization | and mix, | both of | which include | the | impact from Divestitures.
Current filing · verify on EDGAR →
North America Foodservice net sales increased 1 percent in the first quarter of fiscal 2027 compared to the same period in fiscal 2026,
driven by favorable net price realization and mix, partially offset by a decrease in contributions from volume growth, both of which
include the impact of the Divestiture.
North America Foodservice net sales turned positive, increasing 1% versus a 4% decline in the prior-year quarter. Organic net sales increased 4% versus 1% in the prior-year quarter. Segment operating profit increased 12% versus a 1% decline.
Previous filing · verify on EDGAR →
During the first quarter of | fiscal 2026, | cash provided by operations was $397 million | compared to $624 million in the same | period last | year. | The | $227 | million | decrease | was | primarily | driven | by | a | $434 | million | decrease | in | net | earnings | excluding | the | pretax | gain | on | Divestitures, | partially offset | by a | $166 million | change in | current assets | and liabilities.
Current filing · verify on EDGAR →
During the first quarter of fiscal 2027, cash provided by operations was $298 million compared to $397 million in the same period last
year. The $99 million decrease was primarily driven by a $310 million change in current assets and liabilities largely driven by lower
accrued federal income taxes payable, which included tax expense of $277 million associated with the Divestiture in fiscal 2026.
Operating cash flow declined to $298 million from $397 million, a $99 million decrease, driven by lower accrued federal income taxes payable. The prior-year decrease was $227 million, driven by lower net earnings excluding divestiture gains.
Previous filing · verify on EDGAR →
Cash provided | by investing | activities during | the first | quarter | of fiscal | 2026 | was $1,695 | million | compared | to cash | used by | investing | activities of | $148 million | for the | same period | in fiscal
2025. In
the first | quarter of | fiscal 2026, | we completed | the sale | of our | United | States yogurt | business for | $1,798 | million | cash.
Current filing · verify on EDGAR →
Cash used by investing activities during the first quarter of fiscal 2027 was $116 million compared to $1,695 million provided by
investing activities for the same period in fiscal 2026. In the first quarter of fiscal 2026, we completed the sale of our United States
yogurt business for $1,798 million cash.
Investing activities swung from a $1,695 million inflow to a $116 million outflow, reflecting the absence of the prior-year yogurt divestiture proceeds. Financing activities used $210 million versus $1,507 million in the prior-year quarter.
Previous filing · verify on EDGAR →
Our | annual | goodwill | and | indefinite-lived | intangible | assets | impairment | test | was | performed | on | the | first | day | of | the | second | quarter | of | fiscal | 2025, | and | we | determined | there | was | no | impairment | of | our | intangible | assets | as | their | related | fair | values | were | substantially | in | excess of the | carrying values, | except for | the | Uncle Toby’s | brand intangible | asset.
Current filing · verify on EDGAR →
In addition, 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, in the fourth quarter of fiscal 2026 we recorded $1,750 million of non-cash
impairment charges, of which $1,500 million related to the North America Pet reporting unit goodwill and $250 million related to the ... brand intangible assets, all of which are included within our North America Pet segment.
The company disclosed a $1.75 billion non-cash impairment charge in Q4 fiscal 2026, including $1.5 billion for North America Pet goodwill and $250 million for brand intangibles, triggered by a sustained decline in market capitalization and stock price. The prior-year disclosure only mentioned the Uncle Toby's brand intangible asset with no impairment charge.
Added in current filing · verify on EDGAR → · paraphrased
Valuation loss on held for sale business: Non-cash valuation loss related to the planned divestiture of our Brazil business recorded in fiscal 2027. Please refer to Note 2 to the Consolidated Financial Statements in Part I, Item 1 of this report.
The company introduced a new non-GAAP adjustment for a non-cash valuation loss related to the planned divestiture of its Brazil business, which was not present in the prior-year MD&A.
Previous filing · view on EDGAR → · paraphrased
Transaction costs: Fiscal 2026 transaction costs related to the sale of our United States yogurt business. Please refer to Note 2 to the Consolidated Financial Statements in Part I, Item 1 of this report.
Current filing · view on EDGAR → · paraphrased
Transaction costs: Fiscal 2027 transaction costs primarily related to the definitive agreement to sell our Brazil business. Fiscal 2026 transaction costs related to the sale of our United States yogurt business.
Transaction costs in fiscal 2027 are now primarily related to the planned sale of the Brazil business, whereas fiscal 2026 costs were related to the U.S. yogurt divestiture. This reflects a shift in the company's divestiture activity.
Show 4 minor / wording changes
Previous filing · verify on EDGAR →
In | December | 2023, | the | FASB | issued | ASU | 2023-09 | requiring | enhanced | income | tax | disclosures. | The | ASU | requires | disclosure | of | specific | categories | and | disaggregation | of | information | in | the | rate | reconciliation | table.
Current filing · verify on EDGAR →
In September 2025, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2025-06,
amending the accounting for costs related to internal-use software. The ASU removes reference to software development project
stages. Additionally, the ASU requires capitalization of software costs to begin when management has authorized and committed to
funding the software and it is probable that the project will be completed and the software will be used to perform the function
intended.
The company added a new accounting pronouncement (ASU 2025-06) related to internal-use software costs, effective fiscal 2029. The prior-year disclosure focused on ASU 2023-09 for income tax disclosures, which is no longer discussed as a recent pronouncement.
Previous filing · view on EDGAR → · paraphrased
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.
Current filing · view on EDGAR → · paraphrased
Acquisition integration costs: Integration costs related to the Whitebridge Pet Brands acquisition in fiscal 2025 recorded in fiscal 2027 and fiscal 2026, and the acquisition of a pet food business in Europe in fiscal 2024 recorded in fiscal 2026.
The company updated the description of acquisition integration costs to clarify that Whitebridge Pet Brands integration costs are recorded in fiscal 2027 and fiscal 2026, while the European pet food acquisition costs are only in fiscal 2026. The prior-year description included fiscal 2025 for both.
Removed from previous filing · view on EDGAR → · paraphrased
Project-related costs: Restructuring initiative project-related costs related to previously announced restructuring actions recorded in fiscal 2025.
The company removed the 'Project-related costs' non-GAAP adjustment from its significant items impacting comparability, as no such costs were recorded in fiscal 2027 or fiscal 2026. This is a lifecycle removal as the restructuring initiative costs were fully recognized in prior periods.
Removed from previous filing · verify on EDGAR →
The impacts of | the One Big | Beautiful Bill Act | (OBBBA) are reflected | in our results | for the quarter | ended August 24, | 2025, and there | was no material impact to
our income tax expense. As
of the fiscal quarter ended | August 24, 2025, we expect | certain provisions of the | OBBBA | will | change | the | timing | of | cash | tax | payments | in | the | current | fiscal | year | and | future | periods.
The company removed the discussion of the One Big Beautiful Bill Act (OBBBA) tax impact from the current MD&A, as the prior-year disclosure was specific to the quarter ended August 24, 2025. This is a lifecycle removal as the OBBBA impact was a one-time event in fiscal 2026.
Notes
Notes reflect Brazil divestiture, $1.75B pet impairment, and lower operating profit vs. prior-year yogurt gain.
Added in current filing · verify on EDGAR →
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 $800.0 million
The current filing discloses a new agreement to sell the Brazil business, with assets and liabilities classified as held for sale and a $1,031.8 million non-cash pre-tax loss recorded in fiscal 2026, plus an additional $23.7 million loss in the first quarter of fiscal 2027. The sale was completed on September 2, 2026, after the quarter end.
Added in current filing · verify on EDGAR →
we recorded $1,750.0 million of non-cash
impairment charges, of which $1,500.0 million related to the North America Pet reporting unit goodwill and $250.0 million related to
the brand intangible assets
The current filing discloses a $1.75 billion non-cash impairment charge in the North America Pet segment, driven by increased discount rates and lower market multiples. This charge was recorded in the fourth quarter of fiscal 2026 and is not present in the prior-year quarter.
Previous filing · verify on EDGAR →
In the first quarter | of fiscal 2026, we | did not undertake | any new restructuring | or transformation actions. | We | recorded $ | 18.3 | million of | restructuring and transformation | charges in the | first quarter of fiscal | 2026 and $ | 2.9 | million of restructuring | charges in the | first quarter
of fiscal 2025 related to actions previously announced. We
expect these actions to be completed by the end of fiscal 2028.
Current filing · verify on EDGAR →
In the first quarter of fiscal 2027, we did not undertake any new restructuring or transformation actions. We recorded $0.2 million of
restructuring and transformation charges in the first quarter of fiscal 2027 and $18.3 million of restructuring and transformation
charges in the first quarter of fiscal 2026 related to actions previously announced. We expect these actions to be completed by the end
of fiscal 2030.
The current filing updates the restructuring disclosure to reflect the new fiscal year, with charges of $0.2 million in fiscal 2027 versus $18.3 million in fiscal 2026, and extends the expected completion date from fiscal 2028 to fiscal 2030.
Previous filing · view on EDGAR →
Goodwill | 15,660.2 | 15,622.4
Current filing · view on EDGAR →
Goodwill | $14,113.1 | $14,122.4
Goodwill decreased from $0.0M to $14.11 billion, primarily due to the $1.5 billion North America Pet impairment charge recorded in fiscal 2026.
Previous filing · view on EDGAR →
Operating profit | 1,725.8 | 831.5
Current filing · view on EDGAR →
Operating profit | 633.6 | 1,725.8
Operating profit declined from $1,725.8 million to $633.6 million, driven by the absence of the prior-year $1,054.4 million divestiture gain and the current-year impairment charges.
Previous filing · verify on EDGAR →
In | the | fourth | quarter | of | fiscal | 2025, | we | issued | € ... 750.0 | million | of | 3.6 | percent | fixed-rate | notes | due | April 17, 2032
Current filing · verify on EDGAR →
In the fourth quarter of fiscal 2026, we issued €1.0 billion of 4.75 percent fixed-to-fixed reset rate Series A junior subordinated notes
and €700.0 million of 5.25 percent fixed-to-fixed reset rate Series B junior subordinated notes, each due July 16, 2056.
The current filing discloses new junior subordinated notes issued in fiscal 2026, replacing the prior-year disclosure of fixed-rate notes. The new notes have longer maturities and reset features, and proceeds were used to repay several senior notes and commercial paper.
Show 2 minor / wording changes
Removed from previous filing · verify on EDGAR →
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
The prior-year filing disclosed the Whitebridge Pet Brands acquisition, including goodwill and intangible assets. This disclosure is absent from the current filing, consistent with the acquisition being fully integrated and no longer requiring separate note disclosure.
Removed from previous filing · verify on EDGAR →
During | the | fourth | quarter | of | fiscal | 2025, | we | purchased | the | outstanding | General | Mills | Cereals, | LLC | (GMC) | Class | A | limited | membership interests (GMC Class | A Interests) from the | third-party holder for $ | 252.8 | million.
The prior-year filing disclosed the purchase of the GMC Class A interests, which eliminated the principal noncontrolling interest. This disclosure is absent from the current filing, consistent with the transaction being completed and no longer requiring separate note disclosure.
Financial Statements
Primary statements as printed on the EDGAR filing (iXBRL face). Companyfacts is used only when a statement is not on the HTML 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 ↗
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Figures/quotes linked to EDGAR · Narrative written by AI · Sep 23, 2026 · How we verify