GENERAL MILLS INC
For the period ended Feb 23, 2025. Filed Mar 19, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Feb 23, 2025 · Filed Mar 19, 2025
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-11-24; filed 2024-12-18.
0001193125-24-281288
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-02-23; filed 2025-03-19.
0001193125-25-057880
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 3397 previous paragraphs and 3490 current paragraphs.
2610 unchanged; 34 reworded; 828 added; 739 removed; 14 previous and 18 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (828)
Current report
imposition
Current report
tariffs
Current report
global
Current report
trade
Current report
policies
Current report
will have
Current report
uncertain. We
Current report
expect tariffs on
Current report
goods imported into
Current report
the U.S. from
Current report
Canada, Mexico, and
Current report
China, and other
Current report
countries upon which
Current report
tariffs
Current report
be imposed,
Current report
to continue
Current report
to be
Current report
met with
Current report
retaliatory
Current report
tariffs
Current report
those countries
Current report
would
Current report
operations as we import
Current report
inputs required for our
Current report
manufacturing processes and
Current report
export our finished products.
Current report
The extent and duration
Current report
tariffs
Current report
resulting impact
Current report
on macroeconomic
Current report
conditions and
Current report
on our
Current report
business are
Current report
uncertain and
Current report
may depend
Current report
on various
Current report
negotiations
Current report
between
Current report
U.S.
Showing the first 40 of 828 passages. Open the source sections for the rest.
Removed paragraphs (739)
Previous report
key
Previous report
priorities
Previous report
accelerate
Previous report
create
Previous report
fuel
Previous report
investment,
Previous report
drive
Previous report
strong
Previous report
generation.
Previous report
Amid
Previous report
continued
Previous report
uncertain
Previous report
macroeconomic
Previous report
backdrop
Previous report
consumers,
Previous report
delivering
Previous report
remarkable
Previous report
experiences across our leading food brands, resulting in sustainable improvement
Previous report
in volume growth and market share trends over time.
Previous report
2025 plan
Previous report
calls for
Previous report
news
Previous report
innovation
Previous report
focused
Previous report
on taste,
Previous report
health,
Previous report
convenience,
Previous report
and value,
Previous report
supported
Previous report
strong
Previous report
campaigns
Previous report
omnichannel
Previous report
visibility.
Previous report
expect
Previous report
generate
Previous report
levels
Previous report
Holistic
Previous report
savings
Previous report
more
Showing the first 40 of 739 passages. Open the source sections for the rest.
Reworded paragraphs (34)
Previous wording
percent compared to 19.0
Current wording
5 percent compared to the same period
Previous wording
A summary of our consolidated financial results for the second quarter
Current wording
A summary of our consolidated financial results for the third quarter of
Previous wording
See the “Non-GAAP Measures” section below for our use of measures not defined
Current wording
See the “Non-GAAP Measures” section below for our use of measures not defined by
Previous wording
increase in contributions from organic volume growth,
Current wording
decrease in contributions from organic volume growth
Previous wording
nonrecurring discrete tax benefits in fiscal 2024.
Current wording
certain nonrecurring discrete tax benefits in fiscal 2024, partially offset
Previous wording
Measures” section below for a description of our use of measures not defined
Current wording
for a description of our use of measures not defined by GAAP).
Previous wording
A summary of our consolidated financial results for the six-month period
Current wording
A summary of our consolidated financial results for the nine-month period
Previous wording
and the addition of a pet food business
Current wording
and the addition of a pet
Previous wording
SG&A expenses as a percent
Current wording
expenses as a percent
Previous wording
2024, compared to the same period of fiscal 2024.
Current wording
23, 2025, compared to the same period of fiscal 2024.
Previous wording
mix by jurisdiction in the second quarter of fiscal 2025.
Current wording
earnings mix by jurisdiction in fiscal 2025.
Previous wording
in fiscal 2024, driven by a decrease in contributions from volume growth, partially
Current wording
fiscal 2024, driven by a decrease in contributions from volume growth,
Previous wording
offset by favorable net price realization and mix.
Current wording
partially offset by favorable net price realization and mix.
Previous wording
to Note 3 to the
Current wording
to Note 2 to the Consolidated Financial
Previous wording
period in fiscal 2024,
Current wording
period in fiscal 2024, driven by a decrease in contributions from organic
Previous wording
(b) Acquisition of a pet food business in Europe in fiscal 2024. Please see Note 2 to
Current wording
(b) Acquisition of a pet food business in Europe in fiscal 2024. Please refer
Previous wording
was primarily driven by a
Current wording
driven by a decrease in contributions from organic volume
Previous wording
by unfavorable net price realization and mix.
Current wording
by unfavorable net
Previous wording
rate and mix, partially offset
Current wording
driven by favorable net price realization and mix, partially offset by
Previous wording
a constant-currency basis in the
Current wording
increased 1 percent on a constant-currency basis in
Previous wording
of fiscal 2025, compared to $20
Current wording
the third quarter of fiscal 2025, compared to
Previous wording
agreements to sell our North American
Current wording
to sell our North American
Previous wording
addition, we recorded $2 million of integration costs related
Current wording
$3 million of integration costs in the
Previous wording
yogurt businesses, compared to $1 million
Current wording
2025, compared to $1 million of
Previous wording
of transaction costs in the same period
Current wording
transaction costs in the same period
Previous wording
costs in cost of
Current wording
costs in cost of sales in
Previous wording
million in the same period
Current wording
in the same period last year.
Previous wording
and long-term debt financing, will be adequate to meet our liquidity
Current wording
long-term debt financing, will be adequate to meet our liquidity and capital needs
Previous wording
and capital needs for at least the next 12 months.
Current wording
for at least the next 12 months.
Previous wording
Part I, Item 1 of this report for additional information.
Current wording
Statements in Part I, Item 1 of this report for additional information.
Previous wording
provide useful information to investors, and include these measures in other
Current wording
provide useful information to investors, and include these measures in
Previous wording
resulting from the acquisition of TNT Crust recorded in fiscal 2024. Please see Note
Current wording
TNT Crust recorded in fiscal 2024.
Previous wording
Restructuring charges and project-related costs
Current wording
Restructuring (recoveries) charges and project-related
Previous wording
including currency rate fluctuations; and political unrest in foreign
Current wording
rate fluctuations and tariffs; and political unrest in foreign
Rearranged current paragraphs (18)
Current report — wording carried from elsewhere
the fiscal 2023 voluntary recall on certain international
Current report — wording carried from elsewhere
Note 3 to the Consolidated Financial Statements in Part I, Item 1 of this report).
Current report — wording carried from elsewhere
a description of our use of measures not defined by GAAP).
Current report — wording carried from elsewhere
2024, driven by a decrease in contributions from organic
Current report — wording carried from elsewhere
the same period in fiscal 2024 (see the “Non-GAAP Measures” section below
Current report — wording carried from elsewhere
section below for our use of this measure not defined by GAAP).
Current report — wording carried from elsewhere
to Note 2 to the Consolidated Financial Statements in
Current report — wording carried from elsewhere
for our use of this measure not defined by GAAP).
Current report — wording carried from elsewhere
fiscal 2024 (see the “Non-GAAP Measures” section below for our use of this measure
Current report — wording carried from elsewhere
2024, driven by a decrease in contributions from organic volume
Current report — wording carried from elsewhere
a decrease in contributions from volume growth.
Current report — wording carried from elsewhere
the same period in fiscal 2024 (see the
Current report — wording carried from elsewhere
“Non-GAAP Measures” section below for our use of this measure not
Current report — wording carried from elsewhere
fiscal 2024 (see the “Non-GAAP Measures” section below for our use of this measure
Current report — wording carried from elsewhere
Note 2 to the Consolidated Financial Statements in Part I, Item 1 of this report.
Current report — wording carried from elsewhere
2025 and fiscal 2024. Please refer to Note 3 to the Consolidated Financial
Current report — wording carried from elsewhere
Consolidated Financial Statements in Part I, Item 1 of this report.
Current report — wording carried from elsewhere
Note: Tables may not foot due to rounding.
Rearranged previous paragraphs (14)
Previous report — wording carried elsewhere
unfavorable net price realization and mix.
Previous report — wording carried elsewhere
partially offset by unfavorable organic net price realization
Previous report — wording carried elsewhere
primarily driven by an increase in
Previous report — wording carried elsewhere
GAAP Measures” section below for a description of our use of measures
Previous report — wording carried elsewhere
GAAP Measures” section below for a description of our use of measures
Previous report — wording carried elsewhere
Statements in Part I, Item 1 of this report).
Previous report — wording carried elsewhere
by GAAP). The components of our joint ventures’ net sales growth are
Previous report — wording carried elsewhere
the same period in fiscal 2024.
Previous report — wording carried elsewhere
Measures” section below for our use of this measure not defined by GAAP).
Previous report — wording carried elsewhere
the Consolidated Financial Statements in Part I,
Previous report — wording carried elsewhere
by unfavorable net price realization and mix.
Previous report — wording carried elsewhere
driven by an increase in contributions from organic volume growth
Previous report — wording carried elsewhere
Measures” section below for our use of this measure not defined by GAAP).
Previous report — wording carried elsewhere
to the acquisition of a pet food business in Europe in the