GENERAL MILLS INC
For the period ended Nov 23, 2025. Filed Dec 17, 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.
Nov 23, 2025 · Filed Dec 17, 2025
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-08-24; filed 2025-09-17.
0001193125-25-206304
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-11-23; filed 2025-12-17.
0001628280-25-057598
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 2555 previous paragraphs and 510 current paragraphs.
63 unchanged; 96 reworded; 334 added; 2353 removed; 43 previous and 17 current paragraphs rearranged.
Tables are not compared: 0 previous and 24 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 (334)
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conjunction with the MD&A included in our Annual Report on Form 10-K for the fiscal year ended May 25, 2025, for important
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background regarding, among other things, our key business drivers. Significant trademarks and service marks used in our business
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Our key priorities in fiscal 2026 are to return North America Retail to volume growth, accelerate North America Pet growth with an
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expanded portfolio, and drive efficiencies to reinvest in growth. We expect category growth to be below our long-term projections,
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reflecting less benefit from net price realization and mix amid a continued challenging consumer backdrop. To strengthen our
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categories and market share performance, we plan to increase investment in consumer value, product news, innovation, and brand
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building, guided by our remarkable experience framework. This included a significant strategic investment to launch Blue Buffalo into
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the fast-growing United States fresh pet food sub-category in calendar 2025. We expect the combination of these growth investments,
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input cost inflation, and normalization of corporate incentive will outpace expected Holistic Margin Management cost savings of 5
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percent of cost of goods sold, savings from our global transformation initiative, and benefits from a 53rd week in fiscal 2026. In
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addition, we expect the net impact of the divestitures of our North American yogurt businesses and the Whitebridge Pet Brands
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CONSOLIDATED RESULTS OF OPERATIONS
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Second Quarter Results
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yogurt businesses (Divestitures) and the acquisition of Whitebridge Pet Brands (Acquisition). Organic net sales decreased 1 percent
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compared to the same period last year. Operating profit decreased 32 percent to$728 million, including the net impact of the
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restructuring, transformation, and impairment charges, partially offset by favorable net price realization and mix. Operating profit
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currency basis, including the net impact of the Divestitures and Acquisition, primarily driven by a decrease in contributions from
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volume growth and higher input costs, partially offset by favorable net price realization and mix. Adjusted operating profit margin
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decreased 290 basis points to 17.4 percent. Diluted earnings per share of$0.78 decreased 45 percent in thesecond quarter of fiscal
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Consolidatednet sales were as follows:
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contributions from volume growth, partially offset by favorable net price realization and mix, both of which include the net impact of
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Organic net sales decreased 1 percent in thesecond quarter of fiscal 2026 compared to the same period in fiscal 2025, driven by
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Cost of sales decreased$141 million to$3,168 million in thesecond quarter of fiscal 2026, compared to the same period in fiscal
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The decrease was primarily driven by a$288 million decrease attributable to lower volume, partially offset by a$119 million
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increase attributable to product rate and mix, both of which include the net impact of the Divestitures and Acquisition. We recorded a
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thesecond quarter of fiscal 2026, compared to a$29 million net decrease in thesecond quarter of fiscal 2025. We recorded$3 million
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of restructuring charges in cost of sales in thesecond quarter of fiscal 2026.
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Selling, general, and administrative (SG&A) expenses decreased$10 million to$842 million in thesecond quarter of fiscal 2026,
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compared to the same period in fiscal 2025, primarily driven by net favorable corporate investment activity. SG&A expenses as a
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percent of net sales in thesecond quarter of fiscal 2026 increased 100 basis points compared to thesecond quarter of fiscal 2025.
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Restructuring, transformation, impairment, and other exit costs totaled$122 million in thesecond quarter of fiscal 2026,
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impairment charge related to our Uncle Toby'sbrand intangible asset. We also approved a multi-year organizational initiative to
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increase the competitiveness of our supply chain, and as a result, we recorded$47 million of charges in the second quarter of fiscal
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In addition, we recorded$22 million of restructuring and transformation charges in the second quarter of fiscal 2026 related to
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Benefit plan non-service income totaled$16 million in thesecond quarter of fiscal 2026, compared to$14 million in the same period
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Interest, net for thesecond quarter of fiscal 2026 totaled$126 million, up$1 million from thesecond quarter of fiscal 2025, primarily
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Theeffective tax rate for thesecond quarter of fiscal 2026 was 23.3 percent compared to 20.1 percent for thesecond quarter of fiscal
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The 3.2 percentage point increase wasprimarily due to unfavorable earnings mix by jurisdiction in fiscal 2026 and certain
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nonrecurring discrete tax benefits in fiscal 2025. Our effective tax rate excluding certain items affecting comparability was 23.3
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percent in thesecond quarter of fiscal 2026, compared to 20.1 percent in the same period last year (see the “Non-GAAP Measures”
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Management’s Discussion and Analysis
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This
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Management’s
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Discussion
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and
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Analysis
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of
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Condition
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and
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Results
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of
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Operations
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(MD&A)
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should
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be
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read
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in
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conjunction
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with
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the
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MD&A
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in
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our
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Annual
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on
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Form
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10-K
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for
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the
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fiscal
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year
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ended
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May
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for
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important
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background
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regarding,
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among other
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things, our
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of Financial Condition and Results of Operations.
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This Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) should be read in
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herein. Certain terms used throughout this report are defined in the
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are set forth initalics herein. Certain terms used throughout this report are defined in the “Glossary” section below.
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acquisition will reduce adjusted operating profit growth by approximately
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acquisition will reduce adjusted operating profit growth by approximately 5 points in fiscal 2026.
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quarter of fiscal 2025. Please refer to Note 2 to the Consolidated Financial Statements in Part I,
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In thesecond quarter of fiscal 2026, net sales decreased 7 percent, including the net impact of the divestitures of our North American
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by a decrease in contributions from organic volume
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Divestitures and Acquisition, primarily driven by a decrease in contributions from volume growth, higher input costs, and higher
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decreased 20 percent on a constant-currency
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margin of 15.0 percent decreased 560 basis points. Adjusted operating profit of$848 million decreased 20 percent on a constant-
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basis compared to the first quarter
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Adjusted diluted earnings per share of$1.10 decreased 21 percent on a constant-currency basis compared to thesecond quarter
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of fiscal 2025. See the “Non-GAAP
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of fiscal 2025. See the “Non-GAAP Measures” section below for a description of our use of measures not defined by GAAP.
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A summary of our consolidated financial results for the first quarter of
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A summary of our consolidated financial results for thesecond quarter of fiscal 2026 follows:
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2025, driven by unfavorable organic net price realization
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Net sales in thesecond quarter of fiscal 2026 decreased 7 percent compared to the same period in fiscal 2025, driven by a decrease in
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Components of organic net sales growth are shown in the following
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Components of organic net sales growth are shown in the following table:
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cost of sales related to the
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$4 million net decrease in cost of sales related to the mark-to-market valuation of certain commodity positions and grain inventories in
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in the same period last year.
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compared to$1 million in the same period last year. In the second quarter of fiscal 2026, we recorded a$53 million non-cash
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in Part I, Item 1 of this report).
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actions previously announced (please refer to Note 3 to the Consolidated Financial Statements in Part I, Item 1 of this report).
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costs partially offset by lower expected return on plan assets.
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last year, primarily driven by lower interest costs partially offset by lower expected return on plan assets.
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driven by higher average long-term debt levels.
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driven byhigher average long-term debt levels.
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Consolidated Financial Statements in Part I, Item 1 of this report for additional
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year and future periods. Please refer to Note 15 to the Consolidated Financial Statements in Part I, Item 1 of the report for additional
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The components of our joint ventures’ net sales growth are shown in the following
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The components of our joint ventures’ net sales growth are shown in the following table:
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Häagen-Dazs Japan, Inc. (HDJ).
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(a)Häagen-Dazs Japan, Inc. (HDJ).
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below for our use of this measure not defined by GAAP).
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(b)See the “Non-GAAP Measures” section below for our use of measures not defined by GAAP.
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by a divestiture gain related to the sale of our United
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$2,454 million, primarily driven by a divestiture gain related to the sale of our United States yogurt business and favorable net price
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See the “Non-GAAP Measures” section below for our use of measures not defined by
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“Non-GAAP Measures” section below for a description of our use of measures not defined by GAAP).
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$2 million in the same period last year (please refer to Note 3 to the Consolidated
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2025, compared to$1 million ofrestructuring charges in cost of sales inthe same period last year (please refer to Note 3 to the
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business (please refer to Note 2 to the Consolidated Financial Statements in Part I, Item
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States yogurt business (please refer to Note 2 to the Consolidated Financial Statements in Part I, Item 1 of this report).
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decreased 64 percent (see the “Non-GAAP Measures” section below for
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209 percent (see the “Non-GAAP Measures” section below for a description of our use of measures not defined by GAAP).
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(b) Divestiture of the United States yogurt business in the first quarter of fiscal 2026 and the Canada
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(b)Divestiture of the United States yogurt business in the first quarter of fiscal 2026 and the Canada yogurt business in the third quarter of fiscal
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sales in the same period last year (please refer to Note 3 to the Consolidated Financial Statements
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Please refer to Note 2 to the Consolidated Financial Statements in Part I, Item 1 of this report.
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North America Foodservice net sales decreased 4 percent
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North America Retail organic net sales decreased 4 percent in thesix-month period ended November 23, 2025, compared to the same
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same period in fiscal 2025 (see the “Non-GAAP Measures” section below for
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period in fiscal 2025, driven by unfavorable organic net price realization and mix.
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North America Retail net sales percentage change by operating unit are shown
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North America Retail net sales percentage change by operating unit are shown in the following table:
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2026 compared to
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2025, compared to the same period in fiscal 2025 (see the “Non-GAAP Measures” section below for our use of this measure not
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The components of International organic net sales growth
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The components of International organic net sales growth are shown in the following table:
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fiscal 2025, driven by an increase in contributions from organic
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driven by an increase in contributions from organic volume growth.
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by favorable organic net price realization and mix, partially offset
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fiscal 2025, driven by favorable organic net price realization and mix and an increase in contributions from organic volume growth.
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quarter of fiscal 2026, compared
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quarter of fiscal 2026, compared to the same period in fiscal 2025 (see the “Non-GAAP Measures” section below for our use of this
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(b) Acquisition of Whitebridge Pet Brands business in fiscal 2025.
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(b)Acquisition of Whitebridge Pet Brands business in fiscal 2025. Please refer to Note 2 to the Consolidated Financial Statements in Part I, Item 1
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compared to the
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compared to the same period in fiscal 2025 (see the “Non-GAAP Measures” section below for our use of this measure not defined by
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The components of North America Foodservice organic
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The components of North America Foodservice organic net sales growth are shown in the following table:
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and a decrease in contributions from organic volume growth.
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Divestitures, compared to $118 million in the same period in fiscal 2025, primarily driven by higher input costs and a decrease in
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in expense in the same period last year.
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valuation of certain commodity positions and grain inventories, compared to a$29 million netdecrease in expense in the same period
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A summary of our consolidated financial results for thesix-month period ended November 23, 2025, follows:
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Components of organic net sales growth are shown in the following table:
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the same period last year, primarily driven by lower interest costs partially offset by lower expected return on plan assets.
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of fiscal 2025, primarily driven by higher average long-term debt levels.
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The components of North America Retail organic net sales growth are shown in the following table:
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2025, driven by unfavorable organic net price realization and mix, partially offset by an increase in contributions from organic volume
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the same period in fiscal 2025 (see the “Non-GAAP Measures” section below for our use of this measure not defined by GAAP).
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2025, compared to the same period in fiscal 2025 (see the “Non-GAAP Measures” section below for our use of this measure not
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The components of North America Pet organic net sales growth are shown in the following table:
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fiscal 2025 (see the “Non-GAAP Measures” section below for our use of this measure not defined by GAAP).
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Please refer to Note 2 to the Consolidated Financial Statements in Part I, Item 1 of this report.
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GAAP Measures” section below for our use of this measure not defined by GAAP).
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fiscal 2025 (see the “Non-GAAP Measures” section below for our use of this measure not defined by GAAP).
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of certain corporate investments in the same period in fiscal 2025.
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business in fiscal 2025. Please refer to Note 2 to the Consolidated Financial Statements in Part I, Item 1 of this report.
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Integration costs related to the Whitebridge Pet Brands acquisition in fiscal 2025 and the acquisition of a pet food business in Europe
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After-tax (loss) earnings from joint ventures growth rates on a constant-currency basis are calculated as follows:
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States yogurt business and favorable net price realization and mix,
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below for a description of our use of measures not defined by GAAP.
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last year, primarily driven by lower interest
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a description of our use of measures not defined by GAAP).
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The components of North America Retail organic net
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sales growth are shown in the following table:
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and mix and a decrease in contributions from organic volume growth.
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Statements in Part I, Item 1 of this report.
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our use of this measure not defined by GAAP).
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are shown in the following table:
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the first quarter of fiscal 2026
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fiscal 2025 (see the “Non-GAAP Measures” section below for our use
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of this measure not defined by GAAP).
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The components of North America Pet organic net sales growth are
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Please refer to Note 2 to the Consolidated Financial Statements in
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driven by a decrease in contributions from organic volume
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in the first quarter of fiscal 2026 compared to the same
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net sales growth are shown in the following table:
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(b) Divestiture of the United States yogurt business in the first quarter of fiscal 2026 and the Canada
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use of this measure not defined by GAAP).
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purchases of land, buildings, and equipment, compared to $140 million
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common stock for treasury in the first
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quarter of fiscal 2026, compared to
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Uncommitted credit facilities and lines of credit
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available to us in the United States
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in the next 12 months that
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is classified as current, including €500 million
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to the Consolidated Financial Statements included in
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in lieu of, the comparable GAAP measure.
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judgment, significantly affect the year-to-year
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business in fiscal 2025. Please refer to Note 2 to the Consolidated Financial
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Statements in Part I, Item 1 of this report.
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to Note 3 to the Consolidated Financial Statements in Part I, Item 1 of this report.
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Financial Statements in Part I, Item 1 of this report.
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for assessing our operating profit margin
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Adjusted operating profit growth, on a constant-currency basis
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EPS and the related constant-currency growth rates follows:
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CPW asset impairments and transaction costs
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Constant-currency After-tax Earnings from Joint Ventures
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Observable inputs other than quoted prices included in
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