GENERAL MILLS INC
For the period ended Feb 22, 2026. Filed Mar 18, 2026.
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 22, 2026 · Filed Mar 18, 2026
GIS$35.51-2.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious 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 OperationsCurrent report: 10-Q
Period ended 2026-02-22; filed 2026-03-18.
0001628280-26-019398
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 510 previous paragraphs and 519 current paragraphs.
281 unchanged; 117 reworded; 103 added; 86 removed; 26 previous and 18 current paragraphs rearranged.
Tables are not compared: 24 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 (103)
Current report
Third Quarter Results
Current report
third quarter of fiscal 2025, and higher restructuring andtransformation costs, partially offset by favorable net price realization and
Current report
mix and higher transaction costs recordedin fiscal 2025 related to the Divestitures and Acquisition. Operating profit margin of 11.8
Current report
points to 12.3 percent. Diluted earnings per share of$0.56 decreased 50 percent in thethird quarter of fiscal 2026. Adjusted diluted
Current report
(a)See the “Non-GAAP Measures” section below for our use of measures not defined by GAAP.
Current report
impacts, and includes the net impact of the Divestitures and Acquisition.
Current report
Cost of sales decreased $133 million to$3,070 million in thethird quarter of fiscal 2026, compared to the same period in fiscal 2025.
Current report
of restructuring charges in cost of sales in thethird quarter of fiscal 2026 (please refer to Note 3 to the Consolidated Financial
Current report
market valuation of certain commodity positions and grain inventories in thethird quarter of fiscal 2026, compared to a$23 million
Current report
net decrease in thethird quarter of fiscal 2025.
Current report
compared to the same period in fiscal 2025, primarily driven by lower other administrative costs, and including the net impact of the
Current report
compared to thethird quarter of fiscal 2025.
Current report
Divestitures loss (gain), net decreased$101 million, primarily due to a$96 million gain in the third quarter of fiscal 2025, related to
Current report
Restructuring, transformation, impairment, and other exit costs (recoveries) totaled$24 million in thethird quarter of fiscal
Current report
2026, compared to$1 million of net recoveries in the same period last year. In fiscal 2026, we approved a multi-year organizational
Current report
The 4.5 percentage point increase was primarily due to certain nonrecurring discrete tax benefits in fiscal 2025 and unfavorable
Current report
thethird quarter of fiscal 2026, compared to 21.0 percent in the same period last year (see the “Non-GAAP Measures” section below
Current report
for a description of our use of measures not defined by GAAP). The 3.0 percentage point increase was primarily due to certain
Current report
nonrecurring discrete tax benefits in fiscal 2025 and unfavorable earnings mix by jurisdiction in fiscal 2026.
Current report
earnings of$14 million in the same period in fiscal 2025, primarily driven by our share of transaction costs related to certain assets
Current report
held for sale at Cereal Partners Worldwide (CPW). On a constant-currency basis, after-tax loss from joint ventures decreased 129
Current report
(b)Measured in tons based on the stated weight of our product shipments.
Current report
Nine-Month Results
Current report
higher input costs, partially offset by favorable net price realization and mix and lower SG&A expenses. Adjusted operating profit
Current report
margin decreased 310 basis points to 15.2 percent. Diluted earnings per share of$3.56 in thenine-month period ended February 22,
Current report
(a)See the “Non-GAAP Measures” section below for our use of measures not defined by GAAP.
Current report
volume growth, partially offset by favorable net price realization and mix and favorable foreign currency exchange impacts, and
Current report
includes the net impact of the Divestitures and Acquisition.
Current report
Organic net sales decreased 3 percent in thenine-month period ended February 22, 2026, driven by unfavorable organic net price
Current report
realization and mix and a decrease in contributions from organic volume growth.
Current report
Cost of sales decreased $449 million to$9,223 million in thenine-month period ended February 22, 2026, compared to the same
Current report
We recorded$13 million of restructuring charges in thenine-month period ended February 22, 2026, compared to$1 million of
Current report
valuation of certain commodity positions and grain inventories in thenine-month period ended February 22, 2026, compared to a$24
Current report
million net decrease in thenine-month period ended February 23, 2025.
Current report
SG&A expenses decreased $51 million to$2,500 million in thenine-month period ended February 22, 2026, compared to the same
Current report
sale of our United States yogurt business. During thenine-month period ended February 23, 2025, we recorded a$96 million
Current report
Part I, Item 1 of this report).
Current report
Restructuring, transformation, impairment, and other exit costs (recoveries) totaled$163 million in thenine-month period ended
Current report
Theeffective tax rate for thenine-month period ended February 22, 2026, was 24.8 percent compared to 20.5 percent in the same
Current report
United States yogurt business, certain nonrecurring discrete tax benefits in fiscal 2025, and unfavorable earnings mix by jurisdiction in
Showing the first 40 of 103 passages. Open the source sections for the rest.
Removed paragraphs (86)
Previous report
Second Quarter Results
Previous report
currency basis, including the net impact of the Divestitures and Acquisition, primarily driven by a decrease in contributions from
Previous report
decreased 290 basis points to 17.4 percent. Diluted earnings per share of$0.78 decreased 45 percent in thesecond quarter of fiscal
Previous report
the Divestitures and Acquisition.
Previous report
Cost of sales decreased$141 million to$3,168 million in thesecond quarter of fiscal 2026, compared to the same period in fiscal
Previous report
thesecond quarter of fiscal 2026, compared to a$29 million net decrease in thesecond quarter of fiscal 2025. We recorded$3 million
Previous report
of restructuring charges in cost of sales in thesecond quarter of fiscal 2026.
Previous report
compared to the same period in fiscal 2025, primarily driven by net favorable corporate investment activity. SG&A expenses as a
Previous report
percent of net sales in thesecond quarter of fiscal 2026 increased 100 basis points compared to thesecond quarter of fiscal 2025.
Previous report
Restructuring, transformation, impairment, and other exit costs totaled$122 million in thesecond quarter of fiscal 2026,
Previous report
impairment charge related to our Uncle Toby'sbrand intangible asset. We also approved a multi-year organizational initiative to
Previous report
The 3.2 percentage point increase wasprimarily due to unfavorable earnings mix by jurisdiction in fiscal 2026 and certain
Previous report
percent in thesecond quarter of fiscal 2026, compared to 20.1 percent in the same period last year (see the “Non-GAAP Measures”
Previous report
section below for a description of our use of measures not defined by GAAP). The 3.2 percentage point increase was primarily due to
Previous report
unfavorable earnings mix by jurisdiction in fiscal 2026 and certain nonrecurring discrete tax benefits in fiscal 2025.
Previous report
information.
Previous report
after-tax earnings from joint ventures of$30 million in the same period in fiscal 2025, primarily driven by our$85 million pre-tax
Previous report
share of a non-cash goodwill impairment charge at Cereal Partners Worldwide (CPW) in fiscal 2026, as a result of downward
Previous report
(b)See the “Non-GAAP Measures” section below for our use of measures not defined by GAAP.
Previous report
Six-Month Results
Previous report
partially offset by favorable net price realization and mix. Adjusted operating profit margin decreased 250 basis points to 16.6 percent.
Previous report
Diluted earnings per share of$3.00 increased 22 percent in thesix-month period ended ended November 23, 2025, and adjusted
Previous report
Acquisition.
Previous report
Organic net sales decreased 2 percent in thesix-month period ended November 23, 2025, driven by unfavorable organic net price
Previous report
Cost of sales decreased$315 million to$6,153 million in thesix-month period ended November 23, 2025, compared to the same
Previous report
grain inventories in thesix-month period ended November 23, 2025, compared to a$1 million net decrease in thesix-month period
Previous report
ended November 24, 2024. In addition, we recorded$5 million of restructuring charges in thesix-month period ended November 23,
Previous report
SG&A expenses decreased$20 million to$1,688 million in thesix-month period ended November 23, 2025, compared to the same
Previous report
Restructuring, transformation, impairment, and other exit costs totaled$138 million in thesix-month period ended November 23,
Previous report
related to our Uncle Toby'sbrand intangible asset. We also approved a multi-year organizational initiative to increase the
Previous report
Theeffective tax rate for thesix-month period ended November 23, 2025, was 24.9 percent compared to 20.9 percent in the same
Previous report
United States yogurt business, unfavorable earnings mix by jurisdiction in fiscal 2026, and certain nonrecurring discrete tax benefits in
Previous report
mix by jurisdiction in fiscal 2026 and certain nonrecurring discrete tax benefits in fiscal 2025.
Previous report
North America Retail organic net sales decreased 3 percent in thesecond quarter of fiscal 2026, compared to the same period in fiscal
Previous report
Segment operating profit decreased 21 percent to$682 million in thesecond quarter of fiscal 2026, including the impact of the
Previous report
Divestitures, compared to$862 million in the same period in fiscal 2025, primarily driven by a decrease in contributions from volume
Previous report
growth. Segment operating profit decreased 21 percent on a constant-currency basis in thesecond quarter of fiscal 2026, compared to
Previous report
Segment operating profit decreased 22 percent to$1,246 million in thesix-month period ended November 23, 2025, including the
Previous report
impact of the Divestitures, compared to$1,608 million in the same period in fiscal 2025, primarily driven by a decrease in
Previous report
expenses. Segment operating profit decreased 22 percent on a constant-currency basis in thesix-month period ended November 23,
Showing the first 40 of 86 passages. Open the source sections for the rest.
Reworded paragraphs (117)
Previous wording
In thesecond quarter of fiscal 2026, net sales decreased 7 percent, including the net impact of the divestitures of our North American
Current wording
In thethird quarter of fiscal 2026, net sales decreased 8 percent, including the net impact of the divestitures of our North American
Previous wording
yogurt businesses (Divestitures) and the acquisition of Whitebridge Pet Brands (Acquisition). Organic net sales decreased 1 percent
Current wording
yogurt businesses (Divestitures) and the acquisition of Whitebridge Pet Brands (Acquisition). Organic net sales decreased 3 percent
Previous wording
compared to the same period last year. Operating profit decreased 32 percent to$728 million, including the net impact of the
Current wording
compared to the same period last year. Operating profit decreased 41 percent to$525 million, primarily driven by higher input costs, a
Previous wording
contributions from volume growth, partially offset by favorable net price realization and mix, both of which include the net impact of
Current wording
decrease in contributions from volume growth, a gain on divestiture related to the sale of our Canada yogurt business recorded in the
Previous wording
margin of 15.0 percent decreased 560 basis points. Adjusted operating profit of$848 million decreased 20 percent on a constant-
Current wording
percent decreased 660 basis points. Adjusted operating profit of$547 million decreased 32 percent on a constant-currency basis,
Previous wording
Divestitures, compared to $118 million in the same period in fiscal 2025, primarily driven by higher input costs and a decrease in
Current wording
including the net impact of the Divestitures and Acquisition, primarily driven by higher input costs and a decrease in contributions
Previous wording
volume growth and higher input costs, partially offset by favorable net price realization and mix. Adjusted operating profit margin
Current wording
from volume growth, partially offset by favorable net price realization and mix. Adjusted operating profit margin decreased 420 basis
Previous wording
Adjusted diluted earnings per share of$1.10 decreased 21 percent on a constant-currency basis compared to thesecond quarter
Current wording
earnings per share of$0.64 decreased 37 percent on a constant-currency basis compared to thethird quarter of fiscal 2025. See the
Previous wording
A summary of our consolidated financial results for thesecond quarter of fiscal 2026 follows:
Current wording
A summary of our consolidated financial results for thethird quarter of fiscal 2026 follows:
Previous wording
period in fiscal 2025, driven by unfavorable organic net price realization and mix.
Current wording
Net sales in thethird quarter of fiscal 2026 decreased 8 percent compared to the same period in fiscal 2025, driven by a decrease in
Previous wording
an increase in contributions from volume growth and favorable foreign currency exchange impacts.
Current wording
contributions from volume growth, partially offset by favorable net price realization and mix and favorable foreign currency exchange
Previous wording
2025, compared to the same period in fiscal 2025 (see the “Non-GAAP Measures” section below for our use of this measure not
Current wording
Organic net sales decreased 3 percent in thethird quarter of fiscal 2026, compared to the same period in fiscal 2025, driven by a
Previous wording
unfavorable organic net price realization and mix.
Current wording
decrease in contributions from organic volume growth and unfavorable organic net price realization and mix.
Previous wording
The decrease was primarily driven by a$288 million decrease attributable to lower volume, partially offset by a$119 million
Current wording
Thedecrease was primarily driven by a$349 million decrease attributable to lower volume, partially offset by a$202 million increase
Previous wording
increase attributable to product rate and mix, both of which include the net impact of the Divestitures and Acquisition. We recorded a
Current wording
attributable to product rate and mix, both of which include the net impact of the Divestitures and Acquisition. We recorded$8 million
Previous wording
$4 million net decrease in cost of sales related to the mark-to-market valuation of certain commodity positions and grain inventories in
Current wording
Statements in Part I, Item 1 of this report). In addition, we recorded a$17 million net decrease in cost of sales related to the mark-to-
Previous wording
Selling, general, and administrative (SG&A) expenses decreased$10 million to$842 million in thesecond quarter of fiscal 2026,
Current wording
Selling, general, and administrative (SG&A) expenses decreased $32 million to$813 million in thethird quarter of fiscal 2026,
Previous wording
the net impact of the Divestitures and Acquisition. SG&A expenses as a percent of net sales increased 110 basis points in thesix-
Current wording
Divestitures and Acquisition. SG&A expenses as a percent of net sales in thethird quarter of fiscal 2026 increased 90 basis points
Previous wording
States yogurt business (please refer to Note 2 to the Consolidated Financial Statements in Part I, Item 1 of this report).
Current wording
the sale of our Canada yogurt business (please refer to Note 2 to the Consolidated Financial Statements in Part I, Item I of this report).
Previous wording
increase the competitiveness of our supply chain, and as a result, we recorded$47 million of charges in the second quarter of fiscal
Current wording
initiative to increase the competitiveness of our supply chain, and as a result, we recorded$17 million of charges in thethird quarter of
Previous wording
In addition, we recorded$22 million of restructuring and transformation charges in the second quarter of fiscal 2026 related to
Current wording
fiscal 2026. In addition, we recorded$8 million of restructuring and transformation charges in thethird quarter of fiscal 2026 related
Previous wording
Benefit plan non-service income totaled$16 million in thesecond quarter of fiscal 2026, compared to$14 million in the same period
Current wording
Benefit plan non-service income totaled$15 million in thethird quarter of fiscal 2026, compared to$14 million in the same period
Previous wording
Interest, net for thesecond quarter of fiscal 2026 totaled$126 million, up$1 million from thesecond quarter of fiscal 2025, primarily
Current wording
Interest, net for thethird quarter of fiscal 2026 totaled$128 million, down $8 million from thethird quarter of fiscal 2025, primarily
Previous wording
driven byhigher average long-term debt levels.
Current wording
driven by lower average long-term debt levels.
Previous wording
Theeffective tax rate for thesecond quarter of fiscal 2026 was 23.3 percent compared to 20.1 percent for thesecond quarter of fiscal
Current wording
Theeffective tax rate for thethird quarter of fiscal 2026 was 24.3 percent compared to 19.8 percent for thethird quarter of fiscal
Previous wording
nonrecurring discrete tax benefits in fiscal 2025. Our effective tax rate excluding certain items affecting comparability was 23.3
Current wording
earnings mix by jurisdiction in fiscal 2026. Our effective tax rate excluding certain items affecting comparability was 24.0 percent in
Previous wording
The impacts of the OBBBA are reflected in our results for the quarter ended November 23, 2025, and there was no material impact to
Current wording
The impacts of the One Big Beautiful Bill Act (OBBBA) are reflected in our results for the quarter ended February 22, 2026, and there
Previous wording
our income tax expense. We expect certain provisions of the OBBBA will change the timing of cash tax payments in the current fiscal
Current wording
was no material impact to our income tax expense. We expect certain provisions of the OBBBA will change the timing of cash tax
Previous wording
year and future periods. Please refer to Note 15 to the Consolidated Financial Statements in Part I, Item 1 of the report for additional
Current wording
payments in the current fiscal year and future periods. Please refer to Note 15 to the Consolidated Financial Statements in Part I, Item
Previous wording
After-tax (loss) earnings from joint ventures for thesecond quarter of fiscal 2026 was a$60 million after-tax loss compared to
Current wording
After-tax (loss) earnings from joint ventures for thethird quarter of fiscal 2026 was a$6 million after-tax loss compared to after-tax
Previous wording
ventures decreased 302 percent (see the “Non-GAAP Measures” section below for a description of our use of measures not defined by
Current wording
percent (see the “Non-GAAP Measures” section below for a description of our use of measures not defined by GAAP).
Previous wording
Average diluted shares outstanding decreased by 23 million in thesecond quarter of fiscal 2026 from the same period a year ago
Current wording
Average diluted shares outstanding decreased by 18 million in thethird quarter of fiscal 2026 from the same period a year ago
Previous wording
In thesix-month period ended November 23, 2025, net sales decreased 7 percent, including the net impact of the Divestitures and
Current wording
In thenine-month period ended February 22, 2026, net sales decreased 7 percent, including the net impact of the Divestitures and
Previous wording
Acquisition. Organic net sales decreased 2 percent compared to the same period last year. Operating profit increased 29 percent to
Current wording
Acquisition. Organic net sales decreased 3 percent compared to the same period last year. Operating profit increased 6 percent to
Previous wording
$2,454 million, primarily driven by a divestiture gain related to the sale of our United States yogurt business and favorable net price
Current wording
$2,978 million, primarily driven by a divestiture gain related to the sale of our United States yogurt business, favorable net price
Previous wording
realization and mix, partially offset by adecrease in contributions from volume growth, higher input costs, and higher restructuring,
Current wording
realization and mix, and lower SG&A expenses, partially offset by a decrease in contributions from volume growth, higher input costs,
Previous wording
transformation, and impairment charges. Operating profit margin of 26.2 percent increased 730 basis points compared to the same
Current wording
and higher restructuring, transformation, and impairment charges. Operating profit margin of 21.6 percent increased 280 basis points
Previous wording
period last year. Adjusted operating profit of$1,559 million decreased 19 percent on a constant-currency basis, including the net
Current wording
compared to the same period last year. Adjusted operating profit of$2,106 million decreased 23 percent on a constant-currency basis,
Previous wording
2025, essentially matched the same periods in fiscal 2025.
Current wording
2026, essentially matched the same period last year and adjusted diluted earnings per share of$2.60 decreased 25 percent on a
Previous wording
diluted earnings per share of$1.96 decreased 21 percent on a constant-currency basis compared to the same period last year (see the
Current wording
constant-currency basis compared to the same period last year (see the “Non-GAAP Measures” section below for a description of our
Showing the first 40 of 117 pairs. Open the source sections for the rest.
Rearranged current paragraphs (18)
Current report — wording carried from elsewhere
to actions previously announced (please refer to Note 3 to the Consolidated Financial Statements in Part I, Item 1 of this report).
Current report — wording carried from elsewhere
1 of this report for additional information.
Current report — wording carried from elsewhere
including the net impact of the Divestitures and Acquisition, primarily driven by a decrease in contributions from volume growth and
Current report — wording carried from elsewhere
Acquisition. SG&A expenses as a percent of net sales increased 100 basis points in thenine-month period ended February 22, 2026,
Current report — wording carried from elsewhere
divestiture gain related to the sale of our Canada yogurt business (please refer to Note 2 to the Consolidated Financial Statements in
Current report — wording carried from elsewhere
“Non-GAAP Measures” section below for a description of our use of measures not defined by GAAP).
Current report — wording carried from elsewhere
The components of our joint ventures’ net sales growth are shown in the following table:
Current report — wording carried from elsewhere
North America Retail organic net sales decreased 4 percent in thethird quarter of fiscal 2026, compared to the same period in fiscal
Current report — wording carried from elsewhere
million in the same period in fiscal 2025, primarily driven by favorable net price realization and mix, partially offset by higher input
Current report — wording carried from elsewhere
period ended February 22, 2026, compared to the same period in fiscal 2025 (see the “Non-GAAP Measures” section below for our
Current report — wording carried from elsewhere
same period in fiscal 2025, driven by a decrease in contributions from organic volume growth.
Current report — wording carried from elsewhere
section below for our use of this measure not defined by GAAP).
Current report — wording carried from elsewhere
and grain inventories, compared to a$23 million netdecrease in expense in the same period last year. Certain compensation and
Current report — wording carried from elsewhere
integration costs during the same period last year, related to the Acquisition and the fiscal 2024 acquisition of a pet food business in
Current report — wording carried from elsewhere
month period ended February 22, 2026, we recorded a$13 million netdecrease in expense related to the mark-to-market valuation of
Current report — wording carried from elsewhere
fixed-rate notes due January 30, 2027, and$750 million of 3.2 percent fixed-rate notes due February 10, 2027. We believe that cash
Current report — wording carried from elsewhere
fiscal 2025. Please refer to Note 2 to the Consolidated Financial Statements in Part I, Item 1 of this report.
Current report — wording carried from elsewhere
to the Consolidated Financial Statements in Part I, Item 1 of this report.
Rearranged previous paragraphs (26)
Previous report — wording carried elsewhere
Divestitures and Acquisition, primarily driven by a decrease in contributions from volume growth, higher input costs, and higher
Previous report — wording carried elsewhere
restructuring, transformation, and impairment charges, partially offset by favorable net price realization and mix. Operating profit
Previous report — wording carried elsewhere
revisions of future sales and profitability estimates in the Australian market. On a constant-currency basis, after-tax loss from joint
Previous report — wording carried elsewhere
impact of the Divestitures and Acquisition, primarily driven by a decrease in contributions from volume growth and higher input costs,
Previous report — wording carried elsewhere
volume growth, partially offset by favorable net price realization and mix, both of which include the net impact of the Divestitures and
Previous report — wording carried elsewhere
Consolidated Financial Statements in Part I, Item 1 of this report).
Previous report — wording carried elsewhere
announced (please refer to Note 3 to the Consolidated Financial Statements in Part I, Item 1 of this report).
Previous report — wording carried elsewhere
209 percent (see the “Non-GAAP Measures” section below for a description of our use of measures not defined by GAAP).
Previous report — wording carried elsewhere
North America Retail net sales decreased 13 percent in thesecond quarter of fiscal 2026, compared to the same period in fiscal 2025,
Previous report — wording carried elsewhere
driven by an increase in contributions from organic volume growth.
Previous report — wording carried elsewhere
fiscal 2025, driven by favorable organic net price realization and mix and an increase in contributions from organic volume growth.
Previous report — wording carried elsewhere
period in fiscal 2025, primarily driven by favorable net price realization and mix and an increase in contributions from volume growth,
Previous report — wording carried elsewhere
quarter of fiscal 2026, compared to the same period in fiscal 2025 (see the “Non-GAAP Measures” section below for our use of this
Previous report — wording carried elsewhere
fiscal 2025, driven by favorable net price realization and mix and an increase in contributions from volume growth, both of which
Previous report — wording carried elsewhere
include the impact of the Acquisition.
Previous report — wording carried elsewhere
2025, driven by favorable organic net price realization and mix, partially offset by a decrease in contributions from organic volume
Previous report — wording carried elsewhere
expenses, partially offset by favorable net price realization and mix and an increase in contributions from volume growth. Segment
Previous report — wording carried elsewhere
GAAP Measures” section below for our use of this measure not defined by GAAP).
Previous report — wording carried elsewhere
fiscal 2025 (see the “Non-GAAP Measures” section below for our use of this measure not defined by GAAP).
Previous report — wording carried elsewhere
second quarter of fiscal 2025. In addition, we recorded$2 million of transaction costs related to the sale of our United States yogurt
Previous report — wording carried elsewhere
Divestitures in the same period last year.
Previous report — wording carried elsewhere
related to the mark-to-market valuation of certain commodity positions and grain inventories, compared to a$1 million netdecrease in
Previous report — wording carried elsewhere
six-month period ended November 23, 2025, compared to$1 million of restructuring charges in cost of sales in the same period in
Previous report — wording carried elsewhere
investments in thesix-month period ended November 23, 2025, compared to$4 million of netlosses related to valuation adjustments
Previous report — wording carried elsewhere
business in fiscal 2025. Please refer to Note 2 to the Consolidated Financial Statements in Part I, Item 1 of this report.
Previous report — wording carried elsewhere
Financial Statements in Part I, Item 1 of this report.