GENERAL MILLS INC
For the period ended May 31, 2026. Filed Jul 1, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2026 · Filed Jul 1, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2025-05-25; filed 2025-06-26.
0001193125-25-147079
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2026-05-31; filed 2026-07-01.
0001628280-26-046466
Item 7. 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 3775 previous paragraphs and 573 current paragraphs.
71 unchanged; 130 reworded; 358 added; 3522 removed; 52 previous and 14 current paragraphs rearranged.
Tables are not compared: 0 previous and 27 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 (358)
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We are a global packaged foods company. We develop distinctive value-added food products and market them under unique brand
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names. We work continuously to improve our core products and to create new products that meet consumers’ evolving needs and
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preferences. In addition, we build the equity of our brands over time with strong consumer-directed marketing, innovative new
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products, and effective merchandising. We believe our brand-building approach is the key to winning and sustaining leading share
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Our fundamental financial goal is to generate competitively differentiated returns for our shareholders over the long term. We believe
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Guided by our purpose to make food the world loves, we are executing our Accelerate strategy to drive sustainable, profitable growth
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and top-tier shareholder returns over the long term. The strategy focuses on four pillars to create competitive advantages and win:
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boldly building brands, relentlessly innovating, unleashing our scale, and standing for good. We are prioritizing our core markets,
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global platforms, and local gem brands that have the best prospects for profitable growth and we are committed to reshaping our
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Our consolidated net sales for fiscal 2026 decreased 5 percent to$18.4 billion. On an organic basis, net sales decreased 2 percent
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decreased 16 percent on a constant-currency basis. Diluted loss per share decreased 104 percent to$(0.16). Adjusted diluted EPS of
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net loss, including earnings attributable to noncontrolling interests. This cash generation supported capital investments totaling$540
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earnings attributable to noncontrolling interests. We returned cash to shareholders through dividends totaling$1,315 million and net
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In fiscal 2026, while we made meaningful progress in strengthening the remarkability of our brands to position the business for long-
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term sustainable growth, this progress came amid a more challenging category and competitive backdrop than we initially expected.
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Weak consumer sentiment, heightened uncertainty, and significant volatility weighed on category growth and impacted consumer
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purchase patterns, resulting in a slower pace and higher cost of volume recovery than we originally anticipated. We delivered mixed
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On our priority of returning North America Retail to volume growth, we did not achieve our objective. Organic pound
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volume in North America Retail declined 1 percent for the year, driven in part by Nielsen-measured pound volume in our
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categories slowing by 1 point versus fiscal 2025. Even so, we grew household penetration and we delivered improved pound
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competitiveness, with 65 percent of our U.S. categories holding or growing pound share.
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On our priority of accelerating North America Pet growth, we partially achieved our objective. Our Nielsen-measured retail
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sales growth improved by 1 point versus our fiscal 2025 trend. However, our organic net sales growth slowed by 3 points,
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driven largely by changes in retailer inventory.
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On our priority of driving efficiencies to reinvest in growth, we successfully achieved our objectives to generate Holistic
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forth in Part II, Item 7 of our Form 10-K for the fiscal year ended May 25, 2025, under the caption “Management’s Discussion and
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Analysis of Financial Condition and Results of Operations – Fiscal 2025 Results of Consolidated Operations,” which is incorporated
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herein by reference.
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In an effort to help address input cost inflation, fund growth investments, and deliver accelerated profit and cash flow growth, we
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expect to generate $3 billion in cumulative cost savings in the four years through fiscal 2030. Roughly $2 billion of this target is
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expected to be generated through our ongoing HMM productivity program, equating to annual savings of approximately 4 percent of
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cost of goods sold. The remaining $1 billion is expected to be generated by our global transformation initiative and other cost
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efficiency efforts, including redesigning the supply chain network, further streamlining business processes, and driving improvement
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across other elements of its cost base. These efforts will create a more agile and efficient structure that is better fit for future growth.
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In fiscal 2027, we plan to continue advancing our Accelerate strategy and improving the remarkability of our brands. Our key
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priorities are to strengthen our organic net sales growth, accelerate our enterprise transformation efforts, and drive disciplined capital
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allocation and returns. Amid a continued challenging macroeconomic backdrop for consumers, we expect category growth to be
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consistent with recent trends and below our long-term growth projections. With our price investments completed in fiscal 2026, our
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plans in fiscal 2027 are focused on delivering product innovation and renovation news centered on the benefits that matter most to
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today’s consumers, including better-for-you benefits like protein and fiber, bold flavors, and fun and indulgence, all of which should
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We
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are
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a
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global packaged
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foods company.
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We
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develop
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distinctive
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value-added
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food
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and
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market
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them under
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unique
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brand
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names.
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We
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work
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continuously
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to
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improve
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our
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core
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and
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to
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create
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new
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that
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meet
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consumers’
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evolving
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needs
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and
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In
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we
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build
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the
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equity
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of
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net sales growth are shown in the following table:
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achieving that goal requires us to generate a consistent balance of net sales growth, margin expansion, cash conversion, and cash
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Our long-term growth objectives are to deliver the following performance
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Our long-term growth objectives are to deliver the following performance on average over time:
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mid- to high-single-digit annual growth in adjusted diluted earnings per share
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•mid- to high-single-digit annual growth in adjusted diluted earnings per share (EPS);
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free cash flow conversion of at least 95 percent of adjusted net earnings
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•free cash flow conversion of at least 95 percent of adjusted net earnings after tax; and
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cash return to shareholders of 80 to 90 percent of free cash flow,
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•cash return to shareholders of 80 to 90 percent of free cash flow, including an attractive dividend yield.
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portfolio with strategic acquisitions and divestitures to further enhance
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portfolio with strategic acquisitions and divestitures to further enhance our growth profile.
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compared to year-ago levels. Operating
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compared to year-ago levels. Operating profit of$886 million decreased 73 percent. Adjusted operating profit of$2.8 billion
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See the “Non-GAAP Measures” section below for a description of our
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$3.55 decreased 16 percent on a constant-currency basis (See the “Non-GAAP Measures” section below for a description of our use of
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generally accepted accounting principles (GAAP)).
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measures not defined by generally accepted accounting principles (GAAP)).
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in fiscal 2024. Please refer to Note 4 to the Consolidated Financial Statements
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Net cash provided by operations totaled$2,166 million in fiscal 2026, with a conversion rate that was not meaningful as a percent of
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Adjusted net earnings, including earnings attributable to noncontrolling
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million, and our resulting free cash flow was$1,626 million at a conversion rate of 85 percent of adjusted net earnings, including
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use of measures not defined by GAAP.
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share repurchases totaling$500 million (See the “Non-GAAP Measures” section below for a description of our use of measures not
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delivered mixed performance against the three priorities we established
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performance against the three priorities we established at the beginning of the year:
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HMM cost savings of 5 percent of cost of
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Margin Management (HMM) savings of 5 percent of cost of goods sold and deliver more than $100 million in additional
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goods sold, savings from our global transformation
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savings from our global transformation initiative and other efficiency efforts.
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to fiscal 2024 (see the “Non-GAAP Measures” section below for our use
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A detailed review of our fiscal 2026 performance compared to fiscal 2025 appears below in the section titled “Fiscal 2026
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of our fiscal 2024 performance compared to our fiscal
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Consolidated Results of Operations.” A detailed review of our fiscal 2025 performance compared to our fiscal 2024 performance is set
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Based on these assumptions, our key full-year fiscal 2026 targets
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Based on these assumptions, our key full-year fiscal 2027 targets are summarized below:
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Organic net sales are expected to range between down 1 percent and
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•Organic net sales are expected to range between down 1.5 percent and up 0.5 percent.
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Free cash flow conversion is expected to be at least 95 percent of adjusted after-tax
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•Free cash flow conversion is expected to be approximately 95 percent of adjusted after-tax earnings.
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value (see the ‘Non-GAAP Measures” section below for our use of
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See the “Non-GAAP Measures” section below for a description of our use of measures not defined by GAAP.
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Certain terms used throughout this report are defined in a glossary in Item
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Certain terms used throughout this report are defined in a glossary in Item 8 of this report.
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FISCAL 2025 CONSOLIDATED
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FISCAL 2026 CONSOLIDATED RESULTS OF OPERATIONS
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American yogurt businesses and the Whitebridge Pet Brands acquisition
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American yogurt businesses (Divestitures) and the acquisition of Whitebridge Pet Brands (Acquisition). Organic net sales decreased 2
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from volume growth and favorable net price realization and mix.
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yogurt business and favorable net price realization and mix. Operating profit margin of 4.8 percent decreased 1,220 basis points.
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for our use of this measure not defined by GAAP).
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(a)See the “Non-GAAP Measures” section below for our use of measures not defined by GAAP.
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Measured in tons based on the standard weight of our product shipments.
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(a) Measured in tons based on the stated weight of our product shipments.
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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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contributions from organic volume growth and favorable
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Organic net sales in fiscal 2026 decreased 2 percent compared to fiscal 2025, driven by a decrease in contributions from organic
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contributions from organic volume growth and unfavorable
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volume growth and unfavorable organic net price realization and mix.
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2025 compared to fiscal 2024 (see the “Non-GAAP Measures” section below
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2026, compared to a netdecrease of$16 million in fiscal 2025 (please refer to Note 8 to the Consolidated Financial Statements in Item
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8 of this report
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8 of this report for additional information).
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decreased 30 basis points compared to fiscal 2024.
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decreased 100 basis points compared to fiscal 2025.
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products. SG&A expenses as a percent of net sales in fiscal 2025
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expenses. SG&A expenses as a percent of net sales in fiscal 2026 increased 70 basis points compared to fiscal 2025.
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related to the sale of our Canada yogurt business (please refer
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2025, we recorded a$96 million divestiture gain related to the sale of our Canada yogurt business (please refer to Note 3 to the
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initiative to drive increased productivity by enhancing end-
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multi-year global transformation initiative to drive increased productivity by enhancing end-to-end business processes, enabled by
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4 to the Consolidated Financial Statements in Item 8 of this report for additional
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Consolidated Financial Statements in Item 8 of this report for additional information.
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GAAP). The components of our joint ventures’ net sales growth are shown in
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components of our joint ventures’ net sales growth are shown in the following table:
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Net earnings attributable to noncontrolling interests
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Net earnings attributable to noncontrolling interests decreased to$2 million in fiscal 2026 compared to$24 million in fiscal 2025.
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decreased by 22 million in fiscal 2025 from fiscal 2024 primarily due to share repurchase
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Average diluted shares outstanding decreased by 20 million in fiscal 2026 from fiscal 2025 primarily due to share repurchases.
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the “Non-GAAP Measures” section below for a description of our use of measures not defined by GAAP).
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in Item 8 of this report for additional information).
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North America Retail net sales decreased 11 percent in fiscal 2026 compared to fiscal 2025, driven by a decrease in contributions from
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North America Pet organic net sales decreased 3 percent in fiscal 2026 compared to fiscal 2025, driven by a decrease in contributions
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compared to fiscal 2025 (see the “Non-GAAP Measures” section below for our use of this measure not defined by GAAP).
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North America Foodservice net sales decreased 6 percent in fiscal 2026 compared to fiscal 2025, driven by a decrease in contributions
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Please refer to Note 3 to the Consolidated Financial Statements in Part II, Item 8 of this report.
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compared to fiscal 2025 (see the “Non-GAAP Measures” section below for our use of this measure not defined by GAAP).
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Statements in Item 8 of this report.
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Defined Benefit Pension, Other Postretirement Benefit, and Postemployment Benefit Plans
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plan participants or over the average remaining lifetime of the remaining plan participants if the plan is viewed as “all or almost all”
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Statements in Item 8 of this report.
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Consolidated Financial Statements in Item 8 of this report.
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in fiscal 2024 recorded in fiscal 2026 and fiscal 2025. Please refer to Note 3 to the Consolidated Financial Statements in Item 8 of this
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at the beginning of the year:
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this measure not defined by GAAP).
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Consolidated Results of Operations.” A detailed review
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the “Non-GAAP Measures” section below for a description of our use of measures
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See the “Non-GAAP Measures” section below for our use of measures not defined by
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increased 130 basis points compared to fiscal 2024.
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Statements in Item 8 of this report for additional information.
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exit costs that are centrally managed.
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organic products including ready-to-eat cereal, frozen
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sales growth are shown in the following table:
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organic net price realization and mix.
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Measures” section below for our use of this measure not defined by GAAP.
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of this measure not defined by GAAP).
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snack bars, dessert and baking mixes,
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manufacture for sale to our international joint ventures. Revenu
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are shown in the following table:
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compared to fiscal 2024 (see the “Non-GAAP Measures” section below
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are shown in the following table:
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North America Pet organic net sales in fiscal 2025 essentially matched
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and unfavorable net price realization and mix. Segment
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use of this measure not defined by GAAP).
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North America Foodservice net sales increased 2 percent in fiscal
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2025 compared to fiscal 2024, driven by an increase in
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organic net price realization and mix.
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for our use of this measure not defined by GAAP).
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certain businesses managed by our Strategic Growth Office,
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to-market valuation of certain commodity positions until
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Pension and other postretirement benefit plan costs
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During fiscal 2025, we acquired Whitebridge Pet Brands for $1,412
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During fiscal 2024, we acquired a pet food business in
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and continue HMM initiatives throughout the supply chain.
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Mills Cereals, LLC (GMC Class A
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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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a meaningful impact on the reporting of our
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could have a significant effect on our results of operations.
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determine if they are finite or indefinite-lived.
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Defined Benefit Pension, Other Postretirement Benefit, and Postemployment
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defined benefit pension, other postretirement benefit, and postemployment
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