GENERAL MILLS INC
For the period ended May 31, 2026. Filed Jul 1, 2026.
View on SEC.govAbout this filing
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 Risk Factors?
Read the current filingPrevious report: 10-K
Period ended 2025-05-25; filed 2025-06-26.
0001193125-25-147079
Item 1A. Risk FactorsCurrent report: 10-K
Period ended 2026-05-31; filed 2026-07-01.
0001628280-26-046466
Item 1A. Risk FactorsThe 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.
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A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (182)
Current report
The categories in which we participate are very competitive, and if we are not able to compete effectively, our results of
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The human and pet food categories in which we participate are very competitive. Our principal competitors in these categories are
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manufacturers, as well as retailers with their own branded and private label products. Competitors market and sell their products
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through brick-and-mortar stores and e-commerce. All of our principal competitors have substantial financial, marketing, and other
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resources. In most product categories, we compete not only with other widely advertised branded products, but also with regional
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brands and with generic and private label products that are generally sold at lower prices. Competition in our product categories is
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based on product innovation, product quality, price, brand recognition and loyalty, effectiveness of marketing, promotional activity,
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convenient ordering and delivery to the consumer, and the ability to identify and satisfy consumer preferences. If our large competitors
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were to seek an advantage through pricing or promotional changes, we could choose to do the same, which could adversely affect our
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margins and profitability. If we did not do the same, our revenues and market share could be adversely affected. Our market share and
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revenue growth could also be adversely impacted if we are not successful in introducing innovative products in response to changing
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consumer demands or by new product introductions of our competitors. If we are unable to build and sustain brand equity by offering
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recognizably superior product quality, we may be unable to maintain premium pricing over generic and private label products.
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There has been significant consolidation in the grocery industry, resulting in customers with increased purchasing power. In addition,
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large retail customers may seek to use their position to improve their profitability through improved efficiency, lower pricing,
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increased reliance on their own brand name products, increased emphasis on generic and other economy brands, and increased
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promotional programs. If we are unable to use our scale, marketing expertise, product innovation, knowledge of consumers’ needs,
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and category leadership positions to respond to these demands, our profitability and volume growth could be negatively impacted. In
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addition, the loss of any large customer could adversely affect our sales and profits. In fiscal 2026, Walmart accounted for 22 percent
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of our consolidated net sales and 31 percent of net sales of our North America Retail segment. For more information on significant
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Price changes for the commodities we depend on for raw materials, packaging, and energy may adversely affect our
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The principal raw materials that we use are commodities that experience price volatility caused by external conditions such as weather,
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climate change, product scarcity, limited sources of supply, commodity market fluctuations, currency fluctuations, trade tariffs
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by such countries), pandemics, war (including sanctions imposed on Russia for its invasion of Ukraine), and changes in governmental
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agricultural and energy policies and regulations. Commodity prices have become, and may continue to be, more volatile. Commodity
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price changes may result in unexpected increases in raw material, packaging, energy, and transportation costs. If we are unable to
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increase productivity to offset these increased costs or increase our prices, we may experience reduced margins and profitability. We
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We could be adversely affected if consumers in our principal markets lose confidence in the safety and qualityof certain of our
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products or ingredients. Adverse publicity about these types of concerns, whether or not valid, may discourage consumers from buying
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We may be unable to anticipate changes in consumer preferences and trends, which may result in decreased demand for our
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Our success depends in part on our ability to anticipate the tastes, eating habits (including the impact of weight loss drugs), and
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purchasing behaviors of consumers and to offer products that appeal to their preferences in channels where they shop. Consumer
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preferences and category-level consumption may change from time to time and can be affected by a number of different trends and
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or to introduce new and improved products on a timely basis, we may experience reduced demand for our products, which would in
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turn cause our revenues and profitability to suffer. Similarly, demand for our products could be affected by consumer concerns
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regarding the health effects of ingredients such as sodium, genetically modified organisms, sugar and sugar alternatives, color
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additives, preservatives, processed wheat and other ingredients, grain-free or legume-rich pet food, or other product ingredients or
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adversely affect our business and results of operations.
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Our business is subject to various risks and uncertainties. Any of the risks described below could materially, adversely affect our
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margins in the face of a consolidating retail environment.
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We may be unable to maintain our profit margins in the face of a consolidating retail environment.
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customers, please see Note 8 to the Consolidated Financial Statements in Item 8 of this
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customers, please see Note 8 to the Consolidated Financial Statements in Item 8 of this report.
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(including recent tariffs imposed or threatened to be imposed by the United States on other countries and any retaliatory actions taken
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that we do use may not always work as we intend.
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do not fully hedge against changes in commodity prices, and the risk management procedures that we do use may not always work as
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Concerns with the safety and quality of our products could cause consumers
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Concerns with the safety and quality of our products could cause consumers to avoid certain products or ingredients.
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buying our products or cause production and delivery disruptions.
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our products or cause production and delivery disruptions.
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other factors. If we fail to anticipate, identify or react to these changes and trends, such as adapting to emerging e-commerce channels,
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We may be unable to grow our market share or add products that are in faster growing and more profitable categories.
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existing categories, our growth and profitability could be adversely
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existing categories, our growth and profitability could be adversely affected.
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Our results may be negatively impacted if consumers do not maintain
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Our results may be negatively impacted if consumers do not maintain their favorable perception of our brands.
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to consumers. Consumer demand for our products may also be impacted by changes in the level of advertising or promotional support.
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the anticipated benefits, which could adversely affect our business and
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the anticipated benefits, which could adversely affect our business and results of operations.
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partners, to meet their obligations to us, or significant disruptions in their ability to do so, may negatively impact our operations. Our
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require additional resources to restore our supply chain.
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additional resources to restore our supply chain.
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our supply chain. Our failure to meet the demand for our products could
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our supply chain. Our failure to meet the demand for our products could adversely affect our business and results of operations.
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Our international operations are subject to political and economic
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Our international operations are subject to political and economic risks.
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any of which could significantly harm our business. These risks include:
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number of risks relating to doing business internationally, any of which could significantly harm our business. These risks include:
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•tariffs on products and ingredients that we import and export (including recent tariffs imposed or threatened to be imposed by
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the United States on China, Canada, Mexico, and other countries and any retaliatory
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the United States on other countries and any retaliatory actions taken by such countries);
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United States corporations or to purchase products manufactured outside the country
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United States corporations or to purchase products manufactured outside the country of sale;
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restriction on the transfer of funds to and from foreign countries, including
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•restriction on the transfer of funds to and from foreign countries, including potentially negative tax consequences.
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reported results of operations and financial results due to currency translation losses and
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reported results of operations and financial results due to currency translation losses and currency transaction losses.
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Our business operations could be disrupted if our information technology
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Our business operations could be disrupted if our information technology systems fail to perform adequately or are breached.
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Our failure to successfully integrate acquisitions into our
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Our failure to successfully integrate acquisitions into our existing operations could adversely affect our financial results.
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entering a geographic area or line of business in which we have
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entering a geographic area or line of business in which we have no or limited prior experience, failure to achieve anticipated synergies,
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product liability claims if consumers or their pets are injured.
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to recall some of our products if they become adulterated,
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We may need to recall some of our products if they become adulterated, misbranded, or mislabeled. A widespread product recall could
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product for a period of time. We could also suffer losses from a significant product liability judgment against us. A significant product
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our products, which could have an adverse effect on our business results and the
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our products, which could have an adverse effect on our business results and the value of our brands.
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New regulations or regulatory-based claims could adversely
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New regulations or regulatory-based claims could adversely affect our business.
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our results of operations to be adversely affected.
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environmental laws and regulations could subject us
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environmental laws and regulations could subject us to lawsuits, administrative penalties, and civil remedies. We are currently party to
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Climate change and other sustainability matters could adversely affect
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Climate change and other sustainability matters could adversely affect our business.
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global temperatures, weather patterns, and the frequency
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global temperatures, weather patterns, and the frequency and severity of extreme weather and natural disasters. If such climate change
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we may experience decreased availability and higher pricing for certain commodities
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has a negative effect on agricultural productivity, we may experience decreased availability and higher pricing for certain commodities
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to take actions to achieve more aggressive goals, we may experience significant
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to take actions to achieve more aggressive goals, we may experience significant increases in our costs of operations.
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corn), oils (principally soybean), dairy products, natural gas, and diesel fuel. Changes in the values of these derivatives are recorded in
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utilize the underlying input in our manufacturing process, at which time the gains and losses are reclassified to segment operating
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may experience volatile earnings as a result of these accounting treatments.
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profit. We also record our grain inventories at net realizable value. We may experience volatile earnings as a result of these accounting
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We may be unable to maintain our profit
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these changes and trends, such as
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our market share or add products that are
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their favorable perception of our brands.
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to consumers. Consumer demand for our products
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disruptions in their ability to do
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number of risks relating to doing business internationally,
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systems fail to perform adequately or are breached.
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existing operations could adversely affect our financial results.
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no or limited prior experience, failure to achieve anticipated
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misbranded, or mislabeled. A widespread product recall could
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to lawsuits, administrative penalties, and civil remedies.
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and severity of extreme weather and natural disasters.
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has a negative effect on agricultural productivity,
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increases in our costs of operations.
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and losses are reclassified to segment
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record our grain inventories at net realizable value. We
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terms and conditions, and cost of capital.
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is not impaired, different assumptions regarding
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distribution channels), the level of required maintenance expenditures,