GENERAL MILLS INC

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

SCHEDULE 14A

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OF THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. )

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General Mills, Inc.

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AccelerateStrategy

We are executing our Accelerate strategy to drive sustainable, profitable growth and top-tier shareholder returns over the

long term. The Accelerate strategy focuses on four pillars to create competitive advantages and win: boldly building brands,

relentlessly innovating, unleashing scale, and standing for good. We are prioritizing our core markets, global platforms, and

local gem brands that have the best prospects for profitable growth and we are committed to reshaping our portfolio with

strategic acquisitions and divestitures to further enhance our growth profile.

Our Purpose

Making Food the World Loves

Where to Play

How to Win

Drive Long-Term Shareholder Value

*Non-GAAP measure.

(1)Mid-single-digit constant currency growth rate.

(2)High-single-digit constant currency growth rate.

A Letter from OurChairman and CEO

Dear Fellow Shareholders:

We entered fiscal 2026 with three priorities for the year: to return North America Retail to volume growth, accelerate growth for our

North America Pet segment, and drive efficiencies to reinvest in growth. While fiscal 2026 presented challenges, including a difficult

macroeconomic environment and continued value seeking consumer behaviors, we made progress on our strategic transformation

and we meaningfully strengthened our foundation for the future through restoring household penetration growth, improving base

volume, and significantly increasing our contributions from innovation. We also continued to reshape our portfolio and returned

$1.8 billion to shareholders through dividends and share repurchases.

OUR REMARKABILITY PLAYBOOK DROVE IMPROVED COMPETITIVENESS IN FISCAL 2026.

Our Remarkability playbook was central to how we delivered improved competitiveness in fiscal 2026. We invested in greater value,

product news, and innovation for consumers, which helped improve base volume and restore household penetration growth. We grew

or held pound share in 65 percent of our top 10 U.S. categories, demonstrating that our investments in brand building and consumer

value are working. During the year, we also completed the divestiture of our U.S. Yogurt business, integrated our North American

Whitebridge Pet Brands acquisition, and agreed to divest our Brazil business and our Häagen-Dazs shops in mainland China – all

actions that sharpen our portfolio and position us for stronger growth ahead.

ADVANCING OUR TRANSFORMATION IN FISCAL 2027.

As we head into fiscal 2027, we are focused on restoring organic growth and driving increased efficiency in an operating environment

that will remain challenging, with consumers pressured by widespread uncertainty from tariffs, global conflicts, and changing

regulations. With these consumer dynamics in mind, we have set three clear priorities for the year ahead: strengthen organic net

sales with a step change in remarkability through delivering benefit-focused innovation and renovation, accelerate enterprise

transformation by driving industry-leading levels of holistic margin management and transformation cost savings, and drive disciplined

capital allocation and returns through maintaining a sharp focus on cash and leverage. We are targeting $3 billion in cumulative cost

savings by fiscal 2030, with at least $750 million expected to be delivered in fiscal 2027 alone.

We look forward to advancing our plans and delivering on our priorities, which we believe will drive strong shareholder returns in

fiscal 2027. We’re proud of how the company has continued to evolve throughout its 160-year history, and we are energized by the

transformation work ahead.

I want to close by thanking you, our shareholders, for your investment in General Mills. On behalf of all of our talented employees

around the world, I want you to know that as we continue to navigate an evolving operating environment, we are in a strong position

to deliver consistent, profitable growth and top-tier shareholder returns over the long term.

JEFFREY L. HARMENING

Chairman and Chief Executive Officer

August 13, 2026

A Letter from YourIndependent Lead Director

Dear Fellow Shareholders:

It has been my privilege to continue to serve as your Independent Lead Director this year. While fiscal 2026 presented the company with

significant challenges, we made meaningful strategic progress and the board remained focused on fulfilling its fiduciary duties and working on

your behalf to create sustainable, long-term value. As our 2026 Annual Meeting approaches, I am pleased to have the opportunity to update

you on the board’s priorities and work during the past year.

Guiding the development and overseeing the execution of the company’s long-term Accelerate strategy remains the board’s top priority. At

each meeting, the board receives updates from company leaders on how they are working to advance the Accelerate strategy. In fiscal 2026,

the board played a significant role in overseeing the company’s continued portfolio transformation, including the completion of the U.S. Yogurt

divestiture, the planned divestitures of the Brazil business and Häagen-Dazs shops in mainland China, and the continued integration of the

North American Whitebridge Pet Brands acquisition. The board also oversaw management’s execution of the Remarkability playbook and the

company’s transformation initiatives. The board is confident that these strategic actions will benefit shareholders by positioning the company

for stronger, more sustainable growth.

One of the board’s key roles is working with management to set ambitious business plans for each fiscal year. The board then closely monitors

the company’s performance throughout the year, with ongoing assessments against those plans at each board meeting. In fiscal 2026, the

board devoted significant attention to overseeing management’s plans to restore organic growth and drive efficiencies. The board is also

actively engaged in overseeing the company’s risk management activities. To ensure that the board fulfills its oversight role in a

comprehensive and coordinated manner, the responsibility for overseeing specific aspects of the company’s risk management program is

purposefully allocated among the full board and board committees.

The board is also actively involved in overseeing the company’s strategies to recruit, develop and safeguard the well-being of our talented

and dedicated team. In particular, the board was heavily involved in overseeing Dana McNabb’s promotion to Chief Operating Officer on

June 1, 2026. The full board regularly discusses matters of corporate culture and employee engagement to ensure that our teams embody the

attributes, behaviors, and commitment necessary to advance our strategies. An essential part of our culture is our commitment to operating

with integrity and acting with the highest ethical standards. This starts with the clear expectation set by the board and is reinforced by the audit

committee and board’s regular reviews of our ethics and compliance reports.

To ensure the company continues to advance its sustainability and global impact commitments, the board is actively engaged in overseeing

the company’s efforts that are focused on advancing regenerative agriculture, reducing greenhouse gas emissions, increasing the recyclability

of our packaging, and strengthening the communities in which the company operates. The board’s oversight is informed by feedback and

engagements with key shareholders.

You are represented by a highly skilled and accomplished board of directors with significant experience in the consumer packaged goods and

retail industries, global business operations, innovation, finance, portfolio shaping, digital and technology, and consumer health, wellness,

and nutrition. Grounded in a strong culture that encourages substantive and open dialogue between the board and management, our board

discussions take full advantage of the individual and collective talents of our directors. The board actively and strategically evaluates the skill

sets needed to support the company's strategy in today's competitive and evolving packaged food environment, drawing as appropriate on

the perspectives of external advisors to assist in assessing and identifying those capabilities. This succession work, including the additions of

Joan Bottarini and Dana McNabb this year, has built a best-in-class board with strong industry experience that is capable, engaged, and

focused on long-term value creation for shareholders. We also want to thank Steve Odland, who will not be standing for re-election at

this year’s annual meeting, for his valuable contributions and service as a board member. I encourage you to vote for each of the

board’s nominees.

On behalf of the board, thank you for the confidence you’ve placed in us and for your continued investment in General Mills.

Sincerely,

MARIA HENRY

August 13, 2026

Notice of 2026 Annual Meeting

of Shareholders

Voting Items

Shareholders will also transact any other business that properly comes before the meeting.

Voting Methods

Your vote is important. We encourage you to vote by proxy, even if you plan to attend the virtual meeting.

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