GENERAL MILLS INC
For the period ended Aug 30, 2026. Filed Sep 23, 2026.
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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.
Aug 30, 2026 · Filed Sep 23, 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 2026-02-22; filed 2026-03-18.
0001628280-26-019398
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-08-30; filed 2026-09-23.
0001628280-26-063201
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 519 previous paragraphs and 376 current paragraphs.
206 unchanged; 76 reworded; 84 added; 207 removed; 30 previous and 10 current paragraphs rearranged.
Tables are not compared: 24 previous and 20 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 (84)
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drive disciplined capital allocation and returns. Amid a continued challenging macroeconomic backdrop for consumers, we expect
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category growth to be consistent with recent trends and below our long-term growth projections. With our price investments
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completed in fiscal 2026, our plans in fiscal 2027 are focused on delivering product innovation and renovation news centered on the
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benefits that matter most to today’s consumers, including better-for-you benefits like protein and fiber, bold flavors, fun and
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indulgence, and pet humanization, all of which should help support stronger topline growth. We expect to generate at least $750
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million in total savings from our ongoing Holistic Margin Management (HMM) productivity program, our global transformation
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initiative, and other cost savings actions. These savings are part of our $3 billion cumulative cost savings target through fiscal 2030
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and will help offset our forecast for 4 to 5 percent input cost inflation and increased investments in product innovation and renovation
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in fiscal 2027. In addition to these factors, we expect decreases of approximately 9 points on operating profit and 11 points on EPS in
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fiscal 2027 from lapping the 53rd week in fiscal 2026, normalizing corporate incentive expense, and the impact of fiscal 2026
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divestitures.
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First Quarter Results
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business (Divestiture) in the first quarter of fiscal 2026. Organic net sales essentially matched the same period last year. Operating
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profit decreased 63 percent to$634 million, primarily driven by a gain related to the Divestiture in the first quarter of fiscal 2026,
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a favorable change in the mark-to-market valuation of certain commodity positions and grain inventories. Operating profit marginof
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Divestiture.
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Organic net sales in the first quarter of fiscal 2027 essentially matched the same period in fiscal 2026.
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2027, compared to an$8 million net increase in the first quarter of fiscal 2026. We also recorded$1 million of integration costs
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compared to the same period in fiscal 2026, primarily driven by lower transactions costs. SG&A expenses as a percent of net sales in
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the first quarter of fiscal 2027 increased 30 basis points compared to the first quarter of fiscal 2026.
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Divestitures gain totaled$1,054 million in the first quarter of fiscal 2026, primarily related to the sale of our United States yogurt
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Restructuring, transformation, impairment, and other exit costs totaled$21 million in the first quarter of fiscal 2027, compared to
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$16 million in the same period last year. In the first quarter of fiscal 2027, we recorded an additional$24 million non-cash pre-tax
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valuation loss related to the planned divestiture of our Brazil business (please refer to Note 3 to the Consolidated Financial Statements
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Interest, netfor the first quarter of fiscal 2027 totaled$142 million, up $9 million from the first quarter of fiscal 2026, primarily
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driven by higher interest rates.
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Theeffective tax rate for thefirst quarter of fiscal 2027 was 24.5 percent compared to 25.6 percent for the first quarter of fiscal 2026.
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and favorable earnings mix by jurisdiction in fiscal 2027, partially offset by certain nonrecurring discrete tax costs in fiscal 2027. Our
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defined by GAAP). The 0.7 percentage point decrease was primarily due to favorable earnings mix by jurisdiction in fiscal 2027,
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partially offset by certain nonrecurring discrete tax costs in fiscal 2027.
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After-tax earnings from joint ventures for thefirst quarter of fiscal 2027 increased to$19 million compared to$7 million in the
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include the impact of the Divestiture.
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Segment operating profit decreased 15 percent to$479 million in the first quarter of fiscal 2027, compared to$564 million in the same
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period in fiscal 2026, including the impact of the Divestiture, primarily driven by a decrease in contributions from volume growth and
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International net sales increased 4 percent in the first quarter of fiscal 2027 compared to the same period in fiscal 2026, driven by an
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International organic net sales increased 4 percent in the first quarter of fiscal 2027 compared to the same period in fiscal 2026, driven
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Segment operating profit increased 14 percent to $75 million in the first quarter of fiscal 2027, compared to $66 million in the same
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period in fiscal 2026, primarily driven by an increase in contributions from volume growth and lower input costs, partially offset by
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unfavorable price realization and mix and higher SG&A expenses, including increased media and advertising expenses. Segment
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operating profit increased 15 percent on a constant-currency basis in the first quarter of fiscal 2027, compared to the same period in
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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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acquisition will reduce adjusted operating profit growth by approximately 5 points in fiscal 2026.
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Third Quarter Results
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yogurt businesses (Divestitures) and the acquisition of Whitebridge Pet Brands (Acquisition). Organic net sales decreased 3 percent
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compared to the same period last year. Operating profit decreased 41 percent to$525 million, primarily driven by higher input costs, a
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third quarter of fiscal 2025, and higher restructuring andtransformation costs, partially offset by favorable net price realization and
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mix and higher transaction costs recordedin fiscal 2025 related to the Divestitures and Acquisition. Operating profit margin of 11.8
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Net sales in thethird quarter of fiscal 2026 decreased 8 percent compared to the same period in fiscal 2025, driven by a decrease in
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impacts, and includes the net impact of the Divestitures and Acquisition.
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Organic net sales decreased 3 percent in thethird quarter of fiscal 2026, compared to the same period in fiscal 2025, driven by a
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Cost of sales decreased $133 million to$3,070 million in thethird quarter of fiscal 2026, compared to the same period in fiscal 2025.
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market valuation of certain commodity positions and grain inventories in thethird quarter of fiscal 2026, compared to a$23 million
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net decrease in thethird quarter of fiscal 2025.
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compared to the same period in fiscal 2025, primarily driven by lower other administrative costs, and including the net impact of the
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Divestitures and Acquisition. SG&A expenses as a percent of net sales in thethird quarter of fiscal 2026 increased 90 basis points
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compared to thethird quarter of fiscal 2025.
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Divestitures loss (gain), net decreased$101 million, primarily due to a$96 million gain in the third quarter of fiscal 2025, related to
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Restructuring, transformation, impairment, and other exit costs (recoveries) totaled$24 million in thethird quarter of fiscal
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2026, compared to$1 million of net recoveries in the same period last year. In fiscal 2026, we approved a multi-year organizational
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initiative to increase the competitiveness of our supply chain, and as a result, we recorded$17 million of charges in thethird quarter of
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fiscal 2026. In addition, we recorded$8 million of restructuring and transformation charges in thethird quarter of fiscal 2026 related
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to 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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Interest, net for thethird quarter of fiscal 2026 totaled$128 million, down $8 million from thethird quarter of fiscal 2025, primarily
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driven by lower average long-term debt levels.
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Theeffective tax rate for thethird quarter of fiscal 2026 was 24.3 percent compared to 19.8 percent for thethird quarter of fiscal
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The 4.5 percentage point increase was primarily due to certain nonrecurring discrete tax benefits in fiscal 2025 and unfavorable
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for a description of our use of measures not defined by GAAP). The 3.0 percentage point increase was primarily due to certain
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nonrecurring discrete tax benefits in fiscal 2025 and unfavorable earnings mix by jurisdiction in fiscal 2026.
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The impacts of the One Big Beautiful Bill Act (OBBBA) are reflected in our results for the quarter ended February 22, 2026, and there
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was no material impact to our income tax expense. We expect certain provisions of the OBBBA will change the timing of cash tax
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payments in the current fiscal year and future periods. Please refer to Note 15 to the Consolidated Financial Statements in Part I, Item
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After-tax (loss) earnings from joint ventures for thethird quarter of fiscal 2026 was a$6 million after-tax loss compared to after-tax
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Nine-Month Results
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in fiscal 2025, driven by a decrease in contributions from volume growth, partially offset by favorable net price realization and mix,
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Our key priorities in fiscal 2027 are to strengthen our organic net sales growth, accelerate our enterprise transformation efforts, and
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In thethird quarter of fiscal 2026, net sales decreased 8 percent, including the net impact of the divestitures of our North American
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In the first quarter of fiscal 2027, net sales decreased 3 percent, including the impact of the divestiture of our United States yogurt
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percent decreased 660 basis points. Adjusted operating profit of$547 million decreased 32 percent on a constant-currency basis,
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14.4 percent decreased 2,380 basis points. Adjusted operating profit of $634 million decreased 11 percent on a constant-currency
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including the net impact of the Divestitures and Acquisition, primarily driven by higher input costs and a decrease in contributions
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basis, primarily driven by higher input costs and a decrease in contributions from volume growth, partially offset by favorable net
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from volume growth, partially offset by favorable net price realization and mix. Adjusted operating profit margin decreased 420 basis
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price realization and mix. Adjusted operating profit margin decreased 130 basis points to 14.4 percent. Diluted earnings per share of
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points to 12.3 percent. Diluted earnings per share of$0.56 decreased 50 percent in thethird quarter of fiscal 2026. Adjusted diluted
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$0.74 decreased 67 percent in the first quarter of fiscal 2027. Adjusted diluted earnings per share of$0.75 decreased 13 percent on a
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constant-currency basis compared to the same period last year (see the “Non-GAAP Measures” section below for a description of our
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constant-currency basis compared to the first quarter of fiscal 2026. See the “Non-GAAP Measures” section below for a description of
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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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our use of measures not defined by GAAP.
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A summary of our consolidated financial results for thethird quarter of fiscal 2026 follows:
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A summary of our consolidated financial results for the first quarter of fiscal 2027 follows:
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fiscal 2025, driven by a decrease in contributions from organic volume growth and unfavorable organic net price realization and mix.
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Net sales in the first quarter of fiscal 2027 decreased 3 percent compared to the same period in fiscal 2026, driven by a decrease in
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decrease in contributions from volume growth, a gain on divestiture related to the sale of our Canada yogurt business recorded in the
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contributions from volume growth, partially offset by favorable net price realization and mix, both of which include the impact of the
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2026, 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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Cost of sales decreased $82 million to$2,902 million in the first quarter of fiscal 2027 compared to the same period in fiscal 2026.
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Thedecrease was primarily driven by a$349 million decrease attributable to lower volume, partially offset by a$202 million increase
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Thedecrease was primarily driven by a$118 million decrease attributable to lower volume, partially offset by a$73 million increase
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attributable to product rate and mix, both of which include the net impact of the Divestitures and Acquisition. We recorded$8 million
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attributable to product rate and mix, both of which include the impact of the Divestiture. We recorded a$30 million net decrease in
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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-
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cost of sales related to the mark-to-market valuation of certain commodity positions and grain inventories in the first quarter of fiscal
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Selling, general, and administrative (SG&A) expenses decreased $32 million to$813 million in thethird quarter of fiscal 2026,
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Selling, general, and administrative (SG&A) expenses decreased $13 million to$832 million in the first quarter of fiscal 2027
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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).
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business (please refer to Note 2 to the Consolidated Financial Statements in Part I, Item 1 of this report).
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Benefit plan non-service income totaled$15 million in thethird quarter of fiscal 2026, compared to$14 million in the same period
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Benefit plan non-service income totaled$11 million in the first quarter of fiscal 2027, compared to$15 million in the same period
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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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last year, primarily driven by lower expected return on plan assets and higher interest costs.
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period last year. The 4.3 percentage point increase was primarily due to certain unfavorable tax components related to the sale of our
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The 1.1 percentage point decrease wasprimarily due to certain unfavorable tax components related to the Divestiture in fiscal 2026
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fiscal 2026. Our effective tax rate excluding certain items affecting comparability was 23.8 percent in thenine-month period ended
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effective tax rate excluding certain items affecting comparability was 23.4 percent in the first quarter of fiscal 2027, compared to 24.1
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thethird quarter of fiscal 2026, compared to 21.0 percent in the same period last year (see the “Non-GAAP Measures” section below
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percent in the same period last year (see the “Non-GAAP Measures” section below for a description of our use of measures not
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earnings of$14 million in the same period in fiscal 2025, primarily driven by our share of transaction costs related to certain assets
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same period in fiscal 2026, primarily due to our share ofasset impairment charges and transaction costs related to certain assets held
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held for sale at Cereal Partners Worldwide (CPW). On a constant-currency basis, after-tax loss from joint ventures decreased 129
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for sale at Cereal Partners Worldwide (CPW) in fiscal 2026. On a constant-currency basis, after-tax earnings from joint ventures
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percent (see the “Non-GAAP Measures” section below for a description of our use of measures not defined by GAAP).
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increased 178 percent (see the “Non-GAAP Measures” section below for a description of our use of measures not defined by GAAP).
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Average diluted shares outstanding decreased by 18 million in thethird quarter of fiscal 2026 from the same period a year ago
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Average diluted shares outstanding decreased by 5 million in the first quarter of fiscal 2027 from the same period a year ago
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primarily due to share repurchases.
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primarily due to share repurchases in fiscal 2026.
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America Foodservice. Please refer to Note 16 to the Consolidated Financial Statements in Part I, Item 1 of this report for a description
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America Foodservice. Please refer to Note 15 of the Consolidated Financial Statements in Part I, Item 1 of this report for a description
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North America Foodservice net sales decreased 7 percent in thenine-month period ended February 22, 2026, compared to the same
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North America Retail net sales decreased 7 percent in the first quarter of fiscal 2027 compared to the same period in fiscal 2026,
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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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(b)Divestiture of the United States yogurt business in the first quarter of fiscal 2026. Please refer to Note 2 to the Consolidated Financial
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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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North America Retail organic net sales decreased 3 percent in the first quarter of fiscal 2027 compared to the same period in fiscal
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into a new Big G Cereal & Canada operating unit. Please refer to Note 16 to the Consolidated Financial Statements in Part I, Item 1 of this
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(a)The Big G Cereal & Canada operating unit includes the impact of the Divestiture. Please refer to Note 2 to the Consolidated Financial
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costs and higher SG&A expenses. Segment operating profit increased 100 percent on a constant-currency basis in thenine-month
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higher input costs, partially offset by favorable net price realization and mix and lower SG&A expenses. Segment operating profit
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contributions from volume growth and higher input costs. Segment operating profit decreased 15 percent on a constant-currency basis
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decreased 15 percent on a constant-currency basis in the first quarter of fiscal 2027, compared to the same period in fiscal 2026 (see
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favorable foreign currency exchange impacts and an increase in contributions from volume growth, partially offset by unfavorable net
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increase in contributions from volume growth and favorable foreign currency exchange impacts, partially offset by unfavorable net
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International organic net sales increased 1 percent in thethird quarter of fiscal 2026, compared to the same period in fiscal 2025,
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North America Foodservice net sales increased 1 percent in the first quarter of fiscal 2027 compared to the same period in fiscal 2026,
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by favorable net price realization and mix, partially offset by a decrease in contributions from volume growth, both of which include
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driven by favorable net price realization and mix, partially offset by a decrease in contributions from volume growth, both of which
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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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(b)Divestiture of the United States yogurt business in the first quarter of fiscal 2026. Please refer to Note 2 to the Consolidated Financial
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2025, driven by a decrease in contributions from organic volume growth, partially offset by favorable organic net price realization and
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fiscal 2026, driven by favorable organic net price realization and mix, partially offset by a decrease in contributions from organic
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contributions from volume growth, partially offset by higher input costs. Segment operating profit increased 82 percent on a constant-
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period in fiscal 2026, primarily driven by favorable net price realization and mix, partially offset by higher input costs. Segment
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higher input costs, and a decrease in contributions from volume growth, partially offset by favorable net price realization and mix and
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recorded in the first quarter of fiscal 2027 related to the Whitebridge Pet Brands acquisition in fiscal 2025.
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in Part I, Item 1 of this report).
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the “Non-GAAP Measures” section below for our use of this measure not defined by GAAP).
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by an increase in contributions from organic volume growth, partially offset by unfavorable organic net price realization and mix.
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period in fiscal 2026, primarily driven by higher input costs, a decrease in contributions from volume growth, and higher SG&A
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our use of this measure not defined by GAAP).
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Consolidated Financial Statements in Part I, Item 1 of this report.
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Consolidated Financial Statements in Part I, Item 1 of this report.
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related to the sale of our United States yogurt business. Please refer to Note 2 to the Consolidated Financial Statements in Part I, Item
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contributions from volume growth, partially offset by favorable net price realization and mix and favorable foreign currency exchange
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decrease in contributions from organic volume growth and unfavorable organic net price realization and mix.
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earnings mix by jurisdiction in fiscal 2026. Our effective tax rate excluding certain items affecting comparability was 24.0 percent in
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1 of this report for additional information.
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use of measures not defined by GAAP).
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A summary of our consolidated financial results for thenine-month period ended February 22, 2026, follows:
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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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Components of organic net sales growth are shown in the following table:
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period in fiscal 2025. Thedecrease was primarily driven by an$889 million decrease attributable to lower volume, partially offset by a
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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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“Non-GAAP Measures” section below for a description of our use of measures not defined by GAAP).
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The components of our joint ventures’ net sales growth are shown in the following table:
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Average diluted shares outstanding decreased by 21 million in thenine-month period ended February 22, 2026, from the same
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period a year ago primarily due to share repurchases.
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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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growth and higher input costs, partially offset by favorable net price realization and mix and lower SG&A expenses. Segment
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driven by an increase in contributions from organic volume growth, partially offset by unfavorable organic net price realization and
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fiscal 2025, driven by an increase in contributions from organic volume growth and favorable organic net price realization and mix.
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million in the same period in fiscal 2025, primarily driven by favorable net price realization and mix, partially offset by higher input
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use of this measure not defined by GAAP).
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period in fiscal 2025, driven by a decrease in contributions from organic volume growth, partially offset by favorable organic net price
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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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Please refer to Note 2 to the Consolidated Financial Statements in Part I, Item 1 of this report.
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same period in fiscal 2025, driven by a decrease in contributions from organic volume growth.
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section below for our use of this measure not defined by GAAP).
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compliance with all of these covenants.
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In December 2023, the FASB issued ASU 2023-09 requiring enhanced income tax disclosures. The ASU requires disclosure of
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a prospective basis. Retrospective application is permitted. We are in the process of analyzing the impact of the ASU on our related
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fiscal 2025. Please refer to Note 2 to the Consolidated Financial Statements in Part I, Item 1 of this report.
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to the Consolidated Financial Statements in Part I, Item 1 of this report.