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General Mills, Inc.

GIS Consumer Defensive Packaged Foods

General Mills, Inc.’s revenue for fiscal 2026 (year ended May 2026) was $18.4 billion, down 5.45% from fiscal 2025.

Revenue
−2.83%
EPS
−66.7%
Free cash flow
−28.6%
Total debt
−6.75%

Quarter to August 2026, against a year earlier

36.36 0.51 +1.42%
Market cap
$19.5B
P/E
0.0×
Fwd P/E
11.3×
Dividend yield
6.71%
F-score
4/9
Altman Z
2.06
Beneish M
−2.92
Dividend safety
37/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2026

  • North America Retail
  • International
  • North America Pet
  • North America Foodservice

Every year since 2017 →

Insider Decisions last twelve months

Sold, $m 1.23
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 1 — — — — 2 — — — — 1 —
Insider Ownership 0.92%

Capital & Financial Ratios $m

Size
Market Cap 19,490.00
Revenue ttm 18,296.60
Net income ttm (891.20)
Free cash flow ttm 1,548.10
Net debt Q 12,980.90
Valuation
P/E 0.00
Forward P/E 11.30
Price / sales 1.07
Forward P/S Powerpack
Price / FCF 12.62
Price / book 2.62
Financial health
Current ratio Q 0.70 (below 1: weak)
Debt / equity Q 1.80
Interest coverage Q 4.46
Growth
Revenue growth Q −2.83% (below 0%: shrinking)
Operating income growth Q −63.29% (below 0%: shrinking)
EPS, this year −13.20% (below 0%: weak)
EPS, next year A +2.42%
Revenue, next year A −4.03% (below 0%: weak)
EPS, past 5 yrs —
EPS, next 5 yrs A −2.11% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.8×, against a ten-year median of 2.6×; over the ten years it ranged from 1.7× in 2026 to 3.1× in 2022.
P/S against its own 10 years 4.00%
10-year low 10-year high
P/B against its own 10 years 5.46%
10-year low 10-year high
EV/Sales against its own 10 years 4.55%
10-year low 10-year high
EV/FCF against its own 10 years 69.86%
10-year low 10-year high

Dividends raised 7 years running

Yield
6.71%
Annual rate
2.44
Payout ratio
—
Growth, 2018–26
+2.78%/yr
  1. 1.96 ’18
  2. 1.96 ’19 +0
  3. 1.98 ’20 +1
  4. 2.04 ’21 +3
  5. 2.10 ’22 +3
  6. 2.26 ’23 +8
  7. 2.38 ’24 +5
  8. 2.42 ’25 +2
  9. 2.44 ’26 +1
paid change on the year, % Powerpack

Assets vs Liabilities $m

2024 2025 2026 Q'26
Cash 418 364 454 433
Receivables 1,696 1,796 1,647 1,775
Inventory 1,898 1,911 1,918 2,163
Other — 740 — —
4,581 5,276 4,618 4,884
2024 2025 2026 Q'26
Payables 3,988 4,010 3,730 3,715
ST’ Debt 1,614 1,528 1,054 1,047
Other 1,419 1,642 1,923 1,976
7,033 7,857 6,774 6,940

Compound Annual Growth %

10y 5y 3y
Sales 1.07% 0.33% (2.85%)
Cash Flow (2.41%) (6.20%) (7.96%)
Earnings 0.00% 0.00% 0.00%
Book Value 3.35% (5.46%) (11.64%)

Earnings Trends EPS, adjusted, against the consensus

Q1 FY27 Estimate 0.72 Actual 0.75

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q2 FY26 1.02 1.10 Beat by 0.08
Q3 FY26 0.74 0.64 Miss by 0.10
Q4 FY26 0.82 0.95 Beat by 0.13
Q1 FY27 0.72 0.75 Beat by 0.03
Q2 FY27 0.96 — Reports 16 December 2026

EPS $

Aug Nov Feb May Year
’26 0.74 — — — —
’26 2.22 0.78 0.56 (3.74) (0.16)
’25 1.03 1.42 1.12 0.53 4.10
’24 1.14 1.02 1.17 0.98 4.31
’23 1.35 1.01 0.92 1.03 4.31
’22 1.02 0.97 1.08 1.35 4.42
’21 1.03 1.11 0.96 0.68 3.78
Fiscal quarters ending in the months shown.

Revenue $m

Aug Nov Feb May Year
’26 4,390 — — — —
’26 4,518 4,861 4,437 4,610 18,425
’25 4,848 5,240 4,842 4,556 19,487
’24 4,905 5,139 5,099 4,714 19,857
’23 4,718 5,221 5,126 5,030 20,094
’22 4,540 5,024 4,538 4,891 18,993
’21 4,364 4,719 4,520 4,524 18,127
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Aug Nov Feb May Year
’26 298 — — — —
’26 397 819 398 552 2,166
’25 624 1,151 532 612 2,918
’24 378 1,118 943 864 3,303
’23 389 812 826 752 2,779
’22 370 1,128 730 1,088 3,316
’21 584 843 781 775 2,983
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Aug Nov Feb May Year
’26 207 — — — —
’26 290 675 298 367 1,631
’25 485 990 428 392 2,294
’24 236 966 752 576 2,529
’23 298 677 702 414 2,090
’22 266 1,009 604 872 2,751
’21 467 734 662 589 2,452
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 7.1% a year for ten years. It grew 0.5% a year over the last ten.

Implied
7.1%
10 years, reported
0.5%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to May

Ten-year view Analyst estimates Powerpack
Group Line 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 TTM Aug ’26 Trend 10 yrs 2027e 2028e 2029e Next 3/yr
Income, $m
Income, $m Revenue 15,620 15,740 16,865 17,627 18,127 18,993 20,094 19,857 19,487 18,425 18,297 +1.9% 17,683 17,731 17,911 (0.9%)
Gross margin, % 35.65 34.53 34.13 34.78 35.57 33.71 32.58 34.91 34.55 33.63 33.61 (2.0) pt
EBT 2,271 2,136 2,082 2,600 2,857 3,210 3,141 3,028 2,835 406 (701) (17.4%)
EBT margin, % 14.54 13.57 12.34 14.75 15.76 16.90 15.63 15.25 14.55 2.20 (3.83) (12.3) pt
Net income 1,701 2,163 1,786 2,211 2,346 2,735 2,610 2,519 2,319 (85) (891) n/m
Per share, $
Per share, $ Revenue 26.61 27.29 28.09 28.99 29.52 31.26 33.78 34.50 35.14 34.27 34.05 +2.9%
Earnings 2.82 3.69 2.92 3.59 3.81 4.46 4.36 4.34 4.14 (0.16) (1.65) n/m
Cash flow 4.11 4.93 4.68 6.05 4.86 5.46 4.67 5.74 5.26 4.03 3.85 (0.2%)
Capex (1.16) (1.08) (0.87) (0.75) (0.86) (0.93) (1.16) (1.34) (1.13) (1.00) (0.97) (1.7%)
Free cash flow 2.96 3.85 3.80 5.29 3.99 4.53 3.51 4.40 4.14 3.03 2.88 +0.3%
Book value 7.98 11.26 12.27 13.73 15.91 17.76 17.99 16.77 16.61 13.73 13.89 +6.2%
Shares, m 587 577 600 608 614 608 595 576 555 538 537 (1.0%)
Valuation, ×
Valuation, × P/E 20.12 11.49 16.93 17.65 16.45 15.66 19.35 15.84 13.11 0.00 0.00 14.7
P/S 2.13 1.55 1.76 2.19 2.12 2.23 2.49 1.99 1.54 0.98 1.07 1.9
P/B 7.11 3.76 4.03 4.63 3.94 3.93 4.68 4.10 3.26 2.45 2.62 4.2
EV/Sales 2.61 2.43 2.51 2.85 2.72 2.77 3.04 2.62 2.25 1.69 1.78 2.5
EV/FCF 23.51 17.24 18.50 15.61 20.07 19.15 29.25 20.59 19.12 19.07 21.01 20.2
Cash, $m
Cash, $m Operating cash flow 2,415 2,841 2,807 3,676 2,983 3,316 2,779 3,303 2,918 2,166 2,067 (1.2%)
Capex (680) (621) (523) (459) (531) (565) (688) (773) (624) (535) (519) (2.6%)
Free cash flow 1,735 2,220 2,284 3,217 2,452 2,751 2,090 2,529 2,294 1,631 1,548 (0.7%)
Balance, $m
Balance, $m Working capital (1,269) (3,218) (2,901) (2,370) (2,511) (2,930) (2,359) (2,452) (2,582) (2,156) (2,056) +6.1%
Net debt 7,482 13,870 12,571 11,583 10,746 10,240 11,089 12,500 13,838 13,016 12,981 +6.3%
Shareholders’ equity 4,686 6,492 7,368 8,350 9,773 10,788 10,700 9,649 9,211 7,381 7,464 +5.2%
Returns, %
Returns, % ROA 7.62 8.13 5.77 7.16 7.47 8.60 8.29 7.94 7.11 (0.28) (2.83) (7.9) pt
ROIC 12.80 7.43 7.89 9.26 9.58 10.33 9.85 9.68 8.96 2.71 (0.63) (10.1) pt
ROE 33.17 38.13 25.29 27.76 25.82 26.33 24.14 24.54 24.34 (1.06) (10.54) (34.2) pt
People
People Employees 38,000 40,000 40,000 35,000 35,000 32,500 34,000 34,000 33,000 30,000 — (2.6%)
Revenue/emp, $m 0.41 0.39 0.42 0.50 0.52 0.58 0.59 0.58 0.59 0.61 — +4.6%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to May 2026 · latest quarter Aug 2026 · fundamentals updated 2 Oct 2026

Business profile

Updated

General Mills is a manufacturer and marketer of branded consumer foods and pet food. It was founded in 1928 and is headquartered in Golden Valley. Jeffrey L. Harmening is Chairman and Chief Executive Officer.

The company sells more than 100 brands in 100 countries across six continents. Its consumer offering spans snacks; ready-to-eat cereal; convenient meals such as meal kits, pizza, soup, frozen breakfast and entrees; refrigerated and frozen dough; baking mixes and ingredients; and super-premium ice cream. Its pet business sells wholesome natural pet food.

Where the money comes from and where it goes Fiscal 2026

Fiscal 2026: revenue by segment, and margins
North America Retail 10,572 57.38%
International 3,044 16.52%
North America Pet 2,613 14.18%
North America Foodservice 2,170 11.78%
Gross margin 33.63%
Operating margin 4.81%
Pre-tax margin 2.20%

Revenue by segment since 2017

General Mills, Inc. vs peers in Packaged Foods (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
KHC Kraft Heinz Company $30.0B — (loss-making) — (loss-making) −1.96% (below 0%: shrinking) −13.10% (below 0%: shrinking) −28.80% (below 0%: shrinking) 32.51% 14.31% Compare
GIS General Mills, Inc. $19.5B — (loss-making) 11.3× −2.83% (below 0%: shrinking) −66.67% (below 0%: shrinking) −28.59% (below 0%: shrinking) 33.88% 14.43%
SJM The J. M. Smucker Company $14.2B 62.1× 14.5× +5.02% (above 0%: growing) n/m +511.71% (above 0%: growing) 44.14% 23.05% Compare
JBS JBS N.V. $13.7B 12.5× 14.4× +13.82% (above 0%: growing) n/m +238.90% (above 0%: growing) 10.83% 2.50% Compare
MKC McCormick & Company, Incorporated $13.5B 9.0× 8.6× +17.39% (above 0%: growing) −57.14% (below 0%: shrinking) −45.61% (below 0%: shrinking) 39.26% 10.72% Compare
HRL Hormel Foods Corporation $12.4B 35.8× 16.8× −2.36% (below 0%: shrinking) −66.67% (below 0%: shrinking) +107.16% (above 0%: growing) 15.92% 2.49% Compare
MICC The Magnum Ice Cream Company N.V. $12.3B — — — — — — — Compare
DAR Darling Ingredients Inc. $8.0B 9.5× 8.2× +14.52% (above 0%: growing) +1,323.67% (above 0%: growing) +428.22% (above 0%: growing) 26.66% 18.61% Compare
LW Lamb Weston $7.6B 29.9× 20.3× +0.66% (above 0%: growing) −54.35% (below 0%: shrinking) −47.29% (below 0%: shrinking) 15.96% 4.92% Compare
Median of peers $13.0B 21.2× 14.5× +5.02% −54.35% +107.16% 26.66% 10.72%

All 68 Packaged Foods stocks →

From the latest earnings call

Updated

  • Dana McNabb said the company expects price mix to improve through product mix, premium innovation and price-pack architecture while continuing work on dollar-share trends.
  • Kofi Bruce said fiscal 2027 cost savings and input-cost inflation are expected to roughly offset in aggregate over the full year.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Evercore ISI Oct 20, 2026 Target cut — —
Bank of America Oct 20, 2026 Target cut — —
Freedom Broker Sep 28, 2026 Target cut — 42.00 → 38.00
Deutsche Bank Sep 28, 2026 Target raised Hold 33.00 → 34.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 87.38%
Held by the ten largest 49.70%
Holder Shares Stake Change
Vanguard 67.35m 12.62% −825.61k
BlackRock 62.69m 11.75% +1.76m
State Street 34.00m 6.37% −185.36k
Charles Schwab 18.05m 3.38% +1.94m
UBS 17.79m 3.33% +1.05m
Geode Capital Management 16.02m 3.00% +224.68k
AQR Capital Management 14.93m 2.80% +1.89m
Morgan Stanley 12.40m 2.32% +1.50m
Nordea Investment Management 11.32m 2.12% +733.81k
Invesco 10.70m 2.00% +455.22k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 13 August 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2026 14.02m 764.45k 64.81
2025 12.49m (751.09k) 96.83
2024 16.06m (2.74m) 119.25
2023 16.39m 33.14m 141.93
2022 12.27m 27.69m 114.75

Ownership

Directors and executive officers, together less than 1%
BlackRock, Inc. 10.50%
Vanguard Capital Management 7.50%
State Street Corporation 5.90%
Vanguard Portfolio Management 5.20%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

General Mills, Inc. (GIS) Latest News

4 Nov

Impact 3 · · Trefis

27 Oct

Impact 4 · · fooddive.com
Impact 4 · · Business Wire
Impact 3 · · The Motley Fool
Impact 3 · · Zacks

26 Oct

Impact 3 · · 24/7 Wall St.

23 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · Zacks
Impact 3 · · Simply Wall St.

22 Oct

Impact 4 · · fooddive.com
Impact 3 · · Simply Wall St.
Impact 3 · · Business Wire

21 Oct

Impact 4 · · Business Wire

20 Oct

Impact 4 · · StockStory
Impact 3 · · The Motley Fool

19 Oct

Impact 4 · · TIKR

17 Oct

Impact 3 · · Insider Monkey

16 Oct

Impact 3 · · StockStory

14 Oct

Impact 3 · · Simply Wall St.
Impact 3 · · Simply Wall St.
Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · Zacks

12 Oct

Impact 3 · · TIKR

9 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · Business Wire

7 Oct

Impact 4 · · 24/7 Wall St.
Impact 3 · · Business Wire

5 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · Business Wire

GIS metrics, ten years each

stockrow.com/GIS · Data as of Oct 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com