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General Mills, Inc. GIS

Consumer Defensive  —  Packaged Foods
33.64 (1.19) (3.42%) as of 25 Sep
Market cap
$18.7B
P/E
0.0×
S&P 500 Member Dividend Champion (3y)
Indexes indicate stock being part of an index,
Growth Flags show if company had growth for consecutive years
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

General Mills, Inc. (GIS) Financial Analysis

Updated · Covers results through Q1 FY2027 · Sources · How this is made

Snapshot

General Mills generated revenue of $18.4 billion in FY2026, compared with $19.5 billion in FY2025. Net income was −$85.3 million in FY2026, compared with $2.3 billion in FY2025, and diluted EPS was −$0.16 in FY2026, compared with $4.10 in FY2025.

In Q1 FY2027, revenue was $4.4 billion, gross profit was $1.5 billion, operating income was $633.6 million, and net income was $398.1 million. Diluted EPS was $0.74 in Q1 FY2027, and free cash flow was $207.3 million in Q1 FY2027. Revenue over the TTM to Q1 FY2027 was $18.3 billion, while net income over the TTM to Q1 FY2027 was −$891.2 million.

Growth

Revenue declined −5.45% in FY2026 against FY2025, to $18.4 billion in FY2026 from $19.5 billion in FY2025. Revenue compound annual growth was −2.85% in FY2023–FY2026 and 0.33% in FY2021–FY2026. Diluted EPS declined −103.9% in FY2026 against FY2025, to −$0.16 in FY2026 from $4.10 in FY2025; the EPS compound annual growth rates for FY2023–FY2026 and FY2021–FY2026 were not meaningful because a value at one end was zero or negative.

Free cash flow declined −28.9% in FY2026 against FY2025, to $1.6 billion in FY2026 from $2.3 billion in FY2025. Its compound annual growth was −7.94% in FY2023–FY2026 and −7.83% in FY2021–FY2026. In Q1 FY2027, revenue was down −2.83% against Q1 FY2026, EPS was down −66.7% against Q1 FY2026, and free cash flow was down −28.6% against Q1 FY2026.

Profitability

Gross margin was 33.6% in FY2026, a change of −1.9 percentage points in FY2021–FY2026 and −0.9 percentage points in FY2025–FY2026. Operating margin was 4.81% in FY2026, a change of −12.5 percentage points in FY2021–FY2026. Pre-tax margin was 2.20% in FY2026, a change of −13.6 percentage points in FY2021–FY2026, while net margin was −0.46% in FY2026, a change of −13.4 percentage points in FY2021–FY2026.

Operating income was $885.8 million in FY2026, compared with $3.3 billion in FY2025. Return on equity was −1.06% in FY2026, return on assets was −0.28% in FY2026, and return on invested capital was 2.71% in FY2026; each was lower than in FY2025. Industry median profitability measures are not reported.

Balance sheet

Total debt was $13.5 billion in FY2026, down from $14.2 billion in FY2025. Net debt was $13.0 billion in FY2026, down from $13.8 billion in FY2025, while cash and short-term investments were $453.8 million in FY2026, compared with $363.9 million in FY2025.

Shareholders’ equity was $7.4 billion in FY2026, compared with $9.2 billion in FY2025, and book value per share was $13.73 in FY2026, compared with $16.61 in FY2025. Working capital was −$2.2 billion in FY2026. In Q1 FY2027, net debt was $13.0 billion, the current ratio was 0.7×, and debt to equity was 1.8×. Net debt in Q1 FY2027 was unchanged from Q4 FY2026 and lower than Q1 FY2026.

Cash flow & capital return

Operating cash flow was $2.2 billion in FY2026, down −25.8% in FY2026 against FY2025. Capital expenditure was $535.1 million in FY2026, compared with $624.2 million in FY2025, and free cash flow was $1.6 billion in FY2026, compared with $2.3 billion in FY2025. Operating cash flow over the TTM to Q1 FY2027 was $2.1 billion, down −23.2% against the TTM to Q1 FY2026, while free cash flow over the TTM to Q1 FY2027 was $1.5 billion, down −26.3%.

Dividends paid were $1.3 billion in FY2026 and net share repurchases were $499.8 million in FY2026, for capital returned to shareholders of $1.8 billion in FY2026. Weighted average shares were 537.7 million shares in FY2026, and the share count changed −12.4% in FY2021–FY2026.

Valuation

Market capitalisation was $18.7 billion as of September 24, 2026. P/E was not meaningful as of September 24, 2026 because earnings or book value were negative.

P/S was 1.0× as of September 24, 2026, below the five-year median of 2.0× as of September 24, 2026, over the five fiscal years to FY2026, and below the ten-year median of 2.1× as of September 24, 2026, over the ten fiscal years to FY2026. P/B was 2.5× as of September 24, 2026, below the five-year median of 3.9× as of September 24, 2026, over the five fiscal years to FY2026, and below the ten-year median of 4.0× as of September 24, 2026, over the ten fiscal years to FY2026. EV/Sales was 1.7× as of September 24, 2026, below both its five-year and ten-year medians of 2.6× as of September 24, 2026. EV/Cash flow was 20.5× as of September 24, 2026, above both its five-year and ten-year medians of 19.1× as of September 24, 2026. Industry median valuation multiples are not reported.

What changed since last quarter

Revenue was $4.4 billion in Q1 FY2027, down −4.77% against Q4 FY2026 and down −2.83% against Q1 FY2026. Management attributes the year-over-year sales decline in Q1 FY2027 to lower contributions from volume growth, partly offset by favorable net price realization and mix, including the impact of the United States yogurt divestiture.

Operating income was $633.6 million in Q1 FY2027, compared with −$2.1 billion in Q4 FY2026 and $1.7 billion in Q1 FY2026. Operating margin was 14.4% in Q1 FY2027, up 59.8 percentage points against Q4 FY2026 but down −23.8 percentage points against Q1 FY2026. Management attributes the year-over-year operating-profit decline primarily to a gain related to the divestiture in Q1 FY2026, higher input costs, and lower volume-growth contributions, partly offset by favorable price realization and mix. Free cash flow was $207.3 million in Q1 FY2027, down −43.5% against Q4 FY2026 and down −28.6% against Q1 FY2026.

Open questions

  • How will changes in volume growth and price realization affect future sales trends?
  • What will be the ongoing effect of the United States yogurt divestiture on reported results?
  • How will input-cost inflation and product investment affect future operating profitability?
  • What factors drove the impairment charges recorded in the fourth quarter of FY2026?

Sources

This page is for information only. It is not investment advice, a recommendation or an offer to buy or sell any security. Figures come from the sources listed above and may contain errors; verify against the company's filings.