General Mills, Inc.

GIS · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$18,044	–	$38,559	$49,444	$42,089	$37,918	$38,026	$29,823	$25,510	$34,226	$37,869	$33,870	$34,529	$30,536	$24,809	$25,552	$23,746	$16,984	$21,046	$21,220	$18,565	$18,364	$17,168	$17,262	$15,060	$12,030	$11,868	$12,278	$10,947	$9,988	$9,109	$8,146	$7,182	$8,973	$8,736	$7,970	$5,431	$4,401	$3,283	$3,961	$2,823	$2,216
Enterprise value	$31,140	–	$51,708	$61,056	$53,490	$49,362	$50,558	$42,779	$41,281	$43,299	$45,911	$43,123	$42,918	$38,220	$32,229	$32,064	$29,743	$23,531	$27,626	$28,141	$25,103	$25,116	$24,942	$25,716	$23,678	$15,394	$15,101	$14,592	$12,998	$11,849	$10,526	$9,740	$9,147	$10,545	$9,858	$8,962	$6,302	$5,060	$4,001	$4,161	$3,102	$2,980
P/E (TTM) at period end	–	–	15.44×	19.06×	15.55×	16.21×	17.43×	17.02×	11.97×	20.65×	22.31×	27.73×	18.93×	16.46×	15.83×	14.21×	15.51×	13.02×	16.26×	18.55×	17.03×	14.81×	16.27×	18.82×	32.88×	18.09×	19.33×	22.97×	25.95×	22.43×	19.12×	22.17×	15.28×	17.73×	17.63×	16.86×	14.24×	9.09×	11.60×	17.84×	15.38×	–
P/S (TTM) at period end	0.98×	–	1.94×	2.46×	2.22×	2.09×	2.16×	1.77×	1.62×	2.19×	2.29×	1.92×	1.93×	1.72×	1.49×	1.72×	1.62×	1.16×	1.54×	1.71×	1.59×	1.62×	1.55×	1.64×	1.89×	2.21×	2.29×	1.97×	1.81×	1.78×	1.68×	1.62×	0.84×	1.10×	1.12×	1.11×	0.84×	0.78×	0.63×	0.76×	0.62×	0.52×
P/B at period end	2.45×	–	4.10×	4.73×	3.99×	4.00×	4.72×	4.23×	4.15×	7.91×	7.68×	6.78×	5.28×	4.58×	3.86×	4.01×	4.39×	3.28×	3.39×	3.99×	3.22×	3.24×	3.27×	4.13×	4.21×	231.35×	–	74.78×	57.55×	20.19×	29.60×	57.77×	6.24×	7.36×	6.37×	7.16×	6.71×	6.01×	5.06×	5.42×	4.14×	2.17×
EV / EBITDA (TTM)	21.61×	–	12.98×	15.34×	13.22×	13.18×	14.25×	13.64×	13.58×	13.99×	13.85×	16.18×	12.11×	11.11×	10.38×	9.87×	9.71×	8.47×	10.28×	11.37×	10.53×	10.72×	10.32×	11.54×	17.17×	10.79×	11.55×	12.04×	11.35×	11.37×	10.06×	11.06×	7.02×	8.85×	8.57×	8.58×	7.64×	7.26×	6.45×	6.95×	6.50×	8.16×
EV / Sales (TTM)	1.69×	–	2.60×	3.04×	2.82×	2.72×	2.87×	2.54×	2.62×	2.77×	2.77×	2.45×	2.40×	2.15×	1.93×	2.15×	2.03×	1.60×	2.02×	2.26×	2.14×	2.22×	2.25×	2.45×	2.98×	2.82×	2.92×	2.34×	2.15×	2.11×	1.94×	1.94×	1.07×	1.30×	1.27×	1.25×	0.98×	0.90×	0.77×	0.80×	0.68×	0.70×
Returns
Return on equity	(1.2%)	24.8%	26.6%	24.8%	25.7%	24.7%	27.1%	24.8%	34.7%	38.3%	34.4%	24.4%	27.9%	27.8%	24.4%	28.3%	28.3%	25.2%	20.8%	21.5%	18.9%	21.8%	20.1%	22.0%	12.8%	1278.8%	–	325.5%	221.8%	90.1%	154.8%	260.6%	40.8%	41.5%	36.2%	42.5%	47.1%	66.2%	43.7%	30.4%	26.9%	(7.1%)
Return on invested capital	–	10.9%	12.2%	12.5%	12.8%	11.5%	11.7%	10.4%	10.7%	13.2%	14.3%	9.7%	13.2%	14.1%	12.6%	15.1%	14.9%	12.5%	11.5%	11.3%	10.7%	10.0%	10.3%	9.8%	5.8%	23.1%	24.1%	26.2%	26.9%	23.1%	31.4%	25.5%	20.0%	19.7%	21.7%	23.8%	23.4%	23.9%	21.1%	25.7%	21.5%	–
Dividend yield	7.3%	–	3.5%	2.6%	3.0%	3.3%	3.1%	4.0%	4.5%	3.3%	2.8%	3.0%	2.8%	2.8%	3.2%	2.9%	2.7%	3.4%	2.5%	2.4%	2.6%	2.5%	2.4%	2.4%	2.4%	2.6%	2.8%	2.7%	3.1%	3.2%	3.3%	3.6%	4.2%	3.1%	2.8%	2.6%	3.3%	3.5%	–	–	–	–
Financial health
Current ratio	0.68×	0.67×	0.65×	0.69×	0.63×	0.70×	0.68×	0.59×	0.56×	0.76×	0.79×	0.75×	0.81×	0.81×	0.96×	1.07×	0.92×	0.98×	0.75×	0.52×	0.50×	0.73×	1.17×	0.92×	0.60×	0.64×	0.47×	0.65×	0.72×	0.78×	0.83×	0.73×	0.62×	0.69×	0.75×	0.85×	0.78×	0.81×	0.83×	0.94×	1.05×	1.22×
Debt / equity	1.69×	1.45×	1.20×	0.96×	0.94×	1.07×	1.39×	1.86×	2.32×	2.05×	1.49×	1.64×	1.15×	0.98×	1.04×	0.92×	1.17×	1.27×	1.13×	1.17×	1.05×	1.09×	1.57×	2.12×	2.64×	65.92×	(11.28×)	14.11×	10.82×	3.79×	4.67×	11.40×	1.71×	1.37×	0.82×	0.93×	1.08×	0.92×	1.13×	0.52×	0.69×	0.81×
Effective tax rate	102.2%	20.2%	19.6%	19.5%	18.3%	22.0%	18.5%	17.7%	2.7%	28.8%	31.4%	33.3%	33.3%	29.2%	32.1%	29.7%	35.0%	37.1%	34.0%	32.9%	33.1%	34.8%	33.4%	33.4%	34.1%	34.5%	35.4%	36.3%	36.4%	36.7%	37.0%	35.8%	37.6%	40.0%	40.1%	39.4%	39.0%	39.1%	40.1%	48.8%	43.3%	1012.5%
Share count
Diluted shares outstanding	538	558	580	601	613	619	613	605	586	598	612	619	646	666	667	665	683	687	694	720	758	818	826	756	684	584	615	629	649	646	648	628	635	653	661	657	652	650	674	705	706	715

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$18,297	$18,425	$19,487	$19,857	$20,094	$18,993	$18,127	$17,627	$16,865	$15,740	$15,620	$16,563	$17,630	$17,910	$17,774	$16,658	$14,880	$14,636	$14,691	$13,652	$12,442	$11,711	$11,308	$11,070	$10,506	$7,949	$5,450	$5,173	$6,246	$6,033	$5,609	$5,416	$5,027	$8,517	$8,135	$7,778	$7,153	$6,448	$5,621	$5,179	$5,189	$4,587	$4,285
Cost of revenue	($12,146)	($12,229)	($12,754)	($12,925)	($13,548)	($12,591)	($11,679)	($11,497)	($11,108)	($10,313)	($10,056)	($10,734)	($11,681)	($11,540)	($11,350)	($10,613)	($8,927)	($8,835)	($9,458)	($8,778)	($7,955)	($7,545)	($7,326)	($6,584)	($6,109)	($4,662)	($2,841)	($2,489)	($2,399)	($2,343)	($2,328)	($2,241)	($2,023)	($4,458)	($4,298)	($4,123)	($3,722)	($3,485)	($3,115)	($2,848)	($2,834)	($2,564)	($2,475)
Gross profit	$6,150	$6,196	$6,733	$6,932	$6,546	$6,402	$6,448	$6,130	$5,757	$5,428	$5,564	$5,830	$5,949	$6,370	$6,424	$6,045	$5,954	$5,800	$5,234	$4,874	$4,486	$4,166	$3,982	$4,486	$4,397	$3,287	$2,609	$2,684	$3,847	$3,690	$3,281	$3,175	$3,004	$4,059	$3,837	$3,655	$3,431	$2,963	$2,506	$2,331	$2,355	$2,023	$1,810
Operating expenses
Research and development	–	($256)	($257)	($258)	($258)	($243)	($239)	($224)	($222)	($219)	($218)	($222)	($229)	($244)	($238)	($245)	($235)	($218)	($208)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($3,376)	($3,388)	($3,446)	($3,259)	($3,500)	($3,147)	($3,080)	($3,152)	($2,936)	($2,850)	($2,889)	($3,119)	($3,328)	($3,474)	($3,552)	($3,381)	($3,192)	($3,163)	($2,893)	($2,566)	($2,389)	($2,178)	($1,998)	($2,443)	($2,472)	($2,070)	($1,393)	($1,376)	($2,635)	($2,545)	($2,239)	($2,128)	($2,123)	($2,756)	($2,645)	($2,504)	($2,386)	($2,138)	($1,808)	($1,710)	($1,756)	($1,546)	($1,368)
Total operating expenses	($6,356)	($5,310)	($3,428)	($3,500)	($3,112)	($2,926)	($3,304)	($3,176)	($3,241)	($3,008)	($3,072)	($3,122)	($3,872)	($3,412)	($3,572)	($3,482)	($3,179)	($3,194)	($2,908)	($2,645)	($2,429)	($2,208)	($2,082)	($2,469)	($2,534)	($2,204)	($1,405)	($1,585)	($2,829)	($2,740)	($2,422)	($2,315)	($2,315)	($3,059)	($2,919)	($2,752)	($2,604)	($2,318)	($1,961)	($1,850)	($1,888)	($1,659)	($1,554)
Total costs and expenses	($18,503)	($17,539)	($16,182)	($16,426)	($16,660)	($15,517)	($14,982)	($14,673)	($14,349)	($13,320)	($13,128)	($13,856)	($15,553)	($14,952)	($14,922)	($14,096)	($12,106)	($12,030)	($12,366)	($11,423)	($10,384)	($9,752)	($9,408)	($9,053)	($8,643)	($6,866)	($4,246)	($4,074)	($5,228)	($5,083)	($4,750)	($4,556)	($4,338)	($7,518)	($7,217)	($6,875)	($6,326)	($5,803)	($5,076)	($4,698)	($4,722)	($4,223)	($4,029)
Operating income	($206)	$886	$3,305	$3,432	$3,434	$3,476	$3,145	$2,954	$2,516	$2,420	$2,492	$2,707	$2,077	$2,957	$2,852	$2,562	$2,774	$2,606	$2,325	$2,229	$2,058	$1,959	$1,900	$2,017	$1,863	$1,083	$1,204	$1,099	$1,018	$950	$859	$860	$689	$999	$918	$903	$827	$645	$545	$480	$467	$364	$256
Earnings
EBITDA	$350	$1,441	$3,844	$3,984	$3,980	$4,046	$3,746	$3,549	$3,136	$3,039	$3,096	$3,316	$2,666	$3,543	$3,440	$3,104	$3,247	$3,063	$2,779	$2,688	$2,476	$2,383	$2,343	$2,416	$2,228	$1,379	$1,427	$1,308	$1,212	$1,145	$1,042	$1,047	$880	$1,303	$1,192	$1,150	$1,045	$825	$697	$620	$599	$477	$365
Interest income	–	$31	$25	$19	$14	$4	$7	$6	$6	$12	$7	$8	$13	$16	$13	$10	$7	$7	$22	$27	$31	$27	$30	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($548)	($539)	($524)	($479)	($382)	($380)	($420)	($466)	($522)	($374)	($295)	($304)	($315)	($302)	($317)	($352)	($346)	($402)	($383)	($400)	($394)	($366)	($446)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	$60
Pre-tax income	($701)	$406	$2,835	$3,028	$3,140	$3,210	$2,857	$2,600	$2,082	$2,136	$2,271	$2,404	$1,762	$2,655	$2,535	$2,210	$2,428	$2,204	$1,942	$1,830	$1,704	$1,629	$1,901	$1,583	$1,377	$700	$1,015	$950	$838	$664	$704	$756	$405	$753	$844	$844	$766	$613	$518	$443	$433	$324	$8
Income tax expense	($126)	($414)	($574)	($594)	($612)	($586)	($629)	($480)	($368)	($57)	($655)	($755)	($587)	($883)	($741)	($710)	($721)	($771)	($720)	($622)	($560)	($538)	($661)	($528)	($460)	($239)	($350)	($336)	($304)	($242)	($258)	($279)	($145)	($284)	($338)	($339)	($301)	($239)	($202)	($177)	($211)	($140)	($81)
Net income	($895)	($88)	$2,295	$2,497	$2,594	$2,707	$2,340	$2,181	$1,753	$2,131	$1,658	$1,697	$1,221	$1,824	$1,855	$1,567	$1,798	$1,530	$1,304	$1,295	$1,144	$1,090	$1,240	$1,055	$917	$458	$665	$614	$534	$422	$445	$476	$367	$470	$506	$496	$473	$381	$484	$283	$222	$184	($73)
Per share
Diluted EPS (GAAP)	($1.66)	($0.16)	$4.10	$4.31	$4.31	$4.42	$3.78	$3.56	$2.90	$3.64	$2.77	$2.77	$1.97	$2.83	$2.79	$2.35	$2.70	$2.24	$1.90	$1.85	$1.59	$1.45	$1.54	$1.30	$1.22	$0.67	$1.14	$1.00	$0.85	$0.65	$0.69	$0.74	$0.59	$0.74	$0.78	$0.75	$0.72	$0.59	$0.75	$0.42	$0.32	$0.26	($0.10)
Basic EPS (GAAP)	($1.65)	($0.16)	$4.12	$4.34	$4.36	$4.46	$3.81	$3.59	$2.92	$3.69	$2.82	$2.83	$2.02	$2.90	$2.86	$2.42	$2.80	$2.32	$1.96	$1.93	$1.65	$1.53	$1.67	$1.41	$1.25	$0.69	$1.17	$1.02	$0.88	$0.67	$0.71	$0.75	$0.59	$0.74	$0.78	$0.75	$0.72	$0.59	$0.75	$0.42	$0.32	$0.26	($0.10)
Basic shares outstanding	537	538	554	576	595	608	614	608	600	577	587	599	603	629	649	648	643	660	664	666	693	715	742	750	738	662	568	598	613	632	632	635	628	635	653	661	657	652	650	674	705	706	715
Margins
Gross margin	33.6%	33.6%	34.6%	34.9%	32.6%	33.7%	35.6%	34.8%	34.1%	34.5%	35.6%	35.2%	33.7%	35.6%	36.1%	36.3%	40.0%	39.6%	35.6%	35.7%	36.1%	35.6%	35.2%	40.5%	41.9%	41.4%	47.9%	51.9%	61.6%	61.2%	58.5%	58.6%	59.8%	47.7%	47.2%	47.0%	48.0%	46.0%	44.6%	45.0%	45.4%	44.1%	42.2%
Operating margin	(1.1%)	4.8%	17.0%	17.3%	17.1%	18.3%	17.3%	16.8%	14.9%	15.4%	16.0%	16.3%	11.8%	16.5%	16.0%	15.4%	18.6%	17.8%	15.8%	16.3%	16.5%	16.7%	16.8%	18.2%	17.7%	13.6%	22.1%	21.2%	16.3%	15.8%	15.3%	15.9%	13.7%	11.7%	11.3%	11.6%	11.6%	10.0%	9.7%	9.3%	9.0%	7.9%	6.0%
Net margin	(4.9%)	(0.5%)	11.8%	12.6%	12.9%	14.3%	12.9%	12.4%	10.4%	13.5%	10.6%	10.2%	6.9%	10.2%	10.4%	9.4%	12.1%	10.5%	8.9%	9.5%	9.2%	9.3%	11.0%	9.5%	8.7%	5.8%	12.2%	11.9%	8.6%	7.0%	7.9%	8.8%	7.3%	5.5%	6.2%	6.4%	6.6%	5.9%	8.6%	5.5%	4.3%	4.0%	(1.7%)

Analyst consensus

Hold36 analysts

Bearish · 6 · Hold · 22 · Bullish · 8

Earnings history

	EPS	Estimate
Q2 2025	$1.40	$1.22	Beat
Q3 2025	$1.00	$0.96	Beat
Q4 2025	$0.74	$0.71	Beat
Q1 2026	$0.86	$0.82	Beat
Q2 2026	$1.10	$1.03	Beat
Q3 2026	$0.64	$0.73	Miss
Q4 2026	$0.95	$0.80	Beat
Q1 2027	$0.75	$0.72	Beat

Peers

Company overview

IPO dateMar 17, 1980

CEOJeffrey L. Harmening

Employees30,000

SectorConsumer Defensive

IndustryPackaged Foods

CountryUS

ExchangeNew York Stock Exchange

Websitewww.generalmills.com

General Mills, Inc. functions as a prominent global producer and vendor of well-known consumer food brands. The company structures its widespread operations into five main divisions: North American retail, convenience stores and foodservice providers, Europe and Australia, Asia and Latin America, and a dedicated pet segment. Their broad catalog of products features a diverse range of items for consumers. This includes breakfast cereals, chilled yogurts, various soups, and ready-to-prepare meal kits. The offering also extends to refrigerated and frozen dough items, baking and dessert mixes, flours for culinary use, frozen pizzas and pizza snacks, along with an assortment of snack bars, fruit snacks, savory and grain snacks, and ice cream. For health-conscious consumers, they provide nutrition bars and wellness beverages, in addition to organic frozen and shelf-stable vegetables. Beyond direct consumer sales, General Mills supplies both branded and unbranded food goods to the North American foodservice sector and commercial bakeries. Furthermore, they are a significant participant in the pet food industry, manufacturing a variety of dog and cat food products. The company markets its merchandise under an extensive collection of trademarks, such as: Annie's, Betty Crocker, Bisquick, Blue Buffalo, Blue Basics, Blue Freedom, Bugles, Cascadian Farm, Cheerios, Chex, Cinnamon Toast Crunch, Cocoa Puffs, Cookie Crisp, EPIC, Fiber One, Food Should Taste Good, Fruit by the Foot, Fruit Gushers, Fruit Roll-Ups, Gardetto's, Go-Gurt, Gold Medal, Golden Grahams, Häagen-Dazs, Helpers, Jus-Rol, Kitano, Kix, Lärabar, Latina, Liberté, Lucky Charms, Muir Glen, Nature Valley, Oatmeal Crisp, Old El Paso, Oui, Pillsbury, Progresso, Raisin Nut Bran, Total, Totino's, Trix, Wanchai Ferry, Wheaties, Wilderness, Yoki, and Yoplait. General Mills distributes its products through a vast network, utilizing both direct sales and arrangements with brokers and distributors. Their reach encompasses a wide array of sales points, including traditional grocery stores, large-scale mass merchandisers, membership clubs, natural food retailers, online marketplaces, various commercial and non-commercial foodservice distributors and operators, restaurants, convenience stores, specialized pet stores, as well as drug, dollar, and discount retail chains. Complementing its extensive business, the corporation also oversees 466 leased and 392 franchised ice cream parlors. General Mills, Inc., established in 1866, maintains its corporate headquarters in Minneapolis, Minnesota.

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