10-K · July 1, 2026
General Mills reported a challenging fiscal year 2026, with consolidated net sales dropping 5% to $18.4 billion due to a decrease in volume growth and significant impairments. The North America Retail segment, which…
Earnings analysis · 10-Q
GIS earnings analysis
Filed September 23, 2026 · Our reading of the company's report
The latest report
General Mills exceeded consensus with revenue of $4.390 billion and EPS of $0.74, versus estimates of $4.345 billion and $0.72, respectively. However, sales were down 3% and North America Retail remained weak, while…
Read full summary
General Mills exceeded consensus with revenue of $4.390 billion and EPS of $0.74, versus estimates of $4.345 billion and $0.72, respectively. However, sales were down 3% and North America Retail remained weak, while fiscal 2027 guidance implies adjusted operating profit will decline 13% to 8% in constant currency. The company reaffirmed its outlook and expects approximately $750 million of cost savings, but also expects $80 million to $85 million of restructuring, transformation, and transaction costs.
Reported figures
- Earnings per share
- $0.74
What stood out
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Revenue and EPS beat estimates
Revenue was $4.390 billion, ahead of the $4.345 billion consensus estimate, while EPS was $0.74 versus the $0.72 estimate.
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Fiscal 2027 outlook reaffirmed
Fiscal 2027 adjusted EPS guidance of $3.00-$3.20 and organic net sales growth guidance of down 1.5% to up 0.5% were reaffirmed.
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Cost savings program remains material
The company expects approximately $750 million of cost savings, providing a planned offset to projected operating pressure.
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Capital preserved through no buybacks
No shares were repurchased during the quarter, and 26,897,169 shares remained available under the repurchase authorization as of August 30, 2026.
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Controls remained effective
Disclosure controls were assessed as effective as of August 30, 2026, and the company reported no material changes to internal control over financial reporting during the quarter.
What to watch
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Brazil divestiture valuation loss
The company reported a $24 million valuation loss related to the Brazil divestiture, creating a transaction-related drag on results.
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Operating profit expected to decline
Management expects adjusted operating profit to decline 13% to 8% in constant currency for fiscal 2027, indicating continued cost and operating pressure.
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Elevated transformation costs
Restructuring, transformation, and transaction costs are expected to total approximately $80 million to $85 million, increasing near-term execution costs.
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Interest-rate market exposure
One-day value-at-risk for interest-rate instruments was $33 million as of August 30, 2026, although it decreased by $4 million during the three-month period.
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Sales weakness and retail pressure
Reported revenue was $4.390 billion, representing a 3% decline referenced in the earnings discussion, while North America Retail remained weak.
Management's outlook
Fiscal 2027 outlook was reaffirmed: adjusted EPS of $3.00-$3.20, organic net sales growth of down 1.5% to up 0.5%, and adjusted operating profit decline of 13% to 8% in constant currency. Management expects approximately $750 million of cost savings and approximately $80 million to $85 million of restructuring, transformation, and transaction costs.
Earlier filings 1
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.