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General Mills
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Latest analysis
Updated Jul 1, 2026
General Mills exits FY26 with stabilized base volumes but organic sales down 5.4%; pivots FY27 to innovation-driven mix accretion with $3B productivity target.
General Mills delivered FY26 revenue of $18.42B, down 5.4% year-over-year, as aggressive base-price rebalancing in FY26 successfully arrested volume declines (base volume moved from -10% to +1%) and restored household penetration for the first time in years. Management shifted strategy for FY27 from pricing-led to innovation and mix-driven growth, with $750M of a $3B four-year cost-savings target earmarked for FY27 to fund product renovation and offset 4-5% net inflation. Dollar-share competitiveness across all four segments now replaces pound-share focus as the primary metric, supported by Cheerios Protein (already $100M run-rate), Tiki Cat momentum, and Totino's stabilization.
Tone: cautiousRevenue
$18.4B
GIS 10-K · FY 2026
Employees
30,000
Revenue FY2025
$19.5B
Headquarters
Minneapolis, MN
Profile
GIS 10-K Item 1 · Jul 1, 2026General Mills is a leading global manufacturer and marketer of branded consumer foods, operating across four segments — North America Retail, International, North America Pet, and North America Foodservice — with more than 100 brands sold in 100 countries. The company competes across snacks, cereal, convenient meals, pet food, dough, baking, and super-premium ice cream categories. It also holds 50 percent interests in two joint ventures, Cereal Partners Worldwide (with Nestlé) and Häagen-Dazs Japan.
Read filing description ↓ Collapse description ↑
For 160 years, General Mills has been making food the world loves. We are a leading global manufacturer and marketer of branded consumer foods with more than 100 brands in 100 countries across six continents. In addition to our consolidated operations, we have 50 percent interests in two strategic joint ventures that manufacture and market food products sold in approximately 120 countries worldwide. We manage and review the financial results of our business under four operating segments: North America Retail; International; North America Pet; and North America Foodservice. We offer a variety of human and pet food products that provide great taste, nutrition, convenience, and value for consumers around the world. Our business is focused on the following large, global categories: snacks, including grain, fruit and savory snacks, nutrition bars, and frozen hot snacks; ready-to-eat cereal; convenient meals, including meal kits, ethnic meals, pizza, soup, side dish mixes, frozen breakfast, and frozen entrees; wholesome natural pet food; refrigerated and frozen dough; baking mixes and ingredients; and super-premium ice cream. Our Cereal Partners Worldwide (CPW) joint venture with Nestlé S.A. (Nestlé) competes in the ready-to-eat cereal category in markets outside North America, and our Häagen-Dazs Japan, Inc. (HDJ) joint venture competes in the super-premium ice cream category in Japan.
Primary products
- snacks, including grain, fruit and savory snacks, nutrition bars, and frozen hot snacks
- ready-to-eat cereal
- convenient meals, including meal kits, ethnic meals, pizza, soup, side dish mixes, frozen breakfast, and frozen entrees
- wholesome natural pet food
- refrigerated and frozen dough
- baking mixes and ingredients
Business segments
End markets
Geographies
Named customers
During fiscal 2026, Walmart Inc. and its affiliates (Walmart) accounted for 22 percent of our consolidated net sales and 31 percent of net sales of our North America Retail segment. No other customer accounted for 10 percent or more of our consolidated net sales.
Named competitors
“Our principal strategies for competing in each of our segments include unique consumer insights, effective customer relationships, superior product quality, innovative advertising, product promotion, product innovation aligned with consumers' needs, an efficient supply chain, and price.” Competitive position, as stated in the filing
Revenue commentary · FY 2026
Consolidated net sales decreased 5 percent to $18.4 billion in fiscal 2026 compared to fiscal 2025, with organic net sales down 2 percent, reflecting the net impact of the divestiture of North American yogurt businesses and the acquisition of Whitebridge Pet Brands.
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