General Mills Inc 10-Q for FY2026 Q3

General Mills Inc (GIS)

10-Q 2026-03-18 For: 2026-02-22

Added on April 12, 2026

About this 10-Q

General Mills Inc filed this 10-Q on March 18, 2026, covering the quarter ended February 22, 2026 (FY2026 Q3).

Headline figures

Quarter ended February 22, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $4.44B; down 8.4% from $4.84B a year earlier
Net income: $303.1M; down 51.6% from net income of $625.6M a year earlier
Diluted EPS: $0.56; down 50.0% from $1.12 a year earlier

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Delaware	41-0274440
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

Number One General Mills Boulevard
Minneapolis, Minnesota	55426
(Address of principal executive offices)	(Zip Code)



Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $.10 par value	GIS	New York Stock Exchange
1.500% Notes due 2027	GIS 27	New York Stock Exchange
3.907% Notes due 2029	GIS 29	New York Stock Exchange
3.650% Notes due 2030	GIS 30A	New York Stock Exchange
3.600% Notes due 2032	GIS 32	New York Stock Exchange
3.850% Notes due 2034	GIS 34	New York Stock Exchange


Large accelerated filer	☑		Accelerated filer	☐		Non-accelerated filer	☐		Smaller reporting company	☐


	Page
PART I – Financial Information
Item 1. Financial Statements
Consolidated Statements of Earnings for the quarters and nine-month periods ended February 22, 2026 and February 23, 2025	4
Consolidated Statements of Comprehensive Income for the quarters and nine-month periods ended February 22, 2026 and February 23, 2025	5
Consolidated Balance Sheets as of February 22, 2026 and May 25, 2025	6
Consolidated Statements of Total Equity for the quarters and nine-month periods ended February 22, 2026 and February 23, 2025	7
Consolidated Statements of Cash Flows for the nine-month periods ended February 22, 2026 and February 23, 2025	9
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	23
Item 3. Quantitative and Qualitative Disclosures About Market Risk	41
Item 4. Controls and Procedures	42
PART II – Other Information
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	42
Item 5. Other Information	42
Item 6. Exhibits	43
Signatures	44


	Quarter Ended		Nine-Month Period Ended
	Feb. 22, 2026	Feb. 23, 2025	Feb. 22, 2026	Feb. 23, 2025
Net sales	$4,436.7	$4,842.2	$13,815.0	$14,930.4
Cost of sales	3,069.8	3,203.1	9,222.8	9,671.4
Selling, general, and administrative expenses	812.9	844.4	2,500.4	2,551.5
Divestitures loss (gain), net	5.0	(95.9)	(1,049.4)	(95.9)
Restructuring, transformation, impairment, and other exit costs (recoveries)	24.4	(0.8)	162.8	2.6
Operating profit	524.6	891.4	2,978.4	2,800.8
Benefit plan non-service income	(15.3)	(13.9)	(46.1)	(41.6)
Interest, net	128.4	136.3	387.1	384.5
Earnings before income taxes and after-tax (loss) earnings from joint ventures	411.5	769.0	2,637.4	2,457.9
Income taxes	99.9	152.4	654.7	504.6
After-tax (loss) earnings from joint ventures	(6.1)	14.4	(58.9)	63.6
Net earnings, including earnings attributable to noncontrolling interests	305.5	631.0	1,923.8	2,016.9
Net earnings attributable to noncontrolling interests	2.4	5.4	3.5	15.7
Net earnings attributable to General Mills	$303.1	$625.6	$1,920.3	$2,001.2
Earnings per share – basic	$0.57	$1.14	$3.57	$3.60
Earnings per share – diluted	$0.56	$1.12	$3.56	$3.57


	Feb. 22, 2026	May 25, 2025
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$785.5	$363.9
Receivables	1,857.1	1,795.9
Inventories	1,755.7	1,910.8
Prepaid expenses and other current assets	490.3	464.7
Assets held for sale	—	740.4
Total current assets	4,888.6	5,275.7
Land, buildings, and equipment	3,492.1	3,632.6
Goodwill	15,634.4	15,622.4
Other intangible assets	7,030.1	7,081.4
Other assets	1,357.9	1,459.0
Total assets	$32,403.1	$33,071.1
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$3,634.4	$4,009.5
Current portion of long-term debt	2,138.3	1,528.4
Notes payable	837.3	677.0
Other current liabilities	2,075.3	1,624.0
Liabilities held for sale	—	18.4
Total current liabilities	8,685.3	7,857.3
Long-term debt	10,992.1	12,673.2
Deferred income taxes	2,129.7	2,100.8
Other liabilities	1,239.0	1,228.6
Total liabilities	23,046.1	23,859.9
Stockholders’ equity:
Common stock, 754.6 shares issued, $0.10 par value	75.5	75.5
Additional paid-in capital	1,188.6	1,218.8
Retained earnings	22,525.4	21,917.8
Common stock in treasury, at cost, shares of 220.9 and 212.2	(11,902.0)	(11,467.9)
Accumulated other comprehensive loss	(2,544.2)	(2,545.0)
Total stockholders’ equity	9,343.3	9,199.2
Noncontrolling interests	13.7	12.0
Total equity	9,357.0	9,211.2
Total liabilities and equity	$32,403.1	$33,071.1


	Quarter Ended		Nine-Month Period Ended
In Millions	Feb. 22, 2026	Feb. 23, 2025	Feb. 22, 2026	Feb. 23, 2025
Supply chain actions	$25.1	$—	$75.4	$—
Other intangible asset impairment	—	—	52.9	—
Charges (recoveries) associated with restructuring and transformation actions previously announced	7.7	(0.6)	47.9	3.6
Total	$32.8	$(0.6)	$176.2	$3.6


In Millions	Total
Reserve balance as of May 25, 2025	$77.1
Fiscal 2026 charges, including foreign currency translation	4.7
Utilized in fiscal 2026	(28.8)
Reserve balance as of Feb. 22, 2026	$53.0


In Millions	North America Retail	North America Pet	North America Foodservice	International (a)	Corporate and Joint Ventures	Total
Balance as of May 25, 2025	$6,323.5	$7,149.5	$755.5	$951.7	$442.2	$15,622.4
Divestiture	(4.7)	—	(0.2)	—	—	(4.9)
Purchase accounting adjustments	—	(31.9)	—	—	—	(31.9)
Other activity, primarily foreign currency translation	0.3	—	—	33.1	15.4	48.8
Balance as of Feb. 22, 2026	$6,319.1	$7,117.6	$755.3	$984.8	$457.6	$15,634.4


In Millions	Borrowing Capacity	Borrowed Amount
Committed credit facility expiring October 2029	$2,700.0	$—
Uncommitted credit facilities and lines of credit	776.8	4.7
Total	$3,476.8	$4.7


	Quarter Ended		Nine-Month Period Ended
In Millions, Except per Share Data	Feb. 22, 2026	Feb. 23, 2025	Feb. 22, 2026	Feb. 23, 2025
Net earnings attributable to General Mills	$303.1	$625.6	$1,920.3	$2,001.2
Average number of common shares – basic EPS	536.6	552.6	538.1	556.6
Incremental share effect from: (a)
Stock options	—	1.0	0.1	1.4
Restricted stock units and performance share units	0.7	1.4	1.0	1.8
Average number of common shares – diluted EPS	537.3	555.0	539.2	559.8
Earnings per share – basic	$0.57	$1.14	$3.57	$3.60
Earnings per share – diluted	$0.56	$1.12	$3.56	$3.57


	Defined Benefit Pension Plans		Other Postretirement Benefit Plans		Postemployment Benefit Plans
	Quarter Ended		Quarter Ended		Quarter Ended
In Millions	Feb. 22, 2026	Feb. 23, 2025	Feb. 22, 2026	Feb. 23, 2025	Feb. 22, 2026	Feb. 23, 2025
Service cost	$10.6	$12.9	$0.6	$1.0	$1.8	$1.8
Interest cost	72.8	76.6	4.2	5.3	0.8	1.0
Expected return on plan assets	(101.3)	(104.9)	(8.4)	(9.0)	—	—
Amortization of losses (gains)	26.2	25.0	(6.4)	(5.1)	0.1	(0.3)
Amortization of prior service costs (credits)	0.3	0.3	(5.3)	(5.5)	(0.3)	(0.3)
Other adjustments	—	—	—	—	2.0	3.0
Net expense (income)	$8.6	$9.9	$(15.3)	$(13.3)	$4.4	$5.2


	Quarter Ended February 22, 2026
In Millions	North America Retail	International	North America Pet	North America Foodservice	Total
Segment net sales	$2,596.4	$696.3	$640.5	$496.4	$4,429.6
Corporate and other net sales					7.1
Total net sales					$4,436.7
Cost of sales	1,758.9	526.7	400.9	397.9
Selling, general, and administrative expenses	401.4	136.0	136.8	42.2
Segment operating profit	$436.1	$33.6	$102.8	$56.3	$628.8
Unallocated corporate items					74.8
Divestiture loss					5.0
Restructuring, transformation, impairment, and other exit costs					24.4
Operating profit					$524.6


	Quarter Ended February 23, 2025
In Millions	North America Retail	International	North America Pet	North America Foodservice	Total
Segment net sales	$3,009.1	$651.3	$623.7	$555.3	$4,839.4
Corporate and other net sales					2.8
Total net sales					$4,842.2
Cost of sales	1,926.5	493.6	386.3	430.7
Selling, general, and administrative expenses	434.5	139.7	135.2	42.3
Segment operating profit	$648.1	$18.0	$102.2	$82.3	$850.6
Unallocated corporate items					55.9
Divestiture gain					(95.9)
Restructuring, transformation, impairment, and other exit recoveries					(0.8)
Operating profit					$891.4


	Nine-Month Period Ended February 22, 2026
In Millions	North America Retail	International	North America Pet	North America Foodservice	Total
Segment net sales	$8,105.2	$2,185.4	$1,910.9	$1,594.9	$13,796.4
Corporate and other net sales					18.6
Total net sales					$13,815.0
Cost of sales	5,218.1	1,606.8	1,163.7	1,233.7
Selling, general, and administrative expenses	1,204.5	450.9	408.4	129.5
Segment operating profit	$1,682.6	$127.7	$338.8	$231.7	$2,380.8
Unallocated corporate items					289.0
Divestitures gain, net					(1,049.4)
Restructuring, transformation, impairment, and other exit costs					162.8
Operating profit					$2,978.4


Emerging growth company	☐


	Quarter Ended
	Feb. 22, 2026		Feb. 23, 2025
	Shares	Amount	Shares	Amount
Total equity, beginning balance		$9,328.8		$9,449.2
Common stock, 1 billion shares authorized, $0.10 par value	754.6	75.5	754.6	75.5
Additional paid-in capital:
Beginning balance		1,170.9		1,182.0
Stock compensation plans		(0.3)		(9.6)
Unearned compensation related to stock unit awards		(8.1)		2.3
Earned compensation		26.1		20.2
Ending balance		1,188.6		1,194.9
Retained earnings:
Beginning balance		22,550.8		21,340.3
Net earnings attributable to General Mills		303.1		625.6
Cash dividends declared ($0.61 and $0.60 per share)		(328.5)		(329.9)
Ending balance		22,525.4		21,636.0
Common stock in treasury:
Beginning balance	(221.0)	(11,908.6)	(202.4)	(10,873.3)
Shares purchased, including excise tax of $— and $2.9 million	—	(0.2)	(4.8)	(304.4)
Stock compensation plans	0.1	6.8	0.1	8.9
Ending balance	(220.9)	(11,902.0)	(207.1)	(11,168.8)
Accumulated other comprehensive loss:
Beginning balance		(2,572.2)		(2,523.8)
Comprehensive income		28.0		49.4
Ending balance		(2,544.2)		(2,474.4)
Noncontrolling interests:
Beginning balance		12.4		248.5
Comprehensive income		2.7		5.4
Distributions to noncontrolling interest holders		(1.4)		(4.5)
Ending balance		13.7		249.4
Total equity, ending balance		$9,357.0		$9,512.6


	Nine-Month Period Ended
	Feb. 22, 2026		Feb. 23, 2025
	Shares	Amount	Shares	Amount
Total equity, beginning balance		$9,211.2		$9,648.5
Common stock, 1 billion shares authorized, $0.10 par value	754.6	75.5	754.6	75.5
Additional paid-in capital:
Beginning balance		1,218.8		1,227.0
Stock compensation plans		(20.1)		(18.9)
Unearned compensation related to stock unit awards		(75.0)		(79.4)
Earned compensation		64.9		66.2
Ending balance		1,188.6		1,194.9
Retained earnings:
Beginning balance		21,917.8		20,971.8
Net earnings attributable to General Mills		1,920.3		2,001.2
Cash dividends declared ($2.44 and $2.40 per share)		(1,312.7)		(1,337.0)
Ending balance		22,525.4		21,636.0
Common stock in treasury:
Beginning balance	(212.2)	(11,467.9)	(195.5)	(10,357.9)
Shares purchased, including excise tax of $4.4 and $7.7 million	(10.0)	(504.7)	(13.5)	(909.6)
Stock compensation plans	1.3	70.6	1.9	98.7
Ending balance	(220.9)	(11,902.0)	(207.1)	(11,168.8)
Accumulated other comprehensive loss:
Beginning balance		(2,545.0)		(2,519.7)
Comprehensive income		0.8		45.3
Ending balance		(2,544.2)		(2,474.4)
Noncontrolling interests:
Beginning balance		12.0		251.8
Comprehensive income		3.8		14.9
Distributions to noncontrolling interest holders		(2.1)		(17.3)
Ending balance		13.7		249.4
Total equity, ending balance		$9,357.0		$9,512.6


In Millions	Feb. 22, 2026	May 25, 2025
Goodwill	$15,634.4	$15,622.4
Other intangible assets:
Intangible assets not subject to amortization:
Brands	6,780.2	6,816.7
Intangible assets subject to amortization:
Customer relationships and other finite-lived intangibles	421.3	420.9
Less accumulated amortization	(171.4)	(156.2)
Intangible assets subject to amortization, net	249.9	264.7
Other intangible assets	7,030.1	7,081.4
Total	$22,664.5	$22,703.8


	Nine-Month Period Ended February 23, 2025
In Millions	North America Retail	International	North America Pet	North America Foodservice	Total
Segment net sales	$9,347.2	$2,058.9	$1,795.6	$1,721.5	$14,923.2
Corporate and other net sales					7.2
Total net sales					$14,930.4
Cost of sales	5,786.8	1,562.4	1,066.0	1,318.4
Selling, general, and administrative expenses	1,304.3	433.8	368.7	130.8
Segment operating profit	$2,256.1	$62.7	$360.9	$272.3	$2,952.0
Unallocated corporate items					244.5
Divestiture gain					(95.9)
Restructuring, transformation, impairment, and other exit costs					2.6
Operating profit					$2,800.8


Quarter Ended Feb. 22, 2026	In millions, except per share	Quarter Ended Feb. 22, 2026 vs. Feb. 23, 2025		Percent of Net Sales	Constant- Currency Growth (a)
Net sales	$4,436.7	(8)	%
Operating profit	524.6	(41)	%	11.8%
Net earnings attributable to General Mills	303.1	(52)	%
Diluted earnings per share	$0.56	(50)	%
Organic net sales growth rate (a)		(3)	%
Adjusted operating profit (a)	547.2	(32)	%	12.3%	(32)%
Adjusted diluted earnings per share (a)	$0.64	(36)	%		(37)%


	Quarter Ended
	Feb. 22, 2026	Feb. 22, 2026 vs. Feb. 23, 2025		Feb. 23, 2025
Net sales (in millions)	$4,436.7	(8)	%	$4,842.2
Contributions from volume growth (a)		(11)	pts
Net price realization and mix		1	pt
Foreign currency exchange		1	pt


Quarter Ended Feb. 22, 2026 vs.
Quarter Ended Feb. 23, 2025
Contributions from organic volume growth (a)	(2)	pts
Organic net price realization and mix	(1)	pt
Organic net sales growth	(3)	pts
Foreign currency exchange	1	pt
Divestitures and acquisition	(6)	pts
Net sales growth	(8)	pts


Quarter Ended Feb. 22, 2026 vs.
Quarter Ended Feb. 23, 2025	CPW		HDJ (a)		Total
Contributions from volume growth (b)	(6)	pts	5	pts
Net price realization and mix	2	pts	(1)	pt
Net sales growth in constant currency	(4)	pts	3	pts	(3)	pts
Foreign currency exchange	8	pts	(1)	pt	7	pts
Net sales growth	4	pts	2	pts	4	pts


Nine-Month Period Ended Feb. 22, 2026	In millions, except per share	Nine-Month Period Ended Feb. 22, 2026 vs. Feb. 23, 2025		Percent of Net Sales	Constant- Currency Growth (a)
Net sales	$13,815.0	(7)	%
Operating profit	2,978.4	6	%	21.6%
Net earnings attributable to General Mills	1,920.3	(4)	%
Diluted earnings per share	$3.56	Flat
Organic net sales growth rate (a)		(3)	%
Adjusted operating profit (a)	2,106.1	(23)	%	15.2%	(23)%
Adjusted diluted earnings per share (a)	$2.60	(25)	%		(25)%


Nine-Month Period Ended Feb. 22, 2026 vs.
Nine-Month Period Ended Feb. 23, 2025
Contributions from organic volume growth (a)	(1)	pt
Organic net price realization and mix	(2)	pts
Organic net sales growth	(3)	pts
Foreign currency exchange	1	pt
Acquisition and divestitures	(5)	pts
Net sales growth	(7)	pts


	Quarter Ended				Nine-Month Period Ended
	Feb. 22, 2026	Feb. 22, 2026 vs. Feb. 23, 2025		Feb. 23, 2025	Feb. 22, 2026	Feb. 22, 2026 vs. Feb. 23, 2025		Feb. 23, 2025
Net sales (in millions)	$2,596.4	(14)	%	$3,009.1	$8,105.2	(13)	%	$9,347.2
Contributions from volume growth (a)		(19)	pts			(17)	pts
Net price realization and mix		5	pts			3	pts
Foreign currency exchange		Flat				Flat


	Quarter Ended		Nine-Month Period Ended
	Feb. 22, 2026		Feb. 22, 2026
Contributions from organic volume growth (a)	(3)	pts	(1)	pt
Organic net price realization and mix	(2)	pts	(3)	pts
Organic net sales growth	(4)	pts	(4)	pts
Foreign currency exchange	Flat		Flat
Divestitures (b)	(9)	pts	(9)	pts
Net sales growth	(14)	pts	(13)	pts


	Quarter Ended			Nine-Month Period Ended
Per Share Data	Feb. 22, 2026	Feb. 23, 2025	Change	Feb. 22, 2026	Feb. 23, 2025	Change
Diluted earnings per share, as reported	$0.56	$1.12	(50)%	$3.56	$3.57	Flat
Divestitures gain, net	—	(0.15)		(1.43)	(0.15)
CPW asset impairments and transaction costs	0.04	0.01		0.22	0.01
Restructuring and transformation charges	0.05	—		0.18	0.01
Other intangible assets impairment	—	—		0.07	—
Transaction costs	—	0.03		0.02	0.04
Mark-to-market effects	(0.03)	(0.03)		(0.02)	(0.03)
Investment activity, net	—	0.01		(0.01)	0.01
Acquisition integration costs	—	—		—	0.01
Adjusted diluted earnings per share	$0.64	$1.00	(36)%	$2.60	$3.47	(25)%
Foreign currency exchange impact			1 pt			Flat
Adjusted diluted earnings per share growth, on a constant-currency basis			(37)%			(25)%


	Percentage Change in After-Tax (Loss) Earnings from Joint Ventures as Reported	Impact of Foreign Currency Exchange		Percentage Change in After-Tax (Loss) Earnings from Joint Ventures on Constant-Currency Basis
Quarter Ended Feb. 22, 2026	(142)%	(12)	pts	(129)%
Nine-Month Period Ended Feb. 22, 2026	(193)%	(1)	pt	(191)%


	Quarter Ended Feb. 22, 2026
	Percentage Change in Operating Profit as Reported	Impact of Foreign Currency Exchange	Percentage Change in Operating Profit on Constant-Currency Basis
North America Retail	(33)%	Flat	(33)%
International	87%	4 pts	82%
North America Pet	1%	Flat	Flat
North America Foodservice	(32)%	Flat	(32)%

	Nine-Month Period Ended Feb. 22, 2026
	Percentage Change in Operating Profit as Reported	Impact of Foreign Currency Exchange	Percentage Change in Operating Profit on Constant-Currency Basis
North America Retail	(25)%	Flat	(25)%
International	104%	4 pts	100%
North America Pet	(6)%	Flat	(6)%
North America Foodservice	(15)%	Flat	(15)%


In Millions	One-day Risk of Loss	Change During Nine-Month Period Ended Feb. 22, 2026	Analysis of Change
Interest rate instruments	$32	$(14)	Decrease in portfolio basis
Foreign currency instruments	42	(9)	Decrease in portfolio basis
Commodity instruments	3	—	Immaterial
Equity instruments	3	—	Immaterial


Period	Total Number of Shares Purchased (a)	Average Price Paid Per Share (b)	Total Number of Shares Purchased as Part of a Publicly Announced Program (c)	Maximum Number of Shares that may yet be Purchased Under the Program (c)
November 24, 2025 - December 28, 2025	—	$—	—	26,902,855
December 29, 2025 - January 25, 2026	3,244	46.50	3,244	26,899,611
January 26, 2026 - February 22, 2026	2,442	46.26	2,442	26,897,169
Total	5,686	$46.40	5,686	26,897,169


Item 6.	Exhibits.
3.1	By-Laws of the Company (incorporated herein by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed January 27, 2026).
31.1	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2	Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101	Financial Statements from the Quarterly Report on Form 10-Q of the Company for the quarter ended February 22, 2026, formatted in Inline Extensible Business Reporting Language: (i) Consolidated Statements of Earnings; (ii) Consolidated Statements of Comprehensive Income, (iii) Consolidated Balance Sheets; (iv) Consolidated Statements of Total Equity; (v) Consolidated Statements of Cash Flows; and (vi) Notes to Consolidated Financial Statements.
104	Cover Page, formatted in Inline Extensible Business Reporting Language and contained in Exhibit 101.



	GENERAL MILLS, INC.
	(Registrant)

Date: March 18, 2026	/s/ Mark A. Pallot
	Mark A. Pallot
	Vice President, Chief Accounting Officer
	(Principal Accounting Officer and Duly Authorized Officer)