Income-statement, balance-sheet and cash-flow figures from SEC filings, plus a debt profile anchored in the latest 10-K and updated by each 10-Q and debt exhibit.
Italic rows are computed from reported lines — open a row's info icon for its formula. Values reflect the latest filing (restatements included); per-share figures on today's split basis. Click a value for its source filing.
TTM: trailing twelve months through the latest reported quarter — flows sum the last four quarters, balances take the latest. 3Y/5Y/10Y columns are trailing CAGR from the newest fiscal year; blank where an endpoint is missing or negative. (G): the company's own guidance — a (G) column is a guided period not yet reported; a G marker shows how the reported figure landed against the guided range. Non-GAAP-basis guidance (*) is shown as stated and never judged against GAAP actuals.
Capital Returned to Shareholders
Cash spent on share repurchases and dividends per fiscal year, as reported on the cash-flow statement.
Across FY2008–FY2026: $18B in buybacks, $19.67B in dividends.
Debt Profile
Reported borrowing balances, repayment dates and agreement terms, with links to the underlying filings.
Reported debt balances
Each amount keeps its reported scope. Related balance-sheet measures appear under the borrowing they describe.
Instrument and agreement coverage is incomplete. Additional filings are awaiting review.
Some debt data could not be processed yet.
8 filings have incomplete source or extraction coverage. Verified observations are shown; missing observations do not establish that debt was unchanged.
Covenants
Some sections could not be verified in 2 agreement documents. Other restrictions or tests may apply.
Verified tests, triggers and restrictions appear with each agreement below. A verified term does not establish current compliance.
Loans, facilities and notes
0.125% Notes due 2025
Note · General Mills, Inc.
Reference: 0.125% Notes due 2025
Active
Original principal
EUR 500,000,000
Outstanding
—
Commitment
—
Availability
—
Maturity
—
Last reported interest terms:
0.125%
Reported 2021-11-16Later filings may not restate these terms; this does not confirm they still apply.
Verified covenant terms
Change of Control Triggering Event · If a Change of Control Triggering Event shall have occurred, the Holder of this Note may require the Company to repurchaseIf a Change of Control Triggering Event shall have occurred, the Holder of this Note may require the Company to repurchase all or any part (equal to an integral multiple of €1,000) of this Note at a purchase price equal to 101% of the principal amount of, plus accrued and unpaid interest, if any, to the date of purchase on, the Note (or part thereof) to be purchasedExceptions: unless the Company shall have mailed or caused to be mailed a notice of redemption within 30 days after such Change of Control Triggering Event stating that all of the Notes will be redeemedChange of Control Triggering EventFull wording and supporting evidence
Source evidence: If a Change of Control Triggering Event shall have occurred, the Holder of this Note may require the Company to repurchase all or any part (equal to an integral multiple of €1,000) of this Note at a purchase price equal to 101% of the principal amount of, plus accrued and unpaid interest, if any, to the date of purchase on, the Note (or part thereof) to be purchased (unless the Company shall have mailed or caused to be mailed a notice of redemption within 30 days after such Change of Control Triggering Event stating that all of the Notes will be redeemed); provided that the principal amount of this Note remaining outstanding after a repurchase in part shall be €100,000 or an integral multiple of €1,000 in excess thereof.
Target identity evidence: Insofar as this Officers’ Certificate and Authentication Order relates to legal matters, it is based upon the Opinion of Counsel delivered by the Company to the Trustee contemporaneously herewith.
Target identity evidence: the within Note of GENERAL MILLS, INC. and does hereby irrevocably constitute and appoint
Target identity evidence: This Note is one of a series of the Securities designated as 0.125% Notes due 2025 (the “Notes”).
Default with respect to the Notes · Default with respect to the Notes shall have occurred and be continuingDefault with respect to the Notes shall have occurred and be continuing, the unpaid principal hereof may be declared, and upon such declaration shall become, due and payable in the manner, with the effect and subject to the conditions provided in the Indenture.Default with respect to the NotesFull wording and supporting evidence
Source evidence: Default with respect to the Notes shall have occurred and be continuing, the unpaid principal hereof may be declared, and upon such declaration shall become, due and payable in the manner, with the effect and subject to the conditions provided in the Indenture.
Target identity evidence: Insofar as this Officers’ Certificate and Authentication Order relates to legal matters, it is based upon the Opinion of Counsel delivered by the Company to the Trustee contemporaneously herewith.
Target identity evidence: the within Note of GENERAL MILLS, INC. and does hereby irrevocably constitute and appoint
Target identity evidence: This Note is one of a series of the Securities designated as 0.125% Notes due 2025 (the “Notes”).
On November 2, 2021, General Mills, Inc. (the “Company”) agreed to sell €500,000,000 aggregate principal amount of its 0.125% Notes due 2025 (the “Notes”) pursuant to the Underwriting Agreement, dated November 2, 2021 (the “Underwriting Agreement”), among the Company and Barclays Bank PLC, Goldman Sachs & Co. LLC, Merrill Lynch International, Credit Suisse International, MUFG Securities EMEA plc, The Toronto-Dominion Bank and Siebert Williams Shank & Co., LLC. The Notes will be issued pursuant to that certain Indenture, dated as of February 1, 1996 (as amended, the “Indenture”), between the Company and U.S. Bank National Association, as Trustee, and the Officers’ Certificate and Authentication Order, dated November 16, 2021 (the “Officers’ Certificate”), pursuant to Sections 201, 301 and 303 of the Indenture. The offer and sale of the Notes has been registered under the Securities Act of 1933, as amended, by Registration Statement on Form S-3 (No. 333-259827). The sale of the Notes is expected to close on November 16, 2021.
Issuer evidence: On November 2, 2021, General Mills, Inc. (the “Company”) agreed to sell €500,000,000 aggregate principal amount of its 0.125% Notes due 2025 (the “Notes”) pursuant to the Underwriting Agreement, dated November 2, 2021 (the “Underwriting Agreement”), among the Company and Barclays Bank PLC, Goldman Sachs & Co. LLC, Merrill Lynch International, Credit Suisse International, MUFG Securities EMEA plc, The Toronto-Dominion Bank and Siebert Williams Shank & Co., LLC. The Notes will be issued pursuant to that certain Indenture, dated as of February 1, 1996 (as amended, the “Indenture”), between the Company and U.S. Bank National Association, as Trustee, and the Officers’ Certificate and Authentication Order, dated November 16, 2021 (the “Officers’ Certificate”), pursuant to Sections 201, 301 and 303 of the Indenture. The offer and sale of the Notes has been registered under the Securities Act of 1933, as amended, by Registration Statement on Form S-3 (No. 333-259827). The sale of the Notes is expected to close on November 16, 2021.
Supporting evidence: On November 2, 2021, General Mills, Inc. (the “Company”) agreed to sell €500,000,000 aggregate principal amount of its 0.125% Notes due 2025 (the “Notes”) pursuant to the Underwriting Agreement, dated November 2, 2021 (the “Underwriting Agreement”), among the Company and Barclays Bank PLC, Goldman Sachs & Co. LLC, Merrill Lynch International, Credit Suisse International, MUFG Securities EMEA plc, The Toronto-Dominion Bank and Siebert Williams Shank & Co., LLC. The Notes will be issued pursuant to that certain Indenture, dated as of February 1, 1996 (as amended, the “Indenture”), between the Company and U.S. Bank National Association, as Trustee, and the Officers’ Certificate and Authentication Order, dated November 16, 2021 (the “Officers’ Certificate”), pursuant to Sections 201, 301 and 303 of the Indenture. The offer and sale of the Notes has been registered under the Securities Act of 1933, as amended, by Registration Statement on Form S-3 (No. 333-259827). The sale of the Notes is expected to close on November 16, 2021.
Supporting evidence: On November 2, 2021, General Mills, Inc. (the “Company”) agreed to sell €500,000,000 aggregate principal amount of its 0.125% Notes due 2025 (the “Notes”) pursuant to the Underwriting Agreement, dated November 2, 2021 (the “Underwriting Agreement”), among the Company and Barclays Bank PLC, Goldman Sachs & Co. LLC, Merrill Lynch International, Credit Suisse International, MUFG Securities EMEA plc, The Toronto-Dominion Bank and Siebert Williams Shank & Co., LLC. The Notes will be issued pursuant to that certain Indenture, dated as of February 1, 1996 (as amended, the “Indenture”), between the Company and U.S. Bank National Association, as Trustee, and the Officers’ Certificate and Authentication Order, dated November 16, 2021 (the “Officers’ Certificate”), pursuant to Sections 201, 301 and 303 of the Indenture. The offer and sale of the Notes has been registered under the Securities Act of 1933, as amended, by Registration Statement on Form S-3 (No. 333-259827). The sale of the Notes is expected to close on November 16, 2021.
2.250% Notes due 2031
Note · General Mills, Inc.
Reference: 2.250% Notes due 2031
Active
Original principal
USD 500,000,000
Outstanding
—
Commitment
—
Availability
—
Maturity
—
Last reported interest terms:
2.25%
Reported 2021-10-14Later filings may not restate these terms; this does not confirm they still apply.
Verified covenant terms
(8) · Change of Control Triggering EventHolders of the Notes may require the Company to repurchase all or any part of the NotesSpringingTrigger: If a Change of Control Triggering Event (as defined in the form of Note attached hereto as Exhibit A) shall have occurredDefined terms:
Change of Control Triggering Event: means the occurrence of both a Change of Control and a Rating Event.
Source evidence: “Change of Control Triggering Event” means the occurrence of both a Change of Control and a Rating Event.
Source evidence: (8) If a Change of Control Triggering Event (as defined in the form of Note attached hereto as Exhibit A) shall have occurred, Holders of the Notes may require the Company to repurchase all or any part of the Notes in the manner provided and subject to the limitations set forth in the form of Note attached hereto as Exhibit A.
Target identity evidence: Pursuant to the Indenture, dated as of February 1, 1996 (as amended, the “Indenture”), between General Mills, Inc. (the “Company”) and U.S. Bank National Association (formerly known as First Trust of Illinois, National Association), as trustee (the “Trustee”), and resolutions adopted by the Board of Directors of the Company, this Officers’ Certificate and Authentication Order is being delivered to the Trustee to establish the terms of a series of Securities in accordance with Section 301 of the Indenture, to establish the form of the Securities of such series in accordance with Section 201 of the Indenture, to request the authentication and delivery of the Securities of such series pursuant to Section 303 of the Indenture and to comply with the provisions of Section 102 of the Indenture.
Target identity evidence: Dated: October 14, 2021
Target identity evidence: (1) The series of Securities being authorized shall bear the title “2.250% Notes due 2031” (the “Notes”).
On October 5, 2021, General Mills, Inc. (the “Company”) agreed to sell $500,000,000 aggregate principal amount of its 2.250% Notes due 2031 (the “Notes”) pursuant to the Underwriting Agreement, dated October 5, 2021 (the “Underwriting Agreement”), among the Company and BNP Paribas Securities Corp., Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC, as representatives of the several underwriters named in Schedule II thereto.
Issuer evidence: On October 5, 2021, General Mills, Inc. (the “Company”) agreed to sell $500,000,000 aggregate principal amount of its 2.250% Notes due 2031 (the “Notes”) pursuant to the Underwriting Agreement, dated October 5, 2021 (the “Underwriting Agreement”), among the Company and BNP Paribas Securities Corp., Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC, as representatives of the several underwriters named in Schedule II thereto.
Supporting evidence: The Notes will be issued pursuant to that certain Indenture, dated as of February 1, 1996 (as amended, the “Indenture”), between the Company and U.S. Bank National Association, as Trustee, and the Officers’ Certificate and Authentication Order, dated October 14, 2021 (the “Officers’ Certificate”), pursuant to Sections 201, 301 and 303 of the Indenture.
Supporting evidence: The sale of the Notes is expected to close on October 14, 2021.
Supporting evidence: On October 5, 2021, General Mills, Inc. (the “Company”) agreed to sell $500,000,000 aggregate principal amount of its 2.250% Notes due 2031 (the “Notes”) pursuant to the Underwriting Agreement, dated October 5, 2021 (the “Underwriting Agreement”), among the Company and BNP Paribas Securities Corp., Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC, as representatives of the several underwriters named in Schedule II thereto.
Supporting evidence: On October 5, 2021, General Mills, Inc. (the “Company”) agreed to sell $500,000,000 aggregate principal amount of its 2.250% Notes due 2031 (the “Notes”) pursuant to the Underwriting Agreement, dated October 5, 2021 (the “Underwriting Agreement”), among the Company and BNP Paribas Securities Corp., Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC, as representatives of the several underwriters named in Schedule II thereto.
2.875% Notes due 2030
Note · General Mills, Inc.
Reference: 2.875% Notes due 2030
Active
Original principal
USD 750,000,000
Outstanding
—
Commitment
—
Availability
—
Maturity
—
Last reported interest terms:
2.875%
Reported 2020-04-03Later filings may not restate these terms; this does not confirm they still apply.
Verified covenant terms
Change of Control Triggering Event · Change of Control Triggering EventIf a Change of Control Triggering Event shall have occurred, the Holder of this Note may require the Company to repurchase all or any partSpringingTrigger: If a Change of Control Triggering Event shall have occurredDefined terms:
Change of Control Triggering Event: the occurrence of both a Change of Control and a Rating Event.
Source evidence: “Change of Control Triggering Event” means the occurrence of both a Change of Control and a Rating Event.
Source evidence: If a Change of Control Triggering Event shall have occurred, the Holder of this Note may require the Company to repurchase all or any part (equal to an integral multiple of $1,000) of this Note at a purchase price equal to 101% of the principal amount of, plus accrued and unpaid interest, if any, to the date of purchase on, the Note (or part thereof) to be purchased (unless the Company shall have mailed or caused to be mailed a notice of redemption within 30 days after such Change of Control Triggering Event stating that all of the Notes will be redeemed); provided that the principal amount of this Note remaining outstanding after a repurchase in part shall be $2,000 or an integral multiple of $1,000 in excess thereof.
Target identity evidence: Pursuant to the Indenture, dated as of February 1, 1996 (as amended, the “Indenture”), between General Mills, Inc. (the “Company”) and U.S. Bank National Association (formerly known as First Trust of Illinois, National Association), as trustee (the “Trustee”), and resolutions adopted by the Board of Directors of the Company, this Officers’ Certificate and Authentication Order is being delivered to the Trustee to establish the terms of a series of Securities in accordance with Section 301 of the Indenture, to establish the form of the Securities of such series in accordance with Section 201 of the Indenture, to request the authentication and delivery of the Securities of such series pursuant to Section 303 of the Indenture and to comply with the provisions of Section 102 of the Indenture.
Target identity evidence: | (1) | The series of Securities being authorized shall bear the title “2.875% Notes due 2030” (the “Notes”). |
GoverningAgreement · EX-4 · 2020-04-03 — OFFICERS' CERTIFICATE AND AUTHENTICATION ORDER, DATED APRIL 3, 2020, FOR THE 2.875% NOTES DUE 2030 (WHICH INCLUDES THE FORM OF NOTE) ISSUED PURSUANT TO THE INDENTURE.
On March 31, 2020, General Mills, Inc. (the “Company”) agreed to sell $750,000,000 aggregate principal amount of its 2.875% Notes due 2030 (the “Notes”) pursuant to the Underwriting Agreement, dated March 31, 2020 (the “Underwriting Agreement”), among the Company and BofA Securities, Inc. and Morgan Stanley & Co. LLC, as representatives of the several underwriters named in Schedule II thereto. The Notes will be issued pursuant to that certain Indenture, dated as of February 1, 1996 (as amended, the “Indenture”), between the Company and U.S. Bank National Association, as Trustee, and the Officers’ Certificate and Authentication Order, dated April 3, 2020 (the “Officers’ Certificate”), pursuant to Sections 201, 301 and 303 of the Indenture. The offer and sale of the Notes has been registered under the Securities Act of 1933, as amended, by Registration Statement on Form S-3 (No. 333-223919). The sale of the Notes is expected to close on April 3, 2020.
Issuer evidence: On March 31, 2020, General Mills, Inc. (the “Company”) agreed to sell $750,000,000 aggregate principal amount of its 2.875% Notes due 2030 (the “Notes”) pursuant to the Underwriting Agreement, dated March 31, 2020 (the “Underwriting Agreement”), among the Company and BofA Securities, Inc. and Morgan Stanley & Co. LLC, as representatives of the several underwriters named in Schedule II thereto.
Supporting evidence: On March 31, 2020, General Mills, Inc. (the “Company”) agreed to sell $750,000,000 aggregate principal amount of its 2.875% Notes due 2030 (the “Notes”) pursuant to the Underwriting Agreement, dated March 31, 2020 (the “Underwriting Agreement”), among the Company and BofA Securities, Inc. and Morgan Stanley & Co. LLC, as representatives of the several underwriters named in Schedule II thereto.
Supporting evidence: On March 31, 2020, General Mills, Inc. (the “Company”) agreed to sell $750,000,000 aggregate principal amount of its 2.875% Notes due 2030 (the “Notes”) pursuant to the Underwriting Agreement, dated March 31, 2020 (the “Underwriting Agreement”), among the Company and BofA Securities, Inc. and Morgan Stanley & Co. LLC, as representatives of the several underwriters named in Schedule II thereto.
3.600% Notes due 2032
Note · General Mills, Inc.
Reference: 3.600% Notes due 2032
Active
Original principal
EUR 750,000,000
Outstanding
—
Commitment
—
Availability
—
Maturity
—
Last reported interest terms:
3.6%
Reported 2025-04-17Later filings may not restate these terms; this does not confirm they still apply.
Covenant terms for this agreement are not yet verified.
On April 14, 2025, General Mills, Inc. (the “Company”) agreed to sell €750,000,000 aggregate principal amount of its 3.600% Notes due 2032 (the “Notes”) pursuant to the Underwriting Agreement, dated April 14, 2025 (the “Underwriting Agreement”), among the Company and Deutsche Bank AG, London Branch, Merrill Lynch International, Morgan Stanley & Co. International plc and the several underwriters named therein.
Issuer evidence: On April 14, 2025, General Mills, Inc. (the “Company”) agreed to sell €750,000,000 aggregate principal amount of its 3.600% Notes due 2032 (the “Notes”) pursuant to the Underwriting Agreement, dated April 14, 2025 (the “Underwriting Agreement”), among the Company and Deutsche Bank AG, London Branch, Merrill Lynch International, Morgan Stanley & Co. International plc and the several underwriters named therein. The Notes will be issued pursuant to that certain Indenture, dated as of February 1, 1996 (as amended, the “Indenture”), between the Company and U.S. Bank Trust Company, National Association, as Trustee, and the Officers’ Certificate and Authentication Order, dated April 17, 2025 (the “Officers’ Certificate”), pursuant to Sections 201, 301 and 303 of the Indenture. The offer and sale of the Notes has been registered under the Securities Act of 1933, as amended, by Registration Statement on Form S-3 (No. 333-283277). The sale of the Notes is expected to close on April 17, 2025, subject to customary closing conditions.
Supporting evidence: The Notes will be issued pursuant to that certain Indenture, dated as of February 1, 1996 (as amended, the “Indenture”), between the Company and U.S. Bank Trust Company, National Association, as Trustee, and the Officers’ Certificate and Authentication Order, dated April 17, 2025 (the “Officers’ Certificate”), pursuant to Sections 201, 301 and 303 of the Indenture.
Supporting evidence: The offer and sale of the Notes has been registered under the Securities Act of 1933, as amended, by Registration Statement on Form S-3 (No. 333-283277).
Supporting evidence: The sale of the Notes is expected to close on April 17, 2025, subject to customary closing conditions.
Supporting evidence: On April 14, 2025, General Mills, Inc. (the “Company”) agreed to sell €750,000,000 aggregate principal amount of its 3.600% Notes due 2032 (the “Notes”) pursuant to the Underwriting Agreement, dated April 14, 2025 (the “Underwriting Agreement”), among the Company and Deutsche Bank AG, London Branch, Merrill Lynch International, Morgan Stanley & Co. International plc and the several underwriters named therein.
Supporting evidence: On April 14, 2025, General Mills, Inc. (the “Company”) agreed to sell €750,000,000 aggregate principal amount of its 3.600% Notes due 2032 (the “Notes”) pursuant to the Underwriting Agreement, dated April 14, 2025 (the “Underwriting Agreement”), among the Company and Deutsche Bank AG, London Branch, Merrill Lynch International, Morgan Stanley & Co. International plc and the several underwriters named therein.
3.907% Notes due 2029
Note · General Mills, Inc.
Reference: 3.907% Notes due 2029
Active
Original principal
EUR 750,000,000
Outstanding
—
Commitment
—
Availability
—
Maturity
—
Last reported interest terms:
3.907%
Reported 2023-04-13Later filings may not restate these terms; this does not confirm they still apply.
Covenant terms for this agreement are not yet verified.
On March 28, 2023, General Mills, Inc. (the "Company") agreed to sell €750,000,000 aggregate principal amount of its 3.907% Notes due 2029 (the "Notes") pursuant to the Underwriting Agreement, dated March 28, 2023 (the "Underwriting Agreement"), among the Company and Barclays Bank PLC, BNP Paribas, Goldman Sachs & Co. LLC and Citigroup Global Markets Limited, as representatives of the several underwriters named in Schedule II thereto. The Notes will be issued pursuant to that certain Indenture, dated as of February 1, 1996 (as amended, the "Indenture"), between the Company and U.S. Bank Trust Company, National Association, as Trustee, and the Officers' Certificate and Authentication Order, dated April 13, 2023 (the "Officers' Certificate"), pursuant to Sections 201, 301 and 303 of the Indenture. The offer and sale of the Notes has been registered under the Securities Act of 1933, as amended, by Registration Statement on Form S-3 (No. 333-259827). The sale of the Notes is expected to close on April 13, 2023.
Issuer evidence: On March 28, 2023, General Mills, Inc. (the "Company") agreed to sell €750,000,000 aggregate principal amount of its 3.907% Notes due 2029 (the "Notes") pursuant to the Underwriting Agreement, dated March 28, 2023 (the "Underwriting Agreement"), among the Company and Barclays Bank PLC, BNP Paribas, Goldman Sachs & Co. LLC and Citigroup Global Markets Limited, as representatives of the several underwriters named in Schedule II thereto. The Notes will be issued pursuant to that certain Indenture, dated as of February 1, 1996 (as amended, the "Indenture"), between the Company and U.S. Bank Trust Company, National Association, as Trustee, and the Officers' Certificate and Authentication Order, dated April 13, 2023 (the "Officers' Certificate"), pursuant to Sections 201, 301 and 303 of the Indenture. The offer and sale of the Notes has been registered under the Securities Act of 1933, as amended, by Registration Statement on Form S-3 (No. 333-259827). The sale of the Notes is expected to close on April 13, 2023.
Supporting evidence: On March 28, 2023, General Mills, Inc. (the "Company") agreed to sell €750,000,000 aggregate principal amount of its 3.907% Notes due 2029 (the "Notes") pursuant to the Underwriting Agreement, dated March 28, 2023 (the "Underwriting Agreement"), among the Company and Barclays Bank PLC, BNP Paribas, Goldman Sachs & Co. LLC and Citigroup Global Markets Limited, as representatives of the several underwriters named in Schedule II thereto. The Notes will be issued pursuant to that certain Indenture, dated as of February 1, 1996 (as amended, the "Indenture"), between the Company and U.S. Bank Trust Company, National Association, as Trustee, and the Officers' Certificate and Authentication Order, dated April 13, 2023 (the "Officers' Certificate"), pursuant to Sections 201, 301 and 303 of the Indenture. The offer and sale of the Notes has been registered under the Securities Act of 1933, as amended, by Registration Statement on Form S-3 (No. 333-259827). The sale of the Notes is expected to close on April 13, 2023.
Supporting evidence: On March 28, 2023, General Mills, Inc. (the "Company") agreed to sell €750,000,000 aggregate principal amount of its 3.907% Notes due 2029 (the "Notes") pursuant to the Underwriting Agreement, dated March 28, 2023 (the "Underwriting Agreement"), among the Company and Barclays Bank PLC, BNP Paribas, Goldman Sachs & Co. LLC and Citigroup Global Markets Limited, as representatives of the several underwriters named in Schedule II thereto. The Notes will be issued pursuant to that certain Indenture, dated as of February 1, 1996 (as amended, the "Indenture"), between the Company and U.S. Bank Trust Company, National Association, as Trustee, and the Officers' Certificate and Authentication Order, dated April 13, 2023 (the "Officers' Certificate"), pursuant to Sections 201, 301 and 303 of the Indenture. The offer and sale of the Notes has been registered under the Securities Act of 1933, as amended, by Registration Statement on Form S-3 (No. 333-259827). The sale of the Notes is expected to close on April 13, 2023.
4.950% Notes due 2033
Note · General Mills, Inc.
Reference: 4.950% Notes due 2033
Active
Original principal
USD 1,000,000,000
Outstanding
—
Commitment
—
Availability
—
Maturity
—
Last reported interest terms:
4.95%
Reported 2023-03-29Later filings may not restate these terms; this does not confirm they still apply.
Covenant terms for this agreement are not yet verified.
On March 27, 2023, General Mills, Inc. (the “Company”) agreed to sell $1,000,000,000 aggregate principal amount of its 4.950% Notes due 2033 (the “Notes”) pursuant to the Underwriting Agreement, dated March 27, 2023 (the “Underwriting Agreement”), among the Company and Barclays Capital Inc., BofA Securities, Inc., Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC, as representatives of the several underwriters named in Schedule II thereto. The Notes will be issued pursuant to that certain Indenture, dated as of February 1, 1996 (as amended, the “Indenture”), between the Company and U.S. Bank Trust Company, National Association, as Trustee, and the Officers’ Certificate and Authentication Order, dated March 29, 2023 (the “Officers’ Certificate”), pursuant to Sections 201, 301 and 303 of the Indenture. The offer and sale of the Notes has been registered under the Securities Act of 1933, as amended, by Registration Statement on Form S-3 (No. 333-259827). The sale of the Notes is expected to close on March 29, 2023.
Issuer evidence: On March 27, 2023, General Mills, Inc. (the “Company”) agreed to sell $1,000,000,000 aggregate principal amount of its 4.950% Notes due 2033 (the “Notes”) pursuant to the Underwriting Agreement, dated March 27, 2023 (the “Underwriting Agreement”), among the Company and Barclays Capital Inc., BofA Securities, Inc., Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC, as representatives of the several underwriters named in Schedule II thereto. The Notes will be issued pursuant to that certain Indenture, dated as of February 1, 1996 (as amended, the “Indenture”), between the Company and U.S. Bank Trust Company, National Association, as Trustee, and the Officers’ Certificate and Authentication Order, dated March 29, 2023 (the “Officers’ Certificate”), pursuant to Sections 201, 301 and 303 of the Indenture. The offer and sale of the Notes has been registered under the Securities Act of 1933, as amended, by Registration Statement on Form S-3 (No. 333-259827). The sale of the Notes is expected to close on March 29, 2023.
Supporting evidence: On March 27, 2023, General Mills, Inc. (the “Company”) agreed to sell $1,000,000,000 aggregate principal amount of its 4.950% Notes due 2033 (the “Notes”) pursuant to the Underwriting Agreement, dated March 27, 2023 (the “Underwriting Agreement”), among the Company and Barclays Capital Inc., BofA Securities, Inc., Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC, as representatives of the several underwriters named in Schedule II thereto. The Notes will be issued pursuant to that certain Indenture, dated as of February 1, 1996 (as amended, the “Indenture”), between the Company and U.S. Bank Trust Company, National Association, as Trustee, and the Officers’ Certificate and Authentication Order, dated March 29, 2023 (the “Officers’ Certificate”), pursuant to Sections 201, 301 and 303 of the Indenture. The offer and sale of the Notes has been registered under the Securities Act of 1933, as amended, by Registration Statement on Form S-3 (No. 333-259827). The sale of the Notes is expected to close on March 29, 2023.
Supporting evidence: On March 27, 2023, General Mills, Inc. (the “Company”) agreed to sell $1,000,000,000 aggregate principal amount of its 4.950% Notes due 2033 (the “Notes”) pursuant to the Underwriting Agreement, dated March 27, 2023 (the “Underwriting Agreement”), among the Company and Barclays Capital Inc., BofA Securities, Inc., Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC, as representatives of the several underwriters named in Schedule II thereto. The Notes will be issued pursuant to that certain Indenture, dated as of February 1, 1996 (as amended, the “Indenture”), between the Company and U.S. Bank Trust Company, National Association, as Trustee, and the Officers’ Certificate and Authentication Order, dated March 29, 2023 (the “Officers’ Certificate”), pursuant to Sections 201, 301 and 303 of the Indenture. The offer and sale of the Notes has been registered under the Securities Act of 1933, as amended, by Registration Statement on Form S-3 (No. 333-259827). The sale of the Notes is expected to close on March 29, 2023.
5.241% Notes due 2025
Note · General Mills, Inc.
Reference: 5.241% Notes due 2025
Active
Original principal
USD 500,000,000
Outstanding
—
Commitment
—
Availability
—
Maturity
—
Last reported interest terms:
5.241%
Reported 2022-11-18Later filings may not restate these terms; this does not confirm they still apply.
Covenant terms for this agreement are not yet verified.
On November 16, 2022, General Mills, Inc. (the “Company”) agreed to sell $500,000,000 aggregate principal amount of its 5.241% Notes due 2025 (the “Notes”) pursuant to the Underwriting Agreement, dated November 16, 2022 (the “Underwriting Agreement”), among the Company and BNP Paribas Securities Corp. and Deutsche Bank Securities Inc., as representatives of the several underwriters named in Schedule II thereto.
Issuer evidence: On November 16, 2022, General Mills, Inc. (the “Company”) agreed to sell $500,000,000 aggregate principal amount of its 5.241% Notes due 2025 (the “Notes”) pursuant to the Underwriting Agreement, dated November 16, 2022 (the “Underwriting Agreement”), among the Company and BNP Paribas Securities Corp. and Deutsche Bank Securities Inc., as representatives of the several underwriters named in Schedule II thereto.
Supporting evidence: The Notes will be issued pursuant to that certain Indenture, dated as of February 1, 1996 (as amended, the “Indenture”), between the Company and U.S. Bank Trust Company, National Association, as Trustee, and the Officers’ Certificate and Authentication Order, dated November 18, 2022 (the “Officers’ Certificate”), pursuant to Sections 201, 301 and 303 of the Indenture.
Supporting evidence: The sale of the Notes is expected to close on November 18, 2022.
Supporting evidence: On November 16, 2022, General Mills, Inc. (the “Company”) agreed to sell $500,000,000 aggregate principal amount of its 5.241% Notes due 2025 (the “Notes”) pursuant to the Underwriting Agreement, dated November 16, 2022 (the “Underwriting Agreement”), among the Company and BNP Paribas Securities Corp. and Deutsche Bank Securities Inc., as representatives of the several underwriters named in Schedule II thereto.
Supporting evidence: On November 16, 2022, General Mills, Inc. (the “Company”) agreed to sell $500,000,000 aggregate principal amount of its 5.241% Notes due 2025 (the “Notes”) pursuant to the Underwriting Agreement, dated November 16, 2022 (the “Underwriting Agreement”), among the Company and BNP Paribas Securities Corp. and Deutsche Bank Securities Inc., as representatives of the several underwriters named in Schedule II thereto.
5.500% Notes due 2028
Note · General Mills, Inc.
Reference: 5.500% Notes due 2028
Active
Original principal
USD 500,000,000
Outstanding
—
Commitment
—
Availability
—
Maturity
—
Last reported interest terms:
5.5%
Reported 2023-10-17Later filings may not restate these terms; this does not confirm they still apply.
Covenant terms for this agreement are not yet verified.
On October 10, 2023, General Mills, Inc. (the “Company”) agreed to sell $500,000,000 aggregate principal amount of its 5.500% Notes due 2028 (the “Notes”) pursuant to the Underwriting Agreement, dated October 10, 2023 (the “Underwriting Agreement”), among the Company and Barclays Capital Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc. and Deutsche Bank Securities Inc., as representatives of the several underwriters named in Schedule II thereto. The Notes will be issued pursuant to that certain Indenture, dated as of February 1, 1996 (as amended, the “Indenture”), between the Company and U.S. Bank Trust Company, National Association, as Trustee, and the Officers’ Certificate and Authentication Order, dated October 17, 2023 (the “Officers’ Certificate”), pursuant to Sections 201, 301 and 303 of the Indenture. The offer and sale of the Notes has been registered under the Securities Act of 1933, as amended, by Registration Statement on Form S-3 (No. 333-259827). The sale of the Notes is expected to close on October 17, 2023.
Issuer evidence: On October 10, 2023, General Mills, Inc. (the “Company”) agreed to sell $500,000,000 aggregate principal amount of its 5.500% Notes due 2028 (the “Notes”) pursuant to the Underwriting Agreement, dated October 10, 2023 (the “Underwriting Agreement”), among the Company and Barclays Capital Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc. and Deutsche Bank Securities Inc., as representatives of the several underwriters named in Schedule II thereto. The Notes will be issued pursuant to that certain Indenture, dated as of February 1, 1996 (as amended, the “Indenture”), between the Company and U.S. Bank Trust Company, National Association, as Trustee, and the Officers’ Certificate and Authentication Order, dated October 17, 2023 (the “Officers’ Certificate”), pursuant to Sections 201, 301 and 303 of the Indenture. The offer and sale of the Notes has been registered under the Securities Act of 1933, as amended, by Registration Statement on Form S-3 (No. 333-259827). The sale of the Notes is expected to close on October 17, 2023.
Supporting evidence: On October 10, 2023, General Mills, Inc. (the “Company”) agreed to sell $500,000,000 aggregate principal amount of its 5.500% Notes due 2028 (the “Notes”) pursuant to the Underwriting Agreement, dated October 10, 2023 (the “Underwriting Agreement”), among the Company and Barclays Capital Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc. and Deutsche Bank Securities Inc., as representatives of the several underwriters named in Schedule II thereto. The Notes will be issued pursuant to that certain Indenture, dated as of February 1, 1996 (as amended, the “Indenture”), between the Company and U.S. Bank Trust Company, National Association, as Trustee, and the Officers’ Certificate and Authentication Order, dated October 17, 2023 (the “Officers’ Certificate”), pursuant to Sections 201, 301 and 303 of the Indenture. The offer and sale of the Notes has been registered under the Securities Act of 1933, as amended, by Registration Statement on Form S-3 (No. 333-259827). The sale of the Notes is expected to close on October 17, 2023.
Supporting evidence: On October 10, 2023, General Mills, Inc. (the “Company”) agreed to sell $500,000,000 aggregate principal amount of its 5.500% Notes due 2028 (the “Notes”) pursuant to the Underwriting Agreement, dated October 10, 2023 (the “Underwriting Agreement”), among the Company and Barclays Capital Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc. and Deutsche Bank Securities Inc., as representatives of the several underwriters named in Schedule II thereto. The Notes will be issued pursuant to that certain Indenture, dated as of February 1, 1996 (as amended, the “Indenture”), between the Company and U.S. Bank Trust Company, National Association, as Trustee, and the Officers’ Certificate and Authentication Order, dated October 17, 2023 (the “Officers’ Certificate”), pursuant to Sections 201, 301 and 303 of the Indenture. The offer and sale of the Notes has been registered under the Securities Act of 1933, as amended, by Registration Statement on Form S-3 (No. 333-259827). The sale of the Notes is expected to close on October 17, 2023.
Price & Valuation
Multiples computed on the strict TTM/EV methodology — today's snapshot against peers, and each ratio recomputed as of past filing dates.
Valuation
EV/Revenue
1.65×
Peer median 1.38×
EV/EBIT
—
Peer median 14.31×
P/E (TTM)
—
Peer median 14.23×
Peer medians compare against the 16 similar-size Packaged Foods companies (of 73 listed).
Valuation over time computed as of each quarter's filing date
Revenue Breakdown
Annual revenue as the company disaggregates it in its own XBRL filings. Years a component wasn't reported show a dash.
Share mode is each component's slice of the reported components that year — issuers rarely tag every revenue dollar, so slices need not sum to total revenue.
By Segment (USD)
Component
FY2026
FY2025
FY2024
FY2023
FY2022
FY2021
FY2020
FY2019
North America Retail Segment
$10,571,800,000
$11,907,000,000
$12,473,400,000
$12,659,900,000
$11,572,000,000
$11,250,000,000
$10,978,100,000
$9,925,200,000
International Segment
$3,043,800,000
$2,797,800,000
$2,746,500,000
$2,769,500,000
$3,315,700,000
$3,656,800,000
$3,365,100,000
—
North America Pet Segment
$2,613,300,000
$2,470,800,000
$2,375,800,000
$2,473,300,000
$2,259,400,000
$1,732,400,000
$1,694,600,000
$1,430,900,000
North America Foodservice
$2,169,500,000
$2,300,900,000
$2,258,700,000
$2,191,500,000
$1,845,700,000
$1,487,800,000
$1,588,800,000
—
Asia and Latin America
—
—
—
—
—
$1,675,300,000
$1,526,200,000
$1,653,300,000
Canada Operating Unit
—
—
—
$1,002,500,000
$985,900,000
$953,300,000
$897,100,000
$862,400,000
Convenience Stores and Foodservice Segment
—
—
—
—
—
$1,742,400,000
$1,816,400,000
$1,969,100,000
Europe and Australia
—
—
—
—
—
$1,981,500,000
$1,838,900,000
$1,886,700,000
United States Cereal Operating Unit
—
—
—
$3,620,100,000
$3,370,900,000
$3,314,000,000
$3,292,000,000
$2,255,400,000
United States Meals and Baking Operating Unit
—
—
—
$4,426,300,000
$4,023,800,000
$4,042,200,000
$3,869,300,000
$3,839,800,000
United States Snacks Operating Unit
—
—
—
$3,611,000,000
$3,191,400,000
$2,940,500,000
$2,919,700,000
$2,060,900,000
United States Yogurt and Other Operating Unit
—
—
—
—
—
$927,100,000
$919,000,000
$906,700,000
North America
—
—
—
—
—
—
$10,750,500,000
$9,925,200,000
Corporate And Other
—
—
—
$0
$0
—
—
—
By Geography (USD)
Component
FY2026
FY2025
FY2024
FY2023
FY2022
FY2021
FY2020
FY2019
United States
$14,704,700,000
$15,780,400,000
$16,062,200,000
$16,322,200,000
$14,691,200,000
$13,496,900,000
$13,364,500,000
$12,462,800,000
Non Us
$3,719,900,000
$3,706,200,000
$3,795,000,000
$3,772,000,000
$4,301,600,000
$4,630,100,000
$4,262,100,000
$4,402,400,000
By Product & Service (USD)
Component
FY2026
FY2025
FY2024
FY2023
FY2022
FY2021
FY2020
FY2019
Snacks
$4,138,500,000
$4,187,400,000
$4,327,300,000
$4,431,500,000
$3,960,900,000
$3,574,200,000
$3,529,700,000
$3,487,400,000
Cereal
$3,089,700,000
$3,078,600,000
$3,187,500,000
$3,209,500,000
$2,998,100,000
$2,868,900,000
$2,874,100,000
$2,672,800,000
Convenient Meals
$2,870,900,000
$2,816,100,000
$2,906,500,000
$2,961,600,000
$2,988,500,000
$3,030,200,000
$2,814,300,000
$2,538,600,000
Pet
$2,766,400,000
$2,585,800,000
$2,382,700,000
$2,476,000,000
$2,260,100,000
$1,732,400,000
$1,694,600,000
$812,700,000
Dough
$2,396,000,000
$2,384,200,000
$2,423,600,000
$2,390,500,000
$1,986,300,000
$1,866,100,000
$1,801,100,000
$1,661,900,000
Baking Mixes and Ingredients
$1,926,100,000
$1,940,200,000
$1,996,000,000
$2,037,300,000
$1,843,600,000
$1,695,500,000
$1,674,200,000
$1,663,700,000
Super Premium Ice Cream
$782,700,000
$721,600,000
$728,700,000
$703,700,000
$782,200,000
$819,700,000
$718,100,000
$812,700,000
Other Product
$352,300,000
$381,100,000
$422,400,000
$411,200,000
$458,200,000
$465,200,000
$463,900,000
$484,100,000
Yogurt
$102,000,000
$1,391,600,000
$1,482,500,000
$1,472,900,000
$1,714,900,000
$2,074,800,000
$2,056,600,000
$2,113,100,000
Segment Operating Income
Annual operating income by business segment, as tagged in the company's own XBRL filings. Segments need not sum to the consolidated figure — corporate costs and eliminations are typically unallocated.
