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General Mills

GIS NYSE Packaged Foods & Meats Financials FY2017–FY2026

General Mills' revenue fell 5.5% to $18.4 billion in fiscal 2026. Its operating margin was 4.8%, down from 17.0% a year earlier. Free cash flow was $1.6 billion, down 29.1%. It paid out $1.8 billion in dividends and buybacks, 112% of free cash flow. The diluted share count fell 3.5%.

Last close · Oct 23, 2026

$34.39

2.2%
Value it Compare
Revenue Total sales reported in the income statement.
$18.4B
5.4% vs prior year
Operating margin Operating income as a share of revenue.
4.8%
12.2 pts
Net income Profit after all expenses, interest and tax.
−$87.6M
103.8%
Free cash flow Cash from operations minus capital spending.
$1.6B
29.1%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
2.0%
9.5 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$18.5B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
—

About these figures. Revenue is General Mills' total net sales; its fiscal 2019 to 2024 filings also tag a much smaller revenue figure that covers only part of the business.

What General Mills does

General Mills makes and sells packaged foods and pet food. It has more than 100 brands, sold in about 100 countries. Its main categories are snacks, ready-to-eat cereal, convenient meals, natural pet food, refrigerated and frozen dough, baking mixes and super-premium ice cream. Brands named in its 10-K include Betty Crocker, Bisquick, Annie's and Blue Buffalo.

The company sells mainly to grocery stores, mass merchandisers, membership stores, drug and dollar chains, e-commerce retailers, foodservice distributors and restaurants. It reports four segments: North America Retail, International, North America Pet and North America Foodservice. Walmart is its largest customer, at 22 percent of consolidated net sales and 31 percent of North America Retail sales. General Mills also holds 50 percent interests in two joint ventures: Cereal Partners Worldwide with Nestlé, which sells cereal outside North America, and Häagen-Dazs Japan.

It competes with other food makers and with retailers' own store brands, which usually sell at lower prices. As of May 31, 2026, it had about 30,000 employees, around half in the United States. Grains, meat, vegetable oils, sugar, fruit and packaging are its main raw materials.

Legal name
GENERAL MILLS, INC.
Fiscal year ends
May 31, 2026
Latest annual report
10-K · Jul 1, 2026
Accession · CIK
0001628280-26-046466
0000040704

Revenue and margins

General Mills had $18.4B of revenue in fiscal 2026, down 5.5% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $1.6B in fiscal 2026, 8.8% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

General Mills returned $1.8B to shareholders in fiscal 2026, 112% of free cash flow. The diluted share count fell 3.6%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value General Mills yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$13.1B and divides by 537.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Balance sheet

Cash, debt and the ratios that show how comfortably General Mills can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY22FY23FY24FY25FY26
Cash and short-term investments $569M$586M$418M$364M$454M
Debt incl. finance leases $11.6B$11.7B$12.9B$14.9B$13.5B
Net debt / EBITDA 2.7x2.8x3.1x3.8x9.1x
Debt / equity 1.1x1.1x1.4x1.6x1.8x
Interest coverage 9.2x9.0x7.2x6.3x1.5x
Current ratio 0.6x0.7x0.7x0.7x0.7x
Quick ratio 0.4x0.4x0.4x0.4x0.4x
Total assets $31.1B$31.5B$31.5B$33.1B$30.0B
Total liabilities $20.3B$20.8B$21.8B$23.9B$22.6B
Shareholders' equity $10.5B$10.4B$9.4B$9.2B$7.4B
Net debt (− = net cash) $11.1B$11.1B$12.5B$14.5B$13.1B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$1.2M

4 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Oct 1, 2026 Pankaj MN SharmaSegment President Sold 6,294 $31.33 $0.2M Form 4
May 13, 2026 Jacqueline Williams-RollChief Human Resources Officer Sold 10,000 $33.97 $0.3M Form 4
May 12, 2026 Jacqueline Williams-RollChief Human Resources Officer Sold 10,000 $34.27 $0.3M Form 4
May 12, 2026 Ricardo FernandezSegment President Sold 7,995 $34.50 $0.3M Form 4
Dec 19, 2025 Paul Joseph GallagherChief Supply Chain Officer Sold 1,500 $48.15 $0.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY24FY25FY26
Net income is positive ✓ ✓ ✕
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✓
Current ratio rose ✕ ✓ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✕ ✕
Revenue rose relative to assets ✕ ✕ ✕
F-score 5 / 95 / 95 / 9
Accruals ratio −2.6%−1.9%−7.1%
Altman Z'' 2.862.732.30

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
General Mills GIS $18.5B −5.5% 4.8% 8.8% 2.0% — 5
Pilgrim's Pride PPC $6.7B 3.5% 8.7% 3.5% 20.1% 12.2x 4 Compare →
Kraft Heinz KHC $29.4B −3.5% −18.7% 14.7% −5.8% — 4 Compare →
Hormel Foods HRL $11.6B 1.6% 5.9% 4.4% 5.1% 33.4x 5 Compare →
Hershey HSY — 4.4% 12.3% 15.6% 11.5% — — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
Income statement
Revenue $15.6B $15.7B $16.9B $17.6B $18.1B $19.0B $20.1B $19.9B $19.5B $18.4B
Gross profit $5.6B $5.4B $5.8B $6.1B $6.4B $6.4B $6.5B $6.9B $6.7B $6.2B
Research and development $218M $219M $222M $224M $239M $243M $258M $258M $257M $256M
Operating income $2.5B $2.4B $2.5B $3.0B $3.1B $3.5B $3.4B $3.4B $3.3B $886M
Interest expense $295M $374M $522M $467M $420M $380M $382M $479M $524M $574M
Pretax income $2.3B $2.1B $2.1B $2.6B $2.9B $3.2B $3.1B $3.0B $2.8B $406M
Income tax $655M $57.3M $368M $481M $629M $586M $612M $595M $574M $414M
Net income $1.7B $2.1B $1.8B $2.2B $2.3B $2.7B $2.6B $2.5B $2.3B −$87.6M
Diluted EPS $2.77 $3.64 $2.90 $3.56 $3.78 $4.42 $4.31 $4.31 $4.10 −$0.16
Diluted shares 0.60B 0.59B 0.61B 0.61B 0.62B 0.61B 0.60B 0.58B 0.56B 0.54B
Cash flow
Cash from operations $2.4B $2.8B $2.8B $3.7B $3.0B $3.3B $2.8B $3.3B $2.9B $2.2B
Capital expenditure $684M $623M $538M $461M $531M $569M $690M $774M $625M $540M
Free cash flow $1.7B $2.2B $2.3B $3.2B $2.5B $2.7B $2.1B $2.5B $2.3B $1.6B
Depreciation and amortization $604M $619M $620M $595M $601M $570M $547M $553M $539M $555M
Stock-based compensation $95.7M $77.0M $84.9M $94.9M $89.9M $98.7M $112M $95.3M $91.7M $79.4M
Acquisitions $0.0M $8.0B $0.0M $0.0M $0.0M $1.2B $252M $452M $1.4B $0.0M
Share buybacks $1.7B $602M $1.1M $3.4M $301M $877M $1.4B $2.0B $1.2B $500M
Dividends paid $1.1B $1.1B $1.2B $1.2B $1.2B $1.2B $1.3B $1.4B $1.3B $1.3B
Dividends and buybacks $2.8B $1.7B $1.2B $1.2B $1.5B $2.1B $2.7B $3.4B $2.5B $1.8B
Balance sheet
Cash and short-term investments $766M $399M $450M $1.7B $1.5B $569M $586M $418M $364M $454M
Total debt $9.5B $15.8B $14.5B $13.5B $12.6B $11.6B $11.7B $12.9B $14.9B $13.5B
Finance lease liabilities $0.0M $0.0M $0.0M $0.2M $1.8M $1.2M $2.3M $1.6M $1.0M $0.4M
Current assets $4.1B $4.1B $4.2B $5.1B $5.8B $5.1B $5.2B $4.6B $5.3B $4.6B
Current liabilities $5.3B $7.3B $7.1B $7.5B $8.3B $8.0B $7.5B $7.0B $7.9B $6.8B
Inventory $1.5B $1.6B $1.6B $1.4B $1.8B $1.9B $2.2B $1.9B $1.9B $1.9B
Property and equipment, net $3.7B $4.0B $3.8B $3.6B $3.6B $3.4B $3.6B $3.9B $3.6B $3.4B
Total assets $21.8B $30.6B $30.1B $30.8B $31.8B $31.1B $31.5B $31.5B $33.1B $30.0B
Total liabilities $16.2B $23.4B $22.2B $21.9B $21.5B $20.3B $20.8B $21.8B $23.9B $22.6B
Shareholders' equity $4.3B $6.1B $7.1B $8.1B $9.5B $10.5B $10.4B $9.4B $9.2B $7.4B
Margins
Gross margin 35.7% 34.5% 34.1% 34.8% 35.6% 33.7% 32.6% 34.9% 34.6% 33.6%
Operating margin 16.0% 15.4% 14.9% 16.8% 17.4% 18.3% 17.1% 17.3% 17.0% 4.8%
EBITDA margin 19.8% 19.3% 18.6% 20.1% 20.7% 21.3% 19.8% 20.1% 19.7% 7.8%
Net margin 10.6% 13.5% 10.4% 12.4% 12.9% 14.3% 12.9% 12.6% 11.8% −0.5%
FCF margin 11.1% 14.1% 13.5% 18.2% 13.5% 14.5% 10.4% 12.7% 11.8% 8.8%
Returns
Return on capital 13.5% 13.3% 9.6% 11.6% 11.9% 13.3% 12.7% 12.5% 11.5% 2.0%
Return on capital employed 15.0% 12.2% 10.9% 12.8% 13.4% 14.9% 14.6% 14.2% 13.3% 3.7%
Return on equity 35.8% 40.7% 26.6% 28.9% 26.7% 27.1% 24.7% 25.2% 24.7% −1.1%
Return on assets 7.6% 8.1% 5.8% 7.2% 7.5% 8.6% 8.3% 7.9% 7.1% −0.3%
Growth
Revenue growth −5.7% 0.8% 7.2% 4.5% 2.8% 4.8% 5.8% −1.2% −1.9% −5.5%
Net income growth −2.4% 28.6% −17.8% 24.5% 7.3% 15.7% −4.2% −3.8% −8.1% −103.8%
EPS growth 0.0% 31.4% −20.3% 22.8% 6.2% 16.9% −2.5% 0.0% −4.9% −103.9%
FCF growth −14.9% 28.2% 2.3% 41.7% −23.7% 12.0% −24.0% 21.0% −9.3% −29.1%
Share count change −2.3% −2.1% 3.4% 1.3% 1.0% −1.1% −1.9% −3.6% −3.8% −3.6%
Financial health
Net debt / EBITDA 2.8x 5.1x 4.5x 3.3x 3.0x 2.7x 2.8x 3.1x 3.8x 9.1x
Debt / equity 2.2x 2.6x 2.1x 1.7x 1.3x 1.1x 1.1x 1.4x 1.6x 1.8x
Interest coverage 8.4x 6.5x 4.8x 6.3x 7.5x 9.2x 9.0x 7.2x 6.3x 1.5x
Current ratio 0.8x 0.6x 0.6x 0.7x 0.7x 0.6x 0.7x 0.7x 0.7x 0.7x
Quick ratio 0.5x 0.3x 0.4x 0.5x 0.5x 0.4x 0.4x 0.4x 0.4x 0.4x
Capital allocation
Capex / revenue 4.4% 4.0% 3.2% 2.6% 2.9% 3.0% 3.4% 3.9% 3.2% 2.9%
Stock comp / revenue 0.6% 0.5% 0.5% 0.5% 0.5% 0.5% 0.6% 0.5% 0.5% 0.4%
Payouts / FCF 161.0% 78.5% 52.1% 37.3% 63.1% 77.2% 128.8% 133.1% 110.9% 111.6%
Quality scores
Piotroski F-score 5.0 6.0 5.0 8.0 8.0 7.0 6.0 5.0 5.0 5.0
Altman Z'' 2.7 1.7 1.9 2.2 2.4 2.6 2.8 2.9 2.7 2.3
Accruals ratio −3.5% −2.7% −3.5% −4.9% −2.1% −1.9% −0.6% −2.6% −1.9% −7.1%

Source: SEC EDGAR XBRL filings (CIK 0000040704). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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