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General Mills (GIS) stock

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NYSE: GIS NYSE Packaged Foods & Meats Next results ~December 23, 2026

C+ Fundamentals grade

General Mills is a US-listed company in the packaged foods & meats industry. Its financial year ends in May.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$46

Cash-flow model

Base case. Range ~$28–$69 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 26% below our base value.

Price used: $33.91, November 3, 2026

General Mills valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter General Mills files

Where General Mills stands after its latest 10-Q

Revenue for the twelve months to August 2026 was $18.3bn, down 4.5% on a year earlier, faster than -5.4% a quarter earlier. That puts it 8 of 8 for growth among the packaged foods & meats companies we cover. Free-cash-flow margin fell to 8.5% from 10.9% a year earlier. Operating margin narrowed to -1.1% from 21.9%. The diluted share count is down 2.8% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 0 of our 3 financial-health checks. Our cash-flow model value is $38.52 a share, against a share price of $33.41. At that price, our model says the market is pricing in about 0.5% a year of cash-flow growth for five years, slower than the 53.7% a year revenue growth it has delivered.

Source: 10-Q filed September 23, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~December 23, 2026 (estimated)

General Mills's trailing-twelve-month revenue fell 4.5% year on year, with a free-cash-flow margin of 8.5%. Where it stands out: change in share count of -2.8% ranks 5 of 40 packaged foods & meats companies we cover. Where it lags: long-term debt as % of assets of 40.9% ranks 29 of 35 packaged foods & meats companies we cover.

Our discounted-cash-flow model values the business at ~$46 per share in the base case (~$28–$69 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Operating margin compressing: TTM operating margin fell to -1.1%, down 23.0pp year over year.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $34.75 is 32% below our value per share of $46.
  • Shrinking share count. Diluted shares fell 2.8% in a year, so each share owns more of the business.

Things to watch

  • Revenue shrinking. Revenue fell 4.5% over the last 12 months.
  • Loss-making. Operating margin is -1.1%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 23.0 points on a year ago.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 40.9% ranks 29 of 35 packaged foods & meats companies we cover (median 18.5%).

Latest results: FY2027 Q1

Filed September 23, 2026
Earnings per share
$0.75 against an average estimate of $0.72: beat by 4.5%
Revenue
$4.39bn, down 2.8% on a year earlier
Share reaction
-1.7% in the first session after the results on September 23, 2026, against -0.8% for the S&P 500
Guidance given
organic net sales growth growth -1.5% to 0.5% (fiscal 2027); adjusted operating profit growth, constant currency growth -13% to -8% (fiscal 2027)
Next report
December 23, 2026; average EPS estimate $0.95

General Mills' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-2.4%
  • 1 week+1.3%
  • 1 month+7.9%
  • This year-20.1%
  • 1 year-21.9%
  • 5 years-33.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$18.3B
Operating margin
-1.1%
Net margin
-4.9%
EPS (TTM, diluted)
$-1.67

Growth

Revenue growth
−4.5%
Change in growth rate
+1.0 pts
Share count change
−2.8%

Cash

Free cash flow (TTM)
$1.5B
FCF margin
8.5%
Stock pay % of revenue
0.5%

Earnings

Last results
September 23, 2026
Next results (est.)
December 16, 2026

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results

    General Mills completes cash tender offers for senior notes

    General Mills said it completed cash tender offers for several series of senior notes on 9 October 2026. The company accepted all validly tendered principal amounts, including $196,704,000 of 3.000% notes due 2051 and $86,471,000 of 4.150% notes due 2043. Withdrawal rights expired at the close of business.

    Company releaseRead source ↗
  2. Financing
  3. Shareholder vote
  4. Leadership
  5. Dividend
  6. Results
  7. Guidance
  8. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

General Mills valuation models and calculator

What the price is pricing in

The share price implies cash flow shrinking about 1.8% a year for five years.That is close to the -0.7% a year revenue growth General Mills has delivered.

  • Priced in-1.8%
  • Last 12 months-4.5%
  • 3 years a year-3.4%
  • 5 years a year-0.7%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($33.95, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$46
Price used
$33.95close November 3, 2026
Implied change
▲ +35%
Uncertainty
High

How we got here: a discounted-cash-flow model of General Mills's free cash flow after stock-based pay with after-tax interest added back ($2.4B, FY2027 Q1 TTM), growing -0.4% and 1.4% in the next two years (forecasts, guidance and its record), then back to 2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$28–~$69 ; that spread sets a 35% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of General Mills's free cash flow after stock-based pay ( $2.4B, FY2027 Q1 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value General Mills as an operating company, with every model that fits that kind of business. Cost of equity 7%: the 10-year Treasury yield (4.9%) plus a beta of 0.4 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$46 ~$28–$69 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$31 ~$32–$55 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$41 ~$31–$58 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$57 ~$46–$76 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$44 ~$31–$57 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare General Mills with Packaged Foods & Meats in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −42%
  • Revenue growth 5 points higher ▲ +56%
  • Free-cash-flow margin 1 point lower ▼ −16%
  • Last year's free-cash-flow margin change, if it persists ▼ −28%
  • Discount rate 1 point higher ▼ −24%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $39$61$92$131$183$249
8.5% $24$40$62$90$127$174
10% $15$28$44$66$94$130

Valuation multiples over time Market data may be delayed

At fiscal year end 20162017201820192020202120222023202420252026Now
Share price$42.01$39.48$30.49$39.44$48.82$50.32$57.74$71.42$60.01$48.73$32.61$34.75
Market value$25.7bn$23.6bn$17.9bn$23.9bn$29.9bn$31.2bn$35.4bn$42.9bn$34.8bn$27.2bn$17.5bn$18.6bn
+ Net debt (− = net cash)$7.7bn$8.7bn$15.4bn$14.0bn$11.9bn$11.1bn$11.1bn$11.1bn$12.5bn$14.5bn$13.1bn$13.2bn
Enterprise value$33.4bn$32.3bn$33.3bn$37.9bn$41.8bn$42.3bn$46.4bn$54.1bn$47.3bn$41.7bn$30.6bn$31.8bn
Multiples
Price / sales 1.6x1.5x1.1x1.4x1.7x1.7x1.9x2.1x1.8x1.4x1.0x1.0x
Price / earnings 15.1x14.2x8.4x13.6x13.7x13.3x13.1x16.6x13.9x11.8x——
Price / free cash flow 12.6x13.6x8.0x10.5x9.3x12.7x12.9x20.6x13.8x11.8x10.8x12.1x
EV / EBITDA 10.1x10.4x11.0x12.1x11.8x11.3x11.5x13.6x11.9x10.8x21.2x91.0x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

66 /100

Moderate moat

How hard General Mills's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 12 / 20

    Cash operating profit has been a median 9.9% of total assets over 10 years.

  • Pricing power 12 / 20

    Gross margin has been a median 34.5%, moving by 0.8 percentage points (standard deviation) across 10 years.

  • Durability 5 / 20

    Operating margin has been a median 16.5%; its worst year was -1.1%.

  • Cash conversion 17 / 20

    Free cash flow was positive in 10 of 10 years, at a median 13.2% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 13.2% over five years; stock-based pay has been a median 0.5% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: December 23, 2026, before the open. Analysts expect revenue of $4.7bn and EPS of $0.95 (range $0.82 to $0.98) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $3.08 −13% $17.7bn −4%
Next $3.15 +2% $17.7bn +0%

Next year's EPS estimate has moved −1.8% in 90 days, across 19 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −0.0% on 90 days ago. In the last 30 days, 8 analysts raised General Mills's forecast and 6 cut it.

Consensus EPS forecast General Mills, last 90 days
$3.05 $3.10 $3.15 $3.20 $3.25 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $3.08 Current fiscal year, 60 days ago: $3.08 Current fiscal year, 30 days ago: $3.08 Current fiscal year, 7 days ago: $3.08 Current fiscal year, Now: $3.08 $3.08 Next fiscal year, 90 days ago: $3.21 Next fiscal year, 60 days ago: $3.21 Next fiscal year, 30 days ago: $3.16 Next fiscal year, 7 days ago: $3.15 Next fiscal year, Now: $3.15 $3.15

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $3.08$3.21
60 days ago $3.08$3.21
30 days ago $3.08$3.16
7 days ago $3.08$3.15
Now $3.08$3.15

Earnings against estimates

Quarter toEstimateActualSurprise
Aug 2026 $0.72 $0.75 +4.5%
May 2026 $0.80 $0.95 +19.2%
Feb 2026 $0.73 $0.64 −12.1%
Nov 2025 $1.03 $1.10 +7.1%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, September 23, 2026
  • Organic net sales growth fiscal 2027 -1.5% growth to 0.5% growth Non-GAAP Maintained
    “Organic net sales are expected to range between down 1.5 percent and up 0.5 percent.” source
  • Impact on reported net sales growth from divestitures, FX, and 53rd week fiscal 2027 about 4% growth
    “The net impact of divestitures, foreign currency exchange, and the 53rd week is now expected to reduce full-year fiscal 2027 reported net sales growth by approximately 4 percent, driven primarily by the 53rd week comparison and the Brazil divestiture.” source
  • Adjusted diluted earnings per share fiscal 2027 $3.00 to $3.20 Non-GAAP Maintained
    “Adjusted diluted earnings are expected to be between $3.00 and $3.20 per share.” source
  • Adjusted operating profit growth, constant currency fiscal 2027 -13% growth to -8% growth Non-GAAP Maintained
    “Adjusted operating profit is expected to be down 13 percent to down 8 percent in constant currency.” source
  • Free cash flow conversion fiscal 2027 about 95% Non-GAAP Maintained
    “Free cash flow conversion is expected to be approximately 95 percent of adjusted after-tax earnings.” source
  • Cost savings from Holistic Margin Management and transformation initiatives fiscal 2027 about $750m Maintained
    “On the bottom line, General Mills continues to expect to generate at least $750 million in savings from its Holistic Margin Management productivity program, its global transformation initiative, and other cost savings actions in fiscal 2027, which are expected to offset input cost inflation and brand investments.” source
Show 1 more item
  • Restructuring and transformation charges and transaction/acquisition integration costs fiscal 2027 $80m to $85m
    “For fiscal 2027, we currently expect: the net impact from foreign currency exchange rates (based on a blend of forward and forecasted rates and hedge positions), divestitures completed in fiscal 2026 and 2027, and a 53rd week from the prior year to decrease net sales growth by approximately 4 percent; foreign currency exchange rates to have an immaterial impact on adjusted operating profit and adjusted diluted EPS growth; and restructuring and transformation charges and transaction and acquisition integration costs related to actions previously announced to total approximately $80 million to $85 million.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows General Mills's revenue by -0.4% next year and +1.4% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (-3.3%, weight 56%) , management guidance (+4.8%, weight 19%) and the company's own record (+2.0%, weight 25%) . How the weights are set.

Analyst recommendations

20 analysts, Oct 2026
Buy420%
Hold1260%
Sell420%

Monthly trend

  1. Oct 20263122220
  2. Sep 20263122220
  3. Aug 20263122220
  4. Jul 20263122220

Counts of recommendations published by analysts covering General Mills, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
9.2%
of tradable shares
Days to cover
3.39
at average volume
Short interest, 1 month
−15%
to October 15, 2026
Held by institutions
91%
of shares
Held by insiders
0.3%
of shares
Employees
30,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −20.3%

$43.60 on October 31, 2025 to $34.75

ThenNowEffect
Revenue (last 12 months) $19.2bn $18.3bn −4.5%
P/S multiple 1.3x 1.0x −18.9%
Share count 552m 537m +2.9%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −38.8%

$56.75 on November 3, 2023 to $34.75

ThenNowEffect
Revenue (last 12 months) $20.3bn $18.3bn −9.8%
P/S multiple 1.7x 1.0x −39.1%
Share count 598m 537m +11.4%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
GIS+19%+28%−20%+1%−24%−20%
Industry peers (median)+8%−4%−4%−2%−16%−15%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
GIS50%58%42%50%33%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
GIS−11%−11%−31%−16%−28%−33%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 60% from May 12, 2023 to June 3, 2026. Getting back needed a 148% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$31.03 – $46.49
From 52-week high
−25.3%
vs 50-day average
−0.2%
vs 200-day average
−4.1%
Volatility (1 year)
30%
Beta vs S&P 500
-0.41

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±3.2%
After a week
4 up, 8 down
typical move ±3.3%
After a month
3 up, 9 down
typical move ±3.8%
Results releasedNext dayS&P 500 next day5 days21 days
September 23, 2026 −1.7% −0.8% −9.3% +1.1%
July 1, 2026 +8.0% −0.3% +3.0% +4.5%
March 18, 2026 −3.2% −1.6% −6.6% −6.8%
December 17, 2025 +3.6% −0.4% 0.0% −4.1%
September 17, 2025 +0.6% +0.3% +3.1% −2.5%
June 25, 2025 −5.7% +0.8% +0.8% −3.2%
March 19, 2025 −3.5% +0.8% −2.3% −3.9%
December 18, 2024 −2.9% −3.0% −3.3% −9.1%
September 18, 2024 +0.5% +1.4% −1.0% −4.3%
June 26, 2024 −5.3% +0.3% −6.2% −0.4%
March 20, 2024 +0.2% +1.3% +1.5% +3.5%
December 20, 2023 −3.7% −0.5% −2.6% −2.0%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How General Mills’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 3, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.05× the last 60 days’ realised volatility .
  • Calls are priced 4 points richer than puts (25-delta): demand for upside is high, which favours selling calls over puts.
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

General Mills in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) General Mills
$18B $18.5B $19B $19.5B $20B $20.5B FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Revenue (TTM), FY24 Q2: $20.2B Revenue (TTM), FY24 Q3: $20.2B Revenue (TTM), FY24 Q4: $19.9B Revenue (TTM), FY25 Q1: $19.8B Revenue (TTM), FY25 Q2: $19.9B Revenue (TTM), FY25 Q3: $19.6B Revenue (TTM), FY25 Q4: $19.5B Revenue (TTM), FY26 Q1: $19.2B Revenue (TTM), FY26 Q2: $18.8B Revenue (TTM), FY26 Q3: $18.4B Revenue (TTM), FY26 Q4: $18.4B Revenue (TTM), FY27 Q1: $18.3B $18.3B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY24 Q2 $20.2B
FY24 Q3 $20.2B
FY24 Q4 $19.9B
FY25 Q1 $19.8B
FY25 Q2 $19.9B
FY25 Q3 $19.6B
FY25 Q4 $19.5B
FY26 Q1 $19.2B
FY26 Q2 $18.8B
FY26 Q3 $18.4B
FY26 Q4 $18.4B
FY27 Q1 $18.3B
Revenue growth, TTM YoY General Mills
-10% -5% 0% 5% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Revenue growth, TTM YoY, FY24 Q2: 4.3% Revenue growth, TTM YoY, FY24 Q3: 1.1% Revenue growth, TTM YoY, FY24 Q4: -1.2% Revenue growth, TTM YoY, FY25 Q1: -2.4% Revenue growth, TTM YoY, FY25 Q2: -1.5% Revenue growth, TTM YoY, FY25 Q3: -2.6% Revenue growth, TTM YoY, FY25 Q4: -1.9% Revenue growth, TTM YoY, FY26 Q1: -3.3% Revenue growth, TTM YoY, FY26 Q2: -5.7% Revenue growth, TTM YoY, FY26 Q3: -6.5% Revenue growth, TTM YoY, FY26 Q4: -5.4% Revenue growth, TTM YoY, FY27 Q1: -4.5% -4.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q2 4.3%
FY24 Q3 1.1%
FY24 Q4 -1.2%
FY25 Q1 -2.4%
FY25 Q2 -1.5%
FY25 Q3 -2.6%
FY25 Q4 -1.9%
FY26 Q1 -3.3%
FY26 Q2 -5.7%
FY26 Q3 -6.5%
FY26 Q4 -5.4%
FY27 Q1 -4.5%
Operating margin (TTM) General Mills
-10% 0% 10% 20% 30% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Operating margin (TTM), FY24 Q2: 16.3% Operating margin (TTM), FY24 Q3: 17.2% Operating margin (TTM), FY24 Q4: 17.3% Operating margin (TTM), FY25 Q1: 16.8% Operating margin (TTM), FY25 Q2: 18.1% Operating margin (TTM), FY25 Q3: 18.2% Operating margin (TTM), FY25 Q4: 17.0% Operating margin (TTM), FY26 Q1: 21.9% Operating margin (TTM), FY26 Q2: 20.5% Operating margin (TTM), FY26 Q3: 19.0% Operating margin (TTM), FY26 Q4: 4.8% Operating margin (TTM), FY27 Q1: -1.1% -1.1%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q2 16.3%
FY24 Q3 17.2%
FY24 Q4 17.3%
FY25 Q1 16.8%
FY25 Q2 18.1%
FY25 Q3 18.2%
FY25 Q4 17.0%
FY26 Q1 21.9%
FY26 Q2 20.5%
FY26 Q3 19.0%
FY26 Q4 4.8%
FY27 Q1 -1.1%
FCF margin (TTM) General Mills
8% 10% 12% 14% 16% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 FCF margin (TTM), FY24 Q2: 11.5% FCF margin (TTM), FY24 Q3: 11.7% FCF margin (TTM), FY24 Q4: 12.7% FCF margin (TTM), FY25 Q1: 14.0% FCF margin (TTM), FY25 Q2: 14.1% FCF margin (TTM), FY25 Q3: 12.6% FCF margin (TTM), FY25 Q4: 11.8% FCF margin (TTM), FY26 Q1: 10.9% FCF margin (TTM), FY26 Q2: 9.5% FCF margin (TTM), FY26 Q3: 9.0% FCF margin (TTM), FY26 Q4: 8.8% FCF margin (TTM), FY27 Q1: 8.5% 8.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q2 11.5%
FY24 Q3 11.7%
FY24 Q4 12.7%
FY25 Q1 14.0%
FY25 Q2 14.1%
FY25 Q3 12.6%
FY25 Q4 11.8%
FY26 Q1 10.9%
FY26 Q2 9.5%
FY26 Q3 9.0%
FY26 Q4 8.8%
FY27 Q1 8.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2010 May 2010 2011 May 2011 2012 May 2012 2013 May 2013 2014 May 2014 2015 May 2015 2016 May 2016 2017 May 2017 2018 May 2018 2019 May 2019 2020 May 2020 2021 May 2021 2022 May 2022 2023 May 2023 2024 May 2024 2025 May 2025 2026 May 2026 LTM Aug 2026
Income
Revenue 14.6 14.9 16.7 17.8 17.9 17.6 16.6 15.6 15.7 16.9 17.6 18.1 19.0 20.1 19.9 19.5 18.4 18.3
Gross profit — — — — — — — 5.6 5.4 5.8 6.1 6.4 6.4 6.5 6.9 6.7 6.2 6.2
EBITDA 3.1 3.2 3.1 3.4 3.5 2.7 3.3 3.1 3.0 3.1 3.5 3.7 4.0 4.0 4.0 3.8 1.4 0.3
Operating income 2.6 2.8 2.6 2.9 3.0 2.1 2.7 2.5 2.4 2.5 3.0 3.1 3.5 3.4 3.4 3.3 0.9 −0.2
Net income 1.5 1.8 1.6 1.9 1.8 1.2 1.7 1.7 2.1 1.8 2.2 2.3 2.7 2.6 2.5 2.3 −0.1 −0.9
Diluted EPS $2.24 $2.70 $2.35 $2.79 $2.83 $1.97 $2.77 $2.77 $3.64 $2.90 $3.56 $3.78 $4.42 $4.31 $4.31 $4.10 −$0.16 −$1.67
Growth (year on year)
Revenue +0.5% +1.7% +11.9% +6.7% +0.8% −1.6% −6.1% −5.7% +0.8% +7.1% +4.5% +2.8% +4.8% +5.8% −1.2% −1.9% −5.4% −4.5%
EBITDA +10.2% +6.0% −4.4% +10.8% +3.0% −24.8% +24.4% −6.6% −1.8% +3.2% +13.2% +5.6% +8.0% −1.6% +0.1% −3.5% −62.5% −92.6%
Operating income +12.1% +6.5% −7.6% +11.3% +3.7% −29.8% +30.3% −8.0% −2.9% +4.0% +17.4% +6.5% +10.5% −1.2% −0.1% −3.7% −73.2% −104.9%
Net income +17.3% +17.5% −12.8% +18.4% −1.7% −33.1% +39.0% −2.4% +28.6% −17.8% +24.4% +7.3% +15.7% −4.2% −3.8% −8.1% −103.8% −130.6%
Diluted EPS +17.9% +20.5% −13.0% +18.7% +1.4% −30.4% +40.6% 0.0% +31.4% −20.3% +22.8% +6.2% +16.9% −2.5% 0.0% −4.9% −103.9% −131.5%
Margins
Gross margin — — — — — — — 35.6% 34.5% 34.1% 34.8% 35.6% 33.7% 32.6% 34.9% 34.6% 33.6% 33.6%
EBITDA margin 20.9% 21.8% 18.6% 19.4% 19.8% 15.1% 20.0% 19.8% 19.3% 18.6% 20.1% 20.7% 21.3% 19.8% 20.1% 19.7% 7.8% 1.9%
Operating margin 17.8% 18.6% 15.4% 16.0% 16.5% 11.8% 16.3% 16.0% 15.4% 14.9% 16.8% 17.3% 18.3% 17.1% 17.3% 17.0% 4.8% −1.1%
Net margin 10.5% 12.1% 9.4% 10.4% 10.2% 6.9% 10.2% 10.6% 13.5% 10.4% 12.4% 12.9% 14.3% 12.9% 12.6% 11.8% −0.5% −4.9%
Free-cash-flow margin 10.5% 5.9% 10.4% 13.0% 10.5% 10.4% 12.3% 11.1% 14.1% 13.5% 18.2% 13.5% 14.5% 10.4% 12.7% 11.8% 8.8% 8.5%
Cash flow
Cash from operations 2.2 1.5 2.4 2.9 2.5 2.5 2.8 2.4 2.8 2.8 3.7 3.0 3.3 2.8 3.3 2.9 2.2 2.1
Capital spending 0.6 0.6 0.7 0.6 0.7 0.7 0.7 0.7 0.6 0.5 0.5 0.5 0.6 0.7 0.8 0.6 0.5 0.5
Free cash flow 1.5 0.9 1.7 2.3 1.9 1.8 2.0 1.7 2.2 2.3 3.2 2.5 2.7 2.1 2.5 2.3 1.6 1.5
Stock-based pay 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1
Free cash flow after stock pay 1.4 0.8 1.6 2.2 1.8 1.7 1.9 1.6 2.1 2.2 3.1 2.4 2.6 2.0 2.4 2.2 1.5 1.5
Balance sheet
Cash 0.7 0.6 0.5 0.7 0.9 0.3 0.8 0.8 0.4 0.5 1.7 1.5 0.6 0.6 0.4 0.4 0.5 0.4
Total debt 6.4 6.9 7.4 8.0 8.8 9.2 8.4 9.5 15.8 14.5 13.5 12.6 11.6 11.7 12.9 14.9 13.5 13.6
Net debt (negative = net cash) 5.8 6.3 7.0 7.2 7.9 8.9 7.7 8.7 15.4 14.0 11.9 11.1 11.1 11.1 12.5 14.5 13.1 13.2
Diluted shares 683m 665m 667m 666m 646m 619m 612m 598m 586m 605m 613m 619m 613m 601m 580m 558m 538m 537m
Returned to shareholders
Dividends 0.6 0.7 0.8 0.9 1.0 1.0 1.1 1.1 1.1 1.2 1.2 1.2 1.2 1.3 1.4 1.3 1.3 1.3
Buybacks 0.7 1.2 0.3 1.0 1.7 1.2 0.6 1.7 0.6 0.0 0.0 0.3 0.9 1.4 2.0 1.2 0.5 0.0
Total returned 1.3 1.9 1.1 1.9 2.7 2.2 1.7 2.8 1.7 1.2 1.2 1.5 2.1 2.7 3.4 2.5 1.8 1.3

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

0 of 7 checks passed · August 30, 2026
What it owns · $30.3bn
Short-term assets $4.9bnLonger-term assets $25.4bn
What it owes, and who funded it · $30.3bn
Short-term liabilities $6.9bnLonger-term liabilities $15.9bnShareholders' equity $7.5bn
  • Short-term assets cover short-term liabilities $4.9bn of assets due within a year against $6.9bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $4.9bn short-term assets against $15.9bn of longer-dated liabilities.
  • More cash than debt $433m of cash against $12.6bn of debt.
  • Debt below 40% of shareholders' equity Debt is 169% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 112% to 169% over five years.
  • A year's operating cash flow covers at least 20% of debt $2.1bn of operating cash flow against $12.6bn of debt.
  • Operating profit covers interest at least five times over Operating income of −$206m against $527m of interest.

From General Mills's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2027 Q1 TTM
Buybacks (TTM)
$300,000
Dividends (TTM)
$1.3B
Returned to shareholders
85%
of free cash flow
Buybacks, last 3 fiscal years
$3.7B
Diluted share count
−2.8%
year over year
Total shareholder yield
7.0%
dividends 7.0% + buybacks 0.0% of market value
Sales & admin spending
18.4%
of revenue

Competitors: side by side with peers

Closest by revenue in packaged foods & meats
Last 12 months unless stated GIS PPC SFD KHC HSY HRL Median
Revenue, last 12 months $18.3bn $18.3bn $15.2bn $24.9bn $12.3bn $12.1bn $1.5bn
Revenue growth, last 12 months −4.5% −0.1% −0.6% −1.6% 6.7% 0.7% 2.1%
Revenue growth, 3-year average −3.4% 2.6% −2.4% −2.8% 3.2% −0.1% 1.5%
Revenue growth, latest quarter −2.8% −2.2% −8.3% −1.4% 3.0% −2.4% −1.8%
Gross margin 33.6% 7.9% 12.6% 33.4% 41.9% 15.7% 25.6%
Operating margin −1.1% 3.4% 7.6% −12.8% 20.8% 4.7% 3.1%
Operating margin, 3-year average 12.5% 6.8% 7.2% −8.6% 19.9% 7.3% 4.8%
Net margin −4.9% 1.7% 5.9% −13.6% 14.6% 2.8% 2.1%
Cash from operations / revenue 11.3% 5.3% 8.6% 18.6% 20.9% 9.0% 8.0%
Free-cash-flow margin 8.5% 2.5% 6.1% 15.3% 17.3% 6.4% 3.9%
Free-cash-flow margin, 3-year average 11.1% 5.1% — 13.6% 16.1% 6.4% 5.7%
Stock pay / revenue 0.5% 0.1% 0.1% 0.4% 0.6% 0.2% 0.6%
Change in share count −2.8% 0.2% 1.4% −1.4% −1.9% 0.1% 0.0%

Median of all 44 companies we cover in packaged foods & meats. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

44 packaged foods & meats companies
Measure Company Peer median Rank
Revenue growth Growth -4.5% 2.2% 34 of 44
Change in growth rate Growth +1.0pp -1.0pp 13 of 44
Gross margin Profitability 33.6% 25.6% 10 of 43
Operating margin Profitability -1.1% 3.4% 28 of 42
Net margin Profitability -4.9% 2.3% 31 of 44
Free-cash-flow margin Cash generation 8.5% 4.3% 9 of 43
Stock pay as % of revenue Cash generation 0.5% 0.6% 16 of 39
Long-term debt as % of assets Balance sheet 40.9% 18.5% 29 of 35
Change in share count Balance sheet -2.8% 0.1% 5 of 40

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to May 31, 2026
Products and services
Line of business Revenue Share YoY
Snacks $4.1B 22.5% ▼ 1.2%
Cereal $3.1B 16.8% ▲ 0.4%
Convenient Meals $2.9B 15.6% ▲ 1.9%
Pet $2.8B 15.0% ▲ 7.0%
Dough $2.4B 13.0% ▲ 0.5%
Baking Mixes and Ingredients $1.9B 10.5% ▼ 0.7%
Super Premium Ice Cream $783M 4.2% ▲ 8.5%
Other Product $352M 1.9% ▼ 7.6%
Yogurt $102M 0.6% ▼ 92.7%
Geography
Region Revenue Share YoY
United States $14.7B 79.8% ▼ 6.8%
Outside the US $3.7B 20.2% ▲ 0.4%

From General Mills's 10-K filed July 1, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$16.4B
Institutions reporting
1,331
Shares held vs prior quarter
▲ 3.1%
Positions opened / closed
164 / 143

Top buyers and sellers, Q2 2026: 698 institutions bought and 571 sold ; the biggest buyer was Goldman Sachs Group Inc (+2.8M shares) and the biggest seller Wellington Management Group LLP (−7.1M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $2.2B 62.7M 13.3% ▲ 2.9%
Vanguard Capital Management LLC $1.2B 34.8M 7.4% ▲ 0.4%
State Street Corp $1.2B 34.0M 7.2% ▼ 0.5%
Vanguard Portfolio Management LLC $928M 26.7M 5.7% ▼ 4.3%
Charles Schwab Investment Management Inc $628M 18.0M 3.8% ▲ 12.0%
Geode Capital Management, LLC $556M 16.0M 3.4% ▲ 1.4%
AQR Capital Management LLC $522M 15.0M 3.2% ▲ 14.7%
Morgan Stanley $431M 12.4M 2.6% ▲ 13.7%
UBS Group AG $417M 12.0M 2.5% ▲ 25.3%
Nordea Investment Management AB $402M 11.3M 2.5% ▲ 6.9%
Invesco Ltd. $372M 10.7M 2.3% ▲ 4.4%
Norges Bank $313M 9.0M 1.9% —

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not General Mills's complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $1.2M 5 trades by 4 insiders · 0% under pre-set plans
Net ▼ $1.2M net selling
Insider Date Trade Shares Price Value
Sharma Pankaj Mn Segment President October 1, 2026 Sell 6,294 $31.33 $197,192
Williams-Roll Jacqueline Chief Human Resources Officer May 13, 2026 Sell 10,000 $33.97 $339,668
Fernandez Ricardo Segment President May 12, 2026 Sell 7,995 $34.50 $275,828
Williams-Roll Jacqueline Chief Human Resources Officer May 12, 2026 Sell 10,000 $34.27 $342,699
Gallagher Paul Joseph Chief Supply Chain Officer December 19, 2025 Sell 1,500 $48.15 $72,231

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 87 trades and filings

In the last 12 months, 1 member of Congress disclosed 2 purchases and 1 sale of General Mills shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded June 16, 2026, filed July 2, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (full), $1,001 - $15,000, traded February 10, 2026, filed March 9, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded December 19, 2025, filed January 12, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around December 16, 2026 estimated from the company's past filing pattern, not announced

  • September 23, 2026
  • July 1, 2026
  • March 18, 2026
  • December 17, 2025
  • September 17, 2025
  • June 25, 2025

Recent SEC filings

Data status

When each part of this page on General Mills was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

General Mills in brief

What does General Mills do?
General Mills is a US-listed company in the packaged foods & meats industry. Its financial year ends in May.
What is General Mills's stock ticker?
General Mills trades under the ticker GIS on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is General Mills's revenue, and how fast is it growing?
Over its most recent trailing twelve months, General Mills reported revenue of $18.3B, 4.5% lower than a year earlier, according to its SEC filings.
What is General Mills's free cash flow?
General Mills's free-cash-flow margin is 8.5% of revenue over the trailing twelve months, ranking 9 of the 43 packaged foods & meats companies we cover.
What is General Mills's fair value (intrinsic value) per share?
Our discounted-cash-flow model of General Mills's free cash flow after stock-based pay gives ~$46 per share in the base case, and ~$28–$69 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are General Mills's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is General Mills buying back stock, and does it pay a dividend?
General Mills spent $300,000 on share repurchases over the trailing twelve months, and its diluted share count fell 2.8% over the year.
What is General Mills's market cap?
On November 2, 2026, General Mills's market capitalisation was about $18.6B and net debt of $13.2B. Market figures come from third-party market data and may be delayed.
Does General Mills pay a dividend?
Yes: General Mills paid $1.3B in dividends over the trailing twelve months, a dividend yield of 7.03%.
How much debt does General Mills have?
General Mills's debt-to-equity ratio is 168.7%, from its latest balance sheet (111.5% five years earlier). The financial health section below sets out its other solvency checks.
Who are General Mills's competitors?
In our Packaged Foods & Meats peer group, the companies closest to General Mills are Pilgrims Pride Corp, Smithfield Foods Inc, Kraft Heinz, The Hershey Company and Hormel Foods. The side-by-side comparison below sets their revenue, margins and growth against General Mills's.
Are insiders buying or selling General Mills stock?
Over the last 12 months, General Mills's directors and officers reported 0 open-market purchases and 5 sales on Form 4. The insider trading page charts every trade.
When is General Mills's next earnings date?
Around December 23, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — General Mills announces its own schedule.