General Mills

GIS · NYSE · Consumer Staples · Financials, fiscal 2017 to 2026

GIS · Last close · October 26, 2026

$33.70

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%.

GENERAL MILLS, INC. Latest fiscal year ended May 31, 2026 10-K filed July 1, 2026 · 0001628280-26-046466 Updated October 9, 2026

Revenue

$18.4B

5.5%

Operating margin

4.8%

12.2 pts

Net income

−$88M

$2.3B a year earlier

Free cash flow

$1.6B

29.1%

Return on capital

2.0%

9.5 pts

Market cap

$18.1B

Oct 26 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

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.

Its biggest risks, as it describes them

Strong competition, including from lower-priced store brands, that could hurt its sales and profit margins.
Its reliance on a few large retail customers, with Walmart the biggest, as grocery chains consolidate.
Swings in the prices of grains, packaging, energy and other inputs it relies on.
Product safety or quality concerns that make shoppers lose confidence in its products or brands.
Failing to keep up with changing tastes and eating habits, including health concerns about ingredients.

From General Mills's annual report on Form 10-K, filed July 1, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2017 to 2025, earnings per share grew 5.0% a year and net income 4.2% a year, as buybacks cut the share count by 7%. General Mills then lost money in fiscal 2026.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value General Mills yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

What General Mills says to expect

Fiscal 2027: organic net salesOrganic net sales are expected to range between down 1.5 percent and up 0.5 percent.
Fiscal 2027: adjusted operating profitAdjusted operating profit is expected to be down 13 percent to down 8 percent in constant currency.
Fiscal 2027: adjusted diluted earnings per shareAdjusted diluted earnings are expected to be between $3.00 and $3.20 per share.
Fiscal 2027: free cash flow conversionFree cash flow conversion is expected to be approximately 95 percent of adjusted after-tax earnings.

The company's own words, from its earnings release (Form 8-K, Exhibit 99), filed September 23, 2026. They are its expectations, not ours, and not a forecast or price target from The Filing Desk. Replaced when the next release is out.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from General Mills' 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from General Mills' fiscal 2026 free cash flow of $1.6B, net cash of −$13.1B at May 31, 2026 and 538 million diluted shares, from its filings. The scenarios are fitted to General Mills: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, -2.9% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 8%: 7% for a stable business (Packaged Foods & Meats), plus 1 point for unsteady results (a loss in fiscal 2026); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2026.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at May 31, 2026. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2026.

Your assumptions

Start from

Fitted to General Mills's own revenue growth, as above. Cautious: growth of -2% then 0% a year, 2% after year 10, a 9% discount rate. Base: growth of 0% then 1% a year, 2.5% after year 10, a 8% discount rate. Optimistic: growth of 2% then 2.5% a year, 3% after year 10, a 7% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $33.70
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and General Mills' latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	0.6	0.6	0.4	0.4	0.5
Debt incl. finance leases	11.6	11.7	12.9	14.9	13.5
Net debt (negative means net cash)	11.1	11.1	12.5	14.5	13.1
Net debt to EBITDA	2.7x	2.8x	3.1x	3.8x	9.1x
Debt to equity	1.1x	1.1x	1.4x	1.6x	1.8x
Interest coverage	9.2x	9.0x	7.2x	6.3x	1.5x
Current ratio	0.6x	0.7x	0.7x	0.7x	0.7x
Quick ratio	0.4x	0.4x	0.4x	0.4x	0.4x

US$ billions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought General Mills shares on the open market, and 4 insiders sold $1.2 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Oct 1, 2026	Pankaj MN SharmaSegment President	Sold	6,294	$31.33	$197,192	Form 4
May 13, 2026	Jacqueline Williams-RollChief Human Resources Officer	Sold	10,000	$33.97	$339,700	Form 4
May 12, 2026	Jacqueline Williams-RollChief Human Resources Officer	Sold	10,000	$34.27	$342,700	Form 4
May 12, 2026	Ricardo FernandezSegment President	Sold	7,995	$34.50	$275,828	Form 4
Dec 19, 2025	Paul Joseph GallagherChief Supply Chain Officer	Sold	1,500	$48.15	$72,225	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY24	FY25	FY26
Net income is positive	Pass	Pass	Fail
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Fail	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Pass
Current ratio rose	Fail	Pass	Pass
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Pass	Fail	Fail
Revenue rose relative to assets	Fail	Fail	Fail
F-score	5 of 9	5 of 9	5 of 9
Accruals ratio	−2.6%	−1.9%	−7.1%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put General Mills side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
General Mills	FY26	−5.5%	4.8%	8.8%	2.0%	9.1x	5
Pilgrim's Pride	FY25	3.5%	8.7%	3.5%	20.1%	1.2x	4	Compare
Kraft Heinz	FY25	−3.5%	−18.7%	14.7%	−5.8%	—	4	Compare
Hormel Foods	FY25	1.6%	5.9%	4.4%	5.1%	2.2x	5	Compare
Hershey	FY25	4.4%	12.3%	15.6%	11.5%	2.3x	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	15.6	15.7	16.9	17.6	18.1	19.0	20.1	19.9	19.5	18.4
Revenue growth	−5.7%	0.8%	7.2%	4.5%	2.8%	4.8%	5.8%	−1.2%	−1.9%	−5.5%
Gross profit	5.6	5.4	5.8	6.1	6.4	6.4	6.5	6.9	6.7	6.2
Research and development	0.2	0.2	0.2	0.2	0.2	0.2	0.3	0.3	0.3	0.3
Operating income	2.5	2.4	2.5	3.0	3.1	3.5	3.4	3.4	3.3	0.9
Net income	1.7	2.1	1.8	2.2	2.3	2.7	2.6	2.5	2.3	−0.1
Diluted EPS (US$)	2.77	3.64	2.90	3.56	3.78	4.42	4.31	4.31	4.10	−0.16
Diluted shares (millions)	598	586	605	613	619	613	601	580	558	538
Cash flow
Cash from operations	2.4	2.8	2.8	3.7	3.0	3.3	2.8	3.3	2.9	2.2
Capital expenditure	0.7	0.6	0.5	0.5	0.5	0.6	0.7	0.8	0.6	0.5
Free cash flow	1.7	2.2	2.3	3.2	2.5	2.7	2.1	2.5	2.3	1.6
Dividends paid	1.1	1.1	1.2	1.2	1.2	1.2	1.3	1.4	1.3	1.3
Share buybacks	1.7	0.6	0.0	0.0	0.3	0.9	1.4	2.0	1.2	0.5
Acquisitions	0.0	8.0	0.0	0.0	0.0	1.2	0.3	0.5	1.4	0.0
Stock-based compensation	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
Balance sheet at fiscal year end
Cash and short-term investments	0.8	0.4	0.5	1.7	1.5	0.6	0.6	0.4	0.4	0.5
Debt incl. finance leases	9.5	15.8	14.5	13.5	12.6	11.6	11.7	12.9	14.9	13.5
Total assets	21.8	30.6	30.1	30.8	31.8	31.1	31.5	31.5	33.1	30.0
Total liabilities	16.2	23.4	22.2	21.9	21.5	20.3	20.8	21.8	23.9	22.6
Shareholders' equity	4.3	6.1	7.1	8.1	9.5	10.5	10.4	9.4	9.2	7.4
Margins and ratios
Gross margin	35.6%	34.5%	34.1%	34.8%	35.6%	33.7%	32.6%	34.9%	34.5%	33.6%
Operating margin	15.9%	15.4%	14.9%	16.8%	17.4%	18.3%	17.1%	17.3%	17.0%	4.8%
Net margin	10.6%	13.5%	10.4%	12.4%	12.9%	14.2%	12.9%	12.6%	11.8%	−0.5%
Free cash flow margin	11.1%	14.1%	13.5%	18.2%	13.5%	14.5%	10.4%	12.7%	11.8%	8.8%
Return on capital	13.4%	13.3%	9.6%	11.6%	11.9%	13.3%	12.7%	12.5%	11.5%	2.0%
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%
Net debt to EBITDA	2.8x	5.1x	4.5x	3.3x	3.0x	2.7x	2.8x	3.1x	3.8x	9.1x

US$ billions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: General Mills' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with General Mills.