Aug 2026 (Q1 FY27) — Sep 23, 2026
General Mills Q1 FY27 — Sequential Improvement in Retail Trends
Read the full callGeneral Mills (GIS) earnings
- Aug 2026
- Aug 2026 (Q1 FY27)
- May 2026
General Mills earnings: last reported Wed, 23 Sep 2026, for the quarter ended Aug 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 4,390 | −2.8% YoY | Quarterly, as filed | Quarter to Aug 2026 | Revenue from operations as filed. |
| Operating margin | 14.4 | −23.8 pts YoY | Operating profit / revenue | Quarter to Aug 2026 | For the quarter; a change is in percentage points. |
| Net profit | 397 | −67.0% YoY | Quarterly, as filed | Quarter to Aug 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
26 of 31 judged targets kept · 105 open · verdicts reflect calls analysed to May 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Cheerios Protein business size | $100 million by the end of FY26 | Nov 2025 | Cheerios Protein, which I think is now $100 million business for us | Achieved |
| Fourth-quarter Pet retailer-inventory impact | Neutral: no headwind or tailwind | Feb 2026 | we've seen a consistent headwind from customer mix with our fastest-growing customers, think e-com and mass carrying significantly less inventory than our traditional customers. So this is really the key component of the 2-point gap between our organic sales and our retail sales in Q4. | Missed |
| Full-year adjusted diluted EPS growth | Down 10% to 15% in constant currency | Nov 2025 | Adjusted operating profit and adjusted diluted earnings per share are expected to be down 16% to down 20% in constant currency. | Revised Down |
5 of GENERAL MILLS INC's 136 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 133 more targets are in the full ledger.
Claimed
- Reported a 2-point improvement in dollar sales in North America Retail (NAR).
- Improved share performance in the majority of categories, with Cereal share down only 0.1% (vs. 0.9% last year) and Soup share down 0.1% (vs. 0.4% last year).
- Declines in the Totino's business were cut in half.
- New product launches increased by 50% over the last two years, now contributing 5% of net sales.
- E-commerce positions improved faster than brick-and-mortar, driving the majority of growth (over 20% of human food sales and over 30% of pet food sales).
Qualified
- Retail consumption in Q1 FY27 was still down 2%.
- Specific categories like Totino's and Fruit Snacks still require more improvement.
- Wilderness dry dog food experienced accelerated declines, within a category that was down mid-single digits.
- Inflation guidance for FY27 moved to the higher end of the 4%-5% range, with Q4 FY27 expected to be around 6%.
- Net debt to EBITDA leverage is 'just a touch' over 4x, with the target of 3x expected to take 'a couple of years'.
Price
$32.57 −1.69% · −$0.56
Performance −32.7% 1Y
1Y: $48.39 on 17 Oct 2025 → $32.57. High $49.18 (22 Oct 2025), low $31.67 (1 Oct 2026).
- Previous close
- $33.13
- 52-week range
- $31.67 – $49.18
- One year
- −33.27%
Overview
- Symbol
- GIS
- Sector
- Consumer Staples
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
26 of 31 judged targets kept · 105 open · verdicts reflect calls analysed to May 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Cheerios Protein business size | $100 million by the end of FY26 | Nov 2025 | Cheerios Protein, which I think is now $100 million business for us | Achieved |
| Fourth-quarter Pet retailer-inventory impact | Neutral: no headwind or tailwind | Feb 2026 | we've seen a consistent headwind from customer mix with our fastest-growing customers, think e-com and mass carrying significantly less inventory than our traditional customers. So this is really the key component of the 2-point gap between our organic sales and our retail sales in Q4. | Missed |
| Full-year adjusted diluted EPS growth | Down 10% to 15% in constant currency | Nov 2025 | Adjusted operating profit and adjusted diluted earnings per share are expected to be down 16% to down 20% in constant currency. | Revised Down |
Claimed
- Reported a 2-point improvement in dollar sales in North America Retail (NAR).
- Improved share performance in the majority of categories, with Cereal share down only 0.1% (vs. 0.9% last year) and Soup share down 0.1% (vs. 0.4% last year).
- Declines in the Totino's business were cut in half.
- New product launches increased by 50% over the last two years, now contributing 5% of net sales.
- E-commerce positions improved faster than brick-and-mortar, driving the majority of growth (over 20% of human food sales and over 30% of pet food sales).
Qualified
- Retail consumption in Q1 FY27 was still down 2%.
- Specific categories like Totino's and Fruit Snacks still require more improvement.
- Wilderness dry dog food experienced accelerated declines, within a category that was down mid-single digits.
- Inflation guidance for FY27 moved to the higher end of the 4%-5% range, with Q4 FY27 expected to be around 6%.
- Net debt to EBITDA leverage is 'just a touch' over 4x, with the target of 3x expected to take 'a couple of years'.
The full ledger
Open GENERAL MILLS INC’s full ledger
A free account opens 5 company ledgers a month. All 136 tracked commitments, with each call’s wording and source.
Call summaries
May 2026 (Q4 FY26) — Jul 1, 2026
General Mills Q4 FY26 — Pivoting to Innovation for Profitable Growth
Read the full callFeb 2026 (Q3 FY26) — Mar 18, 2026
General Mills Q3 FY26 — Reinvestment Pressures Q3, Fundamentals Improve, Q4 Recovery Expected
Read the full callEvery analysed call
General Mills earnings calls (GIS)
Financials
What the filings say
Net profit, year on year: −67% (quarter to aug 2026 against aug 2025).
| Line item | Nov 2024 | Feb 2025 | May 2025 | Aug 2025 | Nov 2025 | Feb 2026 | May 2026 | Aug 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 5,240 | 4,842 | 4,556 | 4,518 | 4,861 | 4,437 | 4,610 | 4,390 |
| Operating profit | 1,078 | 891 | 504 | 1,726 | 728 | 525 | -2,093 | 634 |
| Operating margin | 20.6% | 18.4% | 11.1% | 38.2% | 15.0% | 11.8% | −45.4% | 14.4% |
| Interest | 125 | 136 | 140 | 133 | 126 | 128 | — | — |
| Profit before tax | 967 | 769 | 377 | 1,608 | 618 | 412 | -2,232 | 502 |
| Tax rate | 20.1% | 19.8% | 18.3% | 25.6% | 23.3% | 24.3% | 10.8% | 24.5% |
| Net profit | 796 | 626 | 294 | 1,204 | 413 | 303 | -2,008 | 397 |
| EPS ($ per share) | 1.43 | 1.14 | 0.53 | 2.22 | 0.78 | 0.57 | -3.74 | 0.74 |
| Line item | May 2019 | May 2020 | May 2021 | May 2022 | May 2023 | May 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 76 | 76 | 76 | 76 | 76 | 76 | 76 | 76 |
| Reserves | 14,997 | 15,982 | 17,070 | 18,533 | 19,839 | 20,972 | 21,918 | 20,515 |
| Total liabilities | 22,192 | 21,913 | 21,464 | 20,302 | 20,752 | 21,821 | 23,860 | 22,636 |
| Fixed assets | 3,787 | 3,581 | 3,607 | 3,394 | 3,636 | 3,864 | 3,633 | 3,443 |
| Total assets | 30,111 | 30,807 | 31,842 | 31,090 | 31,452 | 31,470 | 33,071 | 30,017 |
| Line item | May 2019 | May 2020 | May 2021 | May 2022 | May 2023 | May 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 2,807 | 3,676 | 2,983 | 3,316 | 2,779 | 3,303 | 2,918 | 2,166 |
| Cash from investing | -556 | -486 | -513 | -1,691 | -346 | -1,197 | -1,795 | 1,258 |
| Cash from financing | -2,176 | -1,941 | -2,715 | -2,503 | -2,404 | -2,272 | -1,180 | -3,315 |
| Net cash flow | 51 | 1,228 | -173 | -936 | 16 | -167 | -54 | 128 |
| Capital expenditure | -538 | -461 | -531 | -569 | -689 | -774 | -625 | -540 |
| Free cash flow | 2,269 | 3,215 | 2,452 | 2,747 | 2,089 | 2,529 | 2,293 | 1,626 |
GIS revenue by segment
North America Retail shrank from 59% to 56% of revenue over the last two years.
| Segment | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 | Q4 FY2026 | Q1 FY2027 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| North America Retail | 63% | 62% | 56% | 58% | 59% | 59% | 54% | 56% | -6.6% |
| International | — | — | — | — | 15% | 16% | 19% | 18% | — |
| North America Pet | 11% | 13% | 15% | 14% | 14% | 14% | 15% | 14% | +0.5% |
| North America Foodservice | 12% | 11% | 13% | 11% | 12% | 11% | 12% | 12% | +1.2% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Insider filings
96 filings between Nov 1, 2025 and Oct 1, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$1.23M
5 sales by 4 insiders
Compensation
not trading decisions- 56
- Award — granted as compensation
- 33
- Tax withheld — shares kept back by the company to cover tax
Also filed: 2 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Williams-Roll Jacqueline | — | $682.4K | May 13, 2026 |
| Fernandez Ricardo | — | $275.8K | May 12, 2026 |
| Sharma Pankaj MN | — | $197.2K | Oct 1, 2026 |
| Gallagher Paul Joseph | — | $72.2K | Dec 19, 2025 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 1, 2026 | Sharma Pankaj MN Segment President | Sale | 6,294 | $197.2K |
| Sep 29, 2026 | SASTRE MARIA Director | Award | 5,323 | $0 |
| Sep 29, 2026 | Uribe Jorge A. Director | Award | 5,323 | $0 |
| Sep 29, 2026 | MORIKIS JOHN G Director | Award | 5,323 | $0 |
| Sep 29, 2026 | SPRUNK ERIC D Director | Award | 5,323 | $0 |
| Sep 29, 2026 | Jenkins Jo Ann Director | Award | 5,323 | $0 |
| Sep 29, 2026 | NEAL DIANE L Director | Award | 5,323 | $0 |
| Sep 29, 2026 | Bottarini Joan Director | Award | 5,323 | $0 |
| Sep 29, 2026 | Dorer Benno O Director | Award | 5,323 | $0 |
| Sep 29, 2026 | Uribe Jorge A. Director | Tax withheld | 560 | $18.9K |
| Sep 29, 2026 | HENRY MARIA Director | Award | 5,323 | $0 |
| Sep 29, 2026 | Lempres Elizabeth Cahill Director | Award | 5,323 | $0 |
| Aug 30, 2026 | MORIKIS JOHN G Director | Award | 654 | $26.2K |
| Aug 30, 2026 | Uribe Jorge A. Director | Award | 748 | $30.0K |
| Aug 30, 2026 | HENRY MARIA Director | Award | 842 | $33.7K |
| Aug 30, 2026 | Uribe Jorge A. Director | Tax withheld | 160 | $6.4K |
| Aug 1, 2026 | Bruce Kofi A Chief Financial Officer | Tax withheld | 971 | $34.7K |
| Jul 7, 2026 | Williams-Roll Jacqueline Chief Human Resources Officer | Gift | 337 | $0 |
| Jul 7, 2026 | Williams-Roll Jacqueline Chief Human Resources Officer | Gift | 337 | $0 |
| Jul 6, 2026 | HARMENING JEFFREY L Chairman of the Board & CEO | Award | 69,214 | $0 |
| Jul 6, 2026 | Sharma Pankaj MN Segment President | Award | 6,576 | $0 |
| Jul 6, 2026 | Mascolo Elizabeth Segment President | Award | 6,576 | $0 |
| Jul 6, 2026 | McNabb Dana M Chief Operating Officer | Award | 27,686 | $0 |
| Jul 6, 2026 | Montemayor Jaime Chief Technology Officer | Award | 17,304 | $0 |
| Jul 6, 2026 | THISSEN KAREN WILSON General Counsel & Secretary | Award | 11,767 | $0 |
| Jul 6, 2026 | Ness Jonathan David Chief Supply Chain Officer | Award | 5,884 | $0 |
| Jul 6, 2026 | Pallot Mark A Chief Accounting Officer | Award | 2,077 | $0 |
| Jul 6, 2026 | Williams-Roll Jacqueline Chief Human Resources Officer | Award | 8,998 | $0 |
| Jul 6, 2026 | Fernandez Ricardo Segment President | Award | 6,576 | $0 |
| Jul 6, 2026 | Saksena Asheesh Chief S&G Officer | Award | 13,063 | $0 |
| Jul 6, 2026 | Bruce Kofi A Chief Financial Officer | Award | 24,225 | $0 |
| Jul 6, 2026 | Shaffer Werner Lanette Chief Innovation Officer | Award | 6,576 | $0 |
| Jul 1, 2026 | Williams-Roll Jacqueline Chief Human Resources Officer | Tax withheld | 134 | $5.1K |
| Jun 30, 2026 | Williams-Roll Jacqueline Chief Human Resources Officer | Tax withheld | 856 | $29.8K |
| Jun 30, 2026 | Shaffer Werner Lanette Chief Innovation Officer | Tax withheld | 455 | $15.8K |
| Jun 30, 2026 | Sharma Pankaj MN Segment President | Tax withheld | 341 | $11.9K |
| Jun 30, 2026 | Montemayor Jaime Chief Technology Officer | Tax withheld | 3,154 | $109.8K |
| Jun 30, 2026 | Saksena Asheesh Chief S&G officer | Tax withheld | 528 | $18.4K |
| Jun 30, 2026 | Pallot Mark A Chief Accounting Officer | Tax withheld | 170 | $5.9K |
| Jun 30, 2026 | THISSEN KAREN WILSON General Counsel & Secretary | Tax withheld | 965 | $33.6K |
| Jun 30, 2026 | Ness Jonathan David Chief Supply Chain Officer | Tax withheld | 324 | $11.3K |
| Jun 30, 2026 | McNabb Dana M Chief Operating Officer | Tax withheld | 625 | $21.8K |
| Jun 30, 2026 | Mascolo Elizabeth Segment President | Tax withheld | 1,055 | $36.7K |
| Jun 30, 2026 | HARMENING JEFFREY L Chairman of the Board & CEO | Tax withheld | 14,335 | $498.9K |
| Jun 30, 2026 | Fernandez Ricardo Segment President | Tax withheld | 1,055 | $36.7K |
| Jun 30, 2026 | Bruce Kofi A Chief Financial Officer | Tax withheld | 1,447 | $50.4K |
| Jun 29, 2026 | Fernandez Ricardo Segment President | Award | 880 | $0 |
| Jun 29, 2026 | Bruce Kofi A Chief Financial Officer | Award | 3,740 | $0 |
| Jun 29, 2026 | Williams-Roll Jacqueline Chief Human Resources Officer | Award | 1,907 | $0 |
| Jun 29, 2026 | McNabb Dana M Chief Operating Officer | Award | 1,401 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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