• The Kraft Heinz of breakfast, snacks, and pet food.
• Like PepsiCo, but specializing in breakfast cereals, yogurt, and pet food instead of beverages.
• A food-focused Procter & Gamble, owning iconic brands from Cheerios to Yoplait and Blue Buffalo.

• Cereal Brands: A diverse portfolio of breakfast cereals including popular choices like Cheerios, Lucky Charms, and Cinnamon Toast Crunch.
• Yoplait Yogurt: A range of yogurts, including original, light, Greek, and children's varieties.
• Nature Valley Snacks: Granola bars and other snack products made with whole grains and natural ingredients.
• Pillsbury Baking Products: Refrigerated doughs, baking mixes, and frostings for convenient home baking.
• Old El Paso Mexican Food: Kits, shells, seasonings, and sauces for preparing Mexican-inspired meals at home.
• Annie's Organic Products: Certified organic and natural foods including macaroni & cheese, snacks, and cereals.
• Blue Buffalo Pet Food: Premium natural pet food for dogs and cats, focusing on whole ingredients and no by-products.

• Walmart Inc. (WMT) – This customer accounted for approximately 21 percent of General Mills' consolidated net sales in fiscal year 2023.

• The Kroger Co. (KR)
• Target Corporation (TGT)
• Costco Wholesale Corporation (COST)
• Amazon.com, Inc. (AMZN) (via its various grocery operations like Whole Foods Market and Amazon Fresh, as well as online retail)

Jeffrey L. Harmening, Chairman and Chief Executive Officer

Jeffrey L. Harmening joined General Mills in 1994 and has served in various leadership roles within the company, including President and Chief Operating Officer. He was also the Senior Vice President and Chief Executive Officer of Cereal Partners Worldwide (CPW), a joint venture between General Mills and Nestlé. Prior to his tenure at General Mills, Harmening began his career as a financial analyst at Eli Lilly from 1989 to 1992. During his leadership of the U.S. Retail business, General Mills significantly expanded its presence in the natural and organic food segment through acquisitions such as Annie's and EPIC Provisions.

Kofi A. Bruce, Chief Financial Officer

Kofi A. Bruce assumed the role of Chief Financial Officer in February 2020, having joined General Mills in 2009. His career at General Mills includes various finance leadership positions such as Vice President of Financial Operations, Vice President, Controller, and Vice President, Treasurer. Before joining General Mills, Bruce held senior management roles at Ecolab, including Vice President and Treasurer, and at Ford Motor Company, where he worked in treasury, corporate development, and control. He also has professional experience in merchant banking and venture capital in South Africa, as well as mortgage banking in the U.S.

Dana McNabb, Group President, North America Retail and North America Pet

Dana McNabb serves as Group President, North America Retail and North America Pet. Her previous roles at General Mills include Chief Strategy and Growth Officer, Group President for the Europe & Australia segment, and President of the U.S. Cereal operating unit.

Paul Gallagher, Chief Supply Chain Officer

Paul Gallagher is the Chief Supply Chain Officer at General Mills. Before this, he was the Vice President of North America Supply Chain for the company. Prior to joining General Mills, Gallagher held various leadership positions at Diageo plc.

Jaime Montemayor, Chief Digital and Technology Officer

Jaime Montemayor is the Chief Digital and Technology Officer, responsible for leading General Mills' digital transformation efforts. He joined General Mills with over 20 years of experience in the technology sector, including leadership roles at 7-Eleven and PepsiCo, where he served as Senior Vice President and Chief Information Officer for the Americas Foods segment and for Digital Innovation, Data and Analytics.

The rapid emergence and growth of direct-to-consumer (DTC) food brands and personalized nutrition platforms that bypass traditional retail channels and cater to highly specific dietary needs and preferences. These agile companies offer curated, often subscription-based, food solutions (e.g., specialized meal kits, functional snacks, plant-based alternatives) that leverage digital marketing and direct customer relationships, eroding the mass-market appeal and traditional distribution advantages of incumbent CPG companies like General Mills.

The increasing sophistication and market penetration of retailer-owned private label brands, which are moving beyond generic, low-cost options to offer premium, innovative, and even organic products that directly compete with General Mills' branded offerings. Major retailers are leveraging their consumer data and shelf space to build strong private label portfolios, directly challenging the market share, pricing power, and brand loyalty that CPG incumbents have historically relied upon.

General Mills (symbol: GIS) operates in several key product categories, with addressable market sizes identified for their main products as follows:

• Breakfast Cereals: The global breakfast cereals market size was valued at USD 65.23 billion in 2024 and is expected to reach USD 104.07 billion by 2032. The U.S. breakfast cereal market size was USD 13.57 billion in 2024 and is projected to reach approximately USD 19.57 billion by 2034.
• Snacks: The global snacks market size was estimated at USD 719.18 billion in 2024 and is projected to reach USD 922.08 billion by 2030.
• Pet Food: The global pet food market size was valued at USD 128.7 billion in 2024 and is projected to reach USD 226.5 billion by 2034. The U.S. pet food market size is projected to reach an estimated value of USD 59.76 billion by 2032.
• Yogurt: The United States yogurt market size is estimated at USD 12.30 billion in 2025 and is expected to reach USD 15.43 billion by 2030.

• Innovation, Product Development, and Brand Building: General Mills is focused on its "Accelerate" strategy to "boldly build its brands" and provide "remarkable experiences for consumers" through enhanced product offerings, packaging, brand communication, and omnichannel execution. The company aims to introduce "superior product news and innovation" and "consumer-centric innovations" to meet consumer needs, with specific examples including Blue Buffalo's expansion into fresh pet food.
• Strategic Portfolio Reshaping and Focus on High-Growth Segments: The company has actively "reshaped almost one third of its portfolio" to concentrate on areas with more profitable growth potential. This includes divesting its North American Yogurt business to allow focus on other segments. The pet food and foodservice segments are highlighted as significant growth opportunities, with the pet food business specifically expected to achieve mid-single-digit organic sales growth.
• Accelerated Volume Growth Supported by Holistic Margin Management (HMM) Reinvestments and Strategic Pricing: A top priority for General Mills in fiscal years 2025 and 2026 is to "accelerate organic net sales growth," particularly focusing on increasing volume. The company plans to achieve significant cost savings through its HMM program and reinvest these savings into exciting growth ideas and brand investments. This strategy, combined with disciplined execution of price investments to offer greater consumer value, is aimed at improving market share and driving sales volume.
• Digital and Technology Investments: General Mills is investing in "best-in-class digital and technology capabilities" to enhance "growth, efficiency, and agility" across its operations. These advancements are expected to improve operational processes and product delivery, indirectly contributing to revenue growth by enhancing the overall consumer experience and expanding market reach.

Share Repurchases

• General Mills repurchased approximately $2.0 billion of common stock (29 million shares) in fiscal 2024.
• In fiscal 2025, the company repurchased approximately $1.2 billion of common stock (19 million shares).
• A significant equity buyback plan, announced in June 2022, was completed between May 26, 2025, and August 24, 2025, totaling $4,626.11 million for 66,880,078 shares (11.7% of stock).

Share Issuance

• Proceeds from common stock issued on exercised options amounted to $232.3 million in fiscal 2023 and $161.7 million in fiscal 2022.

Outbound Investments

• General Mills acquired Tyson Foods' pet treats business for $1.2 billion in cash in July 2021 (fiscal 2022).
• In fiscal 2023, the company acquired TNT Crust for $252 million in cash and sold its Hamburger Helper and Suddenly Salad businesses for $610 million.
• An agreement was made to sell the North American yogurt business for approximately $2.1 billion in cash, expected to close in calendar 2025, with proceeds intended for future share repurchases.

Capital Expenditures

• Capital expenditures were $774 million in fiscal 2024 and $625 million in fiscal 2025.
• Expected capital expenditures for fiscal 2025 are approximately 3.5% of sales.
• The focus of capital expenditures includes fueling growth, supporting innovative products, continuing Holistic Margin Management (HMM) initiatives, and expanding the James Ford Bell Technical Center for research and development.