General Mills (GIS)
Market Price (7/6/2026): $36.16 | Market Cap: $19.4 BilInvestor Relations Sector: Consumer Staples | Industry: Packaged Foods & Meats
General Mills (GIS)
Market Price (7/6/2026): $36.16Market Cap: $19.4 BilSector: Consumer StaplesIndustry: Packaged Foods & Meats
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 18%, Dividend Yield is 6.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 13%, FCF Yield is 8.2% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12%, CFO LTM is 2.2 Bil Stock buyback supportStock Buyback 3Y Total is 4.0 Bil Low stock price volatilityVol 12M is 26% Megatrend and thematic driversMegatrends include Health & Wellness Trends, and Vegan & Alternative Foods. Themes include Organic & Natural Products, Functional Foods & Beverages, Show more. | Weak multi-year price returns2Y Excs Rtn is -72%, 3Y Excs Rtn is -118% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 65% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -6.5%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -2.7%, Rev Chg QQuarterly Revenue Change % is -8.4% Key risks[GIS] key risks include [1] margin and earnings volatility driven by commodity prices and the company's own hedging instruments, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 18%, Dividend Yield is 6.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 13%, FCF Yield is 8.2% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12%, CFO LTM is 2.2 Bil |
| Stock buyback supportStock Buyback 3Y Total is 4.0 Bil |
| Low stock price volatilityVol 12M is 26% |
| Megatrend and thematic driversMegatrends include Health & Wellness Trends, and Vegan & Alternative Foods. Themes include Organic & Natural Products, Functional Foods & Beverages, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -72%, 3Y Excs Rtn is -118% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 65% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -6.5%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -2.7%, Rev Chg QQuarterly Revenue Change % is -8.4% |
| Key risks[GIS] key risks include [1] margin and earnings volatility driven by commodity prices and the company's own hedging instruments, Show more. |
Qualitative Assessment
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Updated on 7/1/2026
General Mills (GIS) stock has gained about 5% since 3/31/2026 because of the following key factors:
1. Strong Fiscal Q4 2026 Earnings Beat Fueled Positive Sentiment.
General Mills reported adjusted diluted earnings per share (EPS) of $0.95 for fiscal Q4 2026, which ended May 31, 2026, significantly exceeding the consensus estimate of $0.81 by 17%. The company also reported net sales of $4.6 billion, a 1% increase, surpassing forecasts by $20 million, and showing flat organic net sales for the quarter, an improvement from a 2% decline for the full fiscal year. This strong performance, including a 13% increase in adjusted operating profit in constant currency, positively impacted the stock.
2. Ambitious Cost Savings Target and Efficiency Initiatives Provided Future Outlook.
The company announced a new strategic objective to achieve $3 billion in cumulative cost savings by fiscal 2030, with at least $750 million in savings expected in fiscal 2027. This commitment to increased efficiency aims to offset inflation and fund growth investments, bolstering investor confidence in future profitability despite a projected decline in adjusted operating profit for fiscal 2027 due to mechanical headwinds.
Show more
General Mills (GIS) stock has gained about 5% since 3/31/2026 because of the following key factors:
1. Strong Fiscal Q4 2026 Earnings Beat Fueled Positive Sentiment.
General Mills reported adjusted diluted earnings per share (EPS) of $0.95 for fiscal Q4 2026, which ended May 31, 2026, significantly exceeding the consensus estimate of $0.81 by 17%. The company also reported net sales of $4.6 billion, a 1% increase, surpassing forecasts by $20 million, and showing flat organic net sales for the quarter, an improvement from a 2% decline for the full fiscal year. This strong performance, including a 13% increase in adjusted operating profit in constant currency, positively impacted the stock.
2. Ambitious Cost Savings Target and Efficiency Initiatives Provided Future Outlook.
The company announced a new strategic objective to achieve $3 billion in cumulative cost savings by fiscal 2030, with at least $750 million in savings expected in fiscal 2027. This commitment to increased efficiency aims to offset inflation and fund growth investments, bolstering investor confidence in future profitability despite a projected decline in adjusted operating profit for fiscal 2027 due to mechanical headwinds.
Show more
Updated on 7/1/2026
General Mills (GIS) stock has gained about 5% since 3/31/2026 because of the following key factors:
1. Strong Fiscal Q4 2026 Earnings Beat Fueled Positive Sentiment.
General Mills reported adjusted diluted earnings per share (EPS) of $0.95 for fiscal Q4 2026, which ended May 31, 2026, significantly exceeding the consensus estimate of $0.81 by 17%. The company also reported net sales of $4.6 billion, a 1% increase, surpassing forecasts by $20 million, and showing flat organic net sales for the quarter, an improvement from a 2% decline for the full fiscal year. This strong performance, including a 13% increase in adjusted operating profit in constant currency, positively impacted the stock.
2. Ambitious Cost Savings Target and Efficiency Initiatives Provided Future Outlook.
The company announced a new strategic objective to achieve $3 billion in cumulative cost savings by fiscal 2030, with at least $750 million in savings expected in fiscal 2027. This commitment to increased efficiency aims to offset inflation and fund growth investments, bolstering investor confidence in future profitability despite a projected decline in adjusted operating profit for fiscal 2027 due to mechanical headwinds.
3. Focus on Brand Innovation and Improved Organic Sales Trajectory.
General Mills highlighted its intent to drive a "step change in remarkability" across its brand portfolio through product innovation and renovation to restore profitable organic net sales growth in fiscal 2027. The flat organic net sales in fiscal Q4 2026 represented an improvement compared to the full fiscal year's decline, indicating that previous price investment actions had begun to improve base volumes.
4. Consistent Dividend Declaration Supported Investor Confidence.
The General Mills board of directors declared a quarterly dividend of $0.61 per share, maintaining its prevailing rate. This consistent return to shareholders, building on a 127-year history of uninterrupted dividends, provided a stable income component for investors, which is often valued in the consumer staples sector, especially during periods of broader market volatility.
Show less
General Mills (GIS) stock has gained about 5% since 3/31/2026 because of the following key factors:
1. Strong Fiscal Q4 2026 Earnings Beat Fueled Positive Sentiment.
General Mills reported adjusted diluted earnings per share (EPS) of $0.95 for fiscal Q4 2026, which ended May 31, 2026, significantly exceeding the consensus estimate of $0.81 by 17%. The company also reported net sales of $4.6 billion, a 1% increase, surpassing forecasts by $20 million, and showing flat organic net sales for the quarter, an improvement from a 2% decline for the full fiscal year. This strong performance, including a 13% increase in adjusted operating profit in constant currency, positively impacted the stock.
2. Ambitious Cost Savings Target and Efficiency Initiatives Provided Future Outlook.
The company announced a new strategic objective to achieve $3 billion in cumulative cost savings by fiscal 2030, with at least $750 million in savings expected in fiscal 2027. This commitment to increased efficiency aims to offset inflation and fund growth investments, bolstering investor confidence in future profitability despite a projected decline in adjusted operating profit for fiscal 2027 due to mechanical headwinds.
3. Focus on Brand Innovation and Improved Organic Sales Trajectory.
General Mills highlighted its intent to drive a "step change in remarkability" across its brand portfolio through product innovation and renovation to restore profitable organic net sales growth in fiscal 2027. The flat organic net sales in fiscal Q4 2026 represented an improvement compared to the full fiscal year's decline, indicating that previous price investment actions had begun to improve base volumes.
4. Consistent Dividend Declaration Supported Investor Confidence.
The General Mills board of directors declared a quarterly dividend of $0.61 per share, maintaining its prevailing rate. This consistent return to shareholders, building on a 127-year history of uninterrupted dividends, provided a stable income component for investors, which is often valued in the consumer staples sector, especially during periods of broader market volatility.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 2.6% change in GIS stock from 3/31/2026 to 7/5/2026 was primarily driven by a 2.6% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 7052026 | Change |
|---|---|---|---|
| Stock Price ($) | 36.60 | 37.57 | 2.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 18,371 | 18,371 | 0.0% |
| Net Income Margin (%) | 12.1% | 12.1% | 0.0% |
| P/E Multiple | 8.9 | 9.1 | 2.6% |
| Shares Outstanding (Mil) | 537 | 537 | 0.0% |
| Cumulative Contribution | 2.6% |
Market Drivers
3/31/2026 to 7/5/2026| Return | Correlation | |
|---|---|---|
| GIS | 2.6% | |
| Market (SPY) | 14.5% | -16.5% |
| Sector (XLP) | 3.7% | 52.1% |
Fundamental Drivers
The -16.7% change in GIS stock from 12/31/2025 to 7/5/2026 was primarily driven by a -10.8% change in the company's Net Income Margin (%).| (LTM values as of) | 12312025 | 7052026 | Change |
|---|---|---|---|
| Stock Price ($) | 45.09 | 37.57 | -16.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 18,777 | 18,371 | -2.2% |
| Net Income Margin (%) | 13.5% | 12.1% | -10.8% |
| P/E Multiple | 9.5 | 9.1 | -4.5% |
| Shares Outstanding (Mil) | 536 | 537 | 0.0% |
| Cumulative Contribution | -16.7% |
Market Drivers
12/31/2025 to 7/5/2026| Return | Correlation | |
|---|---|---|
| GIS | -16.7% | |
| Market (SPY) | 9.5% | -10.8% |
| Sector (XLP) | 10.0% | 55.2% |
Fundamental Drivers
The -23.4% change in GIS stock from 6/30/2025 to 7/5/2026 was primarily driven by a -22.3% change in the company's P/E Multiple.| (LTM values as of) | 6302025 | 7052026 | Change |
|---|---|---|---|
| Stock Price ($) | 49.03 | 37.57 | -23.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 19,487 | 18,371 | -5.7% |
| Net Income Margin (%) | 11.8% | 12.1% | 2.3% |
| P/E Multiple | 11.7 | 9.1 | -22.3% |
| Shares Outstanding (Mil) | 548 | 537 | 2.2% |
| Cumulative Contribution | -23.4% |
Market Drivers
6/30/2025 to 7/5/2026| Return | Correlation | |
|---|---|---|
| GIS | -23.4% | |
| Market (SPY) | 21.6% | -13.4% |
| Sector (XLP) | 7.1% | 57.3% |
Fundamental Drivers
The -44.3% change in GIS stock from 6/30/2023 to 7/5/2026 was primarily driven by a -40.7% change in the company's P/E Multiple.| (LTM values as of) | 6302023 | 7052026 | Change |
|---|---|---|---|
| Stock Price ($) | 67.46 | 37.57 | -44.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 20,094 | 18,371 | -8.6% |
| Net Income Margin (%) | 12.9% | 12.1% | -6.6% |
| P/E Multiple | 15.4 | 9.1 | -40.7% |
| Shares Outstanding (Mil) | 591 | 537 | 10.1% |
| Cumulative Contribution | -44.3% |
Market Drivers
6/30/2023 to 7/5/2026| Return | Correlation | |
|---|---|---|
| GIS | -44.3% | |
| Market (SPY) | 74.0% | -2.6% |
| Sector (XLP) | 23.5% | 60.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| GIS Return | 19% | 28% | -20% | 1% | -24% | -16% | -21% |
| Peers Return | 22% | 5% | -5% | -6% | -2% | 4% | 16% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 9% | 99% |
Monthly Win Rates [3] | |||||||
| GIS Win Rate | 50% | 58% | 42% | 50% | 33% | 43% | |
| Peers Win Rate | 60% | 52% | 48% | 40% | 45% | 57% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 43% | |
Max Drawdowns [4] | |||||||
| GIS Max Drawdown | -11% | -11% | -31% | -16% | -28% | -33% | |
| Peers Max Drawdown | -13% | -21% | -26% | -17% | -21% | -18% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: PEP, KHC, MDLZ, HSY, TSN. See GIS Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/2/2026 (YTD)
How Low Can It Go
| Event | GIS | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -19.2% | -9.5% |
| % Gain to Breakeven | 23.8% | 10.5% |
| Time to Breakeven | 329 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -11.2% | -33.7% |
| % Gain to Breakeven | 12.6% | 50.9% |
| Time to Breakeven | 7 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -13.7% | -19.2% |
| % Gain to Breakeven | 15.9% | 23.8% |
| Time to Breakeven | 29 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -10.7% | -3.7% |
| % Gain to Breakeven | 11.9% | 3.9% |
| Time to Breakeven | 1034 days | 6 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -15.9% | -53.4% |
| % Gain to Breakeven | 18.9% | 114.4% |
| Time to Breakeven | 97 days | 1085 days |
In The Past
General Mills's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.
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In The Past
General Mills's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About General Mills (GIS)
General Mills, Inc. is a global consumer food company that manufactures and markets a wide range of branded food products across North America, Europe, Australia, Asia, and Latin America. Founded in 1866, the company operates through diverse segments including retail, convenience stores, foodservice, and a dedicated pet segment, making it a prominent player in both human and animal nutrition markets.
The company's extensive product portfolio features numerous well-known brands across various categories. Key offerings include popular ready-to-eat cereals such as Cheerios and Lucky Charms, refrigerated yogurts like Yoplait, baking products under Betty Crocker and Pillsbury, and convenience meals such as Progresso soups and Totino's pizza snacks. General Mills also produces snack bars (e.g., Nature Valley), various fruit and salty snacks, organic foods (e.g., Annie's), and markets premium ice cream through Häagen-Dazs.
Beyond human food, General Mills holds a significant position in the pet food industry with its Blue Buffalo brand, offering a variety of dog and cat food products. The company reaches its broad customer base by distributing products directly and through various arrangements to grocery stores, mass merchandisers, e-commerce retailers, convenience stores, restaurants, and pet specialty stores. It also supplies branded and unbranded food products to the North American foodservice and commercial baking industries.
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Here are 1-3 brief analogies for General Mills (GIS):
- General Mills is like Nestlé, but with a stronger American footprint in breakfast cereals, baking goods, and pet food.
- General Mills is like Kraft Heinz, but with a wider range of iconic breakfast and baking products, plus a major pet food brand.
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General Mills (GIS) offers a wide array of branded consumer food products:
- Cereals: Manufactures a variety of ready-to-eat breakfast cereals.
- Yogurt & Dairy Products: Produces refrigerated yogurt and other dairy-based items.
- Baking & Dough Products: Offers refrigerated and frozen dough, dessert and baking mixes, and bakery flour.
- Snacks: Includes snack bars, fruit snacks, salty snacks, and frozen pizza/pizza snacks.
- Soups & Meal Kits: Provides packaged soups and convenient meal kits.
- Ice Cream: Manufactures packaged ice cream and operates ice cream parlors.
- Pet Food: Produces and markets dog and cat food products.
- Foodservice & Commercial Baking Products: Supplies branded and unbranded food products to the foodservice and commercial baking industries.
- Organic Products: Offers a range of organic foods, including frozen and shelf-stable vegetables.
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Jeff Harmening, Chairman of the Board and Chief Executive Officer
Jeff Harmening joined General Mills in 1994 and has held various leadership roles throughout his career at the company. Before becoming CEO, he served as president and chief operating officer, overseeing the Global Supply Chain, Innovation, Technology, and Quality teams, as well as the company's four global operating segments. He also led the U.S. Retail division, General Mills' largest, and was senior vice president and chief executive officer of Cereal Partners Worldwide, a joint venture between General Mills and Nestlé operating in 130 countries. Under his leadership as CEO, General Mills has focused on brand investment, portfolio reshaping, and digital transformation, including the acquisition of Blue Buffalo to enter the pet food business and expanding the company's natural and organic portfolio.
Kofi Bruce, Chief Financial Officer
Kofi Bruce assumed his role as Chief Financial Officer in February 2020, after serving as Vice President of Financial Operations since September 2019. Prior to that, he was Vice President, Controller. Bruce joined General Mills in 2009 as Vice President, Treasurer. Before joining General Mills, he held various senior management positions at Ecolab and Ford Motor Company.
Dana M. McNabb, Group President, North America Retail
Dana M. McNabb was promoted to Group President, North America Retail, General Mills' largest and most profitable segment, in December 2023. Since 2021, she served as Chief Strategy and Growth Officer, responsible for the company's enterprise growth capabilities. Earlier in her career, McNabb was Group President, Europe & Australia segment, and President of the U.S. Cereal operating unit, where she achieved U.S. cereal category leadership and accelerated growth in net sales and operating profit.
Jaime Montemayor, Chief Digital and Technology Officer
Jaime Montemayor serves as the Chief Digital and Technology Officer at General Mills, with a focus on digital transformation and supply chain efficiency.
Elizabeth Mascolo, Segment President, North America Pet
Elizabeth Mascolo was promoted to Segment President, North America Pet, effective March 16, 2025, and joined General Mills' Senior Leadership Team. She brings 22 years of experience across various General Mills brands and businesses. Her previous roles include Vice President of Strategy and Growth and Vice President of Marketing for the Pillsbury and Cheerios Business Units. She also held an international position as Global Marketing Director at Cereal Partners Worldwide S.A.
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Key Risks to General Mills (GIS):
- Evolving Consumer Preferences and Health Trends: General Mills faces a significant risk from shifting consumer preferences towards healthier, fresher, and less processed food options. While the company offers organic and wellness products, a substantial portion of its portfolio, including cereals, snacks, and baking mixes, could be vulnerable if consumers increasingly move away from traditional packaged goods. This trend necessitates continuous innovation, product reformulation, and marketing investments to remain relevant and competitive.
- Input Cost Volatility and Supply Chain Disruptions: As a major manufacturer of food products, General Mills is exposed to fluctuations in the cost of raw materials (such as grains, dairy, and sweeteners), packaging, and energy, as well as transportation expenses. Geopolitical events, adverse weather conditions, disease outbreaks, and other global supply chain disruptions can lead to significant volatility in these input costs, directly impacting the company's profitability and operational efficiency.
- Intense Competition and Shifting Retail Landscape: The consumer packaged goods industry is highly competitive, with General Mills facing pressure from other large food companies, private label brands, and emerging direct-to-consumer businesses. Additionally, the evolving retail landscape, marked by the growth of e-commerce and the increasing bargaining power of large retailers, can impact product distribution, pricing strategies, and promotional effectiveness, potentially affecting market share and margins.
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The addressable markets for General Mills' main products and services are significant across various regions.
Pet Food
- The global pet food market was valued at approximately USD 128.94 billion in 2025 and is projected to grow to USD 199.50 billion by 2034. Another estimate places the global market at USD 136.6 billion in 2025, reaching USD 197.5 billion by 2034.
- In North America, the pet food market was valued at USD 53.78 billion in 2025 and USD 55.51 billion in 2026.
- The U.S. pet food market was estimated at USD 43.45 billion in 2024 and is expected to grow to USD 64.4 billion by 2023. Another source indicates the U.S. market size was USD 41.59 billion in 2025, with projections to reach approximately USD 68.33 billion by 2035.
Baking Mixes (including Cake Mixes)
- The global bakery mixes market is valued at USD 6.8 billion in 2026 and is projected to reach USD 11.2 billion by 2036.
- The global cake mixes market size was estimated at USD 1.49 billion in 2023 and is projected to reach USD 1.97 billion by 2030. Another source states the global cake mixes market size was valued at USD 2.78 billion in 2025, projected to grow to USD 3.79 billion by 2034.
- North America is the largest market for baking mixes, holding approximately 45% of the global share. North America is projected to lead the baking mixes market with a 37.5% share in 2025.
- North America dominated the global cake mixes market with a revenue share of 34.2% in 2023.
Yogurt
- The global yogurt market size was valued at USD 134.55 billion in 2024 and is projected to reach USD 203.8 billion by 2034. Another report indicates the global yogurt market size was USD 110.60 billion in 2025, growing to USD 150.83 billion by 2031.
- Europe dominated the global yogurt market with a 38% share in 2024.
- North America represented 24% of the global yogurt market share in 2024.
- The U.S. yogurt market size is projected to rise from USD 9,942.8 million in 2025 to USD 15,204.2 million by 2032. The U.S. market consumption reached 4.6 million tons in 2024. The U.S. flavored yogurt market generated a revenue of USD 7,267.8 million in 2024 and is expected to reach USD 11,859.1 million by 2030.
Frozen Pizza
- The global frozen pizza market size is expected to increase from USD 16.42 billion in 2025 to USD 28.93 billion by 2031. Another source reports the global market generated USD 20.4 billion in revenue in 2023 and is projected to surpass USD 30.8 billion by 2029.
- The U.S. frozen pizza industry generated sales of approximately USD 7.0 billion in 2024. The U.S. frozen pizza market size was valued at USD 7.21 billion in 2024 and is poised to grow to USD 12.28 billion by 2033.
Ice Cream
- The global ice cream market is projected to reach USD 142.3 billion by 2034, growing from USD 92.5 billion in 2024. Other estimates indicate the global ice cream market size was USD 82.70 billion in 2025 and is projected to grow to USD 151.96 billion by 2034. Another report states the global market size was USD 80.9 billion in 2025, projected to reach USD 105.6 billion by 2034.
- The North American ice cream market size was valued at USD 14.72 billion in 2025 and is expected to reach USD 20.11 billion by 2034.
- The U.S. ice cream market generated a revenue of USD 21,641.2 million in 2025 and is expected to reach USD 29,995.5 million by 2033. The U.S. market was valued at USD 19.51 billion in 2025 and estimated to grow to USD 22.84 billion by 2031.
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General Mills (GIS) is expected to drive future revenue growth over the next 2-3 years through several key initiatives under its Accelerate strategy:
- Enhanced Brand Remarkability and Consumer-Centric Innovation: General Mills is significantly investing in its brands to deliver "remarkable experiences" to consumers. This includes new product development and launches focusing on key consumer trends such as bold flavors, familiar and fun favorites, and better-for-you options like protein and fiber. The company anticipates a 25% increase in sales from new products in fiscal year 2026. This strategy is a primary lever to restore volume-driven organic net sales growth.
- Expansion in the North America Pet Segment, particularly Fresh Pet Food: Accelerating momentum in the North America Pet business is a key priority. A significant driver for this segment is the strategic investment and national launch of Blue Buffalo into the fast-growing U.S. fresh pet food sub-category. Early results from the "Love Made Fresh" launch have already contributed to the growth of core offerings.
- Restoring Volume-Driven Growth in North America Retail: General Mills is focused on improving its North America Retail segment by investing in consumer value, product news, and innovation to strengthen categories and market share performance. Initiatives include addressing key price cliffs and price gaps in selected categories, which is leading to improved pound growth and market share. The company is also enhancing brand communication with increased investment in new campaigns for global brands such as Old El Paso, Cheerios, Pillsbury, and Nature Valley.
- Strategic Acquisitions and Portfolio Reshaping: As part of its Accelerate strategy, General Mills is committed to reshaping its portfolio through prudent acquisitions and divestitures. While divestitures can create short-term headwinds, strategic acquisitions are expected to contribute to future revenue. For instance, the North American Whitebridge Pet Brands acquisition provided a 10-point benefit to the North America Pet segment's net sales growth in the first half of fiscal 2026.
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Share Repurchases
- General Mills repurchased approximately 19 million shares of common stock for $1.2 billion in fiscal 2025.
- Share repurchases totaled $2.0 billion in fiscal 2024.
- Proceeds of $2.1 billion from the sale of its North American yogurt business, completed on June 30, 2025, were intended for share repurchases.
Outbound Investments
- In April 2024, General Mills acquired Edgard & Cooper, a pet food business.
- The company completed the acquisition of Whitebridge Pet Brands' North American premium cat feeding and pet treating business for $1.45 billion in February 2025.
- General Mills is making a significant strategic investment to launch Blue Buffalo into the U.S. fresh pet food sub-category in fiscal 2026.
Capital Expenditures
- Capital expenditures were $625.3 million in fiscal year 2025 and peaked at $774.1 million in fiscal year 2024.
- Expected capital expenditures for fiscal year 2026 are $620.7 million.
- The primary focus of capital expenditures includes investments in brands, product news, innovation, and brand building, particularly for the Blue Buffalo fresh pet food launch, and a multi-year global transformation initiative aimed at streamlining business processes and optimizing operations.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 59.90 |
| Mkt Cap | 33.5 |
| Rev LTM | 32,147 |
| Op Inc LTM | 3,235 |
| FCF LTM | 2,214 |
| FCF 3Y Avg | 2,685 |
| CFO LTM | 3,119 |
| CFO 3Y Avg | 3,621 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 4.1% |
| Rev Chg 3Y Avg | 2.0% |
| Rev Chg Q | 6.3% |
| QoQ Delta Rev Chg LTM | 1.3% |
| Op Inc Chg LTM | -14.6% |
| Op Inc Chg 3Y Avg | 2.8% |
| Op Mgn LTM | 14.5% |
| Op Mgn 3Y Avg | 15.6% |
| QoQ Delta Op Mgn LTM | 0.4% |
| CFO/Rev LTM | 12.9% |
| CFO/Rev 3Y Avg | 14.2% |
| FCF/Rev LTM | 9.1% |
| FCF/Rev 3Y Avg | 9.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 33.5 |
| P/S | 1.6 |
| P/Op Inc | 13.9 |
| P/EBIT | 17.1 |
| P/E | 26.3 |
| P/CFO | 12.4 |
| Total Yield | 6.2% |
| Dividend Yield | 3.6% |
| FCF Yield 3Y Avg | 4.6% |
| D/E | 0.3 |
| Net D/E | 0.3 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 0.9% |
| 3M Rtn | -2.5% |
| 6M Rtn | 3.3% |
| 12M Rtn | 3.9% |
| 3Y Rtn | -15.2% |
| 1M Excs Rtn | 3.3% |
| 3M Excs Rtn | -15.4% |
| 6M Excs Rtn | -6.8% |
| 12M Excs Rtn | -16.7% |
| 3Y Excs Rtn | -85.9% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Snacks | 4,187 | 4,327 | 4,432 | 3,961 | 3,574 |
| Cereal | 3,079 | 3,188 | 3,210 | 2,998 | 2,869 |
| Convenient meals | 2,816 | 2,906 | 2,962 | 2,988 | 3,030 |
| Pet | 2,586 | 2,383 | 2,476 | 2,260 | 1,732 |
| Dough | 2,384 | 2,424 | 2,390 | 1,986 | 1,866 |
| Baking mixes and ingredients | 1,940 | 1,996 | 2,037 | 1,844 | 1,696 |
| Yogurt | 1,392 | 1,482 | 1,473 | 1,715 | 2,075 |
| Super-premium ice cream | 722 | 729 | 704 | 782 | 820 |
| Other | 381 | 422 | 411 | 458 | 465 |
| Total | 19,487 | 19,857 | 20,094 | 18,993 | 18,127 |
| $ Mil | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|
| U.S. Retail | 2,159 | 2,312 | |||
| International | 523 | 473 | 490 | 430 | 291 |
| Convenience Stores and Foodservice | 353 | 307 | |||
| Unallocated corporate items | -958 | ||||
| Other | -134 | -346 | -449 | -171 | |
| Bakeries and Foodservice | 315 | 287 | 306 | ||
| U.S Retail | 2,393 | 2,295 | 2,348 | ||
| Total | 2,077 | 2,957 | 2,852 | 2,562 | 2,774 |
Price Behavior
Price Behavior
| Market Price | $37.57 | |
| Market Cap ($ Bil) | 20.2 | |
| First Trading Date | 06/10/1983 | |
| Distance from 52W High | -25.3% | |
| 50 Days | 200 Days | |
| DMA Price | $34.27 | $41.45 |
| DMA Trend | down | down |
| Distance from DMA | 9.6% | -9.4% |
| 3M | 1YR | |
| Volatility | 30.9% | 25.7% |
| Downside Capture | -95.91 | -26.49 |
| Upside Capture | -42.92 | -55.26 |
| Correlation (SPY) | -16.3% | -13.8% |
GIS Betas & Captures as of 6/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.43 | -0.47 | -0.25 | -0.21 | -0.26 | -0.04 |
| Up Beta | -0.02 | 0.38 | 0.19 | 0.31 | 0.03 | 0.14 |
| Down Beta | -0.74 | -0.25 | -0.62 | -0.05 | -0.28 | -0.05 |
| Up Capture | -27% | -64% | -29% | -49% | -26% | -4% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 12 | 21 | 32 | 57 | 118 | 362 |
| Down Capture | -59% | -96% | -48% | -23% | -27% | -7% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 8 | 19 | 30 | 67 | 130 | 384 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GIS | |
|---|---|---|---|---|
| GIS | -25.4% | 25.8% | -1.17 | - |
| Sector ETF (XLP) | 5.8% | 13.3% | 0.17 | 56.9% |
| Equity (SPY) | 21.7% | 12.5% | 1.29 | -13.4% |
| Gold (GLD) | 23.1% | 27.7% | 0.73 | 3.5% |
| Commodities (DBC) | 21.3% | 18.6% | 0.90 | -12.0% |
| Real Estate (VNQ) | 13.6% | 13.8% | 0.68 | 33.4% |
| Bitcoin (BTCUSD) | -42.0% | 42.7% | -1.15 | -8.8% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GIS | |
|---|---|---|---|---|
| GIS | -5.2% | 21.7% | -0.31 | - |
| Sector ETF (XLP) | 6.9% | 13.4% | 0.29 | 61.3% |
| Equity (SPY) | 13.3% | 17.1% | 0.60 | 7.4% |
| Gold (GLD) | 17.9% | 18.3% | 0.79 | 3.7% |
| Commodities (DBC) | 6.9% | 19.5% | 0.25 | -4.0% |
| Real Estate (VNQ) | 3.1% | 18.9% | 0.06 | 27.9% |
| Bitcoin (BTCUSD) | 12.2% | 53.8% | 0.41 | -2.1% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GIS | |
|---|---|---|---|---|
| GIS | -2.0% | 22.4% | -0.10 | - |
| Sector ETF (XLP) | 7.5% | 14.8% | 0.37 | 61.8% |
| Equity (SPY) | 15.4% | 18.0% | 0.73 | 22.3% |
| Gold (GLD) | 12.1% | 16.1% | 0.61 | 6.5% |
| Commodities (DBC) | 5.7% | 18.0% | 0.25 | -0.7% |
| Real Estate (VNQ) | 5.5% | 20.7% | 0.23 | 32.0% |
| Bitcoin (BTCUSD) | 59.0% | 66.2% | 0.99 | 1.4% |
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Returns Analyses
Earnings Returns History
Updated 7/6/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/1/2026 | 8.5% | ||
| 3/18/2026 | -3.0% | -5.0% | -7.3% |
| 12/17/2025 | 3.4% | -0.8% | -4.0% |
| 9/17/2025 | -0.8% | 2.0% | -2.5% |
| 6/25/2025 | -5.1% | -0.4% | -3.2% |
| 3/19/2025 | -2.1% | -4.4% | -5.6% |
| 12/18/2024 | -3.1% | -3.3% | -8.0% |
| 9/18/2024 | 0.7% | -1.0% | -3.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 11 | 10 |
| # Negative | 14 | 13 | 14 |
| Median Positive | 2.9% | 2.3% | 5.2% |
| Median Negative | -3.3% | -1.4% | -4.2% |
| Max Positive | 8.5% | 8.5% | 17.6% |
| Max Negative | -5.2% | -6.1% | -10.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/1/2026 | 8.5% | ||
| 3/18/2026 | -3.0% | -5.0% | -7.3% |
| 12/17/2025 | 3.4% | -0.8% | -4.0% |
| 9/17/2025 | -0.8% | 2.0% | -2.5% |
| 6/25/2025 | -5.1% | -0.4% | -3.2% |
| 3/19/2025 | -2.1% | -4.4% | -5.6% |
| 12/18/2024 | -3.1% | -3.3% | -8.0% |
| 9/18/2024 | 0.7% | -1.0% | -3.9% |
| 6/26/2024 | -4.6% | -6.1% | -1.2% |
| 3/20/2024 | 1.2% | -0.4% | 1.5% |
| 12/20/2023 | -3.6% | -3.0% | -4.4% |
| 9/20/2023 | -0.0% | -1.0% | -3.2% |
| 6/28/2023 | -5.2% | -4.4% | -6.6% |
| 3/23/2023 | 2.9% | 6.5% | 10.2% |
| 12/20/2022 | -4.6% | -1.4% | -10.5% |
| 9/21/2022 | 5.7% | 3.4% | 4.3% |
| 6/29/2022 | 6.3% | 8.5% | 6.9% |
| 3/23/2022 | 2.5% | 7.9% | 17.6% |
| 12/21/2021 | -4.0% | -1.3% | 1.8% |
| 9/22/2021 | 3.3% | 2.3% | 9.0% |
| 6/30/2021 | 1.5% | 0.6% | -1.0% |
| 3/24/2021 | -4.2% | 1.0% | 2.2% |
| 12/17/2020 | 1.3% | 0.1% | -4.7% |
| 9/23/2020 | -0.5% | 3.2% | 6.0% |
| 7/1/2020 | -2.0% | 2.1% | 3.8% |
| SUMMARY STATS | |||
| # Positive | 11 | 11 | 10 |
| # Negative | 14 | 13 | 14 |
| Median Positive | 2.9% | 2.3% | 5.2% |
| Median Negative | -3.3% | -1.4% | -4.2% |
| Max Positive | 8.5% | 8.5% | 17.6% |
| Max Negative | -5.2% | -6.1% | -10.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 02/28/2026 | 03/18/2026 | 10-Q |
| 11/30/2025 | 12/17/2025 | 10-Q |
| 08/31/2025 | 09/17/2025 | 10-Q |
| 05/31/2025 | 06/26/2025 | 10-K |
| 02/28/2025 | 03/19/2025 | 10-Q |
| 11/30/2024 | 12/18/2024 | 10-Q |
| 08/31/2024 | 09/18/2024 | 10-Q |
| 05/31/2024 | 06/26/2024 | 10-K |
| 02/29/2024 | 03/20/2024 | 10-Q |
| 11/30/2023 | 12/20/2023 | 10-Q |
| 08/31/2023 | 09/20/2023 | 10-Q |
| 05/31/2023 | 06/28/2023 | 10-K |
| 02/28/2023 | 03/23/2023 | 10-Q |
| 11/30/2022 | 12/20/2022 | 10-Q |
| 08/31/2022 | 09/21/2022 | 10-Q |
| 05/31/2022 | 06/30/2022 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 02/28/2026 | 03/18/2026 | 10-Q |
| 11/30/2025 | 12/17/2025 | 10-Q |
| 08/31/2025 | 09/17/2025 | 10-Q |
| 05/31/2025 | 06/26/2025 | 10-K |
| 02/28/2025 | 03/19/2025 | 10-Q |
| 11/30/2024 | 12/18/2024 | 10-Q |
| 08/31/2024 | 09/18/2024 | 10-Q |
| 05/31/2024 | 06/26/2024 | 10-K |
| 02/29/2024 | 03/20/2024 | 10-Q |
| 11/30/2023 | 12/20/2023 | 10-Q |
| 08/31/2023 | 09/20/2023 | 10-Q |
| 05/31/2023 | 06/28/2023 | 10-K |
| 02/28/2023 | 03/23/2023 | 10-Q |
| 11/30/2022 | 12/20/2022 | 10-Q |
| 08/31/2022 | 09/21/2022 | 10-Q |
| 05/31/2022 | 06/30/2022 | 10-K |
| 02/28/2022 | 03/23/2022 | 10-Q |
| 11/30/2021 | 12/21/2021 | 10-Q |
| 08/31/2021 | 09/22/2021 | 10-Q |
| 05/31/2021 | 06/30/2021 | 10-K |
| 02/28/2021 | 03/24/2021 | 10-Q |
| 11/30/2020 | 12/17/2020 | 10-Q |
| 08/31/2020 | 09/23/2020 | 10-Q |
| 05/31/2020 | 07/02/2020 | 10-K |
| 02/29/2020 | 03/18/2020 | 10-Q |
| 11/30/2019 | 12/18/2019 | 10-Q |
| 08/31/2019 | 09/18/2019 | 10-Q |
| 05/31/2019 | 06/28/2019 | 10-K |
Recent Forward Guidance
Updated 7/2/2026Latest: Q4 2026 Earnings Reported 7/1/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2027 Revenue Growth | -1.5% | -0.5% | 0.5% | -71.4% | 1.2% | Raised | Guidance: -1.75% for 2026 |
| 2027 Operating Margin | -13.0% | -10.5% | -8.0% | -41.7% | 7.5% | Raised | Guidance: -18.0% for 2026 |
| 2027 EPS | 3 | 3.1 | 3.2 | Higher New | |||
| 2027 Free Cash Flow | 0.95 | 0.0% | Affirmed | Guidance: 0.95 for 2026 | |||
| 2027 Cost Savings | 750.00 Mil | Higher New | |||||
Prior: Q3 2026 Earnings Reported 3/18/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue Growth | -2.0% | -1.75% | -1.5% | -1.8% | Lowered | Guidance: 0.0% for 2026 | |
| 2026 Operating Profit Growth | -20.0% | -18.0% | -16.0% | 44.0% | -5.5% | Lowered | Guidance: -12.5% for 2026 |
| 2026 EPS Growth | -20.0% | -18.0% | -16.0% | 44.0% | -5.5% | Lowered | Guidance: -12.5% for 2026 |
| 2026 Free Cash Flow Conversion | 0.95 | 0.0% | 0.0% | Affirmed | Guidance: 0.95 for 2026 | ||
Q2 2026 Earnings Reported 12/17/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Organic Net Sales Growth | -1.0% | 0.0% | 1.0% | 0.0% | 0.0% | Affirmed | Guidance: 0.0% for 2026 |
| 2026 Adjusted Operating Profit Growth | -15.0% | -12.5% | -10.0% | 0.0% | 0.0% | Affirmed | Guidance: -12.5% for 2026 |
| 2026 Adjusted Diluted EPS Growth | -15.0% | -12.5% | -10.0% | 0.0% | 0.0% | Affirmed | Guidance: -12.5% for 2026 |
| 2026 Free Cash Flow Conversion | 0.95 | 0.0% | Affirmed | Guidance: 0.95 for 2026 | |||
Insider Activity
Updated 7/6/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Williams-Roll, Jacqueline | Chief Human Resources Officer | by Trust | Sell | 5142026 | 33.97 | 10,000 | 339,668 | 2,581,531 | Form |
| 2 | Williams-Roll, Jacqueline | Chief Human Resources Officer | by Trust | Sell | 5142026 | 34.27 | 10,000 | 342,699 | 2,947,266 | Form |
| 3 | Fernandez, Ricardo | Segment President | Direct | Sell | 5142026 | 34.50 | 7,995 | 275,828 | 2,148,756 | Form |
| 4 | Gallagher, Paul Joseph | Chief Supply Chain Officer | Direct | Sell | 12232025 | 48.15 | 1,500 | 72,231 | 2,338,750 | Form |
| 5 | Williams-Roll, Jacqueline | Chief Human Resources Officer | by Trust | Sell | 9232025 | 50.04 | 4,000 | 200,156 | 3,332,227 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Williams-Roll, Jacqueline | Chief Human Resources Officer | by Trust | Sell | 5142026 | 33.97 | 10,000 | 339,668 | 2,581,531 | Form |
| 2 | Williams-Roll, Jacqueline | Chief Human Resources Officer | by Trust | Sell | 5142026 | 34.27 | 10,000 | 342,699 | 2,947,266 | Form |
| 3 | Fernandez, Ricardo | Segment President | Direct | Sell | 5142026 | 34.50 | 7,995 | 275,828 | 2,148,756 | Form |
| 4 | Gallagher, Paul Joseph | Chief Supply Chain Officer | Direct | Sell | 12232025 | 48.15 | 1,500 | 72,231 | 2,338,750 | Form |
| 5 | Williams-Roll, Jacqueline | Chief Human Resources Officer | by Trust | Sell | 9232025 | 50.04 | 4,000 | 200,156 | 3,332,227 | Form |
Industry Resources
| Consumer Staples Resources |
| FoodNavigator |
| Consumer Goods Technology (CGT) |
| Beverage Digest |
| Packaged Foods & Meats Resources |
| USDA Data |
| Food Processing |
| Meat+Poultry |
| Just Food |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 7/5/2026