GIS

MKT CAP:$19B

General Mills, Inc.

Market Cap

$19B

Consumer Defensive·Packaged Foods·🇺🇸 United States·NYSE

Consumer Def.·Packaged Foods·🇺🇸·NYSE

Stock Price

$35.28-$10.44 (-22.83%)

Apr 20, 2026

Company Details

General Mills, Inc. manufactures and markets branded consumer foods worldwide. The company operates in five segments: North America Retail; Convenience Stores & Foodservice; Europe & Australia; Asia & Latin America; and Pet. It offers ready...

CEO

Jeffrey L. Harmening

IPO Date

Mar 17, 1980

Website

www.generalmills.com

Key Metrics TTM

Revenue

$18.7B

-6.3% YoY

Net Income

$2.5B

EPS (Diluted)

$4.68

Free Cash Flow

$1.7B

Revenue / Share

$34.39

Gross Margin

33.4%

Operating Margin

20.9%

Net Margin

13.6%

FCF Margin

9.0%

P/S

1.0x

P/E

7.3x

Earnings Reports

Q3 2026

Mar 18, 2026

$4.4B-8.4%EPS $0.56

Q2 2026

Dec 17, 2025

$4.9B-7.2%EPS $0.78

Q1 2026

Sep 17, 2025

$4.5B-6.8%EPS $2.22

Q3 2025

Mar 19, 2025

$4.8B-5.0%EPS $1.12

Q2 2025

Dec 18, 2024

$5.2BEPS $1.42

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 20	$5.0B	$1.8B	$830M
Q3 22	$4.5B	$1.4B	$815M
Q4 22	$4.9B	$1.8B	$1.0B
Q1 23	$4.7B	$1.4B	$1.1B
Q2 23	$5.2B	$1.7B	$800M
Q3 23	$5.1B	$1.7B	$730M
Q4 23	$5.0B	$1.7B	$818M
Q1 24	$4.9B	$1.8B	$930M
Q3 24	$5.1B	$1.7B	$911M
Q4 24	$4.7B	$1.7B	$779M
Q1 25	$4.8B	$1.7B	$832M
Q2 25	$5.2B	$1.9B	$1.1B
Q3 25	$4.8B	$1.6B	$891M
Q1 26	$4.5B	$1.5B	$1.7B
Q2 26	$4.9B	$1.7B	$728M
Q3 26	$4.4B	$1.4B	$545M

Valuation

Quarter	P/S	P/E
Q4 20	—	—
Q3 22	1.1x	8.9x
Q4 22	1.0x	7.4x
Q1 23	1.0x	6.3x
Q2 23	1.0x	6.4x
Q3 23	0.9x	6.6x
Q4 23	0.9x	7.1x
Q1 24	0.9x	7.6x
Q3 24	0.9x	7.4x
Q4 24	0.9x	7.4x
Q1 25	0.9x	7.5x
Q2 25	0.9x	7.1x
Q3 25	0.9x	7.2x
Q1 26	1.0x	5.8x
Q2 26	1.0x	6.1x
Q3 26	1.0x	7.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 20	$1.5B	$1.3B
Q3 22	$730M	$604M
Q4 22	$1.1B	$870M
Q1 23	$389M	$298M
Q2 23	$812M	$676M
Q3 23	$826M	$702M
Q4 23	$752M	$413M
Q1 24	$378M	$236M
Q3 24	$943M	$751M
Q4 24	$864M	$575M
Q1 25	$624M	$484M
Q2 25	$1.2B	$990M
Q3 25	$532M	$428M
Q1 26	$397M	$288M
Q2 26	$819M	$676M
Q3 26	$398M	$296M

Capital Expenditures

Quarter	CapEx
Q4 20	$191M
Q3 22	$126M
Q4 22	$218M
Q1 23	$91M
Q2 23	$136M
Q3 23	$125M
Q4 23	$338M
Q1 24	$142M
Q3 24	$192M
Q4 24	$289M
Q1 25	$140M
Q2 25	$161M
Q3 25	$104M
Q1 26	$110M
Q2 26	$144M
Q3 26	$102M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 22	+29.8%	+22.5%
Q1 23	+15.2%	+4.0%
Q2 23	+3.9%	+5.4%
Q3 23	+13.0%	+18.1%
Q4 23	+2.8%	+8.7%
Q1 24	+4.0%	+9.4%
Q3 24	-2.3%	-5.3%
Q4 24	-8.0%	-10.5%
Q1 25	-3.6%	-4.6%
Q2 25	+6.8%	+4.7%
Q3 25	-5.0%	-5.7%
Q1 26	-4.2%	-29.0%
Q2 26	+0.3%	+2.9%
Q3 26	-15.3%	-6.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 20	$29M	0.6%
Q3 22	$32M	0.7%
Q4 22	$18M	0.4%
Q1 23	$34M	0.7%
Q2 23	$24M	0.5%
Q3 23	$29M	0.6%
Q4 23	$25M	0.5%
Q1 24	$35M	0.7%
Q3 24	$18M	0.4%
Q4 24	$19M	0.4%
Q1 25	$20M	0.4%
Q2 25	$26M	0.5%
Q3 25	$21M	0.4%
Q1 26	$15M	0.3%
Q2 26	$24M	0.5%
Q3 26	$0	0.0%

OpEx Breakdown

Quarter	R&D	SG&A
Q4 20	—	$927M
Q3 22	—	$751M
Q4 22	—	$809M
Q1 23	—	$791M
Q2 23	—	$894M
Q3 23	—	$947M
Q4 23	—	$868M
Q1 24	—	$839M
Q3 24	—	$791M
Q4 24	$258M	$798M
Q1 25	—	$855M
Q2 25	—	$852M
Q3 25	—	$844M
Q1 26	—	$845M
Q2 26	—	$842M
Q3 26	—	$813M

Revenue Segments

Quarter	Baking mixes and ingredients	Cereal	Convenient meals	Dough	Other Product	Pet Segment	Snacks	Super-premium ice cream	Yogurt	Pet
Q1 26	$448M	$767M	$651M	$515M	$120M	$643M	$1.0B	$221M	$102M	—
Q3 26	$476M	$763M	$730M	$619M	$61M	—	$963M	$148M	—	$678M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 22	$569M	$250M	$819M
Q1 23	$594M	$0	$594M
Q2 23	$644M	$0	$644M
Q3 23	$619M	$0	$619M
Q4 23	$586M	$117M	$703M
Q1 24	$491M	$0	$491M
Q2 24	$594M	$0	$594M
Q3 24	$589M	$0	$589M
Q4 24	$418M	$0	$418M
Q1 25	$468M	$0	$468M
Q2 25	$2.3B	$0	$2.3B
Q3 25	$521M	$0	$521M
Q4 25	$364M	$0	$364M
Q1 26	$953M	$0	$953M
Q2 26	$683M	$0	$683M
Q3 26	$786M	$0	$786M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 20	616M	+2.1%	—
Q3 22	612M	-0.6%	—
Q4 22	611M	-0.3%	+4.0%
Q1 23	606M	-0.8%	+0.4%
Q2 23	602M	-0.7%	-2.3%
Q3 23	599M	-0.5%	-2.2%
Q4 23	598M	-0.2%	-2.1%
Q1 24	591M	-1.1%	-2.4%
Q3 24	573M	-3.1%	-4.9%
Q4 24	570M	-0.4%	-4.8%
Q1 25	564M	-1.2%	-5.7%
Q2 25	560M	-0.6%	-5.2%
Q3 25	555M	-1.0%	-3.1%
Q1 26	543M	-2.3%	-4.9%
Q2 26	543M	0.0%	-3.8%
Q3 26	543M	0.0%	-3.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 20	$143.5K	35K
Q3 22	$129.6K	35K
Q4 22	$150.5K	33K
Q1 23	$145.2K	33K
Q2 23	$160.6K	33K
Q3 23	$157.7K	33K
Q4 23	$147.9K	34K
Q1 24	$144.3K	34K
Q3 24	$150.0K	34K
Q4 24	$138.6K	34K
Q1 25	$142.6K	34K
Q2 25	$154.1K	34K
Q3 25	$142.4K	34K
Q1 26	$136.9K	33K
Q2 26	$147.3K	33K
Q3 26	$134.4K	33K

Revenue / Employee