Short answer
General Mills (GIS) filed its fiscal 2025 10-K annual report with the SEC on Jun 26, 2025. It reported revenue of $19.5B (−1.9% year over year) and net income of $2.3B.
- Top risk flagged: Regulatory risk from increased retail customer demands via Walmart, representing 22% of consolidated net sales in fiscal 2025
FY2025 key financial metrics · XBRL
- Revenue
- $19.5B
- −1.9% YoY
- Net income
- $2.3B
- −8.1% YoY
- Operating margin
- 17.0%
- −0.3 pp YoY
- Gross margin
- 8.7%
- −1.0 pp YoY
- EPS (diluted)
- $4.10
- −4.9% YoY
- ROE
- 24.9%
- −1.6 pp YoY
- Operating cash flow
- $2.9B
- −11.6% YoY
Source: XBRL data from the General Mills (GIS) FY2025 10-K on SEC EDGAR. USD.
General Mills FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: global food company focused on branded consumer packaged goods
- No new products, services, or segments introduced or emphasized in this filing
- Strategic positioning emphasizes employee alignment via equity compensation plans rather than business model shifts
- 18.7 million securities issuable upon exercise of options and rights; 29.5 million shares available under 2022 Stock Compensation Plan as of May 25, 2025
- Discontinued 1998 Employee Stock Plan in 2003, no future awards granted under that plan
Management Discussion & Analysis
- Fiscal 2025 adjusted operating profit $3.4B, adjusted diluted EPS $4.21
- Fiscal 2026 organic net sales guidance down 1% to up 1%, adjusted operating profit down 10-15% in constant currency
- Adjusted diluted EPS expected down 10-15% in fiscal 2026 from $4.21 base
- Free cash flow conversion expected at least 95% of adjusted after-tax earnings in fiscal 2026
- North America Retail targeting volume growth, North America Pet growth acceleration, increased investment in Blue Buffalo fresh pet food launch in 2025
Risk Factors
- Regulatory risk from increased retail customer demands via Walmart, representing 22% of consolidated net sales in fiscal 2025
- Macroeconomic threat from grocery industry consolidation increasing customer purchasing power, pressuring pricing and profitability
- Supply chain risk tied to dependence on Walmart, accounting for 31% of North America Retail segment net sales
- Competitive risk from private label and generic brands competing on price against General Mills' branded products
- Financial risk of customer concentration as loss of a large customer like Walmart could materially reduce sales and profits
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