Short answer
General Mills (GIS) filed its fiscal 2026 10-K annual report with the SEC on Jul 1, 2026. It reported revenue of $18.4B (−5.4% year over year) and net income of −$88M.
- Top risk flagged: Regulatory risk from U.S. tariffs and retaliatory trade actions impacting commodity costs, including sanctions related to Russia's invasion of Ukraine
FY2026 key financial metrics · XBRL
- Revenue
- $18.4B
- −5.4% YoY
- Net income
- −$88M
- −103.8% YoY
- Operating margin
- 4.8%
- −12.2 pp YoY
- Gross margin
- 8.7%
- +0.0 pp YoY
- EPS (diluted)
- −$0.16
- −103.9% YoY
- ROE
- -1.2%
- −26.1 pp YoY
- Operating cash flow
- $2.2B
- −25.8% YoY
Source: XBRL data from the General Mills (GIS) FY2026 10-K on SEC EDGAR. USD.
General Mills FY2026 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Global manufacturer and marketer of branded consumer foods and pet products across four segments: North America Retail, International, North America Pet, North America Foodservice
- Strategic emphasis: Strengthened leadership team with new Chief Digital, Technology and Transformation Officer and Chief Supply Chain Officer appointed in 2026
- Quantitative metric: Approximately 30,000 employees globally, evenly split between U.S. and international markets as of May 31, 2026
- Noteworthy fact: Walmart accounted for 22% of consolidated net sales and 31% of North America Retail sales during fiscal 2026, highlighting significant customer concentration
Management Discussion & Analysis
- Revenue $18.4B, down 5% YoY; organic net sales down 2% YoY
- Operating profit $886M, down 73%, margin 4.8% vs 17.0%; adjusted operating profit $2.8B, down 16%, margin 15.3% vs 17.2%
- Best segment: International net sales $3.0B, up 9%, operating profit $189M, up 96%; worst segment: North America Retail net sales $10.6B, down 11%, operating profit $2.2B, down 20%
- Net cash from operations $2.2B; capex $540M; dividends paid $1.3B; share repurchases $500M
- Fiscal 2027 guidance: organic net sales down 1.5% to up 0.5%; adjusted operating profit down 8-13% from $2.8B; adjusted EPS $3.00-$3.20; free cash flow conversion ~95%; risks include inflation, input costs, macroeconomic challenges
Risk Factors
- Regulatory risk from U.S. tariffs and retaliatory trade actions impacting commodity costs, including sanctions related to Russia's invasion of Ukraine
- Geopolitical exposure: 20% of net sales from international markets vulnerable to political instability and currency fluctuations in multiple currencies
- Supply chain risk due to reliance on single-source suppliers for ingredients and packaging, increasing disruption risk from natural disasters or labor strikes
- Competitive threat from private label products and regional brands eroding market share against branded products and price competition from Walmart (22% of sales)
- Financial leverage risk: $13.6 billion total debt as of May 31, 2026, limiting financing flexibility and increasing vulnerability to economic downturns
Generated from the filing text; verify against the original. How to read a 10-K
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