General Mills (GIS) FY2026 10-K Annual Report
General Mills (GIS) 10-K annual report for fiscal year 2026, filed with SEC EDGAR on Jul 1, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
General Mills FY2026 10-K Analysis
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
General Mills FY2026 Key Financial MetricsXBRL
Revenue
$18.4B
▼ -5.4% YoY
Net Income
-$88M
▼ -103.8% YoY
Gross Margin
8.7%
▲ +114bp YoY
Operating Margin
4.8%
▼ -1215bp YoY
Net Margin
-0.5%
▼ -1225bp YoY
ROE
-1.2%
▼ -2614bp YoY
Total Assets
$30.0B
▼ -9.2% YoY
EPS (Diluted)
$-0.16
▼ -103.9% YoY
Operating Cash Flow
$2.2B
▼ -25.8% YoY
Source: XBRL data from General Mills FY2026 10-K filing on SEC EDGAR. All figures in USD.
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