olivLaw · US equity research
GIS GIS
Grain Mill Products · SIC 2040 · Vertical: Food products (SIC 20xx)
General Mills (GIS) is a global manufacturer of branded food with more than 100 brands in 100 countries. In fiscal 2026 net sales fell 5 percent to $18.4 billion, and adjusted operating profit fell 16 percent in constant currency to $2.8 billion. For the first quarter of fiscal 2027 the company reaffirmed its full-year outlook.
At the close of 05 Nov 2026, GIS (GIS) stock was 36.46 USD (+1.70% on the day), with market capitalisation 19.5 bn USD, dividend yield 6.69%, beta -0.05, 52-week range 31.67–49.01 USD. Latest reported quarter (Q1 2027): revenue of 4.4 bn USD (−2.8% YoY), net income of 397.0 m USD (−67.0% YoY), diluted EPS 0.74 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 62.1
- strong (55–70)
- Bollinger (20, 2)
- 31.17 – 36.03
- above the upper band · %B 1.09 · band width 14.5%
- SMA 50 / 200
- 35.01 / 37.32
- mixed trend
- MACD (12, 26, 9)
- 0.28 / -0.16
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +13.3% | −5.9% | +19.2 pp | — |
| 3 months | +1.1% | −4.6% | +5.7 pp | — |
| 6 months | +2.1% | +0.2% | +1.9 pp | — |
| Year to date | −21.6% | +7.4% | −29.0 pp | — |
| 1 year | −21.4% | +8.2% | −29.6 pp | +16.0% |
| 3 years | −44.1% | +68.4% | −112.5 pp | −5.6% |
| 5 years | −41.8% | +56.5% | −98.3 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q1 2027 · 30 Aug 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | Q1 '27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5.2 bn | 4.8 bn | 4.6 bn | 4.5 bn | 4.9 bn | 4.4 bn | 4.6 bn | 4.4 bn |
| Cost of revenue | 3.3 bn | 3.2 bn | 3.1 bn | 3.0 bn | 3.2 bn | 3.1 bn | 3.0 bn | 2.9 bn |
| Gross profit | 1.9 bn | 1.6 bn | 1.5 bn | 1.5 bn | 1.7 bn | 1.4 bn | 1.6 bn | — |
| SG&A | 852.0 m | 844.4 m | 894.3 m | 845.1 m | 842.4 m | 812.9 m | 888.1 m | 832.2 m |
| Operating income | 1.1 bn | 891.4 m | 504.0 m | 1.7 bn | 728.0 m | 524.6 m | -2.1 bn | 633.6 m |
| Depreciation & amortisation | 129.5 m ≈ | 134.3 m ≈ | 135.6 m | 138.7 m | 138.0 m ≈ | 139.4 m ≈ | 139.1 m | 139.8 m |
| Interest expense | 124.6 m | 136.3 m | 139.7 m | 132.8 m | 125.9 m | 128.4 m | — | — |
| Pre-tax income | 967.1 m | 769.0 m | 377.1 m | 1.6 bn | 617.8 m | 411.5 m | -2.2 bn | 502.0 m |
| Income tax | 194.8 m | 152.4 m | 69.1 m | 410.9 m | 143.9 m | 99.9 m | -240.4 m | 122.8 m |
| Net income | 795.7 m | 625.6 m | 294.0 m | 1.2 bn | 413.0 m | 303.1 m | -2.0 bn | 397.0 m |
| Diluted EPS | 1.42 | 1.12 | 0.53 | 2.22 | 0.78 | 0.56 | -3.74 | 0.74 |
| Operating cash flow | 1.2 bn ≈ | 531.9 m ≈ | 611.6 m | 397.0 m | 819.3 m ≈ | 397.9 m ≈ | 552.0 m | 297.8 m |
| Capex | 160.9 m ≈ | 103.9 m ≈ | 220.2 m | 109.5 m | 143.6 m ≈ | 102.4 m ≈ | 184.4 m | 90.5 m |
| Dividends paid | 338.0 m ≈ | 332.6 m ≈ | 330.3 m | 330.9 m | 327.9 m ≈ | 328.4 m ≈ | 328.1 m | 330.5 m |
| Share repurchases | 300.4 m ≈ | 301.5 m ≈ | 301.0 m | 500.0 m | 100.0 k ≈ | 200.0 k ≈ | 0 | 0 |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | ⚠ 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.0 bn | 2.0 bn | 2.2 bn | 2.1 bn | 2.0 bn | 2.0 bn | 19.5 bn | 18.4 bn |
| Revenue YoY | — | +0.1% | +7.0% | −2.5% | −8.3% | +4.1% | +856.3% | −5.4% |
| Net income | 1.8 bn | 2.2 bn | 2.3 bn | 2.7 bn | 2.6 bn | 2.5 bn | 2.3 bn | -87.6 m |
| Net income YoY | — | +24.4% | +7.3% | +15.7% | −4.2% | −3.8% | −8.1% | −103.8% |
| Diluted EPS | 2.90 | 3.56 | 3.78 | 4.42 | 4.31 | 4.31 | 4.10 | -0.16 |
| Diluted EPS YoY | — | +22.8% | +6.2% | +16.9% | −2.5% | 0.0% | −4.9% | −103.9% |
| net % | 85.8% | 106.6% | 106.9% | 126.8% | 132.5% | 122.5% | 11.8% | -0.5% |
| Free cash flow | 2.3 bn | 3.2 bn | 2.5 bn | 2.7 bn | 2.1 bn | 2.5 bn | 2.3 bn | 1.6 bn |
The series breaks before 2019: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 31 May 2026
- Cash
- 453.8 m USD
- Financial debt
- 12.5 bn USD
- Net debt
- 12.0 bn USD
- Equity
- 7.4 bn USD
- Total assets
- 30.0 bn USD
- Debt / equity
- 1.69x
- Current ratio
- 0.68x
- ROE
- -1.1%
- ROA
- -0.3%
- FCF margin
- 8.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 2.2 bn | 2.1 bn | 2.0 bn | 2.0 bn | 19.5 bn | 18.4 bn | SEC (XBRL)· 01 Jul 2026verified |
| Cost of revenue | 11.7 bn | 12.6 bn | 13.5 bn | 12.9 bn | 12.8 bn | 12.2 bn | SEC (XBRL)· 01 Jul 2026verified |
| Gross profit | -9.5 bn ≈ | -10.5 bn ≈ | -11.6 bn ≈ | -10.9 bn ≈ | 6.7 bn ≈ | 6.2 bn ≈ | SEC (XBRL)· 01 Jul 2026derived |
| Research & development | 239.3 m | 243.1 m | 257.6 m | 257.8 m | 256.6 m | 256.0 m | SEC (XBRL)· 01 Jul 2026verified |
| SG&A | 3.1 bn | 3.1 bn | 3.5 bn | 3.3 bn | 3.4 bn | 3.4 bn | SEC (XBRL)· 01 Jul 2026verified |
| Operating income | 3.1 bn | 3.5 bn | 3.4 bn | 3.4 bn | 3.3 bn | 885.8 m | SEC (XBRL)· 01 Jul 2026verified |
| Depreciation & amortisation | 601.3 m | 570.3 m | 546.6 m | 552.7 m | 539.0 m | 555.2 m | SEC (XBRL)· 01 Jul 2026verified |
| EBITDA | 3.7 bn ≈ | 4.0 bn ≈ | 4.0 bn ≈ | 4.0 bn ≈ | 3.8 bn ≈ | 1.4 bn ≈ | SEC (XBRL)· 01 Jul 2026derived |
| Interest expense | 420.3 m | 379.6 m | 382.1 m | 479.2 m | 524.2 m | — | SEC (XBRL)· 26 Jun 2025verified |
| Pre-tax income | 2.9 bn | 3.2 bn | 3.1 bn | 3.0 bn | 2.8 bn | 405.5 m | SEC (XBRL)· 01 Jul 2026verified |
| Income tax | 629.1 m | 586.3 m | 612.2 m | 594.5 m | 573.7 m | 414.3 m | SEC (XBRL)· 01 Jul 2026verified |
| Net income | 2.3 bn | 2.7 bn | 2.6 bn | 2.5 bn | 2.3 bn | -87.6 m | SEC (XBRL)· 01 Jul 2026verified |
| Diluted EPS | 3.78 | 4.42 | 4.31 | 4.31 | 4.10 | -0.16 | SEC (XBRL)· 01 Jul 2026verified |
| Weighted average diluted shares | 619.1 m | 612.6 m | 601.2 m | 579.5 m | 557.5 m | 537.7 m | SEC (XBRL)· 01 Jul 2026verified |
| Dividend per share | 2.02 | 2.04 | 2.16 | 2.36 | 2.40 | 2.44 | SEC (XBRL)· 01 Jul 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.5 bn | 569.4 m | 585.5 m | 418.0 m | 363.9 m | 453.8 m | SEC (XBRL)· 01 Jul 2026verified |
| Inventories | 1.8 bn | 1.9 bn | 2.2 bn | 1.9 bn | 1.9 bn | 1.9 bn | SEC (XBRL)· 01 Jul 2026verified |
| Current assets | 5.8 bn | 5.1 bn | 5.2 bn | 4.6 bn | 5.3 bn | 4.6 bn | SEC (XBRL)· 01 Jul 2026verified |
| Property, plant & equipment, net | 3.6 bn | 3.4 bn | 3.6 bn | 3.9 bn | 3.6 bn | 3.4 bn | SEC (XBRL)· 01 Jul 2026verified |
| Goodwill | 14.1 bn | 14.4 bn | 14.5 bn | 14.8 bn | 15.6 bn | 14.1 bn | SEC (XBRL)· 01 Jul 2026verified |
| Intangibles (excl. goodwill) | 7.2 bn | 7.0 bn | 7.0 bn | 7.0 bn | 7.1 bn | 6.7 bn | SEC (XBRL)· 01 Jul 2026verified |
| Total assets | 31.8 bn | 31.1 bn | 31.5 bn | 31.5 bn | 33.1 bn | 30.0 bn | SEC (XBRL)· 01 Jul 2026verified |
| Accounts payable | 3.7 bn | 4.0 bn | 4.2 bn | 4.0 bn | 4.0 bn | 3.7 bn | SEC (XBRL)· 01 Jul 2026verified |
| Short-term debt | 361.3 m | 811.4 m | 31.7 m | 11.8 m | 677.0 m | 68.4 m | SEC (XBRL)· 01 Jul 2026verified |
| Long-term debt | 9.8 bn | 9.1 bn | — | — | 12.7 bn | 12.4 bn | SEC (XBRL)· 01 Jul 2026verified |
| Current liabilities | 8.3 bn | 8.0 bn | 7.5 bn | 7.0 bn | 7.9 bn | 6.8 bn | SEC (XBRL)· 01 Jul 2026verified |
| Total liabilities | 21.5 bn | 20.3 bn | 20.8 bn | 21.8 bn | 23.9 bn | 22.6 bn | SEC (XBRL)· 01 Jul 2026verified |
| Equity | 9.8 bn | 10.8 bn | 10.7 bn | 9.6 bn | 9.2 bn | 7.4 bn | SEC (XBRL)· 01 Jul 2026verified |
| Shares outstanding at year end | 607.2 m | 597.2 m | 585.2 m | 558.1 m | 542.4 m | 533.7 m | SEC (XBRL)· 18 Mar 2026verified |
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 3.0 bn | 3.3 bn | 2.8 bn | 3.3 bn | 2.9 bn | 2.2 bn | SEC (XBRL)· 01 Jul 2026verified |
| Capex | 530.8 m | 568.7 m | 689.5 m | 774.1 m | 625.3 m | 539.9 m | SEC (XBRL)· 01 Jul 2026verified |
| Free cash flow | 2.5 bn ≈ | 2.7 bn ≈ | 2.1 bn ≈ | 2.5 bn ≈ | 2.3 bn ≈ | 1.6 bn ≈ | SEC (XBRL)· 01 Jul 2026derived |
| Investing cash flow | -512.8 m | -1.7 bn | -346.4 m | -1.2 bn | -1.8 bn | 1.3 bn | SEC (XBRL)· 01 Jul 2026verified |
| Financing cash flow | -2.7 bn | -2.5 bn | -2.4 bn | -2.3 bn | -1.2 bn | -3.3 bn | SEC (XBRL)· 01 Jul 2026verified |
| Dividends paid | 1.2 bn | 1.2 bn | 1.3 bn | 1.4 bn | 1.3 bn | 1.3 bn | SEC (XBRL)· 01 Jul 2026verified |
| Share repurchases | 301.4 m | 876.8 m | 1.4 bn | 2.0 bn | 1.2 bn | 500.3 m | SEC (XBRL)· 01 Jul 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 48 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 19.5 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet50
- Returns78
- Quality5
- Growth100
- Valuation44
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 32.06 – 94.61 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)62.02 – 94.61 (Mid 74.72)WACC 9.3% · starting FCFF 2.0 bn USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -15.8%
- Peers: EV/EBITDAunavailable · not enough peers
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)32.06 – 43.12 (Mid 36.78)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 48/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -2.2% | 0 (on a fixed band) | 14% |
| Net margin · Quality | -4.9% | 14 (vs peers) | 8% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 111.1% | 100 (on a fixed band) | 11% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -0.7x | 100 (on a fixed band) | 14% |
| Interest coverage · Balance sheet | -0.4x | 0 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 0.7x | 0 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 55.1x | 0 (on a fixed band) | 14% |
| FCF yield · Valuation | 7.9% | 99 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | 6.7% | 96 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | 85.0% | 50 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet50/100 · 3/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality5/100 · 2/3 factors with a value
- Returns78/100 · 2/2 factors with a value
- Valuation44/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
GENERAL MILLS, INC. (GIS). Latest full fiscal year: 2026; data up to 2026-08-30.
Figures computed from the financial statements: revenue 18.4 bn USD in 2026; YoY growth -5.4%; net margin -4.9%; ROE -10.6%; net debt/EBITDA -0.7x.
The estimated value range is 47.04–68.86 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 55.75 USD, the price of 36.46 USD leaves a potential of 52.9% (value / price − 1) and a margin of safety of 34.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 48/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 111.1%
- Net debt / EBITDA: -0.7x
- FCF yield: 7.9%
- Shareholder yield (distributions): 6.7%
- The price is below the estimated value range
What contradicts it
- ROIC: -2.2%
- Net margin: -4.9%
- Interest coverage: -0.4x
- Current ratio: 0.7x
- EV/EBITDA: 55.1x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, P/E (TTM).
Versus the vertical median
Food products (SIC 20xx) · same major group (2-digit SIC) · compared with 7 companies
Only companies with a capitalisation between 2.4 bn and 150.5 bn (within 8× of the company's); 82 of the vertical were left out.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MDLZMondelez International, Inc. | 84.6 bn | 21.0 | 15.5% | 10.2% | +5.8% | +16% / −6% |
| KDPKeurig Dr Pepper Inc. | 50.2 bn | 37.3 | 5.7% | 7.1% | +8.2% | +32% / +17% |
| MNSTMonster Beverage Corp | 46.9 bn | 22.0 | 25.7% | 23.1% | +10.7% | +28% / +73% |
| HSYHershey Co | 36.0 bn | 20.1 | 38.0% | 14.6% | +4.4% | −6% / −6% |
| ADMArcher-Daniels-Midland Co | 33.5 bn | 13.7 | 10.7% | 3.0% | −6.2% | +16% / −4% |
| KHCKraft Heinz Co | 30.0 bn | — | -9.0% | -14.0% | −3.5% | −1% / −28% |
| GISGeneral Mills, Inc. | 19.5 bn | — | -10.6% | -4.9% | −5.4% | −21% / −44% |
| BGBunge Global SA | 18.9 bn | 16.6 | 7.2% | 1.2% | +32.4% | +3% / −10% |
1- and 3-year price returns: for GIS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
General Mills (GIS) is a global manufacturer of branded food with more than 100 brands in 100 countries. In fiscal 2026 net sales fell 5 percent to $18.4 billion 1, and adjusted operating profit fell 16 percent in constant currency to $2.8 billion 1. For the first quarter of fiscal 2027 the company reaffirmed its full-year outlook 3.
SWOT
Strengths
- A broad portfolio of brands with leading positions in its main categories and a presence across many markets worldwide 1.
- Strong cash generation, with free cash flow that supported dividends and share repurchases in fiscal 2026 1.
- Well defined efficiency programs with savings already reported, which can support margins 32.
Weaknesses
Opportunities
- New products built on protein, fiber and bold flavors could revive sales growth if they match consumer preferences 2.
- International markets and the pet food segment could add growth if recent trends continue 3.
- Portfolio reshaping through acquisitions and divestitures could focus the company on brands with the best growth prospects 1.
Threats
- Rising costs for commodities, packaging and energy could reduce margins if not offset by pricing or productivity 12.
- Competition from private label and generic products could limit the ability to keep premium pricing 1.
- Currency and trade risks in international operations, including tariffs, could affect reported results 1.
Risks
- Customer concentrationhigh
A single retailer accounts for a significant part of sales, and losing this customer could materially reduce sales and profit 1.
- Input cost volatilityhigh
Grain, meat, oil and packaging prices can fluctuate widely, and the company does not fully hedge these exposures, which could reduce margins 1.
- Asset impairmentmedium
Further goodwill or brand impairments could follow if performance in some segments stays weak 1.
- International and currency exposuremedium
Operations outside the United States expose the company to political instability, currency swings and tariffs, which could affect results 1.
- Cybersecurity and IT systemslow
Disruptions or breaches of information systems, including those involving artificial intelligence, could interrupt operations and lead to data loss 1.
Investment thesis
What would need to be true (bull case)
- If the protein, fiber and bold-flavor innovation restores organic sales growth, the company could recover some of the volume it has lost 2.
- Savings from the HMM and transformation programs could support margins even in a high-cost environment, as the fiscal 2027 outlook indicates 2.
- Strong cash generation and continued returns to shareholders could provide stability if free cash flow stays near fiscal 2026 levels 1.
What would break the thesis
- If consumer sentiment remains weak and categories grow below expectations, volumes could keep declining and the outlook could be hard to meet 21.
- Input cost inflation and reinvestment in innovation could compress profitability more than the company expects, especially if retail pricing pressure rises 21.
- Impairments and divestitures could shrink the asset and profit base in the short term, and performance after the divestitures could fall short of expectations 13.
What to watch
- Progress against the fiscal 2027 outlook, especially organic net sales growth and adjusted operating profitQ2 2027
- Delivery of HMM and transformation savings against the at least $750 million target2027
- Volume trends in North America Retail and share performance in priority categoriesQ2 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Market context
The packaged food market in the United States and abroad is mature, with growth limited by population trends, and the company noted that consumer sentiment and uncertainty slowed category growth in fiscal 2026 1. For fiscal 2027 it expects category growth to be consistent with recent trends and below its long-term projections 2. Sales generated outside the United States made up 20 percent of consolidated net sales in fiscal 2026 1.
Competition comes from branded rivals, regional brands, generic products and private label, which are generally sold at lower prices 1. Consolidation among grocery retailers gives large customers more purchasing power and could pressure margins 1. Walmart is a major customer and represents a significant share of net sales 1.
Trends
- Cautious consumersheadwind
Weak consumer sentiment and volatility slowed category growth and changed purchase patterns, making volume recovery slower and more costly than expected 1.
- Input cost pressureheadwind
The company forecasts input cost inflation of 4 to 5 percent in fiscal 2027, which could weigh on margins if efficiency programs do not offset it 2.
- Innovation around health and indulgencetailwind
The fiscal 2027 plan focuses on protein and fiber, bold flavors, indulgence and pet humanization, which could support sales growth if the innovation meets demand 2.
- Efficiency and cost savingsmixed
The HMM productivity program and global transformation target at least $750 million of savings in fiscal 2027 and $3 billion cumulative through fiscal 2030, which could offset cost pressures 21.
Competitive position
Human and pet food categories are highly competitive, with numerous manufacturers of varying sizes as well as retailers with their own brands 1. Competition is based on innovation, quality, price, brand recognition and marketing effectiveness 1.
The company says it competes through consumer insights, customer relationships, product quality and innovation, but a price move by large competitors could force it to respond and accept lower margins 1. Outside North America it competes with both multinational and local manufacturers 1.
- Nestlé
Joint venture partner in Cereal Partners Worldwide and a competitor in cereal outside North America 1.
- Retailers with private label brands
Retail chains selling their own brands compete directly and can negotiate tough pricing terms 1.
- Branded manufacturers and regional brands
Competitors with substantial financial and marketing resources that launch new products in similar categories 1.
- Generic and economy producers
Lower-priced generic products that can limit the company's ability to sustain premium pricing 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- General Mills names insider McNabb as CEO, succeeding veteran HarmeningCNBC — Top News · 30 Sept 2026 · EN
- General Mills Q1 Earnings Call HighlightsYahoo Finance — News · 23 Sept 2026 · EN
- General Mills Beats Earnings Estimates. Sales Are Still an Issue.Yahoo Finance — News · 23 Sept 2026 · EN
- Jim Cramer on General Mills (GIS): “I Can’t Recommend It”Yahoo Finance — News · 22 Sept 2026 · EN
- Campbell’s Slides 9% on 36% Dividend Cut, General Mills Falls 4%, Kraft Heinz Drops 3%Yahoo Finance — News · 03 Sept 2026 · EN
- Hormel vs. General Mills: Don’t Let the Bigger Dividend Check Fool YouYahoo Finance — News · 02 Sept 2026 · EN
- General Mills recalls 736,000 Pillsbury rolls over glass contamination fearsThe Guardian World · 16 Jul 2026 · RO
- General Mills to Sell Mainland China Häagen-Dazs Ice-Cream Shops to Local Tea Brand NingjiBloomberg Markets · 02 Jun 2026 · EN
The latest news item in our archive is from 30 Sept 2026; the newest SEC filing is from 02 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report02 Oct 2026Amendments to articles or bylaws · Shareholder vote · Financial statements and exhibits
- Current report30 Sept 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report23 Sept 2026
- Current report23 Sept 2026Results of operations · Financial statements and exhibits
- Proxy statement13 Aug 2026
- Annual report01 Jul 2026
- Current report01 Jul 2026Results of operations · Financial statements and exhibits
- Current report06 May 2026Departure or appointment of officers · Financial statements and exhibits
- Current report04 May 2026Departure or appointment of officers
- Current report16 Apr 2026Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2026-05-31 · SEC / GIS · 01 Jul 2026
- [2] Form 10-Q, quarter ended 2026-08-30 · SEC / GIS · 23 Sept 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / GIS · 23 Sept 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.