General Mills Financials
This page shows General Mills (GIS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Cash-rich operations are supporting payouts and buybacks even as sales soften and leverage edges higher.
From FY2023 to FY2025, revenue fell3.0% while gross margin improved, so weaker sales did not automatically mean a weaker underlying product engine. With operating margin still near17.0% , the bigger pressure on shareholder profit came below operations as higher interest burden on a more leveraged balance sheet compressed net results.
In FY2025, operating cash flow exceeded net income by more than
The balance sheet carries a thin liquidity cushion: the current ratio stayed below 1.0x and cash ended FY2025 at
Financial Health Signals
Based on FY2026 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of General Mills's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
General Mills has an operating margin of 4.8%, meaning the company retains $5 of operating profit per $100 of revenue. This results in a moderate score of 47/100, indicating healthy but not exceptional operating efficiency. This is down from 17.0% the prior year.
General Mills's revenue declined 5.4% year-over-year, from $19.5B to $18.4B. This contraction results in a growth score of 27/100.
General Mills carries a low D/E ratio of 1.69, meaning only $1.69 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 68/100, indicating a strong balance sheet with room for future borrowing.
General Mills's current ratio of 0.68 is below the typical benchmark, resulting in a score of 8/100. This tight liquidity could limit financial flexibility if cash inflows slow.
General Mills has a free cash flow margin of 8.8%, earning a moderate score of 51/100. The company generates positive cash flow after capital investments, but with room for improvement.
General Mills's ROE of -1.2% shows moderate profitability relative to equity, earning a score of 38/100. This is down from 24.9% the prior year.
General Mills scores 2.11, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.
General Mills passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, General Mills generates $-24.73 in operating cash flow ($2.2B OCF vs -$87.6M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Key Financial Metrics
Earnings & Revenue
General Mills generated $18.4B in revenue in fiscal year 2026. This represents a decrease of 5.4% from the prior year.
General Mills's EBITDA was $1.4B in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 62.5% from the prior year.
General Mills reported -$87.6M in net income in fiscal year 2026. This represents a decrease of 103.8% from the prior year.
General Mills earned $-0.16 per diluted share (EPS) in fiscal year 2026. This represents a decrease of 103.9% from the prior year.
Cash & Balance Sheet
General Mills generated $1.6B in free cash flow in fiscal year 2026, representing cash available after capex. This represents a decrease of 29.1% from the prior year.
General Mills held $453.8M in cash against $12.4B in long-term debt as of fiscal year 2026.
General Mills paid $2.44 per share in dividends in fiscal year 2026. This represents an increase of 1.7% from the prior year.
General Mills had 534M shares outstanding in fiscal year 2026. This represents a decrease of 1.6% from the prior year.
Margins & Returns
General Mills's gross margin was 33.6% in fiscal year 2026, indicating the percentage of revenue retained after direct costs. This is down 0.9 percentage points from the prior year.
General Mills's operating margin was 4.8% in fiscal year 2026, reflecting core business profitability. This is down 12.2 percentage points from the prior year.
General Mills's net profit margin was -0.5% in fiscal year 2026, showing the share of revenue converted to profit. This is down 12.3 percentage points from the prior year.
General Mills's ROE was -1.2% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is down 26.1 percentage points from the prior year.
Capital Allocation
General Mills invested $256.0M in research and development in fiscal year 2026. This represents a decrease of 0.2% from the prior year.
General Mills spent $500.3M on share buybacks in fiscal year 2026, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 58.4% from the prior year.
General Mills invested $539.9M in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents a decrease of 13.7% from the prior year.
GIS Income Statement
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $4.6B+3.9% | $4.4B-8.7% | $4.9B+7.6% | $4.5B-0.8% | $4.6B-5.9% | $4.8B-7.6% | $5.2B+8.1% | $4.8B |
| Cost of Revenue | N/A | $3.1B-3.1% | $3.2B+6.2% | $3.0B | N/A | $3.2B-3.2% | $3.3B+4.7% | $3.2B |
| Gross Profit | $1.6B+17.3% | $1.4B-19.2% | $1.7B+10.4% | $1.5B+4.0% | $1.5B-10.1% | $1.6B-15.1% | $1.9B+14.3% | $1.7B |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | $812.9M-3.5% | $842.4M-0.3% | $845.1M | N/A | $844.4M-0.9% | $852.0M-0.4% | $855.1M |
| Operating Income | N/A | $524.6M-27.9% | $728.0M-57.8% | $1.7B | N/A | $891.4M-17.3% | $1.1B+29.6% | $831.5M |
| Interest Expense | N/A | $128.4M+2.0% | $125.9M-5.2% | $132.8M | N/A | $136.3M+9.4% | $124.6M+0.8% | $123.6M |
| Income Tax | N/A | $99.9M-30.6% | $143.9M-65.0% | $410.9M | N/A | $152.4M-21.8% | $194.8M+23.8% | $157.4M |
| Net Income | -$2.0B-762.5% | $303.1M-26.6% | $413.0M-65.7% | $1.2B+309.6% | $294.0M-53.0% | $625.6M-21.4% | $795.7M+37.2% | $579.9M |
| EPS (Diluted) | $-3.74-767.9% | $0.56-28.2% | $0.78-64.9% | $2.22+318.9% | $0.53-52.7% | $1.12-21.1% | $1.42+37.9% | $1.03 |
GIS Balance Sheet
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $30.0B-7.4% | $32.4B-0.4% | $32.5B-1.4% | $33.0B-0.2% | $33.1B+1.1% | $32.7B-2.1% | $33.4B+5.1% | $31.8B |
| Current Assets | $4.6B-5.5% | $4.9B-3.6% | $5.1B-3.2% | $5.2B-0.7% | $5.3B+0.4% | $5.3B-28.8% | $7.4B+53.3% | $4.8B |
| Cash & Equivalents | $453.8M-42.2% | $785.5M+14.9% | $683.4M-28.3% | $952.9M+161.9% | $363.9M-30.2% | $521.3M-77.3% | $2.3B+389.8% | $468.1M |
| Inventory | $1.9B+9.2% | $1.8B-14.4% | $2.1B0.0% | $2.1B+7.4% | $1.9B+5.5% | $1.8B-7.9% | $2.0B-1.4% | $2.0B |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $14.1B-9.7% | $15.6B+0.2% | $15.6B-0.4% | $15.7B+0.2% | $15.6B+0.7% | $15.5B+7.6% | $14.4B-2.4% | $14.8B |
| Total Liabilities | $22.6B-1.8% | $23.0B-0.7% | $23.2B-1.2% | $23.5B-1.5% | $23.9B+2.9% | $23.2B-3.1% | $23.9B+7.7% | $22.2B |
| Current Liabilities | $6.8B-22.0% | $8.7B+12.6% | $7.7B-3.1% | $8.0B+1.3% | $7.9B-0.2% | $7.9B-1.8% | $8.0B+10.1% | $7.3B |
| Long-Term Debt | $12.4B+13.0% | $11.0B-9.6% | $12.2B-0.5% | $12.2B-3.6% | $12.7B+7.0% | $11.8B-4.8% | $12.4B+8.8% | $11.4B |
| Total Equity | $7.4B-21.1% | $9.3B+0.3% | $9.3B-2.0% | $9.5B+3.3% | $9.2B-0.7% | $9.3B+0.7% | $9.2B-0.8% | $9.3B |
| Retained Earnings | $20.5B-8.9% | $22.5B-0.1% | $22.6B-1.1% | $22.8B+4.0% | $21.9B+1.3% | $21.6B+1.4% | $21.3B+0.6% | $21.2B |
GIS Cash Flow Statement
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $552.0M+38.7% | $397.9M-51.4% | $819.3M+106.4% | $397.0M-35.1% | $611.6M+15.0% | $531.9M-53.8% | $1.2B+84.3% | $624.2M |
| Capital Expenditures | $184.4M+80.1% | $102.4M-28.7% | $143.6M+31.1% | $109.5M-50.3% | $220.2M+111.9% | $103.9M-35.4% | $160.9M+14.7% | $140.3M |
| Free Cash Flow | $367.6M+24.4% | $295.5M-56.3% | $675.7M+135.0% | $287.5M-26.5% | $391.4M-8.6% | $428.0M-56.8% | $989.6M+104.5% | $483.9M |
| Investing Cash Flow | -$174.7M-64.8% | -$106.0M+32.0% | -$155.9M-109.2% | $1.7B+883.5% | -$216.3M+83.0% | -$1.3B-706.0% | -$157.9M-6.7% | -$148.0M |
| Financing Cash Flow | -$670.6M-219.0% | -$210.2M+77.3% | -$927.0M+38.5% | -$1.5B-164.2% | -$570.4M+44.7% | -$1.0B-221.2% | $851.5M+298.3% | -$429.4M |
| Dividends Paid | $328.1M-0.1% | $328.4M+0.2% | $327.9M-0.9% | $330.9M+0.2% | $330.3M-0.7% | $332.6M-1.6% | $338.0M+0.1% | $337.8M |
| Share Buybacks | $0-100.0% | $200K+100.0% | $100K-100.0% | $500.0M+66.1% | $301.0M-0.2% | $301.5M+0.4% | $300.4M+0.1% | $300.0M |
GIS Financial Ratios
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 34.8%+4.0pp | 30.8%-4.0pp | 34.8%+0.9pp | 33.9%+1.6pp | 32.4%-1.5pp | 33.9%-3.0pp | 36.9%+2.0pp | 34.8% |
| Operating Margin | N/A | 11.8%-3.2pp | 15.0%-23.2pp | 38.2% | N/A | 18.4%-2.2pp | 20.6%+3.4pp | 17.2% |
| Net Margin | -43.6%-50.4pp | 6.8%-1.7pp | 8.5%-18.2pp | 26.7%+20.2pp | 6.5%-6.5pp | 12.9%-2.3pp | 15.2%+3.2pp | 12.0% |
| Return on Equity | -27.3%-30.5pp | 3.2%-1.2pp | 4.4%-8.2pp | 12.7%+9.5pp | 3.2%-3.6pp | 6.8%-1.9pp | 8.6%+2.4pp | 6.3% |
| Return on Assets | -6.7%-7.6pp | 0.9%-0.3pp | 1.3%-2.4pp | 3.6%+2.8pp | 0.9%-1.0pp | 1.9%-0.5pp | 2.4%+0.6pp | 1.8% |
| Current Ratio | 0.68+0.1 | 0.56-0.1 | 0.660.0 | 0.66-0.0 | 0.670.0 | 0.67-0.3 | 0.92+0.3 | 0.66 |
| Debt-to-Equity | 1.69+0.5 | 1.18-0.1 | 1.31+0.0 | 1.29-0.1 | 1.38+0.1 | 1.28-0.1 | 1.35+0.1 | 1.23 |
| FCF Margin | 8.0%+1.3pp | 6.7%-7.2pp | 13.9%+7.5pp | 6.4%-2.2pp | 8.6%-0.3pp | 8.8%-10.1pp | 18.9%+8.9pp | 10.0% |
Note: The current ratio is below 1.0 (0.68), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is General Mills's annual revenue?
General Mills (GIS) reported $18.4B in total revenue for fiscal year 2026. This represents a -5.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is General Mills's revenue growing?
General Mills (GIS) revenue declined by 5.4% year-over-year, from $19.5B to $18.4B in fiscal year 2026.
Is General Mills profitable?
No, General Mills (GIS) reported a net income of -$87.6M in fiscal year 2026, with a net profit margin of -0.5%.
What is General Mills's EBITDA?
General Mills (GIS) had EBITDA of $1.4B in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does General Mills have?
As of fiscal year 2026, General Mills (GIS) had $453.8M in cash and equivalents against $12.4B in long-term debt.
What is General Mills's gross margin?
General Mills (GIS) had a gross margin of 33.6% in fiscal year 2026, indicating the percentage of revenue retained after direct costs of goods sold.
What is General Mills's operating margin?
General Mills (GIS) had an operating margin of 4.8% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.
What is General Mills's net profit margin?
General Mills (GIS) had a net profit margin of -0.5% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.
Does General Mills pay dividends?
Yes, General Mills (GIS) paid $2.44 per share in dividends during fiscal year 2026.
What is General Mills's return on equity (ROE)?
General Mills (GIS) has a return on equity of -1.2% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.
What is General Mills's free cash flow?
General Mills (GIS) generated $1.6B in free cash flow during fiscal year 2026. This represents a -29.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is General Mills's operating cash flow?
General Mills (GIS) generated $2.2B in operating cash flow during fiscal year 2026, representing cash generated from core business activities.
What are General Mills's total assets?
General Mills (GIS) had $30.0B in total assets as of fiscal year 2026, including both current and long-term assets.
What are General Mills's capital expenditures?
General Mills (GIS) invested $539.9M in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.
How much does General Mills spend on research and development?
General Mills (GIS) invested $256.0M in research and development during fiscal year 2026.
What is General Mills's current ratio?
General Mills (GIS) had a current ratio of 0.68 as of fiscal year 2026, which is below 1.0, which may suggest potential liquidity concerns.
What is General Mills's debt-to-equity ratio?
General Mills (GIS) had a debt-to-equity ratio of 1.69 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is General Mills's return on assets (ROA)?
General Mills (GIS) had a return on assets of -0.3% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.
What is General Mills's Altman Z-Score?
General Mills (GIS) has an Altman Z-Score of 2.11, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is General Mills's Piotroski F-Score?
General Mills (GIS) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are General Mills's earnings high quality?
General Mills (GIS) has an earnings quality ratio of -24.73x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is General Mills?
General Mills (GIS) scores 40 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.