GENERAL MILLS INC (GIS) Earnings History

GENERAL MILLS INC - Q2 FY2026 Earnings

Filed at: Dec 17, 2025, 7:02 AM EST|Read from source

EXECUTIVE SUMMARY

General Mills reported mixed Q2 FY2026 results, with net sales and EPS declining due to divestitures and strategic investments, but organic net sales showed resilience. The company reaffirmed its full-year outlook, emphasizing a focus on restoring volume-driven organic net sales growth.

POSITIVE HIGHLIGHTS

  • •

    Organic net sales were down only 1% in Q2, showing resilience despite headwinds.

    neutral
  • •

    North America Pet segment net sales increased 11% driven by acquisition.

    positive
  • •

    International segment net sales increased 6% (4% organic).

    positive
  • •

    Company reaffirmed full-year fiscal 2026 outlook.

    neutral

CONCERNS & RISKS

  • •

    Net sales decreased 7% to $4.9 billion, impacted by a 6-point headwind from divestitures and acquisitions.

    negative
  • •

    Operating profit decreased 32% to $728 million, and adjusted operating profit decreased 20% in constant currency.

    negative
  • •

    Diluted EPS decreased 45% to $0.78, and adjusted diluted EPS decreased 21% in constant currency.

    negative
  • •

    Gross margin decreased 210 basis points to 34.8% due to higher input costs and unfavorable mark-to-market effects.

    attention

FINANCIAL METRICS

Revenue
Quarterly
$4.86B
-7.2%
Prior year: $5.24B
Annual (YTD)
$9.38B
N/A
Prior year: $10.09B
Net Income
Quarterly
$413.00M
-48.1%
Prior year: $795.70M
Annual (YTD)
$1.62B
N/A
Prior year: $1.38B
EPS (Diluted)
Quarterly
$0.78
-45.1%
Prior year: $1.42
Annual (YTD)
$3.00
N/A
Prior year: $2.45
Operating Income
Quarterly
$728.00M
-32.5%
Prior year: $1.08B
Annual (YTD)
$2.45B
N/A
Prior year: $1.91B
EPS (Basic)
Quarterly
$0.78
-45.5%
Prior year: $1.43
Annual (YTD)
$3.00
N/A
Prior year: $2.46

MARGIN ANALYSIS

Gross Margin
Current Quarter
34.8%
Prior Year
36.9%
YoY Change
-210 bps
Operating Margin
Current Quarter
15.0%
Prior Year
20.6%
YoY Change
-560 bps
Net Margin
Current Quarter
8.5%
Prior Year
15.2%
YoY Change
-670 bps

Margin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.

REVENUE BY SEGMENT — Q2 FY2026 2026

VISUAL OVERVIEW

|
North America Retail
59.4%
$2883300.0B
Prior year: $3321500.0B
International
15.0%
$728900.0B
Prior year: $690600.0B
North America Pet
13.6%
$660400.0B
Prior year: $595800.0B
North America Foodservice
12.0%
$581800.0B
Prior year: $630000.0B

DETAILED BREAKDOWN

|
SegmentCurrentPrior YrYoY% Total
North America Retail
$2883300.0B$3321500.0B—59.4%
International
$728900.0B$690600.0B—15.0%
North America Pet
$660400.0B$595800.0B—13.6%
North America Foodservice
$581800.0B$630000.0B—12.0%
Total Revenue$4854400.0B——100.0%

Segment performance shows business unit health and growth drivers.

MANAGEMENT GUIDANCE

FY 2026

organic_net_sales
$-1.0M—$1.0M
Mid-point: $0.0M
"Expected to range between down 1 percent and up 1 percent."
adjusted_operating_profit
-15—-10
Mid-point: -12.5
"Expected to be down 10 to 15 percent in constant currency."
adjusted_diluted_eps
$-15.00—$-10.00
Mid-point: $-12.50
"Expected to be down 10 to 15 percent in constant currency."

Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.

SPECIAL ITEMS & ADJUSTMENTS

Q2 FY2026
Gain on divestiture of United States yogurt business
Included in operating profit for the six-month period.
+$1,046M
$1.43 per share
Q2 FY2026
Restructuring, transformation, impairment, and other exit costs
Includes $53 million non-cash impairment charge for Uncle Toby's brand intangible asset and $45 million of asset write-offs for supply chain initiative.
+$122.1M
$0.23 per share
Q2 FY2025
Gain on divestiture of Canada yogurt business
Included in operating profit for the six-month period.
+$96M
$0.17 per share
Total Impact
+$1,264.1M$1.83 per share

Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.

MANAGEMENT COMMENTARY

Investments in remarkability are working, helping restore organic volume growth in North America Retail.

— GENERAL MILLS INC, Q2 FY2026 2026 Earnings Call

Confidence in plans to drive further improvement in the rest of the year.

— GENERAL MILLS INC, Q2 FY2026 2026 Earnings Call

Company is investing in brands to restore volume-driven organic net sales growth.

— GENERAL MILLS INC, Q2 FY2026 2026 Earnings Call

Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.