FirmAtlas
Company handbook · GIS · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-16
GIS · CIK 40704 · LATEST FILING: 10-Q AUG '26 · FILED SEP 23, 2026
GENERAL MILLS, INC.
$33.13
+0.25 (+0.76%)
Close, Oct 16, 2026 · 52-week $31–50
Last fiscal year
GENERAL MILLS, INC. reported revenue of $18.4B for the year ended May 31, 2026 (FY25), down 5.4% from FY24. Net loss was $88M, operating cash flow $2.2B and free cash flow $1.6B. Source: 10-K filed Jul 1, 2026.
Market cap
$17.8B
EV/EBITDA
20.6x
P/B
2.4
Div yield
7.36%
ROIC
1.7%
Revenue 1Y
−5.4%/yr
EPS 1Y
n/m
Shares 1Y
−4%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOJeffrey L. Harmening
HQMinneapolis, MN
AuditorKPMG
Employees30,000
Year endsMay
Revenue by segment · FY25
North America57%
International17%
Pet14%
North America Foodservice12%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
−6.0%
−11.8%
−19.4%
−30.6%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$6.9B deployed
Capex
$1.2B
16.8%
Acquisitions
$1.4B
20.4%
Dividends
$2.7B
38.2%
Buybacks
$1.7B
24.5%
Operating cash flow over the period: $5.1B. Total debt changed by −$257M. R&D of $513M is already inside operating costs.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · FY25 = year ended May 31, 2026 · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Aug '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
19,487
18,425−5.4%
18,297
YoY
−5.4%
Gross profit
6,733
6,196−8.0%
6,150
Gross margin
34.6%
33.6%−0.9 pp
—
Operating income
3,305
886−73.2%
(206)
Operating margin
17.0%
4.8%−12.2 pp
—
EBITDA
3,844
1,441−62.5%
—
EBITDA margin
19.7%
7.8%−11.9 pp
—
Interest expense
524
574+9.5%
—
Interest coverage
7.33x
2.51x−4.82x
—
Net income
2,295
(88)−103.8%
(895)
YoY
−103.8%
Net margin
11.8%
−0.5%−12.3 pp
—
EPS (diluted, $)
4.10
−0.16−103.9%
—
YoY
−103.9%
Balance sheet
Total assets
33,071
30,017−9.2%
30,273
Cash & short-term investments
364
492+35.1%
—
Accounts receivable
1,796
1,647−8.3%
—
Inventory
1,911
1,918+0.4%
—
Net PP&E
3,633
3,443−5.2%
—
Other assets
25,368
22,517−11.2%
—
Total liabilities
23,872
22,648−5.1%
22,823
Accounts payable
4,010
3,730−7.0%
—
Total debt
12,673
12,416−2.0%
12,367
Other liabilities
7,189
6,503−9.5%
—
Shareholders’ equity
9,199
7,368−19.9%
7,450
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
2,918
2,166−25.8%
2,067
Net income
2,319
(85)−103.7%
—
Depreciation & amortization
539
555+3.0%
—
Stock-based compensation
92
79−13.4%
—
Working capital & other
(31)
1,617n/m
—
Cash from investing
(1,795)
1,258n/m
—
Capex
(625)
(540)n/m
—
PP&E sold
1
5+336.4%
—
Acquisitions
(1,419)
0n/m
—
Other investing
249
1,793+621.4%
—
Cash from financing
(1,180)
(3,315)n/m
—
Debt raised
2,355
2,006−14.8%
—
Debt repaid
(1,300)
(2,823)n/m
—
Dividends
(1,339)
(1,315)n/m
—
Buybacks
(1,203)
(500)n/m
—
Shares issued
43
0.5−98.8%
—
Other financing
264
(682)−358.9%
—
Net change in cash
(54)
128n/m
—
Free cash flow (OCF − capex)
2,293
1,626−29.1%
1,546
Where the cash went
Operating cash flow
2,918
2,166−25.8%
2,067
Reinvested in the business
2,045
540−73.6%
—
% of operating cash flow
70.1%
24.9%
Capex
625
540−13.7%
521
Acquisitions
1,419
0−100.0%
—
R&D (memo, already in costs)
257
256−0.2%
—
Free cash flow
2,293
1,626−29.1%
1,546
YoY
−29.1%
Returned to shareholders
2,542
1,816−28.6%
—
% of free cash flow
110.8%
111.6%
Dividends
1,339
1,315−1.7%
—
Buybacks
1,203
500−58.4%
—
Change in total debt
—
(257)
—
Cash left over
—
(447)
—
FCF conversion (FCF ÷ net income)
99.9%
—
—
Owner earnings
—
(210)
—
Owner earnings margin
—
−1.1%
—
Buyback yield
4.0%
2.8%−1.3 pp
—
Returns & ratios
ROIC (all capital)
12.3%
1.7%−10.5 pp
—
ROIC (operating)
79.2%
10.7%−68.4 pp
—
Net debt / EBITDA
3.20x
8.28x+5.07x
—
Debt / equity
1.38x
1.69x+0.31x
—
Cash conversion cycle (days)
−26
−21+5 d
—
ROE
24.9%
−1.2%−26.1 pp
—
ROA
6.9%
−0.3%−7.2 pp
—
ROCE
13.1%
3.8%−9.3 pp
—
NOPAT
2,636
354−86.6%
—
Invested capital (operating)
3,330
3,279−1.5%
—
Invested capital (all)
21,508
19,293−10.3%
—
Reinvestment rate
—
−14.5%
—
Debtor days
34
33−1 d
—
Inventory days
55
57+3 d
—
Days payable
115
111−3 d
—
Net debt is 8.3x EBITDA (FY25).
Income
Nov '25
Feb '26
May '26
Aug '26
Revenue
4,861
4,437
4,610
4,390
vs year-ago quarter
Gross profit
1,692
1,367
1,603
1,487
Gross margin
34.8%
30.8%
34.8%
33.9%
Operating income
728
525
(2,093)
634
Net income
413
303
(2,008)
397
vs year-ago quarter
Net margin
8.5%
6.8%
−43.6%
9.0%
EPS (diluted, $)
0.78
0.56
−3.73
0.74
vs year-ago quarter
Balance sheet
Nov '25
Feb '26
May '26
Aug '26
Total assets
32,549
32,403
30,017
30,273
Cash & equivalents
683
786
492
464
Total debt
12,160
10,992
12,416
12,367
Shareholders’ equity
9,316
9,343
7,368
7,450
Cash flow
Nov '25
Feb '26
May '26
Aug '26
Operating cash flow
819
398
552
298
Capex
144
102
184
90
Free cash flow
676
296
368
207
vs year-ago quarter