GENERAL MILLS (GIS) Company Report

General Mills is executing its Accelerate Strategy via a remarkability framework to restore organic sales growth by focusing on product, packaging, brand communication, omni-channel execution, and value.
The company updated its FY2026 outlook, now expecting organic net sales down 1.5%–2%, adjusted operating profit and adjusted diluted EPS down 16%–20% in constant currency, and free cash flow conversion of at least 95% of adjusted after-tax earnings.
Holistic Margin Management and efficiency initiatives are projected to deliver $600 million in cost savings in FY2026 to offset input inflation and fund growth investments.
North America Retail competitiveness is improving, with retail volume declines narrowing from 4% in H1 FY2025 to 0.5% in Q3 FY2026 and pound share gains in 8 of 10 top categories year-to-date.

Feb 17, 2026, 1:00 PM

Transcript

General Mills updates FY2026 outlook and strategic progress at CAGNY 2026

GIS

Guidance Update

Updated fiscal 2026 outlook: organic net sales down 1.5–2%, adjusted operating profit and EPS down 16–20%, free cash flow conversion ≥ 95%.
Executing Accelerate Strategy through Remarkability (product, packaging, brand communication, omni-channel, value); North America Retail pound volumes improved to down 0.5% in Q3 FY26 and pound share gains in 8 of top 10 categories YTD.
Innovation-led growth: net sales from new products up ~25% in FY 2026, focusing on bold flavors, functional benefits, and comfort foods, with AI-driven product development capabilities.
Cost discipline: targeting $600 M in Holistic Margin Management savings (5% run rate) and $100 M from global transformation in FY 2026, with ~4% HMM savings visibility for FY 2027.
North America Pet remains resilient: 80% of portfolio holding or gaining share; Blue Buffalo LPF sales up 2% vs dog feeding down 1%, and cat feeding up 6% YTD.

Feb 17, 2026, 1:00 PM

Transcript

General Mills updates FY 2026 outlook at CAGNY

GIS

Guidance Update

Demand Weakening

At CAGNY 2026, General Mills revised its fiscal 2026 outlook, now expecting organic net sales down 1.5%–2%, adjusted operating profit and EPS down 16%–20% in constant currency, and free cash flow conversion of at least 95%.
The company anticipates $600 million in cost savings from its Holistic Margin Management and global transformation initiatives to offset inflation and fund growth investments.
Under its Accelerate Strategy and Remarkability Framework, North America Retail volume declines improved from -4% in H1 FY 2025 to -0.5% YTD Q3 FY 2026, with 8 of the top 10 categories gaining pound share and Nielsen price mix up 1 point from Q2 to Q3.
In North America Pet, 80% of the business is growing or holding dollar share, with Blue Buffalo Life Protection Formula sales up 2%, outpacing a 1% decline in the dog feeding segment.
The long-term target remains 2%–3% organic net sales growth, with mid-single-digit operating profit growth and ≥95% cash conversion, despite near-term category growth below 1% due to value-seeking consumer behavior and anti-obesity medication impacts.

Feb 17, 2026, 1:00 PM

Transcript

General Mills cuts FY26 outlook, sales down 1.5-2%

GIS

Guidance Update

Demand Weakening

General Mills now expects fiscal 2026 organic net sales to decline 1.5–2%, down from its prior forecast of a 1% decrease to 1% increase.
Adjusted operating profit and adjusted diluted EPS are projected to fall 16–20% in constant currency, steeper than the previous 10–15% range.
The downgrade reflects weak consumer sentiment, heightened uncertainty and a slower-than-expected volume recovery.
Management is continuing to invest under CEO Jeff Harmening’s Accelerate strategy and Remarkability playbook, targeting new products to represent 25% of net sales and at least 95% free cash flow conversion.

Feb 17, 2026, 11:46 AM

Bloomberg

General Mills updates fiscal 2026 outlook and Accelerate strategy progress

GIS

Guidance Update

Demand Weakening

General Mills outlines progress of its six-year Accelerate strategy, emphasizing portfolio reshaping, digital capability investments and industry-leading cost efficiency gains.
The company now expects fiscal 2026 organic net sales to decline 1.5–2% (versus prior down 1% to up 1%) and constant-currency adjusted operating profit and EPS to decrease 16–20% (versus prior down 10–15%).
Free cash flow conversion is maintained at ≥95% of adjusted after-tax earnings, and the company has returned over $14 billion to shareholders since fiscal 2019 through dividends and buybacks.
Weaker consumer sentiment and market volatility have slowed volume recovery and elevated costs, driving the revised full-year outlook.

Feb 17, 2026, 11:30 AM

Press Release

General Mills sells Muir Glen brand to Violet Foods

GIS

M&A

Violet Foods LLC, a portfolio company of Amphora Equity Partners, acquired the Muir Glen brand of organic tomato products from General Mills; financial terms were not disclosed.
The deal expands Violet Foods’ portfolio of fresh-pack and organic tomato offerings in the $5 billion+ U.S. tomato sauces and canned tomato market.
Muir Glen brings a 35-year legacy in organic tomatoes, complementing Violet Foods’ brands like Don Pepino (#1 pizza sauce in the Northeast), Sclafani, and Fattoria Fresca.

Jan 27, 2026, 11:00 AM

Press Release

General Mills reports fiscal 2026 Q2 results and reaffirms outlook

GIS

Earnings

Guidance Update

General Mills, Inc. reported fiscal 2026 second-quarter results for the period ended November 23, 2025.
Results reflected expected impacts from brand remarkability investments, the North American yogurt divestiture, and unfavorable trade expense timing versus last year.
The company reaffirmed its full-year fiscal 2026 outlook, signalling confidence in achieving its targets.

Dec 18, 2025, 1:15 PM

Press Release

General Mills reports Q2 FY2026 results

GIS

Earnings

Guidance Update

North America Retail achieved pound share growth in eight of its top 10 categories; Nielsen pounds were flat with a modest shipment timing benefit that is expected to unwind in H2.
North America Pet core improved, led by share gains in Life Protection Formula, mid-single-digit cat growth and treats; Love Made Fresh launched in 4,658 coolers, reaching ~5% market share in first-wave customers with a 4.8-star rating.
Q2 profit outperformance was driven by supply-chain inventory absorption in NAR, stronger International performance and timing-related shipment benefits; these are expected to reverse in Q3, with Q4 profit growth bolstered by trade timing and the 53rd week.
Full-year guidance was reaffirmed; the company expects top-line improvement in H2 and Q4 profit growth, with base input inflation of ~3% and an additional 1–2% tariff headwind unchanged.

Dec 17, 2025, 2:00 PM

Transcript

General Mills discusses Q2 2026 performance and outlook

GIS

Earnings

Guidance Update

In North America Retail, pounds sold were flat on Nielsen scan data, aided by a shipment timing benefit that is expected to unwind in H2; the business gained pound share in 8 of its top 10 categories.
Pricing adjustments on ~66% of portfolio have achieved 90%+ success, with price mix down ~3% after prior inflation; coupled with a 25% increase in new product innovation and stronger marketing ROI under the Remarkability Framework.
North America Pet’s core business returned to growth with share gains in Life Protection Formula and mid-single digit Cat growth; Love Made Fresh is in 4,658 coolers, achieving ~5% trial share and 4.8/5 consumer rating.
Q2 profit benefited from an estimated $0.08 EPS tailwind from supply chain inventory absorption, international timing and NAR shipment timing — all expected to reverse in Q3 — while full-year guidance remains unchanged, with Q4 profit growth aided by trade timing and a 53rd week.

Dec 17, 2025, 2:00 PM

Transcript

General Mills Q2 FY2026 earnings Q&A highlights

GIS

Earnings

Guidance Update

In North America Retail, Nielsen pounds were flat in Q2 after shipment-timing benefits, with ~90% of strategic price adjustments executing at or above model and 8 of 10 top categories growing pound share; volume momentum expected to moderate in H2 as lapping timings unwind.
In North America Pet, category dollars grew 1% (pounds modestly down); cat feeding leads growth, Life Protection Formula and treats gained share, Wilderness lags, and Love Made Fresh rollout reached 4,658 coolers (~5% initial market share, 4.8/5-star trial ratings) ahead of year-end 5,000 target.
Q2 operating profit benefited from inventory absorption in NAR, international timing and shipment phasing, but these tailwinds will reverse in Q3; management reaffirms full-year guidance anticipating profit growth in Q4 aided by favorable trade expense timing and the 53rd week.
Input cost headwinds remain at ~3% base inflation plus 1–2% from tariffs, with tariff impacts phasing higher in H2 and cost pass-through to margins expected into FY27.

Dec 17, 2025, 2:00 PM

Transcript

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GENERAL MILLS (GIS)

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