GENERAL MILLS (GIS) Company Report

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

General Mills reports Q2 FY2026 results and reaffirms outlook

GIS

Earnings

Guidance Update

General Mills reported fiscal 2026 second-quarter net sales of $4.9 billion, down 7% (organic sales down 1%).
Operating profit was $728 million, down 32% year-over-year (adjusted operating profit of $848 million, down 20% in constant currency).
Diluted EPS was $0.78, down 45% (adjusted EPS of $1.10, down 21% in constant currency).
The company reaffirmed its full-year outlook, expecting organic net sales to range from down 1% to up 1%, and adjusted operating profit and EPS to decline 10–15% in constant currency.

Dec 17, 2025, 12:00 PM

Press Release

General Mills reports Q2 FY2026 earnings

GIS

Earnings

Guidance Update

General Mills posted organic net sales down 1% and organic volume flat in Q2 FY2026, with reported net sales of $4.9 billion (–7% year-over-year) including a 6-point divestiture/acquisition headwind.
Adjusted operating profit was $848 million (–20% in constant currency) and adjusted EPS was $1.10 (–21% cc), driven by remarkability investments, North America yogurt divestitures, and unfavorable trade expense timing; both metrics finished slightly ahead of expectations.
By segment, North America Retail saw organic net sales down 3% (price mix headwinds offset volume growth); North America Pet delivered organic net sales +1% (11% reported growth including Whitebridge); and International achieved organic net sales +4% led by Brazil, China, India, and North Asia.
The company reaffirmed full-year FY2026 guidance, targeting organic net sales growth of –1% to +1%, adjusted operating profit and EPS down 10–15% in constant currency, and free cash flow conversion of at least 95% of adjusted after-tax earnings.

Dec 17, 2025, 11:00 AM

Transcript

General Mills reports Q2 fiscal 2026 results

GIS

Earnings

Guidance Update

Product Launch

Reported net sales of $4.9 billion (−7%), organic net sales down 1%, with adjusted operating profit at $848 million (−20%) and adjusted EPS of $1.10 (−21%) in Q2 FY 2026.
Reaffirmed fiscal 2026 outlook: organic net sales expected to be down 1% to up 1%, adjusted operating profit and EPS down 10%–15%, and free cash flow conversion at least 95% of adjusted after-tax earnings.
Continued investment in the Remarkability framework, completing base price adjustments across two-thirds of North America Retail’s portfolio, launching Love Made Fresh in pet food, and targeting 5% cost-of-goods savings through Holistic Margin Management.
Segment highlights: North America Pet organic net sales up 1%, with Love Made Fresh in ~5,000 coolers after two months ; International organic net sales up 4% and operating profit up 30% in constant currency.

Dec 17, 2025, 11:00 AM

Transcript

General Mills reports Q2 2026 results

GIS

Earnings

Guidance Update

In Q2, reported net sales of $4.9 billion, down 7% (–1% organic); adjusted EPS was $1.10, down 21% in constant currency
Organic volume was flat; North America Retail posted its first organic volume growth in over four years and North America Pet returned to organic sales growth; launched Love Made Fresh with ~5,000 coolers in two months
Continued execution of the “Remarkable Experience Framework,” including base price adjustments across two-thirds of North America Retail and targeted innovation, on track for a 25% increase in sales from new products in FY 2026
Reaffirmed fiscal 2026 guidance: organic net sales down 1% to up 1%; adjusted operating profit and EPS down 10–15% in constant currency; free cash flow conversion at least 95%

Dec 17, 2025, 11:00 AM

Transcript

General Mills outlines growth and efficiency initiatives

GIS

Guidance Update

Product Launch

Productivity

General Mills employs a multi-pronged innovation strategy, combining core brand extensions (e.g., Cheerios Protein, Ghost Bars) and targeted acquisitions/licensing to drive category growth.
The company is scaling its fresh pet food line under Blue Buffalo (“Love Made Fresh”), achieving 4,531 store placements (~90% of target in six weeks) with 12 SKUs, while targeting profitability via scale-driven gross margin gains and manageable 3–4% capex .
Productivity remains a key driver, with $500 million in annual savings from a 4–5% productivity envelope plus $100 million in transformation savings, and AI-enabled forecasting cutting planning time by 75%.
General Mills expects gradual profit and sales improvement in H2 FY25, backed by pound-share gains in eight of its top 10 U.S. retail categories; any short-term SNAP funding impacts are expected to reverse once allocations resume.

Nov 12, 2025, 3:50 PM

Transcript

General Mills outlines FY26 guidance and long-term growth strategy

GIS

Guidance Update

At Investor Day 2025, General Mills reaffirmed its FY26 guidance of -1% to +1% organic net sales growth, -15% to -10% adjusted operating profit growth, -15% to -10% adjusted diluted EPS growth, and 95%+ free cash flow conversion.
The company’s long-term financial algorithm targets 2–3% organic net sales growth, mid-single-digit adjusted operating profit growth, mid-to-high-single-digit EPS growth, with 95%+ free cash flow conversion and 80–90% cash returns to shareholders.
Under its Accelerate strategy, General Mills has reshaped its portfolio, turning over ~30% of its net sales base since FY18 and adding ~1pt to long-term growth exposure.
It aims for industry-leading cost savings, with Holistic Margin Management delivering 5% of COGS in savings in F26, and continues investing in brand remarkability, digital capabilities, and omnichannel execution to restore volume growth.

Oct 14, 2025, 1:30 PM

Presentation

Earnings Transcripts

Quarterly earnings call transcripts for GENERAL MILLS.

Q2 2026

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GENERAL MILLS (GIS)

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