NYSE : GIS
General Mills, Inc. — Financial statements
Consumer Staples · Packaged Foods · United States
Last price 34.29 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 18.33B
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Financial statements
General Mills, Inc. (GIS) reported revenue of 18.30B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year June - May; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Revenue | 18.30B | 18.42B | 19.49B | 19.86B | 20.09B | 18.99B |
| Cost of Revenue | 12.13B | 12.21B | 12.74B | 12.91B | 13.54B | 12.59B |
| Gross Profit | 6.17B | 6.22B | 6.74B | 6.95B | 6.55B | 6.41B |
| Selling, General & Admin | 3.31B | 3.32B | 3.38B | 3.18B | 3.41B | 3.03B |
| Operating Expenses | 3.31B | 3.32B | 3.38B | 3.18B | 3.41B | 3.03B |
| Operating Income | 2.86B | 2.89B | 3.37B | 3.77B | 3.14B | 3.37B |
| Interest Expense | -579.00M | -569.60M | -548.80M | -498.00M | -396.10M | -383.40M |
| Interest & Investment Income | 31.00M | 31.00M | 24.60M | 18.80M | 14.00M | 3.80M |
| Earnings From Equity Investments | -64.40M | -76.50M | 57.60M | 84.80M | 81.30M | 111.70M |
| EBT Excluding Unusual Items | 2.25B | 2.28B | 2.90B | 3.37B | 2.84B | 3.10B |
| Merger & Restructuring Charges | -147.90M | -165.00M | -101.90M | -38.80M | -63.40M | 23.20M |
| Impairment of Goodwill | -1.50B | -1.50B | -117.10M | |||
| Gain (Loss) on Sale of Assets | -1.06B | 17.60M | 95.90M | 444.60M | 194.10M | |
| Asset Writedown | -302.90M | -302.90M | -103.10M | |||
| Pretax Income | -765.00M | 329.00M | 2.89B | 3.11B | 3.22B | 3.32B |
| Income Tax Expense | 126.20M | 414.30M | 573.70M | 594.50M | 612.20M | 586.30M |
| Earnings From Continuing Operations | -891.20M | -85.30M | 2.32B | 2.52B | 2.61B | 2.73B |
| Minority Interest in Earnings | -3.60M | -2.30M | -23.70M | -22.00M | -15.70M | -27.70M |
| Net Income | -894.80M | -87.60M | 2.30B | 2.50B | 2.59B | 2.71B |
| Preferred Dividends & Other Adjustments | 10.50M | |||||
| Net Income to Common | -894.80M | -87.60M | 2.28B | 2.50B | 2.59B | 2.71B |
| Shares Outstanding (Basic) | 536.73M | 537.70M | 554.50M | 575.50M | 594.80M | 607.50M |
| Shares Outstanding (Diluted) | 536.73M | 537.70M | 557.50M | 579.50M | 601.20M | 612.60M |
| EPS (Basic) | -1.67 | -0.16 | 4.12 | 4.34 | 4.36 | 4.46 |
| EPS (Diluted) | -1.67 | -0.16 | 4.10 | 4.31 | 4.31 | 4.42 |
| Free Cash Flow | 1.55B | 1.63B | 2.29B | 2.53B | 2.09B | 2.75B |
| Free Cash Flow Per Share | 2.88 | 3.02 | 4.11 | 4.36 | 3.48 | 4.49 |
| Dividend Per Share | 2.44 | 2.44 | 2.40 | 2.36 | 2.16 | 2.04 |
| Gross Margin | 33.73% | 33.73% | 34.60% | 35.00% | 32.61% | 33.73% |
| Operating Margin | 15.62% | 15.71% | 17.27% | 18.97% | 15.63% | 17.75% |
| Profit Margin | -4.89% | -0.47% | 11.72% | 12.57% | 12.91% | 14.25% |
| Free Cash Flow Margin | 8.45% | 8.83% | 11.77% | 12.73% | 10.40% | 14.46% |
| EBITDA | 3.42B | 3.45B | 3.90B | 4.32B | 3.69B | 3.94B |
| EBITDA Margin | 18.67% | 18.72% | 20.04% | 21.75% | 18.35% | 20.76% |
| D&A For EBITDA | 556.30M | 555.20M | 539.00M | 552.70M | 546.60M | 570.30M |
| EBIT | 2.86B | 2.89B | 3.37B | 3.77B | 3.14B | 3.37B |
| EBIT Margin | 15.62% | 15.71% | 17.27% | 18.97% | 15.63% | 17.75% |
| Effective Tax Rate | 125.93% | 19.83% | 19.10% | 19.00% | 17.65% | |
| Advertising Expenses | 873.60M | 847.50M | 824.60M | 810.00M | 690.10M |
Balance sheet
Fiscal year June - May; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 433.10M | 453.80M | 363.90M | 418.00M | 585.50M | 569.40M |
| Short-Term Investments | 117.20M | 249.80M | ||||
| Cash & Short-Term Investments | 433.10M | 453.80M | 363.90M | 418.00M | 702.70M | 819.20M |
| Accounts Receivable | 1.78B | 1.65B | 1.80B | 1.70B | 1.68B | 1.69B |
| Other Receivables | 243.20M | 141.20M | 221.60M | 285.70M | 182.80M | |
| Receivables | 1.78B | 1.89B | 1.94B | 1.92B | 1.97B | 1.87B |
| Inventory | 2.16B | 1.92B | 1.91B | 1.90B | 2.17B | 1.87B |
| Prepaid Expenses | 512.80M | 284.90M | 269.00M | 266.10M | 244.40M | 213.50M |
| Other Current Assets | 71.70M | 794.90M | 80.80M | 88.40M | 314.90M | |
| Total Current Assets | 4.88B | 4.62B | 5.28B | 4.58B | 5.18B | 5.09B |
| Property, Plant & Equipment | 3.38B | 3.83B | 4.03B | 4.23B | 3.98B | 3.73B |
| Long-Term Investments | 254.70M | 431.90M | 397.90M | 462.00M | 513.80M | |
| Goodwill | 14.11B | 14.12B | 15.62B | 14.75B | 14.51B | 14.38B |
| Other Intangible Assets | 6.71B | 6.72B | 7.08B | 6.98B | 6.97B | 7.00B |
| Long-Term Deferred Tax Assets | 186.10M | 167.50M | ||||
| Other Long-Term Assets | 1.18B | 476.20M | 441.90M | 363.00M | 358.30M | 377.50M |
| Total Assets | 30.27B | 30.02B | 33.07B | 31.47B | 31.45B | 31.09B |
| Accounts Payable | 3.72B | 3.73B | 4.01B | 3.99B | 4.19B | 3.98B |
| Accrued Expenses | 959.90M | 987.80M | 895.10M | 964.00M | 980.10M | |
| Short-Term Debt | 201.60M | 68.40M | 677.00M | 11.80M | 31.70M | 811.40M |
| Current Portion of Long-Term Debt | 1.05B | 1.05B | 1.53B | 1.61B | 1.71B | 1.67B |
| Current Portion of Leases | 102.40M | 115.30M | 102.20M | 101.90M | 106.70M | |
| Current Income Taxes Payable | 49.80M | 102.10M | 82.10M | 80.90M | 31.40M | |
| Other Current Liabilities | 1.98B | 810.90M | 437.20M | 340.00M | 453.90M | 433.80M |
| Total Current Liabilities | 6.94B | 6.77B | 7.86B | 7.03B | 7.54B | 8.02B |
| Long-Term Debt | 12.37B | 12.42B | 12.67B | 11.30B | 9.97B | 9.13B |
| Long-Term Leases | 300.40M | 302.80M | 282.80M | 257.00M | 248.30M | |
| Long-Term Deferred Tax Liabilities | 2.26B | 2.27B | 2.10B | 2.20B | 2.11B | 2.22B |
| Other Long-Term Liabilities | 1.24B | 879.80M | 925.80M | 1.00B | 883.00M | 680.80M |
| Total Liabilities | 22.81B | 22.64B | 23.86B | 21.82B | 20.75B | 20.30B |
| Common Stock | 75.50M | 75.50M | 75.50M | 75.50M | 75.50M | 75.50M |
| Additional Paid-In Capital | 1.15B | 1.20B | 1.22B | 1.23B | 1.22B | 1.18B |
| Retained Earnings | 20.58B | 20.51B | 21.92B | 20.97B | 19.84B | 18.53B |
| Treasury Stock | -11.84B | -11.90B | -11.47B | -10.36B | -8.41B | -7.28B |
| Comprehensive Income & Other | -2.52B | -2.52B | -2.54B | -2.52B | -2.28B | -1.97B |
| Total Common Equity | 7.45B | 7.37B | 9.20B | 9.40B | 10.45B | 10.54B |
| Minority Interest | 13.40M | 12.20M | 12.00M | 251.80M | 250.40M | 245.60M |
| Shareholders' Equity | 7.46B | 7.38B | 9.21B | 9.65B | 10.70B | 10.79B |
| Total Liabilities & Equity | 30.27B | 30.02B | 33.07B | 31.47B | 31.45B | 31.09B |
| Total Debt | 13.62B | 13.94B | 15.30B | 13.32B | 12.06B | 11.98B |
| Net Cash (Debt) | -13.18B | -13.49B | -14.93B | -12.90B | -11.36B | -11.16B |
| Net Cash Per Share | -24.56 | -25.08 | -26.79 | -22.26 | -18.90 | -18.21 |
| Filing Date Shares Outstanding | 534.69M | 533.71M | 542.43M | 558.15M | 585.18M | 597.16M |
| Total Common Shares Outstanding | 534.70M | 533.70M | 542.40M | 559.10M | 586.60M | 598.90M |
| Working Capital | -2.06B | -2.16B | -2.58B | -2.45B | -2.36B | -2.93B |
| Book Value Per Share | 13.93 | 13.81 | 16.96 | 16.81 | 17.81 | 17.60 |
| Tangible Book Value | -13.37B | -13.47B | -13.50B | -12.33B | -11.03B | -10.84B |
| Tangible Book Value Per Share | -25.01 | -25.24 | -24.90 | -22.06 | -18.80 | -18.09 |
| Land | 46.90M | 50.40M | 57.30M | 56.50M | 55.10M | |
| Buildings | 2.53B | 2.54B | 2.64B | 2.57B | 2.44B | |
| Machinery | 6.97B | 6.72B | 6.99B | 6.67B | 6.49B | |
| Construction In Progress | 487.60M | 598.10M | 899.90M | 746.70M | 492.80M |
Cash flow statement
Fiscal year June - May; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Net Income | -894.80M | -87.60M | 2.30B | 2.50B | 2.59B | 2.71B |
| Depreciation & Amortization | 556.30M | 555.20M | 539.00M | 552.70M | 546.60M | 570.30M |
| Loss (Gain) From Sale of Assets | 1.04B | -17.60M | -95.90M | -444.60M | -194.10M | |
| Asset Writedown & Restructuring Costs | 1.89B | 1.87B | 74.30M | 223.50M | 24.40M | -117.10M |
| Loss (Gain) on Equity Investments | 48.40M | 76.50M | -57.60M | -84.80M | -81.30M | -111.70M |
| Stock-Based Compensation | 86.10M | 79.40M | 91.70M | 95.30M | 111.70M | 98.70M |
| Other Operating Activities | 133.20M | 172.70M | -120.90M | 8.70M | 76.80M | 85.30M |
| Change in Accounts Receivable | -46.50M | 12.90M | -79.00M | -1.80M | -41.20M | -166.30M |
| Change in Inventory | -208.10M | -82.20M | -18.50M | 287.60M | -319.00M | -85.80M |
| Change in Accounts Payable | 34.20M | -186.20M | 86.70M | -251.20M | 199.80M | 456.70M |
| Change in Other Net Operating Assets | -568.20M | -222.80M | 203.20M | -24.00M | 111.50M | 72.80M |
| Operating Cash Flow | 2.07B | 2.17B | 2.92B | 3.30B | 2.78B | 3.32B |
| Capital Expenditures | -520.90M | -539.90M | -625.30M | -774.10M | -689.50M | -568.70M |
| Sale of Property, Plant & Equipment | 2.00M | 4.80M | 1.10M | 800.00K | 1.30M | 3.30M |
| Cash Acquisitions | -1.42B | -451.90M | -251.50M | -1.20B | ||
| Divestitures | 26.80M | 1.83B | 241.80M | 633.10M | 74.10M | |
| Investment in Securities | -57.20M | -31.80M | 13.30M | -2.70M | -32.20M | 15.40M |
| Other Investing Activities | -3.20M | -5.10M | -6.50M | 30.50M | -7.60M | -13.50M |
| Investing Cash Flow | -552.50M | 1.26B | -1.79B | -1.20B | -346.40M | -1.69B |
| Short-Term Debt Issued | 667.10M | 551.40M | ||||
| Long-Term Debt Issued | 2.01B | 2.35B | 2.07B | 2.32B | 2.20B | |
| Total Debt Issued | 2.14B | 2.01B | 3.02B | 2.07B | 2.32B | 2.76B |
| Short-Term Debt Repaid | -608.20M | -20.50M | -769.30M | |||
| Long-Term Debt Repaid | -2.82B | -1.30B | -901.50M | -1.42B | -3.14B | |
| Total Debt Repaid | -2.78B | -3.43B | -1.30B | -922.00M | -2.19B | -3.14B |
| Net Debt Issued (Repaid) | -638.20M | -1.43B | 1.72B | 1.14B | 133.40M | -385.80M |
| Issuance of Common Stock | 300.00K | 500.00K | 43.00M | 25.50M | 232.30M | 161.70M |
| Repurchase of Common Stock | -300.00K | -500.30M | -1.20B | -2.00B | -1.40B | -876.80M |
| Common Dividends Paid | -1.31B | -1.32B | -1.34B | -1.36B | -1.29B | -1.24B |
| Other Financing Activities | -64.30M | -74.20M | -403.50M | -75.20M | -78.30M | -157.80M |
| Financing Cash Flow | -2.02B | -3.31B | -1.18B | -2.27B | -2.40B | -2.50B |
| Foreign Exchange Rate Adjustments | 13.80M | 18.40M | 2.70M | -400.00K | -12.00M | -58.00M |
| Net Cash Flow | -489.10M | 127.80M | -54.10M | -167.50M | 16.10M | -935.80M |
| Free Cash Flow | 1.55B | 1.63B | 2.29B | 2.53B | 2.09B | 2.75B |
| Free Cash Flow Margin | 8.45% | 8.83% | 11.77% | 12.73% | 10.40% | 14.46% |
| Free Cash Flow Per Share | 2.88 | 3.02 | 4.11 | 4.36 | 3.48 | 4.49 |
| Levered Free Cash Flow | 1.30B | 2.31B | 1.25B | 1.84B | 1.75B | 1.68B |
| Unlevered Free Cash Flow | 1.66B | 2.66B | 1.59B | 2.15B | 1.99B | 1.92B |
| Cash Interest Paid | 573.90M | 573.90M | 474.40M | 464.40M | 337.10M | 357.80M |
| Cash Income Tax Paid | 386.80M | 390.90M | 599.20M | 660.50M | 682.60M | 545.30M |
| Change in Working Capital | -788.60M | -478.30M | 192.40M | 10.60M | -48.90M | 277.40M |
Ratios
Fiscal year June - May; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 18.51B | 18.04B | 29.23B | 38.56B | 49.44B | 42.09B |
| Enterprise Value | 31.69B | 31.24B | 43.15B | 50.74B | 60.66B | 53.78B |
| Last Close Price | 34.29 | 32.61 | 48.73 | 60.01 | 71.42 | 57.74 |
| PE Ratio | 12.79 | 15.44 | 19.06 | 15.55 | ||
| Forward PE | 11.15 | 10.06 | 13.88 | 14.90 | 19.06 | 17.71 |
| PS Ratio | 1.00 | 0.98 | 1.50 | 1.94 | 2.46 | 2.22 |
| PB Ratio | 2.46 | 2.44 | 3.17 | 4.00 | 4.62 | 3.90 |
| P/FCF Ratio | 11.86 | 11.10 | 12.75 | 15.25 | 23.67 | 15.32 |
| P/OCF Ratio | 8.87 | 8.33 | 10.02 | 11.68 | 17.79 | 12.69 |
| PEG Ratio | 46.31 | 46.31 | 3.75 | 2.57 | 3.30 | |
| EV/Sales Ratio | 1.72 | 1.70 | 2.21 | 2.56 | 3.02 | 2.83 |
| EV/EBITDA Ratio | 9.23 | 9.06 | 11.05 | 11.75 | 16.45 | 13.64 |
| EV/EBIT Ratio | 11.02 | 10.79 | 12.82 | 13.47 | 19.31 | 15.95 |
| EV/FCF Ratio | 20.38 | 19.21 | 18.82 | 20.07 | 29.04 | 19.57 |
| Debt / Equity Ratio | 1.82 | 1.89 | 1.66 | 1.38 | 1.13 | 1.11 |
| Debt / EBITDA Ratio | 3.79 | 3.84 | 3.74 | 2.97 | 3.13 | 2.91 |
| Debt / FCF Ratio | 8.81 | 8.57 | 6.67 | 5.27 | 5.78 | 4.36 |
| Net Debt / Equity Ratio | 1.77 | 1.83 | 1.62 | 1.34 | 1.06 | 1.03 |
| Net Debt / EBITDA Ratio | 3.86 | 3.91 | 3.83 | 2.99 | 3.08 | 2.83 |
| Net Debt / FCF Ratio | 8.53 | 8.29 | 6.51 | 5.10 | 5.44 | 4.06 |
| Asset Turnover | 0.58 | 0.58 | 0.60 | 0.63 | 0.64 | 0.60 |
| Inventory Turnover | 5.75 | 6.38 | 6.69 | 6.34 | 6.71 | 6.83 |
| Quick Ratio | 0.32 | 0.35 | 0.29 | 0.33 | 0.35 | 0.34 |
| Current Ratio | 0.70 | 0.68 | 0.67 | 0.65 | 0.69 | 0.64 |
| Return on Equity (ROE) | -10.50% | -1.03% | 24.59% | 24.75% | 24.29% | 25.84% |
| Return on Assets (ROA) | 5.65% | 5.73% | 6.52% | 7.48% | 6.28% | 6.70% |
| Return on Invested Capital (ROIC) | 13.77% | -3.33% | 11.56% | 13.66% | 11.56% | 12.78% |
| Return on Capital Employed (ROCE) | 12.30% | 12.50% | 13.30% | 15.40% | 13.10% | 14.60% |
| Earnings Yield | -4.82% | -0.48% | 7.85% | 6.48% | 5.25% | 6.43% |
| FCF Yield | 8.43% | 9.01% | 7.84% | 6.56% | 4.23% | 6.53% |
| Dividend Yield | 7.06% | 7.22% | 4.45% | 3.42% | 2.56% | 2.90% |
| Payout Ratio | 58.33% | 54.61% | 49.65% | 45.97% | ||
| Buyback Yield / Dilution | 2.80% | 3.55% | 3.80% | 3.61% | 1.86% | 1.05% |
| Total Shareholder Return | 9.91% | 10.77% | 8.25% | 7.03% | 4.42% | 3.95% |