General Mills Inc.
GISFinancial Snapshot
ticker: GIS step: 04 generated: 2026-05-12 source: quick-research
General Mills Inc. (GIS) — Financial Snapshot
Income Statement Summary
Note: General Mills fiscal year ends late May. FY2024 = June 2023–May 2024; FY2025 = June 2024–May 2025.
| Metric | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|
| Revenue | $20.10B | $19.86B | $19.49B | -1.9% |
| Gross Margin | ~35% | ~35% | ~35% | flat |
| Operating Margin | ~18% | ~18% | ~17% | -1pp |
| Net Income | ~$2.59B | ~$2.50B | ~$2.30B | -8% |
| EPS (diluted, adj.) | ~$4.30 | $4.52 | ~$4.10 | -9% |
Revenue declines reflect two years of volume weakness in core cereal/snacks after multi-year pricing cycles. The yogurt business sale ($2.1B, ~$1.5B in annual net sales) will further reduce FY2026 reported revenue but improve margins and capital allocation.
Cash Flow & Balance Sheet (FY2025)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$2.6B |
| Free Cash Flow | ~$2.3B |
| FCF Margin | ~12% |
| Cash & Equivalents | ~$0.5B |
| Total Debt | ~$12.5B |
| Net Debt / EBITDA | ~3.2x |
Key Ratios (approximate)
- P/E: ~14x (depressed vs. 18–20x historical) | FCF Yield: ~13% at current market cap
- EV/EBITDA: ~10x | Dividend Yield: ~4.5%
- Revenue Trend: -1% to -2% for 2 consecutive years | Operating Margin: ~17%
Growth Profile
General Mills is in a multi-year reset: core cereal and snack volumes declined after aggressive post-pandemic pricing eroded volume; the company is now investing in promotional activity, innovation, and brand restaging to recover volume. The Pet segment (Blue Buffalo) is the growth engine, with pet sales growing double digits in cat food and treats. The North American yogurt divestiture ($2.1B in proceeds) allows capital redeployment into higher-growth pet and snack platforms. Management targets a return to low-single-digit organic growth in FY2026 and beyond, with margin recovery as volume mix improves.
Forward Estimates
- FY2026: Revenue ~$18.5–19.0B (lower due to yogurt divestiture); adj. EPS stabilization/modest growth; pet segment expected to grow mid-single digits or better
- Dividend: ~$2.24/year ($0.59/quarter raised); yield ~4.5%; 25+ consecutive years of dividend payments; company has maintained or grown payout through recent volume pressures
- Capital allocation post-yogurt sale: $2.1B proceeds to be used for debt reduction and share buybacks; ~$600M buyback authorization active
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $GIS.