General Mills (GIS) FY2016 results: revenue $16.6 billion, down 6.1% on the year
General Mills Inc. (GIS) reported revenue of $16.6 billion for fiscal 2016, the year ended 29 May 2016, down 6.1% on the year before. Net income was $1.7 billion, up 39.0%, and diluted earnings per share $2.77. The figures are the company's own, from the 10-K it filed with the SEC on 30 June 2016.
Revenue
$16.6 billion
-6.1% on the year
FY2009FY2016
Operating margin
16.3%
11.8% a year earlier
FY2009FY2016
Net income
$1.7 billion
+39.0% on the year
FY2009FY2016
Diluted EPS
$2.77
+40.6% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
16,563
17,630
17,910
-6.1%
Cost of revenue
10,734
11,681
11,540
-8.1%
Gross profit
5,830
5,949
6,370
-2.0%
Gross margin
35.2%
33.7%
35.6%
Research and development
222
229
244
-3.2%
Selling, general and administrative
3,119
3,328
3,474
-6.3%
Operating income
2,707
2,077
2,957
+30.3%
Operating margin
16.3%
11.8%
16.5%
Interest expense
304
315
302
-3.7%
Pre-tax income
2,404
1,762
2,655
+36.4%
Income tax
755
587
883
+28.7%
Effective tax rate
31.4%
33.3%
33.3%
Net income
1,697
1,221
1,824
+39.0%
Net margin
10.2%
6.9%
10.2%
Diluted EPS
$2.77
$1.97
$2.83
+40.6%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
2,764
2,543
2,541
+8.7%
Capital expenditure
729
712
664
+2.4%
Free cash flow
2,035
1,830
1,878
+11.2%
Free cash flow margin
12.3%
10.4%
10.5%
Cash from investing
93.4
-1,602
-562
Cash from financing
-2,420
-1,385
-1,824
Depreciation and amortisation
608
588
585
+3.4%
Share-based compensation
89.8
106
108
-15.6%
Buybacks
607
1,162
1,745
-47.8%
Dividends paid
1,072
1,018
983
+5.3%
Dividend per share
$1.78
$1.67
$1.17
+6.6%
Diluted shares, weighted
612m
619m
646m
-1.1%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
4,930
4,997
6,535
-1.3%
Non-controlling interest
377
396
471
-4.8%
Debt
8,431
9,192
8,786
-8.3%
Other liabilities
7,974
7,248
7,354
+10.0%
Total liabilities and equity
21,712
21,832
n/a
-0.5%
Fixed assets
3,744
3,783
3,942
-1.0%
Goodwill
8,741
8,875
8,650
-1.5%
Intangible assets
4,539
4,677
5,014
-3.0%
Cash and equivalents
766
334
867
+129.2%
Receivables
1,361
1,387
1,484
-1.9%
Inventory
1,414
1,541
1,559
-8.3%
Other assets
1,148
1,235
1,629
-7.0%
Total assets
21,712
21,832
23,146
-0.5%
10-K for the year ended 29 May 2016, filed 30 June 2016: the filing.