General Mills (GIS) FY2018 results: revenue $15.7 billion, up 0.8% on the year
General Mills Inc. (GIS) reported revenue of $15.7 billion for fiscal 2018, the year ended 27 May 2018, up 0.8% on the year before. Net income was $2.1 billion, up 28.6%, and diluted earnings per share $3.64. The figures are the company's own, from the 10-K it filed with the SEC on 28 June 2019.
Revenue
$15.7 billion
+0.8% on the year
FY2011FY2018
Operating margin
15.4%
16.0% a year earlier
FY2011FY2018
Net income
$2.1 billion
+28.6% on the year
FY2011FY2018
Diluted EPS
$3.64
+31.4% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
15,740
15,620
16,563
+0.8%
Cost of revenue
10,305
10,052
10,734
+2.5%
Gross profit
5,436
5,568
5,830
-2.4%
Gross margin
34.5%
35.6%
35.2%
Research and development
219
218
222
+0.4%
Selling, general and administrative
2,850
2,889
3,119
-1.3%
Operating income
2,420
2,492
2,707
-2.9%
Operating margin
15.4%
16.0%
16.3%
Interest expense
374
295
304
+26.6%
Pre-tax income
2,136
2,271
2,404
-6.0%
Income tax
57.3
655
755
-91.3%
Effective tax rate
2.7%
28.8%
31.4%
Net income
2,131
1,658
1,697
+28.6%
Net margin
13.5%
10.6%
10.2%
Diluted EPS
$3.64
$2.77
$2.77
+31.4%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
2,841
2,415
2,764
+17.6%
Capital expenditure
623
684
729
-9.0%
Free cash flow
2,218
1,731
2,035
+28.2%
Free cash flow margin
14.1%
11.1%
12.3%
Cash from investing
-8,685
-647
93.4
Cash from financing
5,446
-1,747
-2,420
Depreciation and amortisation
619
604
608
+2.5%
Share-based compensation
77.0
95.7
89.8
-19.5%
Buybacks
602
1,652
607
-63.6%
Dividends paid
1,140
1,135
1,072
+0.4%
Dividend per share
$1.96
$1.92
$1.78
+2.1%
Diluted shares, weighted
586m
598m
612m
-2.1%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
6,141
4,328
4,930
+41.9%
Non-controlling interest
351
358
377
-1.8%
Debt
15,819
9,482
8,431
+66.8%
Other liabilities
8,313
7,645
7,974
+8.7%
Total liabilities and equity
30,624
21,813
21,712
+40.4%
Fixed assets
4,047
3,688
3,744
+9.7%
Goodwill
14,065
8,747
8,741
+60.8%
Intangible assets
7,445
4,530
4,539
+64.3%
Securities held for sale or to maturity
25.4
n/a
n/a
Cash and equivalents
399
766
766
-47.9%
Receivables
1,684
1,430
1,361
+17.8%
Inventory
1,642
1,484
1,414
+10.7%
Other assets
1,316
1,168
1,148
+12.7%
Total assets
30,624
21,813
21,712
+40.4%
10-K for the year ended 27 May 2018, filed 28 June 2019: the filing.