General Mills (GIS) FY2019 results: revenue $16.9 billion, up 7.1% on the year
General Mills Inc. (GIS) reported revenue of $16.9 billion for fiscal 2019, the year ended 26 May 2019, up 7.1% on the year before. Net income was $1.8 billion, down 17.8%, and diluted earnings per share $2.90. The figures are the company's own, from the 10-K it filed with the SEC on 28 June 2019.
Revenue
$16.9 billion
+7.1% on the year
FY2012FY2019
Operating margin
14.9%
15.4% a year earlier
FY2012FY2019
Net income
$1.8 billion
-17.8% on the year
FY2012FY2019
Diluted EPS
$2.90
-20.3% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
16,865
15,740
15,620
+7.1%
Cost of revenue
11,108
10,305
10,052
+7.8%
Gross profit
5,757
5,436
5,568
+5.9%
Gross margin
34.1%
34.5%
35.6%
Research and development
222
219
218
+1.3%
Selling, general and administrative
2,936
2,850
2,889
+3.0%
Operating income
2,516
2,420
2,492
+4.0%
Operating margin
14.9%
15.4%
16.0%
Interest expense
522
374
295
+39.6%
Pre-tax income
2,082
2,136
2,271
-2.5%
Income tax
368
57.3
655
+541.9%
Effective tax rate
17.7%
2.7%
28.8%
Net income
1,753
2,131
1,658
-17.8%
Net margin
10.4%
13.5%
10.6%
Diluted EPS
$2.90
$3.64
$2.77
-20.3%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
2,807
2,841
2,415
-1.2%
Capital expenditure
538
623
684
-13.7%
Free cash flow
2,269
2,218
1,731
+2.3%
Free cash flow margin
13.5%
14.1%
11.1%
Cash from investing
-556
-8,685
-647
Cash from financing
-2,176
5,446
-1,747
Depreciation and amortisation
620
619
604
+0.2%
Share-based compensation
84.9
77.0
95.7
+10.3%
Buybacks
1.1
602
1,652
-99.8%
Dividends paid
1,182
1,140
1,135
+3.7%
Dividend per share
$1.96
$1.96
$1.92
0.0%
Diluted shares, weighted
605m
586m
598m
+3.4%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
7,054
6,141
4,328
+14.9%
Non-controlling interest
313
351
358
-10.8%
Debt
14,490
15,819
9,482
-8.4%
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
8,254
8,313
7,645
-0.7%
Total liabilities and equity
30,111
30,624
21,813
-1.7%
Fixed assets
3,787
4,047
3,688
-6.4%
Goodwill
13,996
14,065
8,747
-0.5%
Intangible assets
7,167
7,445
4,530
-3.7%
Securities held for sale or to maturity
34.3
25.4
n/a
+35.0%
Cash and equivalents
450
399
766
+12.8%
Receivables
1,680
1,684
1,430
-0.3%
Inventory
1,559
1,642
1,484
-5.0%
Other assets
1,438
1,316
1,168
+9.3%
Total assets
30,111
30,624
21,813
-1.7%
10-K for the year ended 26 May 2019, filed 28 June 2019: the filing.