General Mills (GIS) FY2020 results: revenue $17.6 billion, up 4.5% on the year
General Mills Inc. (GIS) reported revenue of $17.6 billion for fiscal 2020, the year ended 31 May 2020, up 4.5% on the year before. Net income was $2.2 billion, up 24.4%, and diluted earnings per share $3.56. The figures are the company's own, from the 10-K it filed with the SEC on 2 July 2020.
Revenue
$17.6 billion
+4.5% on the year
FY2013FY2020
Operating margin
16.8%
14.9% a year earlier
FY2013FY2020
Net income
$2.2 billion
+24.4% on the year
FY2013FY2020
Diluted EPS
$3.56
+22.8% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
17,627
16,865
15,740
+4.5%
Cost of revenue
11,497
11,108
10,305
+3.5%
Gross profit
6,130
5,757
5,436
+6.5%
Gross margin
34.8%
34.1%
34.5%
Research and development
224
222
219
+1.1%
Selling, general and administrative
3,152
2,936
2,850
+7.4%
Operating income
2,954
2,516
2,420
+17.4%
Operating margin
16.8%
14.9%
15.4%
Interest expense
466
522
374
-10.6%
Pre-tax income
2,600
2,082
2,136
+24.9%
Income tax
480
368
57.3
+30.6%
Effective tax rate
18.5%
17.7%
2.7%
Net income
2,181
1,753
2,131
+24.4%
Net margin
12.4%
10.4%
13.5%
Diluted EPS
$3.56
$2.90
$3.64
+22.8%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
3,676
2,807
2,841
+31.0%
Capital expenditure
461
538
623
-14.3%
Free cash flow
3,215
2,269
2,218
+41.7%
Free cash flow margin
18.2%
13.5%
14.1%
Cash from investing
-486
-556
-8,685
Cash from financing
-1,942
-2,176
5,446
Depreciation and amortisation
595
620
619
-4.1%
Share-based compensation
94.9
84.9
77.0
+11.8%
Buybacks
3.4
1.1
602
+209.1%
Dividends paid
1,196
1,182
1,140
+1.2%
Dividend per share
$1.96
$1.96
$1.96
0.0%
Diluted shares, weighted
613m
605m
586m
+1.3%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
8,058
7,054
6,141
+14.2%
Non-controlling interest
291
313
351
-7.1%
Debt
13,540
14,490
15,819
-6.6%
Operating lease liabilities
277
0.0
n/a
Other liabilities
8,641
8,254
8,313
+4.7%
Total liabilities and equity
30,807
30,111
30,624
+2.3%
Fixed assets
3,581
3,787
4,047
-5.5%
Goodwill
13,923
13,996
14,065
-0.5%
Intangible assets
7,096
7,167
7,445
-1.0%
Securities held for sale or to maturity
56.7
34.3
25.4
+65.3%
Cash and equivalents
1,678
450
399
+272.8%
Receivables
1,615
1,680
1,684
-3.8%
Inventory
1,426
1,559
1,642
-8.5%
Other assets
1,431
1,438
1,316
-0.5%
Total assets
30,807
30,111
30,624
+2.3%
10-K for the year ended 31 May 2020, filed 2 July 2020: the filing.