General Mills (GIS) FY2021 results: revenue $18.1 billion, up 2.8% on the year
General Mills Inc. (GIS) reported revenue of $18.1 billion for fiscal 2021, the year ended 30 May 2021, up 2.8% on the year before. Net income was $2.3 billion, up 7.3%, and diluted earnings per share $3.78. The figures are the company's own, from the 10-K it filed with the SEC on 30 June 2021.
Revenue
$18.1 billion
+2.8% on the year
FY2014FY2021
Operating margin
17.3%
16.8% a year earlier
FY2014FY2021
Net income
$2.3 billion
+7.3% on the year
FY2014FY2021
Diluted EPS
$3.78
+6.2% on the year
FY2014FY2021
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Revenue
18,127
17,627
16,865
+2.8%
Cost of revenue
11,679
11,497
11,108
+1.6%
Gross profit
6,448
6,130
5,757
+5.2%
Gross margin
35.6%
34.8%
34.1%
Research and development
239
224
222
+6.6%
Selling, general and administrative
3,080
3,152
2,936
-2.3%
Operating income
3,145
2,954
2,516
+6.5%
Operating margin
17.3%
16.8%
14.9%
Interest expense
420
466
522
-9.9%
Pre-tax income
2,857
2,600
2,082
+9.9%
Income tax
629
480
368
+30.9%
Effective tax rate
22.0%
18.5%
17.7%
Net income
2,340
2,181
1,753
+7.3%
Net margin
12.9%
12.4%
10.4%
Diluted EPS
$3.78
$3.56
$2.90
+6.2%
$ 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
FY2021
FY2020
FY2019
On the year
Last 8 years
Operating cash flow
2,983
3,676
2,807
-18.9%
Capital expenditure
531
461
538
+15.2%
Free cash flow
2,452
3,215
2,269
-23.7%
Free cash flow margin
13.5%
18.2%
13.5%
Cash from investing
-513
-486
-556
Cash from financing
-2,716
-1,942
-2,176
Depreciation and amortisation
601
595
620
+1.1%
Share-based compensation
89.9
94.9
84.9
-5.3%
Buybacks
301
3.4
1.1
+8,764.7%
Dividends paid
1,246
1,196
1,182
+4.2%
Dividend per share
$2.02
$1.96
$1.96
+3.1%
Diluted shares, weighted
619m
613m
605m
+0.9%
Balance sheet
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Shareholders' equity
9,470
8,058
7,054
+17.5%
Non-controlling interest
303
291
313
+4.1%
Debt
12,612
13,540
14,490
-6.9%
Operating lease liabilities
283
277
0.0
+2.2%
Other liabilities
9,174
8,641
8,254
+6.2%
Total liabilities and equity
31,842
30,807
30,111
+3.4%
Fixed assets
3,607
3,581
3,787
+0.7%
Goodwill
14,062
13,923
13,996
+1.0%
Intangible assets
7,151
7,096
7,167
+0.8%
Securities held for sale or to maturity
76.9
56.7
34.3
+35.6%
Cash and equivalents
1,505
1,678
450
-10.3%
Receivables
1,638
1,615
1,680
+1.4%
Inventory
1,820
1,426
1,559
+27.6%
Other assets
1,981
1,431
1,438
+38.4%
Total assets
31,842
30,807
30,111
+3.4%
10-K for the year ended 30 May 2021, filed 30 June 2021: the filing.