General Mills (GIS) FY2023 results: revenue $20.1 billion, up 5.8% on the year
General Mills Inc. (GIS) reported revenue of $20.1 billion for fiscal 2023, the year ended 28 May 2023, up 5.8% on the year before. Net income was $2.6 billion, down 4.2%, and diluted earnings per share $4.31. The figures are the company's own, from the 10-K it filed with the SEC on 28 June 2023.
Revenue
$20.1 billion
+5.8% on the year
FY2016FY2023
Operating margin
17.1%
18.3% a year earlier
FY2016FY2023
Net income
$2.6 billion
-4.2% on the year
FY2016FY2023
Diluted EPS
$4.31
-2.5% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
2,779
3,316
2,983
-16.2%
Capital expenditure
690
569
531
+21.2%
Free cash flow
2,089
2,747
2,452
-24.0%
Free cash flow margin
10.4%
14.5%
13.5%
Cash from investing
-346
-1,691
-513
Cash from financing
-2,404
-2,503
-2,716
Depreciation and amortisation
547
570
601
-4.2%
Share-based compensation
112
98.7
89.9
+13.2%
Buybacks
1,404
877
301
+60.1%
Dividends paid
1,288
1,244
1,246
+3.5%
Dividend per share
$2.16
$2.04
$2.02
+5.9%
Diluted shares, weighted
601m
613m
619m
-1.9%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
10,450
10,542
9,470
-0.9%
Non-controlling interest
250
246
303
+2.0%
Debt
11,706
11,620
12,612
+0.7%
Operating lease liabilities
257
248
283
+3.5%
Other liabilities
8,789
8,433
9,174
+4.2%
Total liabilities and equity
31,452
31,090
31,842
+1.2%
Fixed assets
3,636
3,394
3,607
+7.1%
Goodwill
14,511
14,378
14,062
+0.9%
Intangible assets
6,968
7,000
7,151
-0.5%
Securities held for sale or to maturity
2.3
2.3
76.9
0.0%
Cash and equivalents
586
569
1,505
+2.8%
Receivables
1,683
1,692
1,638
-0.5%
Inventory
2,172
1,867
1,820
+16.3%
Other assets
1,894
2,187
1,981
-13.4%
Total assets
31,452
31,090
31,842
+1.2%
10-K for the year ended 28 May 2023, filed 28 June 2023: the filing.