General Mills (GIS) Q2 FY2024 earnings: revenue $5.1 billion, down 1.6% on the year

General Mills Inc. (GIS) reported revenue of $5.1 billion for Q2 FY2024, the quarter ended 26 November 2023, down 1.6% on the same quarter a year earlier. Net income was $596 million, down 1.7% on the year, and diluted earnings per share $1.02. The figures are the company's own, from the 10-Q it filed with the SEC on 20 December 2023.

Revenue

$5.1 billion

-1.6% on the year · +4.8% on the quarter

Q3 FY2022Q2 FY2024

Operating margin

15.8%

15.3% a year earlier

Q3 FY2022Q2 FY2024

Net income

$596 million

-1.7% on the year · -11.6% on the quarter

Q3 FY2022Q2 FY2024

Diluted EPS

$1.02

+1.0% on the year · -10.5% on the quarter

Q3 FY2022Q2 FY2024

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ million	Q2 FY2024	Q1 FY2024	Q2 FY2023	On the quarter	On the year
Revenue	5,139	4,905	5,221	+4.8%	-1.6%
Cost of revenue	3,374	3,134	3,516	+7.6%	-4.0%
Gross profit	1,766	1,770	1,705	-0.3%	+3.6%
Gross margin	34.4%	36.1%	32.7%
Selling, general and administrative	830	839	894	-1.0%	-7.1%
Operating income	812	930	800	-12.7%	+1.5%
Operating margin	15.8%	19.0%	15.3%
Interest expense	118	117	91.5	+0.7%	+28.7%
Pre-tax income	714	830	730	-14.0%	-2.2%
Income tax	136	173	147	-21.5%	-7.5%
Effective tax rate	19.0%	20.9%	20.2%
Net income	596	674	606	-11.6%	-1.7%
Net margin	11.6%	13.7%	11.6%
Diluted EPS	$1.02	$1.14	$1.01	-10.5%	+1.0%

$ million except per share.

Free 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	Q2 FY2024	Q1 FY2024	Q2 FY2023	On the quarter	On the year
Operating cash flow	1,118	378	812	+195.6%	+37.7%
Capital expenditure	152	142	136	+7.4%	+12.1%
Free cash flow	966	236	676	+308.4%	+42.8%
Free cash flow margin	18.8%	4.8%	13.0%
Cash from investing	-181	-136	-141
Cash from financing	-839	-334	-621
Depreciation and amortisation	129	137	140	-6.3%	-7.9%
Share-based compensation	23.2	35.3	24.1	-34.3%	-3.7%
Buybacks	801	500	400	+60.0%	+100.0%
Dividends paid	342	348	323	-1.7%	+6.1%
Dividend per share	$1.18	$0.59	$1.08	+100.0%	+9.3%
Diluted shares, weighted	583m	591m	602m	-1.4%	-3.1%
Shares outstanding at period end	568m	581m	590m	-2.3%	-3.7%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q2 FY2024	Q1 FY2024	Q2 FY2023	On the quarter	On the year
Shareholders' equity	9,379	10,262	10,121	-8.6%	-7.3%
Non-controlling interest	253	253	251	+0.0%	+0.9%
Debt	12,651	12,282	11,740	+3.0%	+7.8%
Other liabilities	8,951	8,522	9,208	+5.0%	-2.8%
Total liabilities and equity	31,233	31,320	31,320	-0.3%	-0.3%
Fixed assets	3,599	3,585	3,358	+0.4%	+7.2%
Goodwill	14,442	14,522	14,476	-0.6%	-0.2%
Intangible assets	6,963	6,966	6,975	-0.0%	-0.2%
Cash and equivalents	594	491	644	+21.0%	-7.8%
Receivables	1,759	1,791	1,834	-1.8%	-4.1%
Inventory	2,166	2,229	2,121	-2.8%	+2.1%
Other assets	1,711	1,736	1,912	-1.5%	-10.5%
Total assets	31,233	31,320	31,320	-0.3%	-0.3%

Questions

What was General Mills' revenue in Q2 FY2024?

General Mills (GIS) reported revenue of $5.1 billion for Q2 FY2024, the quarter ended 26 November 2023, down 1.6% on the same quarter a year earlier.

How much did General Mills earn in Q2 FY2024?

Net income for Q2 FY2024 was $596 million, down 1.7% on the year, and diluted earnings per share $1.02.

When did General Mills report Q2 FY2024 results?

General Mills filed its 10-Q for the quarter ended 26 November 2023 with the SEC on 20 December 2023.

Quarterly results, the last 20 quarters

	Q2 FY2022	Q3 FY2022	Q4 FY2022	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026	Q1 FY2027
Revenue	5,024	4,538	4,891	4,718	5,221	5,126	5,030	4,905	5,139	5,099	4,714	4,848	5,240	4,842	4,556	4,518	4,861	4,437	4,610	4,390
Cost of revenue	3,393	3,134	3,121	3,270	3,516	3,461	3,302	3,134	3,374	3,392	3,026	3,159	3,309	3,203	3,082	2,985	3,168	3,070	3,006	2,902
Gross profit	1,631	1,404	1,770	1,448	1,705	1,665	1,728	1,770	1,766	1,707	1,688	1,689	1,931	1,639	1,474	1,533	1,692	1,367	1,604	1,487
Gross margin	32%	31%	36%	31%	33%	32%	34%	36%	34%	33%	36%	35%	37%	34%	32%	34%	35%	31%	35%	34%
SG&A	829	751	809	791	894	947	868	839	830	791	798	855	852	844	894	845	842	813	888	832
Operating income	800	815	1,016	1,086	800	730	818	930	812	911	779	832	1,078	891	504	1,726	728	525	-2,093	634
Operating margin	16%	18%	21%	23%	15%	14%	16%	19%	16%	18%	17%	17%	21%	18%	11%	38%	15%	12%	-45%	14%
Interest expense	92.7	86.5	104	87.7	91.5	98.3	105	117	118	122	123	124	125	136	140	133	126	128	152	142
Pre-tax income	735	756	941	1,020	730	654	737	830	714	808	677	722	967	769	377	1,608	618	412	-2,232	502
Tax rate	22%	16%	14%	21%	20%	17%	19%	21%	19%	18%	20%	22%	20%	20%	18%	26%	23%	24%	n/a	24%
Net income	597	660	823	820	606	553	615	674	596	670	558	580	796	626	294	1,204	413	303	-2,008	397
Net margin	12%	15%	17%	17%	12%	11%	12%	14%	12%	13%	12%	12%	15%	13%	6%	27%	8%	7%	-44%	9%
Diluted EPS	$0.97	$1.08	$1.35	$1.35	$1.01	$0.92	$1.03	$1.14	$1.02	$1.17	$0.98	$1.03	$1.42	$1.12	$0.53	$2.22	$0.78	$0.56	-$3.74	$0.74
Operating cash flow	1,128	730	1,088	389	812	826	752	378	1,118	943	864	624	1,150	532	612	397	819	398	552	298
Capital expenditure	120	126	218	90.9	136	125	338	142	152	192	288	140	161	104	220	110	144	102	184	90.5
Free cash flow	1,008	604	870	298	676	702	413	236	966	751	575	484	990	428	391	288	676	296	368	207
Buybacks	225	176	326	501	400	251	251	500	801	300	401	300	300	302	301	500	0.1	0.2	0.0	0.0
Dividends paid	311	311	310	325	323	320	320	348	342	337	335	338	338	333	330	331	328	328	328	330
Shares outstanding	603m	602m	597m	594m	590m	587m	585m	581m	568m	565m	558m	555m	551m	548m	542m	533m	534m	534m	534m	535m
Filing	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q

Each quarter as filed, linked to its filing.

Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 26 November 2023, filed 20 December 2023: the filing.