General Mills (GIS) FY2026 results: revenue $18.4 billion, down 5.4% on the year

General Mills makes branded packaged food, and pet food. The filing describes it as a leading global manufacturer and marketer of branded consumer foods, with more than 100 brands sold in 100 countries across six continents, and says the company has been making food for 160 years. Two joint ventures, each half owned, sell in about 120 countries between them. The business runs as four operating segments: North America Retail, International, North America Pet and North America Foodservice.

What it sells

The categories the filing names are snacks, covering grain, fruit and savoury snacks, nutrition bars and frozen hot snacks; ready-to-eat cereal; convenient meals, meaning meal kits, ethnic meals, pizza, soup, side dish mixes, frozen breakfast and frozen entrees; wholesome natural pet food; refrigerated and frozen dough; baking mixes and ingredients; and super-premium ice cream. The trademarks it lists as important include Annie's, Betty Crocker, Bisquick, Blue Buffalo, Cheerios, Chex, Cinnamon Toast Crunch, Fiber One, Gold Medal, Häagen-Dazs, Lucky Charms, Nature Valley, Old El Paso, Pillsbury, Progresso, Totino's, Trix, Wheaties and Yoki. Some products carry trademarks licensed in from others, Reese's Puffs for cereal and Green Giant for vegetables in certain countries among them. The Pillsbury brand and the Pillsbury Doughboy are themselves licensed out, exclusively and royalty-free, to a third party in the shelf-stable baking categories in the United States.

The two ventures

Cereal Partners Worldwide is the joint venture with Nestlé, and it sells ready-to-eat cereal outside North America; the company's cereal trademarks are licensed to it and may be used with the Nestlé name, while Nestlé licenses in the Nestlé and Uncle Toby's marks. Häagen-Dazs Japan sells super-premium ice cream in Japan. The Häagen-Dazs trademark itself is licensed royalty-free and exclusively to Nestlé for ice cream and other frozen desserts in the United States and Canada, and separately to the Japanese venture.

The segments

In fiscal 2026 North America Retail was 57% of net sales and 68% of segment operating profit, down from 61% and 73% the year before. International was 17% of net sales and 6% of segment operating profit, up from 14% and 3%. North America Pet was 14% and 16%. North America Foodservice was 12% and 10%.

Who it sells to

Customers are grocery stores, mass merchandisers, membership stores, natural food chains, drug, dollar and discount chains, e-commerce retailers, foodservice distributors and operators, restaurants, convenience stores and pet specialty stores, reached mainly through the company's own sales force, with brokers and distributors for certain products and markets. Walmart and its affiliates were 22 percent of consolidated net sales in fiscal 2026 and 31 percent of North America Retail net sales; no other customer reached 10 percent. The filing describes the human and pet food categories as highly competitive, with competitors ranging from other manufacturers to retailers selling their own branded products, and states that competition turns on product innovation, quality, price, brand recognition and loyalty, marketing, promotion, convenient ordering and delivery, and the ability to read consumer preferences. In most categories the company competes with regional brands and with generic and private label products generally sold at lower prices.

Inputs and people

The principal raw materials are grains, specifically wheat, oats and corn, along with meat, vegetable oils, sugar, vegetables, fruits, nuts and other agricultural products, plus carton board, corrugated, plastic and metal packaging, operating supplies and energy. Most inputs for the domestic and Canadian operations come from suppliers in the United States, and elsewhere inputs not locally available in adequate supply may be imported. There were approximately 30,000 employees at 31 May 2026, about 15,000 in the United States and about 15,000 in markets outside it; roughly 12,000 of them work in production and roughly 18,000 do not.

From General Mills' annual report on Form 10-K for the year ended 31 May 2026. The filing

Written from the 10-K filed 1 July 2026: read the full 10-K.