General Mills
GIS · NYSEGrain Mill Products · Fiscal year ends May 30
General Mills reported revenue of $18.4B in the fiscal year ended May 2026, down 5.4% from the year before. Operating income was $886M, an operating margin of 4.8%, and net income was −$88M. Operating cash flow of $2.2B less capital expenditure of $540M left free cash flow of $1.6B. Net debt was $13B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | May 2022 | May 2023 | May 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|
| Revenue | $19B | $20.1B | $19.9B | $19.5B | $18.4B |
| Cost of revenue | $12.6B | $13.5B | $12.9B | $12.8B | $12.2B |
| Gross profit | $6.4B | $6.5B | $6.9B | $6.7B | $6.2B |
| Research & development | $243M | $258M | $258M | $257M | $256M |
| Selling, general & admin | $3.1B | $3.5B | $3.3B | $3.4B | $3.4B |
| Operating income | $3.5B | $3.4B | $3.4B | $3.3B | $886M |
| Interest expense | $380M | $382M | $479M | $524M | – |
| Pre-tax income | $3.2B | $3.1B | $3B | $2.8B | $406M |
| Income tax | $586M | $612M | $595M | $574M | $414M |
| Net income | $2.7B | $2.6B | $2.5B | $2.3B | −$88M |
| Diluted EPS | 4.42 | 4.31 | 4.31 | 4.10 | −0.16 |
| Diluted shares | 613M | 601M | 580M | 558M | 538M |
Balance sheet
| Fiscal year | May 2022 | May 2023 | May 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | $569M | $586M | $418M | $364M | $454M |
| Receivables | $1.7B | $1.7B | $1.7B | $1.8B | $1.6B |
| Inventory | $1.9B | $2.2B | $1.9B | $1.9B | $1.9B |
| Current assets | $5.1B | $5.2B | $4.6B | $5.3B | $4.6B |
| Net PP&E | $3.4B | $3.6B | $3.9B | $3.6B | $3.4B |
| Goodwill | $14.4B | $14.5B | $14.8B | $15.6B | $14.1B |
| Total assets | $31.1B | $31.5B | $31.5B | $33.1B | $30B |
| Payables | $4B | $4.2B | $4B | $4B | $3.7B |
| Current liabilities | $8B | $7.5B | $7B | $7.9B | $6.8B |
| Short-term debt | $1.7B | $32M | $12M | $1.5B | $1.1B |
| Long-term debt | $9.1B | $10B | $11.3B | $12.7B | $12.4B |
| Total liabilities | $20.3B | $20.8B | $21.8B | $23.9B | $22.6B |
| Shareholders' equity | $10.5B | $10.4B | $9.4B | $9.2B | $7.4B |
Cash flow
| Fiscal year | May 2022 | May 2023 | May 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|
| Operating cash flow | $3.3B | $2.8B | $3.3B | $2.9B | $2.2B |
| Capital expenditure | $569M | $690M | $774M | $625M | $540M |
| Free cash flow | $2.7B | $2.1B | $2.5B | $2.3B | $1.6B |
| Depreciation & amortisation | $570M | $547M | $553M | $539M | $555M |
| Stock-based compensation | $99M | $112M | $95M | $92M | $79M |
| Share buybacks | $877M | $1.4B | $2B | $1.2B | $500M |
| Dividends paid | $1.2B | $1.3B | $1.4B | $1.3B | $1.3B |
| Dividend per share | 2.04 | 2.16 | 2.36 | 2.40 | 2.44 |
Key ratios
| Fiscal year | May 2022 | May 2023 | May 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 5.8% | −1.2% | −1.9% | −5.4% |
| Operating income growth (YoY) | – | −1.2% | −0.1% | −3.7% | −73.2% |
| EPS growth (YoY) | – | −2.5% | 0.0% | −4.9% | −103.9% |
| Gross margin | 33.7% | 32.6% | 34.9% | 34.6% | 33.6% |
| Operating margin | 18.3% | 17.1% | 17.3% | 17.0% | 4.8% |
| Net margin | 14.3% | 12.9% | 12.6% | 11.8% | −0.5% |
| Return on equityBlank when equity is negative | 25.7% | 24.8% | 26.6% | 24.9% | −1.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 15.1% | 14.4% | 14.0% | 13.1% | 3.8% |
| Free cash flow margin | 14.5% | 10.4% | 12.7% | 11.8% | 8.8% |
| Cash conversion (CFO ÷ net income) | 1.22x | 1.07x | 1.32x | 1.27x | −24.7x |
| Receivable days | 33 | 31 | 31 | 34 | 33 |
| Inventory days | 54 | 59 | 54 | 55 | 57 |
| Payable days | 115 | 113 | 113 | 115 | 111 |
| Interest cover | 9.16x | 8.99x | 7.16x | 6.30x | – |
| Debt ÷ equity | 1.03x | 0.96x | 1.20x | 1.54x | 1.83x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $10.2B | $9.4B | $10.9B | $13.8B | $13B |
| Current ratio | 0.63x | 0.69x | 0.65x | 0.67x | 0.68x |
Recent filings
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.