General Mills reported fiscal 2026 results including a fourth-quarter adjusted diluted EPS of $0.95 and full-year adjusted diluted EPS of $3.55. Reported net sales for fiscal 2026 were $18.4 billion (down 5% year-over-year) while fourth-quarter net sales were $4.61 billion (up 1%). The company recorded significant non-cash impairment and valuation charges in Q4 that produced a GAAP net loss for the quarter and year while adjusted operating profit was $705 million for Q4 and $2.81 billion for the full year.

Financial Highlights

  • Revenue — Fiscal 2026 net sales: $18,424.6 million (down 5%); Fourth-quarter net sales: $4,609.6 million (up 1%).
  • Gross margin — Fiscal 2026 gross margin: 33.6% of net sales; Fourth-quarter gross margin: 34.8% of net sales.
  • Operating income — Fiscal 2026 operating profit: $885.8 million (down 73%); fourth-quarter operating loss: $(2,092.6) million (driven by goodwill, intangible impairments and a valuation loss on Brazil).
  • Net income — Fiscal 2026 net loss attributable to General Mills: $(87.6) million; fourth-quarter net loss attributable to General Mills: $(2,007.9) million.
  • Adjusted diluted EPS — Fourth-quarter adjusted diluted EPS: $0.95 (up 27% in constant currency); Fiscal 2026 adjusted diluted EPS: $3.55 (down 16% in constant currency).

Business Highlights

  • Strategic outlook — Company completed base price investments in fiscal 2026 and plans to shift fiscal 2027 focus to brand remarkability through increased innovation and renovation targeting benefits like protein, fiber, bold flavors and pet humanization.
  • Cost savings target — Targeting $3.0 billion cumulative cost savings by fiscal 2030, with roughly $2.0 billion expected from Holistic Margin Management and $1.0 billion from a global transformation initiative; at least $750 million of savings expected in fiscal 2027.
  • Segment performance — North America Retail Q4 organic net sales roughly flat with segment operating profit up 7% (favorable net price/mix and lower SG&A); North America Pet Q4 net sales +4% with segment operating profit +14%; International Q4 net sales +16% and segment operating profit +81% driven by price/mix and higher volume.
  • Divestitures and portfolio actions — Completed sale of U.S. yogurt business in Q1 fiscal 2026 and Canada yogurt business earlier; in Q4 entered definitive agreement to sell Brazil business and recorded a non-cash valuation loss to write disposal group to estimated net proceeds.
  • Operational initiatives — Approved multi-year supply chain competitiveness actions (expected to complete by fiscal 2029) and announced productivity measures across product, packaging, brand communication, omnichannel execution and consumer value under the Accelerate strategy.

Original SEC Filing:

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