General Mills, Inc. Earnings Recaps
Q1 2027
Sep 25, 2026
General Mills’ fiscal Q1 showed sequential improvement in retail trends, but performance remained below growth, with work still needed in Totino’s and fruit snacks. The stock rose 1.0% after earnings, a roughly flat reaction.
Key takeaways
- Retail consumption was down 2%; management cited a 2-point improvement in dollar sales and improved share performance in most categories, while noting the business had not returned to growth.
- Share declines narrowed year over year in cereal, from 0.9 points to 0.1, and in soup, from 0.4 points to 0.1.
- Totino’s declines were cut in half, but the company still expects further improvement; fruit snacks face increased competition from smaller brands in a category growing about 13%.
- Q1 inflation was around 4%, at the low end of the 4%–5% range; management expects roughly similar inflation in Q2 and Q3, with Q4 around 6%.
- General Mills maintained its expectation for a low-single-digit full-year pet inventory headwind. Whitebridge added about 1 point to pet growth and roughly 15 basis points to company growth in the quarter.
Q4 2026
Jul 3, 2026
General Mills shares rose 8.0% following an earnings release that highlighted a successful transition from price-driven to innovation-led growth strategies and delivered encouraging improvements in household penetration and base volume.
Key takeaways
- Fiscal 2026 marked the completion of a base price reset across a significant portion of the portfolio, establishing a stronger pricing foundation.
- The company saw an increase in household penetration and pound share in the natural and organic retail (NAR) channel for the first time in years.
- Fiscal 2027 priorities include driving top-line growth through innovation, renovation, and enhanced brand remarkability across key brands like Cheerios, Blue Buffalo, Häagen-Dazs, and Annie’s.
- Management expects $750 million in cost savings for fiscal 2027 out of a targeted $3 billion over four years, supporting margin expansion amidst ongoing inflationary pressures.
- Consumer behavior remains pressured and value-oriented, with continued emphasis on benefits that matter such as functional nutrition and bold flavors, indicating cautious but optimistic outlook.
Q3 2026
Mar 18, 2026
General Mills, Inc. demonstrated strong progress in the third quarter of fiscal 2026, reaffirming its guidance for enhanced financial performance while strategically divesting from less favorable segments.
Key takeaways
- Household penetration and baseline volume indicators are improving, setting the stage for anticipated growth in Q4 and beyond.
- The company is divesting its Brazil business, focusing resources on higher-margin segments such as super premium ice cream and pet food.
- Strong dollar and pound market share performance in North America Retail indicates successful execution of pricing and marketing strategies, setting a robust foundation for fiscal 2027.