Companies: 10,652     total market cap: $140.812 T
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General Mills
GIS
#991
Rank
$24.34 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$45.62
Share price
-1.38%
Change (1 day)
-22.08%
Change (1 year)
๐Ÿด Food
Categories
  1. General Mills
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2026 Q2

General Mills - 10-Q quarterly report FY2026 Q2


Text size:
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED NOVEMBER 23, 2025
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM             TO   
Commission file number: 001-01185
________________
GENERAL MILLS, INC.
(Exact name of registrant as specified in its charter)
Delaware
41-0274440
(State or other jurisdiction of
(I.R.S. Employer
incorporation or organization)
Identification No.)
Number One General Mills Boulevard
Minneapolis, Minnesota
55426
(Address of principal executive offices)
(Zip Code)
(763) 764-7600
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange
on which registered
Common Stock, $.10 par value
GIS
New York Stock Exchange
0.450% Notes due 2026
GIS 26
New York Stock Exchange
1.500% Notes due 2027
GIS 27
New York Stock Exchange
3.907% Notes due 2029
GIS 29
New York Stock Exchange
3.650% Notes due 2030
GIS 30A
New York Stock Exchange
3.600% Notes due 2032
GIS 32
New York Stock Exchange
3.850% Notes due 2034
GIS 34
New York Stock Exchange
________________
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days.
Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted
pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the
registrant was required to submit such files). Yes  ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller
reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller
reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☑
Accelerated filer
☐
    Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐ No ☑
Number of shares of Common Stock outstanding as of December 10, 2025: 533,582,081 (excluding 221,031,247 shares held in the
treasury).
3
General Mills, Inc.
Table of Contents
Page
Consolidated Balance Sheets as of November 23, 2025 and May 25, 2025
Consolidated Statements of Cash Flows for the six-month periods ended November 23, 2025 and
November 24, 2024
4
PART I.  FINANCIAL INFORMATION
Item 1. Financial Statements.
Consolidated Statements of Earnings
GENERAL MILLS, INC. AND SUBSIDIARIES
(Unaudited) (In Millions, Except per Share Data)
Quarter Ended
Six-Month Period Ended
Nov. 23, 2025
Nov. 24, 2024
Nov. 23, 2025
Nov. 24, 2024
Net sales
$4,860.8
$5,240.1
$9,378.3
$10,088.2
Cost of sales
3,168.3
3,309.0
6,153.0
6,468.3
Selling, general, and administrative expenses
842.4
852.0
1,687.5
1,707.1
Divestitures gain
—
—
(1,054.4)
—
Restructuring, transformation, impairment, and other
  exit costs
122.1
1.2
138.4
3.4
Operating profit
728.0
1,077.9
2,453.8
1,909.4
Benefit plan non-service income
(15.7)
(13.8)
(30.8)
(27.7)
Interest, net
125.9
124.6
258.7
248.2
Earnings before income taxes and after-tax (loss) earnings
  from joint ventures
617.8
967.1
2,225.9
1,688.9
Income taxes
143.9
194.8
554.8
352.2
After-tax (loss) earnings from joint ventures
(59.6)
30.0
(52.8)
49.2
Net earnings, including earnings attributable to
noncontrolling interests
414.3
802.3
1,618.3
1,385.9
Net earnings attributable to noncontrolling interests
1.3
6.6
1.1
10.3
Net earnings attributable to General Mills
$413.0
$795.7
$1,617.2
$1,375.6
Earnings per share – basic
$0.78
$1.43
$3.00
$2.46
Earnings per share – diluted
$0.78
$1.42
$3.00
$2.45
See accompanying notes to consolidated financial statements.
5
Consolidated Statements of Comprehensive Income
GENERAL MILLS, INC. AND SUBSIDIARIES
(Unaudited) (In Millions)
Quarter Ended
Six-Month Period Ended
Nov. 23, 2025
Nov. 24, 2024
Nov. 23, 2025
Nov. 24, 2024
Net earnings, including earnings attributable to
noncontrolling interests
$414.3
$802.3
$1,618.3
$1,385.9
Other comprehensive income (loss), net of tax:
Foreign currency translation
12.4
28.8
(52.3)
(33.1)
Net actuarial loss
—
—
(7.5)
—
Other fair value changes:
Hedge derivatives
3.1
9.2
8.1
3.2
Reclassification to earnings:
Hedge derivatives
(4.7)
1.7
(3.9)
1.7
Amortization of losses and prior service costs
17.0
11.7
28.4
23.3
Other comprehensive income (loss), net of tax
27.8
51.4
(27.2)
(4.9)
Total comprehensive income
442.1
853.7
1,591.1
1,381.0
Comprehensive income attributable to             
noncontrolling interests
0.8
5.3
1.1
9.5
Comprehensive income attributable to General Mills
$441.3
$848.4
$1,590.0
$1,371.5
See accompanying notes to consolidated financial statements.
6
Consolidated Balance Sheets
GENERAL MILLS, INC. AND SUBSIDIARIES
(In Millions, Except Par Value)
Nov. 23, 2025
May 25, 2025
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$683.4
$363.9
Receivables
1,892.6
1,795.9
Inventories
2,051.5
1,910.8
Prepaid expenses and other current assets
443.6
464.7
Assets held for sale
—
740.4
Total current assets
5,071.1
5,275.7
Land, buildings, and equipment
3,514.4
3,632.6
Goodwill
15,601.5
15,622.4
Other intangible assets
7,022.6
7,081.4
Other assets
1,339.4
1,459.0
Total assets
$32,549.0
$33,071.1
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$3,934.1
$4,009.5
Current portion of long-term debt
1,557.8
1,528.4
Notes payable
16.8
677.0
Other current liabilities
2,204.2
1,624.0
Liabilities held for sale
—
18.4
Total current liabilities
7,712.9
7,857.3
Long-term debt
12,160.2
12,673.2
Deferred income taxes
2,085.4
2,100.8
Other liabilities
1,261.7
1,228.6
Total liabilities
23,220.2
23,859.9
Stockholders’ equity:
Common stock, 754.6 shares issued, $0.10 par value
75.5
75.5
Additional paid-in capital
1,170.9
1,218.8
Retained earnings
22,550.8
21,917.8
Common stock in treasury, at cost, shares of 221.0 and 212.2
(11,908.6)
(11,467.9)
Accumulated other comprehensive loss
(2,572.2)
(2,545.0)
Total stockholders’ equity
9,316.4
9,199.2
Noncontrolling interests
12.4
12.0
Total equity
9,328.8
9,211.2
Total liabilities and equity
$32,549.0
$33,071.1
See accompanying notes to consolidated financial statements.
7
Consolidated Statements of Total Equity
GENERAL MILLS, INC. AND SUBSIDIARIES
(Unaudited) (In Millions, Except per Share Data)
Quarter Ended
Nov. 23, 2025
Nov. 24, 2024
Shares
Amount
Shares
Amount
Total equity, beginning balance
$9,518.9
$9,526.6
Common stock, 1 billion shares authorized, $0.10 par value
754.6
75.5
754.6
75.5
Additional paid-in capital:
Beginning balance
1,107.1
1,164.6
Stock compensation plans
(8.8)
(4.1)
Unearned compensation related to stock unit awards
(1.4)
(4.6)
Earned compensation
24.0
26.1
Shares purchased
50.0
—
Ending balance
1,170.9
1,182.0
Retained earnings:
Beginning balance
22,791.1
21,213.9
Net earnings attributable to General Mills
413.0
795.7
Cash dividends declared ($1.22 and $1.20 per share)
(653.3)
(669.3)
Ending balance
22,550.8
21,340.3
Common stock in treasury:
Beginning balance
(219.9)
(11,866.6)
(198.8)
(10,601.9)
Shares purchased, including excise tax of $0.4 and     
$2.6 million
(1.3)
(50.5)
(4.2)
(303.0)
Stock compensation plans
0.2
8.5
0.6
31.6
Ending balance
(221.0)
(11,908.6)
(202.4)
(10,873.3)
Accumulated other comprehensive loss:
Beginning balance
(2,600.5)
(2,576.5)
Comprehensive income
28.3
52.7
Ending balance
(2,572.2)
(2,523.8)
Noncontrolling interests:
Beginning balance
12.3
251.0
Comprehensive income
0.8
5.3
Distributions to noncontrolling interest holders
(0.7)
(7.8)
Ending balance
12.4
248.5
Total equity, ending balance
$9,328.8
$9,449.2
See accompanying notes to consolidated financial statements.
8
Consolidated Statements of Total Equity
GENERAL MILLS, INC. AND SUBSIDIARIES
(Unaudited) (In Millions, Except per Share Data)
Six-Month Period Ended
Nov. 23, 2025
Nov. 24, 2024
Shares
Amount
Shares
Amount
Total equity, beginning balance
$9,211.2
$9,648.5
Common stock, 1 billion shares authorized, $0.10 par value
754.6
75.5
754.6
75.5
Additional paid-in capital:
Beginning balance
1,218.8
1,227.0
Stock compensation plans
(19.8)
(9.3)
Unearned compensation related to stock unit awards
(66.9)
(81.7)
Earned compensation
38.8
46.0
Ending balance
1,170.9
1,182.0
Retained earnings:
Beginning balance
21,917.8
20,971.8
Net earnings attributable to General Mills
1,617.2
1,375.6
Cash dividends declared ($1.83 and $1.80 per share)
(984.2)
(1,007.1)
Ending balance
22,550.8
21,340.3
Common stock in treasury:
Beginning balance
(212.2)
(11,467.9)
(195.5)
(10,357.9)
Shares purchased, including excise tax of $4.4 and     
$4.8 million
(10.0)
(504.5)
(8.7)
(605.2)
Stock compensation plans
1.2
63.8
1.8
89.8
Ending balance
(221.0)
(11,908.6)
(202.4)
(10,873.3)
Accumulated other comprehensive loss:
Beginning balance
(2,545.0)
(2,519.7)
Comprehensive loss
(27.2)
(4.1)
Ending balance
(2,572.2)
(2,523.8)
Noncontrolling interests:
Beginning balance
12.0
251.8
Comprehensive income
1.1
9.5
Distributions to noncontrolling interest holders
(0.7)
(12.8)
Ending balance
12.4
248.5
Total equity, ending balance
$9,328.8
$9,449.2
See accompanying notes to consolidated financial statements.
9
Consolidated Statements of Cash Flows
GENERAL MILLS, INC. AND SUBSIDIARIES
(Unaudited) (In Millions)
Six-Month Period Ended
Nov. 23, 2025
Nov. 24, 2024
Cash Flows - Operating Activities
Net earnings, including earnings attributable to noncontrolling interests
$1,618.3
$1,385.9
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization
276.7
269.1
After-tax loss (earnings) from joint ventures
52.8
(49.2)
Distributions of earnings from joint ventures
26.9
23.1
Stock-based compensation
39.3
46.6
Deferred income taxes
51.6
(11.5)
Pension and other postretirement benefit plan contributions
(13.0)
(15.2)
Pension and other postretirement benefit plan costs
(13.7)
(6.5)
Divestitures gain
(1,054.4)
—
Restructuring, transformation, impairment, and other exit costs (recoveries)
96.8
(0.9)
Changes in current assets and liabilities, excluding the effects of
  the acquisition and divestitures
55.1
172.3
Other, net
79.9
(39.0)
Net cash provided by operating activities
1,216.3
1,774.7
Cash Flows - Investing Activities
Purchases of land, buildings, and equipment
(253.1)
(301.2)
Acquisition, net of cash acquired
—
(7.7)
Proceeds from divestitures
1,803.4
—
Investments in affiliates, net
6.3
6.6
Proceeds from disposal of land, buildings, and equipment
2.4
0.9
Other, net
(20.1)
(4.5)
Net cash provided (used) by investing activities
1,538.9
(305.9)
Cash Flows - Financing Activities
Change in notes payable
(659.5)
254.3
Issuance of long-term debt
—
1,500.0
Payment of long-term debt
(581.0)
—
Proceeds from common stock issued on exercised options
0.3
33.8
Purchases of common stock for treasury
(500.1)
(600.4)
Dividends paid
(658.8)
(675.8)
Distributions to noncontrolling interest holders
(0.7)
(12.8)
Other, net
(34.4)
(77.0)
Net cash (used) provided by financing activities
(2,434.2)
422.1
Effect of exchange rate changes on cash and cash equivalents
(1.5)
(16.1)
Increase in cash and cash equivalents
319.5
1,874.8
Cash and cash equivalents - beginning of year
363.9
418.0
Cash and cash equivalents - end of period
$683.4
$2,292.8
Cash Flows from changes in current assets and liabilities, excluding the effects of
  the acquisition and divestitures:
Receivables
$(93.7)
$(109.3)
Inventories
(143.0)
(169.5)
Prepaid expenses and other current assets
22.8
83.4
Accounts payable
(18.2)
266.4
Other current liabilities
287.2
101.3
Changes in current assets and liabilities
$55.1
$172.3
See accompanying notes to consolidated financial statements.
10
GENERAL MILLS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(1) Background
The accompanying Consolidated Financial Statements of General Mills, Inc. (we, us, our, General Mills, or the Company) have been
prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information
and with the rules and regulations for reporting on Form 10-Q. Accordingly, they do not include certain information and disclosures
required for comprehensive financial statements. In the opinion of management, all adjustments considered necessary for a fair
presentation have been included and are of a normal recurring nature, including the elimination of all intercompany transactions.
Operating results for the fiscal quarter ended November 23, 2025, are not necessarily indicative of the results that may be expected for
the fiscal year ending May 31, 2026.
These statements should be read in conjunction with the Consolidated Financial Statements and footnotes included in our Annual
Report on Form 10-K for the fiscal year ended May 25, 2025. The accounting policies used in preparing these Consolidated Financial
Statements are the same as those described in Note 2 to the Consolidated Financial Statements in that Form 10-K.
Certain reclassifications to our previously reported financial information have been made to conform to the current period
presentation.
Certain terms used throughout this report are defined in the “Glossary” section below.
(2) Acquisition and Divestitures
During the first quarter of fiscal 2026, we completed the sale of our United States yogurt business to Groupe Lactalis S.A. and
recorded a pre-tax gain of $1,046.5 million.
During the third quarter of fiscal 2025, we completed the sale of our Canada yogurt business to Sodiaal International and recorded a
pre-tax gain of $95.9 million. In the first quarter of fiscal 2026, we recorded a sale price adjustment that resulted in a $7.9 million
increase to the pre-tax gain.
During the third quarter of fiscal 2025, we acquired NX Pet Holding, Inc., representing Whitebridge Pet Brands’ North American
premium cat feeding and pet treating business, for a purchase price of $1.4 billion (Whitebridge Pet Brands acquisition). We financed
the transaction with cash on hand and new debt. We consolidated Whitebridge Pet Brands into our Consolidated Balance Sheets and
recorded goodwill of $1,086.7 million, an indefinite-lived intangible asset for the Tiki Pets brand totaling $289.0 million, and a finite-
lived customer relationship asset of $31.0 million. The goodwill is included in the North America Pet segment and is not deductible
for tax purposes. The pro forma effects of this acquisition were not material. We have conducted a preliminary assessment of the fair
value of the acquired assets and liabilities of the business and we are continuing our review of these items during the measurement
period. If new information is obtained about facts and circumstances that existed at the acquisition date, the acquisition accounting
will be revised to reflect the resulting adjustments to current estimates of those items.  The consolidated results are reported in our
North America Pet operating segment on a one-month lag. In the second quarter of fiscal 2026, we recorded adjustments to certain
purchase accounting liabilities upon finalization of income tax returns that resulted in a $32.5 million decrease to goodwill.
(3) Restructuring, Transformation, Impairment, and Other Exit Costs
Restructuring, transformation, and impairment charges were as follows:
Quarter Ended
Six-Month Period Ended
In Millions
Nov. 23, 2025
Nov. 24, 2024
Nov. 23, 2025
Nov. 24, 2024
Other intangible asset impairment
$52.9
$—
$52.9
$—
Supply chain actions
50.3
—
50.3
—
Charges associated with restructuring and transformation actions
  previously announced
21.9
1.3
40.2
4.2
Total
$125.1
$1.3
$143.4
$4.2
In the second quarter of fiscal 2026, we recorded a $52.9 million non-cash impairment charge related to our Uncle Toby's brand
intangible asset. Please see Note 4 for additional information.
In the second quarter of fiscal 2026, we approved a multi-year organizational initiative to increase the competitiveness of our supply
chain. We expect to incur approximately $82 million of restructuring charges, of which approximately $17 million will be cash. These
charges are expected to consist of approximately $64 million of asset write-offs and $18 million of other costs, including severance.
11
We recognized $45.4 million of asset write-offs, including $42.5 million of impairment, and $4.9 million of severance and other
benefit costs in the second quarter of fiscal 2026. The non-cash asset impairment charges to write down certain long-lived assets to
their fair value were based on recently reported transactions for similar assets in the marketplace. We expect these actions to be
completed by the end of fiscal 2029.
We recorded $21.9 million of restructuring and transformation charges in the second quarter of fiscal 2026 and $40.2 million of
restructuring and transformation charges in the six-month period ended November 23, 2025, related to restructuring and
transformation actions previously announced. We recorded $1.3 million of restructuring charges in the second quarter of fiscal 2025
and $4.2 million of restructuring charges in the six-month period ended November 24, 2024, related to restructuring actions previously
announced. We expect these actions to be completed by the end of fiscal 2028.
We paid net $46.6 million of cash in the six-month period ended November 23, 2025, related to restructuring and transformation
actions. We paid net $5.1 million of cash in the same period of fiscal 2025.
Restructuring, transformation, and impairment charges are recorded in our Consolidated Statements of Earnings as follows:
Quarter Ended
Six-Month Period Ended
In Millions
Nov. 23, 2025
Nov. 24, 2024
Nov. 23, 2025
Nov. 24, 2024
Restructuring, transformation, impairment, and other exit costs
$122.1
$1.2
$138.4
$3.4
Cost of sales
3.0
0.1
5.0
0.8
Total restructuring, transformation, and impairment charges
$125.1
$1.3
$143.4
$4.2
The roll forward of our restructuring, transformation, and other exit cost reserves, included in other current liabilities, is as follows:
In Millions
Total
Reserve balance as of May 25, 2025
$77.1
Fiscal 2026 charges, including foreign currency translation
4.8
Utilized in fiscal 2026
(19.4)
Reserve balance as of Nov. 23, 2025
$62.5
The restructuring, transformation, and other exit cost reserves balance as of November 23, 2025, is primarily related to severance
costs. The charges recognized in the roll forward of our reserves for restructuring, transformation, and other exit costs do not include
items charged directly to expense (e.g., asset write-offs, asset impairment charges, and the gain or loss on the sale of restructured
assets) and other periodic exit costs recognized as incurred, as those items are not reflected in our restructuring, transformation, and
other exit cost reserves on our Consolidated Balance Sheets.
(4) Goodwill and Other Intangible Assets
The components of goodwill and other intangible assets are as follows:
In Millions
Nov. 23, 2025
May 25, 2025
Goodwill
$15,601.5
$15,622.4
Other intangible assets:
Intangible assets not subject to amortization:
Brands and other indefinite-lived intangibles
6,767.9
6,816.7
Intangible assets subject to amortization:
Customer relationships and other finite-lived intangibles
421.2
420.9
Less accumulated amortization
(166.5)
(156.2)
Intangible assets subject to amortization, net
254.7
264.7
Other intangible assets
7,022.6
7,081.4
Total
$22,624.1
$22,703.8
Based on the carrying value of finite-lived intangible assets as of November 23, 2025, annual amortization expense for each of the
next five fiscal years is estimated to be approximately $20 million.
12
The changes in the carrying amount of goodwill during the six-month period ended November 23, 2025, were as follows:
In Millions
North
America
Retail
North
America
Pet
North
America
Foodservice
International
(a)
Corporate
and Joint
Ventures
Total
Balance as of May 25, 2025
$6,323.5
$7,149.5
$755.5
$951.7
$442.2
$15,622.4
Purchase accounting adjustment
—
(32.5)
—
—
—
(32.5)
Other activity, primarily
  foreign currency translation
(2.8)
—
(0.1)
9.0
5.5
11.6
Balance as of Nov. 23, 2025
$6,320.7
$7,117.0
$755.4
$960.7
$447.7
$15,601.5
(a)The carrying amounts of goodwill within the International segment as of May 25, 2025, and November 23, 2025, were net of
accumulated impairment losses of $117.1 million. For additional information, see Note 6 to the Consolidated Financial Statements
included in our Annual Report on Form 10-K for the fiscal year ended May 25, 2025.
The changes in the carrying amount of other intangible assets during the six-month period ended November 23, 2025, were as follows:
In Millions
Total
Balance as of May 25, 2025
$7,081.4
Impairment charge
(52.9)
Other activity, primarily amortization and foreign currency translation
(5.9)
Balance as of Nov. 23, 2025
$7,022.6
Our annual goodwill and indefinite-lived intangible assets impairment test was performed on the first day of the second quarter of
fiscal 2026. As a result of lower future sales and profitability projections for the business supporting our Uncle Toby’s brand
intangible asset, we determined that the fair value of the brand intangible asset no longer exceeded its carrying value and recorded a
$52.9 million non-cash impairment charge. We recorded the impairment charge in restructuring, transformation, impairment, and other
exit costs in our Consolidated Statements of Earnings. Our estimate of the fair value was determined based on a discounted cash flow
model using inputs which included our long-range cash flow projections for the business, the royalty rate, the weighted-average cost
of capital rate, and the tax rate. The fair value is a Level 3 asset in the fair value hierarchy.
All other intangible asset fair values were substantially in excess of the carrying values. In addition, while having significant coverage
as of our fiscal 2026 assessment date, the Progresso, Nudges, True Chews, and Kitano brand intangible assets had risk of decreasing
coverage. We will continue to monitor these businesses for potential impairment.
(5) Inventories
The components of inventories were as follows:
In Millions
Nov. 23, 2025
May 25, 2025
Finished goods
$2,078.9
$1,883.9
Raw materials and packaging
458.8
460.0
Grain
105.5
112.5
Excess of FIFO over LIFO cost
(591.7)
$(545.6)
Total
$2,051.5
$1,910.8
(6) Risk Management Activities
Many commodities we use in the production and distribution of our products are exposed to market price risks. We utilize derivatives
to manage price risk for our principal ingredients and energy costs, including grains (oats, wheat, and corn), oils (principally soybean),
dairy products, natural gas, and diesel fuel. Our primary objective when entering into these derivative contracts is to achieve certainty
with regard to the future price of commodities purchased for use in our supply chain. We manage our exposures through a
combination of purchase orders, long-term contracts with suppliers, exchange-traded futures and options, and over-the-counter options
and swaps. We offset our exposures based on current and projected market conditions and generally seek to acquire the inputs at as
close as possible to or below our planned cost.
We use derivatives to manage our exposure to changes in commodity prices. We do not perform the assessments required to achieve
hedge accounting for commodity derivative positions. Accordingly, the changes in the values of these derivatives are recorded in cost
of sales in our Consolidated Statements of Earnings.
13
Although we do not meet the criteria for cash flow hedge accounting, we believe that these instruments are effective in achieving our
objective of providing certainty in the future price of commodities purchased for use in our supply chain. Accordingly, for purposes of
measuring segment operating performance, these gains and losses are reported in unallocated corporate items outside of segment
operating results until such time that the exposure we are managing affects earnings. At that time, we reclassify the gain or loss from
unallocated corporate items to segment operating profit, allowing our operating segments to realize the economic effects of the
derivative without experiencing any resulting mark-to-market volatility, which remains in unallocated corporate items.
Unallocated corporate items for the quarters and six-month periods ended November 23, 2025, and November 24, 2024, included:
Quarter Ended
Six-Month Period Ended
In Millions
Nov. 23, 2025
Nov. 24, 2024
Nov. 23, 2025
Nov. 24, 2024
Net (loss) gain on mark-to-market valuation of certain
commodity positions
$(4.8)
$3.4
$(5.3)
$(34.3)
Net loss (gain) on commodity positions reclassified from
unallocated corporate items to segment operating profit
1.2
19.1
(0.2)
36.3
Net mark-to-market revaluation of certain grain inventories
7.6
6.9
1.0
(1.4)
Net mark-to-market valuation of certain commodity
positions recognized in unallocated corporate items
$4.0
$29.4
$(4.5)
$0.6
As of November 23, 2025, the net notional value of commodity derivatives was $143.5 million, of which $79.1 million related to
energy inputs and $64.4 million related to agricultural inputs. These contracts relate to inputs that generally will be utilized within the
next 12 months.
We also have net investments in foreign subsidiaries that are denominated in euros. As of November 23, 2025, we hedged a portion of
these investments with €4,243.3 million of euro-denominated bonds.
During the fourth quarter of fiscal 2025, we entered into a €750.0 million notional amount interest rate swap to convert our €750.0
million fixed-rate notes due April 17, 2032, to a floating rate.
During the second quarter of fiscal 2025, in advance of planned debt financing, we entered into $350.0 million of treasury locks. The
treasury locks were terminated during the second quarter of fiscal 2025, in conjunction with the Company’s issuance of $750.0 million
of fixed-rate notes due January 30, 2035. Upon termination, a gain of $0.1 million was recognized in AOCI and will be amortized
through interest expense over the respective term of the debt.
During the second quarter of fiscal 2025, we entered into a $750.0 million notional amount interest rate swap to convert our $750.0
million of fixed-rate notes due January 30, 2030, to a floating rate.
During the second quarter of fiscal 2025, our $500.0 million notional amount interest rate swap to convert our $500.0 million of fixed-
rate notes due November 18, 2025 to a floating rate was called by the counterparty prior to the maturity date. The previously existing
swap was designated as a fair value hedge, and concurrent with the swap being called, we ceased recording market value adjustments
to the associated hedged debt.
The fair values of the derivative positions used in our risk management activities and other assets recorded at fair value were not
material as of November 23, 2025, and were Level 1 or Level 2 assets and liabilities in the fair value hierarchy. We did not
significantly change our valuation techniques from prior periods.
We offer certain suppliers access to third-party services that allow them to view our scheduled payments online. The third-party
services also allow suppliers to finance advances on our scheduled payments at the sole discretion of the supplier and the third party.
We have no economic interest in these financing arrangements and no direct relationship with the suppliers, the third parties, or any
financial institutions concerning these services, including not providing any form of guarantee and not pledging assets as security to
the third parties or financial institutions. All of our accounts payable remain as obligations to our suppliers as stated in our supplier
agreements. As of November 23, 2025, $1,460.1 million of our total accounts payable were payable to suppliers who utilize these
third-party services. As of May 25, 2025, $1,427.5 million of our total accounts payable were payable to suppliers who utilize these
third-party services.
14
(7) Debt
The components of notes payable and their respective weighted-average interest rates were as follows:
Nov. 23, 2025
May 25, 2025
In Millions
Notes Payable
Weighted-
Average
Interest Rate
Notes Payable
Weighted-
Average
Interest Rate
U.S. commercial paper
$—
—%
$669.4
4.5%
Financial institutions
16.8
6.0
7.6
5.8
Total
$16.8
6.0%
$677.0
4.5%
To ensure availability of funds, we maintain bank credit lines and have commercial paper programs available to us in the United States
and Europe.
The following table details the credit facilities and lines of credit we had available as of November 23, 2025:
In Millions
Borrowing
Capacity
Borrowed
Amount
Committed credit facility expiring October 2029
$2,700.0
$—
Uncommitted credit facilities and lines of credit
771.8
16.8
Total
$3,471.8
$16.8
The credit facilities contain covenants, including a requirement to maintain a fixed charge coverage ratio of at least 2.5 times. We were
in compliance with all credit facility covenants as of November 23, 2025.
Long-Term Debt
The fair values and carrying amounts of long-term debt, including the current portion, were $13,390.1 million and $13,718.0 million,
respectively, as of November 23, 2025. The fair value of long-term debt was estimated using market quotations and discounted cash
flows based on our current incremental borrowing rates for similar types of instruments. Long-term debt is a Level 2 liability in the
fair value hierarchy.
In the second quarter of fiscal 2026, we repaid €500.0 million of 0.125 percent fixed-rate notes due November 15, 2025, with cash on
hand.
In the fourth quarter of fiscal 2025, we issued €750.0 million of 3.6 percent fixed-rate notes due April 17, 2032. We used the net
proceeds to repay $800.0 million of 4.0 percent fixed-rate notes due April 17, 2025 and a portion of our outstanding commercial
paper, as well as for general corporate purposes.
In the third quarter of fiscal 2025, we repaid $500.0 million of 5.241 percent fixed-rate notes due November 18, 2025, using proceeds
from the issuance of commercial paper.
In the second quarter of fiscal 2025, we issued $750.0 million of 4.875 percent fixed-rate notes due January 30, 2030. We used the net
proceeds to fund the Whitebridge Pet Brands acquisition.
In the second quarter of fiscal 2025, we issued $750.0 million of 5.25 percent fixed-rate notes due January 30, 2035. We used the net
proceeds to fund the Whitebridge Pet Brands acquisition.
In the second quarter of fiscal 2025, we issued €250.0 million of floating-rate notes due April 22, 2026. We used the net proceeds to
repay €250.0 million of floating-rate notes due November 8, 2024.
In the second quarter of fiscal 2025, we issued €500.0 million of floating-rate notes due October 22, 2026. We used the net proceeds to
repay €500.0 million of floating-rate notes due November 8, 2024.
Certain of our long-term debt agreements contain restrictive covenants. As of November 23, 2025, we were in compliance with all of
these covenants.
15
(8) Noncontrolling Interest
During the fourth quarter of fiscal 2025, we purchased the outstanding General Mills Cereals, LLC (GMC) Class A limited
membership interests (GMC Class A Interests) from the third-party holder for $252.8 million. The GMC Class A Interests represented
our principal noncontrolling interest. The third-party holder of the GMC Class A Interests received quarterly preferred distributions
from available net income based on the application of a floating preferred return rate to the holder’s capital account balance
established in the most recent mark-to-market valuation. On June 1, 2024, the floating preferred return rate was reset to the sum of the
three-month Term SOFR plus 261 basis points.
(9) Stockholders’ Equity
The following tables provide details of total comprehensive income:
Quarter Ended
Quarter Ended
Nov. 23, 2025
Nov. 24, 2024
General Mills
Noncontrolling
Interests
General Mills
Noncontrolling
Interests
In Millions
Pretax
Tax
Net
Net
Pretax
Tax
Net
Net
Net earnings, including earnings
attributable to noncontrolling interests
$413.0
$1.3
$795.7
$6.6
Other comprehensive income (loss):
Foreign currency translation
$34.8
$(21.9)
12.9
(0.5)
$100.9
$(70.8)
30.1
(1.3)
Other fair value changes:
Hedge derivatives
4.0
(0.9)
3.1
—
11.8
(2.6)
9.2
—
Reclassification to earnings:
Hedge derivatives (a)
(4.1)
(0.6)
(4.7)
—
1.2
0.5
1.7
—
Amortization of losses and
    prior service costs (b)
21.2
(4.2)
17.0
—
14.6
(2.9)
11.7
—
Other comprehensive income (loss)
$55.9
$(27.6)
28.3
(0.5)
$128.5
$(75.8)
52.7
(1.3)
Total comprehensive income
$441.3
$0.8
$848.4
$5.3
(a)(Gain) loss reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and selling, general, and administrative (SG&A) expenses for
foreign exchange contracts.
(b)Loss reclassified from AOCI into earnings is reported in benefit plan non-service income. In the second quarter of fiscal 2026, a $6.7 million loss related to a curtailment was reclassified
from AOCI into earnings and is reported in Restructuring, transformation, impairment and other exit costs in our Consolidated Statements of Earnings.
Six-Month Period Ended
Six-Month Period Ended
Nov. 23, 2025
Nov. 24, 2024
General Mills
Noncontrolling
Interests
General Mills
Noncontrolling
Interests
In Millions
Pretax
Tax
Net
Net
Pretax
Tax
Net
Net
Net earnings, including earnings
attributable to noncontrolling interests
$1,617.2
$1.1
$1,375.6
$10.3
Other comprehensive (loss) income:
Foreign currency translation
$(69.3)
$17.0
(52.3)
—
$7.0
$(39.3)
(32.3)
(0.8)
Net actuarial loss
(7.5)
—
(7.5)
—
—
—
—
—
Other fair value changes:
Hedge derivatives
10.2
(2.1)
8.1
—
4.3
(1.1)
3.2
—
Reclassification to earnings:
Hedge derivatives (a)
(3.2)
(0.7)
(3.9)
—
0.8
0.9
1.7
—
Amortization of losses and
  prior service costs (b)
35.8
(7.4)
28.4
—
29.1
(5.8)
23.3
—
Other comprehensive loss
$(34.0)
$6.8
(27.2)
—
$41.2
$(45.3)
(4.1)
(0.8)
Total comprehensive income
$1,590.0
$1.1
$1,371.5
$9.5
(a)(Gain) loss reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and selling, general, and administrative (SG&A) expenses for
foreign exchange contracts.
(b)Loss reclassified from AOCI into earnings is reported in benefit plan non-service income. In the second quarter of fiscal 2026, a $6.7 million loss related to a curtailment was reclassified
from AOCI into earnings and is reported in Restructuring, transformation, impairment and other exit costs in our Consolidated Statements of Earnings.
16
Accumulated other comprehensive loss balances, net of tax effects, were as follows:
In Millions
Nov. 23, 2025
May 25, 2025
Foreign currency translation adjustments
$(929.0)
$(876.7)
Unrealized loss from hedge derivatives
(3.2)
(7.4)
Pension, other postretirement, and postemployment benefits:
Net actuarial loss
(1,697.9)
(1,726.8)
Prior service credits
57.9
65.9
Accumulated other comprehensive loss
$(2,572.2)
$(2,545.0)
(10) Stock Plans
We have various stock-based compensation programs under which awards, including stock options, restricted stock, restricted stock
units, and performance awards, may be granted to employees and non-employee directors. These programs and related accounting are
described in Note 12 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended
May 25, 2025.
Compensation expense related to stock-based payments recognized in the Consolidated Statements of Earnings was as follows:
Quarter Ended
Six-Month Period Ended
In Millions
Nov. 23, 2025
Nov. 24, 2024
Nov. 23, 2025
Nov. 24, 2024
Compensation expense related to stock-based payments
$24.2
$26.3
$39.3
$46.6
Compensation expense related to stock-based payments recognized in the Consolidated Statements of Earnings includes amounts
recognized in restructuring, transformation, impairment, and other exit costs in fiscal 2026.
(Shortfall) windfall tax benefits from stock-based payments in income tax expense in our Consolidated Statements of Earnings were as
follows:
Quarter Ended
Six-Month Period Ended
In Millions
Nov. 23, 2025
Nov. 24, 2024
Nov. 23, 2025
Nov. 24, 2024
(Shortfall) windfall tax benefits from
  stock-based payments
$(0.1)
$2.0
$(1.6)
$4.8
As of November 23, 2025, unrecognized compensation expense related to non-vested stock options, restricted stock units, and
performance share units was $158.8 million. This expense will be recognized over 26 months on average.
Net cash proceeds from the exercise of stock options less shares used for withholding taxes and the intrinsic value of options exercised
were as follows:
Six-Month Period Ended
In Millions
Nov. 23, 2025
Nov. 24, 2024
Net cash proceeds
$0.3
$33.8
Intrinsic value of options exercised
$—
$10.0
We estimate the fair value of each option on the grant date using a Black-Scholes option-pricing model, which requires us to make
predictive assumptions regarding future stock price volatility, employee exercise behavior, dividend yield, and the forfeiture rate. We
estimate our future stock price volatility using the historical volatility over the expected term of the option, excluding time periods of
volatility we believe a marketplace participant would exclude in estimating our stock price volatility. We also have considered, but did
not use, implied volatility in our estimate, because trading activity in options on our stock, especially those with tenors of greater than
6 months, is insufficient to provide a reliable measure of expected volatility. Our method of selecting the other valuation assumptions
is explained in Note 12 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year
ended May 25, 2025.
17
The estimated fair values of stock options granted and the assumptions used for the Black-Scholes option-pricing model were as
follows:
Six-Month Period Ended
Nov. 23, 2025
Nov. 24, 2024
Estimated fair values of stock options granted
$9.45
$13.26
Assumptions:
Risk-free interest rate
4.2%
4.5%
Expected term
8.0 years
8.5 years
Expected volatility
22.3%
21.6%
Dividend yield
4.7%
3.8%
The total grant date fair value of restricted stock unit awards that vested during the period was as follows:
Six-Month Period Ended
In Millions
Nov. 23, 2025
Nov. 24, 2024
Total grant date fair value
$107.1
$97.0
(11) Earnings Per Share
Basic and diluted earnings per share (EPS) were calculated using the following:
Quarter Ended
Six-Month Period Ended
In Millions, Except per Share Data
Nov. 23, 2025
Nov. 24, 2024
Nov. 23, 2025
Nov. 24, 2024
Net earnings attributable to General Mills
$413.0
$795.7
$1,617.2
$1,375.6
Average number of common shares – basic EPS
536.4
556.9
538.8
558.7
Incremental share effect from: (a)
Stock options
0.1
1.9
0.2
1.7
Restricted stock units and performance share units
0.8
1.6
1.0
1.8
Average number of common shares – diluted EPS
537.3
560.4
540.0
562.2
Earnings per share – basic
$0.78
$1.43
$3.00
$2.46
Earnings per share – diluted
$0.78
$1.42
$3.00
$2.45
(a)Incremental shares from stock options, restricted stock units, and performance share units are computed by the treasury stock
method. Stock options, restricted stock units, and performance share units excluded from our computation of diluted EPS because
they were not dilutive were as follows:
Quarter Ended
Six-Month Period Ended
In Millions
Nov. 23, 2025
Nov. 24, 2024
Nov. 23, 2025
Nov. 24, 2024
Anti-dilutive stock options, restricted stock units,
and performance share units
12.5
3.1
11.6
3.2
(12) Share Repurchases
Share repurchases were as follows:
Quarter Ended
Six-Month Period Ended
In Millions
Nov. 23, 2025
Nov. 24, 2024
Nov. 23, 2025
Nov. 24, 2024
Shares of common stock
1.3
4.2
10.0
8.7
Aggregate purchase price
$50.5
$303.0
$504.5
$605.2
During the first quarter of fiscal 2026, we entered into two accelerated share repurchase (ASR) agreements with an unrelated third-
party financial institution to repurchase an aggregate of $500.0 million of our shares of common stock. Under the ASR agreements, we
paid an aggregate of $500.0 million and received an initial delivery of 7.5 million shares of our common stock in the first quarter of
fiscal 2026. The value of the initial shares delivered under the ASR agreements in the first quarter of fiscal 2026 represented 80
percent of the aggregate purchase price, with a fair value of $400.0 million.
18
The first ASR agreement was settled in the first quarter of fiscal 2026 with a final delivery of 1.2 million additional shares. The second
ASR agreement was settled in the second quarter of fiscal 2026 with a final delivery of 1.3 million additional shares. We received a
total of 10.0 million shares at an average price of $49.92, not including costs of execution or excise tax, under the ASR agreements.
In the first quarter of fiscal 2026, we recorded the transactions under the ASR agreements on our Consolidated Balance Sheets as an
increase in treasury stock of $450.0 million and a decrease in additional paid-in capital of $50.0 million. Upon completion of the ASR
agreements in the second quarter of fiscal 2026, we reclassified $50.0 million from additional paid-in capital to treasury stock on our
Consolidated Balance Sheets.
(13) Statements of Cash Flows
Our Consolidated Statements of Cash Flows include the following:
Six-Month Period Ended
In Millions
Nov. 23, 2025
Nov. 24, 2024
Net cash interest payments
$268.8
$139.6
Net income tax payments
$231.7
$252.1
(14) Retirement and Postemployment Benefits
Components of net periodic benefit expense (income) are as follows:
Defined Benefit
Pension Plans
Other Postretirement
Benefit Plans
Postemployment
Benefit Plans
Quarter Ended
Quarter Ended
Quarter Ended
In Millions
Nov. 23,
2025
Nov. 24,
2024
Nov. 23,
2025
Nov. 24,
2024
Nov. 23,
2025
Nov. 24,
2024
Service cost
$10.4
$12.9
$0.6
$1.1
$1.7
$1.7
Interest cost
72.8
76.7
4.2
5.3
0.9
1.0
Expected return on plan assets
(101.3)
(105.0)
(8.4)
(8.9)
—
—
Amortization of losses (gains)
26.2
24.9
(6.5)
(5.1)
—
0.2
Amortization of prior service
  costs (credits)
0.3
0.4
(5.3)
(5.6)
(0.2)
(0.2)
Other adjustments
—
—
—
—
2.1
2.5
Curtailment loss (gain)
6.7
—
(0.5)
—
—
—
Net expense (income)
$15.1
$9.9
$(15.9)
$(13.2)
$4.5
$5.2
Defined Benefit
Pension Plans
Other Postretirement
Benefit Plans
Postemployment
Benefit Plans
Six-Month Period Ended
Six-Month Period Ended
Six-Month Period Ended
In Millions
Nov. 23,
2025
Nov. 24,
2024
Nov. 23,
2025
Nov. 24,
2024
Nov. 23,
2025
Nov. 24,
2024
Service cost
$20.9
$25.9
$1.2
$2.2
$3.4
$3.5
Interest cost
145.7
153.4
8.4
10.6
1.8
2.0
Expected return on plan assets
(202.6)
(210.0)
(16.8)
(17.9)
—
—
Amortization of losses (gains)
52.5
50.0
(13.0)
(10.3)
0.1
0.3
Amortization of prior service
  costs (credits)
0.6
0.7
(10.6)
(11.1)
(0.5)
(0.5)
Other adjustments
—
—
—
—
4.1
5.1
Curtailment loss (gain)
6.7
—
(0.5)
—
—
—
Net expense (income)
$23.8
$20.0
$(31.3)
$(26.5)
$8.9
$10.4
(15) Income Taxes
On July 4, 2025, legislation known as the One Big Beautiful Bill Act (OBBBA) was signed into law. The OBBBA makes changes to
the United States corporate income tax system, including, among other provisions, the immediate expensing of research and
19
development expenditures, and 100 percent bonus depreciation on qualified property. The impacts of the OBBBA are reflected in our
results for the six-month period ended November 23, 2025, and there was no material impact to our income tax expense. As of the six-
month period ended November 23, 2025, we expect certain provisions of the OBBBA will change the timing of cash tax payments in
the current fiscal year and future periods.
In December 2021, the Organization for Economic Cooperation and Development (OECD) established a framework, referred to as
Pillar 2, designed to ensure large multinational enterprises pay a minimum 15 percent level of tax on the income arising in each
jurisdiction in which they operate. Numerous countries have already enacted the OECD model rules effective for taxable years
beginning after December 31, 2023, which for us was fiscal 2025. There was no material impact on our consolidated financial
statements. Several other countries have enacted or drafted legislation that is not yet effective for us, and we do not expect this
legislation to have a material impact on our consolidated financial statements. We will continue to monitor for new legislation and
guidance and evaluate potential impact on our consolidated financial statements.
During the second quarter of fiscal 2024, we received a notice of proposed adjustment from the Internal Revenue Service associated
with a capital loss from fiscal 2019. We believe that we have meritorious defenses against this assessment and will vigorously defend
our position. We do not expect the resolution of the proposed adjustment to have a material impact on our financial position or
liquidity.
(16) Business Segment and Geographic Information
We operate in the packaged foods industry. Our operating segments are as follows: North America Retail, International, North
America Pet, and North America Foodservice. 
Our North America Retail operating segment reflects business with a wide variety of grocery stores, mass merchandisers, membership
stores, natural food chains, drug, dollar and discount chains, convenience stores, and e-commerce grocery providers. Our product
categories in this business segment include ready-to-eat cereals, soup, meal kits, refrigerated and frozen dough products, dessert and
baking mixes, frozen pizza and pizza snacks, snack bars, fruit snacks, savory snacks, and a wide variety of organic products including
ready-to-eat cereal, frozen and shelf-stable vegetables, meal kits, fruit snacks, and snack bars.
Our International operating segment consists of retail and foodservice businesses outside of the United States and Canada. Our product
categories include super-premium ice cream and frozen desserts, meal kits, salty snacks, snack bars, dessert and baking mixes, shelf-
stable vegetables, and pet food products. We also sell super-premium ice cream and frozen desserts directly to consumers through
owned retail shops. Our International segment also includes products manufactured in the United States for export, mainly to
Caribbean and Latin American markets, as well as products we manufacture for sale to our international joint ventures. Revenues from
export activities are reported in the region or country where the end customer is located.
Our North America Pet operating segment includes pet food products sold primarily in the United States and Canada in national pet
superstore chains, e-commerce retailers, grocery stores, regional pet store chains, mass merchandisers, and veterinary clinics and
hospitals. Our product categories include dog and cat food (dry foods, wet foods, fresh foods, and treats) made with whole meats,
fruits, vegetables, and other high-quality natural ingredients. Our tailored pet product offerings address specific dietary, lifestyle, and
life-stage needs and span different product types, diet types, breed sizes for dogs, life-stages, flavors, product functions, and textures
and cuts for wet and fresh foods.
Our North America Foodservice segment consists of foodservice businesses in the United States and Canada. Our major product
categories in our North America Foodservice operating segment are ready-to-eat cereals, snacks, frozen meals, unbaked and fully
baked frozen dough products, baking mixes, and bakery flour. Many products we sell are branded to the consumer and nearly all are
branded to our customers. We sell to distributors and operators in many customer channels including foodservice, vending, and
supermarket bakeries.
Our chief operating decision maker (CODM) is the Chairman of the Board and Chief Executive Officer. The CODM predominantly
uses segment operating profit in the annual planning process which includes segment operating profit performance targets. The
CODM assesses progress against performance targets by comparing segment operating profit actual-to-plan variances on a monthly
basis. The performance assessment completed by the CODM is used to determine whether resource allocations require adjustment and
contributes to the determination of incentive compensation.
Operating profit for these segments excludes unallocated corporate items, gain or loss on divestitures, and restructuring,
transformation, impairment, and other exit costs. Results from certain businesses managed by our Strategic Growth Office are
included within corporate and other net sales and unallocated corporate items within operating profit. Unallocated corporate items also
include corporate overhead expenses, variances to planned North American employee benefits and incentives, certain charitable
contributions, restructuring initiative project-related costs, gains and losses on corporate investments, and other items that are not part
of our measurement of segment operating performance. These include gains and losses arising from the revaluation of certain grain
20
inventories and gains and losses from mark-to-market valuation of certain commodity positions until passed back to our operating
segments. These items affecting operating profit are centrally managed at the corporate level and are excluded from the measure of
segment profitability reviewed by executive management. Under our supply chain organization, our manufacturing, warehouse, and
distribution activities are substantially integrated across our operations in order to maximize efficiency and productivity. As a result,
fixed assets and depreciation and amortization expenses are neither maintained nor available by operating segment.
Our operating segment results were as follows:
Quarter Ended November 23, 2025
North
America
Retail
International
North
America Pet
North
America
Foodservice
Total
Segment net sales
$2,883.3
$728.9
$660.4
$581.8
$4,854.4
Corporate and other net sales
6.4
Total net sales
$4,860.8
Cost of sales
1,794.7
541.3
394.2
433.5
Selling, general, and
  administrative expenses
406.3
159.2
143.1
43.5
Segment operating profit
$682.3
$28.4
$123.1
$104.8
$938.6
Unallocated corporate items
88.5
Restructuring, transformation,
  impairment, and other exit costs
122.1
Operating profit
$728.0
Quarter Ended November 24, 2024
North
America
Retail
International
North
America Pet
North
America
Foodservice
Total
Segment net sales
$3,321.5
$690.6
$595.8
$630.0
$5,237.9
Corporate and other net sales
2.2
Total net sales
$5,240.1
Cost of sales
2,023.9
520.5
341.6
466.6
Selling, general, and
  administrative expenses
435.3
146.3
114.9
44.9
Segment operating profit
$862.3
$23.8
$139.3
$118.5
$1,143.9
Unallocated corporate items
64.8
Restructuring, transformation,
  impairment, and other exit costs
1.2
Operating profit
$1,077.9
Six-Month Period Ended November 23, 2025
North
America
Retail
International
North
America Pet
North
America
Foodservice
Total
Segment net sales
$5,508.8
$1,489.1
$1,270.4
$1,098.5
$9,366.8
Corporate and other net sales
11.5
Total net sales
$9,378.3
Cost of sales
3,459.2
1,080.1
762.8
835.8
Selling, general, and
  administrative expenses
803.1
314.9
271.6
87.3
Segment operating profit
$1,246.5
$94.1
$236.0
$175.4
$1,752.0
Unallocated corporate items
214.2
Divestitures gain
(1,054.4)
Restructuring, transformation,
  impairment, and other exit costs
138.4
Operating profit
$2,453.8
21
Six-Month Period Ended November 24, 2024
North
America
Retail
International
North
America Pet
North
America
Foodservice
Total
Segment net sales
$6,338.1
$1,407.6
$1,171.9
$1,166.2
$10,083.8
Corporate and other net sales
4.4
Total net sales
$10,088.2
Cost of sales
3,860.3
1,068.8
679.7
887.7
Selling, general, and
  administrative expenses
869.8
294.1
233.5
88.5
Segment operating profit
$1,608.0
$44.7
$258.7
$190.0
$2,101.4
Unallocated corporate items
188.6
Restructuring, transformation,
  impairment, and other exit costs
3.4
Operating profit
$1,909.4
Net sales for our North America Retail operating units were as follows:
Quarter Ended
Six-Month Period Ended
In Millions
Nov. 23, 2025
Nov. 24, 2024
Nov. 23, 2025
Nov. 24, 2024
U.S. Meals & Baking Solutions
$1,312.8
$1,327.9
$2,234.2
$2,274.2
Big G Cereal & Canada (a)
779.5
1,150.5
1,646.4
2,310.3
U.S. Snacks
791.0
843.1
1,628.2
1,753.6
Total
$2,883.3
$3,321.5
$5,508.8
$6,338.1
(a) Upon completion of the United States yogurt business divestiture, the former U.S. Morning Foods and Canada operating units were
combined into a new Big G Cereal & Canada operating unit. Prior period amounts have been recast to conform to the current
period presentation. This did not result in a change to the composition of our reportable segments or information reviewed by our
CODM.
Net sales by class of similar products were as follows:
Quarter Ended
Six-Month Period Ended
In Millions
Nov. 23, 2025
Nov. 24, 2024
Nov. 23, 2025
Nov. 24, 2024
Snacks
$1,017.9
$1,055.0
$2,067.6
$2,161.8
Cereal
791.2
829.5
1,558.4
1,622.6
Convenient meals
827.0
795.1
1,477.8
1,474.0
Pet
698.7
623.8
1,341.7
1,228.4
Dough
720.9
722.6
1,236.0
1,240.4
Baking mixes and ingredients
556.0
577.2
1,004.0
1,034.3
Super-premium ice cream
175.8
163.6
397.2
376.5
Yogurt
—
377.8
102.0
749.7
Other
73.3
95.5
193.6
200.5
Total
$4,860.8
$5,240.1
$9,378.3
$10,088.2
22
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations.
INTRODUCTION
This Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) should be read in
conjunction with the MD&A included in our Annual Report on Form 10-K for the fiscal year ended May 25, 2025, for important
background regarding, among other things, our key business drivers. Significant trademarks and service marks used in our business
are set forth in italics herein. Certain terms used throughout this report are defined in the “Glossary” section below.
Our key priorities in fiscal 2026 are to return North America Retail to volume growth, accelerate North America Pet growth with an
expanded portfolio, and drive efficiencies to reinvest in growth. We expect category growth to be below our long-term projections,
reflecting less benefit from net price realization and mix amid a continued challenging consumer backdrop. To strengthen our
categories and market share performance, we plan to increase investment in consumer value, product news, innovation, and brand
building, guided by our remarkable experience framework. This included a significant strategic investment to launch Blue Buffalo into
the fast-growing United States fresh pet food sub-category in calendar 2025. We expect the combination of these growth investments,
input cost inflation, and normalization of corporate incentive will outpace expected Holistic Margin Management cost savings of 5
percent of cost of goods sold, savings from our global transformation initiative, and benefits from a 53rd week in fiscal 2026. In
addition, we expect the net impact of the divestitures of our North American yogurt businesses and the Whitebridge Pet Brands
acquisition will reduce adjusted operating profit growth by approximately 5 points in fiscal 2026.
CONSOLIDATED RESULTS OF OPERATIONS
Second Quarter Results
In the second quarter of fiscal 2026, net sales decreased 7 percent, including the net impact of the divestitures of our North American
yogurt businesses (Divestitures) and the acquisition of Whitebridge Pet Brands (Acquisition). Organic net sales decreased 1 percent
compared to the same period last year. Operating profit decreased 32 percent to $728 million, including the net impact of the
Divestitures and Acquisition, primarily driven by a decrease in contributions from volume growth, higher input costs, and higher
restructuring, transformation, and impairment charges, partially offset by favorable net price realization and mix. Operating profit
margin of 15.0 percent decreased 560 basis points. Adjusted operating profit of $848 million decreased 20 percent on a constant-
currency basis, including the net impact of the Divestitures and Acquisition, primarily driven by a decrease in contributions from
volume growth and higher input costs, partially offset by favorable net price realization and mix. Adjusted operating profit margin
decreased 290 basis points to 17.4 percent. Diluted earnings per share of $0.78 decreased 45 percent in the second quarter of fiscal
2026. Adjusted diluted earnings per share of $1.10 decreased 21 percent on a constant-currency basis compared to the second quarter
of fiscal 2025. See the “Non-GAAP Measures” section below for a description of our use of measures not defined by GAAP.
A summary of our consolidated financial results for the second quarter of fiscal 2026 follows:
Quarter Ended Nov. 23, 2025
In millions,
except per share
Quarter Ended
Nov. 23, 2025 vs.
Nov. 24, 2024
Percent
of Net
Sales
Constant-
Currency
Growth (a)
Net sales
$4,860.8
(7)%
Operating profit
728.0
(32)%
15.0%
Net earnings attributable to General Mills
413.0
(48)%
Diluted earnings per share
$0.78
(45)%
Organic net sales growth rate (a)
(1)%
Adjusted operating profit (a)
847.7
(20)%
17.4%
(20)%
Adjusted diluted earnings per share (a)
$1.10
(21)%
(21)%
(a)See the “Non-GAAP Measures” section below for our use of measures not defined by GAAP.
23
Consolidated net sales were as follows:
Quarter Ended
Nov. 23, 2025
Nov. 23, 2025 vs.
Nov. 24, 2024
Nov. 24, 2024
Net sales (in millions)
$4,860.8
(7)%
$5,240.1
Contributions from volume growth (a)
(9) pts
Net price realization and mix
1 pt
Foreign currency exchange
Flat
Note: Table may not foot due to rounding.
(a)Measured in tons based on the stated weight of our product shipments.
Net sales in the second quarter of fiscal 2026 decreased 7 percent compared to the same period in fiscal 2025, driven by a decrease in
contributions from volume growth, partially offset by favorable net price realization and mix, both of which include the net impact of
the Divestitures and Acquisition.
Components of organic net sales growth are shown in the following table:
Quarter Ended Nov. 23, 2025 vs.
Quarter Ended Nov. 24, 2024
Contributions from organic volume growth (a)
Flat
Organic net price realization and mix
(2) pts
Organic net sales growth
(1)  pt
Foreign currency exchange
Flat
Acquisition and divestitures
(6) pts
Net sales growth
(7) pts
Note: Table may not foot due to rounding.
(a)Measured in tons based on the stated weight of our product shipments.
Organic net sales decreased 1 percent in the second quarter of fiscal 2026 compared to the same period in fiscal 2025, driven by
unfavorable organic net price realization and mix.
Cost of sales decreased $141 million to $3,168 million in the second quarter of fiscal 2026, compared to the same period in fiscal
2025. The decrease was primarily driven by a $288 million decrease attributable to lower volume, partially offset by a $119 million
increase attributable to product rate and mix, both of which include the net impact of the Divestitures and Acquisition. We recorded a
$4 million net decrease in cost of sales related to the mark-to-market valuation of certain commodity positions and grain inventories in
the second quarter of fiscal 2026, compared to a $29 million net decrease in the second quarter of fiscal 2025. We recorded $3 million
of restructuring charges in cost of sales in the second quarter of fiscal 2026.
Selling, general, and administrative (SG&A) expenses decreased $10 million to $842 million in the second quarter of fiscal 2026,
compared to the same period in fiscal 2025, primarily driven by net favorable corporate investment activity. SG&A expenses as a
percent of net sales in the second quarter of fiscal 2026 increased 100 basis points compared to the second quarter of fiscal 2025.
Restructuring, transformation, impairment, and other exit costs totaled $122 million in the second quarter of fiscal 2026,
compared to $1 million in the same period last year. In the second quarter of fiscal 2026, we recorded a $53 million non-cash
impairment charge related to our Uncle Toby's brand intangible asset. We also approved a multi-year organizational initiative to
increase the competitiveness of our supply chain, and as a result, we recorded $47 million of charges in the second quarter of fiscal
2026. In addition, we recorded $22 million of restructuring and transformation charges in the second quarter of fiscal 2026 related to
actions previously announced (please refer to Note 3 to the Consolidated Financial Statements in Part I, Item 1 of this report).
Benefit plan non-service income totaled $16 million in the second quarter of fiscal 2026, compared to $14 million in the same period
last year, primarily driven by lower interest costs partially offset by lower expected return on plan assets.
Interest, net for the second quarter of fiscal 2026 totaled $126 million, up $1 million from the second quarter of fiscal 2025, primarily
driven by higher average long-term debt levels.
The effective tax rate for the second quarter of fiscal 2026 was 23.3 percent compared to 20.1 percent for the second quarter of fiscal
2025. The 3.2 percentage point increase was primarily due to unfavorable earnings mix by jurisdiction in fiscal 2026 and certain
nonrecurring discrete tax benefits in fiscal 2025. Our effective tax rate excluding certain items affecting comparability was 23.3
percent in the second quarter of fiscal 2026, compared to 20.1 percent in the same period last year (see the “Non-GAAP Measures”
24
section below for a description of our use of measures not defined by GAAP). The 3.2 percentage point increase was primarily due to
unfavorable earnings mix by jurisdiction in fiscal 2026 and certain nonrecurring discrete tax benefits in fiscal 2025.
The impacts of the OBBBA are reflected in our results for the quarter ended November 23, 2025, and there was no material impact to
our income tax expense. We expect certain provisions of the OBBBA will change the timing of cash tax payments in the current fiscal
year and future periods. Please refer to Note 15 to the Consolidated Financial Statements in Part I, Item 1 of the report for additional
information.
After-tax (loss) earnings from joint ventures for the second quarter of fiscal 2026 was a $60 million after-tax loss compared to
after-tax earnings from joint ventures of $30 million in the same period in fiscal 2025, primarily driven by our $85 million pre-tax
share of a non-cash goodwill impairment charge at Cereal Partners Worldwide (CPW) in fiscal 2026, as a result of downward
revisions of future sales and profitability estimates in the Australian market. On a constant-currency basis, after-tax loss from joint
ventures decreased 302 percent (see the “Non-GAAP Measures” section below for a description of our use of measures not defined by
GAAP).
The components of our joint ventures’ net sales growth are shown in the following table: 
Quarter Ended Nov. 23, 2025 vs.
Quarter Ended Nov. 24, 2024
CPW
HDJ (a)
Total
Contributions from volume growth (b)
(4) pts
(3) pts
Net price realization and mix
3  pts
3  pts
Net sales growth in constant currency
(1)  pt
Flat
(1) pt
Foreign currency exchange
3  pts
(2) pts
2 pts
Net sales growth
2  pts
(1)  pt
1  pt
(a)Häagen-Dazs Japan, Inc. (HDJ).
(b)See the “Non-GAAP Measures” section below for our use of measures not defined by GAAP.
Average diluted shares outstanding decreased by 23 million in the second quarter of fiscal 2026 from the same period a year ago
primarily due to share repurchases.
Six-Month Results
In the six-month period ended November 23, 2025, net sales decreased 7 percent, including the net impact of the Divestitures and
Acquisition. Organic net sales decreased 2 percent compared to the same period last year. Operating profit increased 29 percent to
$2,454 million, primarily driven by a divestiture gain related to the sale of our United States yogurt business and favorable net price
realization and mix, partially offset by a decrease in contributions from volume growth, higher input costs, and higher restructuring,
transformation, and impairment charges. Operating profit margin of 26.2 percent increased 730 basis points compared to the same
period last year. Adjusted operating profit of $1,559 million decreased 19 percent on a constant-currency basis, including the net
impact of the Divestitures and Acquisition, primarily driven by a decrease in contributions from volume growth and higher input costs,
partially offset by favorable net price realization and mix. Adjusted operating profit margin decreased 250 basis points to 16.6 percent.
Diluted earnings per share of $3.00 increased 22 percent in the six-month period ended ended November 23, 2025, and adjusted
diluted earnings per share of $1.96 decreased 21 percent on a constant-currency basis compared to the same period last year (see the
“Non-GAAP Measures” section below for a description of our use of measures not defined by GAAP).
A summary of our consolidated financial results for the six-month period ended November 23, 2025, follows:
Six-Month Period Ended Nov. 23, 2025
In millions,
except per share
Six-Month
Period Ended
Nov. 23, 2025 vs.
Nov. 24, 2024
Percent of Net
Sales
Constant-
Currency
Growth (a)
Net sales
$9,378.3
(7)%
Operating profit
2,453.8
29%
26.2%
Net earnings attributable to General Mills
1,617.2
18%
Diluted earnings per share
$3.00
22%
Organic net sales growth rate (a)
(2)%
Adjusted operating profit (a)
1,558.9
(19)%
16.6%
(19)%
Adjusted diluted earnings per share (a)
$1.96
(21)%
(21)%
(a)See the “Non-GAAP Measures” section below for our use of measures not defined by GAAP.
25
Consolidated net sales were as follows:
Six-Month Period Ended
Nov. 23, 2025
Nov. 23, 2025 vs.
Nov. 24, 2024
Nov. 24, 2024
Net sales (in millions)
$9,378.3
(7)%
$10,088.2
Contributions from volume growth (a)
(8) pts
Net price realization and mix
1 pt
Foreign currency exchange
Flat
Note: Table may not foot due to rounding.
(a)See the “Non-GAAP Measures” section below for our use of measures not defined by GAAP.
The 7 percent decrease in net sales for the six-month period ended November 23, 2025, was driven by a decrease in contributions from
volume growth, partially offset by favorable net price realization and mix, both of which include the net impact of the Divestitures and
Acquisition.
Components of organic net sales growth are shown in the following table:
Six-Month Period Ended Nov. 23, 2025 vs.
Six-Month Period Ended Nov. 24, 2024
Contributions from organic volume growth (a)
Flat
Organic net price realization and mix
(2) pts
Organic net sales growth
(2) pts
Foreign currency exchange
Flat
Acquisition and divestitures
(5) pts
Net sales growth
(7) pts
Note: Table may not foot due to rounding.
(a)Measured in tons based on the stated weight of our product shipments.
Organic net sales decreased 2 percent in the six-month period ended November 23, 2025, driven by unfavorable organic net price
realization and mix.
Cost of sales decreased $315 million to $6,153 million in the six-month period ended November 23, 2025, compared to the same
period in fiscal 2025. The decrease was primarily driven by a $540 million decrease attributable to lower volume, partially offset by a
$215 million increase attributable to product rate and mix, both of which include the net impact of the Divestitures and Acquisition.
We recorded a $5 million net increase in cost of sales related to the mark-to-market valuation of certain commodity positions and
grain inventories in the six-month period ended November 23, 2025, compared to a $1 million net decrease in the six-month period
ended November 24, 2024. In addition, we recorded $5 million of restructuring charges in the six-month period ended November 23,
2025, compared to $1 million of restructuring charges in cost of sales in the same period last year (please refer to Note 3 to the
Consolidated Financial Statements in Part I, Item 1 of this report).
SG&A expenses decreased $20 million to $1,688 million in the six-month period ended November 23, 2025, compared to the same
period in fiscal 2025, primarily driven by net favorable corporate investment activity and lower other administrative costs, including
the net impact of the Divestitures and Acquisition. SG&A expenses as a percent of net sales increased 110 basis points in the six-
month period ended November 23, 2025, compared to the same period of fiscal 2025.
Divestitures gain totaled $1,054 million in the six-month period ended November 23, 2025, primarily related to the sale of our United
States yogurt business (please refer to Note 2 to the Consolidated Financial Statements in Part I, Item 1 of this report).
Restructuring, transformation, impairment, and other exit costs totaled $138 million in the six-month period ended November 23,
2025, compared to $3 million in the same period last year. In fiscal 2026, we recorded a $53 million non-cash impairment charge
related to our Uncle Toby's brand intangible asset. We also approved a multi-year organizational initiative to increase the
competitiveness of our supply chain, and as a result, we recorded $47 million of charges in fiscal 2026. In addition, we recorded $38
million of restructuring and transformation charges in the six-month period ended November 23, 2025, related to actions previously
announced (please refer to Note 3 to the Consolidated Financial Statements in Part I, Item 1 of this report).
Benefit plan non-service income totaled $31 million in the six-month period ended November 23, 2025, compared to $28 million in
the same period last year, primarily driven by lower interest costs partially offset by lower expected return on plan assets.
Interest, net for the six-month period ended November 23, 2025, increased $11 million to $259 million compared to the same period
of fiscal 2025, primarily driven by higher average long-term debt levels.
26
The effective tax rate for the six-month period ended November 23, 2025, was 24.9 percent compared to 20.9 percent in the same
period last year. The 4.0 percentage point increase was primarily due to certain unfavorable tax components related to the sale of our
United States yogurt business, unfavorable earnings mix by jurisdiction in fiscal 2026, and certain nonrecurring discrete tax benefits in
fiscal 2025. Our effective tax rate excluding certain items affecting comparability was 23.7 percent in the six-month period ended
November 23, 2025, compared to 20.9 percent in the same period last year (see the “Non-GAAP Measures” section below for a
description of our use of measures not defined by GAAP). The 2.8 percentage point increase is primarily due to unfavorable earnings
mix by jurisdiction in fiscal 2026 and certain nonrecurring discrete tax benefits in fiscal 2025.
The impacts of the OBBBA are reflected in our results for the six-month period ended November 23, 2025, and there was no material
impact to our income tax expense. We expect certain provisions of the OBBBA will change the timing of cash tax payments in the
current fiscal year and future periods. Please refer to Note 15 to the Consolidated Financial Statements in Part I, Item 1 of the report
for additional information.
After-tax (loss) earnings from joint ventures for the six-month period ended November 23, 2025, was a $53 million after-tax loss
compared to after-tax earnings from joint ventures of $49 million in the same period in fiscal 2025, primarily driven by our $85
million pre-tax share of a non-cash goodwill impairment charge at CPW in fiscal 2026, as a result of downward revisions of future
sales and profitability estimates in the Australian market.  On a constant-currency basis, after-tax loss from joint ventures decreased
209 percent (see the “Non-GAAP Measures” section below for a description of our use of measures not defined by GAAP).
Six-Month Period Ended Nov. 23, 2025 vs.
Six-Month Period Ended Nov. 24, 2024
CPW
HDJ
Total
Contributions from volume growth (a)
(4) pts
Flat
Net price realization and mix
3  pts
4 pts
Net sales growth in constant currency
(2) pts
3 pts
(1) pt
Foreign currency exchange
3  pts
2 pts
3 pts
Net sales growth
1  pt
5 pts
2 pts
Note: Table may not foot due to rounding.
(a)Measured in tons based on the stated weight of our product shipments.
Average diluted shares outstanding decreased by 22 million in the six-month period ended November 23, 2025, from the same
period a year ago primarily due to share repurchases.
SEGMENT OPERATING RESULTS
Our businesses are organized into four operating segments: North America Retail, International, North America Pet, and North
America Foodservice. Please refer to Note 16 of the Consolidated Financial Statements in Part I, Item 1 of this report for a description
of our operating segments.
North America Retail Segment Results
North America Retail net sales were as follows:
Quarter Ended
Six-Month Period Ended
Nov. 23,
2025
Nov. 23, 2025
vs. Nov. 24,
2024
Nov. 24,
2024
Nov. 23,
2025
Nov. 23, 2025
vs. Nov. 24,
2024
Nov. 24,
2024
Net sales (in millions)
$2,883.3
(13)%
$3,321.5
$5,508.8
(13)%
$6,338.1
Contributions from volume growth (a)
(16) pts
(16) pts
Net price realization and mix
3  pts
3  pts
Foreign currency exchange
Flat
Flat
Note: Table may not foot due to rounding.
(a)Measured in tons based on the stated weight of our product shipments.
North America Retail net sales decreased 13 percent in the second quarter of fiscal 2026, compared to the same period in fiscal 2025,
driven by a decrease in contributions from volume growth, partially offset by favorable net price realization and mix, both of which
include the impact from the Divestitures.
North America Retail net sales decreased 13 percent in the six-month period ended November 23, 2025, compared to the same period
in fiscal 2025, driven by a decrease in contributions from volume growth, partially offset by favorable net price realization and mix, 
both of which include the impact from the Divestitures.
27
The components of North America Retail organic net sales growth are shown in the following table:
Quarter Ended
Six-Month Period Ended
Nov. 23, 2025
Nov. 23, 2025
Contributions from organic volume growth (a)
1  pt
Flat
Organic net price realization and mix
(4) pts
(4) pts
Organic net sales growth
(3) pts
(4) pts
Foreign currency exchange
Flat
Flat
Divestitures (b)
(10) pts
(9) pts
Net sales growth
(13) pts
(13) pts
Note: Table may not foot due to rounding.
(a)Measured in tons based on the stated weight of our product shipments.
(b)Divestiture of the United States yogurt business in the first quarter of fiscal 2026 and the Canada yogurt business in the third quarter of fiscal
2025. Please refer to Note 2 to the Consolidated Financial Statements in Part I, Item 1 of this report.
North America Retail organic net sales decreased 3 percent in the second quarter of fiscal 2026, compared to the same period in fiscal
2025, driven by unfavorable organic net price realization and mix, partially offset by an increase in contributions from organic volume
growth.
North America Retail organic net sales decreased 4 percent in the six-month period ended November 23, 2025, compared to the same
period in fiscal 2025, driven by unfavorable organic net price realization and mix.
North America Retail net sales percentage change by operating unit are shown in the following table:
Quarter Ended
Six-Month Period Ended
Nov. 23, 2025
Nov. 23, 2025
Big G Cereal & Canada (a)
(32)%
(29)%
U.S. Snacks
(6)%
(7)%
U.S. Meals & Baking Solutions
(1)%
(2)%
Total
(13)%
(13)%
(a)Upon completion of the United States yogurt business divestiture, the former U.S. Morning Foods and Canada operating units were combined
into a new Big G Cereal & Canada operating unit. Please refer to Note 16 to the Consolidated Financial Statements in Part I, Item 1 of this
report.
Segment operating profit decreased 21 percent to $682 million in the second quarter of fiscal 2026, including the impact of the
Divestitures, compared to $862 million in the same period in fiscal 2025, primarily driven by a decrease in contributions from volume
growth. Segment operating profit decreased 21 percent on a constant-currency basis in the second quarter of fiscal 2026, compared to
the same period in fiscal 2025 (see the “Non-GAAP Measures” section below for our use of this measure not defined by GAAP).
Segment operating profit decreased 22 percent to $1,246 million in the six-month period ended November 23, 2025, including the
impact of the Divestitures, compared to $1,608 million in the same period in fiscal 2025, primarily driven by a decrease in
contributions from volume growth and higher input costs, partially offset by favorable net price realization and mix and lower SG&A
expenses. Segment operating profit decreased 22 percent on a constant-currency basis in the six-month period ended November 23,
2025, compared to the same period in fiscal 2025 (see the “Non-GAAP Measures” section below for our use of this measure not
defined by GAAP).
International Segment Results
International net sales were as follows:
Quarter Ended
Six-Month Period Ended
Nov. 23,
2025
Nov. 23, 2025
vs. Nov. 24,
2024
Nov. 24,
2024
Nov. 23,
2025
Nov. 23, 2025
vs. Nov. 24,
2024
Nov. 24,
2024
Net sales (in millions)
$728.9
6%
$690.6
$1,489.1
6%
$1,407.6
Contributions from volume growth (a)
4 pts
1  pt
Net price realization and mix
Flat
3 pts
Foreign currency exchange
2 pts
2 pts
Note: Table may not foot due to rounding.
(a)Measured in tons based on the stated weight of our product shipments.
28
International net sales increased 6 percent in the second quarter of fiscal 2026, compared to the same period in fiscal 2025, driven by 
an increase in contributions from volume growth and favorable foreign currency exchange impacts.
International net sales increased 6 percent in the six-month period ended November 23, 2025, compared to the same period in fiscal
2025, driven by favorable net price realization and mix, favorable foreign currency exchange impacts, and an increase in contributions
from volume growth.
The components of International organic net sales growth are shown in the following table:
Quarter Ended
Six-Month Period Ended
Nov. 23, 2025
Nov. 23, 2025
Contributions from organic volume growth (a)
4 pts
1  pt
Organic net price realization and mix
Flat
3 pts
Organic net sales growth
4 pts
4 pts
Foreign currency exchange
2 pts
2 pts
Net sales growth
6 pts
6 pts
Note: Table may not foot due to rounding.
(a)Measured in tons based on the stated weight of our product shipments.
International organic net sales increased 4 percent in the second quarter of fiscal 2026, compared to the same period in fiscal 2025,
driven by an increase in contributions from organic volume growth.
International organic net sales increased 4 percent in the six-month period ended November 23, 2025, compared to the same period in
fiscal 2025, driven by favorable organic net price realization and mix and an increase in contributions from organic volume growth.
Segment operating profit increased 19 percent to $28 million in the second quarter of fiscal 2026, compared to $24 million in the same
period in fiscal 2025, primarily driven by favorable net price realization and mix and an increase in contributions from volume growth,
partially offset by higher SG&A expenses. Segment operating profit increased 30 percent on a constant-currency basis in the second
quarter of fiscal 2026, compared to the same period in fiscal 2025 (see the “Non-GAAP Measures” section below for our use of this
measure not defined by GAAP).
Segment operating profit increased 111 percent to $94 million in the six-month period ended November 23, 2025, compared to $45
million in the same period in fiscal 2025, primarily driven by favorable net price realization and mix, partially offset by higher SG&A
expenses. Segment operating profit increased 107 percent on a constant-currency basis in the six-month period ended November 23,
2025, compared to the same period in fiscal 2025 (see the “Non-GAAP Measures” section below for our use of this measure not
defined by GAAP).
North America Pet Segment Results
North America Pet net sales were as follows:
Quarter Ended
Six-Month Period Ended
Nov. 23,
2025
Nov. 23, 2025
vs. Nov. 24,
2024
Nov. 24,
2024
Nov. 23,
2025
Nov. 23, 2025
vs. Nov. 24,
2024
Nov. 24,
2024
Net sales (in millions)
$660.4
11%
$595.8
$1,270.4
8%
$1,171.9
Contributions from volume growth (a)
3 pts
2 pts
Net price realization and mix
7 pts
6 pts
Foreign currency exchange
Flat
Flat
Note: Table may not foot due to rounding.
(a)Measured in tons based on the stated weight of our product shipments.
North America Pet net sales increased 11 percent in the second quarter of fiscal 2026, compared to the same period in fiscal 2025,
driven by favorable net price realization and mix and an increase in contributions from volume growth, both of which include the
impact of the Acquisition.
North America Pet net sales increased 8 percent in the six-month period ended November 23, 2025, compared to the same period in
fiscal 2025, driven by favorable net price realization and mix and an increase in contributions from volume growth, both of which
include the impact of the Acquisition.
29
The components of North America Pet organic net sales growth are shown in the following table:
Quarter Ended
Six-Month Period Ended
Nov. 23, 2025
Nov. 23, 2025
Contributions from organic volume growth (a)
(2) pts
(3) pts
Organic net price realization and mix
2  pts
1  pt
Organic net sales growth
1 pt
(2) pts
Foreign currency exchange
Flat
Flat
Acquisition (b)
10 pts
10  pts
Net sales growth
11 pts
8  pts
Note: Table may not foot due to rounding.
(a)Measured in tons based on the stated weight of our product shipments.
(b)Acquisition of Whitebridge Pet Brands business in fiscal 2025. Please refer to Note 2 to the Consolidated Financial Statements in Part I, Item 1
of this report.
North America Pet organic net sales increased 1 percent in the second quarter of fiscal 2026, compared to the same period in fiscal
2025, driven by favorable organic net price realization and mix, partially offset by a decrease in contributions from organic volume
growth.
North America Pet organic net sales decreased 2 percent in the six-month period ended November 23, 2025, compared to the same
period in fiscal 2025, driven by a decrease in contributions from organic volume growth, partially offset by favorable organic net price
realization and mix.
Segment operating profit decreased 12 percent to $123 million in the second quarter of fiscal 2026, including the impact of the
Acquisition, compared to $139 million in the same period in fiscal 2025, primarily driven by higher input costs and higher SG&A
expenses, partially offset by favorable net price realization and mix and an increase in contributions from volume growth. Segment
operating profit decreased 12 percent on a constant-currency basis in the second quarter of fiscal 2026, compared to the same period in
fiscal 2025 (see the “Non-GAAP Measures” section below for our use of this measure not defined by GAAP).
Segment operating profit decreased 9 percent to $236 million in the six-month period ended November 23, 2025, including the impact
of the Acquisition, compared to $259 million in the same period in fiscal 2025, primarily driven by higher input costs and higher
SG&A expenses, partially offset by favorable net price realization and mix and an increase in contributions from volume growth.
Segment operating profit decreased 9 percent on a constant-currency basis in the six-month period ended November 23, 2025,
compared to the same period in fiscal 2025 (see the “Non-GAAP Measures” section below for our use of this measure not defined by
GAAP).
North America Foodservice Segment Results
North America Foodservice net sales were as follows:
Quarter Ended
Six-Month Period Ended
Nov. 23,
2025
Nov. 23, 2025
vs. Nov. 24,
2024
Nov. 24,
2024
Nov. 23,
2025
Nov. 23, 2025
vs. Nov. 24,
2024
Nov. 24,
2024
Net sales (in millions)
$581.8
(8)%
$630.0
$1,098.5
(6)%
$1,166.2
Contributions from volume growth (a)
(6) pts
(4) pts
Net price realization and mix
(1) pt
(1) pt
Foreign currency exchange
Flat
Flat
Note: Table may not foot due to rounding.
(a)Measured in tons based on the stated weight of our product shipments.
North America Foodservice net sales decreased 8 percent in the second quarter of fiscal 2026, compared to the same period in fiscal
2025, driven by a decrease in contributions from volume growth and unfavorable net price realization and mix, both of which include
the impact from the Divestitures.
North America Foodservice net sales decreased 6 percent in the six-month period ended November 23, 2025, compared to the same
period in fiscal 2025, driven by a decrease in contributions from volume growth and unfavorable net price realization and mix, both of
which include the impact from the Divestitures.
30
The components of North America Foodservice organic net sales growth are shown in the following table:
Quarter Ended
Six-Month Period Ended
Nov. 23, 2025
Nov. 23, 2025
Contributions from organic volume growth (a)
(2) pts
(1) pt
Organic net price realization and mix
1  pt
1  pt
Organic net sales growth
Flat
Flat
Foreign currency exchange
Flat
Flat
Divestitures (b)
(7) pts
(6) pts
Net sales growth
(8) pts
(6) pts
Note: Table may not foot due to rounding.
(a)Measured in tons based on the stated weight of our product shipments.
(b)Divestiture of United States yogurt business in the first quarter of fiscal 2026 and the Canada yogurt business in the third quarter of fiscal 2025.
Please refer to Note 2 to the Consolidated Financial Statements in Part I, Item 1 of this report.
North America Foodservice organic net sales in the second quarter of fiscal 2026 and in the six-month period ended November 23,
2025, essentially matched the same periods in fiscal 2025.
Segment operating profit decreased 12 percent to $105 million in the second quarter of fiscal 2026, including the impact from the
Divestitures, compared to $118 million in the same period in fiscal 2025, primarily driven by higher input costs and a decrease in
contributions from volume growth, partially offset by favorable net price realization and mix. Segment operating profit decreased 12
percent on a constant-currency basis in the second quarter of fiscal 2026, compared to the same period in fiscal 2025 (see the “Non-
GAAP Measures” section below for our use of this measure not defined by GAAP).
Segment operating profit decreased 8 percent to $175 million in the six-month period ended November 23, 2025, including the impact
from the Divestitures, compared to $190 million in the same period in fiscal 2025, primarily driven by higher input costs and a
decrease in contributions from volume growth, partially offset by favorable net price realization and mix. Segment operating profit
decreased 8 percent on a constant-currency basis in the six-month period ended November 23, 2025, compared to the same period in
fiscal 2025 (see the “Non-GAAP Measures” section below for our use of this measure not defined by GAAP).
UNALLOCATED CORPORATE ITEMS
Unallocated corporate expense totaled $88 million in the second quarter of fiscal 2026, compared to $65 million in the same period in
fiscal 2025. In the second quarter of fiscal 2026, we recorded a $4 million net decrease in expense related to the mark-to-market
valuation of certain commodity positions and grain inventories, compared to a $29 million net decrease in expense in the same period
last year. Certain compensation and benefit related expenses increased in fiscal 2026 compared to fiscal 2025. In addition, we recorded
$3 million of restructuring charges in cost of sales in the second quarter of fiscal 2026. In the second quarter of fiscal 2026, we
recorded $3 million of integration costs primarily related to the Acquisition, compared to $2 million of integration costs during the
same period last year related to the acquisition of a pet food business in Europe. We recorded $7 million of net gains related to
valuation adjustments on certain corporate investments in the second quarter of fiscal 2026, compared to $3 million of net losses in the
second quarter of fiscal 2025. In addition, we recorded $2 million of transaction costs related to the sale of our United States yogurt
business in the second quarter of fiscal 2026, compared to $9 million of transaction costs related to the Acquisition and the
Divestitures in the same period last year.
Unallocated corporate expense totaled $214 million in the six-month period ended November 23, 2025, compared to $189 million in
the same period in fiscal 2025. In the six-month period ended November 23, 2025, we recorded a $4 million net increase in expense
related to the mark-to-market valuation of certain commodity positions and grain inventories, compared to a $1 million net decrease in
expense in the same period last year. In addition, we recorded $14 million of transaction costs related to the sale of our United States
yogurt business in the six-month period ended November 23, 2025, compared to $9 million of transaction costs related to the
Acquisition and the Divestitures in the same period last year. We recorded $5 million of restructuring charges in cost of sales in the
six-month period ended November 23, 2025, compared to $1 million of restructuring charges in cost of sales in the same period in
fiscal 2025. Certain compensation and benefit related expenses increased in the six-month period ended November 23, 2025,
compared to the same period of fiscal 2025. We recorded $7 million of net gains related to valuation adjustments on certain corporate
investments in the six-month period ended November 23, 2025, compared to $4 million of net losses related to valuation adjustments
of certain corporate investments in the same period in fiscal 2025.
LIQUIDITY AND CAPITAL RESOURCES
During the six-month period ended November 23, 2025, cash provided by operations was $1,216 million compared to $1,775 million
in the same period last year. The $559 million decrease was primarily driven by an $822 million decrease in net earnings excluding the
31
pretax gain on the Divestitures, which includes the related net impact of the Divestitures and Acquisition. This was partially offset by
a $102 million change in after-tax loss (earnings) from joint ventures, including a non-cash impairment charge to goodwill at CPW in
fiscal 2026 and a $98 million change in restructuring, transformation, impairment, and other exit costs (recoveries), including the non-
cash impairment charge to our Uncle Toby's brand intangible asset in fiscal 2026.
Cash provided by investing activities during the six-month period ended November 23, 2025, was $1,539 million compared to cash
used by investing activities of $306 million for the same period in fiscal 2025. In the first quarter of fiscal 2026, we completed the sale
of our United States yogurt business for $1,798 million cash. We also received an additional $6 million of cash related to a sale price
adjustment related to the sale of our Canada yogurt business. In addition, we spent $253 million on purchases of land, buildings, and
equipment in the six-month period ended November 23, 2025, compared to $301 million in the same period last year.
Cash used by financing activities during the six-month period ended November 23, 2025, was $2,434 million compared to cash
provided by financing activities of $422 million in the same period in fiscal 2025. We had $1,240 million of net debt payments in the
six-month period ended November 23, 2025, compared to $1,754 million of net debt issuances in the same period a year ago. In
addition, we paid $500 million for purchases of common stock for treasury in the six-month period ended November 23, 2025,
compared to $600 million in the same period in fiscal 2025. We paid $659 million of dividends in the six-month period ended
November 23, 2025, compared to $676 million in the same period last year.
As of November 23, 2025, we had $613 million of cash and cash equivalents in foreign jurisdictions. In anticipation of repatriating
funds from foreign jurisdictions, we record local country withholding taxes on our international earnings, as applicable. We may
repatriate our cash and cash equivalents held by our foreign subsidiaries without such funds being subject to further U.S. income tax
liability. Earnings prior to fiscal 2018 from our foreign subsidiaries remain permanently reinvested in those jurisdictions.
The following table details the credit facilities and lines of credit we had available as of November 23, 2025:
In Millions
Borrowing
Capacity
Borrowed
Amount
Committed credit facility expiring October 2029
$2,700.0
$—
Uncommitted credit facilities and lines of credit
771.8
16.8
Total
$3,471.8
$16.8
To ensure availability of funds, we maintain bank credit lines and have commercial paper programs available to us in the United States
and Europe.
Certain of our long-term debt agreements and our credit facilities contain restrictive covenants. As of November 23, 2025, we were in
compliance with all of these covenants.
We have $1,558 million of long-term debt maturing in the next 12 months that is classified as current, including €600 million of 0.45
percent fixed-rate notes due January 15, 2026, €250 million of floating-rate notes due April 22, 2026, and €500 million of floating-rate
notes redeemable April 22, 2026. We believe that cash flows from operations, together with available short- and long-term debt
financing, will be adequate to meet our liquidity and capital needs for at least the next 12 months.
CRITICAL ACCOUNTING ESTIMATES
Our significant accounting policies are described in Note 2 to the Consolidated Financial Statements included in our Annual Report on
Form 10-K for the fiscal year ended May 25, 2025. The accounting policies used in preparing our interim fiscal 2026 Consolidated
Financial Statements are the same as those described in our Form 10-K. Please refer to Note 1 to the Consolidated Financial
Statements in Part I, Item 1 of this report for additional information.
Our critical accounting estimates are those that have meaningful impact on the reporting of our financial condition and results of
operations. These estimates include our accounting for revenue recognition, valuation of long-lived assets, intangible assets, income
taxes, and defined benefit pension, other postretirement benefit, and postemployment benefit plans. The assumptions and
methodologies used in the determination of those estimates as of November 23, 2025, are the same as those described in our Annual
Report on Form 10-K for the fiscal year ended May 25, 2025.
Our annual goodwill and indefinite-lived intangible assets impairment test was performed on the first day of the second quarter of
fiscal 2026. As a result of lower future sales and profitability projections for the business supporting our Uncle Toby’s brand
intangible asset, we determined that the fair value of the brand intangible asset was less than its book value and recorded a $53 million
non-cash impairment charge. We recorded the impairment charge in restructuring, transformation, impairment, and other exit costs in
our Consolidated Statements of Earnings. Our estimate of the fair value was determined based on a discounted cash flow model using
32
inputs which included our long-range cash flow projections for the business, the royalty rate, the weighted-average cost of capital rate,
and the tax rate. The fair value is a Level 3 asset in the fair value hierarchy.
All other intangible asset fair values were substantially in excess of the carrying values. In addition, while having significant coverage
as of our fiscal 2026 assessment date, the Progresso, Nudges, True Chews, and Kitano brand intangible assets had risk of decreasing
coverage. We will continue to monitor these businesses for potential impairment.
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
In September 2025, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2025-06,
amending the accounting for costs related to internal-use software. The ASU removes reference to software development project
stages. Additionally, the ASU requires capitalization of software costs to begin when management has authorized and committed to
funding the software and it is probable that the project will be completed and the software will be used to perform the function
intended. The requirements of the new standard are effective for annual periods beginning after December 15, 2027, and interim
periods within those annual periods, which for us is the first quarter of fiscal 2029. Early adoption is permitted and the amendments
may be applied on a prospective, retrospective, or modified basis. We are in the process of analyzing the impact on our results of
operations and financial position.
In November 2024, the FASB issued ASU 2024-03 requiring additional income statement disclosures. The ASU requires the
disaggregation of specific categories of expenses underlying the line items presented on the income statement. Additionally, the ASU
requires enhanced disclosure of selling expenses. The requirements of the ASU are effective for annual periods beginning after
December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. For us, annual reporting requirements
will be effective for fiscal 2028 and interim reporting requirements will be effective beginning with our first quarter of fiscal 2029.
Early adoption is permitted and the amendments should be applied on a prospective basis. Retrospective application is permitted. We
are in the process of analyzing the impact of the ASU on our related disclosures. 
In December 2023, the FASB issued ASU 2023-09 requiring enhanced income tax disclosures. The ASU requires disclosure of
specific categories and disaggregation of information in the rate reconciliation table. The ASU also requires disclosure of
disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or
benefit, and income tax expense or benefit from continuing operations. The requirements of the ASU are effective for annual periods
beginning after December 15, 2024, which for us is fiscal 2026. Early adoption is permitted and the amendments should be applied on
a prospective basis. Retrospective application is permitted. We are in the process of analyzing the impact of the ASU on our related
disclosures.
33
NON-GAAP MEASURES
We have included in this report measures of financial performance that are not defined by GAAP. We believe that these measures
provide useful information to investors, and include these measures in other communications to investors.
For each of these non-GAAP financial measures, we are providing below a reconciliation of the differences between the non-GAAP
measure and the most directly comparable GAAP measure, an explanation of why we believe the non-GAAP measure provides useful
information to investors, and any additional material purposes for which our management or Board of Directors uses the non-GAAP
measure. These non-GAAP measures should be viewed in addition to, and not in lieu of, the comparable GAAP measure.
Significant Items Impacting Comparability
Several measures below are presented on an adjusted basis. The adjustments are either items resulting from infrequently occurring
events or items that, in management’s judgment, significantly affect the year-to-year assessment of operating results.
The following are descriptions of significant items impacting comparability of our results.
Divestitures gain
Divestitures gain recorded in fiscal 2026 related to the sale of our United States yogurt business in fiscal 2026 and Canada yogurt
business in fiscal 2025. Please refer to Note 2 to the Consolidated Financial Statements in Part I, Item 1 of this report.
CPW asset impairments and transaction costs
CPW non-cash goodwill impairment charge related to the Australian market, and other asset impairment charges and transaction costs
related to certain assets held for sale recorded in fiscal 2026.
Restructuring and transformation charges
Restructuring and transformation charges related to supply chain actions and previously announced actions recorded in fiscal 2026.
Restructuring charges related to previously announced restructuring actions recorded in fiscal 2025. Please refer to Note 3 to the
Consolidated Financial Statements in Part I, Item 1 of this report.
Other intangible assets impairment
Non-cash impairment charge related to our Uncle Toby's brand intangible asset in fiscal 2026. Please refer to Note 4 to the
Consolidated Financial Statements in Part I, Item 1 of this report.
Transaction costs
Fiscal 2026 transaction costs related to the sale of our United States yogurt business. Fiscal 2025 transaction costs related to the
Whitebridge Pet Brands acquisition and the sale of our North American yogurt businesses. Please refer to Note 2 to the Consolidated
Financial Statements in Part I, Item 1 of this report.
Investment activity, net
Valuation adjustments of certain corporate investments in fiscal 2026 and fiscal 2025.
Mark-to-market effects
Net mark-to-market valuation of certain commodity positions recognized in unallocated corporate items. Please refer to Note 6 to the
Consolidated Financial Statements in Part I, Item 1 of this report.
Acquisition integration costs
Integration costs related to the Whitebridge Pet Brands acquisition in fiscal 2025 and the acquisition of a pet food business in Europe
in fiscal 2024 recorded in fiscal 2026 and fiscal 2025. Please refer to Note 2 to the Consolidated Financial Statements in Part I, Item 1
of this report.
Project-related costs
Restructuring initiative project-related costs related to previously announced restructuring actions recorded in fiscal 2025.
Organic Net Sales Growth Rates
We provide organic net sales growth rates for our consolidated net sales and segment net sales. This measure is used in reporting to
our Board of Directors and executive management and as a component of the measurement of our performance for incentive
compensation purposes. We believe that organic net sales growth rates provide useful information to investors because they provide
transparency to underlying performance in our net sales by excluding the effect that foreign currency exchange rate fluctuations,
acquisitions, divestitures, and a 53rd week, when applicable, have on year-to-year comparability. A reconciliation of these measures to
reported net sales growth rates, the relevant GAAP measures, are included in our Consolidated Results of Operations and Results of
Segment Operations discussions in the MD&A above.
34
Adjusted Operating Profit as a Percent of Net Sales (Adjusted Operating Profit Margin)
We believe this measure provides useful information to investors because it is important for assessing our operating profit margin on a
comparable basis.
Our adjusted operating profit margins are calculated as follows:
Quarter Ended
Nov. 23, 2025
Nov. 24, 2024
In Millions
Value
Percent of
Net Sales
Value
Percent of
Net Sales
Operating profit as reported
$728.0
15.0%
$1,077.9
20.6%
Restructuring and transformation charges
72.2
1.5%
1.3
—%
Other intangible assets impairment
52.9
1.1%
—
—%
Transaction costs
2.5
0.1%
8.9
0.2%
Investment activity, net
(6.9)
(0.1)%
2.8
0.1%
Mark-to-market effects
(4.0)
(0.1)%
(29.4)
(0.6)%
Acquisition integration costs
3.1
0.1%
2.3
—%
Project-related costs
—
—%
0.1
—%
Adjusted operating profit
$847.7
17.4%
$1,064.0
20.3%
Six-Month Period Ended
Nov. 23, 2025
Nov. 24, 2024
In Millions
Value
Percent of
Net Sales
Value
Percent of
Net Sales
Operating profit as reported
$2,453.8
26.2%
$1,909.4
18.9%
Divestitures gain
(1,054.4)
(11.2)%
—
—%
Restructuring and transformation charges
90.5
1.0%
4.2
—%
Other intangible assets impairment
52.9
0.6%
—
—%
Transaction costs
14.3
0.2%
8.9
0.1%
Investment activity, net
(7.1)
(0.1)%
3.2
—%
Mark-to-market effects
4.5
—%
(0.6)
—%
Acquisition integration costs
4.5
—%
3.9
—%
Project-related costs
—
—%
0.2
—%
Adjusted operating profit
$1,558.9
16.6%
$1,929.3
19.1%
Note: Tables may not foot due to rounding.
For more information on the reconciling items, see the Significant Items Impacting Comparability section above.
35
Adjusted Operating Profit and Related Constant-currency Growth Rate
This measure is used in reporting to our Board of Directors and executive management and as a component of the measurement of our
performance for incentive compensation purposes. We believe that this measure provides useful information to investors because it is
the operating profit measure we use to evaluate operating profit performance on a comparable year-to-year basis. Additionally, the
measure is evaluated on a constant-currency basis by excluding the effect that foreign currency exchange rate fluctuations have on
year-to-year comparability given the volatility in foreign currency exchange markets.
Our adjusted operating profit growth on a constant-currency basis is calculated as follows:
Quarter Ended
Six-Month Period Ended
In Millions
Nov. 23,
2025
Nov. 24,
2024
Change
Nov. 23,
2025
Nov. 24,
2024
Change
Operating profit as reported
$728.0
$1,077.9
(32)%
$2,453.8
$1,909.4
29%
Divestitures gain
—
—
(1,054.4)
—
Restructuring and
  transformation charges
72.2
1.3
90.5
4.2
Other intangible assets impairment
52.9
—
52.9
—
Transaction costs
2.5
8.9
14.3
8.9
Investment activity, net
(6.9)
2.8
(7.1)
3.2
Mark-to-market effects
(4.0)
(29.4)
4.5
(0.6)
Acquisition integration costs
3.1
2.3
4.5
3.9
Project-related costs
—
0.1
—
0.2
Adjusted operating profit
$847.7
$1,064.0
(20)%
$1,558.9
$1,929.3
(19)%
Foreign currency exchange impact
Flat
Flat
Adjusted operating profit growth, on a
constant-currency basis
(20)%
(19)%
Note: Table may not foot due to rounding.
For more information on the reconciling items, see the Significant Items Impacting Comparability section above.
Adjusted Diluted EPS and Related Constant-currency Growth Rate
This measure is used in reporting to our Board of Directors and executive management. We believe that this measure provides useful
information to investors because it is the profitability measure we use to evaluate earnings performance on a comparable year-to-year
basis.
The reconciliation of our GAAP measure, diluted EPS, to adjusted diluted EPS and the related constant-currency growth rates follows:
Quarter Ended
Six-Month Period Ended
Per Share Data
Nov. 23,
2025
Nov. 24,
2024
Change
Nov. 23,
2025
Nov. 24,
2024
Change
Diluted earnings per share, as reported
$0.78
$1.42
(45)%
$3.00
$2.45
22%
Divestitures gain
—
—
(1.43)
—
CPW asset impairments and
  transaction costs
0.16
—
0.18
—
Restructuring and
  transformation charges
0.10
0.01
0.13
0.01
Other intangible assets impairment
0.07
—
0.07
—
Transaction costs
—
0.01
0.02
0.01
Investment activity, net
(0.01)
—
(0.01)
—
Mark-to-market effects
—
(0.04)
0.01
—
Acquisition integration costs
—
0.01
—
0.01
Adjusted diluted earnings per share
$1.10
$1.40
(21)%
$1.96
$2.47
(21)%
Foreign currency exchange impact
Flat
Flat
Adjusted diluted earnings per share
growth, on a constant-currency basis
(21)%
(21)%
Note: Table may not foot due to rounding.
For more information on the reconciling items, see the Significant Items Impacting Comparability section above.
See our reconciliation below of the effective income tax rate as reported to the adjusted effective income tax rate for the tax impact of
each item affecting comparability.
36
Constant-currency After-tax (Loss) Earnings from Joint Ventures Growth Rates
We believe that this measure provides useful information to investors because it provides transparency to underlying performance of
our joint ventures by excluding the effect that foreign currency exchange rate fluctuations have on year-to-year comparability given
volatility in foreign currency exchange markets.
After-tax (loss) earnings from joint ventures growth rates on a constant-currency basis are calculated as follows:
Percentage Change in
After-Tax (Loss) Earnings from
Joint Ventures as Reported
Impact of Foreign
Currency
Exchange
Percentage Change in After-Tax
(Loss) Earnings from Joint Ventures
on Constant-Currency Basis
Quarter Ended Nov. 23, 2025
(299)%
3 pts
(302)%
Six-Month Period Ended Nov. 23, 2025
(207)%
2 pts
(209)%
Note: Table may not foot due to rounding.
Constant-currency Segment Operating Profit Growth Rates
We believe that this measure provides useful information to investors because it provides transparency to underlying performance of
our segments by excluding the effect that foreign currency exchange rate fluctuations have on year-to-year comparability given
volatility in foreign currency exchange markets.
Our segments’ operating profit growth rates on a constant-currency basis are calculated as follows:
Quarter Ended Nov. 23, 2025
Percentage Change in
Operating Profit
as Reported
Impact of Foreign
Currency
Exchange
Percentage Change in
Operating Profit on
Constant-Currency Basis
North America Retail
(21)%
Flat
(21)%
International
19%
(10) pts
30%
North America Pet
(12)%
Flat
(12)%
North America Foodservice
(12)%
Flat
(12)%
Six-Month Period Ended Nov. 23, 2025
Percentage Change in
Operating Profit
as Reported
Impact of Foreign
Currency
Exchange
Percentage Change in
Operating Profit on
Constant-Currency Basis
North America Retail
(22)%
Flat
(22)%
International
111%
3 pts
107%
North America Pet
(9)%
Flat
(9)%
North America Foodservice
(8)%
Flat
(8)%
Note: Tables may not foot due to rounding.
37
Adjusted Effective Income Tax Rates
We believe this measure provides useful information to investors because it presents the adjusted effective income tax rate on a
comparable year-to-year basis.
Adjusted effective income tax rates are calculated as follows:
Quarter Ended
Six-Month Period Ended
Nov. 23, 2025
Nov. 24, 2024
Nov. 23, 2025
Nov. 24, 2024
In Millions
(Except Per Share Data)
Pretax
Earnings
(a)
Income
Taxes
Pretax
Earnings
(a)
Income
Taxes
Pretax
Earnings
(a)
Income
Taxes
Pretax
Earnings
(a)
Income
Taxes
As reported
$617.8
$143.9
$967.1
$194.8
$2,225.9
$554.8
$1,688.9
$352.2
Divestitures gain
—
—
—
—
(1,054.4)
(276.9)
—
—
Restructuring and
  transformation charges
72.2
16.6
1.3
0.3
90.5
20.9
4.2
1.0
Other intangible assets impairment
52.9
12.9
—
—
52.9
12.9
—
—
Transaction costs
2.5
0.6
8.9
2.0
14.3
3.3
8.9
2.0
Investment activity, net
(6.9)
(1.5)
2.8
0.6
(7.1)
(1.6)
3.2
0.7
Mark-to-market effects
(4.0)
(1.0)
(29.4)
(6.7)
4.5
1.0
(0.6)
(0.1)
Acquisition integration costs
3.1
0.7
2.3
0.5
4.5
1.0
3.9
0.9
Project-related costs
—
—
0.1
0.1
—
—
0.2
0.1
As adjusted
$737.5
$172.2
$953.2
$191.6
$1,331.0
$315.4
$1,708.8
$356.9
Effective tax rate:
As reported
23.3%
20.1%
24.9%
20.9%
As adjusted
23.3%
20.1%
23.7%
20.9%
Sum of adjustments to income taxes
$28.3
$(3.2)
$(239.4)
$4.6
Average number of common
    shares - diluted EPS
537.3
560.4
540.0
562.2
Impact of income tax adjustments
    on adjusted diluted EPS
$(0.05)
$0.01
$0.44
$(0.01)
Note: Table may not foot due to rounding.
(a) Earnings before income taxes and after-tax earnings from joint ventures.
For more information on the reconciling items, please see the Significant Items Impacting Comparability section above.
38
Glossary
AOCI. Accumulated other comprehensive income (loss).
Adjusted diluted EPS. Diluted EPS adjusted for certain items affecting year-to-year comparability.
Adjusted operating profit. Operating profit adjusted for certain items affecting year-to-year comparability.
Adjusted operating profit margin. Operating profit adjusted for certain items affecting year-over-year comparability, divided by net
sales.
Constant currency. Financial results translated to United States dollars using constant foreign currency exchange rates based on the
rates in effect for the comparable prior-year period. To present this information, current period results for entities reporting in
currencies other than United States dollars are translated into United States dollars at the average exchange rates in effect during the
corresponding period of the prior fiscal year, rather than the actual average exchange rates in effect during the current fiscal year.
Therefore, the foreign currency impact is equal to current year results in local currencies multiplied by the change in the average
foreign currency exchange rate between the current fiscal period and the corresponding period of the prior fiscal year.
Derivatives. Financial instruments such as futures, swaps, options, and forward contracts that we use to manage our risk arising from
changes in commodity prices, interest rates, foreign exchange rates, and stock prices.
Fair value hierarchy. For purposes of fair value measurement, we categorize assets and liabilities into one of three levels based on
the assumptions (inputs) used in valuing the asset or liability. Level 1 provides the most reliable measure of fair value, while Level 3
generally requires significant management judgment. The three levels are defined as follows:
Level 1:Unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2: Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets or liabilities in
active markets or quoted prices for identical assets or liabilities in inactive markets.
Level 3:Unobservable inputs reflecting management’s assumptions about the inputs used in pricing the asset or liability.
Free cash flow. Net cash provided by operating activities less purchases of land, buildings, and equipment.
Generally Accepted Accounting Principles (GAAP). Guidelines, procedures, and practices that we are required to use in recording
and reporting accounting information in our financial statements.
Goodwill. The difference between the purchase price of acquired companies plus the fair value of any noncontrolling interests and the
related fair values of net assets acquired. 
Gross margin. Net sales less cost of sales.
Hedge accounting. Accounting for qualifying hedges that allows changes in a hedging instrument’s fair value to offset corresponding
changes in the hedged item in the same reporting period. Hedge accounting is permitted for certain hedging instruments and hedged
items only if the hedging relationship is highly effective, and only prospectively from the date a hedging relationship is formally
documented.
Holistic Margin Management (HMM). Company-wide initiative to use productivity savings, mix management, and price realization
to offset input cost inflation, protect margins, and generate funds to reinvest in sales-generating activities.
Mark-to-market. The act of determining a value for financial instruments, commodity contracts, and related assets or liabilities based
on the current market price for that item.
Net mark-to-market valuation of certain commodity positions. Realized and unrealized gains and losses on derivative contracts
that will be allocated to segment operating profit when the exposure we are hedging affects earnings.
Net price realization. The impact of list and promoted price changes, net of trade and other price promotion costs.
Noncontrolling interests. Interests of subsidiaries held by third parties.
Notional amount. The amount of a position or an agreed upon amount in a derivative contract on which the value of financial
instruments are calculated.
OCI. Other Comprehensive Income (Loss).
39
Organic net sales growth. Net sales growth adjusted for foreign currency translation, acquisitions, divestitures and a 53rd fiscal week,
when applicable.
Project-related costs. Costs incurred related to our restructuring initiatives not included in restructuring charges.
Reporting unit. An operating segment or a business one level below an operating segment.
SOFR. Secured Overnight Financing Rate.
Strategic Revenue Management (SRM). A company-wide capability focused on generating sustainable benefits from net price
realization and mix by identifying and executing against specific opportunities to apply tools including pricing, sizing, mix
management, and promotion optimization across each of our businesses.
Supply chain input costs. Costs incurred to produce and deliver product, including costs for ingredients and conversion, inventory
management, logistics, and warehousing.
Translation adjustments. The impact of the conversion of our foreign affiliates’ financial statements to United States dollars for the
purpose of consolidating our financial statements.
40
CAUTIONARY STATEMENT RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE
HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This report contains or incorporates by reference forward-looking statements within the meaning of the Private Securities Litigation
Reform Act of 1995 that are based on our current expectations and assumptions. We also may make written or oral forward-looking
statements, including statements contained in our filings with the Securities and Exchange Commission and in our reports to
stockholders.
The words or phrases “will likely result,” “are expected to,” “may continue,” “is anticipated,” “estimate,” “plan,” “project,” or similar
expressions identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such
statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results and
those currently anticipated or projected. We caution you not to place undue reliance on any such forward-looking statements.
In connection with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, we are identifying important
factors that could affect our financial performance and could cause our actual results in future periods to differ materially from any
current opinions or statements.
Our future results could be affected by a variety of factors, such as: imposed and threatened tariffs by the United States and its trading
partners; disruptions or inefficiencies in the supply chain; competitive dynamics in the consumer foods industry and the markets for
our products, including new product introductions, advertising activities, pricing actions, and promotional activities of our
competitors; economic conditions, including changes in inflation rates, interest rates, tax rates, tariffs, or the availability of capital;
product development and innovation; consumer acceptance of new products and product improvements; consumer reaction to pricing
actions and changes in promotion levels; acquisitions or dispositions of businesses or assets; changes in capital structure; changes in
the legal and regulatory environment, including tax legislation, labeling and advertising regulations, and litigation; impairments in the
carrying value of goodwill, other intangible assets, or other long-lived assets, or changes in the useful lives of other intangible assets;
changes in accounting standards and the impact of critical accounting estimates; product quality and safety issues, including recalls
and product liability; changes in consumer demand for our products; effectiveness of advertising, marketing, and promotional
programs; changes in consumer behavior, trends, and preferences, including weight loss trends; consumer perception of health-related
issues, including obesity; consolidation in the retail environment; changes in purchasing and inventory levels of significant customers;
fluctuations in the cost and availability of supply chain resources, including raw materials, packaging, energy, and transportation;
effectiveness of restructuring, transformation, and cost saving initiatives; volatility in the market value of derivatives used to manage
price risk for certain commodities; benefit plan expenses due to changes in plan asset values and discount rates used to determine plan
liabilities; failure or breach of our information technology systems; foreign economic conditions, including currency rate fluctuations
and tariffs; and political unrest in foreign markets and economic uncertainty due to terrorism or war.
You should also consider the risk factors that we identify in Item 1A of Part I of our Annual Report on Form 10-K for the fiscal year
ended May 25, 2025, which could also affect our future results.
We undertake no obligation to publicly revise any forward-looking statements to reflect events or circumstances after the date of those
statements or to reflect the occurrence of anticipated or unanticipated events.
Item 3.      Quantitative and Qualitative Disclosures About Market Risk.
The estimated maximum potential value-at-risk arising from a one-day loss in fair value for our interest rate, foreign exchange,
commodity, and equity market-risk-sensitive instruments outstanding as of November 23, 2025, was as follows:
In Millions
One-day Risk
of Loss
Change During
Six-Month
Period Ended
Nov. 23, 2025
Analysis of Change
Interest rate instruments
$38
$(8)
Decrease in interest rate volatility
Foreign currency instruments
50
(1)
Immaterial
Commodity instruments
2
(1)
Immaterial
Equity instruments
3
—
Immaterial
For additional information, see Item 7A of Part II of our Annual Report on Form 10-K for the fiscal year ended May 25, 2025.
41
Item 4.      Controls and Procedures.
We, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial
Officer, have evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule
13a-15(e) under the Securities Exchange Act of 1934). Based on our evaluation, our Chief Executive Officer and Chief Financial
Officer have concluded that, as of November 23, 2025, our disclosure controls and procedures were effective to ensure that
information required to be disclosed by us in reports that we file or submit under the Securities Exchange Act of 1934 is (1) recorded,
processed, summarized, and reported within the time periods specified in Securities and Exchange Commission rules and forms, and
(2) accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, in a
manner that allows timely decisions regarding required disclosure.
During our fiscal quarter ended November 23, 2025, we made a change in our internal control over financial reporting (as defined in
Rule 13a-15(f) under the Securities Exchange Act of 1934) that materially affected, or is reasonably likely to materially affect, our
internal control over financial reporting. During the second quarter of fiscal 2026, we finalized the design of, tested, and implemented
a new consolidation and financial reporting system.
PART II.  OTHER INFORMATION
Item 2.      Unregistered Sales of Equity Securities and Use of Proceeds.
The following table sets forth information with respect to shares of our common stock that we purchased during the quarter ended
November 23, 2025:
Period
Total Number
of Shares
Purchased (a)
Average
Price Paid
Per Share (b)
Total Number of Shares
Purchased as Part of a Publicly
Announced Program (c)
Maximum Number of Shares
that may yet be Purchased
Under the Program (c)
August 25, 2025 -
September 28, 2025 (d)
1,295,465
$49.45
1,295,465
26,902,855
September 29, 2025 -
October 26, 2025
—
—
—
26,902,855
October 27, 2025 -
November 23, 2025
—
—
—
26,902,855
Total
1,295,465
$49.45
1,295,465
26,902,855
(a)The total number of shares purchased includes shares of common stock withheld for the payment of withholding taxes upon the distribution of
deferred option units.
(b)Excludes commissions paid and other costs of execution, including excise taxes.
(c)On June 27, 2022, our Board of Directors approved an authorization for the repurchase of up to 100,000,000 shares of our common stock and
terminated the prior authorization. Purchases can be made in the open market or in privately negotiated transactions, including the use of call
options and other derivative instruments, Rule 10b5-1 trading plans, and accelerated repurchase programs. The Board did not specify an
expiration date for the authorization.
(d)During the first quarter of fiscal 2026, we entered into two accelerated share repurchase (ASR) agreements with an unrelated third-party
financial institution to repurchase an aggregate of $500.0 million of our shares of common stock. Under the ASR agreements, we paid an
aggregate of $500.0 million and received an initial delivery of 7.5 million shares of our common stock, in the first quarter of fiscal 2026. The
value of the initial shares delivered under the ASR agreements represented 80 percent of the aggregate purchase price, with a fair value of
$400.0 million. The first ASR agreement was settled in the first quarter of fiscal 2026 with a final delivery of 1.2 million additional shares. The
second ASR agreement was settled in the second quarter of fiscal 2026 with a final delivery of 1.3 million additional shares. In connection with
the ASR agreements, we received a total of 10.0 million shares at an average price of $49.92, not including costs of execution or excise tax.
Item 5.      Other Information.
During the fiscal quarter ended November 23, 2025, no director or officer of the Company adopted or terminated a “Rule 10b5-1
trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.
42
PART II. OTHER INFORMATION
Item 6.
Exhibits.
    10.1
    31.1
    31.2
    32.1
    32.2
    101
Financial Statements from the Quarterly Report on Form 10-Q of the Company for the quarter ended November 23,
2025, formatted in Inline Extensible Business Reporting Language: (i) Consolidated Statements of Earnings; (ii)
Consolidated Statements of Comprehensive Income, (iii) Consolidated Balance Sheets; (iv) Consolidated
Statements of Total Equity; (v) Consolidated Statements of Cash Flows; and (vi) Notes to Consolidated Financial
Statements.
    104
Cover Page, formatted in Inline Extensible Business Reporting Language and contained in Exhibit 101.
43
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
GENERAL MILLS, INC.
(Registrant)
Date:  December 17, 2025
/s/ Mark A. Pallot
Mark A. Pallot
Vice President, Chief Accounting Officer
(Principal Accounting Officer and Duly Authorized Officer)

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