General Mills (GIS) financial statements

Consumer Defensive · Packaged Foods · Market cap $17.3B

General Mills reported revenue of $18.4B in fiscal 2026, up 1.9% a year over 9 years.

Net income was -$88M and the operating margin 4.8%, against 16.0% in 2017.

Free cash flow was $1.6B, and the company returned $1.3B in dividends and $500M in net buybacks.

The diluted share count fell 10% over the period (buybacks).

Revenue and free cash flow

Fiscal years, $ billions.

01020302017201820192020202120222023202420252026RevenueFree cash flow
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Income statement

Fiscal years, from General Mills's 10-K filings with the SEC.

Fiscal year2017201820192020202120222023202420252026
Revenue$15.6B$15.7B$16.9B$17.6B$18.1B$19.0B$20.1B$19.9B$19.5B$18.4B
Cost of revenue$10.1B$10.3B$11.1B$11.5B$11.7B$12.6B$13.5B$12.9B$12.8B$12.2B
Gross profit$5.6B$5.4B$5.8B$6.1B$6.4B$6.4B$6.5B$6.9B$6.7B$6.2B
Research and development$218M$219M$222M$224M$239M$243M$258M$258M$257M$256M
Selling, general and admin$2.9B$2.9B$2.9B$3.2B$3.1B$3.1B$3.5B$3.3B$3.4B$3.4B
Operating income$2.5B$2.4B$2.5B$3.0B$3.1B$3.5B$3.4B$3.4B$3.3B$886M
Interest expense$295M$374M$522M$466M$420M$380M$382M$479M$524M—
Pre-tax income$2.3B$2.1B$2.1B$2.6B$2.9B$3.2B$3.1B$3.0B$2.8B$406M
Income tax$655M$57M$368M$480M$629M$586M$612M$594M$574M$414M
Net income$1.7B$2.1B$1.8B$2.2B$2.3B$2.7B$2.6B$2.5B$2.3B-$88M
EPS (diluted)$2.77$3.64$2.90$3.56$3.78$4.42$4.31$4.31$4.10-$0.16
Diluted shares598M586M605M613M619M613M601M580M558M538M
Gross margin35.6%34.5%34.1%34.8%35.6%33.7%32.6%34.9%34.6%33.6%
Operating margin16.0%15.4%14.9%16.8%17.3%18.3%17.1%17.3%17.0%4.8%
Net margin10.6%13.5%10.4%12.4%12.9%14.3%12.9%12.6%11.8%-0.5%

Balance sheet

Fiscal years, from General Mills's 10-K filings with the SEC.

Fiscal year2017201820192020202120222023202420252026
Cash and short-term investments$766M$399M$450M$1.7B$1.5B$569M$586M$418M$364M$454M
Receivables$1.4B$1.7B$1.7B$1.6B$1.6B$1.7B$1.7B$1.7B$1.8B$1.6B
Inventory$1.5B$1.6B$1.6B$1.4B$1.8B$1.9B$2.2B$1.9B$1.9B$1.9B
Total current assets$4.1B$4.1B$4.2B$5.1B$5.8B$5.1B$5.2B$4.6B$5.3B$4.6B
Property, plant and equipment$3.7B$4.0B$3.8B$3.6B$3.6B$3.4B$3.6B$3.9B$3.6B$3.4B
Goodwill$8.7B$14.1B$14.0B$13.9B$14.1B$14.4B$14.5B$14.8B$15.6B$14.1B
Total assets$21.8B$30.6B$30.1B$30.8B$31.8B$31.1B$31.5B$31.5B$33.1B$30.0B
Total current liabilities$5.3B$7.3B$7.1B$7.5B$8.3B$8.0B$7.5B$7.0B$7.9B$6.8B
Long-term debt$7.6B$12.7B$11.6B$10.9B$9.8B$9.1B$10.0B$11.3B$12.7B$12.4B
Total liabilities$16.2B$23.4B$22.2B$21.9B$21.5B$20.3B$20.8B$21.8B$23.9B$22.6B
Shareholders' equity$4.3B$6.1B$7.1B$8.1B$9.5B$10.5B$10.4B$9.4B$9.2B$7.4B
Net debt$7.5B$13.9B$12.6B$11.6B$10.7B$10.2B$9.4B$10.9B$13.8B$13.0B

Cash flow

Fiscal years, from General Mills's 10-K filings with the SEC.

Fiscal year2017201820192020202120222023202420252026
Operating cash flow$2.4B$2.8B$2.8B$3.7B$3.0B$3.3B$2.8B$3.3B$2.9B$2.2B
Capital spending$684M$623M$538M$461M$531M$569M$690M$774M$625M$540M
Free cash flow$1.7B$2.2B$2.3B$3.2B$2.5B$2.7B$2.1B$2.5B$2.3B$1.6B
Stock-based compensation$96M$77M$85M$95M$90M$99M$112M$95M$92M$79M
Dividends paid$1.1B$1.1B$1.2B$1.2B$1.2B$1.2B$1.3B$1.4B$1.3B$1.3B
Share buybacks (net)-$1.7B-$602M-$1M-$3M-$301M-$877M-$1.4B-$2.0B-$1.2B-$500M
Net borrowing$1.0B$6.3B-$1.2B-$917M-$961M-$386M$133M$1.1B$1.7B-$1.4B
Free cash flow margin11.1%14.1%13.5%18.2%13.5%14.5%10.4%12.7%11.8%8.8%
Dividends per share$1.90$1.95$1.95$1.95$2.01$2.03$2.14$2.35$2.40$2.45
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Questions

What was General Mills's revenue in 2026?

$18.4B in fiscal 2026, from its 10-K filing.

How much free cash flow does General Mills generate?

$1.6B in fiscal 2026 (operating cash flow minus capital spending).

From General Mills's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.