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General Mills Reports Fiscal 2026 Fourth-quarter Adjusted Results in Line with Company Expectations

GIS
  • General Mills reported Q4 fiscal 2026 net sales of $4.6 billion, up 1 percent, while full-year net sales fell 5 percent to $18.4 billion due to divestiture headwinds.
  • Full-year reported operating profit dropped 73 percent to $886 million, driven by $1.8 billion in non-cash goodwill charges, $250 million in intangible asset impairments, and a $1.0 billion valuation loss on the planned Brazil divestiture.
  • Adjusted operating profit for the full year was $2.8 billion, down 16 percent in constant currency, while Q4 adjusted operating profit rose 13 percent to $705 million.
  • Reported diluted loss per share for the full year was $0.16, compared to earnings of $4.10 last year, whereas adjusted diluted EPS was $3.55, a 16 percent decline in constant currency.
  • The company announced a $3 billion cumulative cost savings target by fiscal 2030, with $750 million expected in fiscal 2027 through its Holistic Margin Management program and global transformation initiative.
  • Fiscal 2027 outlook projects organic net sales growth between -1.5 percent and +0.5 percent, with adjusted operating profit expected to decline 8 to 13 percent in constant currency.
  • Adjusted diluted EPS for fiscal 2027 is targeted between $3.00 and $3.20, with free cash flow conversion expected at approximately 95 percent of adjusted after-tax earnings.
  • The Board declared a quarterly dividend of $0.61 per share, payable August 3, 2026, to shareholders of record July 10, 2026.
  • North America Retail segment net sales fell 11 percent for the full year due to yogurt divestitures, while International sales grew 9 percent driven by currency exchange and volume gains in Brazil, Europe, India, and China.
  • North America Pet segment sales increased 6 percent for the full year following the Whitebridge acquisition, though organic sales declined 3 percent.
  • Cash provided by operating activities totaled $2.2 billion for fiscal 2026, while capital investments were $540 million and share repurchases amounted to $500 million.