General Mills, Inc. (GIS) Earnings
GIS has beaten EPS estimates in 9 of its last 12 reported quarters (average surprise +1.1% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Mar 18, 2026 | $0.73 | $0.64 | -12.1% | $4.4B | +0.6% |
| Dec 17, 2025 | $1.03 | $1.10 | +6.8% | $4.9B | +1.7% |
| Sep 17, 2025 | $0.82 | $0.86 | +5.1% | $4.5B | -0.4% |
| Jun 25, 2025 | $0.71 | $0.74 | +4.4% | $4.6B | -0.6% |
| Mar 19, 2025 | $0.96 | $1.00 | +4.4% | $4.8B | -2.2% |
| Dec 18, 2024 | $1.22 | $1.40 | +14.8% | $5.2B | +1.9% |
| Sep 18, 2024 | $1.06 | $1.07 | +0.9% | $4.8B | +1.0% |
| Mar 20, 2024 | $1.05 | $1.17 | +11.4% | $5.1B | +2.6% |
| Dec 20, 2023 | $1.16 | $1.25 | +7.8% | $5.1B | -3.9% |
| Sep 20, 2023 | $1.08 | $1.09 | +0.9% | $4.9B | +0.4% |
| Mar 23, 2023 | $0.93 | $0.97 | +4.3% | $5.1B | -0.2% |
| Dec 20, 2022 | $1.07 | $1.10 | +2.8% | $5.2B | +0.5% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q4 FY2026 · July 1, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Fiscal 2026 Strategic Refresh and Outcomes - General Mills entered fiscal 2026 with a bold strategic plan to reinvest in brand
Guidance
- Organic sales growth is expected to be negative year-over-year in fiscal 2027, with improvement in trajectory throughout the year; growth is projected to progressively improve as the year progresses, with net inflation pressure easing in the back half after a more challenging first half. - Net inflation for fiscal 2027 is guided to 4-5%, with the company already hedged for 8-9 months of the fiscal year, and the 4-5% outlook assumes $100 per barrel oil for the unhedged portion of the year. - The company expects total cost savings of $3 billion over the next four years, with $2 billion coming from the existing HMM program and $1 billion from new accelerated global transformation and supply chain initiatives. - NAR category dollar growth is expected to be roughly flat in fiscal 2027, consistent with fiscal 2026 trends. - A low single-digit headwind from retail inventory volatility is expected for the PET segment in fiscal 2027, driven by ongoing customer mix shifts toward faster-growing e-commerce and mass channels that carry lower inventory levels than traditional retail channels. - Gross margin is expected to see modest pressure in fiscal 2027, with slightly less pressure than operating margin.
Segment performance
No segment-level absolute financial results or revenue contribution percentages are disclosed in the provided transcript. The call mentions that Totino's and Wilderness underperformed in fiscal 2026, with execution missteps on Totino's price pack architecture and lack of innovation dragging down overall results, while pet category segments including Tiki Cat, Blue Buffalo Tastefuls, and Wilderness Cat saw strong growth, and Cheerios Protein, renovated Chex Mix, and international Haagen-Dazs delivered positive performance. North America Retail (NAR) saw base volume increase 1% year-over-year and household penetration growth after fiscal 2026 pricing adjustments, while full year pet retail sales grew 1% in fiscal 2026.
Risks & headwinds
- Ongoing macroeconomic pressure continues to strain consumer budgets, leading to sustained consumer behavior of waiting for promotions, trading down, and making deliberate value-focused shopping decisions that create volume headwinds. - Elevated inflation and mechanical structural headwinds are expected to impact results in fiscal 2027, particularly in the first half of the year. - Shipment timing headwinds for the PET segment are expected to continue into the first quarter of fiscal 2027, with top and bottom line implications. - The divestment of the yogurt business at the end of fiscal 2026 creates year-over-year comparison headwinds for fiscal 2027 results. - Supply chain was built for a lower-volume, slower-innovation operating environment that does not align with current business needs, requiring costly and time-consuming reimagination to support new growth goals.
Analyst Q&A
Q: Management shifted fiscal 2027 strategy from price-based investments to innovation/renovation focused on consumer-desired attributes. What learnings drove this shift, and how confident is management in results? /
A: The shift was always planned as the second step of a two-step process. The first step, correcting base pricing to hit competitive value thresholds, was completed successfully in fiscal 2026, delivering increased household penetration and pound share growth in NAR. With the pricing foundation in place, marketing, innovation, and renovation initiatives can now work far more effectively, and management is confident in the pipeline of planned new offerings.
Q: How does management view current category growth: are weak trends cyclical, or is long-term category growth lower than historical trends? /
A: There are both long-term structural trends (such as pet humanization, demographic shifts) and cyclical trends (current consumer focus on value driven by macro pressure) impacting categories. While long-term trajectory is uncertain in the current volatile environment, management's focus on delivering relevant, remarkable brands to meet current consumer needs is the correct strategic path regardless of broader trends.
Q: What should expectations be for volume and dollar share in fiscal 2027 after last year's pricing-focused work? /
A: After focusing on pound share in NAR last year, management's goal for fiscal 2027 is to be competitive on dollar share across all four operating segments, while still maintaining solid volume performance. Following fiscal 2026 pricing adjustments that fixed base volume and grew penetration, management now plans to deliver improved dollar share via innovation, renovation, and mix-focused price improvements, particularly in NAR.
Q: What is the breakdown of the new $3 billion four-year cost savings target: what portions are existing versus new initiatives? /
A: Approximately $2 billion of the $3 billion target comes from the existing HMM program, which has delivered consistent savings for years and focuses on cutting costs consumers do not value to fund investments in attributes they do want. The remaining $1 billion comes from new accelerated global transformation and supply chain reimagination efforts to improve processes, agility, and flexibility to support faster innovation, which are still in early design phases.