Company Reports

General Mills announced that Chief Operating Officer Dana McNabb will succeed Jeff Harmening as CEO effective Jan. 1. Harmening will transition to the role of executive chairman of the board of directors.

In response to a challenging consumer backdrop, General Mills has invested in narrowing price gaps and product development, which should help its portfolio of brands to maintain an edge while consumers remain under severe pressure. This investment helps drive traffic that entrenches the company's relationships with retailers. In many categories, General Mills has not only the top brand but also several leading brands that together create a dominant companywide share.

General Mills' fiscal 2027 first-quarter organic sales were flat, in line with the fourth quarter. Adjusted operating margin contracted 90 basis points sequentially to 14.4%. North American retail (56% of total) organic sales were down 3% on category pressure and changes in retailer inventory.

General Mills' fiscal 2026 fourth-quarter organic sales were flat, with North American retail (54% of quarterly sales) organic sales flat as category headwinds weighed on volume. Management expects continued category headwinds in fiscal 2027, guiding toward organic net sales down 1.5% to up 0.5%.

In response to a challenging consumer backdrop, General Mills has invested in narrowing price gaps and product development, which should help its portfolio of brands to maintain an edge. This investment helps drive traffic that entrenches the company's relationships with retailers. In many categories, General Mills has not only the top brand but also several leading brands that together create a dominant companywide share. For example, top brand Cheerios holds about 11% of the US ready-to-eat cereal market, contributing to the company’s leading 32% market share in calendar year 2025, according to Euromonitor.

General Mills' fiscal 2026 fourth-quarter organic sales were flat, an improvement from a 3% decline in the third quarter. Adjusted operating margin increased 160 basis points to 15.3%. North American retail (54% of quarterly sales) organic sales were flat as category headwinds weighed on volume.

In response to a challenging consumer backdrop, General Mills has invested in narrowing price gaps and product development, which should help its portfolio of brands to maintain an edge. This investment helps drive traffic that entrenches the company's relationships with retailers. In many categories, General Mills has not only the top brand but also several leading brands that together create a dominant companywide share. For example, top brand Cheerios holds about 11% of the US ready-to-eat cereal market, contributing to the company’s leading 30% market share in calendar year 2024, according to Euromonitor.

General Mills' fiscal 2026 third-quarter organic sales fell 3%, versus a 1% decline in the second quarter. Adjusted operating profit margin contracted 510 basis points to 12.3%. North American retail (59% of sales) returned to organic volume declines as category headwinds remained stout.

On Feb. 17, General Mills reduced its fiscal 2026 guidance amid sluggish category performance and increased deal-seeking among consumers. It now expects organic growth to decline 2%-3% (a pullback from down 1% to up 1%) and adjusted operating profit to decline 16%-20% (versus a 15%-20% decline).

Supported by near-term investment in narrowing price gaps and new product development, we expect General Mills’ portfolio of strong brands to maintain an intangible edge. This investment helps products sell well, driving traffic that entrenches the company's relationships with retailers. In many categories, General Mills has not only the top brand but also several leading brands that together create a dominant companywide share. For example, top brand Cheerios holds about 11% of the US ready-to-eat cereal market, contributing to the company’s leading 30% market share in calendar year 2024, according to Euromonitor.

General Mills' fiscal 2026 second-quarter organic sales fell 1%, versus a 3% decline in the first quarter. Adjusted operating profit expanded 170 basis points sequentially to 17.4%. North American retail (about 60% of sales) saw organic volume growth for the first time in more than four years.

Supported by near-term investment in narrowing price gaps and new product development, we expect General Mills’ portfolio of strong brands to maintain an intangible edge. This investment helps products sell well, driving traffic that entrenches the company's relationships with retailers. In many categories, General Mills has not only the top brand but also several leading brands that together create a dominant companywide share. For example, top brand Cheerios holds about 11% of the US ready-to-eat cereal market, contributing to the company’s leading 30% market share in calendar year 2024, according to Euromonitor.

General Mills' fiscal 2026 first-quarter organic sales fell 3% and its adjusted operating profit margin contracted 210 basis points to 15.7%. The decline was most acute in retail and pet, which both saw 5% organic sales declines due to price investments and shipment timing, respectively.

Through continued research, development, and marketing, we expect General Mills’ portfolio of strong brands to maintain an intangible edge. This investment helps products sell well, driving traffic that entrenches the company's relationships with retailers. In many categories, General Mills has not only the top brand but also several leading brands that together create a dominant companywide share. For example, top brand Cheerios holds about 11% of the US ready-to-eat cereal market, contributing to the company’s leading 30% market share in calendar year 2024, according to Euromonitor.

General Mills wrapped up a difficult fiscal 2025, with fourth-quarter sales down 3% organically and adjusted operating profit down 22% (constant currency). Fiscal 2026 will be a year of investment, with guidance for organic sales growth of -1% to 1% but adjusted operating profit down 10% to 15%.

Through continued research, development, and marketing, we expect General Mills’ portfolio of strong brands to maintain an intangible edge. This investment helps products sell well, driving traffic that entrenches the company's relationships with retailers. In many categories, General Mills has not only the top brand but also several leading brands that together create a dominant companywide share. For example, top brand Cheerios holds about 11% of the US ready-to-eat cereal market, contributing to the company’s leading 30% market share in calendar year 2024, according to Euromonitor.

General Mills reported challenged fiscal third-quarter results. Organic net sales fell 5% year on year, most of which came from retailer inventory reductions and some expected timing items. Adjusted operating margins shrank 140 basis points to 16.5% from sales deleverage, higher costs, and mix.

Through continued research, development, and marketing, we expect General Mills’ portfolio of strong brands to maintain an intangible edge. This investment helps products sell well, driving traffic that entrenches the company's relationships with retailers. In many categories, General Mills has not only the top brand but also several leading brands that together create a dominant companywide share. For example, top brand Cheerios holds about 11% of the US ready-to-eat cereal market, contributing to the company’s leading 30% market share in calendar year 2024, according to Euromonitor.

General Mills reported mixed fiscal second-quarter results. Although organic net sales were still up 1% and the adjusted operating margin was up 100 basis points to 20.3%, the company now expects increased promotional investments to be necessary to maintain the current levels of top-line growth.

Through continued research, development, and marketing, we expect General Mills’ portfolio of strong brands to maintain an intangible edge. This investment helps products sell well, driving traffic that entrenches the company's relationships with retailers. In many categories, General Mills has not only the top brand but also several leading brands that together create a dominant companywide share. For example, top brand Cheerios holds about 11% of the US ready-to-eat cereal market, contributing to the company’s leading nearly one-third market share in calendar year 2023, according to Euromonitor.