GENERAL MILLS INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data GENERAL MILLS INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	15,620	15,740	16,865	17,627	18,127	18,993	20,094	19,857	19,487	18,425
Cost of revenue	10,052	10,305	11,108	11,497	11,679	12,591	13,548	12,925	12,754	12,229
Gross profit	5,568	5,436	5,757	6,130	6,448	6,402	6,546	6,932	6,733	6,196
Research and development	218	219	222	224	239	243	258	258	257	256
Selling, general and administrative	2,889	2,850	2,936	3,152	3,080	3,147	3,500	3,259	3,446	3,389
Selling and marketing	624	576	602	692	736	690	810	825	848	874
Operating income	2,492	2,420	2,516	2,954	3,145	3,476	3,434	3,432	3,305	886
Interest expense	295	374	522	467	420	380	382	479	524
Interest income	7	11.7	5.6	6	7.4	3.8	14	18.8	24.6	31
Pre-tax income	2,271	2,136	2,082	2,600	2,857	3,210	3,141	3,028	2,835	406
Income tax	655	57.3	368	481	629	586	612	595	574	414
Net income to minority interests	43.6	32	33.5	29.6	6.2	27.7	15.7	22	23.7	2.3
Net income	1,658	2,131	1,753	2,181	2,340	2,707	2,594	2,497	2,295	-87.6
EBITDA	3,096	3,039	3,136	3,549	3,746	4,046	3,980	3,984	3,844	1,441
EPS, basic	2.82	3.69	2.92	3.59	3.81	4.46	4.36	4.34	4.12	-0.16
EPS, diluted	2.77	3.64	2.90	3.56	3.78	4.42	4.31	4.31	4.10	-0.16
Shares, basic (weighted)	587	577	600	608	614	608	595	576	555	538
Shares, diluted (weighted)	598	586	605	613	619	613	601	580	558	538
Dividend per share	1.92	1.96	1.96	1.96	2.02	2.04	2.16	2.36	2.40	2.44

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	766	399	450	1,678	1,505	569	586	418	364	454
Receivables	1,430	1,684	1,680	1,615	1,639	1,692	1,683	1,696	1,796	1,647
Inventory	1,484	1,642	1,559	1,426	1,821	1,867	2,172	1,898	1,911	1,918
Other current assets	382	398	498	402	790	802	736	569	465	600
Total current assets	4,061	4,124	4,187	5,121	5,755	5,090	5,176	4,581	5,276	4,618
Property, plant and equipment	3,688	4,047	3,787	3,581	3,607	3,394	3,636	3,864	3,633	3,443
Lease right-of-use assets			0	365	379	337	340	366	399	385
Goodwill	8,747	14,065	13,996	13,923	14,062	14,379	14,511	14,751	15,622	14,122
Intangible assets	4,530	7,445	7,167	7,096	7,151	7,000	6,968	6,980	7,081	6,717
Other non-current assets	786	943	975	1,086	1,268	1,228	1,160	1,295	1,459	1,116
Total assets	21,813	30,624	30,111	30,807	31,842	31,090	31,452	31,470	33,071	30,017
Accounts payable	2,120	2,746	2,854	3,248	3,654	3,982	4,194	3,988	4,010	3,730
Accrued liabilities	327	347	346	430	434	436	427	305	312	284
Short-term debt	605	1,600	1,397	2,332	2,464	1,674	1,709	1,614	1,528	1,054
Total current liabilities	5,331	7,342	7,087	7,492	8,266	8,020	7,536	7,033	7,857	6,774
Long-term debt	7,643	12,669	11,625	10,929	9,787	9,135	9,965	11,304	12,673	12,416
Lease liabilities			0	277	283	248	257	283	303	300
Other non-current liabilities	1,523	1,341	1,449	1,545	1,293	929	1,140	1,284	1,229	1,180
Total liabilities	16,216	23,355	22,192	21,913	21,464	20,302	20,752	21,821	23,860	22,636
Total debt	8,248	14,269	13,021	13,261	12,251	10,809	11,674	12,918	14,202	13,470
Paid-in capital	1,121	1,203	1,387	1,349	1,366	1,183	1,222	1,227	1,219	1,201
Retained earnings	13,139	14,460	14,997	15,982	17,070	18,533	19,839	20,972	21,918	20,515
Treasury stock	-7,763	-7,168	-6,779	-6,433	-6,611	-7,278	-8,410	-10,358	-11,468	-11,901
Other comprehensive income	-2,245	-2,429	-2,625	-2,914	-2,429	-1,971	-2,277	-2,520	-2,545	-2,522
Shareholders' equity	4,328	6,141	7,055	8,059	9,470	10,542	10,450	9,397	9,199	7,368
Minority interests	358	351	313	291	303	246	250	252	12	12.2
Total equity	4,686	6,492	7,368	8,350	9,773	10,788	10,700	9,649	9,211	7,381
Total liabilities and equity	21,813	30,624	30,111	30,807	31,842	31,090	31,452	31,470	33,071	30,017

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	1,701	2,163	1,786	2,211	2,346	2,735	2,610	2,519	2,319	-85.3
Depreciation and amortization	604	619	620	595	601	570	547	553	539	555
Stock-based compensation	95.7	77	84.9	94.9	89.9	98.7	112	95.3	91.7	79.4
Deferred income tax	184	-504	96	-29.6	119	62.2	-22.2	-48.5	-121	203
Change in receivables	-69.2	-123	-42.7	37.9	27.9	-166	-41.2	-1.8	-79	12.9
Change in inventory	-61.5	15.6	53.7	103	-355	-85.8	-319	288	-18.5	-82.2
Cash from operations	2,415	2,841	2,807	3,676	2,983	3,316	2,779	3,303	2,918	2,166
Capital expenditures	-684	-623	-538	-461	-531	-569	-690	-774	-625	-540
Acquisitions	0	-8,036	0	0	0	-1,201	-252	-452	-1,419	0
Sales and maturities of investments				16
Cash from investing	-647	-8,685	-557	-486	-513	-1,691	-346	-1,197	-1,795	1,258
Debt issued	1,072	6,550	339	1,638	1,577	2,204	2,324	2,065	2,355	2,006
Debt repaid	-1,000	-600	-1,494	-1,397	-2,609	-3,141	-1,422	-902	-1,300	-2,823
Stock issued	0	970	0	0	74.3	162	232	25.5	43	0.5
Share buybacks	-1,652	-602	-1.1	-3.4	-301	-877	-1,404	-2,002	-1,203	-500
Dividends paid	-1,135	-1,140	-1,182	-1,196	-1,246	-1,245	-1,288	-1,363	-1,339	-1,315
Cash from financing	-1,747	5,446	-2,176	-1,942	-2,716	-2,503	-2,404	-2,272	-1,180	-3,315
Exchange rate effect	-18.5	31.8	-23.1	-20.7	72.5
Net change in cash	2.4	-367	51	1,228	-173	-936	16.1	-168	-54.1	128
Free cash flow	1,731	2,218	2,269	3,215	2,452	2,747	2,089	2,529	2,293	1,626
Interest paid	286	270	500	419	413	358	337	464	474	574
Income taxes paid	551	489	441	403	636	545	683	661	599	391

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to August 30, 2026; growth uses fiscal years. Valuation uses the share price of $33.64 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	33.6%	Gross profit / revenue.
Operating margin	-1.1%	Operating income / revenue.
EBITDA margin	1.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-3.8%	Pre-tax income / revenue.
Net margin	-4.9%	Net income / revenue.
FCF margin	8.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	11.3%	Cash from operations / revenue.
Return on equity (ROE)	-12.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-3.0%	Net income / average total assets.
Return on invested capital (ROIC)	-0.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	18.4%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.8%	Capital expenditures / revenue.
D&A / revenue	3.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-5.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-2.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	0.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-8.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-1.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-0.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-73.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-36.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-22.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-62.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-28.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-17.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-103.8%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-103.9%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-25.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-8.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-6.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-29.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-8.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-7.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	1.7%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	4.1%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	3.9%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-19.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-11.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-4.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-9.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-1.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-1.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-3.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-3.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.70x	Current assets / current liabilities.
Quick ratio	0.32x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.06x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.80x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	44.3%	Total debt / total assets.
Liabilities / assets	75.3%	Total liabilities / total assets.
Net debt	$12.98B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	37.1x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	-$2.06B	Current assets - current liabilities.
Goodwill and intangibles / assets	68.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$13.37B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.60x	Revenue / average total assets.
Fixed asset turnover	5.41x	Revenue / average property, plant and equipment.
Inventory turnover	5.62x	Cost of revenue / average inventory.
Days inventory	65 days	365 x average inventory / cost of revenue.
Receivables turnover	10.3x	Revenue / average receivables.
Days sales outstanding	35 days	365 x average receivables / revenue.
Days payables	112 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-11 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	25.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$1.66	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$34.01	Revenue / diluted weighted shares.
FCF per share	$2.87	Free cash flow / diluted weighted shares.
Operating cash flow per share	$3.84	Cash from operations / diluted weighted shares.
Book value per share	$13.85	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$24.86	Tangible book value / shares outstanding.
Cash per share	$0.81	(Cash + short-term investments) / shares outstanding.
Dividends / FCF	85.0%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	0.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$17.98B	Share price x shares outstanding.
Enterprise value	$30.97B	Market cap + total debt - cash - short-term investments.
P/S	0.98x	Market cap / revenue.
P/B	2.41x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	11.6x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	8.70x	Market cap / cash from operations, when positive.
EV/Sales	1.69x	Enterprise value / revenue.
EV/EBITDA	88.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	20.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	8.6%	Free cash flow / market cap.
Earnings yield	-5.0%	Net income / market cap (the inverse of P/E).
Dividend yield	7.3%	Dividends paid over the period / market cap.
Shareholder yield	7.3%	(Dividends paid + share buybacks) / market cap.

What was GENERAL MILLS INC's revenue in fiscal 2026?

GENERAL MILLS INC reported revenue of $18.42B for fiscal 2026, 5.4% lower than the year before.

Was GENERAL MILLS INC profitable in fiscal 2026?

No. It reported a net loss of $87.6M.

How much free cash flow did GENERAL MILLS INC generate in fiscal 2026?

Cash from operations of $2.17B minus capital expenditures of $539.9M left free cash flow of $1.63B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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