General Mills, Inc. · NYSE:GIS
General Mills — Q4 2025 Earnings Presentation
55 slides from General Mills's earnings presentation, Jun 25, 2025
Slide 1: Fiscal 2025 Q4 Earnings
Fiscal 2025 Q4 Earnings June 25, 2025 General Mills Fiscal 2025 Fourth Quarter
Slide 2: A Reminder on Forward-looking Statements
A Reminder on Forward-looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management’s current expectations and assumptions. These forward-looking statements including the statements und
Slide 3: Jeff Harmening, Chairman and Chief Executive Officer
Jeff Harmening Chairman and Chief Executive Officer General Mills Fiscal 2025 Fourth Quarter 3
Slide 4: Today's Key Messages
Today’s Key Messages • Second-half Investments Worked as Expected – Delivering Improved Volume and Pound Share Trends • Q4 Results Met Our Updated Annual Guidance • #1 Goal in F26 is to Restore Volume-driven Organic Growth, Supported by Increased Investment Across All Elements of Our Remarkable Expe
Slide 5: Fiscal 2025 Full-year Performance
Fiscal 2025 Full-year Performance • F25 results met our updated full-year guidance • Top- and bottom-line performance reflects added investments mid-year to bring consumers more value • Organic volume flat vs. LY, a 3-point improvement from F24 Organic Net Sales Adjusted Op. Adjusted Diluted Growth¹
Slide 6: Fiscal 2025 Priorities
Fiscal 2025 Priorities Accelerate Improve Competitiveness by 1 Organic Sales Delivering Remarkable Experiences Across Our Portfolio Generate HMM Cost Savings to Create Fuel 2 for Investment Offset Inflation and Accelerate Brand Investment Drive Strong Continue Robust Cash Conversion 3 Cash Generatio
Slide 7: Increased Investment Improved NAR Pound Share Competitiveness in Q4
F25 Priority 1 Increased Investment Improved NAR Pound Share Competitiveness in Q4 Top 10 U.S. Categories % of Business Holding or Growing Pound Share F25 Highlights 64% ✓ Volume Trends Strengthened +1pt in 2H 17% ✓ Improved Media ROIs F25 Q3 F25 Q4 ✓ Second Year of Distribution Share Growth ✓ Stabi
Slide 8: Improved Share Competitiveness on NA Pet, NA Foodservice, and International in F25
Improved Share Competitiveness on NA Pet, F25 Priority 1 NA Foodservice, and International in F25 % of Priority Business Holding or Growing Dollar Share North America North America International Pet Foodservice 80% 80% 71% 80% 68% 70% 70% 60% 70% 59% 60% 60% 60% 50% 50% 50% 40% 40% 40% 30% 30% 30% 1
Slide 9: Create Fuel for Investment
F25 Priority 2 Create Fuel for Investment Accelerated HMM Cost Savings… … Which Has Enabled General Mills HMM Cost Savings (as % of COGS) ✓ Increased Investment to 6% Support More Remarkable 5% Consumer Experiences Long-term 4% Trend 3% 3% ✓ Sustained Gross Margin Performance ✓ Strong Cash Returns t
Slide 10: Drive Strong Cash Generation
F25 Priority 3 Drive Strong Cash Generation Drove Strong Continued to Reshape Returned Cash to Free Cash Flow Our Portfolio Shareholders 97% FCF Conversion1 $2.5B Exceeded Nearly 30% of Net Dividends Paid + Net Long-term Sales Base Turned Share Repurchases target of 95%+ Over Since F18 1) Non-GAAP m
Slide 11: Our Fiscal 2026 Priorities
Our Fiscal 2026 Priorities Return North America Invest in Remarkable Experiences 1 Retail to Volume Growth to Strengthen Pound Share and Household Penetration Accelerate N.A. Pet Grow Core Blue Buffalo and Drive 2 Growth with Expanded Category Expansion Opportunities Portfolio Drive Efficiencies to
Slide 12: Creating Remarkable Experiences
F25 Priority Creating Remarkable Experiences Superior Package Brand Omnichannel Compelling Product Design Communication Execution Value Consumers’ Brand of Choice General Mills Fiscal 2025 Fourth Quarter 12
Slide 13: Investing in Remarkability to Return North America Retail to Volume Growth in F26
F26 Priority 1 Investing in Remarkability to Return North America Retail to Volume Growth in F26 Superior Package Brand Omnichannel Compelling Product Design Communication Execution Value • Significant • Double the • Increased • Leveraging • Investments in Product News Amount of Investment Portfolio
Slide 14: Compelling Product News on All Top U.S. Categories
F26 Priority 1 Compelling Product News on All Top 10 U.S. Categories Tasty Protein Bold Flavors Familiar & Fun General Mills Fiscal 2025 Fourth Quarter 14
Slide 15: Delivering Remarkable Experiences Across Refrigerated Dough
F26 Priority 1 Delivering Remarkable Experiences Across Refrigerated Dough Value Core News Innovation $ General Mills Fiscal 2025 Fourth Quarter 15
Slide 16: Delivering Remarkable Experiences Across Totino's
F26 Priority 1 Delivering Remarkable Experiences Across Totino’s Value Core News Innovation THE MOST EPIC WAY TO EAT PIZZA General Mills Fiscal 2025 Fourth Quarter 16
Slide 17: Delivering Remarkable Experiences Across Cereal
F26 Priority 1 Delivering Remarkable Experiences Across Cereal Value Core News Innovation General Mills Fiscal 2025 Fourth Quarter 17
Slide 18: Delivering Remarkable Experiences Across Soup
F26 Priority 1 Delivering Remarkable Experiences Across Soup Value Core News Innovation General Mills Fiscal 2025 Fourth Quarter 18
Slide 19: Delivering Remarkable Experiences Across Fruit Snacks
F26 Priority 1 Delivering Remarkable Experiences Across Fruit Snacks Value Core News Innovation General Mills Fiscal 2025 Fourth Quarter 19
Slide 20: North America Pet: Delivering More Remarkable Experiences on Dog Feeding
F26 Priority 2 North America Pet: Delivering More Remarkable Experiences on Dog Feeding Superior Product News Launching Edgard & Cooper in the U.S. General Mills Fiscal 2025 Fourth Quarter 20
Slide 21: North America Pet: Delivering More Remarkable Experiences on Cat Feeding
F26 Priority 2 North America Pet: Delivering More Remarkable Experiences on Cat Feeding Superior Product News Humanized Innovation General Mills Fiscal 2025 Fourth Quarter 21
Slide 22: National Launch of Love Made Fresh Coming to Stores Later This Year
F26 Priority 2 National Launch of Love Made Fresh Coming to Stores Later This Year • Variety of Product Formats and Flavorful Recipes Delivering on Blue Buffalo’s “True Blue” Promise • Dedicated Investment to Drive Trial and Awareness • Significant Early Customer Acceptance • Strong Complement to Ou
Slide 23: Delivering Remarkable Experiences Across North America Foodservice
Delivering Remarkable Experiences Across North America Foodservice Driving Breakfast Leadership Expanding in K-12 Schools Frozen Baked Goods General Mills Fiscal 2025 Fourth Quarter 23
Slide 24: Delivering Remarkable Experiences Across International
Delivering Remarkable Experiences Across International Product News and Improved Brand Communication Across Two Largest International Businesses General Mills Fiscal 2025 Fourth Quarter 24
Slide 25: Drive Efficiencies to Reinvest in Growth
F26 Priority 3 Drive Efficiencies to Reinvest in Growth Holistic Margin Management Global Transformation Cost Savings as % of COGS 6% • Launching global initiative designed to 5% 5% accelerate growth of COGS Long-term trend 4% • Streamlining end-to-end business processes 3% 3% • Leveraging new tools
Slide 26: Kofi Bruce, Chief Financial Officer
Kofi Bruce Chief Financial Officer General Mills Fiscal 2025 Fourth Quarter 26
Slide 27: Fourth-quarter Fiscal 2025 Financial Results
Fourth-quarter Fiscal 2025 Financial Results Q4 Total General Mills $MM vs. LY Net Sales $4,556 -3% Organic Net Sales1 -3% Adjusted Operating Profit1 $622 -22%2 Adjusted Diluted EPS1 $0.74 -27%2 1) Non-GAAP measures. See appendix for reconciliation 2) Growth rates in constant currency. Non-GAAP me
Slide 28: Components of Fourth-quarter Net Sales Growth
Components of Fourth-quarter Net Sales Growth -3% Organic Net Sales1 Flat Flat Flat -3 pts -3% Organic Organic Foreign Acquisitions & Total Net Sales Volume Price / Mix Exchange Divestitures as Reported 1) Non-GAAP measure General Mills Fiscal 2025 Fourth Quarter 28
Slide 29: Fourth-quarter and Fiscal 2025 North America Retail
Fourth-quarter and Fiscal 2025 North America Retail North America Retail Q4 F25 • Canada Yogurt divestiture closed in January and U.S. Yogurt divestiture expected to close later this month Organic Net Sales¹ -7% -3% Segment Op. Profit² -29% -11% • Q4 organic net sales lagged Nielsen-measured U.S. re
Slide 30: Fourth-quarter and Fiscal 2025 North America Pet
Fourth-quarter and Fiscal 2025 North America Pet North America Pet Q4 F25 • Q4 organic net sales outpaced all-channel retail sales performance3 by ~3pts, primarily reflecting an increase Organic Net Sales¹ +3% Flat in retailer inventory Segment Op. Profit² -3% +3% • Q4 reported net sales included +D
Slide 31: Fourth-quarter and Fiscal 2025 North America Foodservice
Fourth-quarter and Fiscal 2025 North America Foodservice North America Foodservice Q4 F25 • Q4 organic net sales decline driven by bakery flour and breads Organic Net Sales¹ -1% +2% Segment Op. Profit² +5% +13% • 71% of priority businesses held or grew share for the full year3, led by K-12 schools a
Slide 32: Fourth-quarter and Fiscal 2025 International
Fourth-quarter and Fiscal 2025 International International Q4 F25 • Q4 organic net sales growth driven by Brazil and Organic Net Sales¹ +9% Flat Distributor Markets Segment Op. Profit² +42% -33% • 59% of priority businesses held or grew share for the full year3 • Full-year profit decrease driven pri
Slide 33: Fourth-quarter and Fiscal 2025 Joint Ventures
Fourth-quarter and Fiscal 2025 Joint Ventures F25 AFTER-TAX JV EARNINGS: $58MM, -29%¹ vs. LY Net Sales² Q4 F25 • Q4 CPW net sales driven by declines in Latin America and Europe Cereal Partners Worldwide -6% -1% Häagen-Dazs Japan +1% +3% • Q4 HDJ net sales growth driven by strong core renovation • F2
Slide 34: Fourth-quarter Fiscal 2025 Other Income Statement Items
Fourth-quarter Fiscal 2025 Other Income Statement Items • Adjusted Unallocated Corporate Expenses Decreased $7MM vs. LY • Net Interest Expense Increased $17MM vs. LY • Adjusted Effective Tax Rate 19.2%, -80bps vs. LY¹ • Average Diluted Shares Outstanding -4% vs. LY 1) Non-GAAP measure. See appendix
Slide 35: Fiscal 2025 Financial Results
Fiscal 2025 Financial Results F25 Total General Mills $MM vs. LY Net Sales $19,487 -2% Organic Net Sales1 -2% Adjusted Operating Profit1 $3,353 -7%2 Adjusted Diluted EPS1 $4.21 -7%2 1) Non-GAAP measures. See appendix for reconciliation 2) Growth rates in constant currency. Non-GAAP measures. See ap
Slide 36: Fiscal 2025 Margin Results
Fiscal 2025 Margin Results Adjusted Gross Margin1 Adjusted Operating Profit Margin1 (% of Net Sales) (% of Net Sales) 34.8% 34.5% 18.1% 17.2% F24 F25 F24 F25 • Annual Adj. Gross Margin decrease driven by input cost inflation, unfavorable price/mix, and volume deleverage, partially offset by HMM cost
Slide 37: Fiscal 2025 Cash Flow
Fiscal 2025 Cash Flow Operating Cash Flow ($ in Millions) Capital Investments $625MM $3,303 $2,918 Dividends Paid $1,339MM Net Share Repurchases F24 F25 $1,160MM General Mills Fiscal 2025 Fourth Quarter 37
Slide 38: Fiscal 2026 Key Assumptions
Fiscal 2026 Key Assumptions Key Financial Metrics¹ Key Considerations • Category Growth Below LT Expectations and Similar to F25, Reflecting Lower Price/Mix Organic Net Sales • Organic Sales Improvement Driven by Stronger Competitiveness in Response to Investments in (-1% to +1%) Remarkability HEADW
Slide 39: Fiscal 2026 Financial Outlook
Fiscal 2026 Financial Outlook Key Financial Metrics¹ F26 Outlook Organic Net Sales Growth -1% to +1% Adjusted Operating Profit Growth² -15% to -10% Adjusted Diluted EPS Growth² -15% to -10% Free Cash Flow Conversion 95%+ F26 outlook assumes the U.S. Yogurt divestiture closes at the end of June 2025,
Slide 40: Today's Key Messages
Today’s Key Messages • Second-half Investments Worked as Expected – Delivering Improved Volume and Pound Share Trends • Q4 Results Met Our Updated Annual Guidance • #1 Goal in F26 is to Restore Volume-driven Organic Growth, Supported by Increased Investment Across All Elements of Our Remarkable Expe
Slide 41: A Reminder on Non-GAAP Guidance
A Reminder on Non-GAAP Guidance Our fiscal 2026 outlook for organic net sales growth, constant-currency adjusted operating profit and adjusted diluted EPS, and free cash flow conversion are non-GAAP financial measures that exclude, or have otherwise been adjusted for, items impacting comparability,
Slide 42: Appendix: Fourth-quarter Fiscal 2025 North America Retail Operating Unit Results
Appendix: Fourth-quarter Fiscal 2025 North America Retail Operating Unit Results Net Sales % vs. LY Operating Unit Q4 U.S. Snacks -11% U.S. Morning Foods -5% U.S. Meals & Baking Solutions -4% Canada -47% Canada Constant-currency¹ -45% 1) Net sales growth in constant currency. Non-GAAP measure. See a
Slide 43: Reconciliation of Fourth-quarter Fiscal 2025 Canada Operating Unit Constant-currency Net Sales Growth
Reconciliation of Fourth-quarter Fiscal 2025 Canada Operating Unit Constant-currency Net Sales Growth *Table may not foot due to rounding General Mills Fiscal 2025 Fourth Quarter 43
Slide 44: Reconciliation of Fourth-quarter and Fiscal 2025 Organic Net Sales Growth
Reconciliation of Fourth-quarter and Fiscal 2025 Organic Net Sales Growth *Table may not foot due to rounding General Mills Fiscal 2025 Fourth Quarter 44
Slide 45: Reconciliation of Fourth-quarter Fiscal 2025 Adjusted Operating Profit and Related Constant-currency Growth Rate
Reconciliation of Fourth-quarter Fiscal 2025 Adjusted Operating Profit and Related Constant-currency Growth Rate (Fiscal Years, $ in Millions) *Table may not foot due to rounding General Mills Fiscal 2025 Fourth Quarter 45
Slide 46: Reconciliation of Fourth-quarter Fiscal 2025 Adjusted Diluted EPS and Related Constant-currency Growth Rate
Reconciliation of Fourth-quarter Fiscal 2025 Adjusted Diluted EPS and Related Constant-currency Growth Rate (Fiscal Years) *Table may not foot due to rounding **See reconciliation of tax rate items for tax impact of individual items General Mills Fiscal 2025 Fourth Quarter 46
Slide 47: Reconciliation of Fourth-quarter and Fiscal 2025 Constant-currency Segment Operating Profit Growth
Reconciliation of Fourth-quarter and Fiscal 2025 Constant-currency Segment Operating Profit Growth *Table may not foot due to rounding General Mills Fiscal 2025 Fourth Quarter 47
Slide 48: Reconciliation of Fiscal 2025 Constant-currency After-tax Earnings from Joint Ventures Growth Rate
Reconciliation of Fiscal 2025 Constant-currency After-tax Earnings from Joint Ventures Growth Rate *Table may not foot due to rounding General Mills Fiscal 2025 Fourth Quarter 48
Slide 49: Reconciliation of Fourth-quarter Fiscal 2024 and Fiscal 2025 Adjusted Tax Rates
Reconciliation of Fourth-quarter Fiscal 2024 and Fiscal 2025 Adjusted Tax Rates (Fiscal Years, $ in Millions except Per Share Data) *Table may not foot due to rounding a) Earnings before income taxes and after-tax earnings from joint ventures General Mills Fiscal 2025 Fourth Quarter 49
Slide 50: Reconciliation of Fiscal 2025 Adjusted Operating Profit and Related Constant-currency Growth Rates
Reconciliation of Fiscal 2025 Adjusted Operating Profit and Related Constant-currency Growth Rates ($ in Millions) *Table may not foot due to rounding General Mills Fiscal 2025 Fourth Quarter 50
Slide 51: Reconciliation of Fiscal 2025 Adjusted Diluted EPS and Related Constant-currency Growth Rates
Reconciliation of Fiscal 2025 Adjusted Diluted EPS and Related Constant-currency Growth Rates *Table may not foot due to rounding **See reconciliation of tax rate items for tax impact of individual items General Mills Fiscal 2025 Fourth Quarter 51
Slide 52: Reconciliation of Fiscal 2024 and 2025 Adjusted Gross Margin
Reconciliation of Fiscal 2024 and 2025 Adjusted Gross Margin *Table may not foot due to rounding General Mills Fiscal 2025 Fourth Quarter 52
Slide 53: Reconciliation of Fiscal 2024 and 2025 Adjusted Operating Profit Margin
Reconciliation of Fiscal 2024 and 2025 Adjusted Operating Profit Margin *Table may not foot due to rounding General Mills Fiscal 2025 Fourth Quarter 53
Slide 54: Reconciliation of Fiscal 2025 Free Cash Flow Conversion
Reconciliation of Fiscal 2025 Free Cash Flow Conversion *Table may not foot due to rounding General Mills Fiscal 2025 Fourth Quarter 54
Slide 55: Reconciliation of Fiscal 2024 and Fiscal 2025 Adjusted Tax Rate
Reconciliation of Fiscal 2024 and Fiscal 2025 Adjusted Tax Rate ($ in Millions except Per Share Data) *Table may not foot due to rounding a) Earnings before income taxes and after-tax earnings from joint ventures General Mills Fiscal 2025 Fourth Quarter 55