General Mills, Inc. · NYSE:GIS
General Mills — Q4 2026 Earnings Presentation
53 slides from General Mills's earnings presentation, Jul 1, 2026
Slide 1: Fiscal 2026 Q4 Earnings
Fiscal 2026 Q4 Earnings July 1, 2026
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
Jeff Harmening Chairman and Chief Executive Officer General Mills Fiscal 2026 Fourth Quarter 3
Slide 4: Today's Key Messages
Today’s Key Messages Positive Finish in F26, Delivering on Q4 Expectations 1 and Strengthening Our Foundation for the Future F27 Plans will Drive a Step Change in Remarkability 2 to Improve Topline Growth 3 Targeting $3 Billion in Cost Savings by Fiscal ‘30 General Mills Fiscal 2026 Fourth Quarter 4
Slide 5: Fourth-quarter and Fiscal 2026 Performance
Fourth-quarter and Fiscal 2026 Performance F26 Q4 F26 Actual Actual Q4 Headlines Organic Net • Improved Dollar Share Trend Amid Sales Growth¹ Flat -2% Challenging Consumer Backdrop • As Expected, Favorable Trade Expense Adjusted and Shipment Timing Comparisons Op. Profit Growth² +13% -16% Aided Top-
Slide 6: F26 Summary – Building Momentum into F27
F26 Summary – Building Momentum into F27 Why Confidence What’s Working What’s Pressured Carries into F27 Share Performance in NAR, NA Pet, & NAF More Challenging HH Penetration Sales & Operating Consumer Backdrop Growth Profit Growth in Intl Slower Category Differential Portfolio Shaping Growth Inno
Slide 7: Remarkable Experiences Framework
Remarkable Experiences Framework General Mills Fiscal 2026 Fourth Quarter 7
Slide 8: Fiscal 2027 Priorities
Fiscal 2027 Priorities Strengthen Organic Sales Deliver Benefit-focused Priority 1 with a Step Change in Innovation and Remarkability Renovation Accelerate Enterprise Drive Industry-leading Priority 2 HMM and Transformation Transformation Cost Savings Drive Disciplined Capital Maintain Sharp Focus o
Slide 9: Fiscal 2027 Financial Outlook
Fiscal 2027 Financial Outlook Key Financial Metrics¹ F27 Outlook3 Organic Net Sales Growth -1.5% to +0.5% Adjusted Operating Profit Growth² -13% to -8% Adjusted Diluted EPS $3.00 to $3.20 Free Cash Flow Conversion ~95% F27 Outlook includes headwinds of approximately 9 percent on Adjusted Operating P
Slide 10: Dana McNabb
Dana McNabb Chief Operating Officer General Mills Fiscal 2026 Fourth Quarter 10
Slide 11: Our F27 Plans are Centered on the Benefits that Matter Most to Today's Consumers
Our F27 Plans are Centered on the Benefits that Matter Most to Today’s Consumers Better- Bold for-you Flavors Fun & Humanized Indulgent Pet General Mills Fiscal 2026 Fourth Quarter 11
Slide 12: NAR Remarkability Plans: Cheerios
Priority 1 NAR Remarkability Plans: Cheerios General Mills Fiscal 2026 Fourth Quarter 12
Slide 13: NAR Remarkability Plans: Nature Valley
Priority 1 NAR Remarkability Plans: Nature Valley General Mills Fiscal 2026 Fourth Quarter 13
Slide 14: NAR Remarkability Plans: Annie's
Priority 1 NAR Remarkability Plans: Annie’s General Mills Fiscal 2026 Fourth Quarter 14
Slide 15: NAR Remarkability Plans: Old El Paso
Priority 1 NAR Remarkability Plans: Old El Paso General Mills Fiscal 2026 Fourth Quarter 15
Slide 16: Creating Disruptive Growth Opportunities with New Brands
Priority 1 Creating Disruptive Growth Opportunities with New Brands Authentic Mexican Performance Nutrition Asian Snacking General Mills Fiscal 2026 Fourth Quarter 16
Slide 17: NA Pet Remarkability Plans: Tastefuls & Tiki Cat
Priority 1 NA Pet Remarkability Plans: Tastefuls & Tiki Cat General Mills Fiscal 2026 Fourth Quarter 17
Slide 18: NA Pet Remarkability Plans: Blue Dog Feeding
Priority 1 NA Pet Remarkability Plans: Blue Dog Feeding General Mills Fiscal 2026 Fourth Quarter 18
Slide 19: Improvement Plans on Totino's and Wilderness
Priority 1 Improvement Plans on Totino’s and Wilderness Addressing All Elements of Remarkability General Mills Fiscal 2026 Fourth Quarter 19
Slide 20: International and North America Foodservice Remarkability Plans
Priority 1 International and North America Foodservice Remarkability Plans Package Design General Mills Fiscal 2026 Fourth Quarter 20
Slide 21: Delivering a Step Change in Remarkability
Delivering a Step Change in Remarkability Superior Package Brand Omnichannel Compelling Product Product Communication Execution Value General Mills Fiscal 2026 Fourth Quarter 21
Slide 22: Targeting $3 Billion in Cost Savings by F30
Priority 2 Targeting $3 Billion in Cost Savings by F30 from Holistic • Offset ~$2B Margin Management Inflation ~$3B • Fund Investments • Restore By F30 Earnings & ~$1B from Transformation and Other Savings Cash Flow Growth General Mills Fiscal 2026 Fourth Quarter 22
Slide 23: Cost Savings Plans for F27
Priority 2 Cost Savings Plans for F27 Industry-leading HMM Cost Savings Transformation & Other Savings General Mills HMM Cost Savings (as % of COGS) Business Process 6% Simplification 5% 5% 4-5% 4% of COGS Long-term 3% 3% AI-enabled Efficiency Trend Supply Chain F10 - F21 Average F22 F23 F24 F25 F26
Slide 24: Kofi Bruce
Kofi Bruce Chief Financial Officer General Mills Fiscal 2026 Fourth Quarter 24
Slide 25: Fourth-quarter Fiscal 2026 Financial Results
Fourth-quarter Fiscal 2026 Financial Results Q4 Total General Mills $MM vs. LY Net Sales $4,610 +1% Organic Net Sales1 Flat Adjusted Operating Profit1 $705 +13%2 Adjusted Diluted EPS1 $0.95 +27%2 (1) Non-GAAP measures. See appendix for reconciliation (2) Growth rates in constant currency. Non-GAAP
Slide 26: Components of Fourth-quarter Net Sales Growth
Components of Fourth-quarter Net Sales Growth Flat Organic Net Sales1 +7 pts +2 pts +1 pt Flat +1% -2 pts Flat -7 pts Organic Organic Foreign Acquisitions Total Net Sales 53rd Week Volume Price / Mix Exchange & Divestitures as Reported (1) Non-GAAP measure General Mills Fiscal 2026 Fourth Quarter 26
Slide 27: Fourth-quarter and Fiscal 2026 North America Retail
Fourth-quarter and Fiscal 2026 North America Retail North America Retail Q4 F26 • Q4 organic sales outpaced Nielsen- measured U.S. retail sales by ~4pts, driven Organic Net Sales¹ Flat -3% by a previously anticipated tailwind from trade expense timing and changes in Segment Op. Profit² +7% -20% reta
Slide 28: Fourth-quarter and Fiscal 2026 North America Pet
Fourth-quarter and Fiscal 2026 North America Pet North America Pet Q4 F26 • Q4 organic net sales decline driven primarily by changes in retailer inventory Organic Net Sales¹ -3% -3% • Q4 reported net sales grew DD% in cat Segment Op. Profit² +14% Flat feeding and LSD% in dog feeding, and declined LS
Slide 29: Fourth-quarter and Fiscal 2026 North America Foodservice
Fourth-quarter and Fiscal 2026 North America Foodservice North America Foodservice Q4 F26 • Q4 organic net sales essentially matched year-ago results, including a 2-point Organic Net Sales¹ Flat -1% headwind from index pricing on bakery flour Segment Op. Profit² +22% -6% • Q4 profit increase primari
Slide 30: Fourth-quarter and Fiscal 2026 International
Fourth-quarter and Fiscal 2026 International International Q4 F26 • Q4 organic net sales growth driven by Brazil, Europe, India, and China Organic Net Sales¹ +3% +3% • Q4 profit increase driven primarily by Segment Op. Profit² +72% +90% favorable price/mix and higher volume, partially offset by high
Slide 31: Fourth-quarter and Fiscal 2026 Joint Ventures
Fourth-quarter and Fiscal 2026 Joint Ventures F26 AFTER-TAX JV LOSS: -$76MM, vs $58MM EARNINGS LY • Q4 CPW net sales decline driven by a Net Sales1 Q4 F26 5-point divestiture headwind, partially offset by growth in Asia, Oceania, and Cereal Partners Worldwide -3% -3% Africa Häagen-Dazs Japan +12% +5
Slide 32: Fourth-quarter Fiscal 2026 Other Income Statement Items
Fourth-quarter Fiscal 2026 Other Income Statement Items • Adjusted Unallocated Corporate Expenses Increased $12MM vs. LY • Net Interest Expense Increased $12MM vs. LY • Adjusted Effective Tax Rate 12.7%, -650bps vs. LY¹ • Average Diluted Shares Outstanding -2% vs. LY (1) Non-GAAP measure. See append
Slide 33: Fiscal 2026 Financial Results
Fiscal 2026 Financial Results F26 Total General Mills $MM vs. LY Net Sales $18,425 -5% Organic Net Sales1 -2% Adjusted Operating Profit1 $2,812 -16%2 Adjusted Diluted EPS1 $3.55 -16%2 (1) Non-GAAP measures. See appendix for reconciliation (2) Growth rates in constant currency. Non-GAAP measures. S
Slide 34: Fiscal 2026 Margin Results
Fiscal 2026 Margin Results Adjusted Gross Margin1 Adjusted Operating Profit Margin1 (% of Net Sales) (% of Net Sales) 40% 34.5% 33.5% 35% 30% 25% 20% 17.2% 15.3% 15% 10% 5% 0% 0% F25 F26 F25 F26 • Annual Adj. Gross Margin decrease driven primarily by higher input costs, partially offset by favorable
Slide 35: Fiscal 2026 Balance Sheet and Cash Flow
Fiscal 2026 Balance Sheet and Cash Flow Operating Cash Flow ($ in Millions) Capital Investments $3,500 $540MM $3,000 $2,918 $2,500 $2,166 Dividends Paid $2,000 $1,500 $1,315MM $1,000 $500 Net Share Repurchases $0 F25 F26 $500MM General Mills Fiscal 2026 Fourth Quarter 35
Slide 36: Capital Allocation Priorities
Priority 3 Capital Allocation Priorities Priorities Near-term Goal Long-term Goal Capital Investment 3-4% of Net Sales 3-4% of Net Sales Dividend Growth Maintain Current Rate Grow Dividend with Earnings per Share Deleverage Reduce Leverage Towards Maintain Strong Investment 3x Net Debt to EBITDA Gra
Slide 37: Fiscal 2027 Key Assumptions
Fiscal 2027 Key Assumptions Key Financial Metrics¹ Key Considerations Organic Net Sales • Category Growth Consistent with F26 and Below Long-term Expectations (-1.5% to +0.5%) • Stronger Price/Mix with Base Price Investments Completed HEADWINDS • Input Cost Inflation: 4% to 5% of COGS • ~9pts of “Me
Slide 38: Fiscal 2027 Financial Outlook
Fiscal 2027 Financial Outlook Key Financial Metrics¹ F27 Outlook3 Organic Net Sales Growth -1.5% to +0.5% Adjusted Operating Profit Growth² -13% to -8% Adjusted Diluted EPS $3.00 to $3.20 Free Cash Flow Conversion ~95% F27 Outlook includes headwinds of approximately 9 percent on Adjusted Operating P
Slide 39: Today's Key Messages
Today’s Key Messages Positive Finish in F26, Delivering on Q4 Expectations 1 and Strengthening Our Foundation for the Future F27 Plans will Drive a Step Change in Remarkability 2 to Improve Topline Growth 3 Targeting $3 Billion in Cost Savings by Fiscal ‘30 General Mills Fiscal 2026 Fourth Quarter 3
Slide 40: A Reminder on Non-GAAP Guidance
A Reminder on Non-GAAP Guidance Our fiscal 2027 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 41: Appendix: Fourth-quarter Fiscal 2026 North America Retail Operating Unit Results
Appendix: Fourth-quarter Fiscal 2026 North America Retail Operating Unit Results Net Sales % vs. LY Operating Unit Q4 F26 Big G Cereal & Canada -19% -27% U.S. Meals & Baking Solutions +5% -1% U.S. Snacks +5% -4% Upon completion of the U.S. Yogurt divestiture, the former U.S. Morning Foods and Canada
Slide 42: Reconciliation of Fourth-quarter Fiscal 2026 Organic Net Sales Growth
Reconciliation of Fourth-quarter Fiscal 2026 Organic Net Sales Growth *Table may not foot due to rounding General Mills Fiscal 2026 Fourth Quarter 42
Slide 43: Reconciliation of Fiscal 2026 Organic Net Sales Growth
Reconciliation of Fiscal 2026 Organic Net Sales Growth *Table may not foot due to rounding General Mills Fiscal 2026 Fourth Quarter 43
Slide 44: Reconciliation of Fourth-quarter Fiscal 2026 Adjusted Operating Profit
Reconciliation of Fourth-quarter Fiscal 2026 Adjusted Operating Profit and Related Constant-currency Growth Rate *Table may not foot due to rounding General Mills Fiscal 2026 Fourth Quarter 44
Slide 45: Reconciliation of Fiscal 2026 Adjusted Operating Profit
Reconciliation of Fiscal 2026 Adjusted Operating Profit and Related Constant-currency Growth Rate *Table may not foot due to rounding General Mills Fiscal 2026 Fourth Quarter 45
Slide 46: Reconciliation of Fourth-quarter Fiscal 2026 Adjusted Diluted EPS
Reconciliation of Fourth-quarter Fiscal 2026 Adjusted Diluted EPS and Related Constant-currency Growth Rate *Table may not foot due to rounding **See reconciliation of tax rate items for tax impact of individual items (a) During fiscal 2026, we reported a net loss attributable to General Mills. Incl
Slide 47: Reconciliation of Fiscal 2026 Adjusted Diluted EPS
Reconciliation of Fiscal 2026 Adjusted Diluted EPS and Related Constant-currency Growth Rate *Table may not foot due to rounding **See reconciliation of tax rate items for tax impact of individual items (a) During fiscal 2026, we reported a net loss attributable to General Mills. Inclusion of diluti
Slide 48: Reconciliation of Fourth-quarter Fiscal 2026 Segment Operating Profit Growth
Reconciliation of Fourth-quarter Fiscal 2026 Constant-currency Segment Operating Profit Growth *Table may not foot due to rounding General Mills Fiscal 2026 Fourth Quarter 48
Slide 49: Reconciliation of Fiscal 2026 Segment Operating Profit Growth
Reconciliation of Fiscal 2026 Constant-currency Segment Operating Profit Growth *Table may not foot due to rounding General Mills Fiscal 2026 Fourth Quarter 49
Slide 50: Reconciliation of Fourth-quarter Fiscal 2026 Adjusted Tax Rate
Reconciliation of Fourth-quarter Fiscal 2026 Adjusted Tax Rate *Table may not foot due to rounding (a) (Loss) earnings before income taxes and after-tax loss from joint ventures (b) During fiscal 2026, we reported a net loss attributable to General Mills. Inclusion of dilutive shares would result in
Slide 51: Reconciliation of Fiscal 2026 Adjusted Tax Rate
Reconciliation of Fiscal 2026 Adjusted Tax Rate *Table may not foot due to rounding (a) Earnings before income taxes and after-tax (loss) earnings from joint ventures (b) During fiscal 2026, we reported a net loss attributable to General Mills. Inclusion of dilutive shares would result in a lower lo
Slide 52: Reconciliation of Fiscal 2026 Adjusted Gross Margin
Reconciliation of Fiscal 2026 Adjusted Gross Margin *Table may not foot due to rounding General Mills Fiscal 2026 Fourth Quarter 52
Slide 53: Reconciliation of Fiscal 2026 Adjusted Operating Profit Margin
Reconciliation of Fiscal 2026 Adjusted Operating Profit Margin *Table may not foot due to rounding General Mills Fiscal 2026 Fourth Quarter 53