General Mills, Inc. · NYSE:GIS
General Mills — Q3 FY2026 Earnings Presentation
46 slides from General Mills's earnings presentation, Mar 18, 2026
Slide 1: Fiscal 2026 Q3 Earnings
Fiscal 2026 Q3 Earnings March 18, 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 Third Quarter 3
Slide 4: Today's Key Messages
Today’s Key Messages Investing in Brand Remarkability to Restore 1 Organic Sales Growth Improved Competitiveness Across All Segments 2 Despite Volatile Operating Environment 3 Reaffirming Full-year Fiscal ’26 Outlook General Mills Fiscal 2026 Third Quarter 4
Slide 5: Third-quarter and YTD Fiscal 2026 Performance
Third-quarter and YTD Fiscal 2026 Performance F26 Q3 F26 YTD Actual Actual Q3 Headlines Organic Net • Retail sales trends improved vs. F26 Q2 Sales Growth¹ -3% -3% • As expected, investments, divestitures, and unfavorable trade expense timing Adjusted comparisons pressured top- and Op. Profit Growth
Slide 6: Fiscal 2026 Priorities
Fiscal 2026 Priorities Return North Invest in Remarkable Experiences 1 America Retail to to Strengthen Pound Share and Volume Growth Household Penetration Accelerate N.A. Pet Grow Core Blue Buffalo and Drive 2 Growth with Category Expansion Opportunities Expanded Portfolio Drive Efficiencies to Deli
Slide 7: Creating Remarkable Experiences
Creating Remarkable Experiences Superior Package Brand Omnichannel Compelling Product Design Communication Execution Value Consumers’ Brand of Choice General Mills Fiscal 2026 Third Quarter 7
Slide 8: Priority Investments in Remarkability Across NAR in F26
Priority 1 Investments in Remarkability Across NAR in F26 Compelling Superior Package Brand Omnichannel $ Value Product Design Communication Execution • Investments in • Significant • Double the • Increased • Strengthening Value Across Product News Amount of Investment Execution and Two-Thirds of Ac
Slide 9: Remarkability Investments Driving Significant Improvement in Base Volume
Priority Remarkability Investments Driving Significant 1 Improvement in Base Volume… General Mills U.S. Retail Base Volume NAR Highlights (Base Pounds % vs. LY) Base price adjustments Total NAR Top 10 U.S. Categories driving improved base volume, which reflects everyday consumer purchases -1% -2%
Slide 10: …and Continued Strong NAR Pound Competitiveness
Priority 1 …and Continued Strong NAR Pound Competitiveness Top 10 U.S. Categories % of Business Holding or Growing Pound Share NAR Highlights Growing pound share in 8 of 72% Top 10 NAR categories FYTD HH penetration up in 7 of Top 10 categories FYTD Price/mix headwind cut in half in Q3 vs. F26
Slide 11: Continue Building Remarkability in NAR Heading into F27
Priority 1 Continue Building Remarkability in NAR Heading into F27 Bold Flavors Better-for-You Benefits Familiar & Fun F26 Q4 Highlights Significant new product & core distribution Increased media support Strong seasonal events for Easter and Cinco de Mayo Strengthening NAR’s foundation for
Slide 12: Accelerating N.A. Pet Portfolio in Q3
Accelerating N.A. Pet Portfolio in Q3 Priority 2 General Mills N.A. Pet N.A. Pet Highlights U.S. Retail Sales vs. LY Accelerated retail sales growth, 2.4% +2pts vs. F25 Continued HH penetration growth Cat Feeding retail sales +MSD%, 1.4% driven by TastefulsTM and Tiki Cat TM Dog Dry performa
Slide 13: Accelerating Growth in Fresh & Cat Feeding
Accelerating Growth in Fresh & Cat Feeding Priority 2 Love Made FreshTM: New, Third Format Accelerating through Remarkable Innovation and Now Available! Brand Communications on TastefulsTM and Tiki Cat +6% Retail Sales Growth Source: NIQ Pet Retail Plus, F26 Q3 General Mills Fiscal 2026 Third Quarte
Slide 14: Delivering Remarkable Product News in NA Foodservice and International in F26
Delivering Remarkable Product News in NA Foodservice and International in F26 80% All General Mills K-12 School Foods +HSD% Retail Core News Drove +MSD% Now Made Without Certified Colors, Sales Growth Retail Sales Growth in Q3 Ahead of Summer 2026 Commitment in Q3 Source: NIQ F26 latest available th
Slide 15: Driving Efficiencies to Reinvest in Growth
Driving Efficiencies to Reinvest in Growth Priority 3 Accelerated HMM Cost Savings Global Transformation General Mills HMM Cost Savings • Multi-year Global Initiative (as % of COGS) Designed to Accelerate Growth • Streamlining End-to-end 6% Business Processes 5% 5% 4%+ • Leveraging New Tools, 4% 4.2
Slide 16: Reaffirming Fiscal 2026 Financial Outlook
Reaffirming Fiscal 2026 Financial Outlook Key Financial Metrics¹ F26 Outlook Organic Net Sales Growth -2% to -1.5% Adjusted Operating Profit Growth² -20% to -16% Adjusted Diluted EPS Growth² -20% to -16% Free Cash Flow Conversion 95%+ F26 Outlook for Adjusted Op. Profit and Adjusted Diluted EPS incl
Slide 17: Kofi Bruce
Kofi Bruce Chief Financial Officer General Mills Fiscal 2026 Third Quarter 17
Slide 18: Third-quarter Fiscal 2026 Financial Results
Third-quarter Fiscal 2026 Financial Results Q3 Total General Mills $MM vs. LY Net Sales $4,437 -8% Organic Net Sales1 -3% Adjusted Operating Profit1 $547 -32%2 Adjusted Diluted EPS1 $0.64 -37%2 (1) Non-GAAP measures. See appendix for reconciliation (2) Growth rates in constant currency. Non-GAAP m
Slide 19: Components of Third-quarter Net Sales Growth
Components of Third-quarter Net Sales Growth -3% Organic Net Sales1 +1 pt -1 pt -2 pts -6 pts -8% Organic Organic Foreign Acquisitions & Total Net Sales Volume Price / Mix Exchange Divestitures as Reported (1) Non-GAAP measure General Mills Fiscal 2026 Third Quarter 19
Slide 20: Weather Disruptions Drove Increased Volatility in Q3
Weather Disruptions Drove Increased Volatility in Q3 General Mills Weekly U.S. Retail Pounds vs. LY Q3 Impact: Standard +/- 11 pts Deviation +/- 2 pts +/- 4 pts +/- 2 pts Winter Storms Retailer inventory reductions Disruptions across Supply Chain operations Plants fully back online and service
Slide 21: Third-quarter Fiscal 2026 North America Retail
Third-quarter Fiscal 2026 North America Retail North America Retail Q3 YTD • Q3 organic net sales decline due to lower volume and unfavorable price/mix Organic Net Sales¹ -4% -4% • Q3 organic volume included 1-pt retailer Segment Op. Profit² -33% -25% inventory headwind, which is expected to partial
Slide 22: Third-quarter Fiscal 2026 North America Pet
Third-quarter Fiscal 2026 North America Pet North America Pet Q3 YTD • Including the Whitebridge acquisition, Q3 reported net sales grew DD% in cat Organic Net Sales¹ -3% -2% feeding and MSD% in pet treating, and declined MSD% in dog feeding Segment Op. Profit² Flat -6% • Q3 organic net sales includ
Slide 23: Third-quarter Fiscal 2026 North America Foodservice
Third-quarter Fiscal 2026 North America Foodservice North America Foodservice Q3 YTD • Q3 organic net sales decline driven largely by bakery flour, including a 1-pt Organic Net Sales¹ -3% -1% headwind from index pricing Segment Op. Profit² -32% -15% • FYTD dollar share holding or growing in nearly 9
Slide 24: Third-quarter Fiscal 2026 International
Third-quarter Fiscal 2026 International International Q3 YTD • Q3 organic net sales growth driven by India and China, partially offset by a Organic Net Sales¹ +1% +3% decline in Europe Segment Op. Profit² +82% +100% • FYTD dollar share holding or growing in nearly 40% of priority businesses • Q3 pro
Slide 25: Third-quarter Fiscal 2026 Joint Ventures
Third-quarter Fiscal 2026 Joint Ventures Q3 AFTER-TAX JV LOSS: -$6MM, vs. $14MM EARNINGS LY • Q3 CPW net sales decline driven by Net Sales¹ Q3 YTD supply chain disruptions in Europe Cereal Partners Worldwide -4% -3% • Q3 HDJ net sales growth driven by strong core renovation Häagen-Dazs Japan +3% +3%
Slide 26: Third-quarter Fiscal 2026 Margin Results
Third-quarter Fiscal 2026 Margin Results Adjusted Gross Margin1 Adjusted Operating Profit Margin1 (% of Net Sales) (% of Net Sales) 40% 33.4% 30.6% 35% 30% 25% 20% 16.5% 15% 12.3% 10% 5% 0% 0% F25 Q3 F26 Q3 F25 Q3 F26 Q3 • Q3 Adj. Gross Margin decrease driven primarily by higher input costs, partial
Slide 27: Third-quarter Fiscal 2026 Other Income Statement Items
Third-quarter Fiscal 2026 Other Income Statement Items • Adjusted Unallocated Corporate Expenses Increased $32MM vs. LY • Net Interest Expense Decreased $8MM vs. LY • Adjusted Effective Tax Rate 24.0%, +300bps vs. LY¹ • Average Diluted Shares Outstanding -3% vs. LY (1) Non-GAAP measure. See appendix
Slide 28: Nine-month Fiscal 2026 Financial Results
Nine-month Fiscal 2026 Financial Results Nine Months Total General Mills $MM vs. LY Net Sales $13,815 -7% Organic Net Sales1 -3% Adjusted Operating Profit1 $2,106 -23%2 Adjusted Diluted EPS1 $2.60 -25%2 (1) Non-GAAP measures. See appendix for reconciliation (2) Growth rates in constant currency. N
Slide 29: Nine-month Fiscal 2026 Balance Sheet and Cash Flow
Nine-month Fiscal 2026 Balance Sheet and Cash Flow Operating Cash Flow ($ in Millions) Capital Investments $2,500 $2,307 $356MM $2,000 $1,614 Dividends Paid $1,500 $987MM $1,000 $500 Net Share Repurchases $0 F25 F26 $500MM General Mills Fiscal 2026 Third Quarter 29
Slide 30: Fiscal 2026 Q4 Expectations
Fiscal 2026 Q4 Expectations Significant Sequential Improvement vs. Q3 in Organic Net Sales, Adj. Operating Profit, and Adj. Diluted EPS Growth, Driven by: • 53rd Week Benefit to Adj. Op. Profit and Adj. Diluted EPS • Partial Reversal of Q3 Retailer Inventory Headwinds • Favorable Trade Expense Timin
Slide 31: Reaffirming Fiscal 2026 Financial Outlook
Reaffirming Fiscal 2026 Financial Outlook Key Financial Metrics¹ F26 Outlook Organic Net Sales Growth -2% to -1.5% Adjusted Operating Profit Growth² -20% to -16% Adjusted Diluted EPS Growth² -20% to -16% Free Cash Flow Conversion 95%+ F26 Outlook for Adjusted Op. Profit and Adjusted Diluted EPS incl
Slide 32: Today's Key Messages
Today’s Key Messages Investing in Brand Remarkability to Restore 1 Organic Sales Growth Improved Competitiveness Across All Segments 2 Despite Volatile Operating Environment 3 Reaffirming Full-year Fiscal ’26 Outlook General Mills Fiscal 2026 Third Quarter 32
Slide 33: 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 34: Appendix: Third-quarter Fiscal 2026 North America Retail Operating Unit Results
Appendix: Third-quarter Fiscal 2026 North America Retail Operating Unit Results Net Sales % vs. LY Operating Unit Q3 Big G Cereal & Canada -30% U.S. Snacks -7% U.S. Meals & Baking Solutions -3% Upon completion of the U.S. Yogurt divestiture, the former U.S. Morning Foods and Canada operating units
Slide 35: Reconciliation of Third-quarter Fiscal 2026 Organic Net Sales Growth
Reconciliation of Third-quarter Fiscal 2026 Organic Net Sales Growth *Table may not foot due to rounding General Mills Fiscal 2026 Third Quarter 35
Slide 36: Reconciliation of Nine-month Fiscal 2026 Organic Net Sales Growth
Reconciliation of Nine-month Fiscal 2026 Organic Net Sales Growth *Table may not foot due to rounding General Mills Fiscal 2026 Third Quarter 36
Slide 37: Reconciliation of Third-quarter Fiscal 2026 Adjusted Operating Profit and Related Constant-currency Growth Rate
Reconciliation of Third-quarter Fiscal 2026 Adjusted Operating Profit and Related Constant-currency Growth Rate *Table may not foot due to rounding General Mills Fiscal 2026 Third Quarter 37
Slide 38: Reconciliation of Nine-month Fiscal 2026 Adjusted Operating Profit and Related Constant-currency Growth Rate
Reconciliation of Nine-month Fiscal 2026 Adjusted Operating Profit and Related Constant-currency Growth Rate *Table may not foot due to rounding General Mills Fiscal 2026 Third Quarter 38
Slide 39: Reconciliation of Third-quarter Fiscal 2026 Adjusted Diluted EPS and Related Constant-currency Growth Rate
Reconciliation of Third-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 General Mills Fiscal 2026 Third Quarter 39
Slide 40: Reconciliation of Nine-month Fiscal 2026 Adjusted Diluted EPS and Related Constant-currency Growth Rate
Reconciliation of Nine-month 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 General Mills Fiscal 2026 Third Quarter 40
Slide 41: Reconciliation of Third-quarter Fiscal 2026 Constant-currency Segment Operating Profit Growth
Reconciliation of Third-quarter Fiscal 2026 Constant-currency Segment Operating Profit Growth *Table may not foot due to rounding General Mills Fiscal 2026 Third Quarter 41
Slide 42: Reconciliation of Nine-month Fiscal 2026 Constant-currency Segment Operating Profit Growth
Reconciliation of Nine-month Fiscal 2026 Constant-currency Segment Operating Profit Growth *Table may not foot due to rounding General Mills Fiscal 2026 Third Quarter 42
Slide 43: Reconciliation of Third-quarter Fiscal 2026 Adjusted Gross Margin
Reconciliation of Third-quarter Fiscal 2026 Adjusted Gross Margin *Table may not foot due to rounding General Mills Fiscal 2026 Third Quarter 43
Slide 44: Reconciliation of Third-quarter Fiscal 2026 Adjusted Operating Profit Margin
Reconciliation of Third-quarter Fiscal 2026 Adjusted Operating Profit Margin *Table may not foot due to rounding General Mills Fiscal 2026 Third Quarter 44
Slide 45: Reconciliation of Third-quarter Fiscal 2026 Adjusted Tax Rate
Reconciliation of Third-quarter Fiscal 2026 Adjusted Tax Rate *Table may not foot due to rounding (a) Earnings before income taxes and after-tax earnings from joint ventures General Mills Fiscal 2026 Third Quarter 45
Slide 46: Reconciliation of Nine-month Fiscal 2026 Adjusted Tax Rate
Reconciliation of Nine-month Fiscal 2026 Adjusted Tax Rate *Table may not foot due to rounding (a) Earnings before income taxes and after-tax earnings from joint ventures General Mills Fiscal 2026 Third Quarter 46