General Mills, Inc. (GIS) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | May'25 | May'24 | May'23 | May'22 | May'21 | May'20 | May'19 | May'18 | May'17 | May'16 | May'15 | May'14 | May'13 | May'12 | May'11 | May'10 | May'09 | May'08 | May'07 | May'06 | May'05 | May'04 | May'03 | May'02 | May'01 | May'00 | May'99 | May'98 | May'97 | May'96 |
|---|
| Sales/Revenue | 18.37B | 19.49B | 19.86B | 20.09B | 18.99B | 18.13B | 17.63B | 16.87B | 15.74B | 15.62B | 16.56B | 17.63B | 17.91B | 17.77B | 16.66B | 14.88B | 14.64B | 14.69B | 13.65B | 12.44B | 11.71B | 11.31B | 11.07B | 10.51B | 7.95B | 5.45B | 5.17B | 6.25B | 6.03B | 5.61B | 5.42B |
| Revenue Growth % | -6.48% | -1.87% | -1.18% | 5.8% | 4.78% | 2.84% | 4.51% | 7.15% | 0.77% | -5.7% | -6.05% | -1.56% | 0.76% | 6.7% | 11.95% | 1.67% | -0.38% | 7.61% | 9.73% | 6.24% | 3.57% | 2.15% | 5.37% | 32.17% | 45.85% | 5.35% | -17.18% | 3.53% | 7.55% | 3.57% | 7.74% |
| Cost of Goods Sold | 12.31B | 12.75B | 12.93B | 13.55B | 12.59B | 11.68B | 11.5B | 11.11B | 10.3B | 10.05B | 10.73B | 11.68B | 11.54B | 11.35B | 10.61B | 8.93B | 8.84B | 9.46B | 8.78B | 7.96B | 7.54B | 7.33B | 6.58B | 6.11B | 4.66B | 2.84B | 2.49B | 2.4B | 2.34B | 2.33B | 2.24B |
| COGS % of Revenue | - | 65.45% | 65.09% | 67.42% | 66.29% | 64.43% | 65.22% | 65.87% | 65.47% | 64.35% | 64.8% | 66.26% | 64.43% | 63.86% | 63.71% | 59.99% | 60.37% | 64.38% | 64.3% | 63.94% | 64.42% | 64.79% | 59.48% | 58.15% | 58.65% | 52.13% | 48.12% | 38.41% | 38.84% | 41.51% | 41.38% |
| Gross Profit | 6.06B | 6.73B | 6.93B | 6.55B | 6.4B | 6.45B | 6.13B | 5.76B | 5.44B | 5.57B | 5.83B | 5.95B | 6.37B | 6.42B | 6.04B | 5.95B | 5.8B | 5.23B | 4.87B | 4.49B | 4.17B | 3.98B | 4.49B | 4.4B | 3.29B | 2.61B | 2.68B | 3.85B | 3.69B | 3.28B | 3.17B |
| Gross Margin % | 32.97% | 34.55% | 34.91% | 32.58% | 33.71% | 35.57% | 34.78% | 34.13% | 34.53% | 35.65% | 35.2% | 33.74% | 35.57% | 36.14% | 36.29% | 40.01% | 39.63% | 35.62% | 35.7% | 36.06% | 35.58% | 35.21% | 40.52% | 41.85% | 41.35% | 47.87% | 51.88% | 61.59% | 61.16% | 58.49% | 58.62% |
| Gross Profit Growth % | - | -2.87% | 5.9% | 2.24% | -0.71% | 5.19% | 6.48% | 5.91% | -2.37% | -4.49% | -2.01% | -6.6% | -0.84% | 6.27% | 1.53% | 2.64% | 10.83% | 7.38% | 8.63% | 7.68% | 4.63% | -11.24% | 2.02% | 33.77% | 25.99% | -2.79% | -30.23% | 4.25% | 12.47% | 3.34% | 5.7% |
| Operating Expenses | 2.55B | 3.43B | 3.5B | 3.11B | 2.93B | 3.3B | 3.18B | 3.24B | 3.02B | 3.08B | 3.12B | 3.87B | 3.41B | 3.57B | 3.48B | 3.18B | 3.19B | 2.91B | 2.65B | 2.43B | 2.21B | 2.08B | 2.47B | 2.53B | 2.2B | 1.41B | 1.58B | 2.83B | 2.74B | 2.42B | 2.31B |
| OpEx % of Revenue | - | 17.59% | 17.63% | 15.49% | 15.41% | 18.22% | 18.02% | 19.22% | 19.16% | 19.69% | 18.85% | 21.96% | 19.05% | 20.1% | 20.9% | 21.36% | 21.82% | 19.8% | 19.38% | 19.52% | 18.85% | 18.41% | 22.3% | 24.12% | 27.73% | 25.78% | 30.64% | 45.29% | 45.41% | 43.18% | 42.74% |
| Selling, General & Admin | 3.39B | 3.45B | 3.26B | 3.5B | 3.15B | 3.08B | 3.15B | 2.94B | 2.85B | 2.89B | 3.12B | 3.33B | 3.47B | 3.55B | 3.38B | 3.19B | 3.16B | 2.95B | 2.63B | 2.39B | 2.18B | 2B | 2.44B | 2.47B | 2.07B | 1.39B | 1.38B | 2.63B | 2.54B | 2.24B | 2.13B |
| SG&A % of Revenue | - | 17.68% | 16.41% | 17.42% | 16.57% | 16.99% | 17.88% | 17.41% | 18.11% | 18.49% | 18.83% | 18.88% | 19.4% | 19.99% | 20.29% | 21.45% | 21.61% | 20.09% | 19.23% | 19.2% | 18.59% | 17.67% | 22.07% | 23.53% | 26.04% | 25.56% | 26.6% | 42.18% | 42.18% | 39.92% | 39.3% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 239.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | 1.32% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | -17.6M | 241.4M | -388.4M | -220.6M | -15.4M | 24.4M | 305.1M | 165.6M | 186.9M | 3.2M | 543.9M | -61.9M | 19.8M | 101.6M | -13M | 31.4M | -43.3M | 21M | 39.3M | 29.8M | 84M | 26M | 62M | 134M | 12M | 209M | 194.2M | 194.9M | 182.8M | 186.7M |
| Operating Income | 3.5B | 3.3B | 3.43B | 3.43B | 3.48B | 3.14B | 2.95B | 2.52B | 2.42B | 2.49B | 2.71B | 2.08B | 2.96B | 2.85B | 2.56B | 2.77B | 2.61B | 2.33B | 2.23B | 2.06B | 1.96B | 1.9B | 2.02B | 1.86B | 1.08B | 1.2B | 1.1B | 1.02B | 950.2M | 858.9M | 860M |
| Operating Margin % | 19.07% | 16.96% | 17.28% | 17.09% | 18.3% | 17.35% | 16.76% | 14.92% | 15.37% | 15.95% | 16.35% | 11.78% | 16.51% | 16.04% | 15.38% | 18.65% | 17.81% | 15.83% | 16.32% | 16.54% | 16.73% | 16.8% | 18.22% | 17.73% | 13.62% | 22.09% | 21.24% | 16.29% | 15.75% | 15.31% | 15.88% |
| Operating Income Growth % | - | -3.7% | -0.06% | -1.21% | 10.53% | 6.46% | 17.41% | 3.97% | -2.9% | -7.95% | 30.33% | -29.76% | 3.7% | 11.29% | -7.64% | 6.46% | 12.09% | 4.36% | 8.26% | 5.04% | 3.11% | -5.8% | 8.27% | 72.02% | -10.05% | 9.55% | 7.99% | 7.1% | 10.63% | -0.13% | 24.82% |
| EBITDA | 3.92B | 3.84B | 3.98B | 3.98B | 4.05B | 3.75B | 3.55B | 3.14B | 3.04B | 3.1B | 3.32B | 2.67B | 3.54B | 3.44B | 3.1B | 3.25B | 3.06B | 2.78B | 2.69B | 2.48B | 2.38B | 2.34B | 2.42B | 2.23B | 1.38B | 1.43B | 1.31B | 1.21B | 1.15B | 1.04B | 1.05B |
| EBITDA Margin % | 21.31% | 19.73% | 20.07% | 19.81% | 21.3% | 20.67% | 20.13% | 18.59% | 19.31% | 19.82% | 20.02% | 15.12% | 19.78% | 19.35% | 18.63% | 21.82% | 20.93% | 18.91% | 19.68% | 19.9% | 20.35% | 20.72% | 21.82% | 21.21% | 17.35% | 26.18% | 25.29% | 19.4% | 18.98% | 18.57% | 19.33% |
| EBITDA Growth % | -5.06% | -3.53% | 0.1% | -1.62% | 8.01% | 5.57% | 13.16% | 3.2% | -1.84% | -6.63% | 24.38% | -24.76% | 2.99% | 10.82% | -4.41% | 6% | 10.24% | 3.41% | 8.54% | 3.89% | 1.7% | -3.02% | 8.44% | 61.57% | -3.36% | 9.1% | 7.93% | 5.83% | 9.93% | -0.48% | 18.89% |
| D&A (Non-Cash Add-back) | 412.3M | 539M | 552.7M | 546.6M | 570.3M | 601.3M | 594.7M | 620.1M | 618.8M | 603.6M | 608.1M | 588.3M | 585.4M | 588M | 541.5M | 472.6M | 457.1M | 453.6M | 459.2M | 417.8M | 423.9M | 443M | 399M | 365M | 296M | 223M | 209M | 194.2M | 194.9M | 182.8M | 186.7M |
| EBIT | 2.64B | 3.38B | 3.53B | 3.54B | 3.59B | 3.29B | 3.07B | 2.61B | 2.52B | 2.57B | 2.72B | 2.09B | 2.97B | 2.86B | 2.57B | 2.78B | 2.57B | 2.35B | 2.23B | 2.06B | 1.99B | 2.29B | 2.04B | 1.93B | 1.22B | 1.22B | 1.1B | 1.02B | 950.2M | 858.9M | 860M |
| Net Interest Income | -525.9M | -524.7M | -484.3M | -379.4M | -372.8M | -410.6M | -455M | -512.6M | -387M | -294.5M | -293.2M | -305.8M | -290.9M | -305.2M | -342.4M | -334.1M | -343.6M | -331.6M | -399.7M | -363M | -339M | -416M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 24.6M | 18.8M | 14M | 3.8M | 7.4M | 6M | 5.6M | 11.7M | 7M | 8.1M | 13.2M | 16.1M | 12.6M | 9.9M | 7.4M | 6.8M | 21.6M | 27.3M | 31M | 26.8M | 30M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 525.9M | 549.3M | 503.1M | 393.4M | 376.6M | 418M | 461M | 518.2M | 398.7M | 301.5M | 301.3M | 319M | 307M | 317.8M | 352.3M | 341.5M | 350.4M | 353.2M | 427M | 394M | 366M | 446M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -493.8M | -412.2M | -318.6M | -212M | -154.5M | -169.7M | -262.6M | -361.9M | -199.6M | -135.8M | -215.4M | -231.1M | -212.8M | -218.1M | -263.7M | -249.9M | -299.9M | -290.9M | -310.9M | -353.8M | -330.4M | 1M | -434M | -486M | -383M | -189M | -149M | -179.2M | -286.5M | -155.2M | -104.2M |
| Pretax Income | 3.01B | 2.89B | 3.11B | 3.22B | 3.32B | 2.98B | 2.69B | 2.15B | 2.22B | 2.36B | 2.49B | 1.85B | 2.74B | 2.63B | 2.3B | 2.52B | 2.31B | 2.03B | 1.92B | 1.7B | 1.63B | 1.9B | 1.58B | 1.38B | 700M | 1.01B | 950M | 838.5M | 663.7M | 703.7M | 755.8M |
| Pretax Margin % | 16.38% | 14.84% | 15.68% | 16.03% | 17.49% | 16.41% | 15.27% | 12.77% | 14.11% | 15.09% | 15.05% | 10.47% | 15.32% | 14.82% | 13.8% | 16.97% | 15.76% | 13.85% | 14.04% | 13.7% | 13.91% | 16.81% | 14.3% | 13.11% | 8.81% | 18.62% | 18.36% | 13.42% | 11% | 12.55% | 13.95% |
| Income Tax | 784.7M | 573.7M | 594.5M | 612.2M | 586.3M | 629.1M | 480.5M | 367.8M | 57.3M | 655.2M | 755.2M | 586.8M | 883.3M | 741.2M | 709.6M | 721.1M | 771.2M | 720.4M | 622.2M | 560.1M | 538.3M | 661M | 528M | 460M | 239M | 350M | 336M | 304M | 241.9M | 258.3M | 279.4M |
| Effective Tax Rate % | 26.08% | 19.83% | 19.1% | 19% | 17.65% | 21.15% | 17.85% | 17.08% | 2.58% | 27.81% | 30.3% | 31.78% | 32.18% | 28.14% | 30.87% | 28.56% | 33.44% | 35.42% | 32.46% | 32.87% | 33.05% | 34.77% | 33.35% | 33.41% | 34.14% | 34.48% | 35.37% | 36.26% | 36.45% | 36.71% | 36.97% |
| Net Income | 2.21B | 2.3B | 2.5B | 2.59B | 2.71B | 2.34B | 2.18B | 1.75B | 2.13B | 1.66B | 1.7B | 1.22B | 1.82B | 1.86B | 1.57B | 1.8B | 1.53B | 1.3B | 1.29B | 1.14B | 1.09B | 1.24B | 1.05B | 917M | 458M | 665M | 614M | 534.5M | 421.8M | 445.4M | 476.4M |
| Net Margin % | 12.05% | 11.78% | 12.57% | 12.91% | 14.25% | 12.91% | 12.37% | 10.39% | 13.54% | 10.61% | 10.25% | 6.93% | 10.19% | 10.44% | 9.41% | 12.09% | 10.46% | 8.88% | 9.48% | 9.19% | 9.31% | 10.97% | 9.53% | 8.73% | 5.76% | 12.2% | 11.87% | 8.56% | 6.99% | 7.94% | 8.8% |
| Net Income Growth % | -13.46% | -8.07% | -3.75% | -4.19% | 15.71% | 7.27% | 24.45% | -17.75% | 28.57% | -2.35% | 38.98% | -33.06% | -1.66% | 18.37% | -12.85% | 17.5% | 17.33% | 0.75% | 13.18% | 4.92% | -12.07% | 17.54% | 15.05% | 100.22% | -31.13% | 8.31% | 14.87% | 26.72% | -5.3% | -6.51% | 29.67% |
| Net Income (Continuing) | 2.22B | 2.32B | 2.52B | 2.61B | 2.73B | 2.35B | 2.21B | 1.79B | 2.16B | 1.7B | 1.74B | 1.26B | 1.86B | 1.89B | 1.59B | 1.8B | 1.53B | 1.31B | 1.29B | 1.14B | 1.09B | 1.24B | 1.05B | 917M | 461M | 665M | 614M | 534.5M | 421.8M | 445.4M | 476.4M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 13.7M | 12M | 251.8M | 250.4M | 245.6M | 907.7M | 835.6M | 864.9M | 1.13B | 1.27B | 1.22B | 1.17B | 1.45B | 1.42B | 1.31B | 246.7M | 245.1M | 244.2M | 242.3M | 1.14B | 1.14B | 1.13B | 299M | 300M | 153M | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 4.08 | 4.10 | 4.31 | 4.31 | 4.42 | 3.78 | 3.56 | 2.90 | 3.64 | 2.77 | 2.77 | 1.97 | 2.83 | 2.79 | 2.35 | 2.70 | 2.24 | 1.90 | 1.86 | 1.59 | 1.45 | 1.54 | 1.30 | 1.22 | 0.67 | 1.14 | 1.00 | 0.85 | 0.65 | 0.69 | 0.74 |
| EPS Growth % | -10.33% | -4.87% | 0% | -2.49% | 16.93% | 6.18% | 22.76% | -20.33% | 31.41% | 0% | 40.61% | -30.39% | 1.43% | 18.72% | -12.96% | 20.54% | 17.89% | 2.15% | 16.98% | 9.66% | -5.84% | 18.46% | 6.56% | 82.09% | -41.23% | 14% | 17.65% | 30.77% | -5.8% | -6.76% | 25.42% |
| EPS (Basic) | - | 4.12 | 4.34 | 4.36 | 4.46 | 3.81 | 3.59 | 2.92 | 3.69 | 2.82 | 2.83 | 2.02 | 2.90 | 2.86 | 2.42 | 2.80 | 2.32 | 1.96 | 1.93 | 1.65 | 1.53 | 1.67 | 1.41 | 1.25 | 0.69 | 1.17 | 1.02 | 0.88 | 0.67 | 0.71 | 0.75 |
| Diluted Shares Outstanding | 542.5M | 557.5M | 579.5M | 601.2M | 612.6M | 619.1M | 613.3M | 605.4M | 585.7M | 598M | 611.2M | 614.9M | 645.7M | 665.6M | 666.7M | 664.4M | 683.3M | 687.1M | 693.8M | 720.4M | 757.6M | 818M | 826M | 756M | 684M | 584M | 614.6M | 629.4M | 649.2M | 645.51M | 648.16M |
| Basic Shares Outstanding | 541.3M | 554.5M | 575.5M | 594.8M | 607.5M | 614.1M | 608.1M | 600.4M | 576.8M | 587.1M | 598.4M | 599.9M | 628.6M | 648.6M | 648.1M | 642.5M | 659.6M | 663.7M | 666M | 693M | 715.4M | 742M | 750M | 738M | 662M | 568M | 598.2M | 613M | 632.4M | 631.77M | 635.2M |
| Dividend Payout Ratio | - | 58.33% | 54.61% | 49.65% | 45.97% | 53.27% | 54.82% | 67.42% | 53.48% | 68.48% | 63.14% | 83.33% | 53.9% | 46.77% | 51.05% | 40.56% | 42.06% | 44.43% | 40.91% | 44.16% | 44.47% | 37.18% | 39.15% | 44.27% | 78.17% | 46.92% | 53.58% | 62% | 79.73% | 72% | 63.73% |
Persistent volume-driven revenue decline
As evidenced by the most recent quarterly data, General Mills has experienced a consistent decline in top-line performance, with revenue falling to $4.4 billion in 2026Q3, representing a significant 8.4% year-over-year contraction that highlights the ongoing challenges in maintaining volume growth across its core retail segments.
The persistent negative growth trajectory suggests that the company's reliance on pricing actions to offset volume softness has reached a point of diminishing returns. Investors should monitor whether this trend reflects a structural shift in consumer demand or merely a temporary adjustment to post-inflationary pricing environments.
According to the provided income statement data, gross margins have faced downward pressure, compressing from a peak of 36.9% in 2025Q2 to 30.6% in 2026Q3, which suggests that the company is struggling to fully pass through input cost volatility while defending its market share against private-label alternatives.
This margin erosion indicates that the company's pricing power may be more fragile than previously assumed. The inability to sustain higher gross margins in the face of declining revenue suggests that promotional spending or commodity costs are disproportionately impacting the bottom line.
Based on the reported financial figures, operating margins have deteriorated significantly, falling from 20.6% in 2025Q2 to 12.3% in 2026Q3, a trend that indicates the company is failing to achieve the necessary operating leverage to offset the ongoing decline in its top-line revenue generation.
The lack of scalability in operating expenses relative to gross profit suggests that fixed costs remain a heavy burden during periods of volume decline. This may indicate that management's current cost-control initiatives are insufficient to protect profitability in a contracting demand environment.
While the company has historically maintained a stable earnings profile, the 2026Q3 results show a sharp 50% year-over-year decline in EPS, which warrants further investigation into whether the current cost structure can support long-term profitability without further compromising the brand equity of its core franchises.
Short-sellers would likely focus on the volatility of net income and the potential for further margin compression if volume trends do not stabilize. The reliance on non-operating items or accounting adjustments to smooth earnings may mask the underlying operational difficulties currently facing the business.
Quick answers to the most common questions about buying GIS stock.
For fiscal year 2025, General Mills, Inc. (GIS) reported total revenue of $19.49B. This represents a 259.8% increase compared to $5.42B in 1996.
General Mills, Inc. (GIS) is profitable, generating $2.30B in net income for the fiscal year ending 2025 with a net profit margin of 11.8%.
General Mills, Inc. (GIS) reported an operating income of $3.30B, resulting in an operating profit margin of 17.0%. This margin reflects the operational efficiency of the business before interest and taxes.
General Mills, Inc. (GIS) generated $6.73B in gross profit for the year, representing a gross profit margin of 34.6%. This demonstrates the company's core pricing power and production efficiency.