Revenue has contracted for seven consecutive quarters, with a 2.8% year-over-year decline in 2027Q1, and gross margins have stabilized around 33.9% but remain below historical peaks like 36.9%, indicating ongoing margin pressure from promotional activities and volume weakness.
General Mills, Inc. (GIS) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | May'26 | 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 |
|---|
| Sales/Revenue | 18.3B | 18.42B | 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 |
| Revenue Growth % | -4.49% | -5.45% | -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% |
| Cost of Goods Sold | 12.15B | 12.23B | 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 |
| COGS % of Revenue | - | 66.37% | 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% |
| Gross Profit | 6.15B | 6.2B | 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 |
| Gross Margin % | 33.61% | 33.63% | 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% |
| Gross Profit Growth % | - | -7.98% | -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% |
| Operating Expenses | 6.36B | 5.31B | 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 |
| OpEx % of Revenue | - | 28.82% | 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% |
| Selling, General & Admin | 3.38B | 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 |
| SG&A % of Revenue | - | 18.39% | 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% |
| Research & Development | 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 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 1.92B | -17.6M | 241.4M | -388.4M | -220.6M | 223.9M | 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 |
| Operating Income | -206.4M | 885.8M | 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 |
| Operating Margin % | -1.13% | 4.81% | 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% |
| Operating Income Growth % | - | -73.2% | -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% |
| EBITDA | 349.9M | 1.44B | 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 |
| EBITDA Margin % | 1.91% | 7.82% | 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% |
| EBITDA Growth % | -92.61% | -62.51% | -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% |
| D&A (Non-Cash Add-back) | 556.3M | 555.2M | 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 |
| EBIT | 2.78B | 2.81B | 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 |
| Net Interest Income | -548M | -538.6M | -524.2M | -479.2M | -382.1M | -379.6M | -420.3M | -466.5M | -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 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 |
| Interest Expense | 548M | 538.6M | 524.2M | 479.2M | 382.1M | 379.6M | 420.3M | 466.5M | 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 |
| Other Income/Expense | -558.6M | -556.8M | -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 |
| Pretax Income | -765M | 329M | 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 |
| Pretax Margin % | -4.18% | 1.79% | 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% |
| Income Tax | 126.2M | 414.3M | 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 |
| Effective Tax Rate % | -16.5% | 125.93% | 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% |
| Net Income | -894.8M | -87.6M | 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 |
| Net Margin % | -4.89% | -0.48% | 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% |
| Net Income Growth % | -130.65% | -103.82% | -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% |
| Net Income (Continuing) | -891.2M | -85.3M | 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 |
| 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 | 13.4M | 12.2M | 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 |
| EPS (Diluted) | -1.66 | -0.16 | 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 |
| EPS Growth % | -131.44% | -103.9% | -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% |
| EPS (Basic) | - | -0.16 | 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 |
| Diluted Shares Outstanding | 537.9M | 547.5M | 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 |
| Basic Shares Outstanding | 537.4M | 547.5M | 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 |
| 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% |
Quick answers to the most common questions about buying GIS stock.
For fiscal year 2026, General Mills, Inc. (GIS) reported total revenue of $18.42B. This represents a 228.5% increase compared to $5.61B in 1997.
General Mills, Inc. (GIS) reported a net loss of $87.6M for the fiscal year ending 2026.
General Mills, Inc. (GIS) reported an operating income of $885.8M, resulting in an operating profit margin of 4.8%. This margin reflects the operational efficiency of the business before interest and taxes.
General Mills, Inc. (GIS) generated $6.20B in gross profit for the year, representing a gross profit margin of 33.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Volume decline under pricing pressure
Metrics are mathematically derived from official filings.
Price-Led Growth Fades, Volume Decline Persists
General Mills' revenue contracted by 2.8% year-over-year in 2027Q1, marking the seventh consecutive quarter of negative growth, suggesting that pricing actions have likely exhausted their ability to offset underlying volume softness in the core portfolio.
The persistent negative revenue trajectory implies that the company's 'category captain' status and brand power are not sufficient to drive positive volume growth in the current macroeconomic environment. The reliance on price/mix to drive top-line performance appears to be reaching a point of consumer resistance, shifting the burden for future growth squarely onto volume recovery.
Gross Margins Stabilize Amid Structural Headwinds
Gross margins have stabilized around the 34% mark in recent quarters, yet remain below the 36.9% peak achieved in 2025Q2, indicating that commodity cost benefits are being offset by persistent promotional pressure from large retailers.
The margin level suggests moderate but not exceptional pricing power relative to peers like Kellanova (36.9% gross margin) and McCormick (37.9%). The volatility in quarterly operating margins, including the anomalous -45.4% in 2026Q4, points to significant non-operational items masking the underlying profitability of the core business and complicating the assessment of true margin durability.
2026Q4: The Quarter That Broke the Model
The fourth quarter of 2026 saw an unprecedented operating loss of $2.1 billion and a net loss of $2.0 billion, an inflection that appears to reflect major write-downs or restructuring, fundamentally altering the company's recent profitability profile.
This severe quarterly result represents a stark departure from the company's historical profitability and suggests a significant strategic reset or asset impairment. The lasting impact may include reduced financial flexibility for future investments and a necessary re-evaluation of the capital allocation strategy that prioritized acquisitions like Blue Buffalo.
Operating Leverage Fails to Materialize on Revenue Decline
Despite stable gross profit in absolute terms, operating income has failed to scale due to consistent SG&A expenses exceeding $800 million per quarter, indicating a rigid cost structure that lacks flexibility during periods of top-line contraction.
The inability to reduce selling, general, and administrative expenses in proportion to declining revenues suggests that a significant portion of overhead is fixed and tied to maintaining brand presence in a competitive market. This operational inflexibility means that further revenue declines will disproportionately impact profitability, warranting close monitoring of management's expense discipline.
The Volume Recovery Thesis Faces Serious Doubts
The core bearish argument centers on the company's negative volume trajectory and pricing fatigue; based on the reported 2.8% revenue decline in 2027Q1, it appears the market may be overvaluing a potential rebound that shows no tangible evidence in the data.
For a volume recovery to materialize, General Mills would need to reverse entrenched consumer habits and successfully compete against both private-label and premium niche brands, a scenario that seems unlikely given the current competitive landscape. Furthermore, the adoption of GLP-1 medications presents a structural, long-term demand headwind for the company's high-carbohydrate cereal and snack categories that is not reflected in near-term valuations.