General Mills (GIS) Financials

General Mills Financial Overview (Last 4 Years with Q1 2026 Latest)

General Mills has shown a variety of financial trends over the last several years, including recent quarters within 2024-2026. Below is an analysis of key financial highlights, focusing on revenue, profitability, cash flow, and balance sheet strength.

• Strong and Growing Profitability: Net income has significantly increased in Q1 2026 to approximately $1.2 billion, up from around $300 million in Q4 2025 and showing steady growth over previous years. Earnings per share (EPS) in Q1 2026 stood at $2.22 (basic and diluted), considerably higher than EPS of around $0.52 in Q4 2025 and consistently above $1.00 in earlier years.
• Revenue Stability: Operating revenue for Q1 2026 was about $4.52 billion, which is stable compared to prior quarters that consistently hovered in the $4.5 - $5.2 billion range. The company maintains a strong gross profit margin (e.g., $1.53 billion in Q1 2026 vs. $1.47 billion in Q4 2025), highlighting effective cost management.
• Solid Operating Cash Flow: Despite some fluctuations, General Mills generates significant operating cash flow. Q1 2026 generated approximately $397 million in net cash from operating activities. Earlier periods like Q2 2025 saw over $1.1 billion, showcasing strong cash generation capacity.
• Maintained Dividend Payments & Share Repurchases: Although dividends per share in Q1 2026 reported $0, historical data indicates consistent dividends around $2.16 to $2.40 per share annually with active share repurchase programs (e.g., $500 million repurchased in Q1 2026). This indicates capital returned to shareholders and confidence in cash flow.
• Large Asset Base & Equity Position: Total assets have grown steadily, reaching approximately $33 billion by Q1 2026, with a strong equity base at $9.5 billion, which supports business stability and future growth. Goodwill and intangible assets remain significant due to acquisitions but consistent.
• Inventory and Receivables Levels: Inventories and accounts receivable have increased over time, e.g., inventory at $2.05 billion in Q1 2026 compared to $1.7 billion two years prior. This might reflect business growth but should be monitored for operational efficiency.
• Restructuring Charges and Other Income: The company occasionally records restructuring charges (e.g., $16M in Q1 2026) and other operating income or expenses that can impact reported net income. These items introduce some earnings variability but are relatively minor.
• Net Cash from Financing Activities Shows Outflows: In recent quarters, General Mills used significant cash for financing activities such as debt repayments ($21.7 million in Q1 2026), share repurchases ($500 million in Q1 2026), and dividends ($331 million in Q1 2026). This reflects shareholder-friendly actions but results in negative financing cash flow impacting liquidity.
• Rising Debt Levels: Long-term debt increased to about $12.2 billion in Q1 2026, up from $11 billion or less in earlier years. The company continues to manage sizable debt, balancing financing with cash flow and capital returns.
• Fluctuations in Net Cash and Working Capital: Changes in operating assets and liabilities occasionally are negative (e.g., -$456 million in Q1 2024), impacting operating cash flow. Additionally, net cash changes fluctuate quarter to quarter, reflecting working capital management challenges at times.

Summary: General Mills demonstrates strong profitability growth and stable revenue, with good cash flow generation and a consistent capital return strategy through dividends and share repurchases. However, rising debt levels and working capital variability require monitoring. The company’s asset base supports its business operations and potential acquisitions. Retail investors should view General Mills as a financially resilient company with opportunities for stable income but should be mindful of debt management and cash flow consistency.