At a glance
General Mills Inc is worth $18.58B. Revenue fell 5.4% to $18.42B in fiscal 2026, at a loss; over 5 years it has grown 0.3% a year. It pays a 7.02% dividend yield, raised every year for at least 6 years, and returned $12.54B to shareholders in dividends and buybacks over FY2022–FY2026. The stock returned −20.3% over the past year with dividends reinvested and −7.4% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 20.8% in the 2020 crash (S&P 500: 33.7%) and 10.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high within a month after the low.
The business in plain English
General Mills makes and markets branded packaged food for people and pets. Its annual 10-K filing for the fiscal year ended May 31, 2026, lists more than 100 brands sold in 100 countries, including Cheerios, Betty Crocker, Pillsbury, Nature Valley, Old El Paso, Progresso, Totino's, Häagen-Dazs and Blue Buffalo pet food. It also owns 50% of two joint ventures (businesses co-owned with a partner): Cereal Partners Worldwide, which sells cereal outside North America with Nestlé, and Häagen-Dazs Japan.
It earns money by selling these products to retailers and food-service companies, mostly through its own sales force. Customers include grocery chains, mass merchandisers, warehouse clubs, dollar stores, online retailers, restaurants and pet specialty stores. Walmart alone accounted for 22% of net sales in fiscal 2026. Its largest variable costs are ingredients such as wheat, oats and corn, plus packaging and energy.
Net sales totaled $18.4 billion in fiscal 2026. Of that, the North America Retail segment (business unit) supplied 57.4%, International 16.5%, North America Pet 14.2% and North America Foodservice 11.8%. By product, snacks led at 22.5%, followed by cereal (16.8%), convenient meals such as soup, pizza and meal kits (15.6%), pet food (15%), refrigerated and frozen dough (13%) and baking mixes (10.5%). About 80% of sales came from the United States.
Price history
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GIS -20.3% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Snacks | $4.14B | 22.5% |
| Cereal | $3.09B | 16.8% |
| Convenient meals | $2.87B | 15.6% |
| Pet | $2.77B | 15% |
| Dough | $2.40B | 13% |
| Baking mixes and ingredients | $1.93B | 10.5% |
| Super-premium ice cream | $782.7M | 4.2% |
| Other | $352.3M | 1.9% |
| Yogurt | $102.0M | 0.6% |
By business segment
| North America Retail | $10.57B | 57.4% |
| International | $3.04B | 16.5% |
| North America Pet | $2.61B | 14.2% |
| North America Foodservice | $2.17B | 11.8% |
By geography
| United States | $14.70B | 79.8% |
| Non-United States | $3.72B | 20.2% |
Latest results
- In Q1 FY2027 (ended Aug 30, 2026), revenue was $4.39B, down 2.8% from a year earlier, and net income was $397.0M (-67.0%).
- For fiscal 2026, revenue was $18.42B (-5.4% year over year; +0.3% a year from FY2021 to FY2026) with a -0.5% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +0.3% watch |
|---|---|
| Operating margin | 4.8% weak |
| Free cash flow margin | 8.8% watch |
| Return on equity (FY2026) | -1.2% weak |
| Return on assets (FY2026) | -0.3% weak |
| Net cash (cash minus debt) | $-13.18B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $18.13B | $2.34B | $2.45B |
| FY2022 | $18.99B | $2.71B | $2.75B |
| FY2023 | $20.09B | $2.59B | $2.09B |
| FY2024 | $19.86B | $2.50B | $2.53B |
| FY2025 | $19.49B | $2.30B | $2.29B |
| FY2026 | $18.42B | $-87.6M | $1.63B |
Valuation snapshot
| Market value | $18.58B |
|---|---|
| P/E ratio | — |
| Dividend yield | 7.02% |
Rank among 1514 US companies
Market value at each year end
General Mills’s market value went from $35.83B at the end of 2016 to $18.58B on Nov 2, 2026, down 48%; since the end of 2025 it is down 25%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $18.58B | -25.1% |
| 2025 | $24.81B | -29.4% |
| 2024 | $35.15B | -5.0% |
| 2023 | $36.99B | -25.2% |
| 2022 | $49.44B | +21.6% |
| 2021 | $40.64B | +13.0% |
| 2020 | $35.95B | +11.0% |
| 2019 | $32.39B | +39.4% |
| 2018 | $23.24B | -31.1% |
| 2017 | $33.74B | -5.8% |
| 2016 | $35.83B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| GIS price data to Nov 2, 2026 | -20.1% | -20.3% | -15.3% | -7.4% | -1.8% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -20.1% |
| 2025 | -23.8% |
| 2024 | +1.4% |
| 2023 | -20.0% |
| 2022 | +28.1% |
| 2021 | +18.5% |
| 2020 | +13.6% |
| 2019 | +43.1% |
| 2018 | -31.6% |
| 2017 | -0.6% |
| 2016 | +10.3% |
| 2015 | +11.5% |
| 2014 | +10.3% |
| 2013 | +27.3% |
| 2012 | +3.3% |
| 2011 | +17.2% |
| 2010 | +3.5% |
| 2009 | +20.2% |
| 2008 | +9.5% |
| 2007 | +0.3% |
| 2006 | +18.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 11.9% over that stretch · deepest drop along the way 28.2%, back to its old high 8.2 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 11.2% over that stretch · deepest drop along the way 20.8%, back to its old high 0.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 18.4% over that stretch · deepest drop along the way 10.9%, back to its old high 0.9 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 1 sales ($197K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Oct 1, 2026 | Pankaj MN Sharma Segment President | sell | $197K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.52% | Mar 31, 2026 |
| Vanguard Portfolio Management | 4.9% | Sep 30, 2026 |
ETFs with the most weight in GIS
| FTXG First Trust Nasdaq Food & Beverage ETF | 6.42% |
| PBJ Invesco Food & Beverage ETF | 5% |
| ERNZ TrueShares Active Yield ETF | 3.64% |
| BAMD Brookstone Dividend Stock ETF | 3.45% |
| TBG TBG Dividend Focus ETF | 3.3% |
| FLV American Century Focused Large Cap Value ETF | 2.61% |
| FXG First Trust Consumer Staples AlphaDEX Fund | 2.5% |
| FDIV MarketDesk Focused U.S. Dividend ETF | 2.17% |
What could go wrong
- Heavy dependence on Walmart. Walmart accounted for 22% of net sales and 31% of North America Retail sales in fiscal 2026. Losing it, or conceding on price to ever-larger grocery chains, could hurt sales and profits.
- Weight-loss drugs and changing tastes. The 10-K names weight-loss drugs and worries about sugar, color additives, preservatives and processed wheat as threats to demand. Failing to adapt could shrink sales of core foods like cereal and snacks.
- Store brands and price wars. Retailers' own brands and generics sell for less. If rivals cut prices or step up promotions, General Mills can match them and accept thinner profits, or hold firm and risk losing market share.
- Swings in grain, packaging and energy costs. Wheat, oats, corn, sugar, oils, packaging and energy prices swing with weather, tariffs and war. The company does not fully hedge these costs and may not be able to raise prices to cover them.
- Large debt load could pinch dividends. Total debt was $13.6 billion against $433 million of cash as of August 30, 2026. The 10-K warns heavy debt could limit financing options and, in some cases, the company's ability to pay dividends.
- Recalls and food-safety scares. Contaminated or mislabeled food could force recalls and bring injury claims from consumers or pet owners. Even unproven safety worries, if publicized, can push shoppers away from its brands.
Recent events
- Bylaws or fiscal year changed; Shareholder vote results
- Executive or board change
- Quarterly results released
- Quarterly results released
- Executive or board change
- Other company announcement
- Quarterly results released
- Executive or board change; Bylaws or fiscal year changed
- Quarterly results released
For income and retirement investors
General Mills has raised its dividend per share for 6 straight fiscal years, from $2.02 in fiscal 2021 to $2.44 in fiscal 2026, about 3.9% a year. A fiscal 2026 net loss meant earnings did not cover the dividend; free cash flow (cash left after capital spending) did, but dividends used 80.9% of it. It spent $6.0 billion buying back shares over fiscal 2022–2026, cutting the share count 11.4%, though buybacks slowed to $500 million in fiscal 2026. The 7.38% dividend yield as of October 28, 2026, partly reflects a falling share price.
In the 2008 financial crisis the stock fell 28.2% and recovered about 8 months after the low; in the 2020 COVID crash it fell 20.8% and recovered within a month. It rose 18.4% while the market fell in 2022. Its later slump ran deeper: down 41% in the three years to October 28, 2026. A single stock carries more risk than a diversified fund.
Questions investors ask
How does General Mills make money?
General Mills makes money selling branded packaged foods, such as Cheerios, Pillsbury, Betty Crocker, Nature Valley and Blue Buffalo pet food, to grocery stores, big discount chains, restaurants and other buyers. Net sales were $18.4 billion in the fiscal year ended May 31, 2026. The North America Retail segment supplied 57.4%, International 16.5%, North America Pet 14.2% and North America Foodservice 11.8%. Walmart alone accounted for 22% of sales. Snacks were the largest product group at 22.5%, ahead of cereal at 16.8%.
Does General Mills raise its dividend every year?
It has for 6 consecutive fiscal years through fiscal 2026. The regular dividend per share rose from $2.02 in fiscal 2021 to $2.44 in fiscal 2026, about 3.9% a year. Raises have been small: the fiscal 2026 increase was from $2.40 to $2.44. The dividend yield (annual dividends as a percentage of the stock price) was 7.38% as of October 28, 2026. It was high partly because the share price fell 26.5% in the year to that date.
Is the General Mills dividend safe?
In fiscal 2026 it was covered by cash flow but not by earnings. General Mills reported a net loss of $87.6 million, so profits did not cover the $1.3 billion it paid in dividends. Free cash flow (cash left after capital spending) of $1.63 billion did, with dividends using 80.9% of it. But free cash flow fell from $2.29 billion a year earlier. Total debt was $13.6 billion as of August 30, 2026. The 10-K warns debt could, in some cases, affect its ability to pay dividends.
Why has General Mills stock gone down?
The drop has come alongside shrinking sales and profits. The share price fell 26.5% in the year to October 28, 2026, and 41% over three years. In fiscal 2026, net sales fell 5.4% to $18.4 billion, and the company swung to a net loss of $87.6 million from a $2.3 billion profit. Free cash flow dropped to $1.63 billion from $2.29 billion. In the quarter ended August 30, 2026, sales were 2.8% lower than a year earlier and net income was 67% lower.
How does General Mills stock hold up in a stock market crash?
It has fallen in past crashes but recovered fairly quickly. The stock dropped 28.2% during the 2008 financial crisis and regained its prior high about 8 months after its March 2009 low. In the 2020 COVID crash it fell 20.8% and recovered within a month. It rose 18.4% between the market's January 2022 peak and October 2022 low. Over the three years to October 28, 2026, though, it fell as much as 53.5% from peak to trough, deeper than in any of those crashes.