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Nov 23, 2025
General Mills Q2 2026 Earnings Report
General Mills reported lower revenue and earnings in Q2 2026, with headwinds from divestitures and increased investment costs.
Key Takeaways
General Mills saw a 7% decline in revenue and a 45% drop in EPS compared to the prior year. Despite this, the company reaffirmed its full-year outlook, citing improved organic volume in North America Retail and strong innovation plans.
Revenue declined 7% YoY to $4.86 billion, impacted by yogurt business divestitures.
EPS fell 45% to $0.78; adjusted EPS declined 21% to $1.10.
Net income dropped 48% to $413 million due to lower operating profit and higher taxes.
General Mills reaffirmed its FY26 outlook, expecting stronger performance in the second half.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
General Mills reaffirmed its FY26 outlook, projecting flat organic sales growth and a 10–15% decline in adjusted EPS and operating profit.
Positive Outlook
- Strong innovation pipeline expected to boost new product sales by 25%.
- Fresh pet food expansion with Blue Buffalo entering U.S. market.
- Improved competitiveness and market share in top U.S. categories.
- Expected return to dollar growth after current investment phase.
- Free cash flow conversion projected at 95%+ of adjusted after-tax earnings.
Challenges Ahead
- Headwinds from yogurt divestitures and prior-year trade timing.
- Adjusted EPS and operating profit expected to decline 10–15%.
- Input cost inflation and tariffs outpacing margin savings.
- Higher SG&A and restructuring costs continue to pressure margins.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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