GENERAL MILLS INC

Listed Company

GISCIK 0000040704NYSELarge AcceleratedGrain Mill ProductsDelawareFY ends May 31

Period

FY 2025

Revenue

$19.49B

Net Income

$2.30B

Total Assets

$33.07B

Equity

$9.20B

Shares Out

533.68M

Op. Cash Flow

$2.92B

Business

GENERAL MILLS INC is a leading global manufacturer and marketer of branded human and pet food products. It offers a wide range of products including snacks, ready-to-eat cereal, convenient meals, wholesome natural pet food, refrigerated and frozen dough, baking mixes and ingredients, yogurt, and super-premium ice cream. The company manages its business through four operating segments: North America Retail, International, North America Pet, and North America Foodservice. Its products are sold in over 100 countries and through grocery, mass merchandisers, membership and discount stores, e-commerce, foodservice distributors and direct sales channels.

Summary from filing dated 2025-06-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-05-31	FY 2024 2024-05-31	FY 2023 2023-05-31	FY 2022 2022-05-31	FY 2021 2021-05-31
Net sales	19,487	19,857	20,094	18,993	18,127
Cost of sales	12,754	12,925	13,548	12,591	11,679
Selling, general, and administrative expenses	3,446	3,259	3,500	3,147	3,080
Divestitures gain, net	−96	0	−445	−194	54
Restructuring, transformation, impairment, and other exit costs	78	241	56	−27	170
Operating profit	3,305	3,432	3,434	3,476	3,145
Benefit plan non-service income	−54	−76	−89	−113	−133
Interest, net	524	479	382	380	420
Earnings before income taxes and after-tax earnings from joint ventures	2,835	3,028	3,141	3,210	2,857
Income taxes	574	595	612	586	629
After-tax earnings from joint ventures	58	85	81	112	118
Net earnings, including earnings attributable to noncontrolling interests	2,319	2,519	2,610	2,735	2,346
Net earnings attributable to noncontrolling interests	24	22	16	28	6
Net earnings attributable to General Mills	2,295	2,497	2,594	2,707	2,340
Earnings per share - basic	4.12	4.34	4.36	4.46	3.81
Earnings per share - diluted	4.1	4.31	4.31	4.42	3.78
Dividends per share	2.4	2.36	2.16	2.04	2.02

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-05-31	FY 2024 2024-05-31	FY 2023 2023-05-31	FY 2022 2022-05-31	FY 2021 2021-05-31
Cash and cash equivalents	364	418	586	569	1,505
Receivables	1,796	1,696	1,683	1,692	1,639
Inventories	1,911	1,898	2,172	1,867	1,821
Prepaid expenses and other current assets	465	569	736	802	790
Assets held for sale	740	0	0	159	0
Total current assets	5,276	4,581	5,176	5,090	5,755
Land, buildings, and equipment	3,633	3,864	3,636	3,394	3,607
Goodwill	15,622	14,751	14,511	14,379	14,062
Other intangible assets	7,081	6,980	6,968	7,000	7,151
Other assets	1,459	1,295	1,160	1,228	1,268
Total assets	33,071	31,470	31,452	31,090	31,842
Accounts payable	4,010	3,988	4,194	3,982	3,654
Current portion of long-term debt	1,528	1,614	1,709	1,674	2,464
Notes payable	677	12	32	811	361
Other current liabilities	1,624	1,419	1,601	1,552	1,787
Liabilities held for sale	18	0	—	—	—
Total current liabilities	7,857	7,033	7,536	8,020	8,266
Long-term debt	12,673	11,304	9,965	9,135	9,787
Deferred income taxes	2,101	2,201	2,111	2,218	2,118
Other liabilities	1,229	1,284	1,140	929	1,293
Total liabilities	23,860	21,821	20,752	20,302	21,464
Common stock, 754.6 shares issued, $0.10 par value	76	76	76	76	76
Additional paid-in capital	1,219	1,227	1,222	1,183	1,366
Retained earnings	21,918	20,972	19,839	18,533	17,070
Common stock in treasury, at cost, shares of 212.2 and 195.5	−11,468	−10,358	−8,410	−7,278	−6,611
Accumulated other comprehensive loss	−2,545	−2,520	−2,277	−1,971	−2,429
Total stockholders' equity	9,199	9,397	10,450	10,542	9,470
Noncontrolling interests	12	252	250	246	303
Total equity	9,211	9,649	10,700	10,788	9,773
Total liabilities and equity	33,071	31,470	31,452	31,090	31,842

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-05-31	FY 2024 2024-05-31	FY 2023 2023-05-31	FY 2022 2022-05-31	FY 2021 2021-05-31
Depreciation and amortization	539	553	547	570	601
Distributions of earnings from joint ventures	45	50	70	108	95
Stock-based compensation	92	95	112	99	90
Deferred income taxes	−121	−49	−22	62	119
Pension and other postretirement benefit plan contributions	−31	−30	−30	−31	−33
Pension and other postretirement benefit plan costs	−13	−27	−28	−30	−34
Restructuring, transformation, impairment, and other exit costs	74	224	24	−117	151
Changes in current assets and liabilities, excluding the effects of acquisitions and divestitures	192	11	−49	277	−156
Other, net	−25	42	71	−51	−132
Net cash provided by operating activities	2,918	3,303	2,779	3,316	2,983
Purchases of land, buildings, and equipment	−625	−774	−690	−569	−531
Acquisitions, net of cash acquired	−1,419	−452	−252	−1,201	0
Investments in affiliates, net	13	−3	−32	15	16
Proceeds from disposal of land, buildings, and equipment	1	800,000	1	3	3
Proceeds from divestitures, net of cash divested	242	0	633	74	3
Other, net	−7	31	−8	−14	−3
Net cash used by investing activities	−1,795	−1,197	−346	−1,691	−513
Change in notes payable	667	−21	−769	551	72
Issuance of long-term debt	2,355	2,065	2,324	2,204	1,577
Payment of long-term debt	−1,300	−902	−1,422	−3,141	−2,609
Repurchase of Class A limited membership interest in General Mills Cereals, LLC	−253	0	0	—	—
Proceeds from common stock issued on exercised options	43	26	232	162	74
Purchases of common stock for treasury	−1,203	−2,002	−1,404	−877	−301
Dividends paid	−1,339	−1,363	−1,288	−1,245	−1,246
Distributions to redeemable and noncontrolling interest holders	−22	−21	−16	−130	−49
Other, net	−129	−54	−63	−28	−31
Net cash used by financing activities	−1,180	−2,272	−2,404	−2,503	−2,716
Effect of exchange rate changes on cash and cash equivalents	3	−400,000	−12	−58	73
(Decrease) increase in cash and cash equivalents	−54	−168	16	−936	−173
Receivables	−79	−2	−41	−166	28
Inventories	−19	288	−319	−86	−355
Prepaid expenses and other current assets	81	167	62	−35	−43
Accounts payable	87	−251	200	457	343
Other current liabilities	122	−191	50	108	−130

Filings

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