GENERAL MILLS INCGIS

GENERAL MILLS INC Earnings Per Share Disclosure

10-KFiled Jun 26, 20251 min read
NOTE 13. EARNINGS PER SHARE
Basic and diluted EPS were calculated using the following:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fiscal Year
In Millions, Except per Share Data
2025
2024
2023
Net earnings attributable to General Mills - as reported
$
2,295.2
$
2,496.6
$
2,593.9
Capital appreciation paid on Class A Interests in GMC (a)
(10.5)
-
-
Net earnings for EPS calculation
$
2,284.7
$
2,496.6
$
2,593.9
Average number
 
of common shares - basic EPS
554.5
575.5
594.8
Incremental share effect from: (b)
Stock options
1.2
1.8
3.6
Restricted stock units and performance share units
1.8
2.2
2.8
Average number
 
of common shares - diluted EPS
557.5
579.5
601.2
Earnings per share — basic
$
4.12
$
4.34
$
4.36
Earnings per share — diluted
$
4.10
$
4.31
$
4.31
(a)
 
Please see Note 10 for additional information.
(b)
 
Incremental shares from
 
stock options, restricted
 
stock units, and performance
 
share units are computed
 
by the treasury stock
method.
 
Stock
 
options,
 
restricted
 
stock
 
units,
 
and
 
performance
 
share
 
units
 
excluded
 
from
 
our
 
computation
 
of
 
diluted
 
EPS
because they were not dilutive were as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fiscal Year
In Millions
2025
2024
2023
Anti-dilutive stock options, restricted stock units,
 
and performance share units
4.7
2.1
0.8

Historical Timeline

Fiscal YearFiled
2025Jun 26, 2025Showing above
2024Jun 26, 2024
2023Jun 28, 2023
2022Jun 30, 2022
2021Jun 30, 2021
2020Jul 2, 2020
2019Jun 28, 2019
2018Jun 29, 2018
2017Jun 29, 2017
2016Jun 30, 2016

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

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