GENERAL MILLS INCGIS
GENERAL MILLS INC Segments Disclosure
NOTE 17. BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION
We
operate in the packaged foods industry. Our operating segments are as follows: North America Retail, International, North
America Pet, and North America Foodservice. In the first quarter of fiscal 2025, we renamed the Pet segment to the North America
Pet segment to reflect that pet food results outside North America are recorded in the International segment. There were no changes to
the composition of our reportable segments or information reviewed by our CODM and no impact on our historical segment operating
results.
Our North America Retail operating segment reflects business with a wide variety of grocery stores, mass merchandisers, membership
stores, natural food chains, drug, dollar and discount chains, convenience stores, and e-commerce grocery providers. Our product
categories in this business segment include ready-to-eat cereals, refrigerated yogurt, soup, meal kits, refrigerated and frozen dough
products, dessert and baking mixes, frozen pizza and pizza snacks, snack bars, fruit snacks, savory snacks, and a wide variety of
organic products including ready-to-eat cereal, frozen and shelf-stable vegetables, meal kits, fruit snacks and snack bars.
Our International operating segment consists of retail and foodservice businesses outside of the United States and Canada. Our
product categories include super-premium ice cream and frozen desserts, meal kits, salty snacks, snack bars, dessert and baking mixes,
shelf-stable vegetables, and pet food products. We also sell super-premium ice cream and frozen desserts directly to consumers
through owned retail shops. Our International segment also includes products manufactured in the United States for export, mainly to
Caribbean and Latin American markets, as well as products we manufacture for sale to our international joint ventures. Revenues from
export activities are reported in the region or country where the end customer is located.
Our North America Pet operating segment includes pet food products sold primarily in the United States and Canada in national pet
superstore chains, e-commerce retailers, grocery stores, regional pet store chains, mass merchandisers, and veterinary clinics and
hospitals. Our product categories include dog and cat food (dry foods, wet foods, and treats) made with whole meats, fruits, vegetables
and other high-quality natural ingredients. Our tailored pet product offerings address specific dietary, lifestyle, and life-stage needs
and span different product types, diet types, breed sizes for dogs, life stages, flavors, product functions, and textures and cuts for wet
foods.
Our North America Foodservice segment consists of foodservice businesses in the United States and Canada. Our major product
categories in our North America Foodservice operating segment are ready-to-eat cereals, snacks, refrigerated yogurt, frozen meals,
unbaked and fully baked frozen dough products, baking mixes, and bakery flour. Many products we sell are branded to the consumer
and nearly all are branded to our customers.
We
sell to distributors and operators in many customer channels including foodservice,
vending, and supermarket bakeries.
Our CODM is the Chairman of the Board and Chief Executive Officer. The CODM predominantly uses segment operating profit in
the annual planning process which includes segment operating profit performance targets. The CODM assesses progress against
performance targets by comparing segment operating profit actual-to-plan variances on a monthly basis. The performance assessment
completed by the CODM is used to determine whether resource allocations require adjustment and contributes to the determination of
incentive compensation.
Operating profit for these segments excludes unallocated corporate items, gain or loss on divestitures, and restructuring,
transformation, impairment, and other exit costs. Results from certain businesses managed by our Strategic Growth Office are
included within corporate and other net sales and unallocated corporate items within operating profit. Unallocated corporate items also
include corporate overhead expenses, variances to planned North American employee benefits and incentives, certain charitable
contributions, restructuring initiative project-related costs, gains and losses on corporate investments, and other items that are not part
of our measurement of segment operating performance. These include gains and losses arising from the revaluation of certain grain
inventories and gains and losses from mark-to-market valuation of certain commodity positions until passed back to our operating
segments. These items affecting operating profit are centrally managed at the corporate level and are excluded from the measure of
segment profitability reviewed by executive management. Under our supply chain organization, our manufacturing, warehouse, and
distribution activities are substantially integrated across our operations in order to maximize efficiency and productivity. As a result,
fixed assets and depreciation and amortization expenses are neither maintained nor available by operating segment.
Our operating segment results were as follows:
Net sales for our North America Retail operating units were as follows:
Fiscal Year
In Millions
2025
2024
2023
U.S. Meals & Baking Solutions
$
4,238.9
$
4,324.3
$
4,426.3
U.S. Morning Foods
3,439.9
3,561.8
3,620.1
U.S. Snacks
3,356.3
3,538.9
3,611.0
Canada
871.9
1,048.4
1,002.5
Total
$
11,907.0
$
12,473.4
$
12,659.9
Net sales by class of similar products were as follows:
Fiscal Year
In Millions
2025
2024
2023
Snacks
$
4,187.4
$
4,327.3
$
4,431.5
Cereal
3,078.6
3,187.5
3,209.5
Convenient meals
2,816.1
2,906.5
2,961.6
Pet
2,585.8
2,382.7
2,476.0
Dough
2,384.2
2,423.6
2,390.5
Baking mixes and ingredients
1,940.2
1,996.0
2,037.3
Yogurt
1,391.6
1,482.5
1,472.9
Super-premium ice cream
721.6
728.7
703.7
Other
381.1
422.4
411.2
Total
$
19,486.6
$
19,857.2
$
20,094.2
The following tables provide financial information by geographic area:
Fiscal Year
In Millions
2025
2024
2023
Net sales:
United States
$
15,780.4
$
16,062.2
$
16,322.2
Non-United States
3,706.2
3,795.0
3,772.0
Total
$
19,486.6
$
19,857.2
$
20,094.2
In Millions
May 25, 2025
May 26, 2024
Cash and cash equivalents:
United States
$
47.8
$
87.8
Non-United States
316.1
330.2
Total
$
363.9
$
418.0
In Millions
May 25, 2025
May 26, 2024
Land, buildings, and equipment:
United States
$
3,036.6
$
3,155.3
Non-United States
596.0
708.6
Total
$
3,632.6
$
3,863.9
Fiscal Year 2024
In Millions
North
America
Retail
International
North
America Pet
North
America
Foodservice
Total
Segment net sales
$
12,473.4
$
2,746.5
$
2,375.8
$
2,258.7
$
19,854.4
Corporate and other net sales
2.8
Total net sales
$
19,857.2
Cost of sales
$
7,650.8
$
2,073.4
$
1,446.8
$
1,781.9
Selling, general, and
1,742.2
547.9
443.1
161.3
Segment operating profit
$
3,080.4
$
125.2
$
485.9
$
315.5
$
4,007.0
Unallocated corporate items
333.9
Restructuring, transformation,
241.4
Operating profit
$
3,431.7
Fiscal Year 2025
In Millions
North
America
Retail
International
North
America Pet
North
America
Foodservice
Total
Segment net sales
$
11,907.0
$
2,797.8
$
2,470.8
$
2,300.9
$
19,476.5
Corporate and other net sales
10.1
Total net sales
$
19,486.6
Cost of sales
$
7,472.1
$
2,110.6
$
1,476.4
$
1,772.9
Selling, general, and
1,705.0
590.8
493.4
172.6
Segment operating profit
$
2,729.9
$
96.4
$
501.0
$
355.4
$
3,682.7
Unallocated corporate items
395.5
Divestitures gain, net
(95.9)
Restructuring, transformation,
78.3
Operating profit
$
3,304.8
Fiscal Year 2023
In Millions
North
America
Retail
International
North
America Pet
North
America
Foodservice
Total
Net sales
$
12,659.9
$
2,769.5
$
2,473.3
$
2,191.5
$
20,094.2
Cost of sales
7,782.2
2,055.2
1,611.7
1,749.5
Selling, general, and
1,696.4
552.5
416.1
152.0
Segment operating profit
$
3,181.3
$
161.8
$
445.5
$
290.0
$
4,078.6
Unallocated corporate items
1,033.2
Divestitures gain, net
(444.6)
Restructuring, transformation,
56.2
Operating profit
$
3,433.8
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Jun 26, 2025 | Showing above |
| 2024 | Jun 26, 2024 | |
| 2023 | Jun 28, 2023 | |
| 2022 | Jun 30, 2022 | |
| 2021 | Jun 30, 2021 | |
| 2020 | Jul 2, 2020 | |
| 2019 | Jun 28, 2019 | |
| 2018 | Jun 29, 2018 | |
| 2017 | Jun 29, 2017 | |
| 2016 | Jun 30, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.