GENERAL MILLS INCGIS
GENERAL MILLS INC Segments Disclosure
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.
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, 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 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, fresh 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 and fresh 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, 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:
Fiscal Year 2026 | |||||||||
In Millions | North America Retail | International | North America Pet | North America Foodservice | Total | ||||
Segment net sales | $10,571.8 | $3,043.8 | $2,613.3 | $2,169.5 | $18,398.4 | ||||
Corporate and other net sales | 26.2 | ||||||||
Total net sales | $18,424.6 | ||||||||
Cost of sales | $6,793.2 | $2,235.5 | $1,568.6 | $1,663.3 | |||||
Selling, general, and administrative expenses | 1,589.6 | 619.6 | 545.9 | 173.2 | |||||
Segment operating profit | $2,189.0 | $188.7 | $498.8 | $333.0 | $3,209.5 | ||||
Unallocated corporate items | 402.3 | ||||||||
Divestitures gain, net | (1,049.4) | ||||||||
Restructuring, transformation, impairment, and other exit costs | 2,970.8 | ||||||||
Operating profit | $885.8 | ||||||||
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 administrative expenses | 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 | ||||||||
Divestiture gain | (95.9) | ||||||||
Restructuring, transformation, impairment, and other exit costs | 78.3 | ||||||||
Operating profit | $3,304.8 | ||||||||
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 administrative expenses | 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, impairment, and other exit costs | 241.4 | ||||||||
Operating profit | $3,431.7 | ||||||||
Net sales for our North America Retail operating units were as follows:
Fiscal Year | |||
In Millions | 2026 | 2025 | 2024 |
Big G Cereal & Canada (a) | $3,153.4 | $4,311.8 | $4,610.2 |
U.S. Snacks | 3,212.6 | 3,356.3 | 3,538.9 |
U.S. Meals & Baking Solutions | 4,205.8 | 4,238.9 | 4,324.3 |
Total | $10,571.8 | $11,907.0 | $12,473.4 |
(a)Upon completion of the United States yogurt business divestiture in fiscal 2026, the former U.S. Morning Foods and Canada operating units
were combined into a new Big G Cereal & Canada operating unit. Prior period amounts have been recast to conform to the current period
presentation. This did not result in a change to the composition of our reportable segments or information reviewed by our CODM.
Net sales by class of similar products were as follows:
Fiscal Year | |||
In Millions | 2026 | 2025 | 2024 |
Snacks | $4,138.5 | $4,187.4 | $4,327.3 |
Cereal | 3,089.7 | 3,078.6 | 3,187.5 |
Convenient meals | 2,870.9 | 2,816.1 | 2,906.5 |
Pet | 2,766.4 | 2,585.8 | 2,382.7 |
Dough | 2,396.0 | 2,384.2 | 2,423.6 |
Baking mixes and ingredients | 1,926.1 | 1,940.2 | 1,996.0 |
Yogurt | 102.0 | 1,391.6 | 1,482.5 |
Super-premium ice cream | 782.7 | 721.6 | 728.7 |
Other | 352.3 | 381.1 | 422.4 |
Total | $18,424.6 | $19,486.6 | $19,857.2 |
The following tables provide financial information by geographic area:
Fiscal Year | |||
In Millions | 2026 | 2025 | 2024 |
Net sales: | |||
United States | $14,704.7 | $15,780.4 | $16,062.2 |
Non-United States | 3,719.9 | 3,706.2 | 3,795.0 |
Total | $18,424.6 | $19,486.6 | $19,857.2 |
In Millions | May 31, 2026 | May 25, 2025 |
Cash and cash equivalents: | ||
United States | $46.2 | $47.8 |
Non-United States | 407.6 | 316.1 |
Total | $453.8 | $363.9 |
In Millions | May 31, 2026 | May 25, 2025 |
Land, buildings, and equipment: | ||
United States | $2,965.6 | $3,036.6 |
Non-United States | 477.8 | 596.0 |
Total | $3,443.4 | $3,632.6 |
Please see Note 3 for additional information on cash and cash equivalents and land, buildings, and equipment classified as held for
sale as of May 31, 2026, and therefore excluded from the information above.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2026 | Jul 1, 2026 | Showing above |
| 2025 | Jun 26, 2025 | |
| 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.