General Mills Revenue Drops 8% to $4.44B in Q3 FY2026 as Net Income Halves

General Mills Inc. (NYSE: GIS), a packaged food manufacturer producing cereals, snacks, and baking products, reported revenue of $4.44 billion for the three months ending February 22, 2026, down 8% from $4.84 billion in the same quarter of the prior year. Net income for the quarter fell 52% to $303.1 million from $625.6 million a year earlier. Read more earnings reports.

Operating income for the quarter declined 41% to $524.6 million from $891.4 million in the prior-year period. The company reported diluted earnings per share of $0.56 for the quarter, down from $1.12 in the year-ago quarter.

For the nine months ending February 22, 2026, General Mills posted revenue of $13.82 billion, down 7% from $14.93 billion in the first nine months of fiscal 2025. Nine-month net income declined 4% to $1.92 billion from $2.00 billion in the prior-year period.

Segment Performance

The company's North America Retail segment generated $2.60 billion in revenue during the quarter, down 14% from $3.01 billion a year earlier. International segment revenue rose 7% to $696.3 million from $651.3 million. Pet segment revenue increased 3% to $640.5 million from $623.7 million, while the North America Foodservice segment declined 11% to $496.4 million from $555.3 million.

North America Retail operating income fell 33% to $436.1 million from $648.1 million in the prior-year quarter. International segment operating income increased 87% to $33.6 million from $18.0 million.

Cost Structure

Cost of goods sold for the quarter totaled $3.07 billion, down 4% from $3.20 billion a year earlier. Selling, general, and administrative expenses declined 4% to $812.9 million from $844.4 million. Interest expense declined 6% to $128.4 million from $136.3 million in the prior-year quarter.

Balance Sheet and Cash Flow

Total assets as of February 22, 2026 stood at $32.40 billion, down from $33.07 billion at the end of fiscal year 2025. Cash and cash equivalents more than doubled to $785.5 million from $363.9 million at May 25, 2025. Inventory declined to $1.76 billion from $1.91 billion.

Cash from operations for the nine months totaled $1.61 billion, down 30% from $2.31 billion in the prior-year period. Cash from investing activities was an inflow of $1.43 billion, compared to an outflow of $1.58 billion a year earlier. Cash used in financing activities increased to $2.64 billion from $609.7 million.

Total liabilities declined to $23.05 billion from $23.86 billion at the end of fiscal 2025. Stockholders' equity increased to $9.34 billion from $9.20 billion. The company had 533.7 million shares outstanding as of the period end.

Financial Summary