Financial Performance - Net sales for the second quarter were $4.9 billion, down 7%, with organic net sales down 1%[5] - Operating profit decreased by 32% to $728 million, while adjusted operating profit was down 20% in constant currency to $848 million[6] - Diluted earnings per share (EPS) fell 45% to $0.78, with adjusted diluted EPS down 21% in constant currency to $1.10[5] - For the quarter ended November 23, 2025, net sales were $4,860.8 million, a decrease of 7% compared to $5,240.1 million in the same quarter of 2024[32] - Operating profit for the same quarter was $728.0 million, down 32% from $1,077.9 million year-over-year[32] - Net earnings attributable to General Mills for the quarter ended Nov. 23, 2025, were $413.0 million, or 8.5% of net sales, compared to $795.7 million and 15.2% in the same quarter of 2024[74] - Adjusted net earnings attributable to General Mills for the six-month period ended Nov. 23, 2025, were $1,059.6 million, or 11.3% of net sales, compared to $1,391.1 million and 13.8% in the prior year[76] - The total segment operating profit for the six-month period ended Nov. 23, 2025, decreased by 17% on a reported basis[80] Sales by Segment - North America Retail segment net sales decreased 13% to $2.9 billion, with organic net sales down 3%[12] - North America Pet segment net sales increased 11% to $660 million, benefiting from the North American Whitebridge Pet Brands acquisition[14] - International segment net sales rose 6% to $729 million, with organic net sales up 4%[19] - North America Retail segment net sales decreased by 13% to $2,883.3 million for the quarter ended November 23, 2025[35] - The International segment reported a 6% increase in net sales to $728.9 million for the same quarter[35] - The North America Pet segment saw an 11% increase in net sales, reaching $660.4 million for the quarter[35] Future Expectations - The company expects a 25% increase in sales from new products in fiscal 2026, driven by investments in brand remarkability[3] - General Mills expects organic net sales growth to range between down 1% and up 1% for fiscal 2026[30] - Adjusted operating profit and adjusted diluted EPS are projected to decline by 10% to 15% in constant currency[30] - The company anticipates a net impact of divestitures and acquisitions to reduce full-year net sales growth by approximately 4%[30] - The company expects to incur approximately $82 million of restructuring charges related to a multi-year organizational initiative to enhance supply chain competitiveness[45] - The company expects a net sales growth reduction of approximately 4% due to foreign currency exchange rates, acquisitions, and a 53rd week in fiscal 2026[55] - Restructuring and transformation charges for fiscal 2026 are expected to total approximately $160 million to $165 million[55] Cash Flow and Assets - Cash provided by operating activities totaled $1.2 billion through six months, down from $1.8 billion a year ago[25] - Cash and cash equivalents at the end of the period were $683.4 million, down from $2,292.8 million at the end of the previous year[40] - The net cash provided by operating activities was $1,216.3 million for the six-month period ended November 23, 2025, compared to $1,774.7 million in the same period last year[41] - Total current assets decreased to $5,071.1 million as of November 23, 2025, from $7,381.4 million a year earlier[38] - Total liabilities decreased to $23,220.2 million as of November 23, 2025, compared to $23,946.9 million in the previous year[38] Restructuring and Charges - Restructuring and other exit costs totaled $122 million in the second quarter, significantly higher than $1 million a year ago[23] - Restructuring, transformation, and impairment charges totaled $125.1 million for the six-month period ended November 23, 2025[46] - The company recorded a $53 million non-cash impairment charge related to the Uncle Toby's brand intangible asset in the second quarter of fiscal 2026[46] - Restructuring and transformation charges for the quarter ended Nov. 23, 2025, amounted to $72.2 million, contributing 1.5% to operating profit[74] Tax and Earnings - The effective tax rate for the second quarter was 23.3%, compared to 20.1% last year[24] - The effective tax rate for the six-month period ended November 23, 2025, was 24.9%, an increase of 4.0 percentage points from 20.9% in the same period last year[50] - Diluted earnings per share for the six-month period ended November 23, 2025, were $3.00, a 22% increase from $2.45 in the same period last year[71] - Unallocated corporate expense totaled $214 million for the six-month period ended November 23, 2025, up from $189 million in the same period last year[49] Acquisitions and Divestitures - The company recorded a pre-tax gain of $1,046 million from the sale of its United States yogurt business to Groupe Lactalis S.A. in the first quarter of fiscal 2026[47] - The acquisition of NX Pet Holding, Inc. for $1 billion resulted in goodwill of $1,087 million and an indefinite-lived intangible asset for the Tiki Pets brand totaling $289 million[44] - The company recorded $14 million in transaction costs related to the sale of its United States yogurt business in the six-month period ended November 23, 2025[49] - The company experienced a divestiture gain of $1,054.4 million, which negatively impacted the operating profit margin by 11.2% for the six-month period ended Nov. 23, 2025[76]

Financial Data and Key Metrics Changes - Reported net sales for Q2 were $4.9 billion, down 7%, with a 6-point headwind from divestitures and acquisitions; organic net sales were down 1% [24] - Adjusted operating profit was $848 million, down 20% in constant currency, primarily due to lower volume and higher input costs [25] - Adjusted diluted earnings per share totaled $1.10, down 21% in constant currency [25] Business Line Data and Key Metrics Changes - North America Retail organic net sales were down 3%, driven by unfavorable price mix, but organic volume growth modestly outpaced Nielsen measured retail volume growth [26] - North America Pet segment net sales were up 11%, with organic net sales up 1%, driven by favorable price mix [27] - North America Foodservice organic net sales were flat, with growth in frozen baked goods and cereal offset by a decline in bakery flour [28] - International segment organic net sales were up 4%, driven by growth in Brazil, China, India, and North Asia [29] Market Data and Key Metrics Changes - In North America Retail, the company held or grew pound share in eight of its top 10 U.S. categories, with Nielsen measured pounds up 1% in Q2 [8][26] - The North America Pet segment saw mid-single-digit growth in cat feeding, while dog feeding results were mixed [16][27] - Internationally, dollar share was held or grown in 54% of priority businesses, led by Häagen-Dazs and Nature Valley [29] Company Strategy and Development Direction - The company is focused on strengthening brand remarkability to restore organic sales growth, with investments in product innovation and brand building [3][4] - Key priorities include returning North America retail to volume growth, accelerating North America pet growth, and driving efficiencies to fund these investments [5][6] - The Remarkable Experience Framework guides brand investment decisions, focusing on product, packaging, brand communications, omnichannel execution, and value [6][10] Management's Comments on Operating Environment and Future Outlook - Management noted a change in consumer behavior, with lower and middle-income consumers increasingly making food purchases on promotion due to economic pressures [9] - The company expects to drive further improvement in organic sales growth in the second half of fiscal 2026, reaffirming its fiscal guidance [4][33] - Management anticipates Q3 operating profit to be down more than previously expected, but expects strong profit growth in Q4 [33] Other Important Information - The adjusted gross margin was 34.8% of net sales, down 150 basis points year-over-year, primarily due to higher input costs [30] - The company plans to launch several new products in the second half of fiscal 2026, focusing on consumer trends such as better-for-you benefits and bold flavors [13][15] Q&A Session Summary Question: What are the expectations for organic net sales in the second half of fiscal 2026? - The company expects improved organic net sales driven by the expanded impact of remarkability investments and trade timing benefits in Q4 [33] Question: How is the company addressing the challenges in the North America retail segment? - The company is focused on delivering more value to consumers and amplifying elements of the remarkability framework to improve competitiveness [10] Question: What are the growth prospects for the North America pet segment? - The company is confident in its plans for the North America pet segment, expecting further acceleration in organic sales growth in the second half of fiscal 2026 [18]

Financial Data and Key Metrics Changes - Reported net sales for Q2 were $4.9 billion, down 7%, with a 6-point headwind from divestitures and acquisitions; organic net sales were down 1% [24] - Adjusted operating profit was $848 million, down 20% in constant currency, primarily due to lower volume and higher input costs [25] - Adjusted diluted earnings per share totaled $1.10, down 21% in constant currency [25] Business Line Data and Key Metrics Changes - North America Retail organic net sales were down 3%, driven by unfavorable price mix, but organic volume growth modestly outpaced Nielsen measured retail volume growth [26] - North America Pet segment net sales were up 11%, with organic net sales up 1%, driven by favorable price mix [27] - North America Foodservice organic net sales were flat, with growth in frozen baked goods and cereal offset by a decline in bakery flour [28] - International segment organic net sales were up 4%, driven by growth in Brazil, China, India, and North Asia [29] Market Data and Key Metrics Changes - In North America Retail, the company held or grew pound share in eight of its top 10 U.S. categories, with Nielsen measured pounds up 1% in Q2 [8][26] - The North America Pet segment saw mid-single-digit growth in cat feeding, while dog feeding results were mixed [16][27] - The international business held or grew dollar share in 54% of priority businesses, led by Häagen-Dazs and Nature Valley [29] Company Strategy and Development Direction - The company is focused on investing to strengthen brand remarkability to restore organic sales growth [3] - Key priorities include returning North America Retail to volume growth, accelerating North America Pet growth, and driving efficiencies to fund investments [5][6] - The Remarkable Experience Framework guides brand investment decisions, focusing on product, packaging, brand communications, omnichannel execution, and value [6][10] Management's Comments on Operating Environment and Future Outlook - Management noted a change in consumer behavior, with lower and middle-income consumers making more purchases on promotion due to economic pressures [9] - The company expects to drive further improvement in organic sales growth in the second half of fiscal 2026, reaffirming its fiscal guidance [4][33] - Management anticipates Q3 operating profit to be down more than previously expected, but expects strong profit growth in Q4 [33] Other Important Information - The adjusted gross margin was 34.8% of net sales, down 150 basis points due to higher input costs [30] - The adjusted effective tax rate was 23.3%, up from 20.1% a year ago, due to unfavorable earnings mix [31] - Capital investments in the first half totaled $253 million, with $659 million paid in dividends [32] Q&A Session Summary Question: What are the expectations for organic net sales in the second half? - The company expects improved organic net sales in the second half, driven by the expanded impact of remarkability investments [33] Question: How is the company addressing the challenges in the North America Retail segment? - The company is focused on returning North America Retail to volume growth by investing in remarkable experiences [5] Question: What are the plans for the North America Pet segment? - The company plans to strengthen the core Blue Buffalo business while driving growth through new product launches and expanded distribution [16][18]

Financial Data and Key Metrics Changes - Reported net sales for Q2 were $4.9 billion, down 7%, with a 6-point headwind from divestitures and acquisitions [23] - Organic net sales decreased by 1%, while organic volume was flat, showing sequential improvement from Q1 [25] - Adjusted operating profit was $848 million, down 20% in constant currency, primarily due to lower volume and higher input costs [24][30] - Adjusted diluted earnings per share totaled $1.10, down 21% in constant currency [24] Business Line Data and Key Metrics Changes - North America Retail organic net sales were down 3%, driven by unfavorable price mix, but organic volume growth modestly outpaced Nielsen measured retail volume growth [25] - North America Pet segment saw a net sales increase of 11%, with organic net sales up 1%, driven by favorable price mix [26] - North America Foodservice organic net sales were flat, with growth in frozen baked goods and cereal offset by a decline in bakery flour [27] - International segment organic net sales increased by 4%, led by growth in Brazil, China, India, and North Asia [28] Market Data and Key Metrics Changes - In North America Retail, the company held or grew pound share in eight of its top 10 U.S. categories [8][25] - The North America Pet segment experienced mid-single-digit growth in cat feeding, while dog feeding results were mixed [16] - The international segment held or grew dollar share in 54% of priority businesses, with strong performance from Häagen-Dazs and Nature Valley [28] Company Strategy and Development Direction - The company is focused on enhancing the "Remarkability" of its brands to restore organic sales growth [3] - Key priorities include returning North America retail to volume growth, accelerating North America pet growth, and driving efficiencies to fund investments [5][6] - The Remarkable Experience Framework guides brand investment decisions, focusing on product, packaging, brand communications, omnichannel execution, and value [6][10] Management's Comments on Operating Environment and Future Outlook - Management noted a change in consumer behavior, with lower and middle-income consumers increasingly making food purchases on promotion [9] - The company remains confident in its strategy to deliver more value to consumers amid economic pressures [10] - Fiscal 2026 guidance was reaffirmed, with expectations for improved organic net sales in the second half [32][33] Other Important Information - The adjusted gross margin was 34.8% of net sales, down 150 basis points due to higher input costs [29] - Capital investments in the first half totaled $253 million, with $659 million paid in dividends [31] Q&A Session Summary Question: What are the expectations for organic net sales in the second half of fiscal 2026? - The company expects improved organic net sales driven by the expanded impact of remarkability investments and favorable trade timing benefits in Q4 [32] Question: How is the company addressing the challenges in the North America Pet segment? - The company is focusing on strengthening the core Blue Buffalo business and driving growth through new product launches like Love Made Fresh [18] Question: What are the anticipated impacts of divestitures on future performance? - The divestitures are expected to continue to pose headwinds, but the company is managing these impacts through strategic investments and operational efficiencies [24][30]

Core Insights - U.S. stock futures are trading mixed, with several companies expected to report earnings today [1] Company Summaries - **Jabil Inc. (NYSE:JBL)**: Expected to report quarterly earnings of $2.69 per share on revenue of $8.07 billion. Shares gained 1.4% to $215.50 in after-hours trading [1] - **Children's Place Inc. (NASDAQ:PLCE)**: Reported worse-than-expected third-quarter results with losses of 18 cents per share against an estimate of 70 cents per share. Quarterly sales were $339.466 million, missing the estimate of $370.290 million. Shares fell 32.1% to $4.99 in after-hours trading [1] - **General Mills Inc. (NYSE:GIS)**: Analysts expect quarterly earnings of $1.02 per share on revenue of $4.78 billion. Shares rose 0.4% to $47.19 in after-hours trading [1] - **Lennar Corp (NYSE:LEN)**: Reported fourth-quarter revenue of $9.37 billion, exceeding estimates of $9.02 billion. Adjusted earnings were $2.03 per share, missing estimates of $2.21 per share. Shares fell 4.1% to $112.74 in after-hours trading [1] - **Micron Technology Inc. (NASDAQ:MU)**: Expected to report quarterly earnings of $3.93 per share on revenue of $12.81 billion. Shares rose 0.3% to $233.21 in after-hours trading [1]

Core Viewpoint - General Mills, Inc. is experiencing fluctuations in its consensus price target, reflecting changing analyst expectations in a competitive food market [1][2] Price Target Summary - The average price target for General Mills increased to $51 from $50.5 in the previous quarter but decreased from $53 last year, indicating a shift in analyst expectations [2] - Analyst Christopher Growe from Stifel Nicolaus has set a more optimistic price target of $64 for the stock, suggesting a divergence from the consensus [3] Earnings and Market Conditions - General Mills is scheduled to announce its second-quarter earnings results on December 17, with analysts predicting a decline in earnings, which may have influenced recent adjustments in price targets [2][3] - The company faces challenges related to sales and margins due to price resets and costs from launching new pet products, yet there are signs of improvement in volumes and brand health [4]

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General Mills, Inc. (NYSE:GIS) will release earnings results for its second quarter before the opening bell on Wednesday, Dec. 17.Analysts expect the company to report quarterly earnings at $1.02 per share, down from $1.40 per share in the year-ago period. The consensus estimate for General Mills’ quarterly revenue is $4.78 billion. Last year, it reported $5.24 billion in revenue, according to Benzinga Pro.Some investors may be eyeing potential gains from the company's dividends, too. As of now, General Mil ...

General Mills, Inc. (NYSE:GIS) is included among the 13 Best Blue Chip Stocks to Buy Under $50. Jefferies Cuts General Mills (GIS) Target to $47 as Volumes Begin to Improve On December 11, Jefferies analyst Scott Marks cut his price target on General Mills, Inc. (NYSE:GIS) to $47 from $50 and maintained a Hold rating. He said US tracked channel data shows the company’s recent price investments are “working,” since both retail sales and volumes have started to pick up. The firm sees room for the trend to ...

General Mills, Inc. (NYSE:GIS) will release earnings results for its second quarter before the opening bell on Wednesday, Dec. 17.Analysts expect the Saint Petersburg, Florida-based company to report quarterly earnings at $1.02 per share, down from $1.40 per share in the year-ago period. The consensus estimate for General Mills' quarterly revenue is $4.78 billion. Last year, it reported $5.24 billion in revenue, according to Benzinga Pro.On Oct. 14, General Mill reaffirmed long-term growth targets and fisca ...