GISGeneral Mills
For 160 years, General Mills has been making food the world loves. 10-K, Item 1
- Employees
- 30,000
- Headquarters
- Minneapolis, MN
- CEO
- Jeffrey L. Harmening
- Next results
- around Dec 16, 2026
205 paragraphs in Risk Factors of the 10-K filed Jul 1, 2026 with nothing like them in the 10-K filed Jun 26, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
Compared with the Risk Factors in the latest 10-K of the other 31 Consumer staples companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.
Our business is subject to various risks and uncertainties. Any of the risks described below could materially, adversely affect our
The categories in which we participate are very competitive, and if we are not able to compete effectively, our results of
Similar paragraph at 1 of 31 other Consumer staples companies: ELThe human and pet food categories in which we participate are very competitive. Our principal competitors in these categories are
manufacturers, as well as retailers with their own branded and private label products. Competitors market and sell their products
through brick-and-mortar stores and e-commerce. All of our principal competitors have substantial financial, marketing, and other
resources. In most product categories, we compete not only with other widely advertised branded products, but also with regional
brands and with generic and private label products that are generally sold at lower prices. Competition in our product categories is
based on product innovation, product quality, price, brand recognition and loyalty, effectiveness of marketing, promotional activity,
convenient ordering and delivery to the consumer, and the ability to identify and satisfy consumer preferences. If our large competitors
were to seek an advantage through pricing or promotional changes, we could choose to do the same, which could adversely affect our
margins and profitability. If we did not do the same, our revenues and market share could be adversely affected. Our market share and
Similar paragraph at 1 of 31 other Consumer staples companies: KOrevenue growth could also be adversely impacted if we are not successful in introducing innovative products in response to changing
consumer demands or by new product introductions of our competitors. If we are unable to build and sustain brand equity by offering
recognizably superior product quality, we may be unable to maintain premium pricing over generic and private label products.
We may be unable to maintain our profit margins in the face of a consolidating retail environment.
There has been significant consolidation in the grocery industry, resulting in customers with increased purchasing power. In addition,
large retail customers may seek to use their position to improve their profitability through improved efficiency, lower pricing,
increased reliance on their own brand name products, increased emphasis on generic and other economy brands, and increased
promotional programs. If we are unable to use our scale, marketing expertise, product innovation, knowledge of consumers’ needs,
and category leadership positions to respond to these demands, our profitability and volume growth could be negatively impacted. In
addition, the loss of any large customer could adversely affect our sales and profits. In fiscal 2026, Walmart accounted for 22 percent
of our consolidated net sales and 31 percent of net sales of our North America Retail segment. For more information on significant
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Price changes for the commodities we depend on for raw materials, packaging, and energy may adversely affect our
The principal raw materials that we use are commodities that experience price volatility caused by external conditions such as weather,
climate change, product scarcity, limited sources of supply, commodity market fluctuations, currency fluctuations, trade tariffs
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by such countries), pandemics, war (including sanctions imposed on Russia for its invasion of Ukraine), and changes in governmental
agricultural and energy policies and regulations. Commodity prices have become, and may continue to be, more volatile. Commodity
price changes may result in unexpected increases in raw material, packaging, energy, and transportation costs. If we are unable to
increase productivity to offset these increased costs or increase our prices, we may experience reduced margins and profitability. We
do not fully hedge against changes in commodity prices, and the risk management procedures that we do use may not always work as
Concerns with the safety and quality of our products could cause consumers to avoid certain products or ingredients.
Similar paragraph at 1 of 31 other Consumer staples companies: DLTRWe could be adversely affected if consumers in our principal markets lose confidence in the safety and quality of certain of our
products or ingredients. Adverse publicity about these types of concerns, whether or not valid, may discourage consumers from buying
We may be unable to anticipate changes in consumer preferences and trends, which may result in decreased demand for our
Our success depends in part on our ability to anticipate the tastes, eating habits (including the impact of weight loss drugs), and
purchasing behaviors of consumers and to offer products that appeal to their preferences in channels where they shop. Consumer
preferences and category-level consumption may change from time to time and can be affected by a number of different trends and
other factors. If we fail to anticipate, identify or react to these changes and trends, such as adapting to emerging e-commerce channels,
or to introduce new and improved products on a timely basis, we may experience reduced demand for our products, which would in
turn cause our revenues and profitability to suffer. Similarly, demand for our products could be affected by consumer concerns
regarding the health effects of ingredients such as sodium, genetically modified organisms, sugar and sugar alternatives, color
additives, preservatives, processed wheat and other ingredients, grain-free or legume-rich pet food, or other product ingredients or
We may be unable to grow our market share or add products that are in faster growing and more profitable categories.
Similar paragraph at 1 of 31 other Consumer staples companies: KHCThe food industry’s growth potential is constrained by population growth. Our success depends in part on our ability to grow our
business faster than populations are growing in the markets that we serve. One way to achieve that growth is to enhance our portfolio
by adding innovative new products in faster growing and more profitable categories. Our future results will also depend on our ability
to increase market share in our existing product categories. If we do not succeed in developing innovative products for new and
Our results may be negatively impacted if consumers do not maintain their favorable perception of our brands.
Maintaining and continually enhancing the value of our many iconic brands is critical to the success of our business. The value of our
brands is based in large part on the degree to which consumers react and respond positively to these brands. Brand value could
diminish significantly due to a number of factors, including consumer perception that we have acted in an irresponsible manner,
adverse publicity about our products, our failure to maintain the quality of our products, concerns or perceptions about the nutrition
profile and health effects of ingredients or substances (including the processing thereof) in our products or packaging, the failure of
our products to deliver consistently positive consumer experiences, concerns about food safety, or our products becoming unavailable
to consumers. Consumer demand for our products may also be impacted by changes in the level of advertising or promotional support.
Similar paragraph at 1 of 31 other Consumer staples companies: SJMThe use of social and digital media by consumers, us, and third parties increases the speed and extent that information or
misinformation and opinions can be shared. Negative posts or comments about us, our brands, or our products on social or digital
media could seriously damage our brands and reputation. If we do not maintain the favorable perception of our brands, our business
If we are not efficient in our production, our profitability could suffer as a result of the highly competitive environment in
Our future success and earnings growth depend in part on our ability to be efficient in the production and manufacture of our products
in highly competitive markets. Gaining additional efficiencies may become more difficult over time. Our failure to reduce costs
through productivity gains or by eliminating redundant costs resulting from acquisitions or divestitures could adversely affect our
profitability and weaken our competitive position. Many productivity initiatives involve complex reorganization of manufacturing
facilities and production lines. Such manufacturing realignment may result in the interruption of production, which may negatively
impact product volume and margins. We periodically engage in restructuring, transformation, and cost savings initiatives designed to
increase our efficiency and reduce expenses. If we are unable to execute those initiatives as planned, we may not realize all or any of
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Our ability to make, move, and sell products is critical to our success. Damage or disruption to raw material supplies or our
manufacturing or distribution capabilities due to weather, climate change, natural disaster, fire, terrorism, cyber-attack, pandemics,
war, governmental restrictions or mandates, labor shortages, strikes, import/export restrictions, or other factors could impair our ability
to manufacture or sell our products. Many of our product lines are manufactured at a single location or sourced from a single supplier.
The failure of third parties on which we rely, including those third parties who supply our ingredients, packaging, capital equipment
and other necessary operating materials, contract manufacturers, commercial transport, distributors, contractors, and external business
partners, to meet their obligations to us, or significant disruptions in their ability to do so, may negatively impact our operations. Our
suppliers’ policies and practices can damage our reputation and the quality and safety of our products. Disputes with significant
suppliers, including disputes regarding pricing or performance, could adversely affect our ability to supply products to our customers
Similar paragraph at 1 of 31 other Consumer staples companies: KHCand could materially and adversely affect our sales, financial condition, and results of operations. Failure to take adequate steps to
Similar paragraph at 11 of 31 other Consumer staples companies: CASY, CHD, COST, DG, KHC, MKC, MNST, SJM and 3 moremitigate the likelihood or potential impact of such events, or to effectively manage such events if they occur, particularly when a
product is sourced from a single location or supplier, could adversely affect our business and results of operations, as well as require
Short term or sustained increases in consumer demand at our retail customers may exceed our production capacity or otherwise strain
Similar paragraph at 1 of 31 other Consumer staples companies: MKCour supply chain. Our failure to meet the demand for our products could adversely affect our business and results of operations.
Similar paragraph at 10 of 31 other Consumer staples companies: CASY, CHD, COST, KHC, MKC, MNST, SJM, SYY and 2 moreIn fiscal 2026, 20 percent of our consolidated net sales were generated outside of the United States. We are accordingly subject to a
Similar paragraph at 1 of 31 other Consumer staples companies: MDLZnumber of risks relating to doing business internationally, any of which could significantly harm our business. These risks include:
•tariffs on products and ingredients that we import and export (including recent tariffs imposed or threatened to be imposed by
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•political sentiment impacting global trade, including the willingness of consumers outside the United States to purchase from
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•restriction on the transfer of funds to and from foreign countries, including potentially negative tax consequences.
Our financial performance on a U.S. dollar denominated basis is subject to fluctuations in currency exchange rates. These fluctuations
Similar paragraph at 1 of 31 other Consumer staples companies: BF-Bcould cause material variations in our results of operations. Our principal exposures are to the Australian dollar, Brazilian real, British
pound sterling, Canadian dollar, Chinese renminbi, euro, Japanese yen, Mexican peso, and Swiss franc. From time to time, we enter
into agreements that are intended to reduce the effects of our exposure to currency fluctuations, but these agreements may not be
A strengthening in the U.S. dollar relative to other currencies in the countries in which we operate would negatively affect our
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Our business operations could be disrupted if our information technology systems fail to perform adequately or are breached.
Information technology serves an important role in the efficient and effective operation of our business. We rely on information
technology networks and systems, including the internet, to process, transmit, and store electronic information to manage a variety of
business processes and to comply with regulatory, legal, and tax requirements. Our information technology systems (which includes
artificial intelligence) and infrastructure are critical to effectively manage our key business processes including digital marketing,
order entry and fulfillment, supply chain management, finance, administration, and other business processes. These technologies
enable internal and external communication among our locations, employees, suppliers, customers, and others and include the receipt
and storage of personal information about our employees, consumers, and proprietary business information. Our information
technology systems, some of which are dependent on services provided by third parties, may be vulnerable to damage, interruption, or
shutdown due to any number of causes such as catastrophic events, natural disasters, fires, power outages, systems failures,
telecommunications failures, security breaches, computer viruses, hackers, employee error or malfeasance, and other causes. Increased
cyber-security threats pose a potential risk to the security and viability of our information technology systems, as well as the
confidentiality, integrity, and availability of the data stored on those systems. Emerging artificial intelligence-related threats may
increase the frequency and severity of these risks, and may also introduce new threats, both of which could be difficult to defend
against. The failure of our information technology systems to perform as we anticipate could disrupt our business and result in
transaction errors, processing inefficiencies, data loss, legal claims or proceedings, regulatory penalties, and the loss of sales and
customers. Any interruption of our information technology systems could have operational, reputational, legal, and financial impacts
Our failure to successfully integrate acquisitions into our existing operations could adversely affect our financial results.
Similar paragraph at 1 of 31 other Consumer staples companies: KVUEFrom time to time, we evaluate potential acquisitions or joint ventures that would further our strategic objectives. Our success
depends, in part, upon our ability to integrate acquired and existing operations. If we are unable to successfully integrate acquisitions,
our financial results could suffer. Additional potential risks associated with acquisitions include additional debt leverage, the loss of
Similar paragraph at 1 of 31 other Consumer staples companies: KHCkey employees and customers of the acquired business, the assumption of unknown liabilities, the inherent risk associated with
entering a geographic area or line of business in which we have no or limited prior experience, failure to achieve anticipated synergies,
If our products become adulterated, misbranded, or mislabeled, we might need to recall those items and may experience
We may need to recall some of our products if they become adulterated, misbranded, or mislabeled. A widespread product recall could
result in significant losses due to the costs of a recall, the destruction of product inventory, and lost sales due to the unavailability of
product for a period of time. We could also suffer losses from a significant product liability judgment against us. A significant product
recall or product liability case could also result in adverse publicity, damage to our reputation, and a loss of consumer confidence in
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Our facilities and products are subject to many laws and regulations administered by the United States Department of Agriculture, the
Similar paragraph at 1 of 31 other Consumer staples companies: MNSTFood and Drug Administration, the Occupational Safety and Health Administration, and other federal, state, local, and foreign
governmental agencies relating to the production, packaging, labeling, storage, distribution, quality, and safety of food products and
the health and safety of our employees. Our failure to comply with such laws and regulations could subject us to lawsuits,
administrative penalties, and civil remedies, including fines, injunctions, and recalls of our products. We advertise our products and
could be the target of claims relating to alleged false or deceptive advertising under federal, state, and foreign laws and regulations.
We may also be subject to new laws or regulations restricting the marketing or sale of our products because of ingredients or
substances (including the processing thereof) in our products or product packaging. These limitations may require that we highlight
perceived concerns about a product or product packaging, warn consumers to avoid consumption of certain ingredients or substances
present in our products, restrict the audience to whom products are marketed or sold, limit the locations in which our products may be
available, or discontinue the use of certain ingredients or packaging. Changes in laws or regulations that impose additional regulatory
requirements on us could increase our cost of doing business, restrict our actions, and reduce consumption of our products, causing our
We are subject to various federal, state, local, and foreign environmental laws and regulations. Our failure to comply with
environmental laws and regulations could subject us to lawsuits, administrative penalties, and civil remedies. We are currently party to
a variety of environmental remediation obligations. Due to regulatory complexities, uncertainties inherent in litigation, and the risk of
unidentified contaminants on current and former properties of ours, the potential exists for remediation, liability, indemnification, and
compliance costs to differ from our estimates. We cannot guarantee that our costs in relation to these matters, or compliance with
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3 more
Climate change and other sustainability matters could adversely affect our business.
There is growing concern that carbon dioxide and other greenhouse gases in the earth’s atmosphere may have an adverse impact on
global temperatures, weather patterns, and the frequency and severity of extreme weather and natural disasters. If such climate change
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that are necessary for our products. Increased frequency or severity of extreme weather could also impair our production capabilities,
disrupt our supply chain, impact demand for our products, and increase our insurance and other operating costs. Increasing concern
over climate change or other sustainability issues also may adversely impact demand for our products due to changes in consumer
preferences or negative consumer reaction to our commitments and actions to address these issues. We may also become subject to
additional legal and regulatory requirements relating to climate change or other sustainability issues, including greenhouse gas
emission regulations (e.g., carbon taxes), energy policies, sustainability initiatives (e.g., single-use plastic limits), and disclosure
obligations. If additional legal and regulatory requirements are enacted and are more aggressive than the sustainability measures that
we are currently undertaking to reduce our emissions and improve our energy efficiency and other sustainability goals, or if we chose
to take actions to achieve more aggressive goals, we may experience significant increases in our costs of operations.
We have announced goals and commitments to reduce our carbon footprint. If we fail to achieve or improperly report on our progress
toward achieving our carbon emissions reduction goals and commitments, then the resulting negative publicity could harm our
Volatility in the market value of derivatives we use to manage exposures to fluctuations in commodity prices may cause
Similar paragraph at 1 of 31 other Consumer staples companies: KHCWe utilize derivatives to manage price risk for some of our principal ingredient and energy costs, including grains (oats, wheat, and
corn), oils (principally soybean), dairy products, natural gas, and diesel fuel. Changes in the values of these derivatives are recorded in
earnings, which may result in volatility in both gross margin and net earnings. These gains and losses are reported in cost of sales in
our Consolidated Statements of (Loss) Earnings and in unallocated corporate items outside our segment operating results until we
utilize the underlying input in our manufacturing process, at which time the gains and losses are reclassified to segment operating
profit. We also record our grain inventories at net realizable value. We may experience volatile earnings as a result of these accounting
The willingness of consumers to purchase our products depends in part on local economic conditions. In periods of economic
uncertainty, consumers may purchase more generic, private label, and other economy brands and may forego certain purchases
altogether. In those circumstances, we could experience a reduction in sales of higher margin products or a shift in our product mix to
lower margin offerings. In addition, as a result of economic conditions or competitive actions, we may be unable to raise our prices
sufficiently to protect margins. Consumers may also reduce the amount of food that they consume away from home at customers that
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We have a substantial amount of indebtedness, which could limit financing and other options and in some cases adversely
As of May 31, 2026, we had total debt and noncontrolling interests of $13.6 billion. The agreements under which we have issued
indebtedness do not prevent us from incurring additional unsecured indebtedness in the future. Our level of indebtedness may limit
•ability to obtain additional financing for working capital, capital expenditures, or general corporate purposes, particularly if
the ratings assigned to our debt securities by rating organizations were revised downward; and
•flexibility to adjust to changing business and market conditions and may make us more vulnerable to a downturn in general
There are various financial covenants and other restrictions in our debt instruments. If we fail to comply with any of these
Similar paragraph at 1 of 31 other Consumer staples companies: SJMrequirements, the related indebtedness, and other unrelated indebtedness, could become due and payable prior to its stated maturity
and our ability to obtain additional or alternative financing may also be adversely affected.
Our ability to make scheduled payments on or to refinance our debt and other obligations will depend on our operating and financial
performance, which in turn is subject to prevailing economic conditions and to financial, business, and other factors beyond our
We depend on stable, liquid and well-functioning capital and credit markets to fund our operations. Our financial performance, our
credit ratings, interest rates, the stability of financial institutions with which we partner, and the liquidity of the overall global capital
Similar paragraph at 1 of 31 other Consumer staples companies: KMBmarkets could affect our access to, and the availability, terms and conditions, and cost of capital.
Volatility in the securities markets, interest rates, and other factors could substantially increase our defined benefit pension,
Similar paragraph at 1 of 31 other Consumer staples companies: MDLZWe sponsor a number of defined benefit plans for employees in the United States, Canada, and various foreign locations, including
defined benefit pension, retiree health and welfare, severance, and other postemployment plans. Our major defined benefit pension
plans are funded with trust assets invested in a globally diversified portfolio of securities and other investments. Changes in interest
rates, mortality rates, health care costs, early retirement rates, investment returns, and the market value of plan assets can affect the
funded status of our defined benefit plans and cause volatility in the net periodic benefit cost and future funding requirements of the
plans. A significant increase in our obligations or future funding requirements could have a negative impact on our results of
A change in the assumptions regarding the future performance of our businesses or a different discount rate used to value our
reporting units or our indefinite-lived intangible assets could negatively affect our consolidated results of operations and net
As of May 31, 2026, we had $20.6 billion of goodwill and indefinite-lived intangible assets. Goodwill for each of our reporting units
is tested for impairment annually and whenever events or changes in circumstances indicate that impairment may have occurred. We
compare the carrying value of the reporting unit, including goodwill, to the fair value of the reporting unit. If the fair value of the
reporting unit is less than the carrying value of the reporting unit, including goodwill, impairment has occurred. Our estimates of fair
value are determined based on a discounted cash flow model. Growth rates for sales and profits are determined using inputs from our
long-range planning process. We also make estimates of discount rates, perpetuity growth assumptions, market comparables, and other
factors. If current expectations for growth rates for sales and profits are not met, or other market factors and macroeconomic
conditions were to change, then our reporting units could become significantly impaired. While we currently believe that our
remaining goodwill is not impaired, different assumptions regarding the future performance of our businesses could result in
We evaluate the useful lives of our intangible assets, primarily intangible assets associated with the Blue Buffalo,
Pillsbury, Totino’s, Old El Paso, Tiki Pets, Progresso, Annie’s, Edgard & Cooper, and Häagen-Dazs brands, to determine if they are
finite or indefinite-lived. Reaching a determination on useful life requires significant judgments and assumptions regarding the future
effects of obsolescence, demand, competition, other economic factors (such as the stability of the industry, known technological
advances, legislative action that results in an uncertain or changing regulatory environment, and expected changes in distribution
channels), the level of required maintenance expenditures, and the expected lives of other related groups of assets.
Our indefinite-lived intangible assets are also tested for impairment annually and whenever events or changes in circumstances
indicate that impairment may have occurred. Our estimate of the fair value of the brands is based on a discounted cash flow model
using inputs including projected revenues from our long-range plan, assumed royalty rates which could be payable if we did not own
the brands, and a discount rate. If current expectations for growth rates for sales and margins are not met, or other market factors and
macroeconomic conditions were to change, then our indefinite-lived intangible assets could become significantly impaired. Our Blue
Buffalo and Progresso brands had risk of decreasing coverage and we continue to monitor these businesses.
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New in the latest 10-Q
61 paragraphs in the 10-Q filed Sep 23, 2026 with nothing like them in the 10-Q filed Mar 18, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
Financial statements and notes
Quarter Ended Aug. 30, 2026 Aug. 24, 2025 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── Net sales $4,389.5 $4,517.5 Cost of sales 2,902.3 2,984.7 Selling, general, and administrative expenses 832.2 845.1 Divestitures gain — (1,054.4) Restructuring, transformation, impairment, and other exit costs 21.4 16.3 Operating profit 633.6 1,725.8 Benefit plan non-service income (10.6) (15.1) Interest, net 142.2 132.8 Earnings before income taxes and after-tax earnings from joint ventures 502.0 1,608.1 Income taxes 122.8 410.9 After-tax earnings from joint ventures 18.9 6.8 Net earnings, including earnings (loss) attributable to noncontrolling interests 398.1 1,204.0 Net earnings (loss) attributable to noncontrolling interests 1.1 (0.2) Net earnings attributable to General Mills $397.0 $1,204.2 Earnings per share – basic $0.74 $2.22 Earnings per share – diluted $0.74 $2.22
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Quarter Ended Aug. 30, 2026 Aug. 24, 2025 ─────────────────────────────────────────────────────────────────────────────────────────────────────── Net earnings, including earnings (loss) attributable to $398.1 $1,204.0 noncontrolling interests Other comprehensive income (loss), net of tax Foreign currency translation (8.3) (64.7) Net actuarial loss — (7.5) Other fair value changes: Hedge derivatives 1.5 5.0 Reclassification to earnings: Hedge derivatives 0.5 0.8 Amortization of losses and prior service costs 11.8 11.4 Other comprehensive income (loss), net of tax 5.5 (55.0) Total comprehensive income 403.6 1,149.0 Comprehensive income attributable to noncontrolling interests 1.2 0.3 Comprehensive income attributable to General Mills $402.4 $1,148.7
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As a result, we have classified relevant assets and liabilities (the disposal group) associated with our Brazil business as held for sale in
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our Consolidated Balance Sheets as of August 30, 2026, and May 31, 2026. In the fourth quarter of fiscal 2026, upon initial
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classification of the disposal group as held for sale, we recorded a $ 1,031.8 million non-cash pre-tax loss to value the disposal group at
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the lower of its carrying value or fair value less costs to sell based on estimated net proceeds, which was based on Level 2 inputs in the
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fair value hierarchy and included the impact of accumulated foreign currency translation losses that will be reclassified to earnings
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carrying value of the disposal group, including the change in accumulated foreign currency translation losses, and a revised estimate of
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Earnings, and adjusted the reserve for assets held for sale and accrual for the loss in excess of assets held for sale accordingly.
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The components of assets held for sale and liabilities held for sale are as follows:
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In Millions Aug. 30, 2026 ──────────────────────────────────────────────────────────────── Cash and cash equivalents $30.7 Receivables 87.7 Inventories 74.9 Prepaid expenses and other current assets 12.0 Land, buildings, and equipment 134.0 Other intangible assets 55.0 Deferred income taxes 254.6 Other assets 40.7 Gross assets held for sale $689.6 Reserve for assets held for sale (689.6) Assets held for sale $— Accounts payable $79.9 Other current liabilities 36.9 Other liabilities 20.3 Gross liabilities held for sale 137.1 Loss in excess of assets held for sale 365.9 Liabilities held for sale $503.0
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divestiture of our Brazil business. Please see Note 2 for additional information.
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The roll forward of our restructuring, transformation, and other exit cost reserves, included in other current liabilities, is as follows :
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The restructuring, transformation, and other exit cost reserves balance as of August 30, 2026, is primarily related to severance costs.
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charged directly to expense (e.g., asset write-offs, asset impairment charges, and the gain or loss on the sale of restructured assets) and
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In addition, we had $ 55.0 million of other intangible assets classified as held for sale as of August 30, 2026.
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In addition, we identified a triggering event due to a sustained decline in market capitalization and stock price in the fourth quarter of
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fiscal 2026 reflecting heightened macroeconomic uncertainty and lower market multiples in our industry, which caused a related
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increase in our discount rates and required an interim impairment assessment. We performed the interim impairment assessment of our
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goodwill and other intangible assets as of May 31, 2026, and determined that the fair values of our North America Pet reporting unit
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and our Nudges and True Chews brand intangible assets no longer exceeded the carrying values of the respective assets, primarily
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impairment charges, of which $1,500.0 million related to the North America Pet reporting unit goodwill and $250.0 million related to
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the brand intangible assets, all of which are included within our North America Pet segment. The $1,500.0 million goodwill
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Statements of (Loss) Earnings in the fourth quarter of fiscal 2026. Our estimates of the fair values were determined based on
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risk of decreasing coverage due to the increase in our discount rates. The Progresso brand intangible asset also had risk of decreasing
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In addition, we had $ 74.9 million of inventories classified as held for sale as of August 30, 2026.
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Although we do not meet the criteria for cash flow hedge accounting, we believe that these instruments are effective in achieving our objective of providing certainty in the future price of commodities purchased for use in our supply chain. Accordingly, for purposes of measuring segment operating performance, these gains and losses are reported in unallocated corporate items outside of segment operating results until such time that the exposure we are managing affects earnings. At that time, we reclassify the gain or loss from unallocated corporate items to segment operating profit, allowing our operating segments to realize the economic effects of the derivative without experiencing any resulting mark-to-market volatility, which remains in unallocated corporate items. Unallocated corporate items for the quarters ended August 30, 2026, and August 24, 2025, included: Quarter Ended In Millions Aug. 30, 2026 Aug. 24, 2025 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── Net gain (loss) on mark-to-market valuation of certain commodity positions $49.2 $(0.5) Net gain on commodity positions reclassified from unallocated corporate items to segment (29.8) (1.4) operating profit Net mark-to-market revaluation of certain grain inventories 10.1 (6.6) Net mark-to-market valuation of certain commodity positions recognized in unallocated $29.5 $(8.5) corporate items As of August 30, 2026, the net notional value of commodity derivatives was $ 126.0 million, of which $ 63.9 million related to agricultural inputs and $ 62.1 million related to energy inputs. As of May 31, 2026, the net notional value of commodity derivatives was $ 126.0 million, of which $ 48.2 million related to agricultural inputs and $ 77.8 million related to energy inputs. These contracts relate to inputs that generally will be utilized within the next 12 months. We also have net investments in foreign subsidiaries that are denominated in euros. A portion of these net investments are hedged with euro-denominated bonds as follows: In Millions Aug. 30, 2026 May 31, 2026 Euro-denominated bonds - principal amount €5,071.7 €5,084.5 ────────────────────────────────────────────────────────────────────────────────── The fair values of the derivative positions used in our risk management activities and other assets recorded at fair value were not material as of August 30, 2026, and were Level 1 or Level 2 assets and liabilities in the fair value hierarchy. We did not significantly change our valuation techniques from prior periods. We offer certain suppliers access to third-party services that allow them to view our scheduled payments online. The third-party services also allow suppliers to finance advances on our scheduled payments at the sole discretion of the supplier and the third party. We have no economic interest in these financing arrangements and no direct relationship with the suppliers, the third parties, or any financial institutions concerning these services, including not providing any form of guarantee and not pledging assets as security to the third parties or financial institutions. All of our accounts payable remain as obligations to our suppliers as stated in our supplier agreements. In Millions Aug. 30, 2026 May 31, 2026 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────── Accounts payable to suppliers utilizing these third-party services (a) $1,354.3 $1,399.6 (a)As of May 31, 2026, $ 1,356.5 million of our obligations were included in accounts payable and $ 43.1 million were included in liabilities held for sale.
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and €700.0 million of 5.25 percent fixed-to-fixed reset rate Series B junior subordinated notes, each due July 16, 2056. The interest
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rate of the Series A and Series B junior subordinated notes will reset on July 16, 2031, and July 16, 2034, respectively, and every fifth
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year thereafter. The Series A and Series B junior subordinated notes pay interest annually and may be redeemed by us at any time
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during the 90 days prior to their respective first interest reset date and on any interest payment date thereafter, in whole or in part at the
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principal amount thereof, and at certain other times at a defined redemption price, in each case plus accrued interest. We used the net
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commercial paper, and for other general corporate purposes. The early redemption of certain senior notes resulted in a net $ 2.0 million
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loss, which was recorded in Interest, net in the Consolidated Statements of (Loss) Earnings in the fourth quarter of fiscal 2026.
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Net cash proceeds from the exercise of stock options less shares used for withholding taxes and the intrinsic value of options exercised were as follows: Quarter Ended In Millions Aug. 30, 2026 Aug. 24, 2025 ────────────────────────────────────────────────────────────────────────────── Net cash proceeds $ - $0.2 Intrinsic value of options exercised $ - $ - We estimate the fair value of each option on the grant date using a Black-Scholes option-pricing model, which requires us to make predictive assumptions regarding future stock price volatility, employee exercise behavior, dividend yield, and the forfeiture rate. We estimate our future stock price volatility using the historical volatility over the expected term of the option, excluding time periods of volatility we believe a marketplace participant would exclude in estimating our stock price volatility. We also have considered, but did not use, implied volatility in our estimate, because trading activity in options on our stock, especially those with tenors of greater than 6 months, is insufficient to provide a reliable measure of expected volatility. Our method of selecting the other valuation assumptions is explained in Note 12 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended May 31, 2026. The estimated fair values of stock options granted and the assumptions used for the Black-Scholes option-pricing model were as follows: Quarter Ended In Millions Aug. 30, 2026 Aug. 24, 2025 ──────────────────────────────────────────────────────────────────────────────────────── Estimated fair values of stock options granted $4.79 $9.45 Assumptions: Risk-free interest rate 4.5% 4.2% Expected term 8.0 years 8.0 years Expected volatility 22.6% 22.3% Dividend yield 6.8% 4.7% The total grant date fair value of restricted stock unit awards that vested during the period was as follows: Quarter Ended In Millions Aug. 30, 2026 Aug. 24, 2025 ───────────────────────────────────────────────────────────────────── Total grant date fair value $91.6 $98.6
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Quarter Ended In Millions, Except per Share Data Aug. 30, 2026 Aug. 24, 2025 ──────────────────────────────────────────────────────────────────────────────────────────── Net earnings attributable to General Mills $397.0 $1,204.2 Average number of common shares – basic EPS 537.4 541.3 Incremental share effect from: (a) Stock options — 0.2 Restricted stock units and performance share units 0.5 1.0 Average number of common shares – diluted EPS 537.9 542.5 Earnings per share – basic $0.74 $2.22 Earnings per share – diluted $0.74 $2.22
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our common stock on July 1, 2025. The value of the initial shares delivered under the ASR agreements represented 80 percent of the
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In the first quarter of fiscal 2026, we recorded the transactions under the ASR agreements on our Consolidated Balance Sheets as an
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shares of our common stock during the first quarter of fiscal 2026 under the ASR agreements reduced the outstanding shares used to
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determine our weighted average shares outstanding for purpose of calculating basic and diluted EPS for the first quarter of fiscal 2026.
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drive disciplined capital allocation and returns. Amid a continued challenging macroeconomic backdrop for consumers, we expect
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category growth to be consistent with recent trends and below our long-term growth projections. With our price investments
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completed in fiscal 2026, our plans in fiscal 2027 are focused on delivering product innovation and renovation news centered on the
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benefits that matter most to today’s consumers, including better-for-you benefits like protein and fiber, bold flavors, fun and
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indulgence, and pet humanization, all of which should help support stronger topline growth. We expect to generate at least $750
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million in total savings from our ongoing Holistic Margin Management (HMM) productivity program, our global transformation
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initiative, and other cost savings actions. These savings are part of our $3 billion cumulative cost savings target through fiscal 2030
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and will help offset our forecast for 4 to 5 percent input cost inflation and increased investments in product innovation and renovation
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in fiscal 2027. In addition to these factors, we expect decreases of approximately 9 points on operating profit and 11 points on EPS in
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fiscal 2027 from lapping the 53rd week in fiscal 2026, normalizing corporate incentive expense, and the impact of fiscal 2026
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accrued federal income taxes payable, which included tax expense of $277 million associated with the Divestiture in fiscal 2026. This
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In addition, we identified a triggering event due to a sustained decline in market capitalization and stock price in the fourth quarter of
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fiscal 2026 reflecting heightened macroeconomic uncertainty and lower market multiples in our industry, which caused a related
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increase in our discount rates and required an interim impairment assessment. We performed the interim impairment assessment of our
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goodwill and other intangible assets as of May 31, 2026, and determined that the fair values of our North America Pet reporting unit
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and our Nudges and True Chews brand intangible assets no longer exceeded the carrying values of the respective assets, primarily
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impairment charges, of which $1,500 million related to the North America Pet reporting unit goodwill and $250 million related to the
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brand intangible assets, all of which are included within our North America Pet segment. The $1,500 million goodwill impairment
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risk of decreasing coverage due to the increase in our discount rates. The Progresso brand intangible asset also had risk of decreasing
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Quarter Ended In Millions Aug. 30, 2026 Aug. 24, 2025 Change ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────── Operating profit as reported $633.6 $1,725.8 (63)% Mark-to-market effects (29.5) 8.5 Valuation loss on held for sale business 23.7 — Transaction costs 4.3 11.8 Acquisition integration costs 1.7 1.4 Restructuring and transformation charges 0.2 18.3 Divestitures gain — (1,054.4) Investment activity, net — (0.2) Adjusted operating profit $634.0 $711.2 (11)% Foreign currency exchange impact Flat Adjusted operating profit growth, on a constant-currency basis (11)%
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Quarter Ended Per Share Data Aug. 30, 2026 Aug. 24, 2025 Change ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── Diluted earnings per share, as reported $0.74 $2.22 (67)% Valuation loss on held for sale business 0.04 — Mark-to-market effects (0.04) 0.01 Transaction costs 0.01 0.02 Restructuring and transformation charges — 0.03 Divestitures gain — (1.43) CPW asset impairments and transaction costs — 0.02 Adjusted diluted earnings per share $0.75 $0.86 (13)% Foreign currency exchange impact Flat Adjusted diluted earnings per share growth, on a constant-currency basis (13)%
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The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Sep 23, 2026 against Item 1A of the 10-K filed Jul 1, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
This 10-Q has no Item 1A (Risk Factors) text of its own, so there is nothing to compare. Many companies leave it out when their risks have not changed.
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