Q3 26 EPS
$0.64
Q3 26 Revenue
$4.44B
BEAT +0.15%
Est. $4.43B
vs S&P Since Q3 26
-19.7%
TRAILING MARKET
GIS -10.8% vs S&P +9.0%
Market Reaction
Did GIS Beat Earnings? Q3 2026 Results
General Mills delivered a mixed fiscal Q3 2026, with an earnings miss snapping a four-quarter streak of beating consensus EPS estimates, even as revenue came in fractionally ahead of expectations. Adjusted diluted EPS of $0.64 fell 12.15% short of th… Read more General Mills delivered a mixed fiscal Q3 2026, with an earnings miss snapping a four-quarter streak of beating consensus EPS estimates, even as revenue came in fractionally ahead of expectations. Adjusted diluted EPS of $0.64 fell 12.15% short of the $0.73 consensus, weighed down by a 310-basis-point gross margin contraction to 30.8% as higher input costs and deliberate price investments pressured profitability. Net sales of $4.44 billion edged past estimates by 0.15% but slid 8.4% year-over-year, with divestitures, including the North American yogurt business, accounting for roughly six points of that decline. The results underscore why investors relying on the dividend are scrutinizing the company's earnings trajectory closely. Bright spots included a 7% net sales gain in the International segment and pound share gains in seven of its top ten U.S. Retail categories. Management reaffirmed full-year guidance calling for organic net sales down 1.5% to 2% and adjusted EPS down 16% to 20% in constant currency, projecting a significant Q4 step-up driven by favorable timing and a 53rd fiscal week.
Key Takeaways
- • North American yogurt divestitures created a 6-point headwind to reported net sales
- • Investments to address key price cliffs and price gaps in selected categories drove stronger pound competitiveness
- • Higher input costs including tariff impacts pressured gross margin by 310 basis points
- • International segment growth driven by India and China
- • North America Pet segment benefited from Whitebridge Pet Brands acquisition (6-point tailwind)
- • Unfavorable trade expense timing comparison in Q3
- • Higher effective tax rate (24.3% vs. 19.8% year-ago) driven by loss of prior-year discrete tax benefits and unfavorable earnings mix
GIS Forward Guidance & Outlook
General Mills reaffirmed its full-year fiscal 2026 guidance. Organic net sales are expected to be down 1.5 to 2 percent. Adjusted operating profit and adjusted diluted EPS are both expected to be down 16 to 20 percent in constant currency. Free cash flow conversion is expected to be at least 95 percent of adjusted after-tax earnings. The net impact of divestitures, acquisitions, foreign currency exchange, and the 53rd week is expected to reduce full-year net sales growth by approximately 4 percent. The company expects a significant sequential step-up in Q4 performance driven by favorable timing comparisons, the 53rd week, and continued market share momentum, returning to earnings growth. Looking ahead to fiscal 2027, management expressed confidence in delivering improved organic sales results with price investment work largely behind them.
GIS YoY Financials
Q3 2026 vs Q3 2025, source: SEC Filings
GIS Revenue by Segment
With YoY comparisons, source: SEC Filings
“We're reaffirming our fiscal 2026 guidance today, as our focus on executing our Remarkability playbook continued to deliver stronger competitiveness for our brands in the third quarter.”
— Jeff Harmening, Q3 2026 Earnings Press Release
GIS Earnings Trends
GIS vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
GIS EPS Trend
Earnings per share: estimate vs actual
GIS Revenue Trend
Quarterly revenue: estimate vs actual
GIS Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q3 26 | — | $0.64 | — | $4.44B | +0.15% |
| Q2 26 BEAT | $1.03 | $1.10 | +7.10% | $4.86B | +1.65% |
| Q1 26 BEAT | $0.82 | $0.86 | +5.44% | $4.52B | +0.05% |
| Q4 25 BEAT FY | $0.71 | $0.74 | +4.23% | $4.56B | — |
| FY Full Year | $0.00 | $4.21 | — | $19.49B | — |
| Q3 25 BEAT | $0.96 | $1.00 | +4.08% | $4.84B | -2.25% |