Q1 26 EPS
$0.86
BEAT +5.44%
Est. $0.82
Q1 26 Revenue
$4.52B
BEAT +0.05%
Est. $4.52B
vs S&P Since Q1 26
-36.6%
TRAILING MARKET
GIS -27.3% vs S&P +9.3%
Market Reaction
Did GIS Beat Earnings? Q1 2026 Results
General Mills delivered a modest first-quarter beat to open fiscal 2026, reporting adjusted diluted EPS of $0.86 against a consensus estimate of $0.82, a 5.44% positive surprise, while net sales of $4.52 billion came in fractionally ahead of expectat… Read more General Mills delivered a modest first-quarter beat to open fiscal 2026, reporting adjusted diluted EPS of $0.86 against a consensus estimate of $0.82, a 5.44% positive surprise, while net sales of $4.52 billion came in fractionally ahead of expectations despite falling 6.8% year over year. The headline revenue decline was largely structural, with the completed divestiture of its U.S. Yogurt business to Groupe Lactalis accounting for a four-point headwind, and organic net sales dropping 3% as the company deliberately invested in consumer pricing to rebuild volume momentum. Adjusted operating profit of $711.20 million came in slightly above internal targets, though management cautioned that favorable input cost timing and International phasing benefits are expected to reverse in Q2. CEO Jeff Harmening pointed to share gains in 8 of the top 10 U.S. Categories as evidence that its brand investment strategy is taking hold, with a major Blue Buffalo fresh pet food launch set for next quarter. General Mills reaffirmed its full-year fiscal 2026 outlook, guiding for organic net sales between down 1% and up 1%, with adjusted EPS and operating profit both expected to decline 10-15% in constant currency.
Key Takeaways
- • Held or gained pound share in 8 of top 10 U.S. categories through increased consumer value, innovation, and product news
- • International segment organic net sales up 4%, driven by growth in India, North Asia, and Europe
- • $1.05 billion gain on U.S. yogurt divestiture to Groupe Lactalis boosted GAAP results
- • Lower net shares outstanding (4% decline) partially offset profit declines on a per-share basis
- • Favorable phasing of input cost inflation and timing benefits in International drove Q1 adjusted operating profit slightly ahead of expectations
- • North America Foodservice organic net sales up 1%, driven by growth in cereal and biscuits
GIS YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
GIS Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our primary goal in fiscal 2026 is to restore organic sales growth by investing in greater value, innovation, and product news for consumers. I'm pleased that we're seeing the returns we expected on these investments, helping us grow or hold pound share in 8 of our top 10 U.S. categories while continuing to drive strong competitiveness in foodservice and international markets in the first quarter.”
— Jeff Harmening, Q1 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% |