General Mills, Inc. (GIS) Q1 FY2027 earnings

Reported results

• Net sales of $4,389.5 million were down 3 percent; organic net sales were flat (GAAP and non-GAAP)
• Operating profit of $633.6 million was down 63 percent (GAAP); adjusted operating profit of $634.0 million was down 11 percent in constant currency (non-GAAP)
• Diluted earnings per share of $0.74 were down 67 percent (GAAP); adjusted diluted EPS of $0.75 were down 13 percent in constant currency (non-GAAP)
• Gross margin was unchanged at 33.9 percent of net sales (GAAP); adjusted gross margin was down 90 basis points to 33.3 percent (non-GAAP)
• Net cash provided by operating activities totaled $298 million compared to $397 million in the prior year quarter
• Company reaffirmed fiscal 2027 guidance: organic net sales expected to range between down 1.5 percent and up 0.5 percent; adjusted operating profit expected to be down 13 percent to down 8 percent in constant currency; adjusted diluted earnings expected to be between $3.00 and $3.20 per share

Guidance

• Organic net sales growth: expected to range between down 1.5 percent and up 0.5 percent for full-year fiscal 2027 (non-GAAP)
• Adjusted operating profit: expected to be down 13 percent to down 8 percent in constant currency for full-year fiscal 2027 (non-GAAP)
• Adjusted diluted earnings per share: expected to be between $3.00 and $3.20 for full-year fiscal 2027 (non-GAAP)
• Free cash flow conversion: expected to be approximately 95 percent of adjusted after-tax earnings (non-GAAP)
• Net impact of divestitures, foreign currency exchange, and 53rd week: expected to reduce full-year fiscal 2027 reported net sales growth by approximately 4 percent

Notes

The first quarter of fiscal 2027 results include a significant year-over-year comparison issue: fiscal 2026 Q1 included a $1,046 million pre-tax gain on the sale of the U.S. yogurt business (and subsequent $8 million sale price adjustment). The Brazil divestiture was completed on September 2, 2026, subsequent to quarter-end, with a $1,032 million non-cash pre-tax loss recorded in Q4 fiscal 2026 upon initial classification as held for sale and an additional $24 million non-cash pre-tax loss in Q1 fiscal 2027. The company notes that the 53rd week in fiscal 2026 is expected to create headwinds in fiscal 2027 comparisons.

Price and volatility reaction

The stock moved +1.0% on the print. No front-expiry chain was on file, so there is no straddle expected move. 30-day ATM implied volatility moved -2.2 vol points across the event (constant-maturity series — not the front-week crush).

Source

The figures above come from the earnings release the company filed with the SEC on 2026-09-23 (8-K, Item 2.02). Read the original filing on sec.gov.