UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

~~10-Q~~(Mark One)

☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

~~AUGUST~~FOR 24THE QUARTERLY PERIOD ENDED NOVEMBER 23, 2025

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

~~Commission~~FOR ~~file~~THE ~~number:~~TRANSITION PERIOD FROM TO

Commission file number: 001-01185

________________

GENERAL MILLS, INC.

(Exact name of registrant as specified in its charter)

Delaware


Delaware	41-0274440
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

Number One General Mills Boulevard
Minneapolis, Minnesota	55426
(Address of principal executive offices)	(Zip Code)

41(763) 764-~~0274440~~7600

(~~State~~Registrant’s ortelephone ~~other~~number, ~~jurisdiction~~including ofarea code)

(I.R.S. Employer

incorporation or organization)

Identification No.)

Number One General Mills Boulevard

Minneapolis

Minnesota

55426

(Address of principal executive offices)

(Zip Code)

(763)

764-7600

Securities registered pursuant to Section 12(b) of the Act:

Title of each class



Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $.10 par value	GIS	New York Stock Exchange
0.450% Notes due 2026	GIS 26	New York Stock Exchange
1.500% Notes due 2027	GIS 27	New York Stock Exchange
3.907% Notes due 2029	GIS 29	New York Stock Exchange
3.650% Notes due 2030	GIS 30A	New York Stock Exchange
3.600% Notes due 2032	GIS 32	New York Stock Exchange
3.850% Notes due 2034	GIS 34	New York Stock Exchange

Trading Symbol(s)

Name of each exchange

on which registered

Common Stock, $.10 par value

GIS

New York Stock Exchange

0.125% Notes due 2025

GIS 25A

New York Stock Exchange

0.450% Notes due 2026

GIS 26

New York Stock Exchange

1.500% Notes due 2027

GIS 27

New York Stock Exchange

3.907% Notes due 2029

GIS 29

New York Stock Exchange

3.650% Notes due 2030

GIS 30A

New York Stock Exchange

3.600% Notes due 2032

GIS 32

New York Stock Exchange

3.850% Notes due 2034

GIS 34

New York Stock Exchange

________________

~~Yes~~Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities

☑Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),

☐and (2) has been subject to such filing requirements for the past 90 days.

~~registrant~~Yes ~~was~~☑ ~~required~~No ~~to submit such files).~~ ☐

~~Yes~~Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted

☑pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the

registrant was required to submit such files). Yes ☑ No ☐

~~Large~~Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller

☑reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller

~~Accelerated~~reporting ~~filer~~company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☑ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐

Emerging growth company ☐

~~Smaller~~If ~~reporting~~an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for

complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

~~Emerging~~Indicate ~~growth~~by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☑

☐Number of shares of Common Stock outstanding as of December 10, 2025: 533,582,081 (excluding 221,031,247 shares held in the

Yes

☐

☑

533,416,422

221,196,906

treasury).

General Mills, Inc.

Table of Contents

Page


	Page
PART I – Financial Information
Item 1. Financial Statements
Consolidated Statements of Earnings for the quarters and six-month periods ended November 23, 2025 and November 24, 2024	4
Consolidated Statements of Comprehensive Income for the quarters and six-month periods ended November 23, 2025 and November 24, 2024	5
Consolidated Balance Sheets as of November 23, 2025 and May 25, 2025	6
Consolidated Statements of Total Equity for the quarters and six-month periods ended November 23, 2025 and November 24, 2024	7
Consolidated Statements of Cash Flows for the six-month periods ended November 23, 2025 and November 24, 2024	9
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	22
Item 3. Quantitative and Qualitative Disclosures About Market Risk	40
Item 4. Controls and Procedures	41
PART II – Other Information
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	41
Item 5. Other Information	41
Item 6. Exhibits	42
Signatures	43

PART I – Financial Information

Item 1. Financial Statements

Consolidated Statements of Earnings for the quarters ended August 24, 2025 and August 25, 2024

~~Consolidated~~PART ~~Statements of~~I. FINANCIAL ~~Comprehensive Income for the quarters ended August 24, 2025 and August 25,~~ INFORMATION

~~2024~~Item 1. Financial Statements.

Consolidated Balance Sheets as of August 24, 2025 and May 25, 2025

Consolidated Statements of Total Equity for the quarters ended August 24, 2025 and August 25, 2024

Consolidated Statements of Cash Flows for the quarters ended August 24, 2025 and August 25, 2024

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Item 4. Controls and Procedures

PART II – Other Information

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Item 5. Other Information

Item 6. Exhibits

Signatures

Consolidated Statements of Earnings

GENERAL MILLS, INC. AND SUBSIDIARIES

(Unaudited) (In Millions, Except per Share Data)

Quarter Ended


	Quarter Ended		Six-Month Period Ended
	Nov. 23, 2025	Nov. 24, 2024	Nov. 23, 2025	Nov. 24, 2024
Net sales	$4,860.8	$5,240.1	$9,378.3	$10,088.2
Cost of sales	3,168.3	3,309.0	6,153.0	6,468.3
Selling, general, and administrative expenses	842.4	852.0	1,687.5	1,707.1
Divestitures gain	—	—	(1,054.4)	—
Restructuring, transformation, impairment, and other exit costs	122.1	1.2	138.4	3.4
Operating profit	728.0	1,077.9	2,453.8	1,909.4
Benefit plan non-service income	(15.7)	(13.8)	(30.8)	(27.7)
Interest, net	125.9	124.6	258.7	248.2
Earnings before income taxes and after-tax (loss) earnings from joint ventures	617.8	967.1	2,225.9	1,688.9
Income taxes	143.9	194.8	554.8	352.2
After-tax (loss) earnings from joint ventures	(59.6)	30.0	(52.8)	49.2
Net earnings, including earnings attributable to noncontrolling interests	414.3	802.3	1,618.3	1,385.9
Net earnings attributable to noncontrolling interests	1.3	6.6	1.1	10.3
Net earnings attributable to General Mills	$413.0	$795.7	$1,617.2	$1,375.6
Earnings per share – basic	$0.78	$1.43	$3.00	$2.46
Earnings per share – diluted	$0.78	$1.42	$3.00	$2.45

Aug. 24, 2025

Aug. 25, 2024

Net sales

4,517.5

4,848.1

Cost of sales

2,984.7

3,159.3

Selling, general, and administrative expenses

845.1

855.1

Divestitures gain

(1,054.4)

Restructuring, transformation, impairment, and other exit costs

16.3

2.2

Operating profit

1,725.8

831.5

Benefit plan non-service income

(15.1)

(13.9)

Interest, net

132.8

123.6

1,608.1

721.8

Income taxes

410.9

157.4

After-tax earnings from joint ventures

6.8

19.2

1,204.0

583.6

Net (loss) earnings attributable to noncontrolling interests

(0.2)

3.7

Net earnings attributable to General Mills

1,204.2

579.9

Earnings per share – basic

2.22

1.03

Earnings per share – diluted

2.22

1.03

See accompanying notes to consolidated financial statements.

Consolidated Statements of Comprehensive Income

GENERAL MILLS, INC. AND SUBSIDIARIES

(Unaudited) (In Millions)

Quarter Ended


	Quarter Ended		Six-Month Period Ended
	Nov. 23, 2025	Nov. 24, 2024	Nov. 23, 2025	Nov. 24, 2024
Net earnings, including earnings attributable to noncontrolling interests	$414.3	$802.3	$1,618.3	$1,385.9
Other comprehensive income (loss), net of tax:
Foreign currency translation	12.4	28.8	(52.3)	(33.1)
Net actuarial loss	—	—	(7.5)	—
Other fair value changes:
Hedge derivatives	3.1	9.2	8.1	3.2
Reclassification to earnings:
Hedge derivatives	(4.7)	1.7	(3.9)	1.7
Amortization of losses and prior service costs	17.0	11.7	28.4	23.3
Other comprehensive income (loss), net of tax	27.8	51.4	(27.2)	(4.9)
Total comprehensive income	442.1	853.7	1,591.1	1,381.0
Comprehensive income attributable to noncontrolling interests	0.8	5.3	1.1	9.5
Comprehensive income attributable to General Mills	$441.3	$848.4	$1,590.0	$1,371.5

~~Aug.~~ ~~24,~~See ~~2025~~accompanying notes to consolidated financial statements.

Aug. 25, 2024

1,204.0

583.6

Other comprehensive (loss) income, net of tax:

Foreign currency translation

(64.7)

(61.9)

Net actuarial loss

(7.5)

Other fair value changes:

Hedge derivatives

5.0

(6.0)

Reclassification to earnings:

Hedge derivatives

0.8

Amortization of losses and prior service costs

11.4

11.6

Other comprehensive loss, net of tax

(55.0)

(56.3)

1,149.0

527.3

Comprehensive income attributable to noncontrolling interests

0.3

4.2

Comprehensive income attributable to General Mills

1,148.7

523.1

Consolidated Balance Sheets

GENERAL MILLS, INC. AND SUBSIDIARIES

(In Millions, Except Par Value)

Aug. 24, 2025


	Nov. 23, 2025	May 25, 2025
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$683.4	$363.9
Receivables	1,892.6	1,795.9
Inventories	2,051.5	1,910.8
Prepaid expenses and other current assets	443.6	464.7
Assets held for sale	—	740.4
Total current assets	5,071.1	5,275.7
Land, buildings, and equipment	3,514.4	3,632.6
Goodwill	15,601.5	15,622.4
Other intangible assets	7,022.6	7,081.4
Other assets	1,339.4	1,459.0
Total assets	$32,549.0	$33,071.1
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$3,934.1	$4,009.5
Current portion of long-term debt	1,557.8	1,528.4
Notes payable	16.8	677.0
Other current liabilities	2,204.2	1,624.0
Liabilities held for sale	—	18.4
Total current liabilities	7,712.9	7,857.3
Long-term debt	12,160.2	12,673.2
Deferred income taxes	2,085.4	2,100.8
Other liabilities	1,261.7	1,228.6
Total liabilities	23,220.2	23,859.9
Stockholders’ equity:
Common stock, 754.6 shares issued, $0.10 par value	75.5	75.5
Additional paid-in capital	1,170.9	1,218.8
Retained earnings	22,550.8	21,917.8
Common stock in treasury, at cost, shares of 221.0 and 212.2	(11,908.6)	(11,467.9)
Accumulated other comprehensive loss	(2,572.2)	(2,545.0)
Total stockholders’ equity	9,316.4	9,199.2
Noncontrolling interests	12.4	12.0
Total equity	9,328.8	9,211.2
Total liabilities and equity	$32,549.0	$33,071.1

May 25, 2025

(Unaudited)

ASSETS

Current assets:

Cash and cash equivalents

952.9

363.9

Receivables

1,804.3

1,795.9

Inventories

2,051.5

1,910.8

Prepaid expenses and other current assets

431.1

464.7

Assets held for sale

740.4

5,239.8

5,275.7

Land, buildings, and equipment

3,583.2

3,632.6

Goodwill

15,660.2

15,622.4

Other intangible assets

7,087.3

7,081.4

Other assets

1,445.1

1,459.0

Total assets

33,015.6

33,071.1

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable

3,740.0

4,009.5

Current portion of long-term debt

2,166.5

1,528.4

Notes payable

22.1

677.0

Other current liabilities

2,031.0

1,624.0

Liabilities held for sale

18.4

7,959.6

7,857.3

Long-term debt

12,218.4

12,673.2

Deferred income taxes

2,056.9

2,100.8

Other liabilities

1,261.8

1,228.6

Total liabilities

23,496.7

23,859.9

Stockholders’ equity:

Common stock,

754.6

0.10

75.5

Additional paid-in capital

1,107.1

1,218.8

Retained earnings

22,791.1

21,917.8

219.9

212.2

(11,866.6)

(11,467.9)

Accumulated other comprehensive loss

(2,600.5)

(2,545.0)

9,506.6

9,199.2

Noncontrolling interests

12.3

12.0

Total equity

9,518.9

9,211.2

Total liabilities and equity

33,015.6

33,071.1

See accompanying notes to consolidated financial statements.

Consolidated Statements of Total Equity

GENERAL MILLS, INC. AND SUBSIDIARIES

(Unaudited) (In Millions, Except per Share Data)

Quarter Ended


	Quarter Ended
	Nov. 23, 2025		Nov. 24, 2024
	Shares	Amount	Shares	Amount
Total equity, beginning balance		$9,518.9		$9,526.6
Common stock, 1 billion shares authorized, $0.10 par value	754.6	75.5	754.6	75.5
Additional paid-in capital:
Beginning balance		1,107.1		1,164.6
Stock compensation plans		(8.8)		(4.1)
Unearned compensation related to stock unit awards		(1.4)		(4.6)
Earned compensation		24.0		26.1
Shares purchased		50.0		—
Ending balance		1,170.9		1,182.0
Retained earnings:
Beginning balance		22,791.1		21,213.9
Net earnings attributable to General Mills		413.0		795.7
Cash dividends declared ($1.22 and $1.20 per share)		(653.3)		(669.3)
Ending balance		22,550.8		21,340.3
Common stock in treasury:
Beginning balance	(219.9)	(11,866.6)	(198.8)	(10,601.9)
Shares purchased, including excise tax of $0.4 and $2.6 million	(1.3)	(50.5)	(4.2)	(303.0)
Stock compensation plans	0.2	8.5	0.6	31.6
Ending balance	(221.0)	(11,908.6)	(202.4)	(10,873.3)
Accumulated other comprehensive loss:
Beginning balance		(2,600.5)		(2,576.5)
Comprehensive income		28.3		52.7
Ending balance		(2,572.2)		(2,523.8)
Noncontrolling interests:
Beginning balance		12.3		251.0
Comprehensive income		0.8		5.3
Distributions to noncontrolling interest holders		(0.7)		(7.8)
Ending balance		12.4		248.5
Total equity, ending balance		$9,328.8		$9,449.2

Aug. 24, 2025

Aug. 25, 2024

Amount

9,211.2

9,648.5

Common stock,

0.10

754.6

75.5

754.6

75.5

Additional paid-in capital:

Beginning balance

1,218.8

1,227.0

Stock compensation plans

(11.0)

(5.2)

Unearned compensation related to stock unit awards

(65.5)

(77.1)

Earned compensation

14.8

19.9

Shares purchased

(50.0)

Ending balance

1,107.1

1,164.6

Retained earnings:

Beginning balance

21,917.8

20,971.8

Net earnings attributable to General Mills

1,204.2

579.9

Cash dividends declared ($

0.61

0.60

(330.9)

(337.8)

Ending balance

22,791.1

21,213.9

Common stock in treasury:

Beginning balance

(212.2)

(11,467.9)

(195.5)

(10,357.9)

Shares purchased, including excise tax of $

4.0

2.2

(8.7)

(454.0)

(4.5)

(302.2)

Stock compensation plans

1.0

55.3

1.2

58.2

Ending balance

(219.9)

(11,866.6)

(198.8)

(10,601.9)

Accumulated other comprehensive loss:

Beginning balance

(2,545.0)

(2,519.7)

Comprehensive loss

(55.5)

(56.8)

Ending balance

(2,600.5)

(2,576.5)

Noncontrolling interests:

Beginning balance

12.0

251.8

Comprehensive income

0.3

4.2

Distributions to noncontrolling interest holders

(5.0)

Ending balance

12.3

251.0

9,518.9

9,526.6

See accompanying notes to consolidated financial statements.

Consolidated Statements of Total Equity

GENERAL MILLS, INC. AND SUBSIDIARIES

(Unaudited) (In Millions, Except per Share Data)


	Six-Month Period Ended
	Nov. 23, 2025		Nov. 24, 2024
	Shares	Amount	Shares	Amount
Total equity, beginning balance		$9,211.2		$9,648.5
Common stock, 1 billion shares authorized, $0.10 par value	754.6	75.5	754.6	75.5
Additional paid-in capital:
Beginning balance		1,218.8		1,227.0
Stock compensation plans		(19.8)		(9.3)
Unearned compensation related to stock unit awards		(66.9)		(81.7)
Earned compensation		38.8		46.0
Ending balance		1,170.9		1,182.0
Retained earnings:
Beginning balance		21,917.8		20,971.8
Net earnings attributable to General Mills		1,617.2		1,375.6
Cash dividends declared ($1.83 and $1.80 per share)		(984.2)		(1,007.1)
Ending balance		22,550.8		21,340.3
Common stock in treasury:
Beginning balance	(212.2)	(11,467.9)	(195.5)	(10,357.9)
Shares purchased, including excise tax of $4.4 and $4.8 million	(10.0)	(504.5)	(8.7)	(605.2)
Stock compensation plans	1.2	63.8	1.8	89.8
Ending balance	(221.0)	(11,908.6)	(202.4)	(10,873.3)
Accumulated other comprehensive loss:
Beginning balance		(2,545.0)		(2,519.7)
Comprehensive loss		(27.2)		(4.1)
Ending balance		(2,572.2)		(2,523.8)
Noncontrolling interests:
Beginning balance		12.0		251.8
Comprehensive income		1.1		9.5
Distributions to noncontrolling interest holders		(0.7)		(12.8)
Ending balance		12.4		248.5
Total equity, ending balance		$9,328.8		$9,449.2

See accompanying notes to consolidated financial statements.

Consolidated Statements of Cash Flows

GENERAL MILLS, INC. AND SUBSIDIARIES

(Unaudited) (In Millions)

Quarter Ended


	Six-Month Period Ended
	Nov. 23, 2025	Nov. 24, 2024
Cash Flows - Operating Activities
Net earnings, including earnings attributable to noncontrolling interests	$1,618.3	$1,385.9
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	276.7	269.1
After-tax loss (earnings) from joint ventures	52.8	(49.2)
Distributions of earnings from joint ventures	26.9	23.1
Stock-based compensation	39.3	46.6
Deferred income taxes	51.6	(11.5)
Pension and other postretirement benefit plan contributions	(13.0)	(15.2)
Pension and other postretirement benefit plan costs	(13.7)	(6.5)
Divestitures gain	(1,054.4)	—
Restructuring, transformation, impairment, and other exit costs (recoveries)	96.8	(0.9)
Changes in current assets and liabilities, excluding the effects of the acquisition and divestitures	55.1	172.3
Other, net	79.9	(39.0)
Net cash provided by operating activities	1,216.3	1,774.7
Cash Flows - Investing Activities
Purchases of land, buildings, and equipment	(253.1)	(301.2)
Acquisition, net of cash acquired	—	(7.7)
Proceeds from divestitures	1,803.4	—
Investments in affiliates, net	6.3	6.6
Proceeds from disposal of land, buildings, and equipment	2.4	0.9
Other, net	(20.1)	(4.5)
Net cash provided (used) by investing activities	1,538.9	(305.9)
Cash Flows - Financing Activities
Change in notes payable	(659.5)	254.3
Issuance of long-term debt	—	1,500.0
Payment of long-term debt	(581.0)	—
Proceeds from common stock issued on exercised options	0.3	33.8
Purchases of common stock for treasury	(500.1)	(600.4)
Dividends paid	(658.8)	(675.8)
Distributions to noncontrolling interest holders	(0.7)	(12.8)
Other, net	(34.4)	(77.0)
Net cash (used) provided by financing activities	(2,434.2)	422.1
Effect of exchange rate changes on cash and cash equivalents	(1.5)	(16.1)
Increase in cash and cash equivalents	319.5	1,874.8
Cash and cash equivalents - beginning of year	363.9	418.0
Cash and cash equivalents - end of period	$683.4	$2,292.8
Cash Flows from changes in current assets and liabilities, excluding the effects of the acquisition and divestitures:
Receivables	$(93.7)	$(109.3)
Inventories	(143.0)	(169.5)
Prepaid expenses and other current assets	22.8	83.4
Accounts payable	(18.2)	266.4
Other current liabilities	287.2	101.3
Changes in current assets and liabilities	$55.1	$172.3

Aug. 24, 2025

Aug. 25, 2024

Cash Flows - Operating Activities

1,204.0

583.6

Depreciation and amortization

138.7

139.6

After-tax earnings from joint ventures

(6.8)

(19.2)

Distributions of earnings from joint ventures

26.9

23.1

Stock-based compensation

15.1

20.3

Deferred income taxes

10.0

16.2

Pension and other postretirement benefit plan contributions

(5.2)

(7.5)

Pension and other postretirement benefit plan costs

(6.7)

(3.2)

Divestitures gain

(1,054.4)

Restructuring, transformation, impairment, and other exit costs

(2.7)

0.2

58.8

(107.6)

Other, net

19.3

(21.3)

Net cash provided by operating activities

397.0

624.2

Cash Flows - Investing Activities

Purchases of land, buildings, and equipment

(109.5)

(140.3)

Acquisition, net of cash acquired

(7.7)

Proceeds from divestitures

1,803.4

Proceeds from disposal of land, buildings, and equipment

2.8

0.6

Other, net

(1.9)

(0.6)

Net cash provided by (used by) investing activities

1,694.8

(148.0)

Cash Flows - Financing Activities

Change in notes payable

(654.8)

238.0

Proceeds from common stock issued on exercised options

0.2

9.4

Purchases of common stock for treasury

(500.0)

(300.0)

Dividends paid

(330.9)

(337.8)

Distributions to noncontrolling interest holders

(5.0)

Other, net

(21.7)

(34.0)

Net cash used by financing activities

(1,507.2)

(429.4)

Effect of exchange rate changes on cash and cash equivalents

4.4

3.3

Increase in cash and cash equivalents

589.0

50.1

Cash and cash equivalents - beginning of year

363.9

418.0

Cash and cash equivalents - end of period

952.9

468.1

Receivables

0.9

(145.6)

Inventories

(135.2)

(95.7)

Prepaid expenses and other current assets

36.6

59.7

Accounts payable

(252.5)

(76.4)

Other current liabilities

409.0

150.4

Changes in current assets and liabilities

58.8

(107.6)

See accompanying notes to consolidated financial statements.

9 10

GENERAL MILLS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(1) Background

The accompanying Consolidated Financial Statements of General Mills, Inc. (we, us, our, General Mills, or the Company) have been

prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information

and with the rules and regulations for reporting on Form 10-Q. Accordingly, they do not include certain information and disclosures

required for comprehensive financial statements. In the opinion of management, all adjustments considered necessary for a fair

presentation have been included and are of a normal recurring nature, including the elimination of all intercompany transactions.

Operating results for the fiscal quarter ended November 23, 2025, are not necessarily indicative of the results that may be expected for

the fiscal year ending May 31, 2026.

These statements should be read in conjunction with the Consolidated Financial Statements and footnotes included in our Annual

Report on Form 10-K for the fiscal year ended May 25, 2025. The accounting policies used in preparing these Consolidated Financial

Statements are the same as those described in Note 2 to the Consolidated Financial Statements in that Form 10-K.

Certain reclassifications to our previously reported financial information have been made to conform to the current period

presentation.

Certain terms used throughout this report are defined in the “Glossary” section below.

(2) Acquisition and Divestitures

~~recorded~~During athe ~~pre-tax~~first ~~gain~~quarter of $fiscal 2026, we completed the sale of our United States yogurt business to Groupe Lactalis S.A. and

recorded a pre-tax gain of $1,046.5 million.

~~95.9~~During the third quarter of fiscal 2025, we completed the sale of our Canada yogurt business to Sodiaal International and recorded a

pre-tax gain of $95.9 million. In the first quarter of fiscal 2026, we recorded a sale price adjustment that resulted in a $7.9 million

increase to the pre-tax gain.

1During the third quarter of fiscal 2025, we acquired NX Pet Holding, Inc.4, representing Whitebridge Pet Brands’ North American

1premium cat feeding and pet treating business,~~086~~ for a purchase price of $1.74 billion (Whitebridge Pet Brands acquisition). We financed

~~Tiki~~the ~~Pets~~transaction with cash on hand and new debt. We consolidated Whitebridge Pet Brands into our Consolidated Balance Sheets and

recorded goodwill of $1,086.7 million, an indefinite-lived intangible asset for the Tiki Pets brand totaling $289.0 million, and a finite-

lived customer relationship asset of $31.0 million. The goodwill is included in the North America Pet segment and is not deductible

~~North~~for ~~America~~tax ~~Pet~~purposes. ~~operating~~The ~~segment~~pro onforma aeffects ~~one-month~~of ~~lag~~this acquisition were not material. We have conducted a preliminary assessment of the fair

~~18.3~~value of the acquired assets and liabilities of the business and we are continuing our review of these items during the measurement

2period.9 If new information is obtained about facts and circumstances that existed at the acquisition date, the acquisition accounting

21will be revised to reflect the resulting adjustments to current estimates of those items.0 The consolidated results are reported in our

$North America Pet operating segment on a one-month lag. In the second quarter of fiscal 2026, we recorded adjustments to certain

2purchase accounting liabilities upon finalization of income tax returns that resulted in a $32.75 million decrease to goodwill.

~~Quarter~~(3) ~~Ended~~Restructuring, Transformation, Impairment, and Other Exit Costs

InRestructuring, ~~Millions~~transformation, and impairment charges were as follows:

Aug. 24, 2025


	Quarter Ended		Six-Month Period Ended
In Millions	Nov. 23, 2025	Nov. 24, 2024	Nov. 23, 2025	Nov. 24, 2024
Other intangible asset impairment	$52.9	$—	$52.9	$—
Supply chain actions	50.3	—	50.3	—
Charges associated with restructuring and transformation actions previously announced	21.9	1.3	40.2	4.2
Total	$125.1	$1.3	$143.4	$4.2

~~Aug.~~In 25the second quarter of fiscal 2026, ~~2024~~we recorded a $52.9 million non-cash impairment charge related to our Uncle Toby's brand

~~Restructuring,~~intangible ~~transformation,~~asset. ~~impairment,~~Please ~~and~~see ~~other~~Note ~~exit~~4 ~~costs~~for additional information.

$In the second quarter of fiscal 2026, we approved a multi-year organizational initiative to increase the competitiveness of our supply

16chain.3 We expect to incur approximately $82 million of restructuring charges, of which approximately $17 million will be cash. These

charges are expected to consist of approximately $64 million of asset write-offs and $18 million of other costs, including severance.

~~2.2~~11

~~Cost~~We recognized $45.4 million of ~~sales~~asset write-offs, including $42.5 million of impairment, and $4.9 million of severance and other

2benefit costs in the second quarter of fiscal 2026.0 The non-cash asset impairment charges to write down certain long-lived assets to

0their fair value were based on recently reported transactions for similar assets in the marketplace.7 We expect these actions to be

$completed by the end of fiscal 2029.

18We recorded $21.39 million of restructuring and transformation charges in the second quarter of fiscal 2026 and $40.2 million of

$restructuring and transformation charges in the six-month period ended November 23, 2025, related to restructuring and

2transformation actions previously announced.9 We recorded $1.3 million of restructuring charges in the second quarter of fiscal 2025

10and $4.2 million of restructuring charges in the six-month period ended November 24, 2024, related to restructuring actions previously

Inannounced. ~~Millions~~We expect these actions to be completed by the end of fiscal 2028.

~~Total~~We paid net $46.6 million of cash in the six-month period ended November 23, 2025, related to restructuring and transformation

~~Reserve~~actions. ~~balance~~We aspaid net $5.1 million of ~~May~~cash ~~25,~~in ~~2025~~the same period of fiscal 2025.

$Restructuring, transformation, and impairment charges are recorded in our Consolidated Statements of Earnings as follows:

77.1


	Quarter Ended		Six-Month Period Ended
In Millions	Nov. 23, 2025	Nov. 24, 2024	Nov. 23, 2025	Nov. 24, 2024
Restructuring, transformation, impairment, and other exit costs	$122.1	$1.2	$138.4	$3.4
Cost of sales	3.0	0.1	5.0	0.8
Total restructuring, transformation, and impairment charges	$125.1	$1.3	$143.4	$4.2

~~Fiscal~~The ~~2026~~roll ~~charges~~forward of our restructuring, ~~including~~transformation, ~~foreign~~and ~~currency~~other ~~translation~~exit cost reserves, included in other current liabilities, is as follows:

0.6


In Millions	Total
Reserve balance as of May 25, 2025	$77.1
Fiscal 2026 charges, including foreign currency translation	4.8
Utilized in fiscal 2026	(19.4)
Reserve balance as of Nov. 23, 2025	$62.5

~~Utilized~~The inrestructuring, ~~fiscal~~transformation, ~~2026~~and other exit cost reserves balance as of November 23, 2025, is primarily related to severance

(8costs.4) The charges recognized in the roll forward of our reserves for restructuring, transformation, and other exit costs do not include

~~Reserve~~items ~~balance~~charged asdirectly ofto ~~Aug~~expense (e.g., 24asset write-offs, ~~2025~~asset impairment charges, and the gain or loss on the sale of restructured

$assets) and other periodic exit costs recognized as incurred, as those items are not reflected in our restructuring, transformation, and

69other exit cost reserves on our Consolidated Balance Sheets.3

and other exit cost reserves on our Consolidated Balance Sheets.

(4) Goodwill and Other Intangible Assets

The components of goodwill and other intangible assets are as follows:

In Millions


In Millions	Nov. 23, 2025	May 25, 2025
Goodwill	$15,601.5	$15,622.4
Other intangible assets:
Intangible assets not subject to amortization:
Brands and other indefinite-lived intangibles	6,767.9	6,816.7
Intangible assets subject to amortization:
Customer relationships and other finite-lived intangibles	421.2	420.9
Less accumulated amortization	(166.5)	(156.2)
Intangible assets subject to amortization, net	254.7	264.7
Other intangible assets	7,022.6	7,081.4
Total	$22,624.1	$22,703.8

~~Aug.~~Based 24on the carrying value of finite-lived intangible assets as of November 23, 2025, annual amortization expense for each of the

~~May~~next ~~25,~~five ~~2025~~fiscal years is estimated to be approximately $20 million.

~~Goodwill~~ 12

$The changes in the carrying amount of goodwill during the six-month period ended November 23, 2025, were as follows:

15,660.2


In Millions	North America Retail	North America Pet	North America Foodservice	International (a)	Corporate and Joint Ventures	Total
Balance as of May 25, 2025	$6,323.5	$7,149.5	$755.5	$951.7	$442.2	$15,622.4
Purchase accounting adjustment	—	(32.5)	—	—	—	(32.5)
Other activity, primarily foreign currency translation	(2.8)	—	(0.1)	9.0	5.5	11.6
Balance as of Nov. 23, 2025	$6,320.7	$7,117.0	$755.4	$960.7	$447.7	$15,601.5

$(a)The carrying amounts of goodwill within the International segment as of May 25, 2025, and November 23, 2025, were net of

~~15,622~~accumulated impairment losses of $117.41 million. For additional information, see Note 6 to the Consolidated Financial Statements

~~Other~~included ~~intangible~~in ~~assets:~~our Annual Report on Form 10-K for the fiscal year ended May 25, 2025.

~~Intangible~~The changes in the carrying amount of other intangible assets ~~not~~during ~~subject~~the tosix-month ~~amortization:~~period ended November 23, 2025, were as follows:

Brands and other indefinite-lived intangibles


In Millions		Total
Balance as of May 25, 2025		$7,081.4
Impairment charge		(52.9)
Other activity, primarily amortization and foreign currency translation		(5.9)
Balance as of Nov. 23, 2025		$7,022.6

~~6,827.2~~Our annual goodwill and indefinite-lived intangible assets impairment test was performed on the first day of the second quarter of

~~6,816~~fiscal 2026.7 As a result of lower future sales and profitability projections for the business supporting our Uncle Toby’s brand

~~Intangible~~intangible ~~assets~~asset, ~~subject~~we todetermined ~~amortization:~~that the fair value of the brand intangible asset no longer exceeded its carrying value and recorded a

~~Customer~~$52.9 ~~relationships~~million ~~and~~non-cash ~~other~~impairment ~~finite-lived~~charge. ~~intangibles~~We recorded the impairment charge in restructuring, transformation, impairment, and other

~~421~~exit costs in our Consolidated Statements of Earnings.9 Our estimate of the fair value was determined based on a discounted cash flow

~~420.9~~model using inputs which included our long-range cash flow projections for the business, the royalty rate, the weighted-average cost

~~Less~~of ~~accumulated~~capital ~~amortization~~rate, and the tax rate. The fair value is a Level 3 asset in the fair value hierarchy.

~~(161~~All other intangible asset fair values were substantially in excess of the carrying values.8) In addition, while having significant coverage

~~(156.2)~~as of our fiscal 2026 assessment date, the Progresso, Nudges, True Chews, and Kitano brand intangible assets had risk of decreasing

~~Intangible~~coverage. ~~assets~~We ~~subject~~will continue to ~~amortization,~~monitor ~~net~~these businesses for potential impairment.

260.1

264.7

Other intangible assets

7,087.3

7,081.4

Total

22,747.5

22,703.8

five fiscal years is estimated to be approximately $

In Millions

North

America

Retail

North

America

Pet

North

America

Foodservice

International

(a)

Corporate and

Joint Ventures

Total

Balance as of May 25, 2025

6,323.5

7,149.5

755.5

951.7

442.2

15,622.4

(0.7)

(0.1)

25.6

13.0

37.8

Balance as of Aug. 24, 2025

6,322.8

7,149.5

755.4

977.3

455.2

15,660.2

(a)

accumulated impairment losses of $

117.1

In Millions

Total

Balance as of May 25, 2025

7,081.4

5.9

Balance as of Aug. 24, 2025

7,087.3

Uncle Toby’s

Progresso

Nudges

Kitano

(5) Inventories

The components of inventories were as follows:

In Millions


In Millions	Nov. 23, 2025	May 25, 2025
Finished goods	$2,078.9	$1,883.9
Raw materials and packaging	458.8	460.0
Grain	105.5	112.5
Excess of FIFO over LIFO cost	(591.7)	$(545.6)
Total	$2,051.5	$1,910.8

~~Aug.~~(6) ~~24,~~Risk ~~2025~~Management Activities

~~May~~Many ~~25,~~commodities ~~2025~~we use in the production and distribution of our products are exposed to market price risks. We utilize derivatives

~~Finished~~to ~~goods~~manage price risk for our principal ingredients and energy costs, including grains (oats, wheat, and corn), oils (principally soybean),

$dairy products, natural gas, and diesel fuel. Our primary objective when entering into these derivative contracts is to achieve certainty

~~2,068~~with regard to the future price of commodities purchased for use in our supply chain.0 We manage our exposures through a

$combination of purchase orders, long-term contracts with suppliers, exchange-traded futures and options, and over-the-counter options

~~1,883~~and swaps.9 We offset our exposures based on current and projected market conditions and generally seek to acquire the inputs at as

Raw materials and packaging

496.0

460.0

Grain

77.8

112.5

Excess of FIFO over LIFO cost

(590.3)

(545.6)

Total

2,051.5

1,910.8

utilize derivatives

and swaps.

close as possible to or below our planned cost.

We use derivatives to manage our exposure to changes in commodity prices. We do not perform the assessments required to achieve

hedge accounting for commodity derivative positions. Accordingly, the changes in the values of these derivatives are recorded in cost

of sales in our Consolidated Statements of Earnings.

~~Quarter Ended~~ 13

InAlthough ~~Millions~~we do not meet the criteria for cash flow hedge accounting, we believe that these instruments are effective in achieving our

~~Aug~~objective of providing certainty in the future price of commodities purchased for use in our supply chain. 24Accordingly, ~~2025~~for purposes of

~~Aug.~~measuring 25segment operating performance, ~~2024~~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

~~(0.5)~~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.

~~(37.7)~~Unallocated corporate items for the quarters and six-month periods ended November 23, 2025, and November 24, 2024, included:

(1.4)


	Quarter Ended		Six-Month Period Ended
In Millions	Nov. 23, 2025	Nov. 24, 2024	Nov. 23, 2025	Nov. 24, 2024
Net (loss) gain on mark-to-market valuation of certain commodity positions	$(4.8)	$3.4	$(5.3)	$(34.3)
Net loss (gain) on commodity positions reclassified from unallocated corporate items to segment operating profit	1.2	19.1	(0.2)	36.3
Net mark-to-market revaluation of certain grain inventories	7.6	6.9	1.0	(1.4)
Net mark-to-market valuation of certain commodity positions recognized in unallocated corporate items	$4.0	$29.4	$(4.5)	$0.6

17As of November 23, 2025, the net notional value of commodity derivatives was $143.25 million, of which $79.1 million related to

~~Net~~energy ~~mark-~~inputs and $64.4 million related to~~-market~~ ~~revaluation~~agricultural ofinputs. ~~certain~~These ~~grain~~contracts ~~inventories~~relate to inputs that generally will be utilized within the

(6next 12 months.6)

(8We also have net investments in foreign subsidiaries that are denominated in euros.3) As of November 23, 2025, we hedged a portion of

$these investments with €4,243.3 million of euro-denominated bonds.

(8During the fourth quarter of fiscal 2025, we entered into a €750.5)0 million notional amount interest rate swap to convert our €750.0

$million fixed-rate notes due April 17, 2032, to a floating rate.

~~(28~~During the second quarter of fiscal 2025, in advance of planned debt financing, we entered into $350.8)0 million of treasury locks. The

~~139~~treasury locks were terminated during the second quarter of fiscal 2025, in conjunction with the Company’s issuance of $750.20 million

70of fixed-rate notes due January 30, 2035.3 Upon termination, a gain of $0.1 million was recognized in AOCI and will be amortized

68through interest expense over the respective term of the debt.9

~~next~~During the second quarter of fiscal 2025, we entered into a $750.0 million notional amount interest rate swap to convert our $750.0

12million of fixed-rate notes due January 30, 2030, to a floating rate.

~~these~~During ~~investments~~the ~~with~~second €quarter of fiscal 2025, our $500.0 million notional amount interest rate swap to convert our $500.0 million of fixed-

4rate notes due November 18,~~743~~ 2025 to a floating rate was called by the counterparty prior to the maturity date.7 The previously existing

12swap was designated as a fair value hedge, and concurrent with the swap being called, we ceased recording market value adjustments

~~1,332~~to the associated hedged debt.2

~~accounts~~The ~~payable~~fair values of the derivative positions used in our risk management activities and other assets recorded at fair value were not

1material as of November 23,~~427~~ 2025, and were Level 1 or Level 2 assets and liabilities in the fair value hierarchy.5 We did not

~~accounts~~significantly ~~payable~~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. As of November 23, 2025, $1,460.1 million of our total accounts payable were payable to suppliers who utilize these

third-party services. As of May 25, 2025, $1,427.5 million of our total accounts payable were payable to suppliers who utilize these

third-party services.

(7) Debt

~~Aug.~~The ~~24,~~components ~~2025~~of notes payable and their respective weighted-average interest rates were as follows:

May 25, 2025


	Nov. 23, 2025		May 25, 2025
In Millions	Notes Payable	Weighted- Average Interest Rate	Notes Payable	Weighted- Average Interest Rate
U.S. commercial paper	$—	—%	$669.4	4.5%
Financial institutions	16.8	6.0	7.6	5.8
Total	$16.8	6.0%	$677.0	4.5%

InTo ~~Millions~~ensure availability of funds, we maintain bank credit lines and have commercial paper programs available to us in the United States

Notes Payable

Weighted-

Average

Interest Rate

Notes Payable

Weighted-

Average

Interest Rate

U.S. commercial paper

669.4

4.5

Financial institutions

22.1

6.0

7.6

5.8

Total

22.1

6.0

677.0

4.5

and Europe.

InThe ~~Millions~~following table details the credit facilities and lines of credit we had available as of November 23, 2025:

Borrowing


In Millions	Borrowing Capacity	Borrowed Amount
Committed credit facility expiring October 2029	$2,700.0	$—
Uncommitted credit facilities and lines of credit	771.8	16.8
Total	$3,471.8	$16.8

~~Capacity~~The credit facilities contain covenants, including a requirement to maintain a fixed charge coverage ratio of at least 2.5 times. We were

~~Borrowed~~in compliance with all credit facility covenants as of November 23, 2025.

~~Amount~~Long-Term Debt

~~Committed~~The ~~credit~~fair ~~facility~~values ~~expiring~~and ~~October~~carrying ~~2029~~amounts of long-term debt, including the current portion, were $13,390.1 million and $13,718.0 million,

$respectively, as of November 23, 2025. The fair value of long-term debt was estimated using market quotations and discounted cash

~~2,700~~flows based on our current incremental borrowing rates for similar types of instruments.0 Long-term debt is a Level 2 liability in the

$fair value hierarchy.

In the second quarter of fiscal 2026, we repaid €500.0 million of 0.125 percent fixed-rate notes due November 15, 2025, with cash on

~~Uncommitted credit facilities and lines of credit~~ hand.

~~774~~In the fourth quarter of fiscal 2025, we issued €750.80 million of 3.6 percent fixed-rate notes due April 17, 2032. We used the net

22proceeds to repay $800.10 million of 4.0 percent fixed-rate notes due April 17, 2025 and a portion of our outstanding commercial

~~Total~~paper, as well as for general corporate purposes.

In the third quarter of fiscal 2025, we repaid $500.0 million of 5.241 percent fixed-rate notes due November 18, 2025, using proceeds

~~3,474~~from the issuance of commercial paper.8

In the second quarter of fiscal 2025, we issued $750.0 million of 4.875 percent fixed-rate notes due January 30, 2030. We used the net

22proceeds to fund the Whitebridge Pet Brands acquisition.1

2In the second quarter of fiscal 2025, we issued $750.0 million of 5.25 percent fixed-rate notes due January 30, 2035. We used the net

Weproceeds to fund the Whitebridge Pet Brands acquisition.

~~were~~In inthe ~~compliance~~second ~~with~~quarter ~~all~~of ~~credit~~fiscal ~~facility~~2025, ~~covenants~~we asissued €250.0 million of ~~August~~floating-rate 24notes due April 22, ~~2025~~2026. We used the net proceeds to

13repay €250.0 million of floating-rate notes due November 8,~~991~~ 2024.3

14In the second quarter of fiscal 2025,~~384~~ we issued €500.90 million of floating-rate notes due October 22, 2026. We used the net proceeds to

~~750~~repay €500.0 million of floating-rate notes due November 8, 2024.

3Certain of our long-term debt agreements contain restrictive covenants.6 As of November 23, 2025, we were in compliance with all of

April 17, 2032

800.0

4.0

April 17, 2025

500.0

5.241

November 18, 2025

, using proceeds

750.0

4.875

January 30, 2030

750.0

5.25

January 30, 2035

250.0

April 22, 2026

repay €

250.0

November 8, 2024

500.0

October 22, 2026

to repay €

500.0

November 8, 2024

As of August 24, 2025, we were in compliance with all of

these covenants.

~~(8) Noncontrolling Interests~~ 15

~~252.~~(8) Noncontrolling Interest

~~three-month~~During ~~Term~~the ~~SOFR~~fourth quarter of fiscal 2025, we purchased the outstanding General Mills Cereals, LLC (GMC) Class A limited

~~261~~membership interests (GMC Class A Interests) from the third-party holder for $252.8 million. The GMC Class A Interests represented

our principal noncontrolling interest. The third-party holder of the GMC Class A Interests received quarterly preferred distributions

from available net income based on the application of a floating preferred return rate to the holder’s capital account balance

established in the most recent mark-to-market valuation. On June 1, 2024, the floating preferred return rate was reset to the sum of the

three-month Term SOFR plus 261 basis points.

(9) Stockholders’ Equity

The following tables provide details of total comprehensive income:

Quarter Ended


	Quarter Ended				Quarter Ended
	Nov. 23, 2025				Nov. 24, 2024
	General Mills			Noncontrolling Interests	General Mills			Noncontrolling Interests
In Millions	Pretax	Tax	Net	Net	Pretax	Tax	Net	Net
Net earnings, including earnings attributable to noncontrolling interests			$413.0	$1.3			$795.7	$6.6
Other comprehensive income (loss):
Foreign currency translation	$34.8	$(21.9)	12.9	(0.5)	$100.9	$(70.8)	30.1	(1.3)
Other fair value changes:
Hedge derivatives	4.0	(0.9)	3.1	—	11.8	(2.6)	9.2	—
Reclassification to earnings:
Hedge derivatives (a)	(4.1)	(0.6)	(4.7)	—	1.2	0.5	1.7	—
Amortization of losses and prior service costs (b)	21.2	(4.2)	17.0	—	14.6	(2.9)	11.7	—
Other comprehensive income (loss)	$55.9	$(27.6)	28.3	(0.5)	$128.5	$(75.8)	52.7	(1.3)
Total comprehensive income			$441.3	$0.8			$848.4	$5.3

~~Quarter~~(a)(Gain) ~~Ended~~loss reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and selling, general, and administrative (SG&A) expenses for

~~Aug.~~foreign ~~24,~~exchange ~~2025~~ contracts.

~~Aug~~(b)Loss reclassified from AOCI into earnings is reported in benefit plan non-service income. 25In the second quarter of fiscal 2026, ~~2024~~a $6.7 million loss related to a curtailment was reclassified

~~General~~from ~~Mills~~AOCI into earnings and is reported in Restructuring, transformation, impairment and other exit costs in our Consolidated Statements of Earnings.

Noncontrolling


	Six-Month Period Ended				Six-Month Period Ended
	Nov. 23, 2025				Nov. 24, 2024
	General Mills			Noncontrolling Interests	General Mills			Noncontrolling Interests
In Millions	Pretax	Tax	Net	Net	Pretax	Tax	Net	Net
Net earnings, including earnings attributable to noncontrolling interests			$1,617.2	$1.1			$1,375.6	$10.3
Other comprehensive (loss) income:
Foreign currency translation	$(69.3)	$17.0	(52.3)	—	$7.0	$(39.3)	(32.3)	(0.8)
Net actuarial loss	(7.5)	—	(7.5)	—	—	—	—	—
Other fair value changes:
Hedge derivatives	10.2	(2.1)	8.1	—	4.3	(1.1)	3.2	—
Reclassification to earnings:
Hedge derivatives (a)	(3.2)	(0.7)	(3.9)	—	0.8	0.9	1.7	—
Amortization of losses and prior service costs (b)	35.8	(7.4)	28.4	—	29.1	(5.8)	23.3	—
Other comprehensive loss	$(34.0)	$6.8	(27.2)	—	$41.2	$(45.3)	(4.1)	(0.8)
Total comprehensive income			$1,590.0	$1.1			$1,371.5	$9.5

~~General~~(a)(Gain) ~~Mills~~loss reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and selling, general, and administrative (SG&A) expenses for

~~Noncontrolling~~foreign exchange contracts.

~~Interests~~(b)Loss reclassified from AOCI into earnings is reported in benefit plan non-service income. In the second quarter of fiscal 2026, a $6.7 million loss related to a curtailment was reclassified

Infrom ~~Millions~~AOCI into earnings and is reported in Restructuring, transformation, impairment and other exit costs in our Consolidated Statements of Earnings.

~~Pretax~~ 16

~~Tax~~Accumulated other comprehensive loss balances, net of tax effects, were as follows:

Net


In Millions	Nov. 23, 2025	May 25, 2025
Foreign currency translation adjustments	$(929.0)	$(876.7)
Unrealized loss from hedge derivatives	(3.2)	(7.4)
Pension, other postretirement, and postemployment benefits:
Net actuarial loss	(1,697.9)	(1,726.8)
Prior service credits	57.9	65.9
Accumulated other comprehensive loss	$(2,572.2)	$(2,545.0)

Net

Pretax

Tax

Net

1,204.2

(0.2)

579.9

3.7

Other comprehensive (loss) income:

Foreign currency translation

(104.1)

38.9

(65.2)

0.5

(93.9)

31.5

(62.4)

0.5

Net actuarial loss

(7.5)

Other fair value changes:

Hedge derivatives

6.2

(1.2)

5.0

(7.5)

1.5

(6.0)

Reclassification to earnings:

Hedge derivatives (a)

0.9

(0.1)

0.8

(0.4)

0.4

Amortization of losses and

14.6

(3.2)

11.4

14.5

(2.9)

11.6

Other comprehensive (loss) income

(89.9)

34.4

(55.5)

0.5

(87.3)

30.5

(56.8)

0.5

Total comprehensive income

1,148.7

0.3

523.1

4.2

(SG&A) expenses for foreign exchange contracts.

In Millions

Aug. 24, 2025

May 25, 2025

Foreign currency translation adjustments

(941.9)

(876.7)

Unrealized loss from hedge derivatives

(1.6)

(7.4)

Pension, other postretirement, and postemployment benefits:

Net actuarial loss

(1,718.9)

(1,726.8)

Prior service credits

61.9

65.9

Accumulated other comprehensive loss

(2,600.5)

(2,545.0)

(10) Stock Plans

We have various stock-based compensation programs under which awards, including stock options, restricted stock, restricted stock

units, and performance awards, may be granted to employees and non-employee directors. These programs and related accounting are

described in Note 12 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended

May 25, 2025.

14Compensation expense related to stock-based payments recognized in the Consolidated Statements of Earnings was as follows:

Quarter Ended


	Quarter Ended		Six-Month Period Ended
In Millions	Nov. 23, 2025	Nov. 24, 2024	Nov. 23, 2025	Nov. 24, 2024
Compensation expense related to stock-based payments	$24.2	$26.3	$39.3	$46.6

InCompensation ~~Millions~~expense related to stock-based payments recognized in the Consolidated Statements of Earnings includes amounts

~~Aug.~~recognized 24in restructuring, ~~2025~~transformation, impairment, and other exit costs in fiscal 2026.

~~Aug.~~(Shortfall) ~~25,~~windfall ~~2024~~tax benefits from stock-based payments in income tax expense in our Consolidated Statements of Earnings were as

Compensation expense related to stock-based payments

15.1

20.3

follows:

Quarter Ended


	Quarter Ended		Six-Month Period Ended
In Millions	Nov. 23, 2025	Nov. 24, 2024	Nov. 23, 2025	Nov. 24, 2024
(Shortfall) windfall tax benefits from stock-based payments	$(0.1)	$2.0	$(1.6)	$4.8

InAs ~~Millions~~of November 23, 2025, unrecognized compensation expense related to non-vested stock options, restricted stock units, and

~~Aug~~performance share units was $158.8 ~~24,~~million. ~~2025~~This expense will be recognized over 26 months on average.

~~Aug.~~Net ~~25,~~cash ~~2024~~proceeds from the exercise of stock options less shares used for withholding taxes and the intrinsic value of options exercised

(Shortfall) windfall tax impacts of stock-based payments

(1.5)

2.8

performance share units was $

181.6

were as follows:

Quarter Ended


	Six-Month Period Ended
In Millions	Nov. 23, 2025	Nov. 24, 2024
Net cash proceeds	$0.3	$33.8
Intrinsic value of options exercised	$—	$10.0

InWe ~~Millions~~estimate the fair value of each option on the grant date using a Black-Scholes option-pricing model, which requires us to make

~~Aug.~~predictive 24assumptions regarding future stock price volatility, ~~2025~~employee exercise behavior, dividend yield, and the forfeiture rate. We

~~Aug.~~estimate 25our future stock price volatility using the historical volatility over the expected term of the option, ~~2024~~excluding time periods of

~~Net~~volatility ~~cash~~we ~~proceeds~~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

06 months, is insufficient to provide a reliable measure of expected volatility.2 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

9.4

Intrinsic value of options exercised

1.9

ended May 25, 2025.

The estimated fair values of stock options granted and the assumptions used for the Black-Scholes option-pricing model were as

follows:

Quarter Ended


	Six-Month Period Ended
	Nov. 23, 2025	Nov. 24, 2024
Estimated fair values of stock options granted	$9.45	$13.26
Assumptions:
Risk-free interest rate	4.2%	4.5%
Expected term	8.0 years	8.5 years
Expected volatility	22.3%	21.6%
Dividend yield	4.7%	3.8%

~~Aug.~~The ~~24,~~total ~~2025~~grant date fair value of restricted stock unit awards that vested during the period was as follows:

Aug. 25, 2024


	Six-Month Period Ended
In Millions	Nov. 23, 2025	Nov. 24, 2024
Total grant date fair value	$107.1	$97.0

9.45

13.20

Assumptions:

Risk-free interest rate

4.2

4.5

Expected term

8.0

years

8.5

years

Expected volatility

22.3

21.6

Dividend yield

4.7

3.8

Quarter Ended

In Millions

Aug. 24, 2025

Aug. 25, 2024

98.6

90.8

(11) Earnings Per Share

Basic and diluted earnings per share (EPS) were calculated using the following:

Quarter Ended


	Quarter Ended		Six-Month Period Ended
In Millions, Except per Share Data	Nov. 23, 2025	Nov. 24, 2024	Nov. 23, 2025	Nov. 24, 2024
Net earnings attributable to General Mills	$413.0	$795.7	$1,617.2	$1,375.6
Average number of common shares – basic EPS	536.4	556.9	538.8	558.7
Incremental share effect from: (a)
Stock options	0.1	1.9	0.2	1.7
Restricted stock units and performance share units	0.8	1.6	1.0	1.8
Average number of common shares – diluted EPS	537.3	560.4	540.0	562.2
Earnings per share – basic	$0.78	$1.43	$3.00	$2.46
Earnings per share – diluted	$0.78	$1.42	$3.00	$2.45

In(a)Incremental ~~Millions~~shares from stock options, ~~Except~~restricted ~~per~~stock ~~Share~~units, ~~Data~~and performance share units are computed by the treasury stock

~~Aug~~method. 24Stock options, ~~2025~~restricted stock units, and performance share units excluded from our computation of diluted EPS because

Aug. 25, 2024

Net earnings attributable to General Mills

1,204.2

579.9

541.3

560.5

Incremental share effect from: (a)

Stock options

0.2

1.5

Restricted stock units and performance share units

1.0

1.8

542.5

563.8

Earnings per share – basic

2.22

1.03

Earnings per share – diluted

2.22

1.03

they were not dilutive were as follows:

Quarter Ended


	Quarter Ended		Six-Month Period Ended
In Millions	Nov. 23, 2025	Nov. 24, 2024	Nov. 23, 2025	Nov. 24, 2024
Anti-dilutive stock options, restricted stock units, and performance share units	12.5	3.1	11.6	3.2

In Millions

Aug. 24, 2025

Aug. 25, 2024

Anti-dilutive stock options, restricted stock units, and

11.6

4.4

(12) Share Repurchases

Share repurchases were as follows:

Quarter Ended


	Quarter Ended		Six-Month Period Ended
In Millions	Nov. 23, 2025	Nov. 24, 2024	Nov. 23, 2025	Nov. 24, 2024
Shares of common stock	1.3	4.2	10.0	8.7
Aggregate purchase price	$50.5	$303.0	$504.5	$605.2

InDuring ~~Millions~~the first quarter of fiscal 2026, we entered into two accelerated share repurchase (ASR) agreements with an unrelated third-

~~Aug~~party financial institution to repurchase an aggregate of $500.0 24million of our shares of common stock. Under the ASR agreements, ~~2025~~we

~~Aug~~paid an aggregate of $500.0 ~~25,~~million ~~2024~~and received an initial delivery of 7.5 million shares of our common stock in the first quarter of

~~Shares~~fiscal 2026. The value of ~~common~~the ~~stock~~initial shares delivered under the ASR agreements in the first quarter of fiscal 2026 represented 80

8percent of the aggregate purchase price, with a fair value of $400.70 million.

~~4.5~~18

~~Aggregate~~The ~~purchase~~first ~~price~~ASR agreement was settled in the first quarter of fiscal 2026 with a final delivery of 1.2 million additional shares. The second

$ASR agreement was settled in the second quarter of fiscal 2026 with a final delivery of 1.3 million additional shares. We received a

~~454~~total of 10.0 million shares at an average price of $49.92, not including costs of execution or excise tax, under the ASR agreements.

$In the first quarter of fiscal 2026, we recorded the transactions under the ASR agreements on our Consolidated Balance Sheets as an

~~302~~increase in treasury stock of $450.20 million and a decrease in additional paid-in capital of $50.0 million. Upon completion of the ASR

~~500~~agreements in the second quarter of fiscal 2026, we reclassified $50.0 million from additional paid-in capital to treasury stock on our

~~500~~Consolidated Balance Sheets.0

7.5

400.0

1.2

purchase price for the first ASR agreement was $

50.41

50.0

fiscal 2026, with a final delivery of

1.3

49.45

8.7

(13) Statements of Cash Flows

Our Consolidated Statements of Cash Flows include the following:

Quarter Ended


	Six-Month Period Ended
In Millions	Nov. 23, 2025	Nov. 24, 2024
Net cash interest payments	$268.8	$139.6
Net income tax payments	$231.7	$252.1

In Millions

Aug. 24, 2025

Aug. 25, 2024

Net cash interest payments

125.9

83.7

Net income tax payments

24.8

18.7

(14) Retirement and Postemployment Benefits

Components of net periodic benefit expense (income) are as follows:

Defined Benefit


	Defined Benefit Pension Plans		Other Postretirement Benefit Plans		Postemployment Benefit Plans
	Quarter Ended		Quarter Ended		Quarter Ended
In Millions	Nov. 23, 2025	Nov. 24, 2024	Nov. 23, 2025	Nov. 24, 2024	Nov. 23, 2025	Nov. 24, 2024
Service cost	$10.4	$12.9	$0.6	$1.1	$1.7	$1.7
Interest cost	72.8	76.7	4.2	5.3	0.9	1.0
Expected return on plan assets	(101.3)	(105.0)	(8.4)	(8.9)	—	—
Amortization of losses (gains)	26.2	24.9	(6.5)	(5.1)	—	0.2
Amortization of prior service costs (credits)	0.3	0.4	(5.3)	(5.6)	(0.2)	(0.2)
Other adjustments	—	—	—	—	2.1	2.5
Curtailment loss (gain)	6.7	—	(0.5)	—	—	—
Net expense (income)	$15.1	$9.9	$(15.9)	$(13.2)	$4.5	$5.2

	Defined Benefit Pension Plans		Other Postretirement Benefit Plans		Postemployment Benefit Plans
	Six-Month Period Ended		Six-Month Period Ended		Six-Month Period Ended
In Millions	Nov. 23, 2025	Nov. 24, 2024	Nov. 23, 2025	Nov. 24, 2024	Nov. 23, 2025	Nov. 24, 2024
Service cost	$20.9	$25.9	$1.2	$2.2	$3.4	$3.5
Interest cost	145.7	153.4	8.4	10.6	1.8	2.0
Expected return on plan assets	(202.6)	(210.0)	(16.8)	(17.9)	—	—
Amortization of losses (gains)	52.5	50.0	(13.0)	(10.3)	0.1	0.3
Amortization of prior service costs (credits)	0.6	0.7	(10.6)	(11.1)	(0.5)	(0.5)
Other adjustments	—	—	—	—	4.1	5.1
Curtailment loss (gain)	6.7	—	(0.5)	—	—	—
Net expense (income)	$23.8	$20.0	$(31.3)	$(26.5)	$8.9	$10.4

Pension Plans

Benefit Plans

Postemployment

Benefit Plans

Quarter Ended

In Millions

Aug. 24,

2025

Aug. 25,

2024

Aug. 24,

2025

Aug. 25,

2024

Aug. 24,

2025

Aug. 25,

2024

Service cost

10.5

13.0

0.6

1.1

1.7

1.8

Interest cost

72.9

76.7

4.2

5.3

0.9

1.0

Expected return on plan assets

(101.3)

(105.0)

(8.4)

(9.0)

Amortization of losses (gains)

26.3

25.1

(6.5)

(5.2)

0.1

Amortization of prior service costs (credits)

0.3

(5.3)

(5.5)

(0.3)

Other adjustments

2.0

2.6

Net expense (income)

8.7

10.1

(15.4)

(13.3)

4.4

5.2

(15) Income Taxes

~~and~~On ~~future~~July ~~periods~~4, 2025, legislation known as the One Big Beautiful Bill Act (OBBBA) was signed into law. The OBBBA makes changes to

the United States corporate income tax system, including, among other provisions, the immediate expensing of research and

development expenditures, and 100 percent bonus depreciation on qualified property. The impacts of the OBBBA are reflected in our

results for the six-month period ended November 23, 2025, and there was no material impact to our income tax expense. As of the six-

month period ended November 23, 2025, we expect certain provisions of the OBBBA will change the timing of cash tax payments in

the current fiscal year and future periods.

In December 2021, the Organization for Economic Cooperation and Development (OECD) established a framework, referred to as

Pillar 2, designed to ensure large multinational enterprises pay a minimum 15 percent level of tax on the income arising in each

jurisdiction in which they operate. Numerous countries have already enacted the OECD model rules effective for taxable years

beginning after December 31, 2023, which for us was fiscal 2025. There was no material impact on our consolidated financial

statements. Several other countries have enacted or drafted legislation that is not yet effective for us, and we do not expect this

legislation to have a material impact on our consolidated financial statements. We will continue to monitor for new legislation and

guidance and evaluate potential impact on our consolidated financial statements.

During the second quarter of fiscal 2024, we received a notice of proposed adjustment from the Internal Revenue Service associated

with a capital loss from fiscal 2019. We believe that we have meritorious defenses against this assessment and will vigorously defend

our position. We do not expect the resolution of the proposed adjustment to have a material impact on our financial position or

liquidity.

(16) Business Segment and Geographic Information

We operate in the packaged foods industry. Our operating segments are as follows: North America Retail, International, North

America Pet, and North America Foodservice.

17Our North America Retail operating segment reflects business with a wide variety of grocery stores, mass merchandisers, membership

~~cuts~~stores, ~~for~~natural ~~wet~~food ~~foods~~chains, drug, dollar and discount chains, convenience stores, and e-commerce grocery providers. Our product

Wecategories in this business segment include ready-to-eat cereals, soup, meal kits, refrigerated and frozen dough products, dessert and

baking mixes, frozen pizza and pizza snacks, snack bars, fruit snacks, savory snacks, and a wide variety of organic products including

ready-to-eat cereal, frozen and shelf-stable vegetables, meal kits, fruit snacks, and snack bars.

Our International operating segment consists of retail and foodservice businesses outside of the United States and Canada. Our product

categories include super-premium ice cream and frozen desserts, meal kits, salty snacks, snack bars, dessert and baking mixes, shelf-

stable vegetables, and pet food products. We also sell super-premium ice cream and frozen desserts directly to consumers through

owned retail shops. Our International segment also includes products manufactured in the United States for export, mainly to

Caribbean and Latin American markets, as well as products we manufacture for sale to our international joint ventures. Revenues from

export activities are reported in the region or country where the end customer is located.

Our North America Pet operating segment includes pet food products sold primarily in the United States and Canada in national pet

superstore chains, e-commerce retailers, grocery stores, regional pet store chains, mass merchandisers, and veterinary clinics and

hospitals. Our product categories include dog and cat food (dry foods, wet foods, fresh foods, and treats) made with whole meats,

fruits, vegetables, and other high-quality natural ingredients. Our tailored pet product offerings address specific dietary, lifestyle, and

life-stage needs and span different product types, diet types, breed sizes for dogs, life-stages, flavors, product functions, and textures

and cuts for wet and fresh foods.

Our North America Foodservice segment consists of foodservice businesses in the United States and Canada. Our major product

categories in our North America Foodservice operating segment are ready-to-eat cereals, snacks, frozen meals, unbaked and fully

baked frozen dough products, baking mixes, and bakery flour. Many products we sell are branded to the consumer and nearly all are

branded to our customers. We sell to distributors and operators in many customer channels including foodservice, vending, and

supermarket bakeries.

Our chief operating decision maker (CODM) is the Chairman of the Board and Chief Executive Officer. The CODM predominantly

uses segment operating profit in the annual planning process which includes segment operating profit performance targets. The

CODM assesses progress against performance targets by comparing segment operating profit actual-to-plan variances on a monthly

basis. The performance assessment completed by the CODM is used to determine whether resource allocations require adjustment and

contributes to the determination of incentive compensation.

18Operating profit for these segments excludes unallocated corporate items, gain or loss on divestitures, and restructuring,

transformation, impairment, and other exit costs. Results from certain businesses managed by our Strategic Growth Office are

included within corporate and other net sales and unallocated corporate items within operating profit. Unallocated corporate items also

include corporate overhead expenses, variances to planned North American employee benefits and incentives, certain charitable

contributions, restructuring initiative project-related costs, gains and losses on corporate investments, and other items that are not part

of our measurement of segment operating performance. These include gains and losses arising from the revaluation of certain grain

inventories and gains and losses from mark-to-market valuation of certain commodity positions until passed back to our operating

segments. These items affecting operating profit are centrally managed at the corporate level and are excluded from the measure of

segment profitability reviewed by executive management. Under our supply chain organization, our manufacturing, warehouse, and

distribution activities are substantially integrated across our operations in order to maximize efficiency and productivity. As a result,

fixed assets and depreciation and amortization expenses are neither maintained nor available by operating segment.

Our operating segment results were as follows:

Quarter Ended August 24, 2025


	Quarter Ended November 23, 2025
	North America Retail	International	North America Pet	North America Foodservice	Total
Segment net sales	$2,883.3	$728.9	$660.4	$581.8	$4,854.4
Corporate and other net sales					6.4
Total net sales					$4,860.8
Cost of sales	1,794.7	541.3	394.2	433.5
Selling, general, and administrative expenses	406.3	159.2	143.1	43.5
Segment operating profit	$682.3	$28.4	$123.1	$104.8	$938.6
Unallocated corporate items					88.5
Restructuring, transformation, impairment, and other exit costs					122.1
Operating profit					$728.0

In Millions


	Quarter Ended November 24, 2024
	North America Retail	International	North America Pet	North America Foodservice	Total
Segment net sales	$3,321.5	$690.6	$595.8	$630.0	$5,237.9
Corporate and other net sales					2.2
Total net sales					$5,240.1
Cost of sales	2,023.9	520.5	341.6	466.6
Selling, general, and administrative expenses	435.3	146.3	114.9	44.9
Segment operating profit	$862.3	$23.8	$139.3	$118.5	$1,143.9
Unallocated corporate items					64.8
Restructuring, transformation, impairment, and other exit costs					1.2
Operating profit					$1,077.9

North


	Six-Month Period Ended November 23, 2025
	North America Retail	International	North America Pet	North America Foodservice	Total
Segment net sales	$5,508.8	$1,489.1	$1,270.4	$1,098.5	$9,366.8
Corporate and other net sales					11.5
Total net sales					$9,378.3
Cost of sales	3,459.2	1,080.1	762.8	835.8
Selling, general, and administrative expenses	803.1	314.9	271.6	87.3
Segment operating profit	$1,246.5	$94.1	$236.0	$175.4	$1,752.0
Unallocated corporate items					214.2
Divestitures gain					(1,054.4)
Restructuring, transformation, impairment, and other exit costs					138.4
Operating profit					$2,453.8

~~America~~ 21

Retail


	Six-Month Period Ended November 24, 2024
	North America Retail	International	North America Pet	North America Foodservice	Total
Segment net sales	$6,338.1	$1,407.6	$1,171.9	$1,166.2	$10,083.8
Corporate and other net sales					4.4
Total net sales					$10,088.2
Cost of sales	3,860.3	1,068.8	679.7	887.7
Selling, general, and administrative expenses	869.8	294.1	233.5	88.5
Segment operating profit	$1,608.0	$44.7	$258.7	$190.0	$2,101.4
Unallocated corporate items					188.6
Restructuring, transformation, impairment, and other exit costs					3.4
Operating profit					$1,909.4

International

North

America Pet

North

America

Foodservice

Total

Segment net sales

2,625.5

760.2

610.0

516.7

4,512.4

Corporate and other net sales

5.1

Total net sales

4,517.5

Cost of sales

1,664.5

538.8

368.6

402.3

Selling, general, and

396.8

155.7

128.5

43.8

Segment operating profit

564.2

65.7

112.9

70.6

813.4

Unallocated corporate items

125.7

Divestitures gain

(1,054.4)

16.3

Operating profit

1,725.8

Quarter Ended August 25, 2024

In Millions

North

America

Retail

International

North

America Pet

North

America

Foodservice

Total

Segment net sales

3,016.6

717.0

576.1

536.2

4,845.9

Corporate and other net sales

2.2

Total net sales

4,848.1

Cost of sales

1,836.4

548.3

338.1

421.1

Selling, general, and

434.5

147.8

118.6

43.6

Segment operating profit

745.7

20.9

119.4

71.5

957.5

Unallocated corporate items

123.8

2.2

Operating profit

831.5

Net sales for our North America Retail operating units were as follows:

Quarter Ended


	Quarter Ended		Six-Month Period Ended
In Millions	Nov. 23, 2025	Nov. 24, 2024	Nov. 23, 2025	Nov. 24, 2024
U.S. Meals & Baking Solutions	$1,312.8	$1,327.9	$2,234.2	$2,274.2
Big G Cereal & Canada (a)	779.5	1,150.5	1,646.4	2,310.3
U.S. Snacks	791.0	843.1	1,628.2	1,753.6
Total	$2,883.3	$3,321.5	$5,508.8	$6,338.1

In(a) ~~Millions~~Upon completion of the United States yogurt business divestiture, the former U.S. Morning Foods and Canada operating units were

~~Aug~~combined into a new Big G Cereal & Canada operating unit. ~~24,~~Prior ~~2025~~period amounts have been recast to conform to the current

~~Aug~~period presentation. ~~25,~~This ~~2024~~did not result in a change to the composition of our reportable segments or information reviewed by our

UCODM.~~S. Meals & Baking Solutions~~

921.4

946.3

Big G Cereal & Canada (a)

866.9

1,159.8

U.S. Snacks

837.2

910.5

Total

2,625.5

3,016.6

by our CODM.

Net sales by class of similar products were as follows:

Quarter Ended


	Quarter Ended		Six-Month Period Ended
In Millions	Nov. 23, 2025	Nov. 24, 2024	Nov. 23, 2025	Nov. 24, 2024
Snacks	$1,017.9	$1,055.0	$2,067.6	$2,161.8
Cereal	791.2	829.5	1,558.4	1,622.6
Convenient meals	827.0	795.1	1,477.8	1,474.0
Pet	698.7	623.8	1,341.7	1,228.4
Dough	720.9	722.6	1,236.0	1,240.4
Baking mixes and ingredients	556.0	577.2	1,004.0	1,034.3
Super-premium ice cream	175.8	163.6	397.2	376.5
Yogurt	—	377.8	102.0	749.7
Other	73.3	95.5	193.6	200.5
Total	$4,860.8	$5,240.1	$9,378.3	$10,088.2

~~In Millions~~ 22

~~Aug~~Item 2.Management’s ~~24,~~Discussion ~~2025~~and Analysis of Financial Condition and Results of Operations.

Aug. 25, 2024

Snacks

1,049.7

1,106.8

Cereal

767.2

793.1

Convenient meals

650.8

678.9

Pet

643.0

604.6

Dough

515.1

517.8

Baking mixes and ingredients

448.0

457.1

Super-premium ice cream

221.4

212.9

Yogurt

102.0

371.9

Other

120.3

105.0

Total

4,517.5

4,848.1

INTRODUCTION

~~are~~This ~~set~~Management’s ~~forth~~Discussion and Analysis of Financial Condition and Results of Operations (MD&A) should be read in

~~italics~~conjunction with the MD&A included in our Annual Report on Form 10-K for the fiscal year ended May 25, 2025, for important

~~First~~background ~~Quarter~~regarding, ~~Results~~among other things, our key business drivers. Significant trademarks and service marks used in our business

~~below~~are ~~for~~set aforth ~~description~~in ofitalics ~~our~~herein. ~~use~~Certain ofterms ~~measures~~used ~~not~~throughout this report are defined byin ~~GAAP.~~the “Glossary” section below.

~~Quarter~~Our ~~Ended~~key ~~Aug.~~priorities 24in fiscal 2026 are to return North America Retail to volume growth, ~~2025~~accelerate North America Pet growth with an

Inexpanded ~~millions~~portfolio, and drive efficiencies to reinvest in growth. We expect category growth to be below our long-term projections,

~~except~~reflecting ~~per~~less ~~share~~benefit from net price realization and mix amid a continued challenging consumer backdrop. To strengthen our

~~Quarter~~categories ~~Ended~~and market share performance, we plan to increase investment in consumer value, product news, innovation, and brand

~~Aug. 24~~building, ~~2025~~guided vsby our remarkable experience framework. This included a significant strategic investment to launch Blue Buffalo into

~~Aug~~the fast-growing United States fresh pet food sub-category in calendar 2025. ~~25,~~We ~~2024~~expect the combination of these growth investments,

~~Percent~~input cost inflation, and normalization of corporate incentive will outpace expected Holistic Margin Management cost savings of 5

percent of ~~Net~~cost of goods sold, savings from our global transformation initiative, and benefits from a 53rd week in fiscal 2026. In

~~Sales~~addition, we expect the net impact of the divestitures of our North American yogurt businesses and the Whitebridge Pet Brands

~~Constant-~~acquisition will reduce adjusted operating profit growth by approximately 5 points in fiscal 2026.

~~Currency~~CONSOLIDATED RESULTS OF OPERATIONS

~~Growth~~Second ~~(a)~~Quarter Results

$In the second quarter of fiscal 2026, net sales decreased 7 percent, including the net impact of the divestitures of our North American

~~4,517~~yogurt businesses (Divestitures) and the acquisition of Whitebridge Pet Brands (Acquisition).5 Organic net sales decreased 1 percent

~~(7)~~compared to the same period last year. Operating profit decreased 32 percent to $728 million, including the net impact of the

%Divestitures and Acquisition, primarily driven by a decrease in contributions from volume growth, higher input costs, and higher

restructuring, transformation, and impairment charges, partially offset by favorable net price realization and mix. Operating profit

~~1,725~~margin of 15.80 percent decreased 560 basis points. Adjusted operating profit of $848 million decreased 20 percent on a constant-

~~108~~currency basis, including the net impact of the Divestitures and Acquisition, primarily driven by a decrease in contributions from

%volume growth and higher input costs, partially offset by favorable net price realization and mix. Adjusted operating profit margin

38decreased 290 basis points to 17.24 percent. Diluted earnings per share of $0.78 decreased 45 percent in the second quarter of fiscal

%2026. Adjusted diluted earnings per share of $1.10 decreased 21 percent on a constant-currency basis compared to the second quarter

~~Net~~of ~~earnings~~fiscal ~~attributable~~2025. toSee ~~General~~the ~~Mills~~“Non-GAAP Measures” section below for a description of our use of measures not defined by GAAP.

~~1,204.2~~A summary of our consolidated financial results for the second quarter of fiscal 2026 follows:

108


Quarter Ended Nov. 23, 2025	In millions, except per share	Quarter Ended Nov. 23, 2025 vs. Nov. 24, 2024	Percent of Net Sales	Constant- Currency Growth (a)
Net sales	$4,860.8	(7)%
Operating profit	728.0	(32)%	15.0%
Net earnings attributable to General Mills	413.0	(48)%
Diluted earnings per share	$0.78	(45)%
Organic net sales growth rate (a)		(1)%
Adjusted operating profit (a)	847.7	(20)%	17.4

Filing Compare · GENERAL MILLS INC