GIS — Fiscal Q1 2026 Financial Report Analysis
Q1 · Fiscal year 2026 · Published by Pham Hop · AI-drafted from the SEC filing
General Mills' fiscal Q1 2027 (quarter ended Aug. 30, 2026) net sales fell 3% to $4.39B on the yogurt divestiture with organic sales flat; diluted EPS fell 67% to $0.74 as last year's $1.05B yogurt-sale gain dropped out, while adjusted EPS fell 13% to $0.75 on higher input costs and lower volume. Full-year guidance was reaffirmed.
- Revenue
- $4.4B
- -2.8% YoY
- Net income
- $397M
- -67.0% YoY
- Diluted EPS
- $0.74
- -66.7% YoY
- Operating margin
- 14.4%
Overview
General Mills (maker of Cheerios, Nature Valley, Pillsbury, Old El Paso, Häagen-Dazs and Blue Buffalo pet food) runs on a fiscal year that ends in late May, so its "fiscal 2027" started on June 1, 2026. This report covers fiscal Q1 2027, the 13 weeks ended August 30, 2026, compared with the quarter ended August 24, 2025.
The headline figures look like a collapse: operating profit fell 63% and diluted earnings per share (EPS — profit divided by the number of shares) fell 67% to $0.74. Almost all of that is one item. A year ago, General Mills booked a $1.05 billion gain from selling its U.S. yogurt business, which inflated last year's Q1 profit. Take that one-off out and the underlying picture is milder but still negative: adjusted operating profit fell 11% and adjusted diluted EPS fell 13% to $0.75, mainly because ingredient and other input costs rose while the company sold fewer units.
On the sales side, reported net sales fell 3% to $4.39 billion, again mostly because yogurt is gone. Organic net sales — sales growth after stripping out acquisitions, divestitures and currency swings, so the comparison is like-for-like — were flat.
Key figures
| Metric | Q1 FY2027 | Q1 FY2026 | YoY Change |
|---|---|---|---|
| Net sales | $4,389.5M | $4,517.5M | -2.8% |
| Organic net sales growth | Flat | — | 0% |
| Organic volume / price-mix | -1 pt / 0 pts | — | — |
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