GENERAL MILLS INC, 10-Q filed on 12/17/2025
Quarterly Report
v3.25.3
Cover Page - shares
 6 Months Ended
Nov. 23, 2025
Dec. 10, 2025
Entity Listings [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Nov. 23, 2025  
Document Transition Report false  
Entity File Number 001-01185  
Entity Registrant Name GENERAL MILLS, INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 41-0274440  
Entity Address, Address Line One Number One General Mills Boulevard  
Entity Address, City or Town Minneapolis  
Entity Address, State or Province MN  
Entity Address, Postal Zip Code 55426  
City Area Code 763  
Local Phone Number 764-7600  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   533,582,081
Current Fiscal Year End Date --05-31  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q2  
Amendment Flag false  
Entity Central Index Key 0000040704  
Common Stock    
Entity Listings [Line Items]    
Title of 12(b) Security Common Stock, $.10 par value  
Trading Symbol GIS  
Security Exchange Name NYSE  
0.450% Notes due 2026    
Entity Listings [Line Items]    
Title of 12(b) Security 0.450% Notes due 2026  
Trading Symbol GIS 26  
Security Exchange Name NYSE  
1.500% Notes due 2027    
Entity Listings [Line Items]    
Title of 12(b) Security 1.500% Notes due 2027  
Trading Symbol GIS 27  
Security Exchange Name NYSE  
3.907% Notes due 2029    
Entity Listings [Line Items]    
Title of 12(b) Security 3.907% Notes due 2029  
Trading Symbol GIS 29  
Security Exchange Name NYSE  
3.650% Notes due 2030    
Entity Listings [Line Items]    
Title of 12(b) Security 3.650% Notes due 2030  
Trading Symbol GIS 30A  
Security Exchange Name NYSE  
3.600% Notes due 2032    
Entity Listings [Line Items]    
Title of 12(b) Security 3.600% Notes due 2032  
Trading Symbol GIS 32  
Security Exchange Name NYSE  
3.850% Notes due 2034    
Entity Listings [Line Items]    
Title of 12(b) Security 3.850% Notes due 2034  
Trading Symbol GIS 34  
Security Exchange Name NYSE  
v3.25.3
Consolidated Statements of Earnings - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Nov. 23, 2025
Nov. 24, 2024
Nov. 23, 2025
Nov. 24, 2024
Income Statement [Abstract]        
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 0.0 0.0 (1,054.4) 0.0
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 (usd per share) $ 0.78 $ 1.43 $ 3.00 $ 2.46
Earnings per share – diluted (usd per share) $ 0.78 $ 1.42 $ 3.00 $ 2.45
v3.25.3
Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Nov. 23, 2025
Nov. 24, 2024
Nov. 23, 2025
Nov. 24, 2024
Statement of Comprehensive Income [Abstract]        
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 0.0 0.0 (7.5) 0.0
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
v3.25.3
Consolidated Balance Sheets - USD ($)
$ in Millions
Nov. 23, 2025
May 25, 2025
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 0.0 740.4
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
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 0.0 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
v3.25.3
Consolidated Balance Sheets (Parenthetical) - $ / shares
shares in Millions
Nov. 23, 2025
May 25, 2025
Nov. 24, 2024
Stockholders’ equity:      
Common stock, shares, issued (in shares) 754.6 754.6  
Common stock, par value per share (in usd per share) $ 0.10 $ 0.10 $ 0.10
Common stock in treasury, at cost (in shares) 221.0 212.2  
v3.25.3
Consolidated Statements of Total Equity - USD ($)
$ in Millions
Total
Common Stock
Additional Paid-in Capital
Retained Earnings
Common Stock in Treasury
Accumulated other comprehensive loss
Noncontrolling Interests
Beginning balance, treasury stock, shares (in shares) at May. 26, 2024         (195,500,000)    
Shares              
Shares purchased (in shares) (8,700,000)       (8,700,000)    
Stock compensation plans (in shares)         1,800,000    
Ending balance, treasury stock, shares (in shares) at Nov. 24, 2024         (202,400,000)    
Total equity, beginning balance at May. 26, 2024 $ 9,648.5   $ 1,227.0 $ 20,971.8 $ (10,357.9) $ (2,519.7) $ 251.8
Amount              
Stock compensation plans     (9.3)   89.8    
Unearned compensation related to stock unit awards     (81.7)        
Earned compensation     46.0        
Shares purchased (605.2)       (605.2)    
Net earnings attributable to General Mills 1,375.6     1,375.6      
Cash dividends declared       (1,007.1)      
Shares purchased, including excise tax (605.2)       (605.2)    
Comprehensive (loss) income 1,381.0         (4.1) 9.5
Distributions to noncontrolling interest holders             (12.8)
Total equity, ending balance at Nov. 24, 2024 $ 9,449.2 $ 75.5 1,182.0 21,340.3 $ (10,873.3) (2,523.8) 248.5
Common stock (in shares)   754,600,000          
Beginning balance, treasury stock, shares (in shares) at Aug. 25, 2024         (198,800,000)    
Shares              
Shares purchased (in shares) (4,200,000)       (4,200,000)    
Stock compensation plans (in shares)         600,000    
Ending balance, treasury stock, shares (in shares) at Nov. 24, 2024         (202,400,000)    
Total equity, beginning balance at Aug. 25, 2024 $ 9,526.6 $ 75.5 1,164.6 21,213.9 $ (10,601.9) (2,576.5) 251.0
Amount              
Stock compensation plans     (4.1)   31.6    
Unearned compensation related to stock unit awards     (4.6)        
Earned compensation     26.1        
Shares purchased (303.0)   0.0   (303.0)    
Net earnings attributable to General Mills 795.7     795.7      
Cash dividends declared       (669.3)      
Shares purchased, including excise tax (303.0)   0.0   (303.0)    
Comprehensive (loss) income 853.7         52.7 5.3
Distributions to noncontrolling interest holders             (7.8)
Total equity, ending balance at Nov. 24, 2024 $ 9,449.2 $ 75.5 1,182.0 21,340.3 $ (10,873.3) (2,523.8) 248.5
Common stock (in shares)   754,600,000          
Common stock (in shares) 754,600,000            
Beginning balance, treasury stock, shares (in shares) at May. 25, 2025 (212,200,000)       (212,200,000)    
Shares              
Shares purchased (in shares) (1,200,000)            
Ending balance, treasury stock, shares (in shares) at Aug. 24, 2025         (219,900,000)    
Total equity, beginning balance at May. 25, 2025 $ 9,211.2   1,218.8 21,917.8 $ (11,467.9) (2,545.0) 12.0
Total equity, ending balance at Aug. 24, 2025 $ 9,518.9 $ 75.5 1,107.1 22,791.1 $ (11,866.6) (2,600.5) 12.3
Beginning balance, treasury stock, shares (in shares) at May. 25, 2025 (212,200,000)       (212,200,000)    
Shares              
Shares purchased (in shares) (10,000,000.0)       (10,000,000.0)    
Stock compensation plans (in shares)         1,200,000    
Ending balance, treasury stock, shares (in shares) at Nov. 23, 2025 (221,000,000.0)       (221,000,000.0)    
Total equity, beginning balance at May. 25, 2025 $ 9,211.2   1,218.8 21,917.8 $ (11,467.9) (2,545.0) 12.0
Amount              
Stock compensation plans     (19.8)   63.8    
Unearned compensation related to stock unit awards     (66.9)        
Earned compensation     38.8        
Shares purchased (504.5)       (504.5)    
Net earnings attributable to General Mills 1,617.2     1,617.2      
Cash dividends declared       (984.2)      
Shares purchased, including excise tax (504.5)       (504.5)    
Comprehensive (loss) income 1,591.1         (27.2) 1.1
Distributions to noncontrolling interest holders             (0.7)
Total equity, ending balance at Nov. 23, 2025 $ 9,328.8 $ 75.5 1,170.9 22,550.8 $ (11,908.6) (2,572.2) 12.4
Common stock (in shares)   754,600,000          
Beginning balance, treasury stock, shares (in shares) at Aug. 24, 2025         (219,900,000)    
Shares              
Shares purchased (in shares) (1,300,000)       (1,300,000)    
Stock compensation plans (in shares)         200,000    
Ending balance, treasury stock, shares (in shares) at Nov. 23, 2025 (221,000,000.0)       (221,000,000.0)    
Total equity, beginning balance at Aug. 24, 2025 $ 9,518.9 $ 75.5 1,107.1 22,791.1 $ (11,866.6) (2,600.5) 12.3
Amount              
Stock compensation plans     (8.8)   8.5    
Unearned compensation related to stock unit awards     (1.4)        
Earned compensation     24.0        
Shares purchased (50.5)   50.0   (50.5)    
Net earnings attributable to General Mills 413.0     413.0      
Cash dividends declared       (653.3)      
Shares purchased, including excise tax (50.5)   50.0   (50.5)    
Comprehensive (loss) income 442.1         28.3 0.8
Distributions to noncontrolling interest holders             (0.7)
Total equity, ending balance at Nov. 23, 2025 $ 9,328.8 $ 75.5 $ 1,170.9 $ 22,550.8 $ (11,908.6) $ (2,572.2) $ 12.4
Common stock (in shares) 754,600,000 754,600,000          
v3.25.3
Consolidated Statements of Total Equity (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Nov. 23, 2025
Nov. 24, 2024
Nov. 23, 2025
Nov. 24, 2024
Statement of Stockholders' Equity [Abstract]        
Common stock, shares authorized (in shares) 1,000,000,000 1,000,000,000 1,000,000,000 1,000,000,000
Common stock, par value per share (in usd per share) $ 0.10 $ 0.10 $ 0.10 $ 0.10
Common stock, dividends, per share, declared (in usd per share) $ 1.22 $ 1.20 $ 1.83 $ 1.80
Shares purchased, excise tax $ 0.4 $ 2.6 $ 4.4 $ 4.8
v3.25.3
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months 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) 0.0
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 0.0 (7.7)
Proceeds from divestitures 1,803.4 0.0
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 0.0 1,500.0
Payment of long-term debt (581.0) 0.0
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
v3.25.3
Background
 6 Months Ended
Nov. 23, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Background 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.
v3.25.3
Acquisition and Divestitures
 6 Months Ended
Nov. 23, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Acquisition and Divestitures Acquisition and Divestitures
During the first 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.
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.
During the third quarter of fiscal 2025, we acquired NX Pet Holding, Inc., representing Whitebridge Pet Brands’ North American
premium cat feeding and pet treating business, for a purchase price of $1.4 billion (Whitebridge Pet Brands acquisition). We financed
the 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
for tax purposes. The pro forma effects of this acquisition were not material. We have conducted a preliminary assessment of the fair
value of the acquired assets and liabilities of the business and we are continuing our review of these items during the measurement
period. If new information is obtained about facts and circumstances that existed at the acquisition date, the acquisition accounting
will be revised to reflect the resulting adjustments to current estimates of those items.  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
purchase accounting liabilities upon finalization of income tax returns that resulted in a $32.5 million decrease to goodwill.
v3.25.3
Restructuring, Transformation, Impairment, and Other Exit Costs
 6 Months Ended
Nov. 23, 2025
Restructuring and Related Activities [Abstract]  
Restructuring, Transformation, Impairment, and Other Exit Costs Restructuring, Transformation, Impairment, and Other Exit Costs
Restructuring, transformation, and impairment charges were as follows:
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
In the second quarter of fiscal 2026, we recorded a $52.9 million non-cash impairment charge related to our Uncle Toby's brand
intangible asset. Please see Note 4 for additional information.
In the second quarter of fiscal 2026, we approved a multi-year organizational initiative to increase the competitiveness of our supply
chain. 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.
We recognized $45.4 million of asset write-offs, including $42.5 million of impairment, and $4.9 million of severance and other
benefit costs in the second quarter of fiscal 2026. The non-cash asset impairment charges to write down certain long-lived assets to
their fair value were based on recently reported transactions for similar assets in the marketplace. We expect these actions to be
completed by the end of fiscal 2029.
We recorded $21.9 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
transformation actions previously announced. We recorded $1.3 million of restructuring charges in the second quarter of fiscal 2025
and $4.2 million of restructuring charges in the six-month period ended November 24, 2024, related to restructuring actions previously
announced. We expect these actions to be completed by the end of fiscal 2028.
We paid net $46.6 million of cash in the six-month period ended November 23, 2025, related to restructuring and transformation
actions. We paid net $5.1 million of cash in the same period of fiscal 2025.
Restructuring, transformation, and impairment charges are recorded in our Consolidated Statements of Earnings as follows:
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
The roll forward of our restructuring, transformation, and other exit cost reserves, included in other current liabilities, is as follows:
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
The restructuring, transformation, and other exit cost reserves balance as of November 23, 2025, is primarily related to severance
costs. The charges recognized in the roll forward of our reserves for restructuring, transformation, and other exit costs do not include
items charged directly to expense (e.g., asset write-offs, 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
other exit cost reserves on our Consolidated Balance Sheets.
v3.25.3
Goodwill and Other Intangible Assets
 6 Months Ended
Nov. 23, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
The components of goodwill and other intangible assets are as follows:
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
Based on the carrying value of finite-lived intangible assets as of November 23, 2025, annual amortization expense for each of the
next five fiscal years is estimated to be approximately $20 million.
The changes in the carrying amount of goodwill during the six-month period ended November 23, 2025, were as follows:
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
accumulated impairment losses of $117.1 million. For additional information, see Note 6 to the Consolidated Financial Statements
included in our Annual Report on Form 10-K for the fiscal year ended May 25, 2025.
The changes in the carrying amount of other intangible assets during the six-month period ended November 23, 2025, were as follows:
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
Our annual goodwill and indefinite-lived intangible assets impairment test was performed on the first day of the second quarter of
fiscal 2026. As a result of lower future sales and profitability projections for the business supporting our Uncle Toby’s brand
intangible asset, we determined that the fair value of the brand intangible asset no longer exceeded its carrying value and recorded a
$52.9 million non-cash impairment charge. We recorded the impairment charge in restructuring, transformation, impairment, and other
exit costs in our Consolidated Statements of Earnings. Our estimate of the fair value was determined based on a discounted cash flow
model using inputs which included our long-range cash flow projections for the business, the royalty rate, the weighted-average cost
of capital rate, and the tax rate. The fair value is a Level 3 asset in the fair value hierarchy.
All other intangible asset fair values were substantially in excess of the carrying values. In addition, while having significant coverage
as of our fiscal 2026 assessment date, the Progresso, Nudges, True Chews, and Kitano brand intangible assets had risk of decreasing
coverage. We will continue to monitor these businesses for potential impairment.
v3.25.3
Inventories
 6 Months Ended
Nov. 23, 2025
Inventory Disclosure [Abstract]  
Inventories Inventories
The components of inventories were as follows:
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
v3.25.3
Risk Management Activities
 6 Months Ended
Nov. 23, 2025
Investments, All Other Investments [Abstract]  
Risk Management Activities Risk Management Activities
Many commodities we use in the production and distribution of our products are exposed to market price risks. We utilize derivatives
to 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
with regard to the future price of commodities purchased for use in our supply chain. 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
and swaps. We offset our exposures based on current and projected market conditions and generally seek to acquire the inputs at as
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.
Although we do not meet the criteria for cash flow hedge accounting, we believe that these instruments are effective in achieving our
objective of providing certainty in the future price of commodities purchased for use in our supply chain. Accordingly, for purposes of
measuring segment operating performance, 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
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.
Unallocated corporate items for the quarters and six-month periods ended November 23, 2025, and November 24, 2024, included:
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
As of November 23, 2025, the net notional value of commodity derivatives was $143.5 million, of which $79.1 million related to
energy inputs and $64.4 million related to agricultural inputs. These contracts relate to inputs that generally will be utilized within the
next 12 months.
We also have net investments in foreign subsidiaries that are denominated in euros. As of November 23, 2025, we hedged a portion of
these investments with €4,243.3 million of euro-denominated bonds.
During the fourth quarter of fiscal 2025, we entered into a €750.0 million notional amount interest rate swap to convert our €750.0
million fixed-rate notes due April 17, 2032, to a floating rate.
During the second quarter of fiscal 2025, in advance of planned debt financing, we entered into $350.0 million of treasury locks. The
treasury locks were terminated during the second quarter of fiscal 2025, in conjunction with the Company’s issuance of $750.0 million
of fixed-rate notes due January 30, 2035. Upon termination, a gain of $0.1 million was recognized in AOCI and will be amortized
through interest expense over the respective term of the debt.
During the second quarter of fiscal 2025, we entered into a $750.0 million notional amount interest rate swap to convert our $750.0
million of fixed-rate notes due January 30, 2030, to a floating rate.
During the second quarter of fiscal 2025, our $500.0 million notional amount interest rate swap to convert our $500.0 million of fixed-
rate notes due November 18, 2025 to a floating rate was called by the counterparty prior to the maturity date. The previously existing
swap was designated as a fair value hedge, and concurrent with the swap being called, we ceased recording market value adjustments
to the associated hedged debt.
The fair values of the derivative positions used in our risk management activities and other assets recorded at fair value were not
material as of November 23, 2025, and were Level 1 or Level 2 assets and liabilities in the fair value hierarchy. We did not
significantly 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.
v3.25.3
Debt
 6 Months Ended
Nov. 23, 2025
Debt Disclosure [Abstract]  
Debt Debt
The components of notes payable and their respective weighted-average interest rates were as follows:
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%
To ensure availability of funds, we maintain bank credit lines and have commercial paper programs available to us in the United States
and Europe.
The following table details the credit facilities and lines of credit we had available as of November 23, 2025:
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
The credit facilities contain covenants, including a requirement to maintain a fixed charge coverage ratio of at least 2.5 times. We were
in compliance with all credit facility covenants as of November 23, 2025.
Long-Term Debt
The fair values and carrying 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
flows based on our current incremental borrowing rates for similar types of instruments. 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
hand.
In the fourth quarter of fiscal 2025, we issued €750.0 million of 3.6 percent fixed-rate notes due April 17, 2032. We used the net
proceeds to repay $800.0 million of 4.0 percent fixed-rate notes due April 17, 2025 and a portion of our outstanding commercial
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
from the issuance of commercial paper.
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
proceeds to fund the Whitebridge Pet Brands acquisition.
In 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
proceeds to fund the Whitebridge Pet Brands acquisition.
In the second quarter of fiscal 2025, we issued €250.0 million of floating-rate notes due April 22, 2026. We used the net proceeds to
repay €250.0 million of floating-rate notes due November 8, 2024.
In the second quarter of fiscal 2025, we issued €500.0 million of floating-rate notes due October 22, 2026. We used the net proceeds to
repay €500.0 million of floating-rate notes due November 8, 2024.
Certain of our long-term debt agreements contain restrictive covenants. As of November 23, 2025, we were in compliance with all of
these covenants.
v3.25.3
Noncontrolling Interest
 6 Months Ended
Nov. 23, 2025
Noncontrolling Interest [Abstract]  
Noncontrolling Interest Noncontrolling Interest
During the fourth quarter of fiscal 2025, we purchased the outstanding General Mills Cereals, LLC (GMC) Class A limited
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.
v3.25.3
Stockholders' Equity
 6 Months Ended
Nov. 23, 2025
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
The following tables provide details of total comprehensive income:
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
(a)(Gain) 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
foreign exchange contracts.
(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
from AOCI into earnings and is reported in Restructuring, transformation, impairment and other exit costs in our Consolidated Statements of Earnings.
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
(a)(Gain) 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
foreign exchange contracts.
(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
from AOCI into earnings and is reported in Restructuring, transformation, impairment and other exit costs in our Consolidated Statements of Earnings.
Accumulated other comprehensive loss balances, net of tax effects, were as follows:
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)
v3.25.3
Stock Plans
 6 Months Ended
Nov. 23, 2025
Share-Based Payment Arrangement [Abstract]  
Stock Plans 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.
Compensation expense related to stock-based payments recognized in the Consolidated Statements of Earnings was as follows:
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
Compensation expense related to stock-based payments recognized in the Consolidated Statements of Earnings includes amounts
recognized in restructuring, transformation, impairment, and other exit costs in fiscal 2026.
(Shortfall) windfall tax benefits from stock-based payments in income tax expense in our Consolidated Statements of Earnings were as
follows:
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
As of November 23, 2025, unrecognized compensation expense related to non-vested stock options, restricted stock units, and
performance share units was $158.8 million. This expense will be recognized over 26 months on average.
Net cash proceeds from the exercise of stock options less shares used for withholding taxes and the intrinsic value of options exercised
were as follows:
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
We estimate the fair value of each option on the grant date using a Black-Scholes option-pricing model, which requires us to make
predictive assumptions regarding future stock price volatility, employee exercise behavior, dividend yield, and the forfeiture rate. We
estimate our future stock price volatility using the historical volatility over the expected term of the option, excluding time periods of
volatility we 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
6 months, is insufficient to provide a reliable measure of expected volatility. 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
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:
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%
The total grant date fair value of restricted stock unit awards that vested during the period was as follows:
Six-Month Period Ended
In Millions
Nov. 23, 2025
Nov. 24, 2024
Total grant date fair value
$107.1
$97.0
v3.25.3
Earnings Per Share
 6 Months Ended
Nov. 23, 2025
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
Basic and diluted earnings per share (EPS) were calculated using the following:
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
(a)Incremental shares from stock options, restricted stock units, and performance share units are computed by the treasury stock
method. Stock options, restricted stock units, and performance share units excluded from our computation of diluted EPS because
they were not dilutive were as follows:
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
v3.25.3
Share Repurchases
 6 Months Ended
Nov. 23, 2025
Equity [Abstract]  
Share Repurchases Share Repurchases
Share repurchases were as follows:
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
During the first quarter of fiscal 2026, we entered into two accelerated share repurchase (ASR) agreements with an unrelated third-
party financial institution to repurchase an aggregate of $500.0 million of our shares of common stock. Under the ASR agreements, we
paid an aggregate of $500.0 million and received an initial delivery of 7.5 million shares of our common stock in the first quarter of
fiscal 2026. The value of the initial shares delivered under the ASR agreements in the first quarter of fiscal 2026 represented 80
percent of the aggregate purchase price, with a fair value of $400.0 million.
The first 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
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
increase in treasury stock of $450.0 million and a decrease in additional paid-in capital of $50.0 million. Upon completion of the ASR
agreements in the second quarter of fiscal 2026, we reclassified $50.0 million from additional paid-in capital to treasury stock on our
Consolidated Balance Sheets.
v3.25.3
Statements of Cash Flows
 6 Months Ended
Nov. 23, 2025
Supplemental Cash Flow Information [Abstract]  
Statements of Cash Flows Statements of Cash Flows
Our Consolidated Statements of Cash Flows include the following:
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
v3.25.3
Retirement and Postemployment Benefits
 6 Months Ended
Nov. 23, 2025
Retirement Benefits [Abstract]  
Retirement and Postemployment Benefits Retirement and Postemployment Benefits
Components of net periodic benefit expense (income) are as follows:
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
v3.25.3
Income Taxes
 6 Months Ended
Nov. 23, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
On July 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.
v3.25.3
Business Segment And Geographic Information
 6 Months Ended
Nov. 23, 2025
Segment Reporting [Abstract]  
Business Segment and Geographic Information 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. 
Our North America Retail operating segment reflects business with a wide variety of grocery stores, mass merchandisers, membership
stores, natural food chains, drug, dollar and discount chains, convenience stores, and e-commerce grocery providers. Our product
categories 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.
Operating 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 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
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
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
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
Net sales for our North America Retail operating units were as follows:
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
(a) Upon completion of the United States yogurt business divestiture, the former U.S. Morning Foods and Canada operating units were
combined into a new Big G Cereal & Canada operating unit. Prior period amounts have been recast to conform to the current
period presentation. This did not result in a change to the composition of our reportable segments or information reviewed by our
CODM.
Net sales by class of similar products were as follows:
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
$10,088.2
v3.25.3
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Nov. 23, 2025
Nov. 24, 2024
Nov. 23, 2025
Nov. 24, 2024
Pay vs Performance Disclosure        
Net Income (Loss) $ 413.0 $ 795.7 $ 1,617.2 $ 1,375.6
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Nov. 23, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.3
Background (Policies)
 6 Months Ended
Nov. 23, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of accounting 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.
v3.25.3
Restructuring, Transformation, Impairment, and Other Exit Costs (Tables)
 6 Months Ended
Nov. 23, 2025
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring, Transformation, and Impairment Charges and Restructuring, Transformation, and Other Exit Cost Reserves, Included in Other Current Liabilities Restructuring, transformation, and impairment charges were as follows:
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
The roll forward of our restructuring, transformation, and other exit cost reserves, included in other current liabilities, is as follows:
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
Schedule of Restructuring, Impairment Charges and Project-Related Costs Restructuring, transformation, and impairment charges are recorded in our Consolidated Statements of Earnings as follows:
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
v3.25.3
Goodwill and Other Intangible Assets (Tables)
 6 Months Ended
Nov. 23, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Components of Goodwill and Other Intangible Assets The components of goodwill and other intangible assets are as follows:
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
Schedule of Changes in Carrying Amount of Goodwill The changes in the carrying amount of goodwill during the six-month period ended November 23, 2025, were as follows:
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
accumulated impairment losses of $117.1 million. For additional information, see Note 6 to the Consolidated Financial Statements
included in our Annual Report on Form 10-K for the fiscal year ended May 25, 2025.
Schedule of Changes in Carrying Amount of Other Intangible Assets The changes in the carrying amount of other intangible assets during the six-month period ended November 23, 2025, were as follows:
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
v3.25.3
Inventories (Tables)
 6 Months Ended
Nov. 23, 2025
Inventory Disclosure [Abstract]  
Schedule of Components of Inventories The components of inventories were as follows:
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
v3.25.3
Risk Management Activities (Tables)
 6 Months Ended
Nov. 23, 2025
Investments, All Other Investments [Abstract]  
Schedule of Unallocated Corporate Items Unallocated corporate items for the quarters and six-month periods ended November 23, 2025, and November 24, 2024, included:
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
v3.25.3
Debt (Tables)
 6 Months Ended
Nov. 23, 2025
Debt Disclosure [Abstract]  
Schedule of Components of Notes Payable The components of notes payable and their respective weighted-average interest rates were as follows:
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%
Schedule of Fee-Paid Committed and Uncommitted Credit Lines The following table details the credit facilities and lines of credit we had available as of November 23, 2025:
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
v3.25.3
Stockholders' Equity (Tables)
 6 Months Ended
Nov. 23, 2025
Equity [Abstract]  
Schedule of Total Comprehensive Income The following tables provide details of total comprehensive income:
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
(a)(Gain) 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
foreign exchange contracts.
(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
from AOCI into earnings and is reported in Restructuring, transformation, impairment and other exit costs in our Consolidated Statements of Earnings.
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
(a)(Gain) 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
foreign exchange contracts.
(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
from AOCI into earnings and is reported in Restructuring, transformation, impairment and other exit costs in our Consolidated Statements of Earnings.
Schedule of Accumulated Other Comprehensive Loss Balances, Net of Tax Effects Accumulated other comprehensive loss balances, net of tax effects, were as follows:
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)
v3.25.3
Stock Plans (Tables)
 6 Months Ended
Nov. 23, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Compensation Expense Related to Stock-Based Payments Compensation expense related to stock-based payments recognized in the Consolidated Statements of Earnings was as follows:
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
(Shortfall) windfall tax benefits from stock-based payments in income tax expense in our Consolidated Statements of Earnings were as
follows:
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
Schedule of Net Cash Proceeds and Intrinsic Value of Options Exercised Net cash proceeds from the exercise of stock options less shares used for withholding taxes and the intrinsic value of options exercised
were as follows:
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
Schedule of Estimated Fair Value of Stock Options Granted and Assumptions Used for Black-Scholes Option-Pricing Model The estimated fair values of stock options granted and the assumptions used for the Black-Scholes option-pricing model were as
follows:
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%
Schedule of Grant Date Fair Value of Restricted Stock Unit Awards Activity The total grant date fair value of restricted stock unit awards that vested during the period was as follows:
Six-Month Period Ended
In Millions
Nov. 23, 2025
Nov. 24, 2024
Total grant date fair value
$107.1
$97.0
v3.25.3
Earnings Per Share (Tables)
 6 Months Ended
Nov. 23, 2025
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted EPS Basic and diluted earnings per share (EPS) were calculated using the following:
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
(a)Incremental shares from stock options, restricted stock units, and performance share units are computed by the treasury stock
method. Stock options, restricted stock units, and performance share units excluded from our computation of diluted EPS because
they were not dilutive were as follows:
Schedule of Stock Options and Restricted Units Not Dilutive
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
v3.25.3
Share Repurchases (Tables)
 6 Months Ended
Nov. 23, 2025
Equity [Abstract]  
Schedule of Share Repurchases Share repurchases were as follows:
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
v3.25.3
Statements of Cash Flows (Tables)
 6 Months Ended
Nov. 23, 2025
Supplemental Cash Flow Information [Abstract]  
Schedule of Consolidated Statements of Cash Flows Supplemental Disclosures Our Consolidated Statements of Cash Flows include the following:
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
v3.25.3
Retirement and Postemployment Benefits (Tables)
 6 Months Ended
Nov. 23, 2025
Retirement Benefits [Abstract]  
Schedule of Components of Net Periodic Benefit Expense (Income) Components of net periodic benefit expense (income) are as follows:
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
v3.25.3
Business Segment and Geographic Information (Tables)
 6 Months Ended
Nov. 23, 2025
Segment Reporting [Abstract]  
Schedule of Operating Segment Results Our operating segment results were as follows:
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
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
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
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
Net sales for our North America Retail operating units were as follows:
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
(a) Upon completion of the United States yogurt business divestiture, the former U.S. Morning Foods and Canada operating units were
combined into a new Big G Cereal & Canada operating unit. Prior period amounts have been recast to conform to the current
period presentation. This did not result in a change to the composition of our reportable segments or information reviewed by our
CODM.
Schedule of Net Sales by Class of Similar Products Net sales by class of similar products were as follows:
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
$10,088.2
v3.25.3
Acquisition and Divestitures (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Nov. 23, 2025
Aug. 24, 2025
Feb. 23, 2025
Nov. 24, 2024
Nov. 23, 2025
Nov. 24, 2024
May 25, 2025
Business Acquisition [Line Items]              
Pre-tax gain on sale of business $ 0.0     $ 0.0 $ 1,054.4 $ 0.0  
Goodwill 15,601.5       15,601.5   $ 15,622.4
Goodwill, measurement period adjustment $ 32.5       $ 32.5    
United States Yogurt Business              
Business Acquisition [Line Items]              
Pre-tax gain on sale of business   $ 1,046.5          
Canada Yogurt Business              
Business Acquisition [Line Items]              
Pre-tax gain on sale of business     $ 95.9        
Sale price adjustment after disposal   $ 7.9          
Whitebridge Pet Brands' North American Premium Cat Feeding and Pet Treating Business              
Business Acquisition [Line Items]              
Purchase price     1,400.0        
Goodwill     1,086.7        
Indefinite-lived intangible assets     289.0        
Finite-lived intangibles     $ 31.0        
v3.25.3
Restructuring, Transformation, Impairment, and Other Exit Costs - Schedule of Restructuring, Transformation, and Impairment Charges (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Nov. 23, 2025
Nov. 24, 2024
Nov. 23, 2025
Nov. 24, 2024
Restructuring Cost and Reserve [Line Items]        
Other intangible asset impairment $ 52.9 $ 0.0 $ 52.9 $ 0.0
Charges associated with restructuring and transformation actions previously announced 125.1 1.3 143.4 4.2
Supply chain actions        
Restructuring Cost and Reserve [Line Items]        
Supply chain actions 50.3 0.0 50.3 0.0
Charges associated with restructuring and transformation actions previously announced        
Restructuring Cost and Reserve [Line Items]        
Charges associated with restructuring and transformation actions previously announced $ 21.9 $ 1.3 $ 40.2 $ 4.2
v3.25.3
Restructuring, Transformation, Impairment, and Other Exit Costs - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Nov. 23, 2025
Nov. 24, 2024
Nov. 23, 2025
Nov. 24, 2024
Restructuring Cost and Reserve [Line Items]        
Impairment of intangible assets, indefinite-lived (excluding goodwill) $ 52.9 $ 0.0 $ 52.9 $ 0.0
Total restructuring, transformation, and impairment charges 125.1 1.3 143.4 4.2
Payments for restructuring     46.6 5.1
Charges associated with restructuring and transformation actions previously announced        
Restructuring Cost and Reserve [Line Items]        
Charges associated with restructuring and transformation actions previously announced 21.9 1.3 40.2 4.2
Supply chain actions        
Restructuring Cost and Reserve [Line Items]        
Expected restructuring charges 82.0   82.0  
Expected restructuring charges, cash 17.0   17.0  
Supply chain actions 50.3 $ 0.0 50.3 $ 0.0
Asset Write-Offs | Supply chain actions        
Restructuring Cost and Reserve [Line Items]        
Expected restructuring charges 64.0   64.0  
Supply chain actions 45.4      
Other Restructuring | Supply chain actions        
Restructuring Cost and Reserve [Line Items]        
Expected restructuring charges 18.0   $ 18.0  
Asset Impairments | Supply chain actions        
Restructuring Cost and Reserve [Line Items]        
Supply chain actions 42.5      
Severance And Other Benefit Costs | Supply chain actions        
Restructuring Cost and Reserve [Line Items]        
Supply chain actions $ 4.9      
v3.25.3
Restructuring, Transformation, Impairment, and Other Exit Costs - Schedule of Restructuring, Impairment Charges and Project-Related Costs (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Nov. 23, 2025
Nov. 24, 2024
Nov. 23, 2025
Nov. 24, 2024
Restructuring Cost and Reserve [Line Items]        
Total restructuring, transformation, and impairment charges $ 125.1 $ 1.3 $ 143.4 $ 4.2
Restructuring, transformation, impairment, and other exit costs        
Restructuring Cost and Reserve [Line Items]        
Total restructuring, transformation, and impairment charges 122.1 1.2 138.4 3.4
Cost of sales        
Restructuring Cost and Reserve [Line Items]        
Total restructuring, transformation, and impairment charges $ 3.0 $ 0.1 $ 5.0 $ 0.8
v3.25.3
Restructuring, Transformation, Impairment, and Other Exit Costs - Schedule of Restructuring, Transformation, and Other Exit Cost Reserves, Included in Other Current Liabilities (Details) - USD ($)
$ in Millions
 6 Months Ended
Nov. 23, 2025
Nov. 24, 2024
Restructuring Cost and Reserve [Line Items]    
Utilized in fiscal 2026 $ (46.6) $ (5.1)
Employee Severance    
Restructuring Cost and Reserve [Line Items]    
Reserve, opening balance 77.1  
Fiscal 2026 charges, including foreign currency translation 4.8  
Utilized in fiscal 2026 (19.4)  
Reserve, ending balance $ 62.5  
v3.25.3
Goodwill and Other Intangible Assets - Components of Goodwill and Other Intangible Assets (Details) - USD ($)
$ in Millions
Nov. 23, 2025
May 25, 2025
Goodwill and Intangible Assets Disclosure [Abstract]    
Goodwill $ 15,601.5 $ 15,622.4
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
v3.25.3
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Nov. 23, 2025
Nov. 24, 2024
Nov. 23, 2025
Nov. 24, 2024
Goodwill and Intangible Assets Disclosure [Abstract]        
Finite-lived intangible asset, expected amortization, year one $ 20.0   $ 20.0  
Finite-lived intangible asset, expected amortization, year two 20.0   20.0  
Finite-lived intangible asset, expected amortization, year three 20.0   20.0  
Finite-lived intangible asset, expected amortization, year four 20.0   20.0  
Finite-lived intangible asset, expected amortization, year five 20.0   20.0  
Impairment of intangible assets, indefinite-lived (excluding goodwill) $ 52.9 $ 0.0 $ 52.9 $ 0.0
v3.25.3
Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Nov. 23, 2025
Nov. 23, 2025
May 25, 2025
Goodwill [Roll Forward]      
Beginning balance   $ 15,622.4  
Purchase accounting adjustment $ (32.5) (32.5)  
Other activity, primarily foreign currency translation   11.6  
Ending balance 15,601.5 15,601.5  
Corporate and Joint Ventures      
Goodwill [Roll Forward]      
Beginning balance   442.2  
Purchase accounting adjustment   0.0  
Other activity, primarily foreign currency translation   5.5  
Ending balance 447.7 447.7  
North America Retail | Operating Segments      
Goodwill [Roll Forward]      
Beginning balance   6,323.5  
Purchase accounting adjustment   0.0  
Other activity, primarily foreign currency translation   (2.8)  
Ending balance 6,320.7 6,320.7  
North America Pet | Operating Segments      
Goodwill [Roll Forward]      
Beginning balance   7,149.5  
Purchase accounting adjustment   (32.5)  
Other activity, primarily foreign currency translation   0.0  
Ending balance 7,117.0 7,117.0  
North America Foodservice | Operating Segments      
Goodwill [Roll Forward]      
Beginning balance   755.5  
Purchase accounting adjustment   0.0  
Other activity, primarily foreign currency translation   (0.1)  
Ending balance 755.4 755.4  
International | Operating Segments      
Goodwill [Roll Forward]      
Beginning balance   951.7  
Purchase accounting adjustment   0.0  
Other activity, primarily foreign currency translation   9.0  
Ending balance 960.7 960.7  
Accumulated impairment losses $ 117.1 $ 117.1 $ 117.1
v3.25.3
Goodwill and Other Intangible Assets - Changes in Carrying Amount of Other Intangible Assets (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Nov. 23, 2025
Nov. 24, 2024
Nov. 23, 2025
Nov. 24, 2024
Indefinite-Lived Intangible Assets [Roll Forward]        
Beginning balance - carrying value     $ 7,081.4  
Impairment charge $ (52.9) $ 0.0 (52.9) $ 0.0
Other activity, primarily amortization and foreign currency translation     (5.9)  
Ending balance - carrying value $ 7,022.6   $ 7,022.6  
v3.25.3
Inventories (Details) - USD ($)
$ in Millions
Nov. 23, 2025
May 25, 2025
Inventory Disclosure [Abstract]    
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
v3.25.3
Risk Management Activities - Schedule of Unallocated Corporate Items (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Nov. 23, 2025
Nov. 24, 2024
Nov. 23, 2025
Nov. 24, 2024
Investments, All Other Investments [Abstract]        
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
v3.25.3
Risk Management Activities - Narrative (Details)
€ in Millions, $ in Millions
 3 Months Ended 6 Months Ended
May 25, 2025
EUR (€)
Nov. 24, 2024
USD ($)
Nov. 23, 2025
USD ($)
Nov. 24, 2024
USD ($)
Nov. 23, 2025
EUR (€)
May 25, 2025
USD ($)
May 25, 2025
EUR (€)
Derivative [Line Items]              
Issuance of long-term debt     $ 0.0 $ 1,500.0      
Accounts payable to suppliers who utilize third party service     $ 1,460.1     $ 1,427.5  
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration]     Accounts payable   Accounts payable Accounts payable Accounts payable
Euro Denominated Bonds Used For Hedging              
Derivative [Line Items]              
Long-term debt, carrying value | €         € 4,243.3    
Fixed-rate notes due April 17, 2032              
Derivative [Line Items]              
Issuance of long-term debt | € € 750.0            
Fixed-rate notes due April 17, 2032 | Interest Rate Swap              
Derivative [Line Items]              
Pay-floating swaps - notional amount | €             € 750.0
Issuance of long-term debt | € € 750.0            
5.25% Fixed-rate notes due January 30, 2035              
Derivative [Line Items]              
Issuance of long-term debt   $ 750.0          
5.241% Fixed-rate notes due January 30, 2030              
Derivative [Line Items]              
Issuance of long-term debt   750.0          
5.241% Fixed-rate notes due January 30, 2030 | Interest Rate Swap              
Derivative [Line Items]              
Pay-floating swaps - notional amount   750.0   750.0      
Issuance of long-term debt   750.0          
Fixed rate notes due November 18, 2025 | Interest Rate Swap              
Derivative [Line Items]              
Pay-floating swaps - notional amount   500.0   $ 500.0      
Issuance of long-term debt   500.0          
Commodity Contract              
Derivative [Line Items]              
Pay-floating swaps - notional amount     $ 143.5        
Average period of utilization     12 months        
Agricultural Related Derivative              
Derivative [Line Items]              
Pay-floating swaps - notional amount     $ 64.4        
Energy Related Derivative              
Derivative [Line Items]              
Pay-floating swaps - notional amount     $ 79.1        
Treasury Lock              
Derivative [Line Items]              
Settled amount   350.0          
Gain recognized into AOCI   $ 0.1          
v3.25.3
Debt - Schedule of Components of Notes Payable (Details) - USD ($)
$ in Millions
Nov. 23, 2025
May 25, 2025
Short-Term Debt [Line Items]    
Notes Payable $ 16.8 $ 677.0
Weighted- Average Interest Rate 6.00% 4.50%
U.S. commercial paper    
Short-Term Debt [Line Items]    
Notes Payable $ 0.0 $ 669.4
Weighted- Average Interest Rate 0.00% 4.50%
Financial institutions    
Short-Term Debt [Line Items]    
Notes Payable $ 16.8 $ 7.6
Weighted- Average Interest Rate 6.00% 5.80%
v3.25.3
Debt - Schedule of Fee-Paid Committed and Uncommitted Credit Lines (Details)
$ in Millions
Nov. 23, 2025
USD ($)
Line of Credit Facility [Line Items]  
Borrowing Capacity $ 3,471.8
Borrowed Amount 16.8
Committed credit facility expiring October 2029  
Line of Credit Facility [Line Items]  
Borrowing Capacity 2,700.0
Borrowed Amount 0.0
Uncommitted credit facilities and lines of credit  
Line of Credit Facility [Line Items]  
Borrowing Capacity 771.8
Borrowed Amount $ 16.8
v3.25.3
Debt - Narrative (Details)
€ in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Nov. 23, 2025
EUR (€)
May 25, 2025
USD ($)
May 25, 2025
EUR (€)
Feb. 23, 2025
USD ($)
Nov. 24, 2024
USD ($)
Nov. 24, 2024
EUR (€)
Nov. 23, 2025
USD ($)
Nov. 24, 2024
USD ($)
Debt Instrument [Line Items]                
Repayments of debt             $ 581.0 $ 0.0
Issuance of long-term debt             0.0 $ 1,500.0
Fair Value, Inputs, Level 2                
Debt Instrument [Line Items]                
Fair value and carrying value of long term debt             13,390.1  
Long-term debt, carrying value             $ 13,718.0  
Fixed-rate notes due November 15, 2025                
Debt Instrument [Line Items]                
Repayments of debt | € € 500.0              
Fixed interest rate percentage             0.125%  
Fixed-rate notes due April 17, 2032                
Debt Instrument [Line Items]                
Fixed interest rate percentage   3.60% 3.60%          
Issuance of long-term debt | €     € 750.0          
Fixed-rate notes due April 17, 2025                
Debt Instrument [Line Items]                
Repayments of debt   $ 800.0            
Fixed interest rate percentage   4.00% 4.00%          
5.241% Fixed-rate notes due November 18, 2025                
Debt Instrument [Line Items]                
Repayments of debt       $ 500.0        
Fixed interest rate percentage       5.241%        
5.241% Fixed-rate notes due January 30, 2030                
Debt Instrument [Line Items]                
Fixed interest rate percentage         4.875% 4.875%   4.875%
Issuance of long-term debt         $ 750.0      
5.25% Fixed-rate notes due January 30, 2035                
Debt Instrument [Line Items]                
Fixed interest rate percentage         5.25% 5.25%   5.25%
Issuance of long-term debt         $ 750.0      
Floating-rate notes due April 22, 2026                
Debt Instrument [Line Items]                
Issuance of long-term debt | €           € 250.0    
Floating-rate notes due November 8, 2024 - Repayment 1                
Debt Instrument [Line Items]                
Repayments of debt | €           250.0    
Floating-rate notes due October 22, 2026                
Debt Instrument [Line Items]                
Issuance of long-term debt | €           500.0    
Floating-rate notes due November 8, 2024 - Repayment 2                
Debt Instrument [Line Items]                
Repayments of debt | €           € 500.0    
Committed Credit Facilities                
Debt Instrument [Line Items]                
Minimum fixed charge coverage ratio             2.5  
v3.25.3
Noncontrolling Interest (Details) - General Mills Cereals LLC - Third Party Interest Holder - USD ($)
$ in Millions
 3 Months Ended
Jun. 01, 2024
May 25, 2025
Noncontrolling Interest [Line Items]    
Noncontrolling interest, decrease from redemptions or purchase of interests   $ 252.8
Basis points 2.61%  
v3.25.3
Stockholders' Equity - Schedule of Total Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Nov. 23, 2025
Nov. 24, 2024
Nov. 23, 2025
Nov. 24, 2024
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Net earnings, including earnings attributable to noncontrolling interests $ 414.3 $ 802.3 $ 1,618.3 $ 1,385.9
Net        
Net actuarial loss 0.0 0.0 (7.5) 0.0
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
Defined Benefit Pension Plans        
Net        
Curtailment loss 6.7 0.0 6.7 0.0
General Mills        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Net earnings, including earnings attributable to noncontrolling interests 413.0 795.7 1,617.2 1,375.6
Pretax        
Other comprehensive income (loss) 55.9 128.5 (34.0) 41.2
Tax        
Other comprehensive income (loss) (27.6) (75.8) 6.8 (45.3)
Net        
Other comprehensive income (loss), net of tax 28.3 52.7 (27.2) (4.1)
Total comprehensive income 441.3 848.4 1,590.0 1,371.5
Foreign currency translation        
Pretax        
Other comprehensive (loss) income 34.8 100.9 (69.3) 7.0
Net actuarial loss     (7.5) 0.0
Tax        
Other comprehensive (loss) income (21.9) (70.8) 17.0 (39.3)
Net actuarial loss     0.0 0.0
Net        
Other comprehensive (loss) income 12.9 30.1 (52.3) (32.3)
Net actuarial loss     (7.5) 0.0
Hedge derivatives        
Pretax        
Other comprehensive (loss) income 4.0 11.8 10.2 4.3
Reclassification to earnings (4.1) 1.2 (3.2) 0.8
Tax        
Other comprehensive (loss) income (0.9) (2.6) (2.1) (1.1)
Reclassification to earnings (0.6) 0.5 (0.7) 0.9
Net        
Other comprehensive (loss) income 3.1 9.2 8.1 3.2
Reclassification to earnings (4.7) 1.7 (3.9) 1.7
Amortization of losses and prior service costs        
Pretax        
Reclassification to earnings 21.2 14.6 35.8 29.1
Tax        
Reclassification to earnings (4.2) (2.9) (7.4) (5.8)
Net        
Reclassification to earnings 17.0 11.7 28.4 23.3
Noncontrolling Interests        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Net earnings, including earnings attributable to noncontrolling interests 1.3 6.6 1.1 10.3
Net        
Other comprehensive income (loss), net of tax (0.5) (1.3) 0.0 (0.8)
Total comprehensive income 0.8 5.3 1.1 9.5
Foreign currency translation        
Net        
Other comprehensive (loss) income (0.5) (1.3) 0.0 (0.8)
Net actuarial loss     0.0 0.0
Hedge derivatives        
Net        
Other comprehensive (loss) income 0.0 0.0 0.0 0.0
Reclassification to earnings 0.0 0.0 0.0 0.0
Amortization of losses and prior service costs        
Net        
Reclassification to earnings $ 0.0 $ 0.0 $ 0.0 $ 0.0
v3.25.3
Stockholders' Equity - Schedule of Accumulated Other Comprehensive Loss Balances, Net of Tax Effects (Details) - USD ($)
$ in Millions
Nov. 23, 2025
Aug. 24, 2025
May 25, 2025
Nov. 24, 2024
Aug. 25, 2024
May 26, 2024
Accumulated Other Comprehensive Income (Loss) [Line Items]            
Equity, including portion attributable to noncontrolling interest $ 9,328.8 $ 9,518.9 $ 9,211.2 $ 9,449.2 $ 9,526.6 $ 9,648.5
Accumulated other comprehensive loss            
Accumulated Other Comprehensive Income (Loss) [Line Items]            
Equity, including portion attributable to noncontrolling interest (2,572.2) $ (2,600.5) (2,545.0) $ (2,523.8) $ (2,576.5) $ (2,519.7)
Foreign currency translation adjustments            
Accumulated Other Comprehensive Income (Loss) [Line Items]            
Equity, including portion attributable to noncontrolling interest (929.0)   (876.7)      
Unrealized loss from hedge derivatives            
Accumulated Other Comprehensive Income (Loss) [Line Items]            
Equity, including portion attributable to noncontrolling interest (3.2)   (7.4)      
Net actuarial loss            
Accumulated Other Comprehensive Income (Loss) [Line Items]            
Equity, including portion attributable to noncontrolling interest (1,697.9)   (1,726.8)      
Prior service credits            
Accumulated Other Comprehensive Income (Loss) [Line Items]            
Equity, including portion attributable to noncontrolling interest $ 57.9   $ 65.9      
v3.25.3
Stock Plans - Schedule of Compensation Expense Related to Stock-Based Payments (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Nov. 23, 2025
Nov. 24, 2024
Nov. 23, 2025
Nov. 24, 2024
Share-Based Payment Arrangement [Abstract]        
Compensation expense related to stock-based payments $ 24.2 $ 26.3 $ 39.3 $ 46.6
(Shortfall) windfall tax benefits from stock-based payments $ (0.1) $ 2.0 $ (1.6) $ 4.8
v3.25.3
Stock Plans - Narrative (Details)
$ in Millions
 6 Months Ended
Nov. 23, 2025
USD ($)
Share-Based Payment Arrangement [Abstract]  
Unrecognized compensation expense related to non-vested stock options, restricted stock units, and performance share units $ 158.8
Unrecognized compensation expense on non-vested awards, weighted average period of recognition 26 months
v3.25.3
Stock Plans - Net Cash Proceeds and Intrinsic Value of Options Exercised (Details) - USD ($)
$ in Millions
 6 Months Ended
Nov. 23, 2025
Nov. 24, 2024
Share-Based Payment Arrangement [Abstract]    
Net cash proceeds $ 0.3 $ 33.8
Intrinsic value of options exercised $ 0.0 $ 10.0
v3.25.3
Stock Plans - Schedule of Estimated Fair Value of Stock Options Granted and Assumptions Used for Black-Scholes Option-Pricing Model (Details) - $ / shares
 6 Months Ended
Nov. 23, 2025
Nov. 24, 2024
Share-Based Payment Arrangement [Abstract]    
Estimated fair values of stock options granted (in usd per share) $ 9.45 $ 13.26
Assumptions:    
Risk-free interest rate 4.20% 4.50%
Expected term 8 years 8 years 6 months
Expected volatility 22.30% 21.60%
Dividend yield 4.70% 3.80%
v3.25.3
Stock Plans - Schedule of Grant Date Fair Value of Restricted Stock Unit Awards Activity (Details) - USD ($)
$ in Millions
 6 Months Ended
Nov. 23, 2025
Nov. 24, 2024
Share-Based Payment Arrangement [Abstract]    
Total grant date fair value $ 107.1 $ 97.0
v3.25.3
Earnings Per Share - Schedule of Basic and Diluted EPS (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Nov. 23, 2025
Nov. 24, 2024
Nov. 23, 2025
Nov. 24, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Net earnings attributable to General Mills $ 413.0 $ 795.7 $ 1,617.2 $ 1,375.6
Average number of common shares – basic EPS (in shares) 536.4 556.9 538.8 558.7
Average number of common shares - diluted EPS (in shares) 537.3 560.4 540.0 562.2
Earnings per share – basic (usd per share) $ 0.78 $ 1.43 $ 3.00 $ 2.46
Earnings per share – diluted (usd per share) $ 0.78 $ 1.42 $ 3.00 $ 2.45
Stock options        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Incremental share effect (in shares) 0.1 1.9 0.2 1.7
Restricted stock units and performance share units        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Incremental share effect (in shares) 0.8 1.6 1.0 1.8
v3.25.3
Earnings Per Share - Schedule of Stock Options and Restricted Units Not Dilutive (Details) - shares
shares in Millions
 3 Months Ended 6 Months Ended
Nov. 23, 2025
Nov. 24, 2024
Nov. 23, 2025
Nov. 24, 2024
Earnings Per Share [Abstract]        
Anti-dilutive stock options, restricted stock units, and performance share units (in shares) 12.5 3.1 11.6 3.2
v3.25.3
Share Repurchases - Schedule of Share Repurchases (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jul. 01, 2025
Nov. 23, 2025
Aug. 24, 2025
Nov. 24, 2024
Nov. 23, 2025
Nov. 24, 2024
Equity [Abstract]            
Shares of common stock (in shares) 7,500,000 1,300,000 1,200,000 4,200,000 10,000,000.0 8,700,000
Shares purchased   $ 50.5   $ 303.0 $ 504.5 $ 605.2
v3.25.3
Share Repurchases - Narrative (Details)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended
Jul. 01, 2025
shares
Nov. 23, 2025
shares
Aug. 24, 2025
USD ($)
shares
Nov. 24, 2024
shares
Nov. 23, 2025
$ / shares
shares
Nov. 24, 2024
shares
Equity, Class of Treasury Stock [Line Items]            
Accelerated share repurchases agreement value     $ 500.0      
Accelerated share repurchases, settlement (payment) or receipt     $ 500.0      
Shares of common stock (in shares) | shares 7,500,000 1,300,000 1,200,000 4,200,000 10,000,000.0 8,700,000
Accelerated share repurchases, initial shares repurchased (as a percent)     0.80      
Fair Value Of Initial Shares Delivered     $ 400.0      
Accelerated share repurchases (in usd per share) | $ / shares         $ 49.92  
Shares purchased, excluding excise tax     450.0      
Additional Paid-in Capital            
Equity, Class of Treasury Stock [Line Items]            
Shares purchased, excluding excise tax     (50.0)      
Common Stock in Treasury            
Equity, Class of Treasury Stock [Line Items]            
Shares of common stock (in shares) | shares   1,300,000   4,200,000 10,000,000.0 8,700,000
Shares purchased, excluding excise tax     $ 50.0      
v3.25.3
Statements of Cash Flows (Details) - USD ($)
$ in Millions
 6 Months Ended
Nov. 23, 2025
Nov. 24, 2024
Supplemental Cash Flow Information [Abstract]    
Net cash interest payments $ 268.8 $ 139.6
Net income tax payments $ 231.7 $ 252.1
v3.25.3
Retirement and Postemployment Benefits - Components of Net Periodic Benefit Expense (Income) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Nov. 23, 2025
Nov. 24, 2024
Nov. 23, 2025
Nov. 24, 2024
Defined Benefit Pension Plans        
Defined Benefit Plan Disclosure [Line Items]        
Service cost $ 10.4 $ 12.9 $ 20.9 $ 25.9
Interest cost 72.8 76.7 145.7 153.4
Expected return on plan assets (101.3) (105.0) (202.6) (210.0)
Amortization of losses (gains) 26.2 24.9 52.5 50.0
Amortization of prior service costs (credits) 0.3 0.4 0.6 0.7
Other adjustments 0.0 0.0 0.0 0.0
Curtailment loss (gain) 6.7 0.0 6.7 0.0
Net expense (income) 15.1 9.9 23.8 20.0
Other Postretirement Benefit Plans        
Defined Benefit Plan Disclosure [Line Items]        
Service cost 0.6 1.1 1.2 2.2
Interest cost 4.2 5.3 8.4 10.6
Expected return on plan assets (8.4) (8.9) (16.8) (17.9)
Amortization of losses (gains) (6.5) (5.1) (13.0) (10.3)
Amortization of prior service costs (credits) (5.3) (5.6) (10.6) (11.1)
Other adjustments 0.0 0.0 0.0 0.0
Curtailment loss (gain) (0.5) 0.0 (0.5) 0.0
Net expense (income) (15.9) (13.2) (31.3) (26.5)
Postemployment Benefit Plans        
Defined Benefit Plan Disclosure [Line Items]        
Service cost 1.7 1.7 3.4 3.5
Interest cost 0.9 1.0 1.8 2.0
Expected return on plan assets 0.0 0.0 0.0 0.0
Amortization of losses (gains) 0.0 0.2 0.1 0.3
Amortization of prior service costs (credits) (0.2) (0.2) (0.5) (0.5)
Other adjustments 2.1 2.5 4.1 5.1
Curtailment loss (gain) 0.0 0.0 0.0 0.0
Net expense (income) $ 4.5 $ 5.2 $ 8.9 $ 10.4
v3.25.3
Business Segment and Geographic Information - Narrative (Details)
 6 Months Ended
Nov. 23, 2025
Segment Reporting [Abstract]  
Number of reportable segments not disclosed flag operating segments
v3.25.3
Business Segment and Geographic Information - Schedule of Operating Segment Results (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Nov. 23, 2025
Nov. 24, 2024
Nov. 23, 2025
Nov. 24, 2024
Segment Reporting Information [Line Items]        
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
Operating profit 728.0 1,077.9 2,453.8 1,909.4
Divestitures gain 0.0 0.0 1,054.4 0.0
Restructuring, transformation, impairment, and other exit costs 122.1 1.2 138.4 3.4
Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 4,854.4 5,237.9 9,366.8 10,083.8
Operating profit 938.6 1,143.9 1,752.0 2,101.4
Corporate and Joint Ventures        
Segment Reporting Information [Line Items]        
Net sales 6.4 2.2 11.5 4.4
Operating profit 88.5 64.8 214.2 188.6
North America Retail | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 2,883.3 3,321.5 5,508.8 6,338.1
Cost of sales 1,794.7 2,023.9 3,459.2 3,860.3
Selling, general, and administrative expenses 406.3 435.3 803.1 869.8
Operating profit 682.3 862.3 1,246.5 1,608.0
North America Retail | Operating Segments | U.S. Meals & Baking Solutions        
Segment Reporting Information [Line Items]        
Net sales 1,312.8 1,327.9 2,234.2 2,274.2
North America Retail | Operating Segments | Big G Cereal & Canada        
Segment Reporting Information [Line Items]        
Net sales 779.5 1,150.5 1,646.4 2,310.3
North America Retail | Operating Segments | U.S. Snacks        
Segment Reporting Information [Line Items]        
Net sales 791.0 843.1 1,628.2 1,753.6
International | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 728.9 690.6 1,489.1 1,407.6
Cost of sales 541.3 520.5 1,080.1 1,068.8
Selling, general, and administrative expenses 159.2 146.3 314.9 294.1
Operating profit 28.4 23.8 94.1 44.7
North America Pet | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 660.4 595.8 1,270.4 1,171.9
Cost of sales 394.2 341.6 762.8 679.7
Selling, general, and administrative expenses 143.1 114.9 271.6 233.5
Operating profit 123.1 139.3 236.0 258.7
North America Foodservice | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 581.8 630.0 1,098.5 1,166.2
Cost of sales 433.5 466.6 835.8 887.7
Selling, general, and administrative expenses 43.5 44.9 87.3 88.5
Operating profit $ 104.8 $ 118.5 $ 175.4 $ 190.0
v3.25.3
Business Segment and Geographic Information - Schedule of Net Sales by Class of Similar Products (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Nov. 23, 2025
Nov. 24, 2024
Nov. 23, 2025
Nov. 24, 2024
Segment Reporting Information [Line Items]        
Net sales $ 4,860.8 $ 5,240.1 $ 9,378.3 $ 10,088.2
Snacks        
Segment Reporting Information [Line Items]        
Net sales 1,017.9 1,055.0 2,067.6 2,161.8
Cereal        
Segment Reporting Information [Line Items]        
Net sales 791.2 829.5 1,558.4 1,622.6
Convenient meals        
Segment Reporting Information [Line Items]        
Net sales 827.0 795.1 1,477.8 1,474.0
Pet        
Segment Reporting Information [Line Items]        
Net sales 698.7 623.8 1,341.7 1,228.4
Dough        
Segment Reporting Information [Line Items]        
Net sales 720.9 722.6 1,236.0 1,240.4
Baking mixes and ingredients        
Segment Reporting Information [Line Items]        
Net sales 556.0 577.2 1,004.0 1,034.3
Super-premium ice cream        
Segment Reporting Information [Line Items]        
Net sales 175.8 163.6 397.2 376.5
Yogurt        
Segment Reporting Information [Line Items]        
Net sales 0.0 377.8 102.0 749.7
Other        
Segment Reporting Information [Line Items]        
Net sales $ 73.3 $ 95.5 $ 193.6 $ 200.5