GENERAL MILLS INC, 10-Q filed on 9/17/2025
Quarterly Report
v3.25.2
Cover Page - shares
3 Months Ended
Aug. 24, 2025
Sep. 10, 2025
May 25, 2025
Cover [Abstract]      
Document Type 10-Q    
Document Quarterly Report true    
Amendment Flag false    
Entity Central Index Key 0000040704    
Document Period End Date Aug. 24, 2025    
Document Transition Report false    
Document Fiscal Period Focus Q1    
Document Fiscal Year Focus 2026    
Current Fiscal Year End Date --05-31    
Entity File Number 001-01185    
Entity Registrant Name GENERAL MILLS, INC.    
Entity Incorporation State Country Code DE    
Entity Tax Identification Number 41-0274440    
Entity Address Address Line 1 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   533,416,422  
Shares held in the treasury 219,900,000 221,196,906 212,200,000
Common Stock, $.10 par value [Member]      
Entity Listings [Line Items]      
Security 12b Title Common Stock, $.10 par value    
Trading Symbol GIS    
Security Exchange Name NYSE    
0.125% Notes due 2025 [Member]      
Entity Listings [Line Items]      
Security 12b Title 0.125% Notes due 2025    
Trading Symbol GIS 25A    
Security Exchange Name NYSE    
0.450% Notes due 2026 [Member]      
Entity Listings [Line Items]      
Security 12b Title 0.450% Notes due 2026    
Trading Symbol GIS 26    
Security Exchange Name NYSE    
1.500% Notes due 2027 [Member]      
Entity Listings [Line Items]      
Security 12b Title 1.500% Notes due 2027    
Trading Symbol GIS 27    
Security Exchange Name NYSE    
3.907% Notes due 2029 [Member]      
Entity Listings [Line Items]      
Security 12b Title 3.907% Notes due 2029    
Trading Symbol GIS 29    
Security Exchange Name NYSE    
3.650% Notes due 2030 [Member]      
Entity Listings [Line Items]      
Security 12b Title 3.650% Notes due 2030    
Trading Symbol GIS 30A    
Security Exchange Name NYSE    
3.600% Notes due 2032 [Member]      
Entity Listings [Line Items]      
Security 12b Title 3.600% Notes due 2032    
Trading Symbol GIS 32    
Security Exchange Name NYSE    
3.850% Notes due 2034 [Member]      
Entity Listings [Line Items]      
Security 12b Title 3.850% Notes due 2034    
Trading Symbol GIS 34    
Security Exchange Name NYSE    
v3.25.2
Consolidated Statements of Earnings - USD ($)
$ in Millions
3 Months Ended
Aug. 24, 2025
Aug. 25, 2024
Consolidated Statements of Earnings [Abstract]    
Net sales $ 4,517.5 $ 4,848.1
Cost of sales 2,984.7 3,159.3
Selling, general, and administrative expenses 845.1 855.1
Divestitures gain (1,054.4) 0.0
Restructuring, transformation, impairment, and other exit costs 16.3 2.2
Operating profit 1,725.8 831.5
Benefit plan non-service income (15.1) (13.9)
Interest, net 132.8 123.6
Earnings before income taxes and after-tax earnings from joint ventures 1,608.1 721.8
Income taxes 410.9 157.4
After-tax earnings from joint ventures 6.8 19.2
Net earnings, including (loss) earnings attributable to noncontrolling interests 1,204.0 583.6
Net (loss) earnings attributable to noncontrolling interests (0.2) 3.7
Net earnings attributable to General Mills $ 1,204.2 $ 579.9
Earnings per share - basic $ 2.22 $ 1.03
Earnings per share - diluted $ 2.22 $ 1.03
v3.25.2
Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
3 Months Ended
Aug. 24, 2025
Aug. 25, 2024
Consolidated Statements of Comprehensive Income [Abstract]    
Net earnings, including (loss) earnings attributable to noncontrolling interests $ 1,204.0 $ 583.6
Other comprehensive (loss) income, net of tax:    
Foreign currency translation (64.7) (61.9)
Net actuarial loss (7.5) 0.0
Other fair value changes:    
Hedge derivatives 5.0 (6.0)
Reclassification to earnings:    
Hedge derivatives 0.8 0.0
Amortization of losses and prior service costs 11.4 11.6
Other comprehensive loss, net of tax (55.0) (56.3)
Total comprehensive income 1,149.0 527.3
Comprehensive income attributable to noncontrolling interests 0.3 4.2
Comprehensive income attributable to General Mills $ 1,148.7 $ 523.1
v3.25.2
Consolidated Balance Sheets - USD ($)
$ in Millions
Aug. 24, 2025
May 25, 2025
Current assets:    
Cash and cash equivalents $ 952.9 $ 363.9
Receivables 1,804.3 1,795.9
Inventories 2,051.5 1,910.8
Prepaid expenses and other current assets 431.1 464.7
Assets held for sale 0.0 740.4
Total current assets 5,239.8 5,275.7
Land, buildings, and equipment 3,583.2 3,632.6
Goodwill 15,660.2 15,622.4
Other intangible assets 7,087.3 7,081.4
Other assets 1,445.1 1,459.0
Total assets 33,015.6 33,071.1
Current liabilities:    
Accounts payable 3,740.0 4,009.5
Current portion of long-term debt 2,166.5 1,528.4
Notes payable 22.1 677.0
Other current liabilities 2,031.0 1,624.0
Liabilities held for sale 0.0 18.4
Total current liabilities 7,959.6 7,857.3
Long-term debt 12,218.4 12,673.2
Deferred income taxes 2,056.9 2,100.8
Other liabilities 1,261.8 1,228.6
Total liabilities 23,496.7 23,859.9
Stockholders' equity:    
Common stock, 754.6 shares issued, $0.10 par value 75.5 75.5
Additional paid-in capital 1,107.1 1,218.8
Retained earnings 22,791.1 21,917.8
Common stock in treasury, at cost, shares of 219.9 and 212.2 (11,866.6) (11,467.9)
Accumulated other comprehensive loss (2,600.5) (2,545.0)
Total stockholders' equity 9,506.6 9,199.2
Noncontrolling interests 12.3 12.0
Total equity 9,518.9 9,211.2
Total liabilities and equity $ 33,015.6 $ 33,071.1
v3.25.2
Consolidated Balance Sheets (Parenthetical) - $ / shares
Sep. 10, 2025
Aug. 24, 2025
May 25, 2025
Aug. 25, 2024
Stockholders' equity:        
Common stock, shares issued   754,600,000 754,600,000  
Common stock, par value per share   $ 0.10 $ 0.10 $ 0.10
Shares held in the treasury 221,196,906 219,900,000 212,200,000  
v3.25.2
Consolidated Statements of Total Equity - USD ($)
shares in Millions, $ in Millions
Total
Parent [Member]
Common Stock [Member]
Additional Paid-In Capital [Member]
Retained Earnings [Member]
Common Stock in Treasury [Member]
Accumulated Other Comprehensive Loss [Member]
Noncontrolling Interests [Member]
Beginning Balance, Treasury Stock, Shares at May. 26, 2024           (195.5)    
Stockholders' Equity, Number of Shares                
Shares purchased, including excise tax, shares (4.5)         (4.5)    
Stock compensation plans           1.2    
Ending Balance, Treasury Stock, Shares at Aug. 25, 2024           (198.8)    
Ending Balance, Common Stock, Shares, Issued at Aug. 25, 2024     754.6          
Beginning Balance, equity at May. 26, 2024 $ 9,648.5     $ 1,227.0 $ 20,971.8 $ (10,357.9) $ (2,519.7) $ 251.8
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract]                
Shares purchased, including excise tax, value (302.2)         (302.2)    
Stock compensation plans       (5.2)   58.2    
Unearned compensation related to stock unit awards       (77.1)        
Earned compensation       19.9        
Shares purchased       0.0        
Comprehensive income (loss)             (56.8) 4.2
Net earnings attributable to General Mills 579.9 $ 579.9     579.9      
Distributions to noncontrolling interest holders               (5.0)
Cash dividends declared         (337.8)      
Ending Balance, equity at Aug. 25, 2024 $ 9,526.6   $ 75.5 1,164.6 21,213.9 $ (10,601.9) (2,576.5) 251.0
Beginning Balance, Common Stock, Shares, Issued at May. 25, 2025 754.6              
Beginning Balance, Treasury Stock, Shares at May. 25, 2025 (212.2)         (212.2)    
Stockholders' Equity, Number of Shares                
Shares purchased, including excise tax, shares (8.7)         (8.7)    
Stock compensation plans           1.0    
Ending Balance, Treasury Stock, Shares at Aug. 24, 2025 (219.9)         (219.9)    
Ending Balance, Common Stock, Shares, Issued at Aug. 24, 2025 754.6   754.6          
Beginning Balance, equity at May. 25, 2025 $ 9,211.2     1,218.8 21,917.8 $ (11,467.9) (2,545.0) 12.0
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract]                
Shares purchased, including excise tax, value (454.0)         (454.0)    
Stock compensation plans       (11.0)   55.3    
Unearned compensation related to stock unit awards       (65.5)        
Earned compensation       14.8        
Shares purchased       (50.0)        
Comprehensive income (loss)             (55.5) 0.3
Net earnings attributable to General Mills 1,204.2 $ 1,204.2     1,204.2      
Distributions to noncontrolling interest holders               0.0
Cash dividends declared         (330.9)      
Ending Balance, equity at Aug. 24, 2025 $ 9,518.9   $ 75.5 $ 1,107.1 $ 22,791.1 $ (11,866.6) $ (2,600.5) $ 12.3
v3.25.2
Consolidated Statements of Total Equity (Parenthetical) - USD ($)
$ in Millions
3 Months Ended
Aug. 24, 2025
Aug. 25, 2024
Consolidated Statements of Total Equity [Abstract]    
Common stock, par value per share $ 0.10 $ 0.10
Common stock, shares authorized 1,000,000,000 1,000,000,000
Shares purchased, excise tax $ 4.0 $ 2.2
Cash dividends declared per share $ 0.61 $ 0.60
v3.25.2
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Aug. 24, 2025
Aug. 25, 2024
Cash Flows - Operating Activities    
Net earnings, including (loss) earnings attributable to noncontrolling interests $ 1,204.0 $ 583.6
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Depreciation and amortization 138.7 139.6
After-tax earnings from joint ventures (6.8) (19.2)
Distributions of earnings from joint ventures 26.9 23.1
Stock-based compensation 15.1 20.3
Deferred income taxes 10.0 16.2
Pension and other postretirement benefit plan contributions (5.2) (7.5)
Pension and other postretirement benefit plan costs (6.7) (3.2)
Divestitures gain (1,054.4) 0.0
Restructuring, transformation, impairment, and other exit costs (2.7) 0.2
Changes in current assets and liabilities, excluding the effects of acquisitions and divestitures 58.8 (107.6)
Other, net 19.3 (21.3)
Net cash provided by operating activities 397.0 624.2
Cash Flows - Investing Activities    
Purchases of land, buildings, and equipment (109.5) (140.3)
Acquisition, net of cash acquired 0.0 (7.7)
Proceeds from divestitures 1,803.4 0.0
Proceeds from disposal of land, buildings, and equipment 2.8 0.6
Other, net (1.9) (0.6)
Net cash provided by (used by) investing activities 1,694.8 (148.0)
Cash Flows - Financing Activities    
Change in notes payable (654.8) 238.0
Proceeds from common stock issued on exercised options 0.2 9.4
Purchases of common stock for treasury (500.0) (300.0)
Dividends paid (330.9) (337.8)
Distributions to noncontrolling interest holders 0.0 (5.0)
Other, net (21.7) (34.0)
Net cash used by financing activities (1,507.2) (429.4)
Effect of exchange rate changes on cash and cash equivalents 4.4 3.3
Increase in cash and cash equivalents 589.0 50.1
Cash and cash equivalents - beginning of year 363.9 418.0
Cash and cash equivalents - end of period 952.9 468.1
Cash Flows from changes in current assets and liabilities, excluding the effects of acquisitions and divestitures:    
Receivables 0.9 (145.6)
Inventories (135.2) (95.7)
Prepaid expenses and other current assets 36.6 59.7
Accounts payable (252.5) (76.4)
Other current liabilities 409.0 150.4
Changes in current assets and liabilities $ 58.8 $ (107.6)
v3.25.2
Background
3 Months Ended
Aug. 24, 2025
Background [Abstract]  
Background
 
(1) Background
The accompanying
 
Consolidated Financial
 
Statements of
 
General Mills,
 
Inc. (we,
 
us, our,
 
General Mills,
 
or the Company)
 
have been
prepared in
 
accordance with
 
accounting principles
 
generally accepted
 
in the
 
United States
 
(GAAP) for
 
interim financial
 
information
and with
 
the rules
 
and regulations
 
for reporting
 
on Form
 
10-Q. Accordingly,
 
they do
 
not include
 
certain information
 
and disclosures
required
 
for
 
comprehensive
 
financial
 
statements.
 
In
 
the
 
opinion
 
of
 
management,
 
all
 
adjustments
 
considered
 
necessary
 
for
 
a
 
fair
presentation
 
have
 
been
 
included
 
and
 
are
 
of
 
a
 
normal
 
recurring
 
nature,
 
including
 
the
 
elimination
 
of
 
all
 
intercompany
 
transactions.
Operating results for the fiscal quarter ended August
 
24, 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.
v3.25.2
Acquisition And Divestitures
3 Months Ended
Aug. 24, 2025
Acquisitions And Divestitures [Abstract]  
Acquisitions And Divestitures
 
(2) 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.
v3.25.2
Restructuring, Transformation, Impairment, And Other Exit Costs
3 Months Ended
Aug. 24, 2025
Restructuring, Transformation, Impairment, And Other Exit Costs [Abstract]  
Restructuring, Transformation, Impairment, And Other Exit Costs
 
(3) Restructuring, Transformation, Impairment,
 
and Other Exit Costs
In the first quarter
 
of fiscal 2026, we
 
did not undertake
 
any new restructuring
 
or transformation actions.
 
We
 
recorded $
18.3
 
million of
restructuring and transformation
 
charges in the
 
first quarter of fiscal
 
2026 and $
2.9
 
million of restructuring
 
charges in the
 
first quarter
of fiscal 2025 related to actions previously announced. We
 
expect these actions to be completed by the end of fiscal 2028.
We
 
paid net
 
$
21.0
 
million of
 
cash in
 
the first
 
quarter of
 
fiscal 2026,
 
related to
 
restructuring and
 
transformation actions.
 
We
 
paid net
$
2.7
 
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
In Millions
Aug. 24, 2025
Aug. 25, 2024
Restructuring, transformation, impairment, and other exit costs
$
16.3
$
2.2
Cost of sales
2.0
0.7
Total restructuring,
 
transformation, and impairment charges
$
18.3
$
2.9
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In Millions
Total
Reserve balance as of May 25, 2025
$
77.1
Fiscal 2026 charges, including foreign currency translation
0.6
Utilized in fiscal 2026
(8.4)
Reserve balance as of Aug. 24, 2025
$
69.3
The roll forward of our restructuring, transformation, and other
 
exit cost reserves, included in other current liabilities, is as follows:
The restructuring,
 
transformation, and
 
other exit
 
cost reserves
 
balance as
 
of August
 
24, 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
 
impairment
 
charges,
 
the
 
gain
 
or
 
loss
 
on
 
the
 
sale
 
of
 
restructured
 
assets,
 
and
 
the
 
write-off
 
of
spare parts)
 
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.
v3.25.2
Goodwill And Other Intangible Assets
3 Months Ended
Aug. 24, 2025
Goodwill And Other Intangible Assets [Abstract]  
Goodwill And Other Intangible Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In Millions
Aug. 24, 2025
May 25, 2025
Goodwill
$
15,660.2
$
15,622.4
Other intangible assets:
Intangible assets not subject to amortization:
Brands and other indefinite-lived intangibles
6,827.2
6,816.7
Intangible assets subject to amortization:
Customer relationships and other finite-lived intangibles
421.9
420.9
Less accumulated amortization
(161.8)
(156.2)
Intangible assets subject to amortization, net
260.1
264.7
Other intangible assets
7,087.3
7,081.4
Total
$
22,747.5
$
22,703.8
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
Other activity, primarily
 
 
foreign currency translation
(0.7)
-
(0.1)
25.6
13.0
37.8
Balance as of Aug. 24, 2025
$
6,322.8
$
7,149.5
$
755.4
$
977.3
$
455.2
$
15,660.2
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In Millions
Total
Balance as of May 25, 2025
$
7,081.4
Other activity, primarily
 
foreign currency translation and amortization
5.9
Balance as of Aug. 24, 2025
$
7,087.3
 
(4) Goodwill and Other Intangible Assets
The components of goodwill and other intangible assets are as follows:
Based on
 
the carrying
 
value of
 
finite-lived intangible
 
assets as
 
of August
 
24, 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 first quarter of fiscal 2026
 
were as follows:
The changes in the carrying amount of other intangible assets during the first quarter
 
of fiscal 2026 were as follows:
Our
 
annual
 
goodwill
 
and
 
indefinite-lived
 
intangible
 
assets
 
impairment
 
test
 
was
 
performed
 
on
 
the
 
first
 
day
 
of
 
the
 
second
 
quarter
 
of
fiscal
 
2025,
 
and
 
we
 
determined
 
there
 
was
no
 
impairment
 
of
 
our
 
intangible
 
assets
 
as
 
their
 
related
 
fair
 
values
 
were
 
substantially
 
in
excess of the
 
carrying values,
 
except for
 
the
Uncle Toby’s
 
brand intangible
 
asset. In addition,
 
while having
 
significant coverage
 
as of
our
 
fiscal
 
2025
 
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.
 
 
(a)
The carrying amounts of goodwill within the International segment as of
 
May 25, 2025, and August 24, 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.
v3.25.2
Inventories
3 Months Ended
Aug. 24, 2025
Inventories [Abstract]  
Inventories
 
(5) Inventories
The components of inventories were as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In Millions
Aug. 24, 2025
May 25, 2025
Finished goods
$
2,068.0
$
1,883.9
Raw materials and packaging
496.0
460.0
Grain
77.8
112.5
Excess of FIFO over LIFO cost
(590.3)
(545.6)
Total
$
2,051.5
$
1,910.8
v3.25.2
Risk Management Activities
3 Months Ended
Aug. 24, 2025
Risk Management Activities [Abstract]  
Risk Management Activities
 
(6) 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 ended August 24, 2025, and
 
August 25, 2024, included:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
In Millions
Aug. 24, 2025
Aug. 25, 2024
Net loss on mark-to-market valuation of certain
 
 
commodity positions
$
(0.5)
$
(37.7)
Net (gain) loss on commodity positions reclassified from
 
 
unallocated corporate items to segment operating profit
(1.4)
17.2
Net mark-to-market revaluation of certain grain inventories
(6.6)
(8.3)
Net mark-to-market valuation of certain commodity
 
 
positions recognized in unallocated corporate items
$
(8.5)
$
(28.8)
 
As
 
of
 
August
 
24,
 
2025,
 
the
 
net
 
notional
 
value
 
of
 
commodity
 
derivatives
 
was
 
$
139.2
 
million,
 
of
 
which
 
$
70.3
 
million
 
related
 
to
agricultural inputs and
 
$
68.9
 
million related to
 
energy 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
 
August 24,
 
2025, we
 
hedged a
 
portion of
these investments with €
4,743.7
 
million of euro-denominated bonds.
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
 
August 24, 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 August
 
24, 2025,
 
$
1,332.2
 
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.
v3.25.2
Debt
3 Months Ended
Aug. 24, 2025
Debt [Abstract]  
Debt
 
(7) Debt
The components of notes payable and their respective weighted-average
 
interest rates were as follows:
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 August 24, 2025:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In Millions
Borrowing
Capacity
Borrowed
Amount
Committed credit facility expiring October 2029
$
2,700.0
$
-
Uncommitted credit facilities and lines of credit
774.8
22.1
Total
$
3,474.8
$
22.1
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 August 24, 2025.
Long-Term
 
Debt
 
The
 
fair
 
values
 
and
 
carrying
 
amounts
 
of
 
long-term
 
debt,
 
including
 
the
 
current
 
portion,
 
were
 
$
13,991.3
 
and
 
$
14,384.9
 
million,
respectively,
 
as
 
of
 
August
 
24,
 
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
 
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 August 24, 2025, we were in compliance with all of
these covenants.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Aug. 24, 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
22.1
6.0
7.6
5.8
Total
$
22.1
6.0
%
$
677.0
4.5
%
v3.25.2
Noncontrolling Interests
3 Months Ended
Aug. 24, 2025
Noncontrolling Interests [Abstract]  
Noncontrolling Interests
 
(8) Noncontrolling Interests
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.
v3.25.2
Stockholders' Equity
3 Months Ended
Aug. 24, 2025
Stockholders' Equity [Abstract]  
Stockholders' Equity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
Quarter Ended
Aug. 24, 2025
Aug. 25, 2024
General Mills
Noncontrolling
Interests
 
General Mills
Noncontrolling
Interests
In Millions
Pretax
Tax
Net
Net
Pretax
Tax
Net
Net
Net earnings, including (loss) earnings
 
 
attributable to noncontrolling interests
 
$
1,204.2
$
(0.2)
$
579.9
$
3.7
Other comprehensive (loss) income:
Foreign currency translation
$
(104.1)
$
38.9
(65.2)
0.5
$
(93.9)
$
31.5
(62.4)
0.5
Net actuarial loss
(7.5)
-
(7.5)
-
-
-
-
-
Other fair value changes:
Hedge derivatives
6.2
(1.2)
5.0
-
(7.5)
1.5
(6.0)
-
Reclassification to earnings:
Hedge derivatives (a)
0.9
(0.1)
0.8
-
(0.4)
0.4
-
-
Amortization of losses and
 
prior service costs (b)
14.6
(3.2)
11.4
-
14.5
(2.9)
11.6
-
Other comprehensive (loss) income
$
(89.9)
$
34.4
(55.5)
0.5
$
(87.3)
$
30.5
(56.8)
0.5
Total comprehensive income
$
1,148.7
$
0.3
$
523.1
$
4.2
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In Millions
Aug. 24, 2025
May 25, 2025
Foreign currency translation adjustments
$
(941.9)
$
(876.7)
Unrealized loss from hedge derivatives
(1.6)
(7.4)
Pension, other postretirement, and postemployment benefits:
Net actuarial loss
(1,718.9)
(1,726.8)
Prior service credits
61.9
65.9
Accumulated other comprehensive loss
$
(2,600.5)
$
(2,545.0)
 
(9) Stockholders’ Equity
The following tables provide details of total comprehensive income:
(a)
 
Loss (gain)
 
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.
Accumulated other comprehensive loss balances, net of tax effects,
 
were as follows:
v3.25.2
Stock Plans
3 Months Ended
Aug. 24, 2025
Stock Plans [Abstract]  
Stock Plans
 
(10) Stock Plans
We
have various
 
stock-based compensation
 
programs under
 
which awards,
 
including stock
 
options, restricted
 
stock, restricted
 
stock
units, and performance
 
awards, may be granted
 
to employees and non-employee
 
directors. These programs
 
and related accounting
 
are
described in Note
 
12 to the
 
Consolidated Financial
 
Statements included
 
in our Annual
 
Report on Form
 
10-K for the
 
fiscal year ended
May 25, 2025.
Compensation expense related to stock-based payments recognized
 
in the Consolidated Statements of Earnings was as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
In Millions
Aug. 24, 2025
Aug. 25, 2024
Compensation expense related to stock-based payments
$
15.1
$
20.3
(Shortfall) windfall
 
tax impacts
 
of stock-based
 
payments in
 
income tax
 
expense in
 
our Consolidated
 
Statements of
 
Earnings were
 
as
follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
In Millions
Aug. 24, 2025
Aug. 25, 2024
(Shortfall) windfall tax impacts of stock-based payments
$
(1.5)
$
2.8
As
 
of
 
August
 
24,
 
2025,
 
unrecognized
 
compensation
 
expense
 
related
 
to
 
non-vested
 
stock
 
options,
 
restricted
 
stock
 
units,
 
and
performance share units was $
181.6
 
million. This expense will be recognized over
28
 
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:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
In Millions
Aug. 24, 2025
Aug. 25, 2024
Net cash proceeds
$
0.2
$
9.4
Intrinsic value of options exercised
$
-
$
1.9
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:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
Aug. 24, 2025
Aug. 25, 2024
Estimated fair values of stock options granted
 
$
9.45
$
13.20
Assumptions:
Risk-free interest rate
4.2
%
4.5
%
Expected term
8.0
years
8.5
years
Expected volatility
22.3
%
21.6
%
Dividend yield
4.7
%
3.8
%
The total grant date fair value of restricted stock unit awards that vested during
 
the period was as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
In Millions
Aug. 24, 2025
Aug. 25, 2024
Total grant date fair
 
value
$
98.6
$
90.8
v3.25.2
Earnings Per Share
3 Months Ended
Aug. 24, 2025
Earnings Per Share [Abstract]  
Earnings Per Share
 
(11) Earnings Per Share
Basic and diluted earnings per share (EPS) were calculated using the following:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
In Millions, Except per Share Data
Aug. 24, 2025
Aug. 25, 2024
Net earnings attributable to General Mills
$
1,204.2
$
579.9
Average number
 
of common shares – basic EPS
541.3
560.5
Incremental share effect from: (a)
Stock options
0.2
1.5
Restricted stock units and performance share units
1.0
1.8
Average number
 
of common shares – diluted EPS
542.5
563.8
Earnings per share – basic
$
2.22
$
1.03
Earnings per share – diluted
$
2.22
$
1.03
(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
In Millions
Aug. 24, 2025
Aug. 25, 2024
Anti-dilutive stock options, restricted stock units, and
 
performance share units
 
11.6
4.4
v3.25.2
Share Repurchases
3 Months Ended
Aug. 24, 2025
Share Repurchases [Abstract]  
Share Repurchases
 
(12) Share Repurchases
Share repurchases were as follows:
In 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.
 
We
 
paid
 
an
 
aggregate
 
of
 
$
500.0
million and received
 
an initial delivery
 
of
7.5
 
million shares of
 
our common stock
 
based on the
 
closing price of our
 
common stock on
July
 
1,
 
2025.
 
The value
 
of the
 
initial
 
shares
 
delivered
 
under
 
the
 
ASR agreements
 
represented
80
 
percent
 
of
 
the
 
aggregate
 
purchase
price, with
 
a fair
 
value of
 
$
400.0
 
million. The
 
ASR agreements
 
were funded
 
with proceeds
 
from the
 
sale of
 
the United
 
States yogurt
business.
 
The
 
first
 
ASR
 
agreement
 
was
 
settled
 
on
 
August
 
4,
 
2025,
 
with
 
a
 
final
 
delivery
 
of
1.2
 
million
 
additional
 
shares.
 
The
 
final
 
average
purchase price for the first ASR agreement was $
50.41
 
per share, not including costs of execution or excise tax.
The
 
unsettled
 
balance
 
of
 
$
50.0
 
million
 
as
 
of
 
August
 
24,
 
2025,
 
related
 
to
 
the
 
second
 
ASR
 
agreement
 
is
 
included
 
as
 
a
 
reduction
 
to
additional
 
paid-in
 
capital
 
in
 
our
 
Consolidated
 
Balance
 
Sheets.
 
The
 
amount
 
was
 
settled
 
subsequent
 
to
 
the
 
end
 
of
 
the
 
first
 
quarter
 
of
fiscal 2026, with a final delivery of
1.3
 
million shares. The final average purchase price for the second
 
ASR agreement was $
49.45
 
per
share, not including costs
 
of execution or excise
 
tax. The total number
 
of shares ultimately purchased
 
and the price paid per
 
share was
determined upon
 
final settlement
 
based on
 
the daily
 
volume-weighted
 
average price
 
of our
 
common stock
 
over the
 
term of
 
the ASR
agreement, less a discount, and subject to customary adjustments pursuant
 
to the terms and conditions of the ASR agreement.
The delivery
 
of
8.7
 
million shares of
 
our common stock
 
during the first
 
quarter of fiscal
 
2026 under the
 
ASR agreements reduced
 
the
outstanding
 
shares used
 
to determine
 
our weighted
 
average shares
 
outstanding
 
for purposes
 
of calculating
 
basic and
 
diluted EPS
 
for
the first
 
quarter of
 
fiscal 2026.
 
We
 
have also
 
evaluated,
 
as of
 
August 24,
 
2025, the
 
second ASR
 
agreement for
 
the potential
 
dilutive
effects
 
of the
 
shares remaining
 
to be
 
received upon
 
settlement, and
 
determined
 
that the
 
additional shares
 
would be
 
anti-dilutive
 
and
therefore were not included in our diluted EPS calculation for the first
 
quarter of fiscal 2026.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
In Millions
Aug. 24, 2025
Aug. 25, 2024
Shares of common stock
8.7
4.5
Aggregate purchase price
$
454.0
$
302.2
v3.25.2
Statements Of Cash Flows
3 Months Ended
Aug. 24, 2025
Statements Of Cash Flows [Abstract]  
Statements Of Cash Flows
 
(13) Statements of Cash Flows
Our Consolidated Statements of Cash Flows include the following:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
In Millions
Aug. 24, 2025
Aug. 25, 2024
Net cash interest payments
$
125.9
$
83.7
Net income tax payments
$
24.8
$
18.7
v3.25.2
Retirement And Postemployment Benefits
3 Months Ended
Aug. 24, 2025
Retirement And Postemployment Benefits [Abstract]  
Retirement And Postemployment Benefits
 
(14) 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
Aug. 24,
2025
Aug. 25,
2024
Aug. 24,
2025
Aug. 25,
2024
Aug. 24,
2025
Aug. 25,
2024
Service cost
$
10.5
$
13.0
$
0.6
$
1.1
$
1.7
$
1.8
Interest cost
72.9
76.7
4.2
5.3
0.9
1.0
Expected return on plan assets
(101.3)
(105.0)
(8.4)
(9.0)
-
-
Amortization of losses (gains)
26.3
25.1
(6.5)
(5.2)
0.1
0.1
Amortization of prior service costs (credits)
0.3
0.3
(5.3)
(5.5)
(0.3)
(0.3)
Other adjustments
-
-
-
-
2.0
2.6
Net expense (income)
$
8.7
$
10.1
$
(15.4)
$
(13.3)
$
4.4
$
5.2
v3.25.2
Income Taxes
3 Months Ended
Aug. 24, 2025
Income Taxes [Abstract]  
Income Taxes
 
(15) 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 quarter
 
ended August
 
24, 2025,
 
and there
 
was no
 
material impact
 
to our
 
income tax
 
expense. As
 
of the
 
quarter ended
August 24,
 
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.
v3.25.2
Business Segment And Geographic Information
3 Months Ended
Aug. 24, 2025
Business Segment And Geographic Information [Abstract]  
Business Segment And Geographic Information
 
 
 
 
 
 
 
 
(16) Business Segment and Geographic Information
We
operate
 
in
 
the
 
packaged
 
foods
 
industry.
 
Our
 
operating
 
segments
 
are
 
as
 
follows:
 
North
 
America
 
Retail,
 
International,
 
North
America Pet, and North America Foodservice.
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,
 
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 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 August 24, 2025
In Millions
North
America
Retail
International
North
America Pet
North
America
Foodservice
Total
Segment net sales
$
2,625.5
$
760.2
$
610.0
$
516.7
$
4,512.4
Corporate and other net sales
5.1
Total net sales
$
4,517.5
Cost of sales
$
1,664.5
$
538.8
$
368.6
$
402.3
Selling, general, and
 
administrative expenses
396.8
155.7
128.5
43.8
Segment operating profit
$
564.2
$
65.7
$
112.9
$
70.6
$
813.4
Unallocated corporate items
125.7
Divestitures gain
(1,054.4)
Restructuring, transformation,
 
 
impairment, and other
 
exit costs
16.3
Operating profit
$
1,725.8
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended August 25, 2024
In Millions
North
America
Retail
International
North
America Pet
North
America
Foodservice
Total
Segment net sales
$
3,016.6
$
717.0
$
576.1
$
536.2
$
4,845.9
Corporate and other net sales
2.2
Total net sales
$
4,848.1
Cost of sales
$
1,836.4
$
548.3
$
338.1
$
421.1
Selling, general, and
 
administrative expenses
434.5
147.8
118.6
43.6
Segment operating profit
$
745.7
$
20.9
$
119.4
$
71.5
$
957.5
Unallocated corporate items
123.8
Restructuring, transformation,
 
 
impairment, and other
 
exit costs
2.2
Operating profit
$
831.5
Net sales for our North America Retail operating units were as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
In Millions
Aug. 24, 2025
Aug. 25, 2024
U.S. Meals & Baking Solutions
$
921.4
$
946.3
Big G Cereal & Canada (a)
866.9
1,159.8
U.S. Snacks
837.2
910.5
Total
$
2,625.5
$
3,016.6
 
 
 
(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
In Millions
Aug. 24, 2025
Aug. 25, 2024
Snacks
$
1,049.7
$
1,106.8
Cereal
767.2
793.1
Convenient meals
650.8
678.9
Pet
643.0
604.6
Dough
515.1
517.8
Baking mixes and ingredients
448.0
457.1
Super-premium ice cream
221.4
212.9
Yogurt
102.0
371.9
Other
120.3
105.0
Total
$
4,517.5
$
4,848.1
v3.25.2
Restructuring, Transformation, Impairment, And Other Exit Costs (Tables)
3 Months Ended
Aug. 24, 2025
Restructuring, Transformation, Impairment, And Other Exit Costs [Abstract]  
Restructuring, Transformation, And Impairment Charges
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
In Millions
Aug. 24, 2025
Aug. 25, 2024
Restructuring, transformation, impairment, and other exit costs
$
16.3
$
2.2
Cost of sales
2.0
0.7
Total restructuring,
 
transformation, and impairment charges
$
18.3
$
2.9
Rollforward Of Restructuring, Transformation, And Other Exit Cost Reserves
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In Millions
Total
Reserve balance as of May 25, 2025
$
77.1
Fiscal 2026 charges, including foreign currency translation
0.6
Utilized in fiscal 2026
(8.4)
Reserve balance as of Aug. 24, 2025
$
69.3
v3.25.2
Goodwill And Other Intangible Assets (Tables)
3 Months Ended
Aug. 24, 2025
Goodwill And Other Intangible Assets [Abstract]  
Components Of Goodwill And Other Intangible Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In Millions
Aug. 24, 2025
May 25, 2025
Goodwill
$
15,660.2
$
15,622.4
Other intangible assets:
Intangible assets not subject to amortization:
Brands and other indefinite-lived intangibles
6,827.2
6,816.7
Intangible assets subject to amortization:
Customer relationships and other finite-lived intangibles
421.9
420.9
Less accumulated amortization
(161.8)
(156.2)
Intangible assets subject to amortization, net
260.1
264.7
Other intangible assets
7,087.3
7,081.4
Total
$
22,747.5
$
22,703.8
Changes In Carrying Amount Of Goodwill
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
Other activity, primarily
 
 
foreign currency translation
(0.7)
-
(0.1)
25.6
13.0
37.8
Balance as of Aug. 24, 2025
$
6,322.8
$
7,149.5
$
755.4
$
977.3
$
455.2
$
15,660.2
 
 
(a)
The carrying amounts of goodwill within the International segment as of
 
May 25, 2025, and August 24, 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.
Changes In Carrying Amount Of Other Intangible Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In Millions
Total
Balance as of May 25, 2025
$
7,081.4
Other activity, primarily
 
foreign currency translation and amortization
5.9
Balance as of Aug. 24, 2025
$
7,087.3
v3.25.2
Inventories (Tables)
3 Months Ended
Aug. 24, 2025
Inventories [Abstract]  
Schedule Of Components Of Inventories
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In Millions
Aug. 24, 2025
May 25, 2025
Finished goods
$
2,068.0
$
1,883.9
Raw materials and packaging
496.0
460.0
Grain
77.8
112.5
Excess of FIFO over LIFO cost
(590.3)
(545.6)
Total
$
2,051.5
$
1,910.8
v3.25.2
Risk Management Activities (Tables)
3 Months Ended
Aug. 24, 2025
Risk Management Activities [Abstract]  
Schedule Of Unallocated Corporate items
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
In Millions
Aug. 24, 2025
Aug. 25, 2024
Net loss on mark-to-market valuation of certain
 
 
commodity positions
$
(0.5)
$
(37.7)
Net (gain) loss on commodity positions reclassified from
 
 
unallocated corporate items to segment operating profit
(1.4)
17.2
Net mark-to-market revaluation of certain grain inventories
(6.6)
(8.3)
Net mark-to-market valuation of certain commodity
 
 
positions recognized in unallocated corporate items
$
(8.5)
$
(28.8)
v3.25.2
Debt (Tables)
3 Months Ended
Aug. 24, 2025
Debt [Abstract]  
Schedule Of Components Of Notes Payable
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Aug. 24, 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
22.1
6.0
7.6
5.8
Total
$
22.1
6.0
%
$
677.0
4.5
%
Schedule Of Fee-Paid Committed and Uncommitted Credit Lines
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In Millions
Borrowing
Capacity
Borrowed
Amount
Committed credit facility expiring October 2029
$
2,700.0
$
-
Uncommitted credit facilities and lines of credit
774.8
22.1
Total
$
3,474.8
$
22.1
v3.25.2
Stockholders' Equity (Tables)
3 Months Ended
Aug. 24, 2025
Stockholders' Equity [Abstract]  
Schedule Of Total Comprehensive Income (Loss)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
Quarter Ended
Aug. 24, 2025
Aug. 25, 2024
General Mills
Noncontrolling
Interests
 
General Mills
Noncontrolling
Interests
In Millions
Pretax
Tax
Net
Net
Pretax
Tax
Net
Net
Net earnings, including (loss) earnings
 
 
attributable to noncontrolling interests
 
$
1,204.2
$
(0.2)
$
579.9
$
3.7
Other comprehensive (loss) income:
Foreign currency translation
$
(104.1)
$
38.9
(65.2)
0.5
$
(93.9)
$
31.5
(62.4)
0.5
Net actuarial loss
(7.5)
-
(7.5)
-
-
-
-
-
Other fair value changes:
Hedge derivatives
6.2
(1.2)
5.0
-
(7.5)
1.5
(6.0)
-
Reclassification to earnings:
Hedge derivatives (a)
0.9
(0.1)
0.8
-
(0.4)
0.4
-
-
Amortization of losses and
 
prior service costs (b)
14.6
(3.2)
11.4
-
14.5
(2.9)
11.6
-
Other comprehensive (loss) income
$
(89.9)
$
34.4
(55.5)
0.5
$
(87.3)
$
30.5
(56.8)
0.5
Total comprehensive income
$
1,148.7
$
0.3
$
523.1
$
4.2
(a)
 
Loss (gain)
 
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.
Schedule Of Accumulated Other Comprehensive Income (Loss)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In Millions
Aug. 24, 2025
May 25, 2025
Foreign currency translation adjustments
$
(941.9)
$
(876.7)
Unrealized loss from hedge derivatives
(1.6)
(7.4)
Pension, other postretirement, and postemployment benefits:
Net actuarial loss
(1,718.9)
(1,726.8)
Prior service credits
61.9
65.9
Accumulated other comprehensive loss
$
(2,600.5)
$
(2,545.0)
v3.25.2
Stock Plans (Tables)
3 Months Ended
Aug. 24, 2025
Stock Plans [Abstract]  
Schedule Of Compensation Expense Related To Stock-Based Payments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
In Millions
Aug. 24, 2025
Aug. 25, 2024
Compensation expense related to stock-based payments
$
15.1
$
20.3
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
In Millions
Aug. 24, 2025
Aug. 25, 2024
(Shortfall) windfall tax impacts of stock-based payments
$
(1.5)
$
2.8
Net Cash Proceeds And Intrinsic Value Of Options Exercised
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
In Millions
Aug. 24, 2025
Aug. 25, 2024
Net cash proceeds
$
0.2
$
9.4
Intrinsic value of options exercised
$
-
$
1.9
Schedule Of Estimated Fair Value Of Stock Options Granted And The Assumptions Used For The Black-Scholes Option-Pricing Model
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
Aug. 24, 2025
Aug. 25, 2024
Estimated fair values of stock options granted
 
$
9.45
$
13.20
Assumptions:
Risk-free interest rate
4.2
%
4.5
%
Expected term
8.0
years
8.5
years
Expected volatility
22.3
%
21.6
%
Dividend yield
4.7
%
3.8
%
Schedule Of Grant Date Fair Value Of Restricted Stock Unit Awards Activity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
In Millions
Aug. 24, 2025
Aug. 25, 2024
Total grant date fair
 
value
$
98.6
$
90.8
v3.25.2
Earnings Per Share (Tables)
3 Months Ended
Aug. 24, 2025
Earnings Per Share [Abstract]  
Schedule Of Basic And Diluted EPS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
In Millions, Except per Share Data
Aug. 24, 2025
Aug. 25, 2024
Net earnings attributable to General Mills
$
1,204.2
$
579.9
Average number
 
of common shares – basic EPS
541.3
560.5
Incremental share effect from: (a)
Stock options
0.2
1.5
Restricted stock units and performance share units
1.0
1.8
Average number
 
of common shares – diluted EPS
542.5
563.8
Earnings per share – basic
$
2.22
$
1.03
Earnings per share – diluted
$
2.22
$
1.03
(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:
Stock Options And Restricted Units Not Dilutive
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
In Millions
Aug. 24, 2025
Aug. 25, 2024
Anti-dilutive stock options, restricted stock units, and
 
performance share units
 
11.6
4.4
v3.25.2
Share Repurchases (Tables)
3 Months Ended
Aug. 24, 2025
Share Repurchases [Abstract]  
Share Repurchases
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
In Millions
Aug. 24, 2025
Aug. 25, 2024
Shares of common stock
8.7
4.5
Aggregate purchase price
$
454.0
$
302.2
v3.25.2
Statements Of Cash Flows (Tables)
3 Months Ended
Aug. 24, 2025
Statements Of Cash Flows [Abstract]  
Consolidated Statements Of Cash Flows Supplemental Disclosures
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
In Millions
Aug. 24, 2025
Aug. 25, 2024
Net cash interest payments
$
125.9
$
83.7
Net income tax payments
$
24.8
$
18.7
v3.25.2
Retirement And Postemployment Benefits (Tables)
3 Months Ended
Aug. 24, 2025
Retirement And Postemployment Benefits [Abstract]  
Components Of Net Periodic Benefit Expense (Income)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Defined Benefit
Pension Plans
Other Postretirement
 
Benefit Plans
Postemployment
Benefit Plans
Quarter Ended
Quarter Ended
Quarter Ended
In Millions
Aug. 24,
2025
Aug. 25,
2024
Aug. 24,
2025
Aug. 25,
2024
Aug. 24,
2025
Aug. 25,
2024
Service cost
$
10.5
$
13.0
$
0.6
$
1.1
$
1.7
$
1.8
Interest cost
72.9
76.7
4.2
5.3
0.9
1.0
Expected return on plan assets
(101.3)
(105.0)
(8.4)
(9.0)
-
-
Amortization of losses (gains)
26.3
25.1
(6.5)
(5.2)
0.1
0.1
Amortization of prior service costs (credits)
0.3
0.3
(5.3)
(5.5)
(0.3)
(0.3)
Other adjustments
-
-
-
-
2.0
2.6
Net expense (income)
$
8.7
$
10.1
$
(15.4)
$
(13.3)
$
4.4
$
5.2
v3.25.2
Business Segment And Geographic Information (Tables)
3 Months Ended
Aug. 24, 2025
Business Segment And Geographic Information [Abstract]  
Operating Segment Results
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended August 24, 2025
In Millions
North
America
Retail
International
North
America Pet
North
America
Foodservice
Total
Segment net sales
$
2,625.5
$
760.2
$
610.0
$
516.7
$
4,512.4
Corporate and other net sales
5.1
Total net sales
$
4,517.5
Cost of sales
$
1,664.5
$
538.8
$
368.6
$
402.3
Selling, general, and
 
administrative expenses
396.8
155.7
128.5
43.8
Segment operating profit
$
564.2
$
65.7
$
112.9
$
70.6
$
813.4
Unallocated corporate items
125.7
Divestitures gain
(1,054.4)
Restructuring, transformation,
 
 
impairment, and other
 
exit costs
16.3
Operating profit
$
1,725.8
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended August 25, 2024
In Millions
North
America
Retail
International
North
America Pet
North
America
Foodservice
Total
Segment net sales
$
3,016.6
$
717.0
$
576.1
$
536.2
$
4,845.9
Corporate and other net sales
2.2
Total net sales
$
4,848.1
Cost of sales
$
1,836.4
$
548.3
$
338.1
$
421.1
Selling, general, and
 
administrative expenses
434.5
147.8
118.6
43.6
Segment operating profit
$
745.7
$
20.9
$
119.4
$
71.5
$
957.5
Unallocated corporate items
123.8
Restructuring, transformation,
 
 
impairment, and other
 
exit costs
2.2
Operating profit
$
831.5
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
In Millions
Aug. 24, 2025
Aug. 25, 2024
U.S. Meals & Baking Solutions
$
921.4
$
946.3
Big G Cereal & Canada (a)
866.9
1,159.8
U.S. Snacks
837.2
910.5
Total
$
2,625.5
$
3,016.6
 
 
 
(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
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
In Millions
Aug. 24, 2025
Aug. 25, 2024
Snacks
$
1,049.7
$
1,106.8
Cereal
767.2
793.1
Convenient meals
650.8
678.9
Pet
643.0
604.6
Dough
515.1
517.8
Baking mixes and ingredients
448.0
457.1
Super-premium ice cream
221.4
212.9
Yogurt
102.0
371.9
Other
120.3
105.0
Total
$
4,517.5
$
4,848.1
v3.25.2
Acquisition And Divestitures (Narrative) (Details) - USD ($)
$ in Millions
3 Months Ended
Aug. 24, 2025
Feb. 23, 2025
Aug. 25, 2024
May 25, 2025
Business Acquisition [Line Items]        
Goodwill $ 15,660.2     $ 15,622.4
Pre-tax gain (loss) on sale of business 1,054.4   $ 0.0  
Canada Yogurt Business [Member]        
Business Acquisition [Line Items]        
Pre-tax gain (loss) on sale of business   $ 95.9    
Sale price adjustment after disposal 7.9      
United States Yogurt Business [Member]        
Business Acquisition [Line Items]        
Pre-tax gain (loss) on sale of business $ 1,046.5      
Whitebridge Pet Brands' North American Premium Cat Feeding and Pet Treating Business [Member]        
Business Acquisition [Line Items]        
Purchase price   1,400.0    
Goodwill   1,086.7    
Indefinite-Lived Intangible Assets   289.0    
Finite-Lived Intangibles   $ 31.0    
v3.25.2
Restructuring, Transformation, Impairment, And Other Exit Costs (Narrative) (Details) - USD ($)
$ in Millions
3 Months Ended
Aug. 24, 2025
Aug. 25, 2024
Restructuring and Related Cost [Line Items]    
Restructuring, transformation, and impairment charges $ 18.3 $ 2.9
Restructuring charges, cash 21.0 2.7
Charges associated with restructuring actions previously announced [Member]    
Restructuring and Related Cost [Line Items]    
Restructuring, transformation, and impairment charges $ 18.3 $ 2.9
v3.25.2
Restructuring, Transformation, Impairment, And Other Exit Costs (Restructuring, Transformation, And Impairment Charges) (Details) - USD ($)
$ in Millions
3 Months Ended
Aug. 24, 2025
Aug. 25, 2024
Restructuring and Related Cost [Line Items]    
Restructuring, transformation, and impairment charges $ 18.3 $ 2.9
Restructuring, Transformation, Impairment, and Other Exit Costs [Member]    
Restructuring and Related Cost [Line Items]    
Restructuring, transformation, and impairment charges 16.3 2.2
Cost of Sales [Member]    
Restructuring and Related Cost [Line Items]    
Restructuring, transformation, and impairment charges $ 2.0 $ 0.7
v3.25.2
Restructuring, Transformation, Impairment, And Other Exit Costs (Rollforward Of Restructuring And Other Exit Cost Reserves) (Details)
$ in Millions
3 Months Ended
Aug. 24, 2025
USD ($)
Restructuring Reserve [Roll Forward]  
Reserve beginning balance $ 77.1
Fiscal 2026 charges, including foreign currency translation 0.6
Utilized in fiscal 2026 (8.4)
Reserve ending balance $ 69.3
v3.25.2
Goodwill and Other Intangible Assets (Narrative) (Details)
3 Months Ended
Aug. 24, 2025
USD ($)
Goodwill and Intangible Assets [Line Items]  
Future amortization expense, year one $ 20,000,000
Future amortization expense, year two 20,000,000
Future amortization expense, year three 20,000,000
Future amortization expense, year four 20,000,000
Future amortization expense, year five 20,000,000
Impairment of intangible assets $ 0
v3.25.2
Goodwill and Other Intangible Assets (Components Of Goodwill And Other Intangible Assets) (Details) - USD ($)
$ in Millions
Aug. 24, 2025
May 25, 2025
Goodwill And Other Intangible Assets [Abstract]    
Goodwill $ 15,660.2 $ 15,622.4
Intangible assets not subject to amortization:    
Brands and other indefinite-lived intangibles 6,827.2 6,816.7
Intangible assets subject to amortization:    
Customer relationships and other finite-lived intangibles 421.9 420.9
Less accumulated amortization (161.8) (156.2)
Intangible assets subject to amortization, net 260.1 264.7
Other intangible assets 7,087.3 7,081.4
Total $ 22,747.5 $ 22,703.8
v3.25.2
Goodwill and Other Intangible Assets (Changes In Carrying Amount Of Goodwill) (Details) - USD ($)
$ in Millions
3 Months Ended
Aug. 24, 2025
May 25, 2025
Goodwill [Line Items]    
Beginning balance $ 15,622.4  
Other activity, primarily foreign currency translation 37.8  
Ending balance 15,660.2  
North America Retail Segment [Member]    
Goodwill [Line Items]    
Beginning balance 6,323.5  
Other activity, primarily foreign currency translation (0.7)  
Ending balance 6,322.8  
North America Pet [Member]    
Goodwill [Line Items]    
Beginning balance 7,149.5  
Other activity, primarily foreign currency translation 0.0  
Ending balance 7,149.5  
North America Foodservice [Member]    
Goodwill [Line Items]    
Beginning balance 755.5  
Other activity, primarily foreign currency translation (0.1)  
Ending balance 755.4  
International [Member]    
Goodwill [Line Items]    
Beginning balance 951.7  
Other activity, primarily foreign currency translation 25.6  
Ending balance 977.3  
Accumulated impairment losses 117.1 $ 117.1
Corporate and Joint Ventures [Member]    
Goodwill [Line Items]    
Beginning balance 442.2  
Other activity, primarily foreign currency translation 13.0  
Ending balance $ 455.2  
v3.25.2
Goodwill and Other Intangible Assets (Changes In Carrying Amount Of Other Intangible Assets) (Details)
$ in Millions
3 Months Ended
Aug. 24, 2025
USD ($)
Indefinite Lived Intangible Assets By Major Class [Line Items]  
Beginning balance - carrying value $ 7,081.4
Other activity, primarily foreign currency translation and amortization 5.9
Ending balance - carrying value $ 7,087.3
v3.25.2
Inventories (Schedule Of Components Of Inventories) (Details) - USD ($)
$ in Millions
Aug. 24, 2025
May 25, 2025
Inventories [Abstract]    
Finished goods $ 2,068.0 $ 1,883.9
Raw materials and packaging 496.0 460.0
Grain 77.8 112.5
Excess of FIFO over LIFO cost (590.3) (545.6)
Total $ 2,051.5 $ 1,910.8
v3.25.2
Risk Management Activities (Narrative) (Details)
€ in Millions, $ in Millions
3 Months Ended
Aug. 24, 2025
USD ($)
Aug. 24, 2025
EUR (€)
May 25, 2025
USD ($)
Derivative [Line Items]      
Accounts payable to suppliers who utilize third party service $ 1,332.2   $ 1,427.5
Supplier Finance Program Obligation Statement Of Financial Position Extensible Enumeration Accounts payable Accounts payable Accounts payable
Euro Denominated Bonds Used For Hedging [Member]      
Derivative [Line Items]      
Long-term debt, carrying value | €   € 4,743.7  
Commodity Contracts [Member]      
Derivative [Line Items]      
Derivative, Notional Amount $ 139.2    
Average period of utilization 12 months    
Agricultural Related Derivative [Member]      
Derivative [Line Items]      
Derivative, Notional Amount $ 70.3    
Energy Related Derivative [Member]      
Derivative [Line Items]      
Derivative, Notional Amount 68.9    
Level 2 [Member]      
Derivative [Line Items]      
Long-term debt, carrying value $ 14,384.9    
v3.25.2
Risk Management Activities (Schedule Of Unallocated Corporate items) (Details) - USD ($)
$ in Millions
3 Months Ended
Aug. 24, 2025
Aug. 25, 2024
Commodity Price Risk [Abstract]    
Net loss on mark-to-market valuation of certain commodity positions $ (0.5) $ (37.7)
Net (gain) loss on commodity positions reclassified from unallocated corporate items to segment operating profit (1.4) 17.2
Net mark-to-market revaluation of certain grain inventories (6.6) (8.3)
Net mark-to-market valuation of certain commodity positions recognized in unallocated corporate items $ (8.5) $ (28.8)
v3.25.2
Debt (Narrative) (Details)
€ in Millions, $ in Millions
3 Months Ended
Aug. 24, 2025
USD ($)
May 25, 2025
EUR (€)
May 25, 2025
USD ($)
Feb. 23, 2025
USD ($)
Nov. 24, 2024
EUR (€)
Nov. 24, 2024
USD ($)
Committed Credit Facilities [Member]            
Debt Instrument [Line Items]            
Minimum fixed charge coverage ratio 2.5          
Level 2 [Member]            
Debt Instrument [Line Items]            
Long-term debt, fair value $ 13,991.3          
Long-term debt, carrying value $ 14,384.9          
3.6% Fixed-rate notes due April 17, 2032 [Member]            
Debt Instrument [Line Items]            
Issuance of long-term debt | €   € 750.0        
Fixed interest rate percentage   3.60% 3.60%      
Maturity date   Apr. 17, 2032 Apr. 17, 2032      
4.0% Fixed-rate notes due April 17, 2025 [Member]            
Debt Instrument [Line Items]            
Repayment of long-term debt     $ 800.0      
Fixed interest rate percentage   4.00% 4.00%      
Maturity date   Apr. 17, 2025 Apr. 17, 2025      
5.241% Fixed-rate notes due November 18, 2025 [Member]            
Debt Instrument [Line Items]            
Repayment of long-term debt       $ 500.0    
Fixed interest rate percentage       5.241%    
Maturity date       Nov. 18, 2025    
Long-Term Debt Agreements Containing Restrictive Covenants [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Covenant Compliance We were in compliance with all credit facility covenants as of August 24, 2025.          
Certain Long Term Debt Agreements Containing Restrictive Covenants [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Covenant Compliance As of August 24, 2025, we were in compliance with all of these covenants.          
4.875% Fixed-rate notes due January 30, 2030 [Member]            
Debt Instrument [Line Items]            
Repayment of long-term debt           $ 750.0
Fixed interest rate percentage         4.875% 4.875%
Maturity date         Jan. 30, 2030 Jan. 30, 2030
5.25% Fixed-rate notes due January 30, 2035 [Member]            
Debt Instrument [Line Items]            
Repayment of long-term debt           $ 750.0
Fixed interest rate percentage         5.25% 5.25%
Maturity date         Jan. 30, 2035 Jan. 30, 2035
Floating-rate notes due April 22, 2026 [Member]            
Debt Instrument [Line Items]            
Repayment of long-term debt | €         € 250.0  
Maturity date         Apr. 22, 2026 Apr. 22, 2026
Floating-rate notes due November 8, 2024 - Repayment 1 [Member]            
Debt Instrument [Line Items]            
Repayment of long-term debt | €         € 250.0  
Maturity date         Nov. 08, 2024 Nov. 08, 2024
Floating-rate notes due November 8, 2024 - Repayment 2 [Member]            
Debt Instrument [Line Items]            
Repayment of long-term debt | €         € 500.0  
Maturity date         Nov. 08, 2024 Nov. 08, 2024
Floating-rate notes due October 22, 2026 [Member]            
Debt Instrument [Line Items]            
Repayment of long-term debt | €         € 500.0  
Maturity date         Oct. 22, 2026 Oct. 22, 2026
v3.25.2
Debt (Schedule Of Components Of Notes Payable) (Details) - USD ($)
$ in Millions
Aug. 24, 2025
May 25, 2025
Short-term Debt [Line Items]    
Notes payable $ 22.1 $ 677.0
Weighted Average Interest Rate 6.00% 4.50%
U.S. commercial paper [Member]    
Short-term Debt [Line Items]    
Notes payable $ 0.0 $ 669.4
Weighted Average Interest Rate 0.00% 4.50%
Financial Institutions [Member]    
Short-term Debt [Line Items]    
Notes payable $ 22.1 $ 7.6
Weighted Average Interest Rate 6.00% 5.80%
v3.25.2
Debt (Schedule Of Fee-Paid Committed And Uncommitted Credit Lines) (Details)
$ in Millions
3 Months Ended
Aug. 24, 2025
USD ($)
Line of Credit Facility [Line Items]  
Facility Amount $ 3,474.8
Borrowed Amount 22.1
Committed Credit Facility Expiring October 2029 [Member]  
Line of Credit Facility [Line Items]  
Facility Amount 2,700.0
Borrowed Amount $ 0.0
Expiration date of credit facility Oct. 09, 2029
Uncommitted Credit Facilities And Lines Of Credit [Member]  
Line of Credit Facility [Line Items]  
Facility Amount $ 774.8
Borrowed Amount $ 22.1
v3.25.2
Noncontrolling Interests (Narrative) (Details) - Third Party Interest Holder [Member] - General Mills Cereals LLC [Member] - USD ($)
$ in Millions
3 Months Ended
Jun. 01, 2024
Aug. 24, 2025
May 25, 2025
Noncontrolling Interest [Line Items]      
Preferred distributions variable rate   three-month Term SOFR  
Preferred distributions, basis spread on variable rate 2.61%    
Purchase of outstanding GMC noncontrolling interest     $ 252.8
v3.25.2
Stockholders' Equity (Schedule Of Total Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
3 Months Ended
Aug. 24, 2025
Aug. 25, 2024
Other comprehensive (loss) income, net of tax:    
Foreign currency translation $ (64.7) $ (61.9)
Net actuarial gain (loss) (7.5) 0.0
Other fair value changes:    
Hedge derivatives 5.0 (6.0)
Reclassification to earnings:    
Hedge derivatives 0.8 0.0
Amortization of losses and prior service costs 11.4 11.6
Other comprehensive loss, net of tax (55.0) (56.3)
Comprehensive Income:    
Net earnings, including (loss) earnings attributable to noncontrolling interests 1,204.2 579.9
Net (loss) earnings attributable to noncontrolling interests (0.2) 3.7
Total comprehensive income attributable to General Mills 1,148.7 523.1
General Mills [Member]    
Other comprehensive income (loss), before tax:    
Foreign currency translation (104.1) (93.9)
Net actuarial gain (loss) (7.5) 0.0
Other fair value changes:    
Hedge derivatives 6.2 (7.5)
Reclassification to earnings:    
Hedge derivatives 0.9 (0.4)
Amortization of losses and prior service costs 14.6 14.5
Other comprehensive income (loss), before tax (89.9) (87.3)
Other comprehensive (loss) income, tax:    
Foreign currency translation 38.9 31.5
Net actuarial gain (loss) 0.0 0.0
Other fair value changes:    
Hedge derivatives (1.2) 1.5
Reclassification to earnings:    
Hedge derivatives (0.1) 0.4
Amortization of losses and prior service costs (3.2) (2.9)
Other comprehensive income (loss), tax 34.4 30.5
Other comprehensive (loss) income, net of tax:    
Foreign currency translation (65.2) (62.4)
Net actuarial gain (loss) (7.5) 0.0
Other fair value changes:    
Hedge derivatives 5.0 (6.0)
Reclassification to earnings:    
Hedge derivatives 0.8 0.0
Amortization of losses and prior service costs 11.4 11.6
Other comprehensive loss, net of tax (55.5) (56.8)
Comprehensive Income:    
Net earnings, including (loss) earnings attributable to noncontrolling interests 1,204.2 579.9
Total comprehensive income attributable to General Mills 1,148.7 523.1
Noncontrolling Interests [Member]    
Other comprehensive (loss) income, net of tax:    
Foreign currency translation 0.5 0.5
Net actuarial gain (loss) 0.0 0.0
Other fair value changes:    
Hedge derivatives 0.0 0.0
Reclassification to earnings:    
Hedge derivatives 0.0 0.0
Amortization of losses and prior service costs 0.0 0.0
Other comprehensive loss, net of tax 0.5 0.5
Comprehensive Income:    
Total comprehensive income attributable to noncontrolling interests $ 0.3 $ 4.2
v3.25.2
Stockholders' Equity (Schedule Of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
Aug. 24, 2025
May 25, 2025
Accumulated Other Comprehensive Income (Loss), Net of Tax:    
Foreign currency translation adjustments $ (941.9) $ (876.7)
Unrealized loss from hedge derivatives (1.6) (7.4)
Pension, other postretirement, and postemployment benefits:    
Net actuarial loss (1,718.9) (1,726.8)
Prior service credits 61.9 65.9
Accumulated other comprehensive loss $ (2,600.5) $ (2,545.0)
v3.25.2
Stock Plans (Narrative) (Details)
$ in Millions
3 Months Ended
Aug. 24, 2025
USD ($)
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract]  
Unrecognized compensation expense related to non-vested stock options, restricted stock units, and performance share units $ 181.6
Unrecognized compensation expense on non-vested awards, weighted average period of recognition 28 months
v3.25.2
Stock Plans (Schedule Of Compensation Expense Related To Stock-Based Payments) (Details) - USD ($)
$ in Millions
3 Months Ended
Aug. 24, 2025
Aug. 25, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Compensation expense related to stock-based payments $ 15.1 $ 20.3
(Shortfall) windfall tax impacts of stock-based payments $ (1.5) $ 2.8
v3.25.2
Stock Plans (Net Cash Proceeds And Intrinsic Value Of Options Exercised) (Details) - USD ($)
$ in Millions
3 Months Ended
Aug. 24, 2025
Aug. 25, 2024
Stock Plans [Abstract]    
Net cash proceeds $ 0.2 $ 9.4
Intrinsic value of options exercised $ 0.0 $ 1.9
v3.25.2
Stock Plans (Schedule Of Estimated Fair Value Of Stock Options Granted And The Assumptions Used For The Black-Scholes Option-Pricing Model) (Details) - $ / shares
3 Months Ended
Aug. 24, 2025
Aug. 25, 2024
Stock Plans [Abstract]    
Estimated fair values of stock options granted $ 9.45 $ 13.20
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%
v3.25.2
Stock Plans (Schedule Of Grant Date Fair Value Of Restricted Stock Unit Awards Activity) (Details) - USD ($)
$ in Millions
3 Months Ended
Aug. 24, 2025
Aug. 25, 2024
Stock Plans [Abstract]    
Total grant date fair value $ 98.6 $ 90.8
v3.25.2
Earnings Per Share (Schedule Of Basic And Diluted EPS And Stock Options And Restricted Units Not Dilutive) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
3 Months Ended
Aug. 24, 2025
Aug. 25, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Net earnings attributable to General Mills $ 1,204.2 $ 579.9
Average number of common shares - basic EPS 541.3 560.5
Average number of common shares - diluted EPS 542.5 563.8
Earnings per share - basic $ 2.22 $ 1.03
Earnings per share - diluted $ 2.22 $ 1.03
Other Disclosures [Abstract]    
Anti-dilutive stock options, restricted stock units, and performance share units 11.6 4.4
Stock options [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Incremental share effect 0.2 1.5
Restricted stock units and performance share units [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Incremental share effect 1.0 1.8
v3.25.2
Share Repurchases (Narrative) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
3 Months Ended
Sep. 17, 2025
Jul. 01, 2025
Aug. 24, 2025
Aug. 25, 2024
Accelerated Share Repurchases [Line Items]        
Accelerated share repurchase value paid     $ 500.0  
Fair value of initial shares delivered     $ 400.0  
Accelerated common stock reducing outstanding shares     8.7  
Accelerated share repurchases agreement value     $ 500.0  
Percentage of purchase price representing value of shares delivered     80.00%  
Shares purchased   7.5 8.7 4.5
First Agreement [Member]        
Accelerated Share Repurchases [Line Items]        
Accelerated share repurchases, final price per share     $ 50.41  
Shares purchased     1.2  
Second Agreement [Member] | Subsequent Event [Member]        
Accelerated Share Repurchases [Line Items]        
Accelerated share repurchase value paid $ 50.0      
Accelerated share repurchases, final price per share $ 49.45      
Shares purchased 1.3      
v3.25.2
Share Repurchases (Share Repurchases) (Details) - USD ($)
shares in Millions, $ in Millions
3 Months Ended
Jul. 01, 2025
Aug. 24, 2025
Aug. 25, 2024
Share Repurchases [Abstract]      
Shares of common stock 7.5 8.7 4.5
Aggregate purchase price   $ 454.0 $ 302.2
v3.25.2
Statements of Cash Flows (Consolidated Statements of Cash Flows) (Details) - USD ($)
$ in Millions
3 Months Ended
Aug. 24, 2025
Aug. 25, 2024
Statements Of Cash Flows [Abstract]    
Net cash interest payments $ 125.9 $ 83.7
Net income tax payments $ 24.8 $ 18.7
v3.25.2
Retirement And Postemployment Benefits (Components Of Net Periodic Benefit Expense(Income)) (Details) - USD ($)
$ in Millions
3 Months Ended
Aug. 24, 2025
Aug. 25, 2024
Defined Benefit Pension Plans [Member]    
Components of Net Periodic Benefit Cost [Abstract]    
Service cost $ 10.5 $ 13.0
Interest cost 72.9 76.7
Expected return on plan assets (101.3) (105.0)
Amortization of losses (gains) 26.3 25.1
Amortization of prior service costs (credits) 0.3 0.3
Other adjustments 0.0 0.0
Net expense (income) 8.7 10.1
Other Postretirement Benefit Plans [Member]    
Components of Net Periodic Benefit Cost [Abstract]    
Service cost 0.6 1.1
Interest cost 4.2 5.3
Expected return on plan assets (8.4) (9.0)
Amortization of losses (gains) (6.5) (5.2)
Amortization of prior service costs (credits) (5.3) (5.5)
Other adjustments 0.0 0.0
Net expense (income) (15.4) (13.3)
Postemployment Benefit Plans [Member]    
Components of Net Periodic Benefit Cost [Abstract]    
Service cost 1.7 1.8
Interest cost 0.9 1.0
Expected return on plan assets 0.0 0.0
Amortization of losses (gains) 0.1 0.1
Amortization of prior service costs (credits) (0.3) (0.3)
Other adjustments 2.0 2.6
Net expense (income) $ 4.4 $ 5.2
v3.25.2
Business Segment And Geographic Information (Operating Segment Results) (Details) - USD ($)
$ in Millions
3 Months Ended
Aug. 24, 2025
Aug. 25, 2024
Segment Reporting Information [Line Items]    
Net sales $ 4,517.5 $ 4,848.1
Cost of sales 2,984.7 3,159.3
Selling, general, and administrative expenses 845.1 855.1
Divestitures gain (1,054.4) 0.0
Restructuring, impairment, and other exit costs (recoveries) 16.3 2.2
Operating profit 1,725.8 831.5
Operating Segments [Member]    
Segment Reporting Information [Line Items]    
Net sales 4,512.4 4,845.9
Operating profit 813.4 957.5
Unallocated Corporate Items [Member]    
Segment Reporting Information [Line Items]    
Net sales 5.1 2.2
Operating profit 125.7 123.8
North America Retail [Member] | Operating Segments [Member]    
Segment Reporting Information [Line Items]    
Net sales 2,625.5 3,016.6
Cost of sales 1,664.5 1,836.4
Selling, general, and administrative expenses 396.8 434.5
Operating profit 564.2 745.7
U.S. Meals & Baking Solutions [Member] | Operating Segments [Member]    
Segment Reporting Information [Line Items]    
Net sales 921.4 946.3
Big G Cereal & Canada [Member] | Operating Segments [Member]    
Segment Reporting Information [Line Items]    
Net sales 866.9 1,159.8
U.S. Snacks [Member] | Operating Segments [Member]    
Segment Reporting Information [Line Items]    
Net sales 837.2 910.5
International [Member] | Operating Segments [Member]    
Segment Reporting Information [Line Items]    
Net sales 760.2 717.0
Cost of sales 538.8 548.3
Selling, general, and administrative expenses 155.7 147.8
Operating profit 65.7 20.9
North America Pet [Member] | Operating Segments [Member]    
Segment Reporting Information [Line Items]    
Net sales 610.0 576.1
Cost of sales 368.6 338.1
Selling, general, and administrative expenses 128.5 118.6
Operating profit 112.9 119.4
North America Foodservice [Member] | Operating Segments [Member]    
Segment Reporting Information [Line Items]    
Net sales 516.7 536.2
Cost of sales 402.3 421.1
Selling, general, and administrative expenses 43.8 43.6
Operating profit $ 70.6 $ 71.5
v3.25.2
Business Segment And Geographic Information (Net Sales By Class Of Similar Products) (Details) - USD ($)
$ in Millions
3 Months Ended
Aug. 24, 2025
Aug. 25, 2024
Product Information [Line Items]    
Net sales $ 4,517.5 $ 4,848.1
Snacks [Member]    
Product Information [Line Items]    
Net sales 1,049.7 1,106.8
Cereal [Member]    
Product Information [Line Items]    
Net sales 767.2 793.1
Convenient meals [Member]    
Product Information [Line Items]    
Net sales 650.8 678.9
Pet [Member]    
Product Information [Line Items]    
Net sales 643.0 604.6
Dough [Member]    
Product Information [Line Items]    
Net sales 515.1 517.8
Baking mixes and ingredients [Member]    
Product Information [Line Items]    
Net sales 448.0 457.1
Super-premium ice cream [Member]    
Product Information [Line Items]    
Net sales 221.4 212.9
Yogurt [Member]    
Product Information [Line Items]    
Net sales 102.0 371.9
Other [Member]    
Product Information [Line Items]    
Net sales $ 120.3 $ 105.0
v3.25.2
Insider Trading Arrangements (Details)
3 Months Ended
Aug. 24, 2025
Insider Trading Arrangements [Line Items]  
Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Terminated false