General Mills reported fourth-quarter net sales of $4.61 billion, a 1% increase year-over-year, and adjusted diluted EPS of $0.95. For the full fiscal year 2026, net sales declined 5% to $18.4 billion with organic net sales down 2%, and adjusted diluted EPS was $3.55.
Key Highlights
- Fourth-quarter organic net sales were flat, missing analyst expectations of 4.0% growth, as a 2% increase in organic price/mix was offset by a 2% decline in organic volume.
- Q4 adjusted diluted EPS of $0.95 beat estimates of $0.82, driven by a 160 basis point expansion in adjusted operating profit margin to 15.3%.
- The company guided for fiscal 2027 organic net sales to be between -1.5% and +0.5%, with adjusted diluted EPS expected between $3.00 and $3.20, a significant decline from fiscal 2026's $3.55.
- GAAP results were heavily impacted by $2.8 billion in pre-tax non-cash charges in the fourth quarter, including a $1.8 billion goodwill and intangible asset impairment and a $1.0 billion valuation loss on the planned divestiture of its Brazil business.