General Mills earnings date
General Mills (GRM) Q1 2027 Earnings Report
DE:GRM Q1 2027 EPS Results
- Actual EPS
- EUR 0.68
- Consensus EPS
- EUR 0.65
- Beat/Miss
- Beat by +EUR 0.03
- One Year Ago EPS
- EUR 0.78
DE:GRM Q1 2027 Revenue Results
- Actual Revenue
- EUR 3.98B
- Expected Revenue
- EUR 3.95B
- Beat/Miss
- Beat by +EUR 34.61M
- YoY Revenue Growth
- -2.83%
Earnings Announcement Details
- Quarter
- Q1 2027
- Date
- 09/23/2026
- Time
- Before Open
- Conference Call
- Wednesday, September 23, 2026
General Mills's next earnings date is estimated for December 23, 2026, based on past reporting schedules.
Q1 2027 Earnings Call Audio
Q1 2027 Earnings Slide Deck
Q1 2027 Earnings Call Summary
The call had a positive tone, with management emphasizing sequential improvement in North American retail trends, stronger innovation, improved marketing effectiveness, pet growth in cats and treats, and substantial cost-savings and transformation plans. However, the company remains below growth in North America, faces challenges in fruit snacks and dry dog food, expects a low single-digit pet inventory headwind, is managing inflation at the higher end of the 4% to 5% range with Q4 around 6%, and remains above its leverage target. Highlights significantly outweighed the stated challenges.
Management expects input cost inflation at the higher end of the 4% to 5% range, with Q1, Q2, Q3 roughly similar at around 4% and Q4 just a touch outside the range at around 6%; inflation and HMM cost savings are expected to roughly offset over the full year, while gross margins are expected to be roughly flat ex the mechanical 53rd week factor. Pet inventory is expected to remain a low single-digit headwind over the course of the year, media spend is expected to be up low single digits throughout the year, and HMM is expected to run at the high end of the 4% to 5% range going forward. General Mills committed to delivering $750 million of cost savings in this fiscal year and $3 billion in total by fiscal '30, including $2 billion of HMM and $1 billion of transformation; leverage is expected to take at least a couple of years to return to 3x net debt to EBITDA from just to touch over 4, with sequential progress over the next couple of years. Foodservice wheat is about 3/4 hedged through the year and the prior low single-digit headwind is expected to be a tailwind this year in a roughly similar range of low single digits.
- Sequential Improvement in North America Retail TrendsManagement reported a 2-point improvement in dollar sales and improved share performance in the majority of categories. Cereal share improved from down 0.9 points in Q1 last year to down 0.1 points this year, while soup share improved from down 0.4 points to down 0.1 points.
- Improvement in Totino’s PerformanceManagement said Totino’s declines have been cut in half compared with last year, supported by better merchandising and upcoming product renovation, including Blasted Rolls.
- Strong New Product MomentumNew products increased by about 50% over the last two years, rising from 3% of net sales to 5%. Q1 launches showing strong performance included protein cereals, Honey Nut Cheerios, Blasted Totino’s Rolls, La Tiara, and Love Made Fresh.
- Planned Innovation Across Multiple CategoriesManagement expects additional innovation and renovation in the back half, including Life Protection Formula pet products, protein innovation for Nature Valley and Larabar, expanded GHOST bars, and a new meat snack in EPIC.
- Positive Brand Performance in Big G CerealLucky Charms, Reese’s Puffs, and Cinnamon Toast Crunch were all described as back to growth, which management attributed to marketing and product news rather than pricing.
- Pet Category Growth in Cats, Treats, and Love Made FreshThe cat business was described as growing strongly, the treats business had returned to growth, and Love Made Fresh had improved significantly. Tiki Cat has grown double digits since its acquisition and gained additional distribution.
- Marketing Capability ModernizationQ1 media spending was up modestly, with full-year media spending expected to be up low single digits. The company established a content studio, nearly doubled its use of influencers, added new creative agencies, and is increasing its readiness for Agentic commerce and e-commerce.
- Strategic Revenue Management and Product MixManagement expects positive price mix, with contributions from product mix, premium innovation, and price-pack architecture. Examples cited included Cheerios Protein, Love Made Fresh, and Chex Mix tubs.
- Expanded Price-Pack ArchitectureThe company has applied price-pack architecture across its categories, including cereal cups and larger sizes, salty snack tubs, Pillsbury portion-size innovations, and Old El Paso dinner-for-two products. Management said salty snack tubs were highly incremental.
- Cost Savings and Transformation CommitmentsGeneral Mills committed to delivering $750 million of cost savings in fiscal 2027 and $3 billion by fiscal 2030, consisting of $2 billion of HMM savings and $1 billion of transformation savings.
- Supply Chain and Packaging TransformationThe company is reimagining capacity utilization, its manufacturing network, and logistics. It also signed an external partner to improve the efficiency and pace of packaging innovation and accelerate e-commerce growth.
- Gross Margin Expected to Be Roughly Flat Excluding the 53rd WeekManagement said inflation and HMM cost savings are expected to roughly offset over the full year. Excluding the mechanical impact of the 53rd week, gross margins are expected to be roughly flat.
- Foodservice Wheat Pass-Through TailwindFoodservice flour is index-priced and passed through based on commodity prices. After being a low single-digit headwind in the prior year, this factor is expected to become a low single-digit tailwind this year.
- Commodity Hedging VisibilityManagement said the company is about three-quarters hedged through the year across wheat and the broader commodity complex, providing visibility through that period.
- E-Commerce and Agentic Commerce PreparationE-commerce represents over 20% of human-food sales and 30% of pet-food sales, with management expecting further acceleration. In Q1, e-commerce positions and share improved faster than brick-and-mortar. Management also said 40% of consumers used an AI tool to make a food purchase in the last month and gave an early estimate that Agentic commerce could represent about 20% of food sales by 2030.
- Pet Portfolio Positioned Around HumanizationManagement identified pet humanization as the biggest long-term trend in pet food and said Blue Buffalo over-indexes to smaller dogs. The company also cited strong offerings in cats, treats, Tiki Cat, and upcoming Life Protection Formula innovation.
- Expected Progress Toward Leverage TargetManagement expects to make sequential progress on leverage over the next couple of years and plans to reduce net debt to EBITDA back to its 3x target as part of its transformation goals through 2030.
DE:GRM Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Dec 23, 2026 | 2027 (Q2) | 0.86- | 1 | ― | ― |
| Sep 23, 2026 | 2027 (Q1) | 0.650.68 | 0.78 | -12.79% (-0.10) | |
| Jul 01, 2026 | 2026 (Q4) | 0.720.86 | 0.67 | 28.38% (+0.19) | |
| Mar 18, 2026 | 2026 (Q3) | 0.660.58 | 0.91 | -36.00% (-0.33) | |
| Dec 17, 2025 | 2026 (Q2) | 0.931.00 | 1.27 | -21.43% (-0.27) | |
| Sep 17, 2025 | 2026 (Q1) | 0.740.78 | 0.97 | -19.63% (-0.19) | |
| Jun 25, 2025 | 2025 (Q4) | 0.640.67 | 0.92 | -26.73% (-0.24) | |
| Mar 19, 2025 | 2025 (Q3) | 0.870.91 | 1.06 | -14.53% (-0.15) | |
| Dec 18, 2024 | 2025 (Q2) | 1.101.27 | 1.13 | 12.00% (+0.14) | |
| Sep 18, 2024 | 2025 (Q1) | 0.960.97 | 0.99 | -1.83% (-0.02) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
