EarningsQ1 2027 Earnings Report
MX:GIS Q1 2027 EPS Results
Actual EPS$13.79
Consensus EPS$13.19
Beat/MissBeat by +$0.61
One Year Ago EPS$15.82
MX:GIS Q1 2027 Revenue Results
Actual Revenue$80.73B
Expected Revenue$80.03B
Beat/MissBeat by +$701.57M
YoY Revenue Growth-2.83%
Earnings Announcement Details
QuarterQ1 2027
Date09/23/2026
TimeBefore Open
Conference CallWednesday, September 23, 2026
MX:GIS Upcoming Earnings
General Mills's next earnings date is estimated for December 23, 2026, based on past reporting schedules.
Q1 2027 Earnings Call Audio
MX:GIS Q1 2027 Earnings Call
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Q1 2027 Earnings Slide Deck
Q1 2027 Earnings Call Summary
Earnings Call Sentiment|Positive
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.Company Guidance
Sequential Improvement in North America Retail Trends
Management 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 Performance
Management 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 Momentum
New 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 Categories
Management 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 Cereal
Lucky 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 Fresh
The 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 Modernization
Q1 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 Mix
Management 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 Architecture
The 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 Commitments
General 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 Transformation
The 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 Week
Management 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 Tailwind
Foodservice 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 Visibility
Management 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 Preparation
E-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 Humanization
Management 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 Target
Management 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.
MX:GIS Earnings History
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.
Beat
Missed