General Mills said net sales for Q2 of fiscal 2026 ended November 23, 2025 decreased 7%, and organic net sales decreased 1%. Operating profit decreased 32% to $728 million, and adjusted operating profit on a constant-currency basis decreased 20% to $848 million.

10-QQuarterly reportFiled Dec 17, 2025Period of report Nov 23, 2025Summary published (UTC) Oct 10, 2026

Key points

AI summary

General Mills said net sales for Q2 of fiscal 2026 ended November 23, 2025 decreased 7%, and organic net sales decreased 1%. Operating profit decreased 32% to $728 million, and adjusted operating profit on a constant-currency basis decreased 20% to $848 million.
The company said operating profit for the 6 months ended November 23, 2025 increased 29% to $2,454 million, citing a divestiture gain related to the sale of its United States yogurt business as a key factor. The divestitures gain totaled $1,054 million.
General Mills said restructuring, transformation, impairment, and other exit costs for Q2 totaled $122 million, compared to $1 million in the same period last year, and included a non-cash impairment charge of $53 million related to its Uncle Toby's brand. The company's pre-tax share of a non-cash goodwill impairment charge at CPW was $85 million.
The company said operating cash flow for the 6 months ended November 23, 2025 was $1,216 million, compared to $1,775 million in the same period last year. During the same period, net debt repayment was $1,240 million, share repurchases were $500 million, and dividend payments were $659 million.

Key figures

Quarter ended November 23, 2025

Revenue: $4.9B
Operating income: $728M
Net income: $413M
EPS: $0.78

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Q2 Net Sales Down 7%, Adjusted Operating Profit Down 20%

General Mills said net sales for Q2 of fiscal 2026 ended November 23, 2025 decreased 7%, and organic net sales decreased 1%. Operating profit decreased 32% to $728 million, and adjusted operating profit on a constant-currency basis decreased 20% to $848 million.

Source · Based on the MD&A text of the filing

Six-Month Operating Profit Up 29% and Divestitures Gain of $1,054 million

The company said operating profit for the 6 months ended November 23, 2025 increased 29% to $2,454 million, citing a divestiture gain related to the sale of its United States yogurt business as a key factor. The divestitures gain totaled $1,054 million.

Source · Based on the MD&A text of the filing

Q2 Restructuring and Impairment Costs and CPW Goodwill Impairment

General Mills said restructuring, transformation, impairment, and other exit costs for Q2 totaled $122 million, compared to $1 million in the same period last year, and included a non-cash impairment charge of $53 million related to its Uncle Toby's brand. The company's pre-tax share of a non-cash goodwill impairment charge at CPW was $85 million.

Source · Based on the MD&A text of the filing

Six-Month Operating Cash Flow of $1,216 million and Financing Activities

The company said operating cash flow for the 6 months ended November 23, 2025 was $1,216 million, compared to $1,775 million in the same period last year. During the same period, net debt repayment was $1,240 million, share repurchases were $500 million, and dividend payments were $659 million.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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