General Mills, Inc. (GIS) reported third-quarter fiscal 2026 results on February 22, 2026, with adjusted earnings of 64 cents per share, falling short of the Zacks Consensus Estimate of 74 cents, reflecting a 37% year-over-year decline. Net sales dropped 8% to $4.44 billion, also below the expected $4.48 billion, attributed to a six-point headwind from divestitures and acquisitions.
Segment performance showed varied results: North America Retail revenues fell 14% to $2.6 billion, driven by yogurt divestitures, while North America Pet revenues rose 3% to $640.5 million. The overall adjusted operating profit decreased 32% in constant currency, resulting in an adjusted operating margin of 12.3%. General Mills maintains a fiscal 2026 outlook with organic net sales projected to decline 1.5-2% and adjusted operating profit expected to drop 16-20% in constant currency.
Financially, the company ended the quarter with cash and cash equivalents of $785.5 million and long-term debt of approximately $11 billion. Despite challenges, General Mills generated $1.6 billion in cash from operating activities over the past nine months, and total stockholders’ equity stood at $9.34 billion.
