General Mills Inc (0R1X.L) Q3 2025 Earnings Report

General Mills reported Q3 FY2025 revenue of $4.842B, down 5.04% year-over-year and 7.59% quarter-over-quarter. Despite the topline softness, the company delivered a solid gross margin of 33.85% and an operating margin of 18.41%, underscoring effective cost control and portfolio mix resilience in a challenging macro environment. Net income was $625.6M with a diluted EPS of $1.12-$1.14, reflecting modest profit compression against prior-year levels. Free cash flow reached $428M, supported by $531.9M of operating cash flow and disciplined capital expenditure. Balance sheet remains levered, with total debt of $14.19B and net debt of $13.67B, resulting in a leverage profile that warrants monitoring in a higher-rate environment. Valuation remains reasonable for a defensive, high-cash-flow consumer staple, with a trailing P/E around 13.5x and a price-to-sales multiple of 7.0x, though the balance sheet and cash deployment (share repurchases and dividends) will be key focal points for investors. Management commentary (where available) emphasizes ongoing pricing discipline and efficiency initiatives as levers to protect margins while preserving the brand-led growth engine across geographies and channels.