General Mills Inc (GRM.DE) Q1 2026 Earnings Report

General Mills’ QQ1 2026 results show a clear top‑line headwind despite a resilient earnings outturn. Revenue totaled $4.5175 billion, down 6.82% year over year and 6.71% quarter over quarter, reflecting ongoing demand softness and mix pressures in a competitive consumer staples landscape. Notwithstanding the revenue decline, the company delivered robust profitability with operating income of $1.7258 billion and an EBITDA of $1.7258 billion, yielding an operating margin of approximately 38.2% and an EBITDAR of 38.2% of revenue. Net income reached $1.2042 billion with a net margin around 26.66%, driving earnings per share (EPS) of $2.22, up more than 100% year over year and roughly 95% higher quarter over quarter.

Free cash flow remained solid at $397 million, with net cash provided by operating activities also at $397 million. However, cash flow from investing activities was negative by about $1.6948 billion and financing activities were negative by about $1.5072 billion, resulting in a net cash swing that left cash and cash equivalents at $952.9 million at period end. The balance sheet shows a large asset base dominated by goodwill and intangibles (Goodwill $15.66B; Intangibles $7.09B) and a total debt load of $14.41B, with net debt around $13.45B. The company supplemented capital returns with a $0.5 billion share repurchase and $0.331 billion in dividends in the quarter.

Looking ahead, the near-term operating momentum appears to hinge on stabilizing net revenue, sustaining gross and operating margins amid input and distribution dynamics, and prudently managing leverage while continuing to invest in brand and portfolio initiatives. The QQ1 results underscore a scenario where margin resilience can offset moderate revenue softness, but debt levels remain a material consideration for investors.”,