2026-03-18 11:03:48
General Mills Reports Q3 Results with 50% Drop in EPS, Reaffirms Full-Year Outlook
Expected Stock impact: Slightly Negative
On March 18, 2026, General Mills, Inc. (NYSE: GIS) announced its financial results for the third quarter ended February 22, 2026, revealing a significant decline in earnings per share (EPS) and net sales. The company reported net sales of $4.4 billion, an 8% decrease compared to the same period last year, primarily driven by divestitures and unfavorable timing comparisons. The results included a 6-point headwind from the net impact of divestitures and acquisitions, with organic net sales down 3%. Operating profit fell 41% to $525 million, while adjusted operating profit decreased by 32% in constant currency. The diluted EPS was reported at $0.56, down 50% year-over-year, with adjusted diluted EPS at $0.64, reflecting a 37% decline in constant currency. Despite these challenges, General Mills reaffirmed its full-year fiscal 2026 outlook, expecting organic net sales to be down 1.5% to 2% and adjusted operating profit and diluted EPS to decrease by 16% to 20% in constant currency. The company emphasized its commitment to restoring volume-driven organic net sales growth through strategic investments in consumer value and brand building, particularly in the fast-growing U.S. fresh pet food sub-category. General Mills anticipates a sequential improvement in net sales and earnings in the fourth quarter, driven by favorable timing comparisons and continued market share momentum.
