General Mills, Inc. (NYSE: GIS) reported fiscal first-quarter 2026 results that topped Wall Street profit expectations while reaffirming its full-year guidance.
The food manufacturer posted adjusted earnings of $0.86 per share, above analysts’ forecast of $0.81, even as net sales declined 7% to $4.5 billion. Revenue was in line with expectations at $4.52 billion but fell 3% organically, pressured by unfavorable price realization and mix in the North America Retail segment.
Adjusted operating profit fell 18% in constant currency to $711 million, though results came in slightly ahead of internal projections.
The company completed the divestiture of its U.S. yogurt business during the quarter, generating a $1.05 billion gain that lifted reported operating profit by 108% to $1.7 billion and diluted EPS by 116% to $2.22.
By division, North America Retail sales dropped 13%, while North America Pet grew 6%, helped by an 11-point benefit from the Whitebridge Pet Brands acquisition. North America Foodservice sales declined 4%, and International sales rose 6%.
General Mills reaffirmed its fiscal 2026 outlook, projecting organic net sales growth between -1% and +1%, with adjusted operating profit and EPS both expected to decline 10% to 15% in constant currency.
