General Mills (GIS) Earnings: Q1 Fiscal 2027 Results and Next Report Date

The quarter ended August 30, 2026 and General Mills published the results on September 23, 2026. Revenue and diluted EPS are shown against Q1 fiscal 2026, the same quarter a year earlier, which takes seasonal swings out of the comparison. General Mills reports EPS two ways: GAAP, under the accounting rules every US filer follows, and adjusted diluted, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• General Mills sold its U.S. yogurt business in Q1 fiscal 2026, so the year-ago quarter includes $102.0 million of yogurt net sales and a $1,054.4 million divestitures gain. That gain is most of the drop in GAAP operating profit and EPS.
• General Mills' fiscal year ends on the last Sunday in May. Fiscal 2026 had 53 weeks, with the extra week in its fourth quarter. The sale of the Brazil business closed on September 2, 2026, after the quarter ended.

Source: General Mills Q1 fiscal 2027 results, September 23, 2026. Also in the Form 10-Q for the quarter ended August 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How General Mills splits revenue in its own release, under its own labels, for Q1 fiscal 2027 against Q1 fiscal 2026. Indented lines are parts of the line above them.

• General Mills's North America Retail revenue was $2.5 billion in Q1 fiscal 2027, down 7% from $2.6 billion in Q1 fiscal 2026, 56% of total revenue.
• General Mills's International revenue was $794 million in Q1 fiscal 2027, up 4% from $760 million in Q1 fiscal 2026, 18% of total revenue.
• General Mills's North America Pet revenue was $613 million in Q1 fiscal 2027, flat on $610 million in Q1 fiscal 2026, 14% of total revenue.
• General Mills's North America Foodservice revenue was $523 million in Q1 fiscal 2027, up 1% from $517 million in Q1 fiscal 2026, 12% of total revenue.
• General Mills's Corporate and other revenue was $7.5 million in Q1 fiscal 2027, up 47% from $5.1 million in Q1 fiscal 2026, under 1% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q1 fiscal 2027 release, General Mills said:

“Organic net sales are expected to range between down 1.5 percent and up 0.5 percent.”

“Adjusted operating profit is expected to be down 13 percent to down 8 percent in constant currency.”

“Adjusted diluted earnings are expected to be between $3.00 and $3.20 per share.”

“Free cash flow conversion is expected to be approximately 95 percent of adjusted after-tax earnings.”

Source: General Mills Q1 fiscal 2027 release, Sep 23, 2026.

This is the company's own guidance as of Sep 23, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the GIS forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP net sales and diluted EPS, each as first reported in that quarter's release. Q4 fiscal 2026 had 14 weeks and a GAAP loss driven by $2,808.0 million of restructuring, transformation, impairment and other exit costs, mostly goodwill and brand intangible impairments; Q1 fiscal 2026 EPS includes the U.S. yogurt divestiture gain.

General Mills's next report is expected around December 23, 2026, a date estimated from its reporting history that the company has not yet confirmed. This page will show Q1 fiscal 2027 until those results are out and have been checked against the release.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q1 fiscal 2027 (this page), reported Sep 23, 2026

General Mills reports four segments. In Q1 fiscal 2027, North America Retail brought in $2,451.8 million of $4,389.5 million in net sales, International $794.3 million, North America Pet $612.8 million and North America Foodservice $523.1 million. Net sales fell 3% from $4,517.5 million, and organic net sales were flat. (General Mills Q1 fiscal 2027 release, Sep 23, 2026)

By product class, snacks were the largest line at $1,032.3 million, followed by cereal ($755.9 million), pet ($651.2 million), convenient meals ($646.6 million), dough ($516.4 million) and baking mixes and ingredients ($469.0 million). Yogurt, $102.0 million a year earlier, is now zero after the sale of the U.S. yogurt business in Q1 fiscal 2026. (General Mills Form 10-Q, Q1 fiscal 2027, Sep 23, 2026)

The yogurt sale explains the decline. Total volume subtracted 4 points and price/mix added 1 point; on an organic basis volume was down 1 point and price/mix was flat. North America Retail fell 7%, including a 4-point headwind from the divestiture, with organic net sales down 3% and lagging Nielsen-measured retail sales by about 1 point because of changes in retailer inventory. International grew 4%, with organic growth of 4% from distributor markets, India and China. (General Mills Q1 fiscal 2027 release, Sep 23, 2026)

North America Pet net sales essentially matched the year-ago level at $612.8 million: cat food was up double digits and dog food down high-single digits. General Mills said organic results included an extra month for the Whitebridge Pet Brands business after its calendar was aligned to the August quarter end. North America Foodservice grew 1%, or 4% organically, led by cereal and frozen meals. (General Mills Q1 fiscal 2027 release, Sep 23, 2026)

Sales are concentrated in one retailer. In fiscal 2026 Walmart accounted for 22% of General Mills' consolidated net sales and 31% of North America Retail net sales, and no other customer reached 10%. The five largest customers made up 54% of consolidated net sales. (General Mills Form 10-K, fiscal 2026, Jul 1, 2026)

General Mills' GAAP diluted EPS fell 67% to $0.74 from $2.22, and adjusted diluted EPS fell 13% in constant currency to $0.75 from $0.86. The year-ago GAAP figure included $1.43 per share from the divestitures gain on the U.S. yogurt sale, which the adjusted measure removes. (General Mills Q1 fiscal 2027 release, Sep 23, 2026)

This quarter the gap between GAAP and adjusted EPS was $0.01. Adjusted EPS adds back a $0.04 valuation loss on the held for sale Brazil business and $0.01 of transaction costs, and removes $0.04 of mark-to-market gains. Adjusted operating profit of $634 million was down 11% in constant currency on higher input costs and lower volume, and net interest expense rose to $142 million from $133 million on higher rates. (General Mills Q1 fiscal 2027 release, Sep 23, 2026)

General Mills bought back no shares in Q1 fiscal 2027, after $500 million of repurchases a year earlier. Average diluted shares fell 1% to 538 million. The effective tax rate was 24.5% against 25.6%, and the adjusted rate was 23.4% against 24.1%. (General Mills Q1 fiscal 2027 release, Sep 23, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

General Mills reaffirmed its fiscal 2027 targets, all on a non-GAAP basis: organic net sales between down 1.5% and up 0.5%, adjusted operating profit down 13% to down 8% in constant currency, adjusted diluted EPS of $3.00 to $3.20, and free cash flow conversion of about 95% of adjusted after-tax earnings. (General Mills Q1 fiscal 2027 release, Sep 23, 2026)

The outlook assumes at least $750 million of savings from Holistic Margin Management and the global transformation initiative, and headwinds of about 9 points on operating profit and 11 points on EPS from lapping the 53rd week, normalizing incentive pay and fiscal 2026 divestitures. General Mills expects divestitures, currency and the 53rd week to reduce reported net sales growth by about 4%. (General Mills Q1 fiscal 2027 release, Sep 23, 2026)

A consensus figure is the average of the models published by the analysts who cover General Mills, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones General Mills's own release and filings put weight on for Q1 fiscal 2027, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning GIS is on is GIS a buy or a sell?, what analysts expect next is on the GIS forecast, and what the company does is on the General Mills (GIS) stock page.

Every number on this page can be traced to a document General Mills published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.