General Mills

NYSE: GIS Share price (09/17/25): $49.18 Industry: Grain Mill Products

Financials

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10-Q 09/17/25 PR IS BS CFS
10-K 06/26/25 PR IS BS CFS
10-Q 03/19/25 PR IS BS CFS
10-Q 12/18/24 PR IS BS CFS
10-Q 09/18/24 PR IS BS CFS
10-K 06/26/24 PR IS BS CFS
10-Q 03/20/24 PR IS BS CFS
10-Q 12/20/23 PR IS BS CFS
10-Q 09/20/23 PR IS BS CFS
10-K 06/28/23 PR IS BS CFS

Transcripts and slides

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Presents at Barclays 18th Annual Global Consumer Staples Conference 2025, Sep-02-2025 10:30 AM
Transcript 09/02/25
Earnings Call Q4 FY2025
Transcript Slides 06/25/25
Earnings Call Q4 FY2025
Transcript Slides 06/25/25
Earnings Call Q4 FY2025
Transcript Slides 06/25/25
Earnings Call Q4 FY2025
Transcript Slides 06/25/25
Presents at 2025 dbAccess Global Consumer Conference, Jun-05-2025 10:00 AM
Transcript 06/05/25
Earnings Call Q3 FY2025
Transcript 03/19/25
Earnings Call Q3 FY2025
Transcript 03/19/25
Presents at Consumer Analyst Group of New York Conference (CAGNY) 2025, Feb-18-2025 08:00 AM
Transcript 02/18/25
Earnings Call Q2 FY2025
Transcript Slides 12/18/24

Ownership

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144 09/12/25
4 08/26/25
4 08/26/25
4 08/26/25
4 08/26/25
4 08/26/25
144 08/14/25
144 08/11/25
4 07/11/25
4 07/02/25

Ownership

Type
Title
Filed
144 09/12/25
4 08/26/25
4 08/26/25
4 08/26/25
4 08/26/25
4 08/26/25
144 08/14/25
144 08/11/25
4 07/11/25
4 07/02/25
4 07/02/25
4 07/02/25
4 07/02/25
4 07/02/25
4 07/02/25
4 07/02/25
4 07/02/25
4 07/02/25
4 07/02/25
4 07/02/25
Title
Links
Date
Presents at Barclays 18th Annual Global Consumer Staples Conference 2025, Sep-02-2025 10:30 AM
Transcript 09/02/25
Earnings Call Q4 FY2025
Transcript Slides 06/25/25
Earnings Call Q4 FY2025
Transcript Slides 06/25/25
Earnings Call Q4 FY2025
Transcript Slides 06/25/25
Earnings Call Q4 FY2025
Transcript Slides 06/25/25
Presents at 2025 dbAccess Global Consumer Conference, Jun-05-2025 10:00 AM
Transcript 06/05/25
Earnings Call Q3 FY2025
Transcript 03/19/25
Earnings Call Q3 FY2025
Transcript 03/19/25
Presents at Consumer Analyst Group of New York Conference (CAGNY) 2025, Feb-18-2025 08:00 AM
Transcript 02/18/25
Earnings Call Q2 FY2025
Transcript Slides 12/18/24

 
I
- Business
COMPANY OVERVIEW
For more than
 
150 years, General
 
Mills has been
 
making food the
 
world loves.
We
are a leading
 
global manufacturer and
 
marketer of
branded consumer
 
foods with more
 
than 100 brands
 
in 100 countries
 
across six continents.
 
In addition to
 
our consolidated operations,
we
 
have
 
50
 
percent
 
interests
 
in
 
two
 
strategic
 
joint
 
ventures
 
that
 
manufacture
 
and
 
market
 
food
 
products
 
sold
 
in
 
approximately
 
130
countries worldwide.
We
manage and review the financial results of our
 
business under four operating segments: North America Retail; International;
 
North
America
 
Pet;
 
and
 
North
 
America
 
Foodservice.
 
We
offer a variety of human and pet food
 
products that provide great taste, nutrition, convenience, and
 
value for consumers around the
world. Our business is focused on the following large, global
 
categories:
snacks, including grain, fruit and savory snacks, nutrition bars, and
 
frozen hot snacks;
ready-to-eat cereal;
convenient meals, including meal kits, ethnic meals, pizza, soup, side dish mixes,
 
frozen breakfast, and frozen entrees;
wholesome natural pet food;
refrigerated and frozen dough;
baking mixes and ingredients;
yogurt; and
super-premium ice cream.
Our Cereal Partners Worldwide
 
(CPW) joint venture with Nestlé
 
S.A. (Nestlé) competes in the
 
ready-to-eat cereal category in markets
outside North
 
America, and
 
our Häagen-Dazs
 
Japan, Inc.
 
(HDJ) joint
 
venture
 
competes in
 
the super-premium
 
ice cream
 
category
 
in
Japan. For net sales contributed
 
by each class of similar
 
The terms
 
“General Mills,”
 
“Company,”
 
“registrant,” “we,”
 
“us,” and
 
“our” mean
 
General Mills, Inc.
 
and all
 
subsidiaries included
 
in
the Consolidated Financial Statements in Item 8 of this report unless the context
 
indicates otherwise.
 
Certain terms used throughout this report are defined in a glossary in Item 8 of
 
this report.
Customers
Our
 
primary
 
customers
 
are
 
grocery
 
stores,
 
mass
 
merchandisers,
 
membership
 
stores,
 
natural
 
food
 
chains,
 
drug,
 
dollar
 
and
 
discount
chains, e-commerce
 
retailers, commercial
 
and noncommercial
 
foodservice distributors
 
and operators,
 
restaurants, convenience
 
stores,
and
 
pet
 
specialty
 
stores.
 
We
 
generally
 
sell
 
to
 
these
 
customers
 
through
 
our
 
direct
 
sales
 
force.
 
We
 
use
 
broker
 
and
 
distribution
arrangements for certain products and to serve certain types
 
of customers and certain markets. For further information
 
on our customer
credit
 
and
 
product
 
return practices,
 
please
 
refer
 
to Note
 
2
 
to the
 
Consolidated
 
Financial Statements
 
in
 
Item 8
 
of this
 
report.
 
During
fiscal 2025, Walmart
 
Inc. and its affiliates (Walmart)
 
accounted for 22 percent of our consolidated
 
net sales and 31 percent of net sales
of our
 
North America
 
Retail segment.
 
No other
 
customer accounted
 
for 10
 
percent or
 
more of
 
our consolidated
 
net sales.
 
For further
Competition
The
 
human
 
and
 
pet
 
food
 
categories
 
are
 
highly
 
competitive,
 
with
 
numerous
 
manufacturers
 
of
 
varying
 
sizes in
 
the
 
United
 
States and
throughout the
 
world. The categories
 
in which
 
we participate
 
also are
 
very competitive.
 
Our principal
 
competitors in
 
these categories
are manufacturers, as
 
well as retailers with
 
their own branded
 
products. Competitors market
 
and sell their products
 
through brick-and-
mortar stores
 
and e-commerce.
 
All our
 
principal competitors
 
have substantial
 
financial, marketing,
 
and other
 
resources. Competition
in
 
our
 
product
 
categories
 
is
 
based
 
on
 
product
 
innovation,
 
product
 
quality,
 
price,
 
brand
 
recognition
 
and
 
loyalty,
 
effectiveness
 
of
marketing,
 
promotional
 
activity,
 
convenient
 
ordering
 
and
 
delivery
 
to
 
the consumer,
 
and the
 
ability
 
to
 
identify
 
and
 
satisfy
 
consumer
preferences.
 
Our
 
principal
 
strategies
 
for
 
competing
 
in
 
each
 
of
 
our
 
segments
 
include
 
unique
 
consumer
 
insights,
 
effective
 
customer
relationships, superior
 
product quality,
 
innovative advertising,
 
product promotion,
 
product innovation
 
aligned with consumers’
 
needs,
an efficient
 
supply chain, and
 
price. In most
 
product categories, we
 
compete not only
 
with other widely
 
advertised, branded
 
products,
but also
 
with regional
 
brands and
 
with generic
 
and private
 
label products
 
that are
 
generally sold
 
at lower
 
prices. Internationally,
 
we
compete with both multi-national and local manufacturers, and each
 
country includes a unique group of competitors.
5
Raw materials, ingredients, and packaging
The
 
principal
 
raw
 
materials
 
that
 
we
 
use
 
are
 
grains
 
(wheat,
 
oats,
 
and
 
corn),
 
dairy
 
products,
 
meat,
 
vegetable
 
oils,
 
sugar,
 
vegetables,
fruits,
 
nuts,
 
and
 
other
 
agricultural
 
products.
 
We
 
also
 
use
 
substantial
 
quantities
 
of
 
carton
 
board,
 
corrugated,
 
plastic,
 
and
 
metal
packaging
 
materials,
 
operating
 
supplies,
 
and
 
energy.
 
Most
 
of
 
these
 
inputs
 
for
 
our
 
domestic
 
and
 
Canadian
 
operations
 
are
 
purchased
from suppliers
 
in the
 
United States. In
 
our other
 
international operations,
 
inputs that
 
are not locally
 
available in
 
adequate supply
 
may
be imported
 
from other
 
countries. The
 
cost of
 
these inputs
 
may fluctuate
 
widely due
 
to external
 
conditions such
 
as weather,
 
climate
change,
 
product
 
scarcity,
 
limited
 
sources
 
of
 
supply,
 
commodity
 
market
 
fluctuations,
 
currency
 
fluctuations,
 
trade
 
tariffs,
 
pandemics,
war,
 
and
 
changes
 
in
 
governmental
 
agricultural
 
and
 
energy
 
policies
 
and
 
regulations.
 
We
 
believe
 
that
 
we
 
will
 
be
 
able
 
to
 
obtain
 
an
adequate supply
 
of needed
 
inputs. Occasionally
 
and where
 
possible, we
 
make advance
 
purchases of
 
items significant
 
to our
 
business
to ensure
 
continuity of
 
operations. Our
 
objective is
 
to procure
 
materials meeting
 
both our quality
 
standards and
 
our production
 
needs
at price levels
 
that allow a targeted
 
profit margin. Since
 
these inputs generally
 
represent the largest
 
variable cost in manufacturing
 
our
products, to the
 
extent possible, we
 
often manage the
 
risk associated with
 
adverse price movements
 
for some inputs
 
using a variety
 
of
risk
 
management
 
strategies.
 
We
 
also
 
have
 
a
 
grain
 
merchandising
 
operation
 
that
 
provides
 
us
 
efficient
 
access
 
to,
 
and
 
more
 
informed
knowledge of, various commodity
 
markets, principally wheat and oats.
 
This operation holds physical inventories
 
that are carried at net
realizable value and uses derivatives to manage its net inventory position and minimize
 
its market exposures.
TRADEMARKS AND PATENTS
Our
 
products
 
are
 
marketed
 
under
 
a
 
variety
 
of
 
valuable
 
trademarks.
 
Some
 
of
 
the
 
more
 
important
 
trademarks
 
used
 
in
 
our
 
global
operations
 
(set
 
forth
 
in
 
italics
 
in
 
this
 
report)
 
include
Annie’s
,
 
Betty
 
Crocker
,
Bisquick
,
Blue
 
Buffalo
,
Bugles
,
Cascadian
Farm
,
Cheerios
,
Chex
,
Cinnamon
 
Toast
 
Crunch
,
Cocoa Puffs
,
Cookie Crisp
,
Dunkaroos,
 
Edgard
 
& Cooper,
Fiber One
,
Fruit by
 
the Foot
,
Fruit
 
Gushers
,
Fruit
 
Roll-Ups
,
Gardetto’s
,
Gold
 
Medal
,
Golden
 
Grahams
,
Häagen-Dazs
,
Kitano
,
Kix
,
Lärabar
,
Latina
,
Lucky
Charms
,
Muir Glen
,
Nature
 
Valley
,
Nudges, Oatmeal
 
Crisp
,
Old El
 
Paso
,
Pillsbury
,
Progresso
,
Tastefuls
,
 
Tiki
 
Pets
,
Total
 
,
 
Totino’s
,
Trix
,
True
 
Chews,
 
True
 
Solutions,
 
Wanchai
 
Ferry
,
Wheaties
,
Wilderness
,
 
and
Yoki
.
 
We
 
protect
 
these
 
trademarks
 
as
 
appropriate
through registrations in the
 
United States and other jurisdictions.
 
Depending on the jurisdiction,
 
trademarks are generally valid
 
as long
as they are in use
 
or their registrations are properly
 
maintained and they have
 
not been found to have
 
become generic. Registrations of
trademarks can also generally be renewed indefinitely for
 
as long as the trademarks are in use.
 
Some
 
of
 
our
 
products
 
are
 
marketed
 
under
 
or
 
in
 
combination
 
with
 
trademarks
 
that
 
have
 
been
 
licensed
 
from
 
others
 
for
 
both
 
long-
standing
 
products
 
(e.g.,
Reese’s
 
Puffs
 
for
 
cereal,
Green
 
Giant
for vegetables
 
in certain
 
countries, and
Yoplait
and related
 
brands for
fresh dairy in the United States), and shorter term promotional products (e.g., fruit
 
snacks sold under various third party equities).
Our cereal
 
trademarks
 
are licensed
 
to CPW
 
and
 
may be
 
used in
 
association
 
with the
Nestlé
trademark.
 
Nestlé licenses
 
certain
 
of its
trademarks
 
to
 
CPW,
 
including
 
the
Nestlé
 
and
Uncle
 
Toby’s
 
trademarks.
 
The
Häagen-Dazs
 
trademark
 
is
 
licensed
 
royalty-free
 
and
exclusively
 
to
 
Nestlé
 
and
 
authorized
 
sublicensees
 
for
 
ice
 
cream
 
and
 
other
 
frozen dessert
 
products
 
in
 
the
 
United
 
States and
 
Canada.
 
The
Häagen-Dazs
 
trademark is
 
also licensed
 
to HDJ
 
in Japan.
 
The
Pillsbury
 
brand and
 
the
Pillsbury Doughboy
 
character are
 
subject
to
 
an
 
exclusive,
 
royalty-free
 
license
 
that
 
was
 
granted
 
to
 
a
 
third
 
party
 
and
 
its
 
successors
 
in
 
the
 
shelf-stable
 
baking
 
categories
 
in
 
the
United States and under limited circumstances in Canada and Mexico.
 
We
 
continue
 
our
 
focus
 
on
 
developing
 
and
 
marketing
 
innovative,
 
proprietary
 
products,
 
many
 
of
 
which
 
use
 
proprietary
 
expertise,
recipes and formulations,
 
and are patent protected. We
 
consider the collective rights under our various patents, which
 
expire from time
to time, a valuable asset,
 
but we do not
 
believe that our businesses are
 
materially dependent upon
 
any single patent or group
 
of related
patents.
SEASONALITY
In
 
general,
 
demand
 
for
 
our
 
products
 
is
 
evenly
 
balanced
 
throughout
 
the
 
year.
 
However,
 
within
 
our
 
North
 
America
 
Retail
 
segment
demand
 
for
 
refrigerated
 
dough,
 
frozen
 
baked
 
goods,
 
and
 
baking
 
products
 
is
 
stronger
 
in
 
the
 
fourth
 
calendar
 
quarter.
 
Demand
 
for
Progresso
soup is higher
 
during the
 
fall and winter
 
months. Within
 
our International
 
segment, demand
 
for
Häagen-Dazs
ice cream is
higher during
 
the summer
 
months and
 
demand for
 
baking mix
 
increases during
 
winter months.
 
Due to
 
the offsetting
 
impact of
 
these
demand
 
trends,
 
as well
 
as the
 
different
 
seasons
 
in
 
the
 
northern
 
and
 
southern
 
hemispheres,
 
our
 
International
 
segment’s
 
net
 
sales are
generally evenly balanced throughout the year.
QUALITY AND SAFETY REGULATION
The
 
manufacture
 
and
 
sale
 
of
 
human
 
and
 
pet
 
food
 
products
 
is
 
highly
 
regulated.
 
In
 
the
 
United
 
States,
 
our
 
activities
 
are
 
subject
 
to
regulation by
 
various federal
 
government agencies,
 
including the
 
Food and
 
Drug Administration,
 
Department of
 
Agriculture, Federal
Trade
 
Commission,
 
Department
 
of
 
Commerce,
 
Occupational
 
Safety
 
and
 
Health
 
Administration,
 
and
 
Environmental
 
Protection
Agency,
 
as
 
well
 
as
 
various
 
federal,
 
state,
 
and
 
local
 
agencies
 
relating
 
to
 
the
 
production,
 
packaging,
 
labelling,
 
marketing,
 
storage,
distribution, quality,
 
and safety of food
 
and pet products and
 
the health and safety
 
of our employees.
 
Our business is also
 
regulated by
similar agencies outside of the United States.
 
6
ENVIRONMENTAL
 
MATTERS
As
 
of
 
May
 
25,
 
2025,
 
we
 
were
 
involved
 
with
 
two
 
response
 
actions
 
associated
 
with
 
the
 
alleged
 
or
 
threatened
 
release
 
of
 
hazardous
substances or wastes located in Minneapolis, Minnesota and Moonachie, New
 
Jersey.
 
Our
 
operations
 
are
 
subject
 
to
 
the
 
Clean
 
Air
 
Act,
 
Clean
 
Water
 
Act,
 
Resource
 
Conservation
 
and
 
Recovery
 
Act,
 
Comprehensive
Environmental
 
Response,
 
Compensation,
 
and
 
Liability
 
Act,
 
and
 
the
 
Federal
 
Insecticide,
 
Fungicide,
 
and
 
Rodenticide
 
Act,
 
and
 
all
similar state, local, and foreign environmental laws and regulations applicable
 
to the jurisdictions in which we operate.
Based on current
 
facts and circumstances,
 
we believe that
 
neither the
 
results of our
 
environmental proceedings
 
nor our compliance
 
in
general
 
with
 
environmental
 
laws
 
or
 
regulations
 
will
 
have
 
a
 
material
 
adverse
 
effect
 
upon
 
our
 
capital
 
expenditures,
 
earnings,
 
or
competitive position.
HUMAN CAPITAL MANAGEMENT
 
Recruiting, developing, engaging, and protecting our
 
workforce is critical to executing our strategy and achieving
 
business success. As
of
 
May
 
25,
 
2025,
 
we
 
had
 
approximately
 
33,000
 
employees
 
around
 
the
 
globe,
 
with
 
approximately
 
17,000
 
in
 
the
 
U.S.
 
and
approximately 16,000
 
located in our
 
markets outside
 
of the U.S.
 
Our workforce
 
is divided
 
between approximately
 
13,000 employees
dedicated to the production of our products and approximately 20,
 
000 non-production employees.
 
The
 
efficient
 
production
 
of
 
high-quality
 
products
 
and
 
successful
 
execution
 
of
 
our
 
strategy
 
requires
 
a
 
talented,
 
skilled,
 
and
 
engaged
team of employees. We
 
work to equip our employees with
 
critical skills and expand their contributions
 
over time by providing a range
of training and career
 
development opportunities, including
 
hands-on experiences via
 
challenging work assignments and
 
job rotations,
coaching
 
and mentoring
 
opportunities, and
 
training programs.
 
To
 
foster employee
 
engagement and
 
commitment, we
 
follow a
 
robust
process
 
to
 
listen
 
to
 
employees,
 
take
 
action,
 
and
 
measure
 
our
 
progress
 
with
 
on-going
 
employee
 
conversations,
 
transparent
communications, and employee engagement surveys.
We
 
believe that
 
fostering a
 
culture of
 
belonging is
 
the right
 
thing to
 
do for
 
our employees
 
and business.
 
It strengthens
 
our ability
 
to
recruit talent and provides all
 
of our employees with an
 
environment where they have
 
an opportunity to thrive and
 
succeed. Champion
Belonging
 
– a
 
Company
 
value –
 
helps bring
 
to life
 
our
 
culture of
 
belonging through
 
respecting and
 
including
 
all voices,
 
ideas, and
perspectives.
 
We
 
embed
 
our
 
culture
 
of
 
belonging
 
into
 
our
 
day-to-day
 
ways
 
of
 
working
 
through
 
a
 
number
 
of
 
programs
 
to
 
foster
discussion, build empathy,
 
and increase understanding.
We
 
are
 
committed
 
to
 
maintaining
 
a
 
safe
 
and
 
secure
 
workplace
 
for
 
our
 
employees.
 
We
 
set
 
specific
 
safety
 
standards
 
to
 
identify
 
and
manage critical risks.
 
We
 
use global safety
 
management systems and
 
employee training to
 
ensure consistent implementation
 
of safety
protocols and
 
accurate measurement
 
and tracking of
 
incidents. To
 
provide a safe
 
and secure working
 
environment for our
 
employees,
we prohibit workplace
 
discrimination, and
 
we do not
 
tolerate abusive conduct
 
or harassment. Our
 
attention to the
 
health and safety
 
of
our workforce extends to the workers and communities in our supply chain.
 
We believe that respect
 
for human rights is fundamental to
our strategy and to our commitment to ethical business conduct.
 
INFORMATION ABOUT
 
OUR EXECUTIVE OFFICERS
The section below provides information regarding our executive officers
 
as of June 25, 2025.
Kofi A. Bruce
, age 55, is Chief Financial
 
Officer. Mr.
 
Bruce joined General Mills in 2009 as
 
Vice President,
 
Treasurer after serving
 
in
a
 
variety
 
of
 
senior
 
management
 
positions
 
with
 
Ecolab
 
and
 
Ford
 
Motor
 
Company.
 
He
 
served
 
as
 
Treasurer
 
until
 
2010
 
when
 
he
 
was
named Vice
 
President, Finance for
 
Yoplait.
 
Mr. Bruce
 
reassumed his role
 
as Vice
 
President, Treasurer
 
from 2012 until
 
2014 when he
was named
 
Vice
 
President, Finance
 
for Convenience
 
Stores &
 
Foodservice. He
 
was named
 
Vice
 
President, Controller
 
in 2017,
 
Vice
President, Financial Operations in September 2019, and to his present position
 
in February 2020.
Ricardo
 
Fernandez
,
age
52,
 
is
 
Segment
 
President,
 
International.
 
Mr.
 
Fernandez
 
joined
 
General
 
Mills
 
in
 
2000
 
as
 
an
 
Associate
Marketing Manager and held various marketing roles of increasing
 
responsibility until being named Vice
 
President, Marketing, Frozen
Frontier
 
in
 
2012,
 
Vice
 
President,
 
CPW
 
Marketing
 
in
 
2014,
 
President,
 
Latin
 
America
 
in
 
2016,
 
and
 
President,
 
Morning
 
Foods
 
in
January 2020. He was named to his present position in December 2023.
Paul J. Gallagher
,
age
57, is Chief
 
Supply Chain Officer.
 
Mr.
 
Gallagher joined General
 
Mills in April
 
2019 as Vice
 
President, North
America Supply Chain from Diageo plc. He began
 
his career at Diageo where he spent 25 years serving in a variety
 
of leadership roles
in manufacturing,
 
procurement, planning,
 
customer service,
 
and engineering
 
before becoming
 
President, North
 
America Supply
 
from
2013 to March 2019. He was named to his present position in July 2021.
7
Jeffrey
 
L. Harmening
, age
 
58, is
 
Chairman of
 
the Board
 
and Chief
 
Executive Officer.
 
Mr.
 
Harmening joined
 
General Mills
 
in 1994
and
 
served
 
in
 
various
 
marketing
 
roles
 
in
 
the
 
Betty
 
Crocker,
 
Yoplait,
 
and
 
Big
 
G
 
cereal
 
divisions.
 
He
 
was
 
named
 
Vice
 
President,
Marketing
 
for
 
CPW
 
in
 
2003
 
and
 
Vice
 
President
 
of
 
the
 
Big
 
G
 
cereal
 
division
 
in
 
2007.
 
In
 
2011,
 
he
 
was
 
promoted
 
to
 
Senior
 
Vice
President
 
for
 
the
 
Big
 
G
 
cereal
 
division.
 
Mr.
 
Harmening
 
was
 
appointed
 
Senior
 
Vice
 
President,
 
Chief
 
Executive
 
Officer
 
of
 
CPW
 
in
2012. Mr.
 
Harmening returned from CPW
 
in 2014 and was
 
named Executive Vice
 
President, Chief Operating Officer,
 
U.S. Retail. He
became
 
President,
 
Chief
 
Operating
 
Officer
 
in 2016.
 
He
 
was named
 
Chief
 
Executive
 
Officer
 
in
 
2017
 
and
 
Chairman
 
of the
 
Board
 
in
2018. Mr. Harmening
 
is a director of The Toro Company.
Elizabeth A. Mascolo
, age 50, is
 
Segment President, North
 
America Pet.
 
Ms. Mascolo joined
 
General Mills in
 
2002 and held various
marketing roles
 
in Cereals,
 
Meals, and
 
Snacks before
 
serving as
 
Global Marketing
 
Director for
 
CPW from
 
2014 through
 
2017.
 
Ms.
Mascolo
 
was named
 
Business
 
Unit Director
 
for
 
Cheerios &
 
Strategic
 
Revenue
 
Management
 
in July
 
2017;
 
Vice
 
President,
 
Business
Unit Director,
 
Pillsbury,
 
in April 2020;
 
and President, North
 
America Blue Buffalo,
 
in February 2023.
 
She was named
 
to her present
position in March 2025.
Dana M.
 
McNabb
,
age 49,
is Group
 
President, North
 
America Retail
 
and North
 
America Pet.
 
Ms. McNabb
 
joined General
 
Mills in
1999 and
 
held a
 
variety of
 
marketing roles
 
in Cereal,
 
Snacks, Meals,
 
and New
 
Products before
 
becoming Vice
 
President, Marketing
for
 
CPW
 
in
 
2011
 
and
 
Vice
 
President,
 
Marketing
 
for
 
the
 
Circle
 
of
 
Champions
 
Business
 
Unit
 
in
 
2015.
 
She
 
became
 
President,
 
U.S.
Cereal Operating
 
Unit in 2016,
 
Group President, Europe
 
& Australia in
 
January 2020, Chief
 
Strategy & Growth
 
Officer in July
 
2021,
Group President, North America Retail in January 2024, and was named to
 
her present position in June 2025.
Jaime
 
Montemayor
,
 
age
 
61,
 
is
 
Chief
 
Digital
 
and
 
Technology
 
Officer.
 
He
 
spent
 
21
 
years
 
at
 
PepsiCo,
 
Inc.,
 
serving
 
in
 
roles
 
of
increasing
 
responsibility,
 
including
 
most
 
recently
 
as
 
Senior
 
Vice
 
President
 
and
 
Chief
 
Information
 
Officer
 
of
 
PepsiCo’s
 
Americas
Foods segment
 
from 2013
 
to 2015, and
 
Senior Vice
 
President and
 
Chief Information
 
Officer,
 
Digital Innovation,
 
Data and Analytics,
PepsiCo from
 
2015 to
 
2016. Mr.
 
Montemayor served
 
as Chief
 
Technology
 
Officer of
 
7-Eleven Inc.
 
in 2017.
 
He assumed
 
his present
role in February 2020 after founding and operating a digital technology
 
consulting company from 2017 until January 2020.
Jon
 
J.
 
Nudi
,
 
age
 
55,
 
was
 
Group
 
President,
 
North
 
America
 
Pet,
 
International,
 
and
 
North
 
America
 
Foodservice
 
from
 
January
 
2024
through his
 
retirement in
 
June 2025.
 
Mr.
 
Nudi joined
 
General Mills
 
in 1993
 
as a
 
Sales Representative
 
and held
 
a variety
 
of roles
 
in
Consumer
 
Foods Sales.
 
In 2005,
 
he
 
moved
 
into marketing
 
roles
 
in
 
the Meals
 
division
 
and
 
was elected
 
Vice
 
President
 
in
 
2007.
 
Mr.
Nudi
 
was
 
named
 
Vice
 
President;
 
President,
 
Snacks,
 
in
 
2010,
 
Senior
 
Vice
 
President;
 
President,
 
Europe/Australasia
 
in
 
2014,
 
Senior
Vice President; President, U.S.
 
Retail in 2016
 
and Group President, North America Retail in 2017.
Mark A. Pallot
,
age 52,
 
is Vice
 
President, Chief
 
Accounting Officer.
 
Mr.
 
Pallot joined
 
General Mills in
 
2007 and
 
served as
Director,
Financial
 
Reporting
 
until
 
2017,
 
when
 
he was
 
named
 
Vice
 
President,
 
Assistant
 
Controller.
 
He
 
was elected
 
to
 
his
 
present
 
position
 
in
February
 
2020.
 
Prior
 
to
 
joining
 
General
 
Mills,
 
Mr.
 
Pallot
 
held
 
accounting
 
and
 
financial
 
reporting
 
positions
 
at
 
Residential
 
Capital,
LLC, Metris, Inc., CIT Group Inc., and Ernst & Young,
 
LLP.
Asheesh Saksena
, age 61,
 
is Chief Strategy
 
and Growth Officer.
 
Mr.
 
Saksena joined General
 
Mills in August
 
2024.
 
Prior to joining
General
 
Mills,
 
Mr.
 
Saksena
 
served
 
as
 
Chief
 
Growth
 
Officer
 
at
 
Gap
 
Inc.
 
from
 
January
 
2021
 
to
 
March
 
2023.
 
He
 
served
 
as
 
Senior
Advisor to
 
the Chief Executive
 
Officer of
 
Best Buy Co.,
 
Inc. from August
 
2020 to November
 
2020; President, Best
 
Buy Health, Best
Buy Co., Inc.
 
from 2018 to
 
August 2020; Chief
 
Strategic Growth
 
Officer,
 
Best Buy Co.,
 
Inc. from
 
2016 to 2018;
 
and Executive Vice
President, Chief Strategy Officer,
 
Cox Communications, a wholly owned subsidiary of Cox Enterprises,
 
Inc., from 2011 to 2016.
Lanette Shaffer Werner
, age 54, is Chief Innovation, Technical
 
and Quality Officer.
 
Ms. Shaffer Werner
 
joined General Mills in 1995
and held various R&D roles in Frozen Desserts, Pillsbury,
 
and Baking before serving as Director of One Global
 
Dairy and Sr. Director
for One Global Cereal. In July 2021, Ms. Shaffer Werner
 
was named as Vice President, Innovation,
 
Technical and Quality,
 
U.S. Meals
& Baking Solutions. She was named to her present position in June 2023.
Pankaj Sharma
,
age 52, is Segment
 
President, North America Foodservice.
 
Mr. Sharma
 
joined General Mills in
 
2014 and served as
 
a
Marketing
 
Director until
 
2017, when
 
he was
 
named Vice
 
President,
 
Marketing,
 
Europe &
 
Australia.
 
He was
 
promoted to
 
President,
U.S.
 
Yogurt
 
in
 
May
 
2018
 
and
 
President,
 
U.S.
 
Meals
 
&
 
Baking
 
Solutions
 
in
 
July
 
2019.
 
He
 
was
 
named
 
to
 
his
 
present
 
position
 
in
February 2024.
Karen Wilson
 
Thissen
, age
 
58, is
 
General Counsel
 
and Secretary.
 
Ms. Wilson
 
Thissen joined
 
General Mills
 
in June
 
2022.
 
Prior to
joining
 
General
 
Mills, she
 
spent
 
17 years
 
at Ameriprise
 
Financial,
 
Inc.,
 
serving in
 
roles of
 
increasing
 
responsibility,
 
including
 
most
recently as Executive Vice
 
President and General Counsel
 
from 2017 to June
 
2022, and Executive Vice
 
President and Deputy General
Counsel from 2014
 
to 2017.
 
Before joining
 
Ameriprise Financial, Inc.,
 
she was a partner
 
at the law
 
firm of Faegre
 
Drinker (formerly
Faegre & Benson LLP).
 
 
8
Jacqueline
 
Williams-Roll
,
 
age
 
56,
 
is
 
Chief
 
Human
 
Resources
 
Officer.
 
In
 
this
 
capacity,
 
she
 
also
 
has
 
responsibility
 
for
 
Corporate
Communications.
 
Ms.
 
Williams-Roll
 
joined
 
General
 
Mills
 
in
 
1995.
 
She
 
held
 
human
 
resources
 
leadership
 
roles
 
in
 
Supply
 
Chain,
Finance, Marketing,
 
and Organization
 
Effectiveness and
 
worked a
 
large part
 
of her
 
career on
 
businesses outside
 
of the United
 
States.
She
 
was
 
named
 
Vice
 
President,
 
Human
 
Resources,
 
International
 
in
 
2010,
 
and
 
then
 
promoted
 
to
 
Senior
 
Vice
 
President,
 
Human
Resources
 
Operations
 
in
 
2013.
 
She
 
was
 
named
 
to
 
her
 
present
 
position
 
in
 
2014.
 
Prior
 
to
 
joining
 
General
 
Mills,
 
she
 
held
 
sales
 
and
management roles with Jenny Craig International.
WEBSITE ACCESS
Our
 
website
 
is
 
https://www.generalmills.com.
We
 
make
 
available,
 
free
 
of
 
charge
 
in
 
the
 
“Investors”
 
portion
 
of
 
this
 
website,
 
annual
reports
 
on
 
Form
 
10-K,
 
quarterly
 
reports
 
on
 
Form
 
10-Q,
 
current
 
reports
 
on
 
Form
 
8-K,
 
and
 
amendments
 
to
 
those
 
reports
 
filed
 
or
furnished pursuant to Section 13(a)
 
or 15(d) of the Securities Exchange
 
Act of 1934 (1934 Act) as soon
 
as reasonably practicable after
we
 
electronically
 
file
 
such
 
material
 
with,
 
or
 
furnish
 
it
 
to,
 
the
 
Securities
 
and
 
Exchange
 
Commission
 
(SEC).
 
All
 
such
 
filings
 
are
available
 
on the
 
SEC’s
 
website
 
at https://www.sec.gov.
 
Reports
 
of beneficial
 
ownership filed
 
pursuant
 
to Section
 
16(a) of
 
the 1934
Act are also available on our website.

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EV Bridge
Share price [GIS] $49.18
Shares outstanding (m) ??
Dilution adjustment (m) ??
Diluted shares outstanding (m) ??
Diluted market capitalization ($m) ??
NCI ($m) ??
Debt (incl. operating lease) ($m) ??
After-tax pension liability ($m) ??
Short-term financial assets and cash ($m) ??
Long-term financial assets ($m) 0.0
Enterprise value (incl. operating lease) ($m) 40,655.3
Net debt for credit metrics ($m) ??
Lease and SBC Data:
Operating lease liability ($m) 418.1
Annual operating lease expense ($m) 145.7
Annual stock-based comp expense ($m) 91.7
EV Bridge
Share price [GIS] $49.18
Shares outstanding (m) ??
Dilution adjustment (m) ??
Diluted shares outstanding (m) ??
Diluted market capitalization ($m) ??
NCI ($m) ??
Debt ($m) ??
After-tax pension liability ($m) ??
Short-term financial assets and cash ($m) ??
Long-term financial assets ($m) 0.0
Enterprise value ($m) 40,237.2
Net debt for credit metrics ($m) ??
Lease and SBC Data:
Operating lease liability ($m) 418.1
Annual operating lease expense ($m) 145.7
Annual stock-based comp expense ($m) 91.7
Comps Builder
Comps Excel Download
Market cap ($B) P/E CY1 EV / CY1 EBITDA EV / CY1 Revenue CY1 EBITDA Margin 2 Yr Revenue CAGR (Fwd) Adj. lev. beta Total debt / LTM EBITDA Debt / Capital Credit rating (Moodys / S&P)
*US listed companies only
Earnings
Date ?? ?? ??
Revenue ($M) ?? ?? ??
Growth ?? ?? ??
EBITDA ($m) ?? ?? ??
Margin ?? ?? ??
EPS ($) ?? ?? ??
Market data by Finnhub | Earnings forecasts by Factset | Economic data from FRED | Fundamental data by Financial Edge
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