General Mills reports Q2 2026 fiscal results
Despite these declines, General Mills reaffirmed its full-year fiscal 2026 outlook, signalling confidence in its long-term strategy.
USA – General Mills, Inc., the multinational food corporation renowned for brands like Cheerios, Betty Crocker, and Blue Buffalo, released its fiscal 2026 second-quarter results on December 17, 2025, revealing a mixed performance amid divestitures and cost pressures.
The company reported net sales of US$4.9 billion, a 7% year-over-year decline, primarily driven by a 6-point headwind from divestitures and acquisitions.
Organic net sales fell by 1%, reflecting softer demand in specific categories and timing impacts from trade expenses.
Operating profit for the quarter was US$728 million, down 32%, while adjusted operating profit stood at US$848 million, a 20% decline in constant currency.
Diluted earnings per share (EPS) came in at US$0.78, a 45% decrease, while adjusted diluted EPS was US$1.10, down 21% in constant currency.
Despite these declines, General Mills reaffirmed its full-year fiscal 2026 outlook, signalling confidence in its long-term strategy.
The company highlighted that results were in line with expectations, given the impact of North American yogurt divestitures, ongoing investments to improve brand remarkability, and unfavourable trade expense comparisons from fiscal 2025.
Jeff Harmening, Chairman and CEO of General Mills, emphasized the company’s resilience in a volatile operating environment.
“Our team continued to execute exceptionally well in a volatile operating environment, delivering results ahead of our expectations in the second quarter,” said General Mills Chairman and Chief Executive Officer Jeff Harmening.
“Our investments in remarkability are working, helping restore organic volume growth in North America Retail this quarter and driving strong competitiveness across each of our segments. With improved momentum in the first half and confidence in our plans to drive further improvement in the rest of the year, we are reaffirming our full-year fiscal 2026 outlook.”
General Mills has been actively reshaping its portfolio, divesting non-core businesses while investing in high-growth categories such as pet food, snacks, and international markets.
The company continues to prioritize innovation, sustainability, and digital transformation to strengthen its global presence.
Looking ahead, General Mills expects improved performance in the second half of fiscal 2026, supported by stronger brand execution, efficiency initiatives, and favourable comparisons.
The reaffirmed outlook suggests confidence in achieving its full-year targets despite near-term headwinds.
The results underscore the challenges facing major food manufacturers amid shifting consumer preferences, inflationary pressures, and portfolio realignment.
For General Mills, the second-quarter performance reflects both the costs of transformation and the potential for long-term growth as investments begin to yield returns.
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