General Mills, Inc. (GIS) Earnings Call Transcripts

General Mills, Inc.'s Latest Earnings Call - Q1 FY2027

In the first quarter of fiscal 2027, General Mills reported a revenue of $4.2 billion, reflecting a 2% year-over-year increase. Earnings per share (EPS) came in at $0.85, which is inline with prior guidance. Management highlighted a positive trend in dollar share performance, particularly in the cereal and soup categories, while noting challenges in the pet food segment, particularly with the Wilderness brand. The company maintained its inflation guidance at the higher end of the 4% to 5% range, signaling potential pressure on margins moving forward.

Reported metrics

Guidance from management

Management maintained its inflation guidance at the higher end of the 4% to 5% range, with expectations for Q4 inflation to reach around 6%. They anticipate continued improvement in dollar performance throughout the year, particularly through innovation and renovation efforts.

What management said

Sure. Pete, thanks for the question. Just to give you some texture. We did see inflation roughly within the range, maybe a touch lower than we expected in Q1, but at the low end of our range, around 4%, which if I look forward and take into account sort of our hedge positions, I would expect Q1, Q2, Q3 to be roughly similar, and Q4 would be just a touch outside the range at around 6% based on everything in front of u...

Wet dog food is doing as we expected it is down about 4%, but that is not worse than we had planned. And I'm actually not familiar with the challenges that you're talking to. As far as I know, our plans are on track.

What analysts pressed on

Analysts expressed concerns regarding the ongoing challenges in the pet food segment, particularly with the Wilderness brand. There were also questions about the impact of inflation on margins and how the company plans to navigate potential pricing pressures in a competitive landscape.

Main topics on the call

• Improvement in Dollar Share Performance — Management reported a '2-point improvement in dollar sales' and noted improved share performance across most categories, particularly cereal and soup. However, they acknowledged that they are 'not all the way to growth y...
• Challenges in Pet Food Segment — The pet food segment faced challenges, particularly with the Wilderness brand, which saw 'declines accelerate.' Management is focusing on innovation and renovation to address these issues, indicating that 'we have work t...
• Inflation Guidance Maintained — Management indicated that inflation was 'roughly within the range, maybe a touch lower than we expected in Q1,' but expects it to be at the higher end of the 4% to 5% range for the year. They anticipate Q4 inflation to b...
• Increased Marketing Spend — Marketing spend was reported to be 'up modestly in Q1,' with expectations for low single-digit increases throughout the year. The company is modernizing its marketing approach, which includes a content studio and increas...

Read the full General Mills, Inc. transcript (Q1 FY2027) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 75 General Mills, Inc. earnings call transcripts on record, spanning February 18, 2020 to September 23, 2026. Based on this history, General Mills, Inc. reports quarterly. The most recent call on file is dated September 23, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

GIS

Exchange

NYSE

Country

US

Sector

Consumer Staples

Industry

Food Products

Calls on record

75

First call

February 18, 2020

Most recent

September 23, 2026

Reporting cadence

quarterly