SEC 10-Q

General Mills Q1 2026 revenue declines 3.2% to $4.56B amid pricing pressures, but operating margin expands 120bps to 16.8%

General Mills delivered mixed Q1 2026 results, with better-than-expected margins offset by disappointing volumes. The 3.2% revenue decline reflects the difficult trade-down environment as consumers shift spending. However, management's cost control measures are bearing fruit, with operating margin expansion of 120bps beating expectations. The maintained guidance suggests confidence in back-half recovery, though the cereal category's structural challenges remain concerning. The pet segment continues to be a bright spot, with market share gains in premium treats. Investors will watch for whether the company can stabilize volumes in its core categories while navigating input cost volatility.

Ticker

GIS

Form

10-Q