General Mills, Inc. Company Overview

Business Description

• Type of Business: Major global manufacturer and marketer of branded consumer foods.
• History: Over 150 years of operation.
• Global Reach: Operates in more than 100 countries across 6 continents.
• Joint Ventures: Holds 50% interests in two strategic joint ventures:
  • Cereal Partners Worldwide (CPW): With Nestlé S.A., competing in the ready-to-eat cereal market outside North America.
  • Häagen-Dazs Japan, Inc. (HDJ): Competing in the super-premium ice cream category in Japan.
• Business Segments: Manages operations mainly in four segments:
  • North America Retail
  • International
  • North America Pet
  • North America Foodservice

Product Categories

• Snacks (grain, fruit, savory snacks, nutrition bars, frozen hot snacks)
• Ready-to-eat cereal
• Convenient meals (meal kits, ethnic meals, pizza, soup, side dish mixes, frozen breakfast, entrees)
• Wholesome natural pet food
• Refrigerated and frozen dough
• Baking mixes and ingredients
• Yogurt
• Super-premium ice cream

Brands

• Uses over 100 brands including notable trademarks:
  • Annie’s, Betty Crocker, Bisquick, Blue Buffalo, Bugles, Cascadian Farm, Cheerios, Chex, Cinnamon Toast Toast, 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, Old El Paso, Pillsbury, Progresso, Tastefuls, Tiki Pets, Total, Totino’s, Trix, True Chews, Yoki.

Customers

• Primary Customers: Grocery stores, mass merchandisers, membership stores, natural food chains, drug, dollar, and discount chains, e-commerce retailers, foodservice distributors and operators, restaurants, convenience stores, pet stores.
• Sales Channels: Direct sales force, brokers, and distribution arrangements.
• Key Customer Data:
  • Walmart Inc. accounted for 22% of consolidated net sales in FY 2025.
  • No other customer accounted for 10% or more of total sales.

Financial Metrics (Fiscal Year Ended May 25, 2025)

• Revenue: Approximately $19.5 billion (net sales declined by 2% from prior year).
• Net Income:
  • Net earnings attributable to General Mills: $2.3 billion.
• Employees: About 33,000 employees worldwide:
  • Approximately 17,000 in the U.S.
  • Approximately 16,000 in international markets
• Market Capitalization (as of most recent data):
  • Market value of common stock held by non-affiliates: roughly $35.9 billion.
  • Shares Outstanding: 542,427,490 (excluding treasury shares).

Operations and Facilities

• Owns principal executive and research facilities in Minneapolis, Minnesota.
• Operates 42 manufacturing facilities globally:
  • 28 in the U.S., 3 in Latin America/Mexico, 5 in Europe/Australia, 4 in Greater China, 1 leased in Canada, 1 in Asia/Middle East/Africa.
• Owns and leases significant warehouse and distribution space (>17 million sq. ft.).
• Internationally, operates 332 owned and 387 franchised Häagen-Dazs parlors outside North America.

Business Strategy and Performance

Key Goals:

• Long-term net sales growth: 2-3% annually.
• Mid-single digit growth in operating profit.
• Mid-to-high single-digit growth in diluted EPS.
• Free cash flow conversion of at least 95%.
• Return 80-90% of free cash flow to shareholders (dividends and buybacks).

Fiscal 2025 Highlights:

• Net sales decreased 2% to $19.5 billion.
• Operating profit of $3.3 billion, down 4%.
• Diluted EPS was $4.10, down 5%.
• Significant market volatility affected results; increased investment in consumer value.
• Managed strategic portfolio changes including acquisitions and divestitures (e.g., sale of Canadian yogurt business, acquisition of Whitebridge Pet Brands).
• Focused on cost efficiencies with strong cash flow generation (free cash flow ~$2.3 billion, 97% of net earnings).

Summary

• Core business: Branded consumer foods with a diverse product lineup and significant global presence.
• Customer base: Wide-reaching retail, foodservice, pet, and e-commerce channels.
• Employees: ~33,000 worldwide.
• Revenue (2025): ~$19.5 billion.
• Net income (2025): ~$2.3 billion.
• Market Capitalization: Approximately $35.9 billion.
• Global operations involve manufacturing, research, and retail facilities across multiple countries.