General Mills Q2 sales fall 7% to $4.9 billion, EPS $0.78; outlook reaffirmed
General Mills reported fiscal 2026 second-quarter results for the quarter ended November 23, 2025, with net sales of $4.9 billion, down 7%, and diluted EPS of $0.78, down 45%. The company cited investments in its brands, the North American yogurt divestitures and an unfavorable trade expense timing comparison, and it reaffirmed its full-year fiscal 2026 targets, which call for adjusted operating profit and adjusted diluted EPS both to be down 10 to 15% in constant currency. For shareholders, the quarter shows a sharp drop in sales and profit, but the full-year targets were held rather than cut.
Key points
- Second-quarter net sales were $4.9 billion, down 7%; organic net sales were down 1%.
- Diluted EPS was $0.78, down 45%; adjusted diluted EPS was $1.10, down 21% in constant currency.
- Operating profit was $728 million, down 32%, with restructuring, transformation, impairment and other exit costs of $122 million versus $1 million a year ago.
- Full-year fiscal 2026 targets were reaffirmed, including adjusted operating profit and adjusted diluted EPS both expected down 10 to 15% in constant currency.
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 12:42 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on December 17, 2025.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.