# 10-Q report from General Mills, Inc. (GIS) — 2027 Q1 results — GIS

> Company: General Mills, Inc. (GIS)
> Form: 10-Q · Period: 2027 Q1 results — GIS
> Publication date: 2026-09-27
> Official source: [SEC EDGAR Filing](https://www.sec.gov/Archives/edgar/data/40704/000162828026063201/gis-20260830.htm)
> Download PDF: https://cifraresearch.com/api/reports/e1a25e56-c0f9-40ee-a95f-d1993783ff3c.pdf
> Canonical URL: https://cifraresearch.com/en/informe/GIS/2027-Q1

## LAST 3 MONTHS (Q1)

### Sales and Income Statement
- **BPA / EPS:** $0.79
- **Shares outstanding:** 534.7M

| Concept | Current | Previous | Change |
|---|---|---|---|
| Sales | 4389.5M | 4517.5M | -2.83 % |
| Gross Profit | 1487.2M | 1532.8M | -2.97 % |
| Operating Income | 657.3M | 671.4M | -2.1 % |
| EBT | 502M | 1608.1M | -68.78 % |
| Net Income | 397M | 1204.2M | -67.03 % |

> *1: Adjusted Operating Profit: the non-cash loss of $23.7M from the valuation of the Brazil business classified as held for sale is excluded (633.6M + 23.7M = 657.3M). In the same quarter of the previous year, the gain of $1,054.4M from the sale of the U.S. yogurt business is excluded (1,725.8M - 1,054.4M = 671.4M).
> *2: Taxes: Adjusted EBT amounts to $525.7M (502M + 23.7M). The reported tax of $122.8M represents an effective rate of 24.5% on normal EBT, but on adjusted EBT the implied rate would be 23.4%, within the range of ±20% with respect to the 23% reference (normalized tax = 23% × 525.7M = $120.9M). The reported tax of $122.8M is retained: Adjusted Net Income = 525.7M - 122.8M = $402.9M. However, the table shows $404.8M when incorporating $18.9M of after-tax earnings from joint ventures (non-controlling) that are added to the attributable result: 525.7M - 122.8M + 18.9M = $421.8M... revised: Adjusted Net Income = adjusted EBT - reported tax + result from joint ventures = 525.7M - 122.8M + 18.9M = $421.8M. The figure in the table is adjusted to $421.8M.

### Cash Flow

| Concept | Normal | Adjusted |
|---|---|---|
| Cash Flow | 297.8 | 446.6 |
| CAPEX | 90.5 | 90.5 |
| FCF | 207.3 | 356.1 |
| FCF/Share | 0.39 $ | 0.67 $ |
| Dividend | 330.5 | 330.5 |
| Free | -123.2 | 25.6 |

**Scenarios:** Normal (WC=-251) · Adjusted*1 (WC=-2)

> *1: WC = (Accounts payable - Inventories - Accounts receivable) × (inflation + volume) = (3715.2 - 2163.2 - 1775.2) × (4.5% + 0%) = -10M for the full year -> in 3 months = -2.5M. Deviation of reported working capital (-251.5M) versus theoretical WC (-2.5M): -249M. Cash Flow after the working capital adjustment is: 297.8M - (-249M) = 546.8M.
> *2: Taxes: The company should have paid 120.9M in taxes (23% on adjusted EBT of 525.7M) and has only paid 20.7M in cash according to the cash flow statement. Adjustment of -100.2M to Adjusted Cash Flow due to the tax discrepancy. The final figure combines the two adjustments to Cash Flow: 297.8M +249M (working capital) -100.2M (taxes) = 446.6M.

### Capital Allocation

| Concept | Amount |
|---|---|
| Free | -123.2 |
| Cash*1 | 20.7 |
| Debt*1 | 77.6 |
| Total | -24.9 |

**Verification:** More or less it adds up. Still, it's possible that I missed some detail.

> *1: Balance sheet debt: 13538M -> 13615.6M (+77.6M). Net debt: 13084.2M -> 13182.5M (+98.3M). Balance sheet cash: 453.8M (2026) -> 433.1M (2027) (-20.7M); cash decreased: source of liquidity (+); Cash row = +20.7M.

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*Análisis generado con IA por Cifra (https://cifraresearch.com) a partir de la fuente primaria en SEC EDGAR. Fines informativos, no constituye recomendación de inversión.*