GENERAL MILLS INC (GIS)

General Mills is a leading global manufacturer and marketer of branded consumer foods, with a history of 160 years. It sells more than 100 brands in 100 countries across six continents. In addition to its consolidated operations, it holds 50 percent interests in two strategic joint ventures that make and market food products sold in approximately 120 countries. Cereal Partners Worldwide, a joint venture with Nestlé S.A., competes in ready-to-eat cereal outside North America. Häagen-Dazs Japan, Inc. competes in super-premium ice cream in Japan.

The company manages and reports its results through four operating segments: North America Retail, International, North America Pet, and North America Foodservice. It offers human and pet food focused on large global categories: snacks (grain, fruit and savory snacks, nutrition bars, and frozen hot snacks), ready-to-eat cereal, convenient meals (meal kits, ethnic meals, pizza, soup, side dish mixes, frozen breakfast and frozen entrees), wholesome natural pet food, refrigerated and frozen dough, baking mixes and ingredients, and super-premium ice cream. Key trademarks include Annie's, Betty Crocker, Blue Buffalo, Cheerios, Nature Valley, Old El Paso, Pillsbury, Progresso, Totino's, Häagen-Dazs, and Lucky Charms. Some products use licensed trademarks such as Reese's Puffs and Green Giant. The company also runs a grain merchandising operation, principally in wheat and oats.

Its primary customers are grocery stores, mass merchandisers, membership stores, natural food chains, drug, dollar and discount chains, e-commerce retailers, foodservice distributors and operators, restaurants, convenience stores, and pet specialty stores. It generally sells through a direct sales force, and uses brokers and distribution arrangements for certain products, customers and markets. In fiscal 2026, Walmart accounted for 22 percent of consolidated net sales and 31 percent of North America Retail net sales. No other customer reached 10 percent. Demand is generally evenly balanced through the year, with seasonal peaks for baking products and refrigerated dough in the fourth calendar quarter, Progresso soup in fall and winter, and Häagen-Dazs in summer.

The principal raw materials are grains (wheat, oats and corn), meat, vegetable oils, sugar, vegetables, fruits, nuts, and other agricultural products, along with carton board, corrugated, plastic and metal packaging, operating supplies and energy. Most inputs for domestic and Canadian operations are bought from U.S. suppliers, and international operations may import inputs not available locally. The company manages price risk through advance purchases and risk management strategies. It competes with manufacturers of many sizes, retailers with their own branded products, regional brands, and private label products, on innovation, quality, price, brand loyalty, and marketing. Its products are regulated by agencies such as the FDA and USDA in the United States and similar bodies abroad. At May 31, 2026, it had approximately 30,000 employees, about half in the U.S., including about 12,000 in production.