Analyst Consensus ?
ConsensusHold36 ratings
Bullish822.2%
Neutral2261.1%
Bearish616.7%
General Mills, Inc. · GIS · FY2026 Q3 · Calendar Q1 2026
General Mills misses Q3 EPS, edges revenue higher, reaffirms FY26 outlook
General Mills has largely completed its pricing and reinvestment phase, setting up pricing mix to recover in FY27 while innovation, household penetration gains and a Brazil divestiture (Yoki and Kitano) sharpen the portfolio toward higher-margin global brands. Management reaffirmed FY2026 guidance and expects a step-up in Q4, but the Q3 bottom line missed consensus and the pace of margin recovery still depends on inflation, freight and retailer inventory headwinds.
Reported Before market openNYSEConsumer Defensive
$18.59B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.64
Consensus $0.73
EPS surprise
-12.1%
Reported versus consensus
Reported revenue
$4.44B
Consensus $4.41B
Revenue surprise
+0.6%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-3.0%
Event window
SPY move
-1.4%
Same window
Abnormal move
-1.6%
Stock minus SPY
Volume
2.1×
Versus trailing sessions
Subsequent drift
-6.0%
Up to 20 sessions
GISSPY benchmark
Ask FN2 about GIS FY2026 Q3
Transcript, numbers and history already loaded
Why did GIS fall 3.0% after missing EPS estimates in FY2026 Q3?What changed in GIS's guidance and outlook in FY2026 Q3?Give me the bull and bear case for GIS after FY2026 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Q3 FY2026 EPS of $0.64 missed the $0.73 consensus by roughly 12%, while revenue of $4.44B edged slightly past estimates. Management described the reinvestment phase as largely complete, expects pricing mix to improve in FY27, reaffirmed FY2026 guidance and announced the divestiture of its Brazil business to focus on core global platforms.
Guidance delta
maintained
Key takeaways
- Q3 FY2026 EPS of $0.64 missed the $0.73 consensus by about 12%, while revenue of $4.44B edged slightly past estimates
- Management described the reinvestment phase as largely complete, with pricing mix expected to improve in FY27
- Innovation is delivering roughly 25% growth, led by Cheerios Protein, Ghost Protein Bars and the new La Tiara brand
- Announced the divestiture of its Brazil business (Yoki and Kitano) to focus on higher-margin global platforms
- Management reaffirmed FY2026 guidance and signaled a step-up in Q4 results
Management priorities
- Scale the national rollout of Ghost Protein Bars and other better-for-you snacks
- Expand the Love Made Fresh cooler footprint and introduce resealable pouch packaging
- Continue the innovation pipeline with new brands including La Tiara and protein-enriched cereals
- Leverage improved baseline pricing to enhance dollar share in FY27
- Focus on core global brands and margin improvement after the Brazil divestiture
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Analyst 52W Price Targets
$34.12Current
$30Low
$57.18Average
$90High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 25, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| TD Cowen | Hold | Hold | Maintain | Sep 24, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Sep 24, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Sep 14, 2026 |
| B of A Securities | Neutral | Neutral | Maintain | Sep 1, 2026 |
| Wells Fargo | Underweight | Underweight | Maintain | Jul 2, 2026 |
| JP Morgan | Underweight | Underweight | Maintain | Jul 2, 2026 |
| Jefferies | Hold | Hold | Maintain | Jul 2, 2026 |
| Freedom Broker | Hold | Hold | Maintain | Jul 2, 2026 |
| Deutsche Bank | Hold | Hold | Maintain | Jul 2, 2026 |
| BNP Paribas | Neutral | Neutral | Maintain | Jul 2, 2026 |
| Morgan Stanley | Underweight | Underweight | Maintain | Jun 5, 2026 |
| UBS | Sell | Sell | Maintain | Jun 2, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | May 13, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | May 12, 2026 |
| Stifel | Buy | Buy | Maintain | Apr 21, 2026 |
| Mizuho | Neutral | Neutral | Maintain | Mar 19, 2026 |
| Goldman Sachs | Neutral | Neutral | Maintain | Mar 19, 2026 |
| Bernstein | Market Perform | Market Perform | Maintain | Feb 18, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Mar 14, 2025 |
| Argus Research | Hold | Buy | Downgrade | Jul 16, 2024 |
| HSBC | Hold | Hold | Maintain | Mar 21, 2024 |
| Exane BNP Paribas | Neutral | Outperform | Downgrade | Sep 5, 2023 |
| Credit Suisse | Neutral | Neutral | Maintain | Dec 21, 2022 |
| BMO Capital | Market Perform | Market Perform | Maintain | Sep 22, 2022 |
| CFRA | Buy | Hold | Upgrade | Mar 6, 2020 |
| Stifel Nicolaus | Hold | Hold | Maintain | Sep 19, 2019 |
| Guggenheim | Buy | Buy | Maintain | Jan 23, 2019 |
| Standpoint Research | Buy | Buy | Maintain | Dec 26, 2018 |
| Argus | Hold | Buy | Downgrade | May 5, 2018 |
| Susquehanna | Positive | Neutral | Upgrade | Mar 23, 2018 |
| Societe Generale | Hold | Sell | Upgrade | Mar 22, 2018 |
| PiperJaffray | Neutral | Underweight | Upgrade | Jan 3, 2018 |
| Bank of America | Neutral | Neutral | Maintain | Sep 21, 2017 |
| Consumer Edge Research | Underperform | Neutral | Downgrade | Sep 20, 2016 |
| Consumer Edge | Underperform | Neutral | Downgrade | Sep 20, 2016 |
| Argus Capital | Buy | Hold | Upgrade | Mar 27, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $34.12. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Bernstein | Alexia Howard | $30 | $35.28 | -12.1% | Sep 24, 2026 |
| Deutsche Bank | Analyst unavailable | $34 | $35.28 | -0.4% | Sep 24, 2026 |
| Evercore ISI | Analyst unavailable | $38 | $35.85 | +11.4% | Sep 14, 2026 |
| Jefferies | Analyst unavailable | $35 | $37.09 | +2.6% | Sep 10, 2026 |
| Scotiabank | Analyst unavailable | $43 | $41.2 | +26.0% | Sep 1, 2026 |
| UBS | Analyst unavailable | $33 | $36.08 | -3.3% | Jul 6, 2026 |
| Deutsche Bank | Analyst unavailable | $33 | $37.26 | -3.3% | Jul 2, 2026 |
| Wells Fargo | Analyst unavailable | $33 | $37.77 | -3.3% | Jul 2, 2026 |
| Jefferies | Analyst unavailable | $36 | $37.77 | +5.5% | Jul 1, 2026 |
| Morgan Stanley | Analyst unavailable | $32 | $32.2 | -6.2% | Jun 5, 2026 |
| Bernstein | Analyst unavailable | $31 | $33.07 | -9.2% | Jun 3, 2026 |
| UBS | Analyst unavailable | $30 | $33.1 | -12.1% | Jun 2, 2026 |
| Goldman Sachs | Leah Jordan | $36 | $33.63 | +5.5% | Jun 2, 2026 |
| Piper Sandler | Michael Lavery | $41 | $34.13 | +20.1% | May 13, 2026 |
| Barclays | Analyst unavailable | $36 | $34.68 | +5.5% | May 11, 2026 |
| Stifel Nicolaus | Analyst unavailable | $40 | $35.28 | +17.2% | Apr 21, 2026 |
| Wells Fargo | Chris Carey | $35 | $40.66 | +2.6% | Mar 12, 2026 |
| UBS | Peter Grom | $40 | $41.1 | +17.2% | Mar 11, 2026 |
| Mizuho Securities | Analyst unavailable | $47 | $44.62 | +37.7% | Feb 23, 2026 |
| Evercore ISI | David Palmer | $45 | $44.37 | +31.9% | Feb 18, 2026 |
| Morgan Stanley | Analyst unavailable | $44 | $44.96 | +28.9% | Feb 18, 2026 |
| Stifel Nicolaus | Matthew Smith | $50 | $44.96 | +46.5% | Feb 18, 2026 |
| Bernstein | Analyst unavailable | $48 | $44.96 | +40.7% | Feb 18, 2026 |
| Piper Sandler | Analyst unavailable | $53 | $44.96 | +55.3% | Feb 18, 2026 |
| Barclays | Analyst unavailable | $46 | $44.96 | +34.8% | Feb 18, 2026 |
| UBS | Analyst unavailable | $46 | $47.96 | +34.8% | Feb 13, 2026 |
| Wells Fargo | Analyst unavailable | $49 | $44.71 | +43.6% | Jan 5, 2026 |
| Morgan Stanley | Megan Alexander Clapp | $47 | $47.51 | +37.7% | Dec 22, 2025 |
| Deutsche Bank | Analyst unavailable | $51 | $48.92 | +49.5% | Dec 18, 2025 |
| Piper Sandler | Michael Lavery | $60 | $48.68 | +75.8% | Dec 18, 2025 |
| Bernstein | Analyst unavailable | $54 | $48.61 | +58.2% | Dec 18, 2025 |
| Wells Fargo | Analyst unavailable | $51 | $48.61 | +49.5% | Dec 18, 2025 |
| Morgan Stanley | Analyst unavailable | $51 | $48.61 | +49.5% | Dec 18, 2025 |
| RBC Capital | Nik Modi | $63 | $48.05 | +84.6% | Dec 17, 2025 |
| Morgan Stanley | Megan Clapp | $48 | $48.05 | +40.7% | Dec 17, 2025 |
| Bernstein | Alexia Howard | $55 | $46.68 | +61.2% | Dec 15, 2025 |
| Wells Fargo | Chris Carey | $50 | $46.82 | +46.5% | Dec 12, 2025 |
| Jefferies | Scott Marks | $47 | $46.32 | +37.7% | Dec 11, 2025 |
| Stifel Nicolaus | Analyst unavailable | $52 | $45.71 | +52.4% | Dec 11, 2025 |
| Mizuho Securities | Analyst unavailable | $52 | $50.3 | +52.4% | Sep 19, 2025 |
| UBS | Analyst unavailable | $47 | $49.1 | +37.7% | Sep 18, 2025 |
| Wells Fargo | Chris Carey | $53 | $50.68 | +55.3% | Jun 26, 2025 |
| Morgan Stanley | Analyst unavailable | $53 | $58.17 | +55.3% | Mar 24, 2025 |
| Deutsche Bank | Steve Powers | $68 | $66.14 | +99.3% | Dec 19, 2024 |
| Barclays | Andrew Lazar | $74 | $74.9 | +116.8% | Sep 20, 2024 |
| Stifel Nicolaus | Matthew Smith | $82 | $74.43 | +140.3% | Sep 19, 2024 |
| Piper Sandler | Michael Lavery | $84 | $75.01 | +146.2% | Sep 19, 2024 |
| Citigroup | Thomas Palmer | $75 | $75.01 | +119.8% | Sep 18, 2024 |
| Bank of America Securities | Bryan Spillane | $78 | $74.74 | +128.6% | Sep 17, 2024 |
| Coker Palmer | Thomas Palmer | $76 | $73.71 | +122.7% | Sep 16, 2024 |
| Wells Fargo | Chris Carey | $67 | $72.86 | +96.3% | Sep 13, 2024 |
| Mizuho Securities | John Baumgartner | $62 | $62.88 | +81.7% | Jul 5, 2024 |
| Stifel Nicolaus | Matthew Smith | $70 | $64.17 | +105.1% | Jun 27, 2024 |
| RBC Capital | Nik Modi | $70 | $67.56 | +105.1% | Jun 21, 2024 |
| Bernstein | Alexia Howard | $70 | $70.85 | +105.1% | May 15, 2024 |
| Argus Research | Taylor Conrad | $84 | $70.38 | +146.2% | Apr 5, 2024 |
| HSBC | Alejandro Zamacona | $72 | $68.78 | +111.0% | Mar 21, 2024 |
| HSBC | Alejandro Zamacona | $76 | $68.76 | +122.7% | Mar 21, 2024 |
| Mizuho Securities | John Baumgartner | $70 | $68.76 | +105.1% | Mar 21, 2024 |
| Deutsche Bank | Steve Powers | $70 | $68.76 | +105.1% | Mar 21, 2024 |
| CFRA | Arun Sundaram | $76 | $69.43 | +122.7% | Mar 20, 2024 |
| Mizuho Securities | John Baumgartner | $65 | $64.36 | +90.5% | Dec 22, 2023 |
| Piper Sandler | Michael Lavery | $76 | $66.41 | +122.7% | Dec 19, 2023 |
| Argus Research | David Coleman | $90 | $65.54 | +163.7% | Nov 6, 2023 |
| Morgan Stanley | Pamela Kaufman | $72 | $76.4 | +111.0% | Jun 29, 2023 |
| J.P. Morgan | Ken Goldman | $77 | $81.85 | +125.6% | Jun 27, 2023 |
| Wells Fargo | Analyst unavailable | $88 | $82.9 | +157.9% | Jan 3, 2023 |
| UBS | Analyst unavailable | $85 | $83.93 | +149.1% | Dec 21, 2022 |
| RBC Capital | Nik Modi | $76 | $83.13 | +122.7% | Dec 21, 2022 |
| Morgan Stanley | Analyst unavailable | $73 | $84.02 | +113.9% | Dec 20, 2022 |
| Piper Sandler | Analyst unavailable | $95 | $87.33 | +178.4% | Dec 15, 2022 |
| BNP Paribas | Analyst unavailable | $90 | $77.06 | +163.7% | Nov 15, 2022 |
| Credit Suisse | Robert Moskow | $77 | $80.99 | +125.6% | Sep 22, 2022 |
| BMO Capital | Analyst unavailable | $85 | $80.58 | +149.1% | Sep 22, 2022 |
| Morgan Stanley | Analyst unavailable | $71 | $80.67 | +108.1% | Sep 22, 2022 |
| Credit Suisse | Robert Moskow | $81 | $79.72 | +137.4% | Sep 22, 2022 |
| Credit Suisse | Analyst unavailable | $77 | $80.48 | +125.6% | Sep 22, 2022 |
| Deutsche Bank | Analyst unavailable | $88 | $79.72 | +157.9% | Sep 22, 2022 |
| Piper Sandler | Michael Lavery | $88 | $79.72 | +157.9% | Sep 22, 2022 |
| Morgan Stanley | Pamela Kaufman | $66 | $75.01 | +93.4% | Sep 13, 2022 |
| RBC Capital | Analyst unavailable | $68 | $75.45 | +99.3% | Jul 1, 2022 |
| Deutsche Bank | Analyst unavailable | $81 | $74.64 | +137.4% | Jun 30, 2022 |
| Citigroup | Analyst unavailable | $88 | $74.72 | +157.9% | Jun 30, 2022 |
| BMO Capital | Analyst unavailable | $80 | $74.72 | +134.4% | Jun 30, 2022 |
| Piper Sandler | Analyst unavailable | $80 | $74.72 | +134.4% | Jun 30, 2022 |
| Stifel Nicolaus | Christopher Growe | $64 | $67.99 | +87.5% | Feb 27, 2022 |
| Credit Suisse | Robert Moskow | $68 | $68.18 | +99.3% | Jan 31, 2022 |
| Morgan Stanley | Pamela Kaufman | $56 | $68.03 | +64.1% | Jan 11, 2022 |
| Bank of America Securities | Bryan Spillane | $70 | $67.79 | +105.1% | Jan 5, 2022 |
| Citigroup | Wendy Nicholson | $73 | $64.73 | +113.9% | Dec 22, 2021 |
| Goldman Sachs | Jason English | $53 | $59.04 | +55.3% | Jun 30, 2021 |
Track every rating change on GIS the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationGeneral Mills, Inc. functions as a prominent global producer and vendor of well-known consumer food brands. The company structures its widespread operations into five main divisions: North American retail, convenience stores and foodservice providers, Europe and Australia, Asia and Latin America, and a dedicated pet segment. Their broad catalog of products features a diverse range of items for consumers. This includes breakfast cereals, chilled yogurts, various soups, and ready-to-prepare meal kits. The offering also extends to refrigerated and frozen dough items, baking and dessert mixes, flours for culinary use, frozen pizzas and pizza snacks, along with an assortment of snack bars, fruit snacks, savory and grain snacks, and ice cream. For health-conscious consumers, they provide nutrition bars and wellness beverages, in addition to organic frozen and shelf-stable vegetables. Beyond direct consumer sales, General Mills supplies both branded and unbranded food goods to the North American foodservice sector and commercial bakeries.…
Historical context
All GIS earningsConsumer Defensive peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| KR The Kroger Co. | FY2026 Q2 · Calendar Q3 2026 | +2.8% | +2.7% | Kroger: Strong digital growth offsets softer sales outlook |
| CPB Campbell Soup Company | FY2026 Q4 · Calendar Q3 2026 | +1.1% | -7.0% | Campbell’s leans on savings and innovation amid pressured demand |
| BF-A Brown-Forman Corporation | FY2027 Q1 · Calendar Q3 2026 | +3.0% | — | Brown-Forman holds FY27 outlook as RTD innovation offsets barrel pressure |
| BF-B Brown-Forman Corporation | FY2027 Q1 · Calendar Q3 2026 | 0.0% | — | Brown-Forman maintains FY27 outlook as innovation offsets pressure |
| DG Dollar General Corporation | FY2027 Q2 · Calendar Q3 2026 | +23.4% | +2.5% | Dollar General Raises FY2026 Outlook After Strong Q2 |
| DLTR Dollar Tree, Inc. | FY2027 Q2 · Calendar Q3 2026 | +134.8% | -3.9% | Dollar Tree: Strong Q2 execution, but guidance held steady |
Latest beats and misses
Who reports nextBeat on EPS
- SNXFY2026 Q3 · September 24, 2026+20.9% EPS-9.9% move
- DRIFY2027 Q1 · September 24, 20260.0% EPS-3.0% move
- CTASFY2027 Q1 · September 23, 2026+3.0% EPS-3.4% move
- PAYXFY2027 Q1 · September 23, 2026+1.5% EPS-8.8% move
- GISFY2027 Q1 · September 23, 2026+4.6% EPS+1.0% move
- AZOFY2026 Q4 · September 22, 2026+3.6% EPS+3.3% move
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-09-25T14:21:07.371092+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-25T14:21:07.368345+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-09-25. For educational purposes only; not investment advice.