General Mills: What we're watching for in FY4Q26 results

研报英文原文证据摘录

General Mills: What we're watching for in FY4Q26 results

Deutsche Bank

Research

Rating Company Date

Hold General Mills 15 June 2026

Forecast Change

North America

United States

Reuters Bloomberg Exchange Ticker Price at 12 Jun 2026 (USD) 34.51

GIS.N GIS US NYS GIS

Price target 32.00

Consumer

52-week range 53.83 - 32.17

Consumer Staples

What we're watching for in FY4Q26

Valuation & Risks results

Steve Powers

GIS reports FY4Q26 earnings results on Wednesday, July 1st pre-market Research Analyst

Sentiment on GIS remains cautious, reflecting a combination of (i) still-soft North +1-212-250-5480

America Retail (NAR) demand trends (with consumption deteriorating modestly

Christopher Barnes, CFA

into FY4Q amid SNAP pressure), (ii) a re-emerging cost headwind backdrop (with Research Analyst

FY27 inflation expected in the +3–4% range, with incremental uncertainty around +1-212-454-0778

fuel/oil), and (iii) increasing scrutiny on capital allocation and dividend coverage.

Angeline Goh

Against this backdrop, we expect management to emphasize progress on

Research Associate

underlying fundamentals (HH penetration, base volume, share), but remain

+1-212-250-4515

measured on the near-term demand environment (consistent with commentary at

our recent Paris conference). We also expect a clear commitment to maintaining Nikhil Jain, CFA

the current dividend, while acknowledging limited capacity for increases until Research Associate

+1-212-250-3253

balance sheet leverage improves

Key changes

In light of the above, we expect FY27 guidance to reflect limited top-line recovery

EPS (USD) - ↑ 0.0%

and continued earnings pressure, with organic growth ~flat and EPS down LDD–

HSD, inclusive of an ~8–9% headwind from largely mechanical dynamics (i.e., 53rd Revenue (USDm) 18,303 to ↑ 0.0%

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