General Mills: Fiscal 4Q26 First Impressions

研报英文原文证据摘录

General Mills: Fiscal 4Q26 First Impressions

Equity Research

U.S. Food

1 July 2026

General Mills

Fiscal 4Q26 First Impressions

This morning, GIS reported F4Q26 results. See below for our

first impressions.

GIS EQUAL WEIGHT

What To Do With The Stock U.S. Food NEUTRAL

Price Target USD 36.00

In our view, while GIS' FY27 EPS guidance that looks for an EPS decline of -13% at the midpoint

Price (30-Jun-26) USD 34.80

is below current Consensus, we acknowledge that it's likely not that far off from many investors'

Potential Upside/Downside +3.4%

expectations. Specifically, GIS looks for FY27 EPS in a $3.00-$3.20 range (vs current Consensus at Source: Bloomberg, Barclays Research

$3.15), which is predicated on organic sales between down -1.5% YOY and up +0.5% YOY (vs

Consensus ~flat YOY). Notably, the company is not banking on any improvement in category

growth, which it assumes will likely continue trend below its long-term expectation, and so too U.S. Food

Andrew Lazaris GIS intending to step up its remarkability plans with greater focus on benefit-led innovation

+1 212 526 4668

and renovation now that its base price investments are behind it. Furthermore, GIS also expects

andrew.lazar@barclays.com

to deliver stronger price/mix in FY27, which is likely to be driven by the step up in innovation. BCI, US

Importantly, the company looks for F1Q27 results to be below its annual guidance ranges on

Joshua Bader, CPA, CFAboth the top and bottom line due to expected shipment timing headwinds in both the North

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America Retail and the Pet segments, as well as the timing of cost savings, which is expected to

joshua.bader@barclays.com

ramp sequentially through the year. In order to fund the incremental investment plans for FY27 BCI, US