General Mills, Inc. (GIS): Business Model Canvas

Tauchen Sie ein in die strategische Blaupause von General Mills, einem globalen Lebensmittelkonzern, der alltägliche Zutaten in beliebte Marken verwandelt, die Millionen täglich konsumieren. Von den ikonischen Cheerios bis hin zu den luxuriösen Häagen-Dazs zeigt diese Geschäftsmodell-Leinwand, wie das Unternehmen meisterhaft durch komplexe Marktlandschaften navigiert und dabei Innovation, Verbrauchervertrauen und globale Reichweite in Einklang bringt. Entdecken Sie die komplizierten Mechanismen, die eines der erfolgreichsten Lebensmittelunternehmen Amerikas antreiben, in dem strategische Partnerschaften, Spitzenforschung und verbraucherorientierte Ansätze zusammenlaufen, um ein bemerkenswertes Geschäftsökosystem zu schaffen, das Familien auf mehreren Kontinenten ernährt.

General Mills, Inc. (GIS) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Agrarlieferanten für Rohzutaten

General Mills bezieht landwirtschaftliche Zutaten von etwa 3.500 Lieferanten in ganz Nordamerika. Das Unternehmen unterhält direkte Partnerschaften mit:

Lieferantenkategorie	Jahresvolumen	Vertragswert
Weizenlieferanten	1,2 Millionen Tonnen	680 Millionen Dollar
Maislieferanten	850.000 Tonnen	420 Millionen Dollar
Haferlieferanten	425.000 Tonnen	310 Millionen Dollar

Einzelhändler

Zu den wichtigsten Einzelhandelspartnerschaften gehören:

• Walmart: 22 % des Gesamtumsatzes (3,8 Milliarden US-Dollar pro Jahr)
• Kroger: 15 % des Gesamtumsatzes (2,6 Milliarden US-Dollar pro Jahr)
• Ziel: 8 % des Gesamtumsatzes (1,4 Milliarden US-Dollar pro Jahr)

Partner für Lebensmitteltechnologie und Innovation

Partner	Fokusbereich	Investition
MIT Food Innovation Lab	Entwicklung pflanzlicher Proteine	5,2 Millionen US-Dollar pro Jahr
Stanford Food Research Center	Ernährungstechnologie	3,7 Millionen US-Dollar pro Jahr

Mitarbeiter des Vertriebs- und Logistiknetzwerks

General Mills arbeitet mit:

• UPS: Primärer Logistikpartner, der 75 % des Vertriebs verwaltet
• FedEx: Abwicklung von 20 % der Spezialfracht
• Regionale Speditionsnetze: 5 % des Vertriebs

Nachhaltigkeits- und Umwelt-NGO-Partnerschaften

Partnerorganisation	Nachhaltigkeitsfokus	Jährliches Engagement
World Wildlife Fund	Nachhaltige Landwirtschaftspraktiken	4,5 Millionen US-Dollar
Der Naturschutz	Wasserschutz	3,2 Millionen US-Dollar

General Mills, Inc. (GIS) – Geschäftsmodell: Hauptaktivitäten

Produktforschung und -entwicklung

Jährliche F&E-Ausgaben im Geschäftsjahr 2023: 271 Millionen US-Dollar

F&E-Schwerpunktbereiche	Investitionsprozentsatz
Ernährungsinnovation	38%
Entwicklung pflanzlicher Proteine	22%
Nachhaltige Inhaltsstoffforschung	18%
Geschmackstechnologie	15%
Verpackungsinnovation	7%

Lebensmittelherstellung und -verarbeitung

Gesamte Produktionsanlagen: 54 globale Standorte

• Vereinigte Staaten: 38 Einrichtungen
• Internationale Standorte: 16 Einrichtungen
• Jährliche Produktionskapazität: 7,2 Milliarden Pfund Lebensmittel

Marketing und Markenmanagement

Jährliche Marketingausgaben: 932 Millionen US-Dollar im Geschäftsjahr 2023

Marketingkanal	Ausgabenzuweisung
Digitales Marketing	42%
Fernsehwerbung	28%
Social-Media-Kampagnen	15%
Print und traditionelle Medien	10%
Influencer-Partnerschaften	5%

Globales Supply Chain Management

Gesamtzahl der Mitarbeiter in der Lieferkette: 4.200

• Lieferanten weltweit: 10.500
• Verpflichtung zur nachhaltigen Beschaffung: 95 % der Hauptzutaten
• Jährliche Logistikausgaben: 1,4 Milliarden US-Dollar

Kontinuierliche Innovation bei Lebensmitteln

Neue Produkteinführungen im Geschäftsjahr 2023: 87 Produktinnovationen

Kategorie „Innovation“.	Anzahl der Produkte
Gesundheitsbewusste Produkte	29
Pflanzliche Alternativen	22
Glutenfreie Optionen	18
Bio-Produktlinien	12
Funktionelle Lebensmittel	6

General Mills, Inc. (GIS) – Geschäftsmodell: Schlüsselressourcen

Starkes Markenportfolio

General Mills besitzt 29 Marken, die jeweils einen jährlichen Einzelhandelsumsatz von über 100 Millionen US-Dollar erwirtschaften. Zu den wichtigsten Marken gehören:

Markenkategorie	Spezifische Marken	Jährlicher Verkauf
Getreide	Cheerios, Chex, Glücksbringer	4,5 Milliarden US-Dollar
Backen	Betty Crocker, Pillsbury	2,3 Milliarden US-Dollar
Tiefkühlkost	Häagen-Dazs, Totinos	1,8 Milliarden US-Dollar

Fortschrittliche Lebensmittelproduktionsanlagen

General Mills betreibt 44 Produktionsstätten in den Vereinigten Staaten mit einer Gesamtproduktionskapazität von:

• Jährliches Produktionsvolumen: 1,2 Milliarden Pfund Lebensmittel
• Produktionsstandorte: 16 Bundesstaaten
• Gesamtfläche der Produktionsanlage: 12,3 Millionen Quadratfuß.

Umfangreiche Vertriebsnetze

Details zur Vertriebsinfrastruktur:

Vertriebskanal	Abdeckung	Jährliche Logistikkosten
Einzelhandelsgeschäfte	90 % der Lebensmittelgeschäfte in den USA	1,6 Milliarden US-Dollar
E-Commerce	50 Online-Einzelhandelsplattformen	380 Millionen Dollar
Internationale Märkte	35 Länder	750 Millionen Dollar

Geistiges Eigentum und Rezepte

Portfolio an geistigem Eigentum:

• Gesamtzahl der eingetragenen Marken: 412
• Patente für aktive Lebensmittelprodukte: 86
• Investition in die Rezeptentwicklung: 124 Millionen US-Dollar pro Jahr

Qualifizierte Arbeitskräfte

Zusammensetzung der Belegschaft:

Mitarbeiterkategorie	Anzahl der Mitarbeiter	Durchschnittliche Amtszeit
Gesamtzahl der Mitarbeiter	41,000	8,7 Jahre
F&E-Experten	1,200	12,3 Jahre
Fertigungspersonal	22,500	7,5 Jahre

General Mills, Inc. (GIS) – Geschäftsmodell: Wertversprechen

Vielfältiges Sortiment an nahrhaften und praktischen Lebensmitteln

General Mills erwirtschaftet einen Jahresumsatz von 19,4 Milliarden US-Dollar (Geschäftsjahr 2023) in mehreren Produktkategorien:

Produktkategorie	Jahresumsatz	Marktanteil
Getreide	5,2 Milliarden US-Dollar	35.6%
Snacks	4,7 Milliarden US-Dollar	28.3%
Backprodukte	3,1 Milliarden US-Dollar	22.9%
Tiefkühlkost	2,8 Milliarden US-Dollar	19.5%

Hochwertige, vertrauenswürdige Verbrauchermarken

General Mills besitzt 13 Marken, die einen Jahresumsatz von über 1 Milliarde US-Dollar erwirtschaften:

• Cheerios (1,8 Milliarden US-Dollar)
• Nature Valley (1,5 Milliarden US-Dollar)
• Häagen-Dazs (1,2 Milliarden US-Dollar)
• Progresso (1,1 Milliarden US-Dollar)
• Yoplait (1,0 Milliarden US-Dollar)

Innovative und gesundheitsbewusste Lebensmittelangebote

Investition in Produktinnovation: 385 Millionen US-Dollar F&E-Ausgaben im Jahr 2023 mit Schwerpunkt auf:

• Bio-Produktlinien
• Glutenfreie Alternativen
• Pflanzliche Proteinprodukte

Gleichbleibender Produktgeschmack und Zuverlässigkeit

Qualitätskennzahlen für 2023:

Qualitätsindikator	Leistung
Produktrückrufrate	0.03%
Bewertung der Verbraucherzufriedenheit	4.6/5
Wiederholungskaufrate	78.5%

Globale Lebensmittellösungen für mehrere Marktsegmente

Aufschlüsselung der internationalen Einnahmen:

Region	Einnahmen	Wachstumsrate
Nordamerika	16,2 Milliarden US-Dollar	3.7%
Europa	1,8 Milliarden US-Dollar	2.9%
Asien-Pazifik	1,4 Milliarden US-Dollar	4.2%

General Mills, Inc. (GIS) – Geschäftsmodell: Kundenbeziehungen

Starke Kundenbindungsprogramme

General Mills betreibt mehrere Treueprogramme für seine Marken:

Programmname	Registrierte Benutzer	Jährliche Engagement-Rate
Box Tops für Bildung	84.000 Schulen nehmen teil	62 % aktive Beteiligungsquote
MyRewards-Programm	1,2 Millionen registrierte Mitglieder	47 % Rückzahlungsquote

Digitales Engagement durch soziale Medien

Kennzahlen zum Social-Media-Engagement:

• Facebook-Follower: 3,5 Millionen
• Instagram-Follower: 2,1 Millionen
• Twitter-Follower: 850.000
• Durchschnittliche monatliche Social-Media-Interaktionen: 1,4 Millionen

Kundenfeedback und Produktverbesserungsmechanismen

Kundenfeedbackkanäle:

Kanal	Jährliches Feedbackvolumen	Rücklaufquote
Online-Kundendienstportal	425.000 Anfragen	94 % Auflösungsrate
Verbraucher-Hotline	218.000 Anrufe	92 % Zufriedenheitsrate

Reaktionsfähige Kundendienstplattformen

Leistungskennzahlen für den Kundenservice:

• Durchschnittliche Antwortzeit: 24 Stunden
• Multi-Channel-Supportplattformen: 5
• Kundendienstmitarbeiter: 680
• Jährliches Kundendienstbudget: 42 Millionen US-Dollar

Personalisierte Marketingstrategien

Personalisierungsansatz:

Strategie	Reichweite	Conversion-Rate
E-Mail-Marketing	3,8 Millionen Abonnenten	22 % Klickrate
Gezielte digitale Werbung	65 Millionen Impressionen	18 % Engagement-Rate

General Mills, Inc. (GIS) – Geschäftsmodell: Kanäle

Einzelhandelsnetzwerke für Lebensmittelgeschäfte

General Mills vertreibt Produkte über große Lebensmittelketten, darunter:

Einzelhändler	Marktpräsenz
Walmart	Über 4.700 Filialen im ganzen Land
Kroger	2.742 Supermarktstandorte
Ziel	1.948 Einzelhandelsgeschäfte

Online-E-Commerce-Plattformen

Zu den digitalen Vertriebskanälen gehören:

• Amazon.com – 31,8 Milliarden US-Dollar Lebensmittelumsatz im Jahr 2023
• Instacart – Über 500 Einzelhandelspartner
• Walmart.com – 73,2 Milliarden US-Dollar E-Commerce-Umsatz

Direct-to-Consumer-Websites

General Mills betreibt spezialisierte Websites für:

• Betty Crocker
• Pillsbury
• Cheerios

Großhandelsvertriebskanäle

Kanal	Jahresumsatz
Sysco Corporation	68,7 Milliarden US-Dollar für die Lebensmittelverteilung
US-Lebensmittel	29,3 Milliarden US-Dollar im Großhandelsvertrieb

Internationale Marktexpansionsplattformen

Globale Vertriebsnetze umfassen:

• Kanada – 35 % internationaler Marktanteil
• Europa – Niederlassungen in 15 Ländern
• Asien-Pazifik – 1,2 Milliarden US-Dollar Jahresumsatz

General Mills, Inc. (GIS) – Geschäftsmodell: Kundensegmente

Familien mit Kindern

General Mills richtet sich mit mehreren Produktlinien mit spezifischer Marktdurchdringung an Familien mit Kindern:

Produktkategorie	Marktanteil	Jahresumsatz
Getreide	30.2%	4,2 Milliarden US-Dollar
Kinderfreundliche Snacks	22.7%	3,1 Milliarden US-Dollar

Gesundheitsbewusste Verbraucher

Zu den Segmentmerkmalen gehören:

• Umsatz mit Bio-Produkten: 1,6 Milliarden US-Dollar
• Umsatz der glutenfreien Produktlinie: 780 Millionen US-Dollar
• Produkte mit natürlichen Inhaltsstoffen: 24 % des Gesamtportfolios

Millennials und Gen Z

Demographisch	Kaufverhalten	Bevorzugte Produktkategorien
Millennials	35 % der Snackkäufe	Mit Proteinen angereicherte Produkte
Gen Z	28 % des Frühstücksproduktverbrauchs	Pflanzliche Alternativen

Personen, die Bequemlichkeit suchen

Aufteilung der Marktsegmente:

• Umsatz mit Fertiggerichten: 2,3 Milliarden US-Dollar
• Tiefkühlkostsegment: 1,9 Milliarden US-Dollar
• Instant-Frühstücksprodukte: 650 Millionen US-Dollar

Globale Marktdemografie

Region	Marktdurchdringung	Jahresumsatz
Nordamerika	68%	12,4 Milliarden US-Dollar
Europa	15%	2,7 Milliarden US-Dollar
Asien-Pazifik	12%	2,2 Milliarden US-Dollar
Lateinamerika	5%	910 Millionen Dollar

General Mills, Inc. (GIS) – Geschäftsmodell: Kostenstruktur

Kosten für die Beschaffung von Rohwaren

Im Geschäftsjahr 2023 meldete General Mills Rohstoffkosten in Höhe von 5,73 Milliarden US-Dollar. Die Aufschlüsselung der Zutatenbeschaffung des Unternehmens umfasst Folgendes:

Zutatenkategorie	Jährliche Beschaffungskosten
Körner	1,87 Milliarden US-Dollar
Milchprodukte	1,24 Milliarden US-Dollar
Zucker	612 Millionen Dollar
Verpackungsmaterialien	845 Millionen Dollar

Herstellungs- und Produktionskosten

Die gesamten Herstellungskosten für General Mills beliefen sich im Jahr 2023 auf 3,96 Milliarden US-Dollar und setzten sich aus den folgenden Schlüsselkomponenten zusammen:

• Direkte Arbeitskosten: 892 Millionen US-Dollar
• Gemeinkosten der Fabrik: 1,45 Milliarden US-Dollar
• Gerätewartung: 276 Millionen US-Dollar
• Energie und Versorgung: 413 Millionen US-Dollar

Marketing- und Werbeinvestitionen

General Mills zugeteilt 1,12 Milliarden US-Dollar zu den Marketing- und Werbeaufwendungen im Geschäftsjahr 2023, verteilt auf:

Marketingkanal	Ausgaben
Digitales Marketing	378 Millionen Dollar
Fernsehwerbung	512 Millionen Dollar
Print- und Outdoor-Medien	230 Millionen Dollar

Forschungs- und Entwicklungsausgaben

Die F&E-Ausgaben für General Mills beliefen sich im Jahr 2023 auf insgesamt 284 Millionen Dollar, mit Schwerpunkt auf:

• Produktinnovation
• Ernährungsverbesserungen
• Verpackungstechnik
• Nachhaltige Inhaltsstoffentwicklung

Supply Chain und Logistikmanagement

Die Logistik- und Vertriebskosten für General Mills beliefen sich im Jahr 2023 auf 1,67 Milliarden US-Dollar, einschließlich:

Logistikkomponente	Jährliche Kosten
Transport	872 Millionen US-Dollar
Lagerbetrieb	513 Millionen Dollar
Supply-Chain-Technologie	285 Millionen Dollar

General Mills, Inc. (GIS) – Geschäftsmodell: Einnahmequellen

Verkauf von Einzelhandelsprodukten

Für das Geschäftsjahr 2023 meldete General Mills einen Nettoumsatz von 20,1 Milliarden US-Dollar. Die Aufschlüsselung der Einzelhandelsproduktverkäufe umfasst:

Produktkategorie	Umsatz (Milliarden)
Lebensmitteleinzelhandel	$15.7
Convenience-Stores	$2.8
Gastronomie	$1.6

Internationale Markteinnahmen

Der Umsatz des internationalen Segments belief sich im Geschäftsjahr 2023 auf insgesamt 3,4 Milliarden US-Dollar. Zu den wichtigsten Märkten zählen:

• Europa: 1,2 Milliarden US-Dollar
• Asien-Pazifik: 850 Millionen US-Dollar
• Lateinamerika: 750 Millionen US-Dollar
• Kanada: 600 Millionen US-Dollar

Partnerschaften mit Lebensmittelgeschäften

Lebensmittelpartnerschaften erwirtschaften einen Jahresumsatz von etwa 12,5 Milliarden US-Dollar. Zu den Top-Partnern gehören:

Einzelhändler	Jährliches Verkaufsvolumen
Walmart	4,2 Milliarden US-Dollar
Kroger	2,8 Milliarden US-Dollar
Ziel	1,5 Milliarden US-Dollar

Online-Verkaufsplattformen

Der E-Commerce-Umsatz für das Geschäftsjahr 2023 erreichte 2,3 Milliarden US-Dollar und verteilte sich auf:

• Amazon: 950 Millionen US-Dollar
• Instacart: 450 Millionen US-Dollar
• Direct-to-Consumer-Kanäle: 400 Millionen US-Dollar
• Andere Online-Plattformen: 500 Millionen US-Dollar

Erträge aus diversifiziertem Markenportfolio

Umsatzverteilung auf die wichtigsten Markenkategorien:

Markenkategorie	Jahresumsatz (Milliarden)
Getreide	$5.6
Snacks	$4.3
Joghurt	$2.1
Backprodukte	$1.8
Tiernahrung	$1.7

General Mills, Inc. (GIS) - Canvas Business Model: Value Propositions

General Mills, Inc. delivers value through a portfolio of established and growing brands across multiple food and pet nutrition categories. The company achieved net sales of $19.5 billion for the full fiscal year 2025, with a trailing twelve-month (TTM) Return on Equity (ROE) of 27.47% and Return on Tangible Assets (ROTA) of 25.43%.

The core value proposition centers on providing trusted, convenient, and high-quality packaged food products that consumers rely on daily. This is supported by a massive scale, with over 100 brands marketed in 100 countries.

The company's commitment to its established brands is evident in its operational focus, even while navigating economic pressures. For instance, Walmart represented 22 percent of General Mills' consolidated net sales in fiscal 2025.

Financial Metric (FY 2025)	Amount/Value	Change from Prior Year
Net Sales	$19.5 billion	Decreased 2 percent
Adjusted Operating Profit	$3.4 billion	Down 7 percent in constant currency
Adjusted Diluted EPS	$4.21	Down 7 percent in constant currency
Free Cash Flow Conversion	97 percent	Of adjusted after-tax earnings

Premium, natural pet nutrition is a significant driver of value through the Blue Buffalo brand. The North America Pet segment delivered net sales of $2.5 billion in fiscal 2025, marking a 4 percent increase. General Mills is aggressively expanding this proposition by launching Blue Buffalo's "Love Made Fresh" line nationally, positioning the brand to compete in the fresh pet food sub-category, which the company projects will grow to $10 billion in the next ten years. The established dry feeding business remains substantial, with Blue Buffalo growing share in this area, which represents more than 60 percent of their pet US retail sales.

A focus on health and wellness is integrated into product innovation across the portfolio. General Mills is increasing investment in new products, targeting 5 percent of net sales from new products in the current period. This includes an emphasis on protein-rich offerings, such as Cheerios Protein, which has reportedly exceeded expectations.

Delivering value for consumers, especially amid economic uncertainty, is a stated priority for restoring organic sales growth in fiscal 2026. To address consumer price sensitivity, the company made incremental investments in consumer value during the second half of fiscal 2025.

• Investments in consumer value helped drive improved volume and pound share trends in the fourth quarter of fiscal 2025.
• The company is adjusting its price pack architecture, including introducing more smaller packs and opening price points to offer more value.
• The North America Pet segment saw its segment operating profit increase by 3 percent in fiscal 2025.

The company's ability to generate returns on its equity base, with a TTM ROE of 27.47% in fiscal 2025, underpins its capacity to fund these value-driven investments. Finance: draft FY2026 capital expenditure plan by end of next week.

General Mills, Inc. (GIS) - Canvas Business Model: Customer Relationships

General Mills, Inc. (GIS) focuses its customer relationships on driving engagement through significant media investment, precise digital targeting, maintaining strong trade partnerships, and building a dedicated community around its premium pet food offerings.

Dedicated brand-building and media investment to drive consumer engagement

The company actively reinvests in its brands to ensure they remain relevant and break through the noise. For instance, General Mills, Inc. (GIS) reported spending close to $260 million on various media channels, including paid social, between January and May of the current year. This aligns with a strategy that saw the company plan for a significant increase in brand-building investment in fiscal 2025. The investment in creative ideas is being amplified, as seen when the Cinnamon Toast Crunch "Must Cinnadust" campaign generated a 500% increase in social engagement. Furthermore, the North America Pet segment's operating profit in fiscal 2025 was partially offset by a double-digit increase in media investment. General Mills, Inc. (GIS) is committed to this approach, planning to increase investment behind new campaigns for major brands like Cheerios and Pillsbury in the upcoming second quarter of fiscal 2026.

• Projected compound annual growth rate in marketing spend over the past four years: mid-single-digit range.
• North America Pet segment media investment increase in Q1 FY2025: double-digit.
• Share of North America Retail (NAR) business in top 10 U.S. categories holding or growing pound share in Q4 FY2025: 64%.

Data-driven precision marketing across digital channels

General Mills, Inc. (GIS) has substantially shifted its marketing focus to digital platforms to execute precision marketing. Currently, the company allocates approximately 60% of its total advertising budget to digital platforms, a notable increase from only 20% just a few years prior. This data-driven capability is enabling the company to deploy improved Return on Investment (ROI) strategies. The focus on data-driven marketing capabilities helped enable increased investment behind stronger creative ideas in fiscal 2025. This precision helps the company provide personalized recommendations, which is essential for maintaining loyalty in a dynamic market.

Transactional relationship with retailers and foodservice operators

The relationship with trade partners is critical, as evidenced by sales performance across key segments. The North America Foodservice segment showed strength, reporting second-quarter net sales of $630 million, an 8% increase in fiscal 2025. Over the first six months of fiscal 2025, this segment's net sales reached $1.2 billion, marking a 4% organic increase. In the North America Retail segment, net sales in Q2 FY2025 were $3.3 billion, essentially matching the prior year, though net sales outpaced Nielsen-measured retail sales by approximately 2 points in that quarter. The company's market strength is clear in categories like ready-to-eat cereal, where the top brand, Cheerios, holds about 11% of the U.S. market, contributing to General Mills, Inc. (GIS)'s leading 30% market share in calendar year 2024. Investments in product and pricing are designed to drive traffic that entrenches these retailer relationships.

Segment	Fiscal 2025 Metric	Value
North America Retail (NAR) Net Sales (Q2 FY2025)	Net Sales	$3.3 billion
North America Foodservice Net Sales (6 Months FY2025)	Organic Net Sales	$1.2 billion
North America Pet Segment Net Sales (Full FY2025)	Net Sales	US$2.5 billion
Priority Businesses Maintaining/Growing Dollar Share (Q2 FY2025)	Percentage	38%

Community-building and direct-to-consumer (DTC) engagement for pet food

General Mills, Inc. (GIS) is heavily focused on the pet food category, which is seen as a major growth driver. The North America Pet segment generated net sales of US$2.5 billion for the full fiscal year 2025, a 4% increase over the prior year, with organic net sales essentially matching year-ago levels. The company is aggressively pursuing the premium end of the market, aiming to capture a share of the $3 billion fresh pet food market, which is projected to hit $10 billion within a decade. The flagship Blue Buffalo brand already holds 60% market share in its dry pet food segment. To expand this, General Mills, Inc. (GIS) acquired Whitebridge Pet Brands for a purchase price of US$1.4 billion in the third quarter of fiscal 2025. The overall U.S. pet care market is valued at over $100 billion annually, and the company is using product news, like the Blue Buffalo "Love Made Fresh" line launch, to engage this community.

General Mills, Inc. (GIS) - Canvas Business Model: Channels

You're looking at how General Mills, Inc. gets its products into customers' hands as of late 2025. The distribution backbone is still heavily reliant on traditional retail, but the mix is constantly being refined.

Mass merchants, grocery stores, and retail supermarkets (primary channel) remain the core engine. This segment, labeled North America Retail, moves the bulk of the volume through major chains and grocery outlets. For the fourth quarter of Fiscal Year 2025, this segment reported net sales of $2.6 billion. The company's total net sales for the full Fiscal Year 2025 reached $19.5 billion.

The North America Foodservice segment serves commercial and institutional customers. This channel includes restaurants, schools, and hospitals. Through the first nine months of Fiscal Year 2025, net sales for North America Foodservice totaled $1.7 billion. This segment showed resilience, with its operating profit up 15 percent through the nine-month period.

The International distribution network covers Europe, Asia, and Latin America. For the full Fiscal Year 2025, the International segment generated net sales of $2.8 billion, which included a 4-point benefit from the Edgard & Cooper acquisition. This channel is subject to currency fluctuations; for instance, third-quarter Fiscal 2025 net sales were down 4 percent to $651 million, including a 5-point headwind from unfavorable foreign currency exchange.

E-commerce and Direct-to-Consumer (DTC) platforms are growing in importance, though they are typically embedded within the larger segment reporting. While a specific revenue figure for DTC isn't broken out, e-commerce activity is noted in connection with specific brands. For example, Häagen-Dazs at retail stores and through e-commerce was reported as doing 'pretty well' during the first quarter of Fiscal 2025.

Here's a look at the latest reported segment sales data for the key channels:

Channel Category	Latest Reported Net Sales Figure	Reporting Period
Total Company Net Sales	$19.5 billion	Full Year Fiscal 2025
Mass Merchants/Grocery (NA Retail)	$2.6 billion	Fourth Quarter Fiscal 2025
North America Foodservice	$1.7 billion	Nine Months Fiscal 2025
International Distribution	$2.8 billion	Full Year Fiscal 2025
E-commerce and DTC	Not explicitly quantified	Qualitative mention only

You can see the North America Retail segment's sales can be volatile quarter-to-quarter, as seen by the Q3 sales of $3.0 billion versus the Q4 sales of $2.6 billion in Fiscal 2025. The company is actively managing inventory levels across these channels, which impacts reported net sales versus organic net sales.

The company is also dealing with the structural change from divestitures, which affects channel comparisons. The proposed North American Yogurt divestitures created a headwind, with Q1 Fiscal 2026 North America Retail sales down 13 percent to $2.6 billion, including an 8-point headwind from those divestitures.

The ongoing transformation initiative is designed to improve efficiency across these channels. The goal for Fiscal 2026 is to restore organic sales growth, which depends on effective execution in all distribution points.

General Mills, Inc. (GIS) - Canvas Business Model: Customer Segments

North America Retail consumers, which includes families and small households, drove the bulk of General Mills, Inc.'s consumer business in fiscal 2025.

The North America Retail segment generated net sales of $11.9 billion for the full fiscal year 2025, representing a 5 percent decrease as reported, with organic net sales also down 3 percent. For the fourth quarter of fiscal 2025, this segment's net sales were down 10 percent to $2.6 billion.

Key customer concentration is evident with Walmart and its affiliates, which accounted for 22 percent of General Mills, Inc.'s consolidated net sales and 31 percent of the North America Retail segment net sales in fiscal 2025.

The segment's performance in the most recent quarter available for fiscal 2026 shows continued pressure, with first-quarter net sales down 13 percent to $2.6 billion, partially due to an 8-point headwind from North American Yogurt divestitures.

North America Pet owners, particularly those looking for premium or natural food options, represent a key growth area, bolstered by acquisitions.

The North America Pet segment achieved full fiscal year 2025 net sales of up to $2.5 billion, an increase of 4 percent year-over-year. Organic net sales for this segment essentially matched year-ago levels for the full year. In the fourth quarter of fiscal 2025, net sales for the segment were up 12 percent to $675 million, which included a 9-point benefit from the North American Whitebridge Pet Brands acquisition, which had a purchase price of $1.4 billion. The segment improved its competitiveness, growing market share in dog feeding, which made up 60 percent of its U.S. retail sales in fiscal 2025.

Foodservice operators, both commercial and non-commercial entities, are served through a dedicated segment.

For the full fiscal year 2025, North America Foodservice net sales increased 2 percent to $2.3 billion. The fourth quarter of fiscal 2025 saw net sales for this segment down 2 percent to $579 million. Segment operating profit for the full year was up 13 percent to $355 million.

General Mills, Inc. is strategically targeting specific demographic and lifestyle groups for future growth.

The company is focusing on consumers 55 years and older, who are noted to 'make up almost half of US households and have unparalleled spending power'. This group heavily overlaps with GLP-1 users.

For Hispanic shoppers, General Mills, Inc. is increasing its Hispanic-dedicated consumer investment by 40 percent in fiscal 2026.

Here's a quick look at the segment financial performance for fiscal year 2025:

Customer Segment Group	Fiscal 2025 Net Sales (Reported)	Year-over-Year Net Sales Change
North America Retail	$11.9 billion	-5 percent
North America Pet	$2.5 billion	+4 percent
North America Foodservice	$2.3 billion	+2 percent

General Mills, Inc. (GIS) - Canvas Business Model: Cost Structure

You're looking at the major drains on General Mills, Inc.'s bottom line for fiscal 2025. Understanding the cost structure is key to seeing where the company is putting its money to work-and where it's trying to save.

Significant Cost of Goods Sold (COGS) for Raw Materials and Manufacturing

The cost to actually make the food is substantial. For the full fiscal 2025 year, General Mills, Inc. reported net sales of $19.5 billion. The adjusted gross margin for the full year settled at 32.7 percent of net sales. This implies that the Cost of Goods Sold (COGS), covering raw materials and manufacturing, was approximately $13.12 billion ($19.5 billion in sales (1 - 0.327)). This margin was down 220 basis points year-over-year, showing that input cost inflation and net price realization/mix were still pressuring the cost side of the ledger, even with Holistic Margin Management (HMM) cost savings helping to offset some of that pressure.

Selling, General, and Administrative (SG&A) Expenses, Including Increased Media Spending

Selling, General, and Administrative (SG&A) expenses were a key driver in the year's profit dynamics. For the first quarter of fiscal 2025, adjusted operating profit was pressured by higher adjusted SG&A expenses, including increased media investment. This trend continued, as the full-year adjusted operating profit decline was also driven by higher adjusted SG&A expenses. The company was clearly investing to support brand building and drive volume.

Capital Investments

General Mills, Inc. made notable investments in its operations and assets. Capital investments for the full fiscal 2025 year totaled $625 million. This was a reduction from the prior year's $774 million, showing a slight pullback in immediate capital expenditure plans.

Net Interest Expense

The cost of servicing the company's debt was a fixed, significant outflow. Net interest expense for the full fiscal 2025 year was $524 million. This was up from $479 million in fiscal 2024, driven primarily by higher average long-term debt levels. You can see the quarterly progression:

Fiscal 2025 Quarter	Net Interest Expense (Millions USD)
Q1	124
Q2	125
Q3	136

Restructuring and Transformation Costs for Global Efficiency Initiatives

General Mills, Inc. is actively working to improve its operational footprint. In October 2025, the company announced a multi-year organizational initiative to consolidate capacity and improve its cost structure. This new global transformation initiative is expected to incur approximately $82 million of restructuring charges, with about $17 million being cash charges, consisting of asset write-offs and severance costs. This follows earlier activity, as Q2 fiscal 2025 saw $1 million in restructuring, impairment, and other exit costs, though Q3 actually recorded $1 million of net recoveries related to these types of charges.

The cost structure reflects a trade-off: investing heavily in SG&A, especially media, while managing significant debt costs and initiating new, multi-year efficiency programs.

General Mills, Inc. (GIS) - Canvas Business Model: Revenue Streams

You're looking at the top-line revenue generation for General Mills, Inc. (GIS) as of late 2025, which is grounded in its four primary operating segments. The total picture for the full fiscal year 2025 shows that net sales totaled $19.5 billion. This figure reflects the overall revenue derived from selling products across its diverse portfolio.

The revenue streams are heavily weighted toward the domestic retail channel, but the growth story in fiscal 2025 was more nuanced across the other areas. Here's a breakdown of the key revenue contributors based on the latest full-year and quarterly data available:

• Net Sales from North America Retail segment (largest contributor)
• Net Sales from International segment (up 11% in FY25)
• Net Sales from North America Pet segment, with Blue Buffalo surpassing $2 billion in FY25 revenue
• Net Sales from North America Foodservice segment

The North America Retail segment remains the engine, though it faced headwinds in fiscal 2025. Still, it accounted for the lion's share of the total revenue. The International segment showed strong momentum in the fourth quarter, which is a positive sign for future diversification of the revenue base.

Here's how the segment net sales contributed to the overall $19.5 billion in fiscal 2025:

Revenue Stream Segment	FY25 Full-Year Net Sales (Reported)	Q4 FY25 Net Sales (Reported)
North America Retail	$11.9 billion	$2.6 billion
North America Pet	$2.5 billion	$675 million
International	Data Not Explicitly Stated for Full Year	$739 million (Q4 up 11%)
North America Foodservice	Data Not Explicitly Stated for Full Year	$579 million (Q4 down 2%)

You can see the North America Pet segment, anchored by the Blue Buffalo brand, delivered $2.5 billion in net sales for the full year, which supports the reported milestone of Blue Buffalo surpassing $2 billion in revenue for fiscal 2025. That's a solid performance, especially when compared to the prior year's segment sales of $2.3758 billion.

The International segment's revenue growth is notable, with fourth-quarter net sales climbing 11% to reach $739 million. This indicates successful execution, despite currency headwinds mentioned in their reports. The North America Foodservice segment, which serves away-from-home channels, showed mixed results late in the year, with fourth-quarter net sales at $579 million, down 2 percent.

To give you a clearer picture of the performance across the year for the segments where full-year data isn't explicitly listed alongside the total, we can look at the cumulative data points we have:

• North America Retail: $11.9 billion for the full year.
• North America Pet: $2.5 billion for the full year.
• International: Q4 was $739 million, up 11% year-over-year for the quarter.
• North America Foodservice: Through six months was $1.2 billion, with Q3 at $555 million and Q4 at $579 million.

Finance: draft 13-week cash view by Friday.