General Mills, Inc. (GIS): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el plan estratégico de General Mills, una potencia alimentaria global que transforma los ingredientes cotidianos en las queridas marcas que millones consumen diariamente. Desde los Cheerios icónicos hasta los lujosos Häagen-Dazs, este lienzo de modelo de negocio revela cómo la compañía navega magistralmente de los complejos paisajes del mercado, equilibrando la innovación, la confianza del consumidor y el alcance global. Descubra los intrincados mecanismos que impulsan una de las empresas de fabricación de alimentos más exitosas de Estados Unidos, donde las asociaciones estratégicas, la investigación de vanguardia y los enfoques centrados en el consumidor convergen para crear un ecosistema comercial notable que alimente a las familias en múltiples continentes.

General Mills, Inc. (SIG) - Modelo de negocio: asociaciones clave

Proveedores agrícolas estratégicos para ingredientes crudos

General Mills obtiene ingredientes agrícolas de aproximadamente 3.500 proveedores en América del Norte. La compañía tiene asociaciones directas con:

Categoría de proveedor	Volumen anual	Valor de contrato
Proveedores de trigo	1.2 millones de toneladas métricas	$ 680 millones
Proveedores de maíz	850,000 toneladas métricas	$ 420 millones
Proveedores de avena	425,000 toneladas métricas	$ 310 millones

Minoristas

Las asociaciones minoristas clave incluyen:

• Walmart: 22% de las ventas totales ($ 3.8 mil millones anuales)
• Kroger: 15% de las ventas totales ($ 2.6 mil millones anuales)
• Objetivo: 8% de las ventas totales ($ 1.4 mil millones anuales)

Socios de tecnología alimentaria e innovación

Pareja	Área de enfoque	Inversión
MIT Food Innovation Lab	Desarrollo de proteínas a base de plantas	$ 5.2 millones anualmente
Centro de Investigación de Alimentos de Stanford	Tecnología de nutrición	$ 3.7 millones anuales

Distribución y colaboradores de redes de logística

General Mills trabaja con:

• UPS: socio de logística primaria, administrando el 75% de la distribución
• FedEx: Manejo del 20% de la carga especializada
• Redes de transporte regionales: 5% de distribución

Sostenibilidad y asociaciones ambientales de ONG

Organización asociada	Enfoque de sostenibilidad	Compromiso anual
Fondo Mundial de Vida Silvestre	Prácticas agrícolas sostenibles	$ 4.5 millones
La conservación de la naturaleza	Conservación del agua	$ 3.2 millones

General Mills, Inc. (SIG) - Modelo de negocio: actividades clave

Investigación y desarrollo de productos

Gasto anual de I + D en el año fiscal 2023: $ 271 millones

Áreas de enfoque de I + D	Porcentaje de inversión
Innovación nutricional	38%
Desarrollo de proteínas a base de plantas	22%
Investigación de ingredientes sostenibles	18%
Tecnología de sabor	15%
Innovación de envasado	7%

Fabricación y procesamiento de alimentos

Instalaciones de fabricación total: 54 ubicaciones globales

• Estados Unidos: 38 instalaciones
• Ubicaciones internacionales: 16 instalaciones
• Capacidad de producción anual: 7.2 mil millones de libras de productos alimenticios

Marketing y gestión de marca

Gastos anuales de marketing: $ 932 millones en el año fiscal 2023

Canal de marketing	Asignación de gastos
Marketing digital	42%
Publicidad televisiva	28%
Campañas de redes sociales	15%
Impresión y medios tradicionales	10%
Asociaciones de influencia	5%

Gestión de la cadena de suministro global

Empleados totales de la cadena de suministro: 4.200

• Proveedores en todo el mundo: 10,500
• Compromiso de abastecimiento sostenible: 95% de los ingredientes clave
• Gastos de logística anual: $ 1.4 mil millones

Innovación continua en productos alimenticios

Nuevos lanzamientos de productos en el año fiscal 2023: 87 innovaciones de productos

Categoría de innovación	Número de productos
Productos conscientes de la salud	29
Alternativas a base de plantas	22
Opciones sin gluten	18
Líneas de productos orgánicos	12
Alimentos funcionales	6

General Mills, Inc. (SIG) - Modelo de negocio: recursos clave

Cartera de marca fuerte

General Mills posee 29 marcas que generan más de $ 100 millones en ventas minoristas anuales cada una. Las marcas clave incluyen:

Categoría de marca	Marcas específicas	Venta anual
Cereales	Cheerios, Chex, Lucky Charms	$ 4.5 mil millones
Hornada	Betty Crocker, Pillsbury	$ 2.3 mil millones
Alimentos congelados	Häagen-Dazs, Totino's	$ 1.8 mil millones

Instalaciones avanzadas de fabricación de alimentos

General Mills opera 44 instalaciones de fabricación en los Estados Unidos, con una capacidad de producción total de:

• Volumen de producción anual: 1.200 millones de libras de productos alimenticios
• Ubicaciones de fabricación: 16 estados
• Total de la instalación de fabricación Fultos cuadrados: 12.3 millones de pies cuadrados.

Extensas redes de distribución

Detalles de la infraestructura de distribución:

Canal de distribución	Cobertura	Costo de logística anual
Tiendas minoristas	90% de las tiendas de comestibles de EE. UU.	$ 1.6 mil millones
Comercio electrónico	50 plataformas minoristas en línea	$ 380 millones
Mercados internacionales	35 países	$ 750 millones

Propiedad intelectual y recetas

Cartera de propiedades intelectuales:

• Total de marcas registradas: 412
• Patentes de productos de alimentos activos: 86
• Inversión de desarrollo de recetas: $ 124 millones anuales

Fuerza laboral hábil

Composición de la fuerza laboral:

Categoría de empleado	Número de empleados	Tenencia promedio
Total de empleados	41,000	8.7 años
Profesionales de I + D	1,200	12.3 años
Personal de fabricación	22,500	7.5 años

General Mills, Inc. (SIG) - Modelo de negocio: propuestas de valor

Diversa gama de productos alimenticios nutritivos y convenientes

General Mills genera $ 19.4 mil millones en ingresos anuales (2023 año fiscal) en múltiples categorías de productos:

Categoría de productos	Ingresos anuales	Cuota de mercado
Cereales	$ 5.2 mil millones	35.6%
Bocadillos	$ 4.7 mil millones	28.3%
Productos para hornear	$ 3.1 mil millones	22.9%
Alimentos congelados	$ 2.8 mil millones	19.5%

Marcas de consumo de alta calidad y confianza

General Mills posee 13 marcas que generan más de $ 1 mil millones en ventas anuales:

• Cheerios ($ 1.8 mil millones)
• Nature Valley ($ 1.5 mil millones)
• Häagen-Dazs ($ 1.2 mil millones)
• Progresso ($ 1.1 mil millones)
• Yoplait ($ 1.0 mil millones)

Ofertas de alimentos innovadoras y conscientes de la salud

Inversión en innovación de productos: gastos de I + D de $ 385 millones en 2023, centrándose en:

• Líneas de productos orgánicos
• Alternativas sin gluten
• Productos proteicos a base de plantas

Sabor y confiabilidad de los productos consistentes

Métricas de calidad para 2023:

Indicador de calidad	Actuación
Tasa de retiro de productos	0.03%
Calificación de satisfacción del consumidor	4.6/5
Repita la tasa de compra	78.5%

Soluciones de alimentos globales en múltiples segmentos de mercado

Desglose de ingresos internacionales:

Región	Ganancia	Índice de crecimiento
América del norte	$ 16.2 mil millones	3.7%
Europa	$ 1.8 mil millones	2.9%
Asia-Pacífico	$ 1.4 mil millones	4.2%

General Mills, Inc. (SIG) - Modelo de negocios: relaciones con los clientes

Programas de lealtad del consumidor sólidos

General Mills opera múltiples programas de fidelización en sus marcas:

Nombre del programa	Usuarios registrados	Tasa de compromiso anual
Tops de caja para la educación	84,000 escuelas participando	Tasa de participación activa del 62%
Programa MyRewards	1,2 millones de miembros registrados	47% de tasa de reembolso

Compromiso digital a través de las redes sociales

Métricas de compromiso de las redes sociales:

• Seguidores de Facebook: 3.5 millones
• Seguidores de Instagram: 2.1 millones
• Seguidores de Twitter: 850,000
• Interacciones promedio de redes sociales mensuales: 1.4 millones

Comentarios de los clientes y mecanismos de mejora del producto

Canales de comentarios de los clientes:

Canal	Volumen de retroalimentación anual	Tasa de respuesta
Portal de servicio al cliente en línea	425,000 consultas	Tasa de resolución del 94%
Línea directa del consumidor	218,000 llamadas	Tasa de satisfacción del 92%

Plataformas de servicio al cliente receptivas

Métricas de rendimiento del servicio al cliente:

• Tiempo de respuesta promedio: 24 horas
• Plataformas de soporte multicanal: 5
• Representantes de servicio al cliente: 680
• Presupuesto anual de servicio al cliente: $ 42 millones

Estrategias de marketing personalizadas

Enfoque de personalización:

Estrategia	Alcanzar	Tasa de conversión
Marketing por correo electrónico	3.8 millones de suscriptores	22% de tasa de clics
Publicidad digital dirigida	65 millones de impresiones	Tasa de compromiso del 18%

General Mills, Inc. (SIG) - Modelo de negocio: canales

Redes minoristas de la tienda de comestibles

General Mills distribuye productos a través de las principales cadenas de comestibles que incluyen:

Detallista	Presencia en el mercado
Walmart	Más de 4.700 tiendas en todo el país
Kroger	2,742 ubicaciones de supermercados
Objetivo	1.948 tiendas minoristas

Plataformas de comercio electrónico en línea

Los canales de ventas digitales incluyen:

• Amazon.com - $ 31.8 mil millones en ventas de comestibles en 2023
• Instacart: más de 500 socios minoristas
• Walmart.com - $ 73.2 mil millones en ingresos de comercio electrónico

Sitios web directos a consumidores

General Mills opera sitios web especializados para:

• Betty Crocker
• Pillsbury
• Cheerios

Canales de distribución al por mayor

Canal	Ingresos anuales
Sysco Corporation	$ 68.7 mil millones en distribución de alimentos
Alimentos estadounidenses	$ 29.3 mil millones en distribución mayorista

Plataformas de expansión del mercado internacional

Cubra de redes de distribución global:

• Canadá - 35% de participación en el mercado internacional
• Europa - Operaciones en 15 países
• Asia -Pacific - Ingresos anuales de $ 1.2 mil millones

General Mills, Inc. (SIG) - Modelo de negocio: segmentos de clientes

Familias con niños

General Mills se dirige a familias con niños a través de múltiples líneas de productos con penetración específica del mercado:

Categoría de productos	Cuota de mercado	Ingresos anuales
Cereales	30.2%	$ 4.2 mil millones
Bocadillos para niños	22.7%	$ 3.1 mil millones

Consumidores conscientes de la salud

Las características del segmento incluyen:

• Ventas de productos orgánicos: $ 1.6 mil millones
• Ingresos de la línea de productos sin gluten: $ 780 millones
• Productos de ingredientes naturales: 24% de la cartera total

Millennials y Gen Z

Demográfico	Comportamiento de compras	Categorías de productos preferidos
Millennials	35% de las compras de bocadillos	Productos enriquecidos con proteínas
Gen Z	28% del consumo de productos de desayuno	Alternativas a base de plantas

Individuos que buscan conveniencia

Desglose del segmento de mercado:

• Ingresos de comidas listas para comer: $ 2.3 mil millones
• Segmento de alimentos congelados: $ 1.9 mil millones
• Productos de desayuno instantáneo: $ 650 millones

Demografía del mercado global

Región	Penetración del mercado	Ingresos anuales
América del norte	68%	$ 12.4 mil millones
Europa	15%	$ 2.7 mil millones
Asia-Pacífico	12%	$ 2.2 mil millones
América Latina	5%	$ 910 millones

General Mills, Inc. (SIG) - Modelo de negocio: Estructura de costos

Gastos de adquisición de ingredientes crudos

En el año fiscal 2023, General Mills reportó costos de materia prima de $ 5.73 mil millones. El desglose de adquisición de ingredientes de la compañía incluye:

Categoría de ingredientes	Costo de adquisición anual
Granos	$ 1.87 mil millones
Productos lácteos	$ 1.24 mil millones
Azúcar	$ 612 millones
Materiales de embalaje	$ 845 millones

Costos de fabricación y producción

Los gastos de fabricación totales para General Mills en 2023 fueron de $ 3.96 mil millones, con los siguientes componentes clave:

• Costos laborales directos: $ 892 millones
• Sobre de fábrica: $ 1.45 mil millones
• Mantenimiento del equipo: $ 276 millones
• Energía y servicios públicos: $ 413 millones

Inversiones de marketing y publicidad

General Mills asignó $ 1.12 mil millones A los gastos de marketing y publicidad en el año fiscal 2023, distribuidos en todo:

Canal de marketing	Gasto
Marketing digital	$ 378 millones
Publicidad televisiva	$ 512 millones
Medios impresos y al aire libre	$ 230 millones

Gastos de investigación y desarrollo

El gasto de I + D para General Mills en 2023 totalizó $ 284 millones, enfocándose en:

• Innovación de productos
• Mejoras nutricionales
• Tecnología de envasado
• Desarrollo de ingredientes sostenibles

Gestión de la cadena de suministro y logística

Los costos de logística y distribución para General Mills en 2023 ascendieron a $ 1.67 mil millones, incluido:

Componente de logística	Costo anual
Transporte	$ 872 millones
Operaciones de almacén	$ 513 millones
Tecnología de la cadena de suministro	$ 285 millones

General Mills, Inc. (SIG) - Modelo de negocio: flujos de ingresos

Venta de productos minoristas

Para el año fiscal 2023, General Mills reportó ventas netas de $ 20.1 mil millones. Desglose de ventas de productos minoristas incluye:

Categoría de productos	Ingresos (miles de millones)
Comestibles minoristas	$15.7
Tiendas de conveniencia	$2.8
Servicio de alimentos	$1.6

Ingresos del mercado internacional

Los ingresos del segmento internacional para el año fiscal 2023 totalizaron $ 3.4 mil millones, con mercados clave que incluyen:

• Europa: $ 1.2 mil millones
• Asia Pacífico: $ 850 millones
• América Latina: $ 750 millones
• Canadá: $ 600 millones

Asociaciones de la tienda de comestibles

Las asociaciones de comestibles generan aproximadamente $ 12.5 mil millones en ingresos anuales, con socios principales que incluyen:

Detallista	Volumen de ventas anual
Walmart	$ 4.2 mil millones
Kroger	$ 2.8 mil millones
Objetivo	$ 1.5 mil millones

Plataformas de ventas en línea

Los ingresos por comercio electrónico para el año fiscal 2023 alcanzaron los $ 2.3 mil millones, con distribución a través de:

• Amazon: $ 950 millones
• Instacart: $ 450 millones
• Canales directos al consumidor: $ 400 millones
• Otras plataformas en línea: $ 500 millones

Ingresos de cartera de marca diversificado

Distribución de ingresos en las principales categorías de marca:

Categoría de marca	Ingresos anuales (miles de millones)
Cereales	$5.6
Bocadillos	$4.3
Yogur	$2.1
Productos para hornear	$1.8
Comida para mascotas	$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.