General Mills, Inc. (SIG): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le plan stratégique de General Mills, une centrale alimentaire mondiale qui transforme les ingrédients quotidiens en marques bien-aimées que des millions de personnes consomment quotidiennement. Des Cheerios emblématiques aux luxueux Häagen-Dazs, ce modèle de modèle commercial révèle comment la société navigue magistralement sur les paysages du marché complexes, l'équilibrage de l'innovation, la confiance des consommateurs et la portée mondiale. Découvrez les mécanismes complexes qui stimulent l'une des entreprises de fabrication de nourriture les plus réussies d'Amérique, où les partenariats stratégiques, la recherche de pointe et les approches centrées sur les consommateurs convergent pour créer un écosystème commercial remarquable qui nourrit les familles sur plusieurs continents.

General Mills, Inc. (SIG) - Modèle d'entreprise: partenariats clés

Fournisseurs agricoles stratégiques pour ingrédients bruts

General Mills s'approvisionne dans les ingrédients agricoles d'environ 3 500 fournisseurs à travers l'Amérique du Nord. La société a des partenariats directs avec:

Catégorie des fournisseurs	Volume annuel	Valeur du contrat
Fournisseurs de blé	1,2 million de tonnes métriques	680 millions de dollars
Fournisseurs de maïs	850 000 tonnes métriques	420 millions de dollars
Fournisseurs d'avoine	425 000 tonnes métriques	310 millions de dollars

Détaillants

Les principaux partenariats de vente au détail comprennent:

• Walmart: 22% du total des ventes (3,8 milliards de dollars par an)
• Kroger: 15% du total des ventes (2,6 milliards de dollars par an)
• Cible: 8% du total des ventes (1,4 milliard de dollars par an)

Partners de technologie et d'innovation alimentaire

Partenaire	Domaine de mise au point	Investissement
MIT Food Innovation Lab	Développement de protéines à base de plantes	5,2 millions de dollars par an
Centre de recherche alimentaire Stanford	Technologie nutritionnelle	3,7 millions de dollars par an

Collaborateurs du réseau de distribution et de logistique

General Mills travaille avec:

• UPS: partenaire logistique primaire, gérant 75% de la distribution
• FedEx: gérer 20% du fret spécialisé
• Réseaux de camionnage régionaux: 5% de la distribution

Partenariats sur la durabilité et les ONG environnementales

Organisation partenaire	Focus sur la durabilité	Engagement annuel
Fonds mondial de la faune	Pratiques agricoles durables	4,5 millions de dollars
La conservation de la nature	Conservation de l'eau	3,2 millions de dollars

General Mills, Inc. (SIG) - Modèle d'entreprise: activités clés

Recherche et développement de produits

Dépenses annuelles de la R&D au cours de l'exercice 2023: 271 millions de dollars

Zones de mise au point R&D	Pourcentage d'investissement
Innovation nutritionnelle	38%
Développement de protéines à base de plantes	22%
Recherche d'ingrédient durable	18%
Technologie de saveur	15%
Innovation d'emballage	7%

Fabrication et transformation des aliments

Installations de fabrication totale: 54 emplacements mondiaux

• États-Unis: 38 installations
• Emplacements internationaux: 16 installations
• Capacité de production annuelle: 7,2 milliards de livres de produits alimentaires

Marketing et gestion de la marque

Dépenses de marketing annuelles: 932 millions de dollars au cours de l'exercice 2023

Canal de marketing	Allocation des dépenses
Marketing numérique	42%
Publicité télévisée	28%
Campagnes de médias sociaux	15%
Impression et médias traditionnels	10%
Partenariats d'influence	5%

Gestion mondiale de la chaîne d'approvisionnement

Employés totaux de la chaîne d'approvisionnement: 4 200

• Fournisseurs du monde entier: 10 500
• Engagement d'approvisionnement durable: 95% des ingrédients clés
• Dépenses logistiques annuelles: 1,4 milliard de dollars

Innovation continue dans les produits alimentaires

Nouveau produit lance au cours de l'exercice 2023: 87 Innovations de produits

Catégorie d'innovation	Nombre de produits
Produits soucieux de la santé	29
Alternatives à base de plantes	22
Options sans gluten	18
Gammes de produits organiques	12
Aliments fonctionnels	6

General Mills, Inc. (SIG) - Modèle d'entreprise: Ressources clés

Portfolio de marque solide

General Mills possède 29 marques qui génèrent chacune plus de 100 millions de dollars de ventes de détail annuelles. Les marques clés comprennent:

Catégorie de marque	Marques spécifiques	Ventes annuelles
Céréales	Cheerios, Chex, Lucky Charms	4,5 milliards de dollars
Pâtisserie	Betty Crocker, Pillsbury	2,3 milliards de dollars
Aliments surgelés	Häagen-Dazs, Totino's	1,8 milliard de dollars

Installations avancées de fabrication des aliments

General Mills exploite 44 installations de fabrication à travers les États-Unis, avec une capacité de production totale de:

• Volume de production annuel: 1,2 milliard de livres de produits alimentaires
• Emplacements de fabrication: 16 États
• Installation de fabrication totale en pieds carrés: 12,3 millions de pieds carrés.

Réseaux de distribution étendus

Détails de l'infrastructure de distribution:

Canal de distribution	Couverture	Coût de la logistique annuelle
Magasins de détail	90% des épiceries américaines	1,6 milliard de dollars
Commerce électronique	50 plateformes de vente au détail en ligne	380 millions de dollars
Marchés internationaux	35 pays	750 millions de dollars

Propriété intellectuelle et recettes

Portfolio de propriété intellectuelle:

• Total des marques enregistrées: 412
• Brevets de produits alimentaires actifs: 86
• Investissement de développement de recettes: 124 millions de dollars par an

Main-d'œuvre qualifiée

Composition de la main-d'œuvre:

Catégorie des employés	Nombre d'employés	Tenure moyenne
Total des employés	41,000	8,7 ans
R&D Professionals	1,200	12,3 ans
Personnel de fabrication	22,500	7,5 ans

General Mills, Inc. (SIG) - Modèle d'entreprise: propositions de valeur

Divers gamme de produits alimentaires nutritifs et pratiques

General Mills génère 19,4 milliards de dollars de revenus annuels (2023 exercices) dans plusieurs catégories de produits:

Catégorie de produits	Revenus annuels	Part de marché
Céréales	5,2 milliards de dollars	35.6%
Collations	4,7 milliards de dollars	28.3%
Produits à pâtisserie	3,1 milliards de dollars	22.9%
Aliments surgelés	2,8 milliards de dollars	19.5%

Marques grand public de haute qualité et fiables

General Mills possède 13 marques qui génèrent plus d'un milliard de dollars de ventes annuelles:

• Cheerios (1,8 milliard de dollars)
• Nature Valley (1,5 milliard de dollars)
• Häagen-Dazs (1,2 milliard de dollars)
• Progresso (1,1 milliard de dollars)
• Yoplait (1,0 milliard de dollars)

Offres alimentaires innovantes et soucieuses de la santé

Investissement dans l'innovation des produits: 385 millions de dollars de dépenses de R&D en 2023, en se concentrant sur:

• Gammes de produits organiques
• Alternatives sans gluten
• Produits protéiques à base de plantes

Taste et fiabilité des produits cohérents

Métriques de qualité pour 2023:

Indicateur de qualité	Performance
Taux de rappel des produits	0.03%
Note de satisfaction des consommateurs	4.6/5
Taux d'achat répété	78.5%

Solutions alimentaires mondiales sur plusieurs segments de marché

Répartition internationale des revenus:

Région	Revenu	Taux de croissance
Amérique du Nord	16,2 milliards de dollars	3.7%
Europe	1,8 milliard de dollars	2.9%
Asie-Pacifique	1,4 milliard de dollars	4.2%

General Mills, Inc. (SIG) - Modèle d'entreprise: relations avec les clients

Programmes de fidélité des consommateurs solides

General Mills exploite plusieurs programmes de fidélité à travers ses marques:

Nom du programme	Utilisateurs enregistrés	Taux d'engagement annuel
Tops pour l'éducation	84 000 écoles participant	Taux de participation actif de 62%
Programme MyRewards	1,2 million de membres enregistrés	Taux de rachat de 47%

Engagement numérique via les médias sociaux

Métriques d'engagement des médias sociaux:

• Fonds Facebook: 3,5 millions
• Followers Instagram: 2,1 millions
• Twitter Followers: 850 000
• Interactions mensuelles moyennes sur les réseaux sociaux: 1,4 million

Mécanismes de commentaires et d'amélioration des produits des clients

Canaux de rétroaction des clients:

Canal	Volume de rétroaction annuel	Taux de réponse
Portail de service client en ligne	425 000 demandes	Taux de résolution de 94%
Hotline des consommateurs	218 000 appels	Taux de satisfaction de 92%

Plateformes de service client réactives

Métriques de performance du service client:

• Temps de réponse moyen: 24 heures
• Plates-formes de support multicanal: 5
• Représentants du service à la clientèle: 680
• Budget annuel du service à la clientèle: 42 millions de dollars

Stratégies de marketing personnalisées

Approche de la personnalisation:

Stratégie	Atteindre	Taux de conversion
E-mail marketing	3,8 millions d'abonnés	Taux de clics de 22%
Publicité numérique ciblée	65 millions d'impressions	Taux d'engagement de 18%

General Mills, Inc. (SIG) - Modèle d'entreprise: canaux

Réseaux de vente au détail d'épicerie

General Mills distribue des produits par le biais de grandes chaînes d'épicerie, notamment:

Détaillant	Présence du marché
Walmart	Plus de 4 700 magasins à l'échelle nationale
Kroger	2 742 emplacements de supermarchés
Cible	1 948 magasins de détail

Plateformes de commerce électronique en ligne

Les canaux de vente numériques comprennent:

• Amazon.com - 31,8 milliards de dollars de ventes d'épicerie en 2023
• Instacart - plus de 500 partenaires de vente au détail
• Walmart.com - 73,2 milliards de dollars de revenus de commerce électronique

Sites Web directes aux consommateurs

General Mills exploite des sites Web spécialisés pour:

• Betty Crocker
• Pillsbury
• Cheerios

Canaux de distribution en gros

Canal	Revenus annuels
Sysco Corporation	68,7 milliards de dollars de distribution alimentaire
Aliments américains	29,3 milliards de dollars de distribution de gros

Plateformes d'extension du marché international

Couverture mondiale des réseaux de distribution:

• Canada - 35% de part de marché international
• Europe - Opérations dans 15 pays
• Asie-Pacifique - Revenu annuel de 1,2 milliard de dollars

General Mills, Inc. (SIG) - Modèle d'entreprise: segments de clientèle

Familles avec enfants

General Mills cible les familles avec enfants à travers plusieurs gammes de produits avec une pénétration spécifique du marché:

Catégorie de produits	Part de marché	Revenus annuels
Céréales	30.2%	4,2 milliards de dollars
Collations adaptées aux enfants	22.7%	3,1 milliards de dollars

Consommateurs soucieux de leur santé

Les caractéristiques du segment comprennent:

• Ventes de produits biologiques: 1,6 milliard de dollars
• Revenus de ligne de produits sans gluten: 780 millions de dollars
• Produits d'ingrédient naturel: 24% du portefeuille total

Millennials et Gen Z

Démographique	Comportement d'achat	Catégories de produits préférés
Milléniaux	35% des achats de collations	Produits enrichis en protéines
Gen Z	28% de la consommation de produits du petit-déjeuner	Alternatives à base de plantes

Individus à la recherche de commodité

Répartition des segments de marché:

• Revenu des repas prêts à manger: 2,3 milliards de dollars
• Segment des aliments surgelés: 1,9 milliard de dollars
• Produits de petit-déjeuner instantané: 650 millions de dollars

Démographie du marché mondial

Région	Pénétration du marché	Revenus annuels
Amérique du Nord	68%	12,4 milliards de dollars
Europe	15%	2,7 milliards de dollars
Asie-Pacifique	12%	2,2 milliards de dollars
l'Amérique latine	5%	910 millions de dollars

General Mills, Inc. (SIG) - Modèle d'entreprise: Structure des coûts

Frais d'achat d'ingrédients bruts

Au cours de l'exercice 2023, General Mills a déclaré des coûts de matières premières de 5,73 milliards de dollars. La répartition des achats d'ingrédients de l'entreprise comprend:

Catégorie d'ingrédient	Coût d'achat annuel
Grains	1,87 milliard de dollars
Produits laitiers	1,24 milliard de dollars
Sucre	612 millions de dollars
Matériaux d'emballage	845 millions de dollars

Coûts de fabrication et de production

Les dépenses de fabrication totales pour General Mills en 2023 étaient de 3,96 milliards de dollars, avec les composants clés suivants:

• Coûts de main-d'œuvre directes: 892 millions de dollars
• Frais généraux d'usine: 1,45 milliard de dollars
• Entretien de l'équipement: 276 millions de dollars
• Énergie et services publics: 413 millions de dollars

Investissements marketing et publicitaire

General Mills alloué 1,12 milliard de dollars aux dépenses de marketing et de publicité au cours de l'exercice 2023, distribuées à travers:

Canal de marketing	Dépense
Marketing numérique	378 millions de dollars
Publicité télévisée	512 millions de dollars
Médias imprimés et extérieurs	230 millions de dollars

Dépenses de recherche et développement

Les dépenses de R&D pour General Mills en 2023 ont totalisé 284 millions de dollars, se concentrer sur:

• Innovation de produit
• Améliorations nutritionnelles
• Technologie d'emballage
• Développement d'ingrédient durable

Gestion de la chaîne d'approvisionnement et de la logistique

Les coûts de logistique et de distribution pour les usines généraux en 2023 sont équipées de 1,67 milliard de dollars, y compris:

Composant logistique	Coût annuel
Transport	872 millions de dollars
Opérations de l'entrepôt	513 millions de dollars
Technologie de la chaîne d'approvisionnement	285 millions de dollars

General Mills, Inc. (SIG) - Modèle d'entreprise: Strots de revenus

Ventes de produits au détail

Pour l'exercice 2023, General Mills a déclaré des ventes nettes de 20,1 milliards de dollars. La répartition des ventes de produits au détail comprend:

Catégorie de produits	Revenus (milliards)
Épicerie de détail	$15.7
Dépanneurs	$2.8
Service alimentaire	$1.6

Revenus du marché international

Les revenus des segments internationaux pour l'exercice 2023 ont totalisé 3,4 milliards de dollars, avec des marchés clés, notamment:

• Europe: 1,2 milliard de dollars
• Asie-Pacifique: 850 millions de dollars
• Amérique latine: 750 millions de dollars
• Canada: 600 millions de dollars

Partenariats d'épicerie

Les partenariats d'épicerie génèrent environ 12,5 milliards de dollars de revenus annuels, avec les meilleurs partenaires, notamment:

Détaillant	Volume des ventes annuelles
Walmart	4,2 milliards de dollars
Kroger	2,8 milliards de dollars
Cible	1,5 milliard de dollars

Plateformes de vente en ligne

Les revenus de commerce électronique pour l'exercice 2023 ont atteint 2,3 milliards de dollars, avec distribution à travers:

• Amazon: 950 millions de dollars
• Instacart: 450 millions de dollars
• Canaux directs aux consommateurs: 400 millions de dollars
• Autres plateformes en ligne: 500 millions de dollars

Revenu du portefeuille de marque diversifié

Distribution des revenus dans les grandes catégories de marques:

Catégorie de marque	Revenus annuels (milliards)
Céréales	$5.6
Collations	$4.3
Yaourt	$2.1
Produits à pâtisserie	$1.8
Nourriture pour animaux de compagnie	$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.