General Mills, Inc. (GIS): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no plano estratégico da General Mills, uma potência alimentar global que transforma os ingredientes diários em marcas amadas que milhões consomem diariamente. Dos icônicos Cheerios ao luxuoso Häagen-Dazs, esta tela de modelo de negócios revela como a empresa navega magistralmente paisagens de mercado complexas, equilibrando inovação, confiança do consumidor e alcance global. Descubra os intrincados mecanismos que impulsionam uma das empresas de fabricação de alimentos mais bem-sucedidas da América, onde parcerias estratégicas, pesquisa de ponta e abordagens centradas no consumidor convergem para criar um notável ecossistema de negócios que alimenta famílias em vários continentes.

General Mills, Inc. (GIS) - Modelo de Negócios: Parcerias -Chaves

Fornecedores agrícolas estratégicos para ingredientes crus

A General Mills compra os ingredientes agrícolas de aproximadamente 3.500 fornecedores em toda a América do Norte. A empresa tem parcerias diretas com:

Categoria de fornecedores	Volume anual	Valor do contrato
Fornecedores de trigo	1,2 milhão de toneladas métricas	US $ 680 milhões
Fornecedores de milho	850.000 toneladas métricas	US $ 420 milhões
Fornecedores de aveia	425.000 toneladas métricas	US $ 310 milhões

Varejistas

As principais parcerias de varejo incluem:

• Walmart: 22% do total de vendas (US $ 3,8 bilhões anualmente)
• Kroger: 15% do total de vendas (US $ 2,6 bilhões anualmente)
• Alvo: 8% do total de vendas (US $ 1,4 bilhão anualmente)

Tecnologia de alimentos e parceiros de inovação

Parceiro	Área de foco	Investimento
MIT Laboratório de Inovação Alimentar	Desenvolvimento de proteínas à base de plantas	US $ 5,2 milhões anualmente
Stanford Food Research Center	Tecnologia de nutrição	US $ 3,7 milhões anualmente

Colaboradores de rede de distribuição e logística

General Mills trabalha com:

• UPS: parceiro de logística primária, gerenciando 75% da distribuição
• FedEx: lidando com 20% de frete especializado
• Redes de caminhões regionais: 5% da distribuição

Sustentabilidade e parcerias de ONGs ambientais

Organização parceira	Foco de sustentabilidade	Compromisso anual
World Wildlife Fund	Práticas agrícolas sustentáveis	US $ 4,5 milhões
A Conservancy Nature	Conservação de água	US $ 3,2 milhões

General Mills, Inc. (GIS) - Modelo de Negócios: Atividades -chave

Pesquisa e desenvolvimento de produtos

Gastos anuais de P&D no ano fiscal de 2023: US $ 271 milhões

Áreas de foco em P&D	Porcentagem de investimento
Inovação nutricional	38%
Desenvolvimento de proteínas à base de plantas	22%
Pesquisa de ingredientes sustentáveis	18%
Tecnologia de sabor	15%
Inovação da embalagem	7%

Fabricação e processamento de alimentos

Total de instalações de fabricação: 54 locais globais

• Estados Unidos: 38 instalações
• Locais internacionais: 16 instalações
• Capacidade anual de produção: 7,2 bilhões de libras de produtos alimentícios

Marketing e gerenciamento de marca

Despesas anuais de marketing: US $ 932 milhões no ano fiscal de 2023

Canal de marketing	Alocação de gastos
Marketing digital	42%
Publicidade na televisão	28%
Campanhas de mídia social	15%
Mídia impressa e tradicional	10%
Parcerias de influenciadores	5%

Gerenciamento global da cadeia de suprimentos

Funcionários totais da cadeia de suprimentos: 4.200

• Fornecedores em todo o mundo: 10.500
• Compromisso de fornecimento sustentável: 95% dos ingredientes -chave
• Despesas de logística anual: US $ 1,4 bilhão

Inovação contínua em produtos alimentícios

Novos produtos lançamentos no ano fiscal 2023: 87 inovações de produtos

Categoria de inovação	Número de produtos
Produtos conscientes da saúde	29
Alternativas baseadas em plantas	22
Opções sem glúten	18
Linhas de produtos orgânicos	12
Alimentos funcionais	6

General Mills, Inc. (GIS) - Modelo de negócios: Recursos -chave

Portfólio de marcas forte

A General Mills possui 29 marcas que geram mais de US $ 100 milhões em vendas anuais de varejo cada. As principais marcas incluem:

Categoria de marca	Marcas específicas	Vendas anuais
Cereais	Cheerios, Chex, Lucky Charms	US $ 4,5 bilhões
Cozimento	Betty Crocker, Pillsbury	US $ 2,3 bilhões
Alimentos congelados	Häagen-Dazs, Totino	US $ 1,8 bilhão

Instalações avançadas de fabricação de alimentos

A General Mills opera 44 instalações de fabricação nos Estados Unidos, com uma capacidade total de produção de:

• Volume anual de produção: 1,2 bilhão de libras de produtos alimentícios
• Locais de fabricação: 16 estados
• Faculdade de fabricação Total Mágua quadrada: 12,3 milhões de pés quadrados.

Redes de distribuição extensas

Detalhes da infraestrutura de distribuição:

Canal de distribuição	Cobertura	Custo logístico anual
Lojas de varejo	90% dos supermercados dos EUA	US $ 1,6 bilhão
Comércio eletrônico	50 plataformas de varejo online	US $ 380 milhões
Mercados internacionais	35 países	US $ 750 milhões

Propriedade intelectual e receitas

Portfólio de propriedade intelectual:

• Marcas registradas totais: 412
• Patentes de produtos alimentares ativos: 86
• Investimento de desenvolvimento de receitas: US $ 124 milhões anualmente

Força de trabalho qualificada

Composição da força de trabalho:

Categoria de funcionários	Número de funcionários	Posse média
Total de funcionários	41,000	8,7 anos
Profissionais de P&D	1,200	12,3 anos
Equipe de manufatura	22,500	7,5 anos

General Mills, Inc. (GIS) - Modelo de Negócios: Proposições de Valor

Gama diversificada de produtos alimentares nutritivos e convenientes

A General Mills gera US $ 19,4 bilhões em receita anual (2023 ano fiscal) em várias categorias de produtos:

Categoria de produto	Receita anual	Quota de mercado
Cereais	US $ 5,2 bilhões	35.6%
Lanches	US $ 4,7 bilhões	28.3%
Baking Products	US $ 3,1 bilhões	22.9%
Alimentos congelados	US $ 2,8 bilhões	19.5%

Marcas de consumo de alta qualidade e confiáveis

A General Mills possui 13 marcas que geram mais de US $ 1 bilhão em vendas anuais:

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

Ofertas de alimentos inovadoras e conscientes da saúde

Investimento em inovação de produtos: US $ 385 milhões em gastos com P&D em 2023, com foco em:

• Linhas de produtos orgânicos
• Alternativas sem glúten
• Produtos de proteínas à base de plantas

Gosto e confiabilidade consistentes do produto

Métricas de qualidade para 2023:

Indicador de qualidade	Desempenho
Taxa de recall de produtos	0.03%
Classificação de satisfação do consumidor	4.6/5
Repita a taxa de compra	78.5%

Soluções alimentares globais em vários segmentos de mercado

Redução de receita internacional:

Região	Receita	Taxa de crescimento
América do Norte	US $ 16,2 bilhões	3.7%
Europa	US $ 1,8 bilhão	2.9%
Ásia-Pacífico	US $ 1,4 bilhão	4.2%

General Mills, Inc. (GIS) - Modelo de Negócios: Relacionamentos do Cliente

Fortes programas de fidelidade do consumidor

A General Mills opera vários programas de fidelidade em suas marcas:

Nome do programa	Usuários registrados	Taxa de engajamento anual
Tops de caixa para educação	84.000 escolas participantes	62% taxa de participação ativa
Programa de Myrewards	1,2 milhão de membros registrados	Taxa de resgate de 47%

Engajamento digital através da mídia social

Métricas de engajamento de mídia social:

• Seguidores do Facebook: 3,5 milhões
• Seguidores do Instagram: 2,1 milhões
• Seguidores do Twitter: 850.000
• Interações médias de mídia social mensal: 1,4 milhão

Feedback do cliente e mecanismos de melhoria do produto

Canais de feedback do cliente:

Canal	Volume de feedback anual	Taxa de resposta
Portal de atendimento ao cliente online	425.000 consultas	Taxa de resolução de 94%
Linha direta do consumidor	218.000 ligações	Taxa de satisfação de 92%

Plataformas de atendimento ao cliente responsivas

Métricas de desempenho do atendimento ao cliente:

• Tempo médio de resposta: 24 horas
• Plataformas de suporte multicanal: 5
• Representantes de atendimento ao cliente: 680
• Orçamento anual de atendimento ao cliente: US $ 42 milhões

Estratégias de marketing personalizadas

Abordagem de personalização:

Estratégia	Alcançar	Taxa de conversão
Marketing por e -mail	3,8 milhões de assinantes	Taxa de 22% de cliques
Publicidade digital direcionada	65 milhões de impressões	Taxa de engajamento de 18%

General Mills, Inc. (GIS) - Modelo de Negócios: Canais

Redes de varejo de mercearia

A General Mills distribui os produtos por meio de principais cadeias de supermercados, incluindo:

Varejista	Presença de mercado
Walmart	Mais de 4.700 lojas em todo o país
Kroger	2.742 locais de supermercados
Alvo	1.948 lojas de varejo

Plataformas online de comércio eletrônico

Os canais de vendas digitais incluem:

• Amazon.com - US $ 31,8 bilhões em vendas de supermercados em 2023
• Instacart - mais de 500 parceiros de varejo
• Walmart.com - US $ 73,2 bilhões em receita de comércio eletrônico

Sites direta ao consumidor

A General Mills opera sites especializados para:

• Betty Crocker
• Pillsbury
• Cheerios

Canais de distribuição por atacado

Canal	Receita anual
Sysco Corporation	US $ 68,7 bilhões em distribuição de alimentos
US Foods	US $ 29,3 bilhões em distribuição por atacado

Plataformas de expansão do mercado internacional

As redes de distribuição globais cobrem:

• Canadá - 35% de participação de mercado internacional
• Europa - operações em 15 países
• Ásia -Pacífico - Receita anual de US $ 1,2 bilhão

General Mills, Inc. (GIS) - Modelo de negócios: segmentos de clientes

Famílias com crianças

A General Mills tem como alvo famílias com crianças através de várias linhas de produtos com penetração específica de mercado:

Categoria de produto	Quota de mercado	Receita anual
Cereais	30.2%	US $ 4,2 bilhões
Lanches para crianças	22.7%	US $ 3,1 bilhões

Consumidores preocupados com a saúde

As características do segmento incluem:

• Vendas de produtos orgânicos: US $ 1,6 bilhão
• Receita da linha de produtos sem glúten: US $ 780 milhões
• Produtos de ingrediente natural: 24% do portfólio total

Millennials e Gen Z

Demográfico	Comportamento de compra	Categorias de produtos preferidos
Millennials	35% das compras de lanches	Produtos enriquecidos com proteínas
Gen Z	28% do consumo de produto para o café da manhã	Alternativas baseadas em plantas

Indivíduos que buscam conveniência

Redução do segmento de mercado:

• Receita de refeições prontas para comer: US $ 2,3 bilhões
• Segmento de alimentos congelados: US $ 1,9 bilhão
• Produtos instantâneos para o café da manhã: US $ 650 milhões

Demografia global do mercado

Região	Penetração de mercado	Receita anual
América do Norte	68%	US $ 12,4 bilhões
Europa	15%	US $ 2,7 bilhões
Ásia-Pacífico	12%	US $ 2,2 bilhões
América latina	5%	US $ 910 milhões

General Mills, Inc. (GIS) - Modelo de negócios: estrutura de custos

Despesas de aquisição de ingredientes crus

No ano fiscal de 2023, a General Mills registrou custos de matéria -prima de US $ 5,73 bilhões. A quebra de compras de ingredientes da empresa inclui:

Categoria de ingredientes	Custo anual de compras
Grãos	US $ 1,87 bilhão
Produtos lácteos	US $ 1,24 bilhão
Açúcar	US $ 612 milhões
Materiais de embalagem	US $ 845 milhões

Custos de fabricação e produção

As despesas totais de fabricação para a General Mills em 2023 foram de US $ 3,96 bilhões, com os seguintes componentes -chave:

• Custos de mão -de -obra direta: US $ 892 milhões
• Interior da fábrica: US $ 1,45 bilhão
• Manutenção de equipamentos: US $ 276 milhões
• Energia e utilitários: US $ 413 milhões

Investimentos de marketing e publicidade

General Mills alocado US $ 1,12 bilhão às despesas de marketing e publicidade no ano fiscal de 2023, distribuídas:

Canal de marketing	Gasto
Marketing digital	US $ 378 milhões
Publicidade na televisão	US $ 512 milhões
Mídia impressa e externa	US $ 230 milhões

Despesas de pesquisa e desenvolvimento

Os gastos de P&D para general Mills em 2023 totalizaram US $ 284 milhões, focando em:

• Inovação de produtos
• Melhorias nutricionais
• Tecnologia de embalagem
• Desenvolvimento de ingredientes sustentáveis

Cadeia de suprimentos e gerenciamento de logística

Os custos de logística e distribuição para as fábricas gerais em 2023 totalizaram US $ 1,67 bilhão, incluindo:

Componente de logística	Custo anual
Transporte	US $ 872 milhões
Operações de armazém	US $ 513 milhões
Tecnologia da cadeia de suprimentos	US $ 285 milhões

General Mills, Inc. (GIS) - Modelo de negócios: fluxos de receita

Vendas de produtos de varejo

Para o ano fiscal de 2023, a General Mills registrou vendas líquidas de US $ 20,1 bilhões. A repartição de vendas de produtos de varejo inclui:

Categoria de produto	Receita (bilhões)
Mercearia de varejo	$15.7
Lojas de conveniência	$2.8
GOODSERVICE	$1.6

Receita do mercado internacional

As receitas do segmento internacional para o ano fiscal de 2023 totalizaram US $ 3,4 bilhões, com os principais mercados, incluindo:

• Europa: US $ 1,2 bilhão
• Ásia -Pacífico: US $ 850 milhões
• América Latina: US $ 750 milhões
• Canadá: US $ 600 milhões

Parcerias de supermercado

As parcerias de supermercado geram aproximadamente US $ 12,5 bilhões em receita anual, com os principais parceiros, incluindo:

Varejista	Volume anual de vendas
Walmart	US $ 4,2 bilhões
Kroger	US $ 2,8 bilhões
Alvo	US $ 1,5 bilhão

Plataformas de vendas on -line

As receitas de comércio eletrônico para o ano fiscal de 2023 atingiram US $ 2,3 bilhões, com distribuição de:

• Amazon: US $ 950 milhões
• Instacart: US $ 450 milhões
• Canais diretos ao consumidor: US $ 400 milhões
• Outras plataformas online: US $ 500 milhões

Renda diversificada de portfólio de marcas

Distribuição de receita nas principais categorias de marcas:

Categoria de marca	Receita anual (bilhões)
Cereais	$5.6
Lanches	$4.3
Iogurte	$2.1
Baking Products	$1.8
Comida de estimação	$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.