General Mills (GIS) FY2026: Revenue -5%, Operating Income -72% on $1.5B Pet Goodwill Impairment
General Mills (NYSE: GIS) posted net sales of $18.42 billion for FY2026 (May 26, 2025 – May 31, 2026, 53 weeks), down 5% year over year. Operating income collapsed 72% to $886 million, with the operating margin contracting 1,166 basis points to 4.8%. A $1.5 billion North America Pet goodwill impairment, brand intangible asset impairment charges, and a write-down on the Brazil business held for sale weighed on results, driving the company to a net loss of $0.16 per diluted share, flipping from profit to loss.
1. Consolidated Balance Sheet Analysis
1-1. Key Asset Items
The 10-K excerpt does not include a detailed balance sheet line breakdown; only the following two figures are explicitly confirmed.
| Item | End of FY2026 ($ billions) | Note |
|---|---|---|
| Goodwill + Indefinite-lived intangible assets | 20.6 | Brand assets including Blue Buffalo, Pillsbury, and Häagen-Dazs (10-K Item 1A) |
| Total debt + Noncontrolling interests | 13.6 | Core financial leverage burden (10-K Item 1A) |
The most notable figure is the $20.6 billion in goodwill and indefinite-lived intangible assets. The excerpt does not include a total assets line, so no asset-ratio calculation was made; in absolute terms, the figure already exceeds the company's annual net sales ($18.42 billion).
