General Mills Q3 Earnings Miss Estimates

General Mills (GIS) reported lower profit and sales for its fiscal third quarter ended February 22, 2026, missing earnings expectations on March 18, 2026. Management said recent efforts have strengthened brand competitiveness and reaffirmed its full-year outlook.

Fiscal Third-Quarter Results and Guidance

General Mills posted net sales of $4.44 billion, down 8% year-over-year, reflecting lower volumes and divestitures. Net income fell 51% to $303 million, with reported earnings per share (EPS) of $0.56. Adjusted EPS was $0.64, below the $0.74 consensus. Adjusted operating profit totaled $525 million.

The company reaffirmed its fiscal 2026 guidance, expecting adjusted operating profit and net sales to decline for the year ending May 2026. The outlook factors in investments, divestitures, unfavorable timing comparisons, consumer spending pressure, and competition. Jeff Harmening, chairman and chief executive, said, "We're reaffirming our fiscal 2026 guidance today, as our focus on executing our Remarkability playbook continued to deliver stronger competitiveness for our brands in the third quarter."

Divergent Segment Performance

North America Retail and Foodservice weighed on results. North America Retail net sales fell 13.7% to $2.6 billion, with adjusted operating profit of $436 million, missing internal estimates. North America Foodservice net sales declined 10.6% to $496 million, with adjusted operating profit of $56 million, also below expectations.

In contrast, International and North America Pet segments showed resilience. International net sales rose 6.9% to $696 million, with adjusted operating profit of $34 million, exceeding estimates. North America Pet net sales increased 2.7% to $641 million, though adjusted operating profit of $103 million fell short of projections.