General Mills' net earnings fell 67%, on a $1,054.4m gain a year ago
First-quarter fiscal 2027 10-Q: the divestitures gain line was $1,054.4m a year earlier and is nil this quarter. Take that line out of both quarters and the decline looks very different
aiSwingX™ Editorial · Reviewed
Published
General Mills, Inc. Form 10-Q (first quarter of fiscal 2027, ended 30 August 2026, filed 2026-09-23, accession 0001628280-26-063201): the Divestitures gain line on the consolidated statements of earnings; Note 2 Divestitures (the US yoghurt sale and the Brazil held-for-sale classification); the consolidated balance sheets; the consolidated statements of cash flows. Quarterly figures cross-checked against SEC XBRL Company Facts.
aiSwingX™ analyzes US filings and reports them as news investors can read.
General Mills, Inc. (GIS) reported net earnings of $397.0m for the first quarter of fiscal 2027, down 67.0% from $1,204.2m a year earlier. On the same income statement the divestitures gain line was $1,054.4m a year ago and is nil this quarter. That figure is larger than the $807.2m by which net earnings fell.
In plain terms
General Mills makes food such as cereal and yoghurt. Its profit this quarter was a third of what it was a year earlier, but that earlier quarter included more than a billion dollars from selling one of its businesses. Take that money out of both quarters and the decline is far smaller.
What happened
General Mills, Inc. (GIS) makes food — cereal, yoghurt, pet food. Its first quarter of fiscal 2027 ended on 30 August 2026, and the 10-Q was filed on 23 September 2026.
One line disappeared from the consolidated statement of earnings, and one figure became a third of what it was.
Item
Q1 FY2026
Q1 FY2027
Divestitures gain
$1,054.4m
nil
Net earnings
$1,204.2m
$397.0m
Net earnings fell $807.2m (−67.0%). The divestitures gain that is no longer there, $1,054.4m, is larger than that decline.
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FAQ
Profit fell to a third — is that a serious problem?
It depends which line produced the fall. The subscriber section places both quarters' income statements side by side, line by line.
What was that prior-year amount?
The notes state which business was sold, to whom, and the gain recorded. The subscriber section reproduces it.
What happens if you take that line out?
The subscriber section recalculates both quarters on the same basis and puts them in a table.
How did the underlying business do?
The movement in net sales, cost of sales and administrative expense, and in inventories and receivables, is set out in the subscriber section.
Where can I check this myself?
On SEC EDGAR, open General Mills, Inc.'s first-quarter fiscal 2027 Form 10-Q (accession 0001628280-26-063201) and read the income statement and Note 2.
How aiSwingX™ wrote this
We read the filing on SEC EDGAR in full — statements, notes, MD&A. Press releases and news are not used as sources.
Every figure is reconciled to its location in the filing and to XBRL data. One mismatch means no publication.
An editor reviews before publication; any later change is recorded in the revision history.
General Mills, Inc. Form 10-Q (first quarter of fiscal 2027, ended 30 August 2026, filed 2026-09-23, accession 0001628280-26-063201): the Divestitures gain line on the consolidated statements of earnings; Note 2 Divestitures (the US yoghurt sale and the Brazil held-for-sale classification); the consolidated balance sheets; the consolidated statements of cash flows. Quarterly figures cross-checked against SEC XBRL Company Facts. · SEC EDGAR · This article is not investment advice. Disclaimer
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aiSwingX™ analyzes US filings and reports them as news investors can read.
