Report published September 23, 2026

General Mills Inc. First Take: F1Q Beat; FY27 Guidance Reiterated – Goldman Sachs Equity Research

Goldman Sachs · September 23, 2026

General Mills reported F1Q adjusted EPS of $0.75, beating consensus estimates of $0.72 as organic sales were flat against expectations of a 2.0% decline. FY27 guidance was reiterated, and Goldman Sachs maintained its Neutral rating with a 12-month price target of $35.

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Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.

Key Takeaways

1.GIS reported F1Q adjusted EPS of $0.75, beating Goldman Sachs and consensus estimates of $0.72.
2.Organic net sales were flat year-over-year, outperforming the consensus estimate of -2.0% due to better-than-expected segment results across NA Retail, NA Foodservice, International, and NA Pet.
3.Full-year FY27 guidance was reiterated, projecting adjusted EPS of $3.00 to $3.20, organic net sales of -1.5% to +0.5%, and $750 million in cost savings.

Key Takeaways
Implications
Valuation
Exhibit 1: GIS actual results vs GS estimates

Report data

Exhibit 1: GIS actual results vs GS estimates — as of September 22, 2026.

Metric	Estimate	Context
Adjusted EPS	0.75 USD	Reported adjusted EPS compared to consensus of $0.72 and 1Q26 of $0.86
Net Sales	4390 USD millions	Net sales decreased -2.8% y/y vs consensus of $4,348mm
Organic Sales Growth	0.0%	Organic sales growth tracked flat vs consensus expectation of -2.0%
Gross Margin	33.3%	Gross margin down 87 bps y/y but above consensus of 33.0%
Operating Margin	14.4%	Operating margin higher than GS/consensus estimates of 13.5%/13.7%