General Mills (XSWX:GIS) Operating Income: CHF2,226 Mil (TTM As of May. 2026)


XSWX:GIS General Mills Inc XSWX:GIS
52 GF Score
Price CHF29.86
GF Value CHF51.29
! 6 Warning Signs
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What is General Mills Operating Income?

General Mills XSWX:GIS 52 Operating Income is CHF2,226 Mil as of May. 2026. GuruFocus rates XSWX:GIS with a GF Score™ of 52/100 and a GF Value™ of CHF51.29. The stock has 6 warning signs investors should review.

General Mills's Operating Income for the three months ended in May. 2026 was CHF560 Mil. Its Operating Income for the trailing twelve months (TTM) ended in May. 2026 was CHF2,226 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. General Mills's Operating Income for the three months ended in May. 2026 was CHF560 Mil. General Mills's Revenue for the three months ended in May. 2026 was CHF3,611 Mil. Therefore, General Mills's Operating Margin % for the quarter that ended in May. 2026 was 15.52%.

Warning Sign:

General Mills Inc operating margin has been in a 5-year decline. The average rate of decline per year is -2.4%.

General Mills's 5-Year average Growth Rate for Operating Margin % was -2.40% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. General Mills's annualized ROC % for the quarter that ended in May. 2026 was 8.58%. General Mills's annualized ROC (Joel Greenblatt) % for the quarter that ended in May. 2026 was -225.41%.


General Mills  (XSWX:GIS) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

General Mills's annualized ROC % for the quarter that ended in May. 2026 is calculated as:

ROC % (Q: May. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Feb. 2026 ) + Invested Capital (Q: May. 2026 ))/ count )
=2241.776 * ( 1 - 10.77% )/( (25169.797 + 21473.23)/ 2 )
=2000.3367248/23321.5135
=8.58 %

where

Invested Capital(Q: Feb. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=25044.356 - 2809.028 - ( 607.113 - max(0, 6712.868 - 3778.399+607.113))
=25169.797

Invested Capital(Q: May. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=23515.083 - 3730.707 - ( 355.507 - max(0, 5306.83 - 3617.976+355.507))
=21473.23

Note: The Operating Income data used here is four times the quarterly (May. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

General Mills's annualized ROC (Joel Greenblatt) % for the quarter that ended in May. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: May. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Feb. 2026  Q: May. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=-6422/( ( (2699.044 + max(-1241.741, 0)) + (2999.012 + max(-1276.002, 0)) )/ 2 )
=-6422/( ( 2699.044 + 2999.012 )/ 2 )
=-6422/2849.028
=-225.41 %

where Working Capital is:

Working Capital(Q: Feb. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(1435.353 + 1356.981 + 378.952) - (2809.028 + 0 + 1603.999)
=-1241.741

Working Capital(Q: May. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(1290.103 + 1502.483 + 279.36) - (3730.707 + 0 + 617.241)
=-1276.002

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (May. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

General Mills's Operating Margin % for the quarter that ended in May. 2026 is calculated as:

Operating Margin %=Operating Income (Q: May. 2026 )/Revenue (Q: May. 2026 )
=560.444/3611.161
=15.52 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.


Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.


General Mills Operating Income Related Terms


General Mills Operating Income Historical Data

* Premium members only.

The historical data trend for General Mills's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

General Mills Operating Income Chart

General Mills Annual Data
Trend May17 May18 May19 May20 May21 May22 May23 May24 May25 May26
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 3,191.40 2,733.86 3,338.11 2,728.05 2,199.16

General Mills Quarterly Data
Aug21 Nov21 Feb22 May22 Aug22 Nov22 Feb23 May23 Aug23 Nov23 Feb24 May24 Aug24 Nov24 Feb25 May25 Aug25 Nov25 Feb26 May26
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 481.09 554.15 683.23 428.19 560.44
XSWX:GIS
52GF Score
General Mills Inc XSWX:GIS
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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General Mills Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in May. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was CHF2,226 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about Operating Income →
What does a Operating Income of CHF2,226 Mil mean?
General Mills (XSWX:GIS) has a Operating Income of CHF2,226 Mil as of May. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on General Mills and its competitors.
Is General Mills' Operating Income too high?
General Mills' current Operating Income is CHF2,226 Mil. Overall, General Mills has a GF Score™ of 52/100, reflecting its overall financial health beyond just this single metric.
How does General Mills' Operating Income compare to HRL and MKC?
General Mills' Operating Income of CHF2,226 Mil can be compared against companies in the Consumer Packaged Goods industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Income for a Consumer Packaged Goods company?
A good Operating Income depends on the Consumer Packaged Goods industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on General Mills and its competitors. General Mills's current Operating Income is CHF2,226 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is General Mills stock overvalued right now?
General Mills (XSWX:GIS) has a current Operating Income of CHF2,226 Mil. The stock's GF Value™ is CHF51.29, compared to a current price of CHF29.86 — trading 41.8% below its estimated fair value. The current Operating Income is CHF2,226 Mil. General Mills' overall GF Score™ is 52/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For General Mills (XSWX:GIS), the current Operating Income is CHF2,226 Mil as of May. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is General Mills (XSWX:GIS) Overvalued in 2026?

Based on GuruFocus' analysis, General Mills stock appears to be undervalued. The current stock price of CHF29.86 is trading 41.8% below its estimated GF Value™ of CHF51.29.

Key valuation signals for XSWX:GIS:

  • Operating Income: CHF2,226 Mil
  • GF Value™: CHF51.29 vs. price of CHF29.86 (41.8% below fair value)
  • GF Score™: 52/100 with 6 warning signs

No single metric tells the full story. See the XSWX:GIS stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


General Mills Business Description

Address Number One General Mills Boulevard, Minneapolis, MN, USA, 55426
General Mills is a global packaged-food company that produces snacks, cereal, convenient meals, dough, baking mixes and ingredients, pet food, and superpremium ice cream. Its largest brands are Nature Valley, Cheerios, Old El Paso, Pillsbury, Betty Crocker, Blue Buffalo, and Haagen-Dazs. In fiscal 2025, 81% of its revenue was derived from the United States, although the company also operates in Canada, Europe, Australia, Asia, and Latin America. Although most of General Mills' products are sold through retail stores to consumers, the company also sells products to the foodservice channel and the commercial baking industry.
52GF Score

Get the complete analysis for XSWX:GIS

Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

CHF29.86
Price
CHF51.29
GF Value