General Mills

“Our information technology systems (which includes artificial intelligence) and infrastructure are critical to effectively manage our key business processes including digital marketing, order entry and fulfillment, supply chain management, finance, administration, and other business processes. These technologies enable internal and external communication among our locations, employees, suppliers, customers, and others and include the receipt and storage of personal information about our employees, consumers, and proprietary business information. Our information technology systems, some of which are dependent on services provided by third parties, may be vulnerable to damage, interruption, or shutdown due to any number of causes such as catastrophic events, natural disasters, fires, power outages, systems failures, telecommunications failures, security breaches, computer viruses, hackers, employee error or malfeasance, and other causes. Increased cyber-security threats pose a potential risk to the security and viability of our information technology systems, as well as the confidentiality, integrity, and availability of the data stored on those systems.”

Annual report 2026A · The company itself

“Guided by our purpose to make food the world loves, we are executing our Accelerate strategy to drive sustainable, profitable growth and top-tier shareholder returns over the long term. The strategy focuses on four pillars to create competitive advantages and win: boldly building brands, relentlessly innovating, unleashing our scale, and standing for good.”

Annual report 2026A · The company itself

“During fiscal 2026, Walmart Inc. and its affiliates (Walmart) accounted for 22 percent of our consolidated net sales and 31 percent of net sales of our North America Retail segment.”

Annual report 2026A · The company itself

“NORTH AMERICA RETAIL SEGMENT Our North America Retail operating segment reflects business with a wide variety of grocery stores, mass merchandisers, membership stores, natural food chains, drug, dollar and discount chains, convenience stores, and e-commerce grocery providers.”

Annual report 2026A · The company itself

“Net sales for our North America Retail operating units are shown in the following table: In Millions Fiscal 2026 Percentage Change Fiscal 2025 Big G Cereal & Canada (a) $3,153.4 (27)% $4,311.8 U.S. Snacks 3,212.6 (4)% 3,356.3 U.S. Meals & Baking Solutions 4,205.8 (1)% 4,238.9 Total $10,571.8 (11)% $11,907.0 (a)Upon completion of the United States yogurt business divestiture in fiscal 2026, the former U.S.”

Annual report 2026A · The company itself

“INTERNATIONAL SEGMENT Our International operating segment consists of retail and foodservice businesses outside of the United States and Canada. Our product categories include super-premium ice cream and frozen desserts, meal kits, salty snacks, snack bars, dessert and baking mixes, shelfstable vegetables, and pet food products.”

Annual report 2026A · The company itself

“NORTH AMERICA PET SEGMENT Our North America Pet operating segment includes pet food products sold primarily in the United States and Canada in national pet superstore chains, e-commerce retailers, grocery stores, regional pet store chains, mass merchandisers, and veterinary clinics and hospitals.”

Annual report 2026A · The company itself

“Similarly, demand for our products could be affected by consumer concerns regarding the health effects of ingredients such as sodium, genetically modified organisms, sugar and sugar alternatives, color additives, preservatives, processed wheat and other ingredients, grain-free or legume-rich pet food, or other product ingredients or attributes.”

Annual report 2026A · The company itself

“Increasing concern over climate change or other sustainability issues also may adversely impact demand for our products due to changes in consumer preferences or negative consumer reaction to our commitments and actions to address these issues.”

Annual report 2026A · The company itself

“If we fail to achieve or improperly report on our progress toward achieving our carbon emissions reduction goals and commitments, then the resulting negative publicity could harm our reputation and adversely affect demand for our products.”

Annual report 2026A · The company itself

“With our price investments completed in fiscal 2026, our plans in fiscal 2027 are focused on delivering product innovation and renovation news centered on the benefits that matter most to today’s consumers, including better-for-you benefits like protein and fiber, bold flavors, and fun and indulgence, all of which should help support stronger topline growth.”

Annual report 2026A · The company itself

“Consumers may also reduce the amount of food that they consume away from home at customers that purchase products from our North America Foodservice segment.”

Annual report 2026A · The company itself

“INTERNATIONAL SEGMENT Our International operating segment consists of retail and foodservice businesses outside of the United States and Canada. Our product categories include super-premium ice cream and frozen desserts, meal kits, salty snacks, snack bars, dessert and baking mixes, shelfstable vegetables, and pet food products.”

Annual report 2026A · The company itself

“Our major product categories in our North America Foodservice operating segment are ready-to-eat cereals, snacks, frozen meals, unbaked and fully baked frozen dough products, baking mixes, and bakery flour. Many products we sell are branded to the consumer and nearly all are branded to our customers. We sell to distributors and operators in many customer channels including foodservice, vending, and supermarket bakeries.”

Annual report 2026A · The company itself

“We are a leading global manufacturer and marketer of branded consumer foods with more than 100 brands in 100 countries across six continents.”

Annual report 2026A · The company itself

“We offer a variety of human and pet food products that provide great taste, nutrition, convenience, and value for consumers around the world. Our business is focused on the following large, global categories: •snacks, including grain, fruit and savory snacks, nutrition bars, and frozen hot snacks; •ready-to-eat cereal; •convenient meals, including meal kits, ethnic meals, pizza, soup, side dish mixes, frozen breakfast, and frozen entrees; •wholesome natural pet food; •refrigerated and frozen dough; •baking mixes and ingredients; and •super-premium ice cream.”

Annual report 2026A · The company itself

“NORTH AMERICA RETAIL SEGMENT Our North America Retail operating segment reflects business with a wide variety of grocery stores, mass merchandisers, membership stores, natural food chains, drug, dollar and discount chains, convenience stores, and e-commerce grocery providers.”

Annual report 2026A · The company itself

“NORTH AMERICA PET SEGMENT Our North America Pet operating segment includes pet food products sold primarily in the United States and Canada in national pet superstore chains, e-commerce retailers, grocery stores, regional pet store chains, mass merchandisers, and veterinary clinics and hospitals.”

Annual report 2026A · The company itself

“North America Pet net sales increased 6 percent in fiscal 2026 compared to fiscal 2025, driven by favorable net price realization and mix, which includes the impact of the Acquisition.”

Annual report 2026A · The company itself

“We are prioritizing our core markets, global platforms, and local gem brands that have the best prospects for profitable growth and we are committed to reshaping our portfolio with strategic acquisitions and divestitures to further enhance our growth profile.”

Annual report 2026A · The company itself

“Our product categories include dog and cat food (dry foods, wet foods, fresh foods, and treats) made with whole meats, fruits, and vegetables and other high-quality natural ingredients. Our tailored pet product offerings address specific dietary, lifestyle, and life-stage needs and span different product types, diet types, breed sizes for dogs, life stages, flavors, product functions, and textures and cuts for wet and fresh foods.”

Annual report 2026A · The company itself

“Guided by our purpose to make food the world loves, we are executing our Accelerate strategy to drive sustainable, profitable growth and top-tier shareholder returns over the long term. The strategy focuses on four pillars to create competitive advantages and win: boldly building brands, relentlessly innovating, unleashing our scale, and standing for good.”

Annual report 2026A · The company itself

“As of May 31, 2026, we had approximately 30,000 employees around the globe, with approximately 15,000 in the U.S. and approximately 15,000 located in our markets outside of the U.S.”

Annual report 2026A · The company itself

“SEASONALITY In general, demand for our products is evenly balanced throughout the year. However, within our North America Retail segment demand for refrigerated dough, frozen baked goods, and baking products is stronger in the fourth calendar quarter. Demand for Progresso soup is higher during the fall and winter months.”

Annual report 2026A · The company itself

“Economic downturns could limit consumer demand for our products. The willingness of consumers to purchase our products depends in part on local economic conditions. In periods of economic uncertainty, consumers may purchase more generic, private label, and other economy brands and may forego certain purchases altogether.”

Annual report 2026A · The company itself

“North America Retail organic net sales decreased 3 percent in fiscal 2026 compared to fiscal 2025, driven by unfavorable organic net price realization and mix and a decrease in contributions from organic volume growth.”

Annual report 2026A · The company itself

“Please refer to Note 17 to the Consolidated Financial Statements in Part II, Segment operating profit decreased 20 percent to $2,189 million in fiscal 2026, including the impact of the Divestitures, compared to $2,730 million in fiscal 2025, primarily driven by a decrease in contributions from volume growth and higher input costs, partially offset by favorable net price realization and mix and lower SG&A expenses.”

Annual report 2026A · The company itself

“Raw materials, ingredients, and packaging The principal raw materials that we use are grains (wheat, oats, and corn), meat, vegetable oils, sugar, vegetables, fruits, nuts, and other agricultural products.”

Annual report 2026A · The company itself

“We utilize derivatives to manage price risk for some of our principal ingredient and energy costs, including grains (oats, wheat, and corn), oils (principally soybean), dairy products, natural gas, and diesel fuel.”

Annual report 2026A · The company itself

“If such climate change has a negative effect on agricultural productivity, we may experience decreased availability and higher pricing for certain commodities that are necessary for our products.”

Annual report 2026A · The company itself

“North America Retail organic net sales decreased 3 percent in fiscal 2026 compared to fiscal 2025, driven by unfavorable organic net price realization and mix and a decrease in contributions from organic volume growth.”

Annual report 2026A · The company itself

“IMPACT OF INFLATION We experienced broad-based global input cost inflation of 4 percent in fiscal 2026 and 4 percent in fiscal 2025. We expect approximately 4 percent to 5 percent input cost inflation in fiscal 2027.”

Annual report 2026A · The company itself

“Economic downturns could limit consumer demand for our products. The willingness of consumers to purchase our products depends in part on local economic conditions. In periods of economic uncertainty, consumers may purchase more generic, private label, and other economy brands and may forego certain purchases altogether.”

Annual report 2026A · The company itself

“Our information technology systems (which includes artificial intelligence) and infrastructure are critical to effectively manage our key business processes including digital marketing, order entry and fulfillment, supply chain management, finance, administration, and other business processes. These technologies enable internal and external communication among our locations, employees, suppliers, customers, and others and include the receipt and storage of personal information about our employees, consumers, and proprietary business information. Our information technology systems, some of which are dependent on services provided by third parties, may be vulnerable to damage, interruption, or shutdown due to any number of causes such as catastrophic events, natural disasters, fires, power outages, systems failures, telecommunications failures, security breaches, computer viruses, hackers, employee error or malfeasance, and other causes. Increased cyber-security threats pose a potential risk to the security and viability of our information technology systems, as well as the confidentiality, integrity, and availability of the data stored on those systems.”

Annual report 2026A · The company itself

“We also use substantial quantities of carton board, corrugated, plastic, and metal packaging materials, operating supplies, and energy.”

Annual report 2026A · The company itself

“The cost of these inputs may fluctuate widely due to external conditions such as weather, climate change, product scarcity, limited sources of supply, commodity market fluctuations, currency fluctuations, trade tariffs, pandemics, war, and changes in governmental agricultural and energy policies and regulations.”

Annual report 2026A · The company itself

“The principal raw materials that we use are commodities that experience price volatility caused by external conditions such as weather, climate change, product scarcity, limited sources of supply, commodity market fluctuations, currency fluctuations, trade tariffs (including recent tariffs imposed or threatened to be imposed by the United States on other countries and any retaliatory actions taken by such countries), pandemics, war (including sanctions imposed on Russia for its invasion of Ukraine), and changes in governmental agricultural and energy policies and regulations.”

Annual report 2026A · The company itself

“We are accordingly subject to a number of risks relating to doing business internationally, any of which could significantly harm our business. These risks include: •political and economic instability; •exchange controls and currency exchange rates; •tariffs on products and ingredients that we import and export (including recent tariffs imposed or threatened to be imposed by the United States on other countries and any retaliatory actions taken by such countries); •political sentiment impacting global trade, including the willingness of consumers outside the United States to purchase from United States corporations or to purchase products manufactured outside the country of sale; •nationalization or government control of operations; •compliance with anti-corruption regulations; •foreign tax treaties and policies; and •restriction on the transfer of funds to and from foreign countries, including potentially negative tax consequences.”

Annual report 2026A · The company itself

“The cost of these inputs may fluctuate widely due to external conditions such as weather, climate change, product scarcity, limited sources of supply, commodity market fluctuations, currency fluctuations, trade tariffs, pandemics, war, and changes in governmental agricultural and energy policies and regulations.”

Annual report 2026A · The company itself

“Increased frequency or severity of extreme weather could also impair our production capabilities, disrupt our supply chain, impact demand for our products, and increase our insurance and other operating costs.”

Annual report 2026A · The company itself

“The cost of these inputs may fluctuate widely due to external conditions such as weather, climate change, product scarcity, limited sources of supply, commodity market fluctuations, currency fluctuations, trade tariffs, pandemics, war, and changes in governmental agricultural and energy policies and regulations.”

Annual report 2026A · The company itself

“The principal raw materials that we use are commodities that experience price volatility caused by external conditions such as weather, climate change, product scarcity, limited sources of supply, commodity market fluctuations, currency fluctuations, trade tariffs (including recent tariffs imposed or threatened to be imposed by the United States on other countries and any retaliatory actions taken by such countries), pandemics, war (including sanctions imposed on Russia for its invasion of Ukraine), and changes in governmental agricultural and energy policies and regulations.”

Annual report 2026A · The company itself

“We may also become subject to additional legal and regulatory requirements relating to climate change or other sustainability issues, including greenhouse gas emission regulations (e.g., carbon taxes), energy policies, sustainability initiatives (e.g., single-use plastic limits), and disclosure obligations. If additional legal and regulatory requirements are enacted and are more aggressive than the sustainability measures that we are currently undertaking to reduce our emissions and improve our energy efficiency and other sustainability goals, or if we chose to take actions to achieve more aggressive goals, we may experience significant increases in our costs of operations.”

Annual report 2026A · The company itself

“International net sales increased 9 percent in fiscal 2026 compared to fiscal 2025, driven by favorable foreign currency exchange impacts, an increase in contributions from volume growth, and favorable net price realization and mix.”

Annual report 2026A · The company itself

“We also use substantial quantities of carton board, corrugated, plastic, and metal packaging materials, operating supplies, and energy.”

Annual report 2026A · The company itself

“We may also become subject to additional legal and regulatory requirements relating to climate change or other sustainability issues, including greenhouse gas emission regulations (e.g., carbon taxes), energy policies, sustainability initiatives (e.g., single-use plastic limits), and disclosure obligations. If additional legal and regulatory requirements are enacted and are more aggressive than the sustainability measures that we are currently undertaking to reduce our emissions and improve our energy efficiency and other sustainability goals, or if we chose to take actions to achieve more aggressive goals, we may experience significant increases in our costs of operations.”

Annual report 2026A · The company itself

“We utilize derivatives to manage price risk for some of our principal ingredient and energy costs, including grains (oats, wheat, and corn), oils (principally soybean), dairy products, natural gas, and diesel fuel.”

Annual report 2026A · The company itself

“We have a substantial amount of indebtedness, which could limit financing and other options and in some cases adversely affect our ability to pay dividends. As of May 31, 2026, we had total debt and noncontrolling interests of $13.6 billion.”

Annual report 2026A · The company itself

“We utilize derivatives to manage price risk for some of our principal ingredient and energy costs, including grains (oats, wheat, and corn), oils (principally soybean), dairy products, natural gas, and diesel fuel.”

Annual report 2026A · The company itself

“We may also be subject to new laws or regulations restricting the marketing or sale of our products because of ingredients or substances (including the processing thereof) in our products or product packaging. These limitations may require that we highlight perceived concerns about a product or product packaging, warn consumers to avoid consumption of certain ingredients or substances present in our products, restrict the audience to whom products are marketed or sold, limit the locations in which our products may be available, or discontinue the use of certain ingredients or packaging.”

Annual report 2026A · The company itself

“The cost of these inputs may fluctuate widely due to external conditions such as weather, climate change, product scarcity, limited sources of supply, commodity market fluctuations, currency fluctuations, trade tariffs, pandemics, war, and changes in governmental agricultural and energy policies and regulations.”

Annual report 2026A · The company itself

“Raw materials, ingredients, and packaging The principal raw materials that we use are grains (wheat, oats, and corn), meat, vegetable oils, sugar, vegetables, fruits, nuts, and other agricultural products.”

Annual report 2026A · The company itself

“Our success depends in part on our ability to anticipate the tastes, eating habits (including the impact of weight loss drugs), and purchasing behaviors of consumers and to offer products that appeal to their preferences in channels where they shop.”

Annual report 2026A · The company itself

“Our International segment also includes products manufactured in the United States for export, mainly to Caribbean and Latin American markets, as well as products we manufacture for sale to our international joint ventures.”

Annual report 2026A · The company itself

“In fiscal 2026, 20 percent of our consolidated net sales were generated outside of the United States.”

Annual report 2026A · The company itself