GIS 10-K & 10-Q changes, risk factors and insider trading
General Mills Inc. · NYSE · Grain Mill Products · CIK 40704 · All filings on SEC.gov
At a glance
What changed in the latest 10-K
Risk Factors
New heading “Business and Industry Risks”
New heading “Operating Risks”
New heading “Legal and Regulatory Risks”
New heading “A change in the assumptions regarding the future performance of our businesses or a different discount rate used to value our reporting units or our indefinite-lived intangible assets could negatively affect our consolidated results of operations and net worth.”
Removed heading “negatively results of operations and net worth.”
Largest changes
Our facilities and products are subject to many laws and regulations administered by the United States Department of Agriculture, thesee in full comparisonFederalFood and Drug Administration, the Occupational Safety and Health Administration, and other federal, state, local, and foreign governmental agencies relating to the production, packaging,labelling,labeling, storage, distribution, quality, and safety of food products and the health and safety of our employees. Our failure to comply with such laws and regulations could subject us to lawsuits, administrative penalties, and civil remedies, including fines, injunctions, and recalls of our products. We advertise our products and could be the target of claims relating to alleged false or deceptive advertising under federal, state, and foreign laws and regulations.
“comply lawsuits, administrative penalties, and civil remedies, including fines, injunctions, and recalls advertise our products and the target of claims relating to alleged false or deceptive advertising under federal, state, and foreign laws and regulations.”see in full comparison
“We are subject to various federal, state, local, and foreign environmental laws and regulations. Our failure to comply with environmental laws and regulations could subject us to lawsuits, administrative penalties, and civil remedies. We are currently party to a variety of environmental remediation obligations. Due to regulatory complexities, uncertainties inherent in litigation, and the risk of unidentified contaminants on current and former properties of ours, the potential exists for remediation, liability, indemnification, and compliance costs to differ from our estimates. …”see in full comparison
“There is growing concern that carbon dioxide and other greenhouse gases in the earth’s atmosphere may have an adverse impact on global temperatures, weather patterns, and the frequency and severity of extreme weather and natural disasters. 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. …”see in full comparison
“As of May 31, 2026, we had $20.6 billion of goodwill and indefinite-lived intangible assets. Goodwill for each of our reporting units is tested for impairment annually and whenever events or changes in circumstances indicate that impairment may have occurred. We compare the carrying value of the reporting unit, including goodwill, to the fair value of the reporting unit. If the fair value of the reporting unit is less than the carrying value of the reporting unit, including goodwill, impairment has occurred. Our estimates of fair value are determined based on a discounted cash flow model. …”see in full comparison
“comply environmental laws and regulations could subject us to lawsuits, administrative penalties, and civil remedies.”see in full comparison
Full comparison: every changed paragraph (143)
risks uncertainties.
Our business is subject to various risks and uncertainties. Any of the risks described below could materially, adversely affect our business, financial condition, and results of operations.
Business and Industry Risks
BusinessThe andcategories Industryin Riskswhich we participate are very competitive, and if we are not able to compete effectively, our results of operations could be adversely affected.
The human and pet food categories in which we participate are very competitive. Our principal competitors in these categories are manufacturers, as well as retailers with their own branded and private label products. Competitors market and sell their products through brick-and-mortar stores and e-commerce. All of our principal competitors have substantial financial, marketing, and other resources. In most product categories, we compete not only with other widely advertised branded products, but also with regional brands and with generic and private label products that are generally sold at lower prices. Competition in our product categories is based on product innovation, product quality, price, brand recognition and loyalty, effectiveness of marketing, promotional activity, convenient ordering and delivery to the consumer, and the ability to identify and satisfy consumer preferences. If our large competitors were to seek an advantage through pricing or promotional changes, we could choose to do the same, which could adversely affect our margins and profitability. If we did not do the same, our revenues and market share could be adversely affected. Our market share and revenue growth could also be adversely impacted if we are not successful in introducing innovative products in response to changing consumer demands or by new product introductions of our competitors. If we are unable to build and sustain brand equity by offering recognizably superior product quality, we may be unable to maintain premium pricing over generic and private label products.
participate very competitive.
Our principal competitors manufacturers, retailers branded private label Competitors brick-and-mortar stores e-commerce.
All competitors substantial financial, resources.
categories, compete widely advertised branded but generic private label are generally sold lower prices.
Competition innovation, product brand recognition and loyalty, of marketing, activity, convenient ordering delivery consumer, identify satisfy preferences.
competitors seek advantage pricing changes, choose same, adversely affect our margins and profitability.
If we did not do the same, our revenues and market share adversely affected.
Our market share and revenue growth could also be adversely impacted if we are not successful in introducing innovative products response changing demands or by new product introductions competitors.
are unable to build sustain offering recognizably superior unable premium pricing generic private label products.
There has been significant consolidation in the grocery industry, resulting in customers with increased purchasing power. In addition, large retail customers may seek to use their position to improve their profitability through improved efficiency, lower pricing, increased reliance on their own brand name products, increased emphasis on generic and other economy brands, and increased promotional programs. If we are unable to use our scale, marketing expertise, product innovation, knowledge of consumers’ needs, and category leadership positions to respond to these demands, our profitability and volume growth could be negatively impacted. In addition, the loss of any large customer could adversely affect our sales and profits. In fiscal 2026, Walmart accounted for 22 percent of our consolidated net sales and 31 percent of net sales of our North America Retail segment. For more information on significant customers, please see Note 8 to the Consolidated Financial Statements in Item 8 of this report.
There has been significant consolidation in the grocery industry, resulting in customers with increased purchasing power.
seek improve improved efficiency, pricing, reliance name emphasis generic economy programs.
If we unable to use scale, marketing expertise, knowledge of consumers’ needs, and category leadership positions to respond to these demands, our profitability and volume growth negatively impacted.
addition, the loss of any large customer could adversely affect our sales and profits.
In fiscal 2025,
Walmart accounted for 22 consolidated net sales and
31 percent of net sales of our North
America Retail segment.
For more information on customers, please see Note 8 to the Consolidated Financial Statements in Item 8 of this report.
Price changes for the commodities we depend on for raw materials, packaging, and energy may adversely affect our profitability.
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 China,by Mexico,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. Commodity prices have become, and may continue to be, more volatile. Commodity price changes may result in unexpected increases in raw material, packaging, energy, and transportation costs. If we are unable to increase productivity to offset these increased costs or increase our prices, we may experience reduced margins and profitability. We do not fully hedge against changes in commodity prices, and the risk management procedures that we do use may not always work as we intend.
Commodity prices have become, and to be, more volatile.
Commodity price changes may unexpected increases in raw material, packaging, transportation costs. If we are unable to increase productivity to offset these increased costs or increase our prices, we may experience reduced margins and profitability.
fully hedge against changes in commodity prices, and the risk management procedures that we do use may not always work as we intend.
Concerns with the safety and quality of our products could cause consumers to avoid certain products or ingredients.
affected markets lose confidence safety quality ingredients.
We could be adversely affected if consumers in our principal markets lose confidence in the safety and quality of certain of our products or ingredients. Adverse publicity about these types of concerns, whether or not valid, may discourage consumers from buying our products or cause production and delivery disruptions.
We may be unable to anticipate changes in consumer preferences and trends, which may result in decreased demand successfor dependsour anticipate tastes, eating habits (including weight drugs), purchasing behaviors offer appeal preferences channels where shop.products.
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. Consumer preferences and category-level consumption may change from time to time and can be affected by a number of different trends and other factors. If we fail to anticipate, identify or react to these changes and trends, such as adapting to emerging e-commerce channels, or to introduce new and improved products on a timely basis, we may experience reduced demand for our products, which would in turn cause our revenues and profitability to suffer. 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.
Similarly, affected concerns sodium, genetically modified organisms, sugar sugar alternatives, color additives, preservatives, processed wheat ingredients, grain-free legume-rich food, attributes.
industry’s constrained population success depends grow business faster than populations are growing in the markets that we serve.
The food industry’s growth potential is constrained by population growth. Our success depends in part on our ability to grow our business faster than populations are growing in the markets that we serve. One way to achieve that growth is to enhance our portfolio by adding innovative new products in faster growing and more profitable categories. Our future results will also depend on our ability to increase market share in our existing product categories. If we do not succeed in developing innovative products for new and existing categories, our growth and profitability could be adversely affected.
succeed developing innovative existing categories, our growth and profitability could be adversely affected.
Maintaining and continually enhancing the value of our many iconic brands is critical to the success of our business. The value react respond positively brands.
Maintaining and continually enhancing the value of our many iconic brands is critical to the success of our business. The value of our brands is based in large part on the degree to which consumers react and respond positively to these brands. Brand value could diminish significantly due to a number of factors, including consumer perception that we have acted in an irresponsible manner, adverse publicity about our products, our failure to maintain the quality of our products, concerns or perceptions about the nutrition profile and health effects of ingredients or substances (including the processing thereof) in our products or packaging, the failure of our products to deliver consistently positive consumer experiences, concerns about food safety, or our products becoming unavailable to consumers. Consumer demand for our products may also be impacted by changes in the level of advertising or promotional support.
The use of social and digital media by consumers, us, and third parties increases the speed and extent that information or misinformation and opinions can be shared. Negative posts or comments about us, our brands, or our products on social or digital media could seriously damage our brands and reputation. If we do not maintain the favorable perception of our brands, our business results could be negatively impacted.
Operating Risks
social digital media consumers, parties increases speed extent misinformation opinions can shared.
Negative posts comments social digital media could seriously damage our brands and reputation.
If we maintain the favorable perception brands, our results could be negatively impacted.
OperatingIf Riskswe are not efficient in our production, our profitability could suffer as a result of the highly competitive environment in which we operate.
Our future success and earnings growth depend in part on our ability to be efficient in the production and manufacture of our products markets.
Gaining efficiencies become difficult time.
reduce eliminating redundant acquisitions divestitures weaken position.
Many initiatives involve complex reorganization facilities lines.
Our future success and earnings growth depend in part on our ability to be efficient in the production and manufacture of our products in highly competitive markets. Gaining additional efficiencies may become more difficult over time. Our failure to reduce costs through productivity gains or by eliminating redundant costs resulting from acquisitions or divestitures could adversely affect our profitability and weaken our competitive position. Many productivity initiatives involve complex reorganization of manufacturing facilities and production lines. Such manufacturing realignment may result in the interruption of production, which may negatively impact product volume and margins. We periodically engage in restructuring, transformation, and cost savings initiatives designed to increase our efficiency and reduce expenses. If we are unable to execute those initiatives as planned, we may not realize all or any of the anticipated benefits, which could adversely affect our business and results of operations.
make, move, success.
Our ability to make, move, and sell products is critical to our success. Damage or disruption to raw material supplies or our manufacturing or distribution capabilities due to weather, climate change, natural disaster, fire, terrorism, cyber-attack, pandemics, war, governmental restrictions or mandates, labor shortages, strikes, import/export restrictions, or other factors could impair our ability to manufacture or sell our products. Many of our product lines are manufactured at a single location or sourced from a single supplier.
The failure of third parties on which we rely, including those third parties who supply our ingredients, packaging, capital equipment and other necessary operating materials, contract manufacturers, commercial transport, distributors, contractors, and external business partners, to meet their obligations to us, or significant disruptions in their ability to do so, may negatively impact our operations. Our suppliers’ policies and practices can damage our reputation and the quality and safety of our products. Disputes with significant suppliers, including disputes regarding pricing or performance, could adversely affect our ability to supply products to our customers and could materially and adversely affect our sales, financial condition, and results of operations. Failure to take adequate steps to mitigate the likelihood or potential impact of such events, or to effectively manage such events if they occur, particularly when a product is sourced from a single location or supplier, could adversely affect our business and results of operations, as well as require additional resources to restore our supply chain.
2025,In 19fiscal 2026, 20 percent of our consolidated net sales were generated outside of the United States. 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 China, Canada, Mexico, and 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;
Management's Discussion & Analysis (MD&A)
Removed heading “Financial Condition and Results of Operations”
Removed heading “In millions, except per”
Removed heading “Fiscal 2025 vs.”
Removed heading “Constant- Currency”
Removed heading “Fiscal 2025 vs.”
Removed heading “Fiscal 2025 vs. Fiscal 2024”
Removed heading “Restructuring, impairment, exit totaled”
Removed heading “After-tax earnings from joint ventures”
Removed heading “Fiscal 2025 vs. Fiscal 2024”
Removed heading “Percent of Total”
Removed heading “Percent of Total”
Removed heading “NORTH AMERICA PET SEGMENT”
Largest changes
“Restructuring, impairment, exit totaled”see in full comparison
“After-tax (loss) earnings from joint ventures was a $76 million after-tax loss in fiscal 2026 compared to $58 million of after-tax earnings in fiscal 2025. The change primarily reflected our $85 million pre-tax share of a non-cash goodwill impairment charge related to CPW, driven by downward revisions of future sales and profitability estimates in the Australian market, as well as our share of losses on the sale of certain assets, also related to CPW. …”see in full comparison
Our effective tax rate for fiscalsee in full comparison20252026 was20.2102.2 percent compared to19.620.2 percent in fiscal2024.2025. The0.682.0 percentage point increase was primarily driven bycertainanonrecurringnon-deductibletaxgoodwillbenefitsimpairmentinchargefiscaland2024, partially offset by favorableunfavorable earnings mix by jurisdiction in fiscal2025.2026, partially offset by certain nonrecurring tax benefits in fiscal 2026. Our adjusted effective tax rate was20.621.1 percent in fiscal 2026 compared to20.120.6 percent in fiscal20242025 (see the “Non-GAAP Measures” section below for a description of our use of measures not defined by GAAP). The 0.5 percentage point increase was primarily due to unfavorable earnings mix by jurisdiction in fiscal 2026, partially offset by certain nonrecurring tax benefits in fiscal 2026.
“Restructuring, transformation, impairment, and other exit costs totaled $2,971 million in fiscal 2026 compared to $78 million in fiscal 2025. In fiscal 2026, we recorded a $1,500 million non-cash goodwill impairment charge related to our North America Pet reporting unit and $303 million of non-cash impairment charges related to our Nudges, Uncle Toby’s, and True Chews brand intangible assets (please refer to Note 6 to the Consolidated Financial Statements in Item 8 of this report for additional information).”see in full comparison
“In fiscal 2026, net sales decreased 5 percent compared to fiscal 2025, including the net impact of the divestitures of our North American yogurt businesses (Divestitures) and the acquisition of Whitebridge Pet Brands (Acquisition). Organic net sales decreased 2 percent compared to fiscal 2025. …”see in full comparison
“We recorded a $1,032 million non-cash pre-tax valuation loss related to the planned divestiture of our Brazil business (please refer to Note 3 to the Consolidated Financial Statements in Item 8 of this report for additional information). Additionally, we recorded $95 million of restructuring charges related to the multi-year organizational initiative to increase the competitiveness of our supply chain and $60 million of restructuring and transformation charges related to actions previously announced. …”see in full comparison
Full comparison: every changed paragraph (240)
Financial Condition and Results of Operations
EXECUTIVE OVERVIEW global packaged foods company.
We are a global packaged foods company. We develop distinctive value-added food products and market them under unique brand names. We work continuously to improve our core products and to create new products that meet consumers’ evolving needs and preferences. In addition, we build the equity of our brands over time with strong consumer-directed marketing, innovative new products, and effective merchandising. We believe our brand-building approach is the key to winning and sustaining leading share positions in markets around the globe.
develop distinctive value-added them under unique names.
work continuously improve create meet consumers’ evolving needs preferences.
build strong consumer-directed innovative merchandising.
brand-building approach winning sustaining leading positions in markets around the globe.
Our fundamental financial goal is to generate competitively differentiated returns for our shareholders over the long term. We believe achieving that goal requires us to generate a consistent balance of net sales growth, margin expansion, cash conversion, and cash return to shareholders over time.
achieving goal generate consistent balance expansion, conversion, return to shareholders over time.
•2 to 3 percent annual growth in organic net sales;
•mid-single-digit annual growth in adjusted operating profit;
•mid- to high-single-digit annual growth in adjusted diluted earnings per share (EPS);
free cash flow conversion of at least 95 percent of adjusted net earnings after tax; and cash return to shareholders of 80 to 90 percent of free cash flow, including an attractive dividend yield.
Guided by our purpose to make food the world loves, we are executing our Accelerate strategy to drive sustainable, profitable growth top-tier shareholder returns long term.
strategy focuses four pillars create advantages win:
boldly building relentlessly innovating, unleashing scale, standing good.
prioritizing markets, platforms, gem best prospects profitable committed reshaping portfolio with strategic acquisitions and divestitures to further enhance our growth profile.
declined
$19.5 billion.
compared to year-ago levels. Operating profit of $3.3 billion decreased 4 percent. Adjusted operating profit of $3.4 billion decreased 7 percent on a constant-currency basis.
Diluted EPS declined
5 percent to
$4.10. Adjusted diluted
EPS of $4.21 decreased 7 percent (See
Measures” generally accepted accounting principles (GAAP)).
Net cash by operations totaled $2,918 million in representing a conversion rate of 126 percent of net earnings, earnings attributable to noncontrolling interests. This cash generation supported capital totaling $625 flow was $2,293 of 97 percent of noncontrolling interests.
returned shareholders dividends totaling
$1,339 repurchases totaling
$1,203 (See
Measures” defined by GAAP).
environment characterized uncertainty, value-seeking behaviors by consumers that were deeper and more prolonged than we expected.
As a result, we made important changes to adapt to the evolving environment and put our business on a path back to increased investment to bring consumers greater which strengthened our pound volume performance as we exited the While the level of incremental investment resulted in fiscal targeted ranges, improved pound volume household penetration trends translate into stronger top- and bottom-line performance over the long term.
delivered mixed performance against the three priorities we established at the beginning of the year:
did not achieve our objective of accelerating organic net sales growth, with full-year organic net sales declining 2 percent driven primarily by unfavorable organic net price realization and mix resulting from our increased investments in value (see the ‘Non-GAAP Measures” section below for our use of this measure not defined by GAAP).
successfully created fuel investments, generating industry-leading Holistic Margin (HMM) cost savings by increasingly applying digital and technology capabilities throughout our supply chain.
successfully drove strong cash generation, with free cash flow conversion finishing at 97 percent, which was above our full-year target percent.
This enabled investment, raise dividend, repurchase activity.
also continued to reshape our portfolio, including acquisitions and divestitures that further improved our portfolio’s ability to generate profitable growth over the long term (see the “Non-GAAP Measures” section below use of this measure not defined by GAAP).
detailed review appears titled
“Fiscal
Consolidated Results of Operations.” A detailed review of our fiscal 2024 performance compared to our fiscal 2023 performance is set in Part II, Item 7 of our Form 10-K for caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Fiscal 2024 Consolidated Results of Operations,” which is incorporated herein by reference.
In fiscal 2026, we plan to continue advancing our Accelerate strategy.
Our key priorities are to return North America Retail to volume Accelerate expanded portfolio, efficiencies reinvest category projections, reflecting less net price amid continued challenging backdrop.
strengthen performance, news, building, guided remarkable framework.
This includes strategic investment to launch
Blue Buffalo into the fast-growing
U.S. fresh pet food sub-category in calendar combination investments, input inflation, reset incentive outpace HMM cost savings of 5 percent of cost of goods sold, savings from our global transformation initiative, and benefits from a 53rd week in fiscal 2026.
In addition, we expect the net impact of the divestiture of our North American yogurt businesses and the Whitebridge Pet Brands acquisition will reduce adjusted operating profit growth by approximately 5 points in fiscal 2026.
Based on these assumptions, our key full-year fiscal 2026 targets are summarized below:
Organic net sales are expected to range between down 1 percent and up 1 percent.
Adjusted operating profit is expected to be down 10 to 15 percent in constant currency from the base of $3.4 billion reported in fiscal 2025.
Adjusted diluted
EPS is to be down 10 to 15 constant currency base of
$4.21 earned
Free•free cash flow conversion is expected to beof at least 95 percent of adjusted after-taxnet earnings.earnings after tax; and
•cash return to shareholders of 80 to 90 percent of free cash flow, including an attractive dividend yield.
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. 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.
Our consolidated net sales for fiscal 2026 decreased 5 percent to $18.4 billion. On an organic basis, net sales decreased 2 percent compared to year-ago levels. Operating profit of $886 million decreased 73 percent. Adjusted operating profit of $2.8 billion decreased 16 percent on a constant-currency basis. Diluted loss per share decreased 104 percent to $(0.16). Adjusted diluted EPS of $3.55 decreased 16 percent on a constant-currency basis (See the “Non-GAAP Measures” section below for a description of our use of measures not defined by generally accepted accounting principles (GAAP)).
Net cash provided by operations totaled $2,166 million in fiscal 2026, with a conversion rate that was not meaningful as a percent of net loss, including earnings attributable to noncontrolling interests. This cash generation supported capital investments totaling $540 million, and our resulting free cash flow was $1,626 million at a conversion rate of 85 percent of adjusted net earnings, including earnings attributable to noncontrolling interests. We returned cash to shareholders through dividends totaling $1,315 million and net share repurchases totaling $500 million (See the “Non-GAAP Measures” section below for a description of our use of measures not defined by GAAP).
What changed in the latest 10-Q
Risk Factors
We could not find a separate Risk Factors item in the latest 10-Q. Some companies leave it out of quarterly reports; see the annual 10-K risk factors and the original filing. Open the filing on SEC.gov.
Management's Discussion & Analysis (MD&A)
Largest changes
“In the nine-month period ended February 22, 2026, net sales decreased 7 percent, including the net impact of the Divestitures and Acquisition. Organic net sales decreased 3 percent compared to the same period last year. Operating profit increased 6 percent to $2,978 million, primarily driven by a divestiture gain related to the sale of our United States yogurt business, favorable net price realization and mix, and lower SG&A expenses, partially offset by a decrease in contributions from volume growth, higher input costs, and higher restructuring, transformation, and impairment charges. …”see in full comparison
“During the nine-month period ended February 22, 2026, cash provided by operations was $1,614 million compared to $2,307 million in the same period last year. The $692 million decrease was primarily driven by a $1,047 million decrease in net earnings excluding the pretax gain on the Divestitures, which includes the related net impact of the Divestitures and Acquisition. …”see in full comparison
“After-tax (loss) earnings from joint ventures for the nine-month period ended February 22, 2026, was a $59 million after-tax loss compared to after-tax earnings of $64 million in the same period in fiscal 2025, primarily driven by our $85 million pre-tax share of a non-cash goodwill impairment charge at CPW in fiscal 2026, as a result of downward revisions of future sales and profitability estimates in the Australian market. …”see in full comparison
“February 22, 2026, compared to $3 million in the same period last year. In fiscal 2026, we approved a multi-year organizational initiative to increase the competitiveness of our supply chain, and as a result, we recorded $64 million of charges in fiscal 2026. We also recorded a $53 million non-cash impairment charge related to our Uncle Toby’s brand intangible asset in fiscal 2026. …”see in full comparison
see in full comparison2026,Restructuring, transformation, impairment, and other exit costs totaled $21 million in the first quarter of fiscal 2027, compared to$1$16 millionof net recoveriesin the same period last year. Infiscal 2026, we approved a multi-year organizational initiative to increasethecompetitiveness of our supply chain, and as a result, we recorded $17 million of charges in the thirdfirst quarter of fiscal2026. In addition,2027, we recorded$8an additional $24 millionofnon-cashrestructuringpre-taxandvaluationtransformation charges in the third quarter of fiscal 2026loss related toactionsthepreviouslyplannedannounceddivestiture of our Brazil business (please refer to Note 3 to the Consolidated Financial Statements in Part I, Item 1 of this report).
“In addition, we identified a triggering event due to a sustained decline in market capitalization and stock price in the fourth quarter of fiscal 2026 reflecting heightened macroeconomic uncertainty and lower market multiples in our industry, which caused a related increase in our discount rates and required an interim impairment assessment. …”see in full comparison
Full comparison: every changed paragraph (115)
Our key priorities in fiscal 2027 are to strengthen our organic net sales growth, accelerate our enterprise transformation efforts, and drive disciplined capital allocation and returns. Amid a continued challenging macroeconomic backdrop for consumers, we expect category growth to be consistent with recent trends and below our long-term growth projections. 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, fun and indulgence, and pet humanization, all of which should help support stronger topline growth. We expect to generate at least $750 million in total savings from our ongoing Holistic Margin Management (HMM) productivity program, our global transformation initiative, and other cost savings actions. These savings are part of our $3 billion cumulative cost savings target through fiscal 2030 and will help offset our forecast for 4 to 5 percent input cost inflation and increased investments in product innovation and renovation in fiscal 2027. In addition to these factors, we expect decreases of approximately 9 points on operating profit and 11 points on EPS in fiscal 2027 from lapping the 53rd week in fiscal 2026, normalizing corporate incentive expense, and the impact of fiscal 2026 divestitures.
Our key priorities in fiscal 2026 are to return North America Retail to volume growth, accelerate North America Pet growth with an expanded portfolio, and drive efficiencies to reinvest in growth. We expect category growth to be below our long-term projections, reflecting less benefit from net price realization and mix amid a continued challenging consumer backdrop. To strengthen our categories and market share performance, we plan to increase investment in consumer value, product news, innovation, and brand building, guided by our remarkable experience framework. This included a significant strategic investment to launch Blue Buffalo into the fast-growing United States fresh pet food sub-category in calendar 2025. We expect the combination of these growth investments, input cost inflation, and normalization of corporate incentive will outpace expected Holistic Margin Management cost savings of 5 percent of cost of goods sold, savings from our global transformation initiative, and benefits from a 53rd week in fiscal 2026. In addition, we expect the net impact of the divestitures of our North American yogurt businesses and the Whitebridge Pet Brands acquisition will reduce adjusted operating profit growth by approximately 5 points in fiscal 2026.
ThirdFirst Quarter Results
In the thirdfirst quarter of fiscal 2026, net sales decreased 8 percent, including the net impact of the divestitures of our North American yogurt businesses (Divestitures) and the acquisition of Whitebridge Pet Brands (Acquisition). Organic2027, net sales decreased 3 percentpercent, comparedincluding tothe impact of the divestiture of our United States yogurt business (Divestiture) in the first quarter of fiscal 2026. Organic net sales essentially matched the same period last year. Operating profit decreased 4163 percent to $525$634 million, primarily driven by a gain related to the Divestiture in the first quarter of fiscal 2026, higher input costs, and a decrease in contributions from volume growth, a gain on divestiture related to the sale of our Canada yogurt business recorded in the third quarter of fiscal 2025, and higher restructuring and transformation costs, partially offset by favorable net price realization and mix and highera transactionfavorable costs recordedchange in fiscal 2025 related to the Divestituresmark-to-market valuation of certain commodity positions and Acquisition.grain inventories. Operating profit margin of 11.814.4 percent decreased 6602,380 basis points. Adjusted operating profit of $547$634 million decreased 3211 percent on a constant-currency basis, including the net impact of the Divestitures and Acquisition, primarily driven by higher input costs and a decrease in contributions from volume growth, partially offset by favorable net price realization and mix. Adjusted operating profit margin decreased 420130 basis points to 12.314.4 percent. Diluted earnings per share of $0.56$0.74 decreased 5067 percent in the thirdfirst quarter of fiscal 2026.2027. Adjusted diluted earnings per share of $0.64$0.75 decreased 3713 percent on a constant-currency basis compared to the thirdfirst quarter of fiscal 2025.2026. See the “Non-GAAP Measures” section below for a description of our use of measures not defined by GAAP.
A summary of our consolidated financial results for the thirdfirst quarter of fiscal 20262027 follows:
Net sales in the thirdfirst quarter of fiscal 20262027 decreased 83 percent compared to the same period in fiscal 2025,2026, driven by a decrease in contributions from volume growth, partially offset by favorable net price realization and mixmix, andboth favorableof foreignwhich currency exchange impacts, and includesinclude the net impact of the Divestitures and Acquisition.Divestiture.
Organic net sales decreased 3 percent in the third quarter of fiscal 2026, compared to the same period in fiscal 2025, driven by a decrease in contributions from organic volume growth and unfavorable organic net price realization and mix.
CostOrganic ofnet sales decreased $133 million to $3,070 million in the thirdfirst quarter of fiscal 2026,2027 comparedessentially tomatched the same period in fiscal 2025.2026.
Cost of sales decreased $82 million to $2,902 million in the first quarter of fiscal 2027 compared to the same period in fiscal 2026.
The decrease was primarily driven by a $349$118 million decrease attributable to lower volume, partially offset by a $202$73 million increase attributable to product rate and mix, both of which include the net impact of the Divestitures and Acquisition.Divestiture. We recorded $8 million of restructuring charges in cost of sales in the third quarter of fiscal 2026 (please refer to Note 3 to the Consolidated Financial Statements in Part I, Item 1 of this report). In addition, we recorded a $17$30 million net decrease in cost of sales related to the mark-to-market valuation of certain commodity positions and grain inventories in the thirdfirst quarter of fiscal 2026,2027, compared to aan $23$8 million net decreaseincrease in the thirdfirst quarter of fiscal 2026. We also recorded $1 million of integration costs recorded in the first quarter of fiscal 2027 related to the Whitebridge Pet Brands acquisition in fiscal 2025.
Selling, general, and administrative (SG&A) expenses decreased $32$13 million to $813$832 million in the thirdfirst quarter of fiscal 2026,2027 compared to the same period in fiscal 2025,2026, primarily driven by lower othertransactions administrative costs, and including the net impact of the Divestitures and Acquisition.costs. SG&A expenses as a percent of net sales in the thirdfirst quarter of fiscal 20262027 increased 9030 basis points compared to the thirdfirst quarter of fiscal 2025.2026.
Divestitures lossgain (gain),totaled net decreased $101 million, primarily due to a $96$1,054 million gain in the thirdfirst quarter of fiscal 2025,2026, primarily related to the sale of our CanadaUnited States yogurt business (please refer to Note 2 to the Consolidated Financial Statements in Part I, Item I1 of this report).
Restructuring, transformation, impairment, and other exit costs (recoveries) totaled $24 million in the third quarter of fiscal
2026,Restructuring, transformation, impairment, and other exit costs totaled $21 million in the first quarter of fiscal 2027, compared to $1$16 million of net recoveries in the same period last year. In fiscal 2026, we approved a multi-year organizational initiative to increase the competitiveness of our supply chain, and as a result, we recorded $17 million of charges in the thirdfirst quarter of fiscal 2026. In addition,2027, we recorded $8an additional $24 million ofnon-cash restructuringpre-tax andvaluation transformation charges in the third quarter of fiscal 2026loss related to actionsthe previouslyplanned announceddivestiture of our Brazil business (please refer to Note 3 to the Consolidated Financial Statements in Part I, Item 1 of this report).
Benefit plan non-service income totaled $15$11 million in the thirdfirst quarter of fiscal 2026,2027, compared to $14$15 million in the same period last year, primarily driven by lower interest costs partially offset by lower expected return on plan assets.assets and higher interest costs.
Interest, net for the first quarter of fiscal 2027 totaled $142 million, up $9 million from the first quarter of fiscal 2026, primarily driven by higher interest rates.
The effective tax rate for the first quarter of fiscal 2027 was 24.5 percent compared to 25.6 percent for the first quarter of fiscal 2026.
Interest, net for the third quarter of fiscal 2026 totaled $128 million, down $8 million from the third quarter of fiscal 2025, primarily driven by lower average long-term debt levels.
The effective tax rate for the third quarter of fiscal 2026 was 24.3 percent compared to 19.8 percent for the third quarter of fiscal 2025. The 4.51.1 percentage point increasedecrease was primarily due to certain nonrecurring discreteunfavorable tax benefitscomponents related to the Divestiture in fiscal 20252026 and unfavorablefavorable earnings mix by jurisdiction in fiscal 2026.2027, partially offset by certain nonrecurring discrete tax costs in fiscal 2027. Our effective tax rate excluding certain items affecting comparability was 24.023.4 percent in the thirdfirst quarter of fiscal 2026,2027, compared to 21.024.1 percent in the same period last year (see the “Non-GAAP Measures” section below for a description of our use of measures not defined by GAAP). The 3.00.7 percentage point increasedecrease was primarily due to certain nonrecurring discrete tax benefits in fiscal 2025 and unfavorablefavorable earnings mix by jurisdiction in fiscal 2026.2027, partially offset by certain nonrecurring discrete tax costs in fiscal 2027.
The impacts of the One Big Beautiful Bill Act (OBBBA) are reflected in our results for the quarter ended February 22, 2026, and there was no material impact to our income tax expense. We expect certain provisions of the OBBBA will change the timing of cash tax payments in the current fiscal year and future periods. Please refer to Note 15 to the Consolidated Financial Statements in Part I, Item 1 of this report for additional information.
After-tax (loss) earnings from joint ventures for the thirdfirst quarter of fiscal 20262027 wasincreased ato $6$19 million after-tax loss compared to after-tax earnings of $14$7 million in the same period in fiscal 2025,2026, primarily drivendue byto our share of asset impairment charges and transaction costs related to certain assets held for sale at Cereal Partners Worldwide (CPW). in fiscal 2026. On a constant-currency basis, after-tax lossearnings from joint ventures decreasedincreased 129178 percent (see the “Non-GAAP Measures” section below for a description of our use of measures not defined by GAAP).
Average diluted shares outstanding decreased by 185 million in the thirdfirst quarter of fiscal 20262027 from the same period a year ago primarily due to share repurchases.repurchases in fiscal 2026.
Nine-Month Results
In the nine-month period ended February 22, 2026, net sales decreased 7 percent, including the net impact of the Divestitures and Acquisition. Organic net sales decreased 3 percent compared to the same period last year. Operating profit increased 6 percent to $2,978 million, primarily driven by a divestiture gain related to the sale of our United States yogurt business, favorable net price realization and mix, and lower SG&A expenses, partially offset by a decrease in contributions from volume growth, higher input costs, and higher restructuring, transformation, and impairment charges. Operating profit margin of 21.6 percent increased 280 basis points compared to the same period last year. Adjusted operating profit of $2,106 million decreased 23 percent on a constant-currency basis, including the net impact of the Divestitures and Acquisition, 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. Adjusted operating profit margin decreased 310 basis points to 15.2 percent. Diluted earnings per share of $3.56 in the nine-month period ended February 22, 2026, essentially matched the same period last year and adjusted diluted earnings per share of $2.60 decreased 25 percent on a constant-currency basis compared to the same period last year (see the “Non-GAAP Measures” section below for a description of our use of measures not defined by GAAP).
A summary of our consolidated financial results for the nine-month period ended February 22, 2026, follows:
(a)See the “Non-GAAP Measures” section below for our use of measures not defined by GAAP.
Consolidated net sales were as follows:
The 7 percent decrease in net sales for the nine-month period ended February 22, 2026, was driven by a decrease in contributions from volume growth, partially offset by favorable net price realization and mix and favorable foreign currency exchange impacts, and includes the net impact of the Divestitures and Acquisition.
Components of organic net sales growth are shown in the following table:
Organic net sales decreased 3 percent in the nine-month period ended February 22, 2026, driven by unfavorable organic net price realization and mix and a decrease in contributions from organic volume growth.
Cost of sales decreased $449 million to $9,223 million in the nine-month period ended February 22, 2026, compared to the same period in fiscal 2025. The decrease was primarily driven by an $889 million decrease attributable to lower volume, partially offset by a $417 million increase attributable to product rate and mix, both of which include the net impact of the Divestitures and Acquisition.
We recorded $13 million of restructuring charges in the nine-month period ended February 22, 2026, compared to $1 million of restructuring charges in cost of sales in the same period last year (please refer to Note 3 to the Consolidated Financial Statements in Part I, Item 1 of this report). In addition, we recorded a $13 million net decrease in cost of sales related to the mark-to-market valuation of certain commodity positions and grain inventories in the nine-month period ended February 22, 2026, compared to a $24 million net decrease in the nine-month period ended February 23, 2025.
SG&A expenses decreased $51 million to $2,500 million in the nine-month period ended February 22, 2026, compared to the same period in fiscal 2025, primarily driven by lower other administrative costs, and including the net impact of the Divestitures and Acquisition. SG&A expenses as a percent of net sales increased 100 basis points in the nine-month period ended February 22, 2026, compared to the same period of fiscal 2025.
Divestitures loss (gain), net totaled a $1,049 million gain in the nine-month period ended February 22, 2026, primarily related to the sale of our United States yogurt business. During the nine-month period ended February 23, 2025, we recorded a $96 million divestiture gain related to the sale of our Canada yogurt business (please refer to Note 2 to the Consolidated Financial Statements in Part I, Item 1 of this report).
Restructuring, transformation, impairment, and other exit costs (recoveries) totaled $163 million in the nine-month period ended
February 22, 2026, compared to $3 million in the same period last year. In fiscal 2026, we approved a multi-year organizational initiative to increase the competitiveness of our supply chain, and as a result, we recorded $64 million of charges in fiscal 2026. We also recorded a $53 million non-cash impairment charge related to our Uncle Toby’s brand intangible asset in fiscal 2026. In addition, we recorded $46 million of restructuring and transformation charges in the nine-month period ended February 22, 2026, related to actions previously announced (please refer to Note 3 to the Consolidated Financial Statements in Part I, Item 1 of this report).
Benefit plan non-service income totaled $46 million in the nine-month period ended February 22, 2026, compared to $42 million in the same period last year, primarily driven by lower interest costs partially offset by lower expected return on plan assets.
Interest, net for the nine-month period ended February 22, 2026, increased $3 million to $387 million compared to the same period of fiscal 2025, primarily driven by higher average long-term debt levels.
The effective tax rate for the nine-month period ended February 22, 2026, was 24.8 percent compared to 20.5 percent in the same period last year. The 4.3 percentage point increase was primarily due to certain unfavorable tax components related to the sale of our United States yogurt business, certain nonrecurring discrete tax benefits in fiscal 2025, and unfavorable earnings mix by jurisdiction in fiscal 2026. Our effective tax rate excluding certain items affecting comparability was 23.8 percent in the nine-month period ended February 22, 2026, compared to 20.9 percent in the same period last year (see the “Non-GAAP Measures” section below for a description of our use of measures not defined by GAAP). The 2.9 percentage point increase is primarily due to certain nonrecurring discrete tax benefits in fiscal 2025 and unfavorable earnings mix by jurisdiction in fiscal 2026.
The impacts of the OBBBA are reflected in our results for the nine-month period ended February 22, 2026, and there was no material impact to our income tax expense. We expect certain provisions of the OBBBA will change the timing of cash tax payments in the current fiscal year and future periods. Please refer to Note 15 to the Consolidated Financial Statements in Part I, Item 1 of this report for additional information.
After-tax (loss) earnings from joint ventures for the nine-month period ended February 22, 2026, was a $59 million after-tax loss compared to after-tax earnings of $64 million in the same period in fiscal 2025, primarily driven by our $85 million pre-tax share of a non-cash goodwill impairment charge at CPW in fiscal 2026, as a result of downward revisions of future sales and profitability estimates in the Australian market. On a constant-currency basis, after-tax loss from joint ventures decreased 191 percent (see the “Non-GAAP Measures” section below for a description of our use of measures not defined by GAAP).
The components of our joint ventures’ net sales growth are shown in the following table:
Average diluted shares outstanding decreased by 21 million in the nine-month period ended February 22, 2026, from the same period a year ago primarily due to share repurchases.
Our businesses are organized into four operating segments: North America Retail, International, North America Pet, and North America Foodservice. Please refer to Note 1615 toof the Consolidated Financial Statements in Part I, Item 1 of this report for a description of our operating segments.
North America Retail net sales decreased 147 percent in the thirdfirst quarter of fiscal 2026,2027 compared to the same period in fiscal 2025,2026, driven by a decrease in contributions from volume growth, partially offset by favorable net price realization and mix, both of which include the impact fromof the Divestitures.Divestiture.
North America Retail net sales decreased 13 percent in the nine-month period ended February 22, 2026, compared to the same period in fiscal 2025, driven by a decrease in contributions from volume growth, partially offset by favorable net price realization and mix, both of which include the impact from the Divestitures.
(b)Divestiture of the United States yogurt business in the first quarter of fiscal 2026 and the Canada yogurt business in the third quarter of fiscal 2025.2026. Please refer to Note 2 to the Consolidated Financial Statements in Part I, Item 1 of this report.
North America Retail organic net sales decreased 43 percent in the thirdfirst quarter of fiscal 2026,2027 compared to the same period in fiscal 2025,2026, driven by a decrease in contributions from organic volume growth and unfavorable organic net price realization and mix.
North America Retail organic net sales decreased 4 percent in the nine-month period ended February 22, 2026, compared to the same period in fiscal 2025, driven by unfavorable organic net price realization and mix and a decrease in contributions from organic volume growth.
(a)Upon completion of the United States yogurt business divestiture, the former U.S. Morning Foods and Canada operating units were combined into a newThe Big G Cereal & Canada operating unit.unit includes the impact of the Divestiture. Please refer to Note 162 to the Consolidated Financial Statements in Part I, Item 1 of this report.
Segment operating profit decreased 3315 percent to $436$479 million in the thirdfirst quarter of fiscal 2027, compared to $564 million in the same period in fiscal 2026, including the impact of the Divestitures, compared to $648 million in the same period in fiscal 2025,Divestiture, 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. Segment operating profit decreased 3315 percent on a constant-currency basis in the thirdfirst quarter of fiscal 2026,2027, compared to the same period in fiscal 20252026 (see the “Non-GAAP Measures” section below for our use of this measure not defined by GAAP).
Segment operating profit decreased 25 percent to $1,683 million in the nine-month period ended February 22, 2026, including the impact of the Divestitures, compared to $2,256 million in the same period 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. Segment operating profit decreased 25 percent on a constant-currency basis in the nine-month period ended February 22, 2026, compared to the same period in fiscal 2025 (see the “Non-GAAP Measures” section below for our use of this measure not defined by GAAP).
International net sales increased 74 percent in the thirdfirst quarter of fiscal 2026,2027 compared to the same period in fiscal 2025,2026, driven by favorable foreign currency exchange impacts and an increase in contributions from volume growth,growth and favorable foreign currency exchange impacts, partially offset by unfavorable net price realization and mix.
International net sales increased 6 percent in the nine-month period ended February 22, 2026, compared to the same period in fiscal 2025, driven by favorable foreign currency exchange impacts, an increase in contributions from volume growth, and favorable net price realization and mix.
International organic net sales increased 14 percent in the thirdfirst quarter of fiscal 2026,2027 compared to the same period in fiscal 2025,2026, driven by an increase in contributions from organic volume growth, partially offset by unfavorable organic net price realization and mix.
International organic net sales increased 3 percent in the nine-month period ended February 22, 2026, compared to the same period in fiscal 2025, driven by an increase in contributions from organic volume growth and favorable organic net price realization and mix.
Segment operating profit increased 8714 percent to $34$75 million in the thirdfirst quarter of fiscal 2026,2027, compared to $18$66 million in the same period in fiscal 2025,2026, primarily driven by favorable net price realization and mix, lower SG&A expenses, and an increase in contributions from volume growth,growth and lower input costs, partially offset by unfavorable price realization and mix and higher inputSG&A costs.expenses, including increased media and advertising expenses. Segment operating profit increased 8215 percent on a constant-currency basis in the thirdfirst quarter of fiscal 2026,2027, compared to the same period in fiscal 20252026 (see the “Non-GAAP Measures” section below for our use of this measure not defined by GAAP).
Segment operating profit increased 104 percent to $128 million in the nine-month period ended February 22, 2026, compared to $63 million in the same period in fiscal 2025, primarily driven by favorable net price realization and mix, partially offset by higher input costs and higher SG&A expenses. Segment operating profit increased 100 percent on a constant-currency basis in the nine-month period ended February 22, 2026, compared to the same period in fiscal 2025 (see the “Non-GAAP Measures” section below for our use of this measure not defined by GAAP).
North America Pet net sales in the first quarter of fiscal 2027 essentially matched the same period in fiscal 2026.
North America Pet net sales increased 3 percent in the third quarter of fiscal 2026, compared to the same period in fiscal 2025, driven by favorable net price realization and mix, partially offset by a decrease in contributions from volume growth, both of which include the impact of the Acquisition.
GIS insider buying and selling (Form 4)
Since 2026-04-11, insiders reported open-market purchases in 0 Form 4 filings and open-market sales in 3 filings (3 insiders, 3 trade dates, 34,289 shares, about $1.2M). Net open-market shares: -34,289 (purchases minus sales); net value about -$1.2M.Totals add up every open-market (code P and S) line in those filings, using the prices reported in the filings. Awards, option exercises, tax withholding and gifts are listed below but not counted.
| Trade date | Insider | Transaction | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-10-01 | Sharma Pankaj Mn |
Open-market sale | 6,294 | $31.33 | $197.2K |
| 2026-09-29 | Sprunk Eric D |
Grant/award | 5,323 | — | — |
| 2026-09-29 | Bottarini Joan |
Grant/award | 5,323 | — | — |
| 2026-09-29 | Morikis John G |
Grant/award | 5,323 | — | — |
| 2026-09-29 | Uribe Jorge A. |
Grant/award | 5,323 | — | — |
| 2026-09-29 | Uribe Jorge A. |
Shares withheld for tax | 560 | $33.82 | $18.9K |
| 2026-09-29 | Sastre Maria |
Grant/award | 5,323 | — | — |
| 2026-09-29 | Lempres Elizabeth Cahill |
Grant/award | 5,323 | — | — |
| 2026-09-29 | Henry Maria |
Grant/award | 5,323 | — | — |
| 2026-09-29 | Dorer Benno O |
Grant/award | 5,323 | — | — |
| 2026-09-29 | Neal Diane L |
Grant/award | 5,323 | — | — |
| 2026-09-29 | Jenkins Jo Ann |
Grant/award | 5,323 | — | — |
| 2026-08-30 | Henry Maria |
Grant/award | 842 | $40.08 | $33.7K |
| 2026-08-30 | Uribe Jorge A. |
Grant/award | 748 | $40.08 | $30.0K |
| 2026-08-30 | Uribe Jorge A. |
Shares withheld for tax | 160 | $40.08 | $6.4K |
| 2026-08-30 | Morikis John G |
Grant/award | 654 | $40.08 | $26.2K |
| 2026-08-01 | Bruce Kofi A |
Shares withheld for tax | 971 | $35.75 | $34.7K |
| 2026-07-07 | Williams-Roll Jacqueline |
Gift | 337 | — | — |
| 2026-07-07 | Williams-Roll Jacqueline |
Gift | 337 | — | — |
| 2026-07-06 | Bruce Kofi A |
Grant/award | 24,225 | — | — |
| 2026-07-06 | Harmening Jeffrey L |
Grant/award | 69,214 | — | — |
| 2026-07-06 | Mascolo Elizabeth |
Grant/award | 6,576 | — | — |
| 2026-07-06 | Mcnabb Dana M |
Grant/award | 27,686 | — | — |
| 2026-07-06 | Montemayor Jaime |
Grant/award | 17,304 | — | — |
| 2026-07-06 | Ness Jonathan David |
Grant/award | 5,884 | — | — |
| 2026-07-06 | Pallot Mark A |
Grant/award | 2,077 | — | — |
| 2026-07-06 | Saksena Asheesh |
Grant/award | 13,063 | — | — |
| 2026-07-06 | Shaffer Werner Lanette |
Grant/award | 6,576 | — | — |
| 2026-07-06 | Sharma Pankaj Mn |
Grant/award | 6,576 | — | — |
| 2026-07-06 | Thissen Karen Wilson |
Grant/award | 11,767 | — | — |
| 2026-07-06 | Williams-Roll Jacqueline |
Grant/award | 8,998 | — | — |
| 2026-07-06 | Fernandez Ricardo |
Grant/award | 6,576 | — | — |
| 2026-07-01 | Williams-Roll Jacqueline |
Shares withheld for tax | 134 | $37.77 | $5.1K |
| 2026-06-30 | Williams-Roll Jacqueline |
Shares withheld for tax | 856 | $34.80 | $29.8K |
| 2026-06-30 | Sharma Pankaj Mn |
Shares withheld for tax | 341 | $34.80 | $11.9K |
| 2026-06-30 | Shaffer Werner Lanette |
Shares withheld for tax | 455 | $34.80 | $15.8K |
| 2026-06-30 | Saksena Asheesh |
Shares withheld for tax | 528 | $34.80 | $18.4K |
| 2026-06-30 | Pallot Mark A |
Shares withheld for tax | 170 | $34.80 | $5.9K |
| 2026-06-30 | Ness Jonathan David |
Shares withheld for tax | 324 | $34.80 | $11.3K |
| 2026-06-30 | Montemayor Jaime |
Shares withheld for tax | 3,154 | $34.80 | $109.8K |
| 2026-06-30 | Mcnabb Dana M |
Shares withheld for tax | 625 | $34.80 | $21.8K |
| 2026-06-30 | Mascolo Elizabeth |
Shares withheld for tax | 1,055 | $34.80 | $36.7K |
| 2026-06-30 | Harmening Jeffrey L |
Shares withheld for tax | 14,335 | $34.80 | $498.9K |
| 2026-06-30 | Fernandez Ricardo |
Shares withheld for tax | 1,055 | $34.80 | $36.7K |
| 2026-06-30 | Bruce Kofi A |
Shares withheld for tax | 1,447 | $34.80 | $50.4K |
| 2026-06-30 | Thissen Karen Wilson |
Shares withheld for tax | 965 | $34.80 | $33.6K |
| 2026-06-29 | Mcnabb Dana M |
Grant/award | 1,401 | — | — |
| 2026-06-29 | Mcnabb Dana M |
Grant/award | 1,614 | — | — |
| 2026-06-29 | Thissen Karen Wilson |
Grant/award | 2,494 | — | — |
| 2026-06-29 | Williams-Roll Jacqueline |
Grant/award | 1,907 | — | — |
| 2026-06-29 | Sharma Pankaj Mn |
Grant/award | 880 | — | — |
| 2026-06-29 | Shaffer Werner Lanette |
Grant/award | 1,174 | — | — |
| 2026-06-29 | Pallot Mark A |
Grant/award | 440 | — | — |
| 2026-06-29 | Ness Jonathan David |
Grant/award | 330 | — | — |
| 2026-06-29 | Montemayor Jaime |
Grant/award | 2,934 | — | — |
| 2026-06-29 | Mascolo Elizabeth |
Grant/award | 880 | — | — |
| 2026-06-29 | Harmening Jeffrey L |
Grant/award | 14,668 | — | — |
| 2026-06-29 | Fernandez Ricardo |
Grant/award | 880 | — | — |
| 2026-06-29 | Bruce Kofi A |
Grant/award | 3,740 | — | — |
| 2026-06-28 | Thissen Karen Wilson |
Shares withheld for tax | 2,082 | $36.01 | $75.0K |
Well-known investors holding GIS (13F)
| Investor | Quarter | Shares | Reported value | % of their 13F | Change vs prior quarter |
|---|---|---|---|---|---|
| AQR Capital Management (Cliff Asness) | 2026-06-30 | 15,006,710 | $522.2M | 0.18% | Added 15% |
| Gotham Asset Management (Joel Greenblatt) | 2026-06-30 | 2,262,103 | $78.7M | 0.18% | Added 444% |
| Citadel Advisors (Ken Griffin) | 2026-06-30 | 1,928,346 | $67.1M | 0.04% | Added 45% |
| Millennium Management (Israel Englander) | 2026-06-30 | 1,763,880 | $61.4M | 0.04% | Reduced 26% |
| Bridgewater Associates | 2026-06-30 | 93,154 | $3.2M | 0.01% | Added 14% |
| D. E. Shaw & Co. | 2026-06-30 | 37,982 | $1.3M | 0.0% | New position |
| Two Sigma Investments | 2026-06-30 | 18,818 | $654.9K | 0.0% | Reduced 99% |
| Dodge & Cox | 2026-06-30 | 11,200 | $389.8K | 0.0% | No change |