General Mills reported Q4 FY2024 revenue of $4.714 billion, down 6.3% year-over-year, with gross profit of $1.689 billion and net income of $557.5 million ($0.98 per share). The quarter was pressured by a sizeable international drag (notably Brazil and China) and by the timing of a reclassification from net sales to cost of goods sold in International that contributed roughly a point of detriment to reported International sales. On a company-wide basis, earnings remained resilient as management emphasized cost discipline and the prospect of operating margin expansion in FY2025 driven by selective reinvestment in growth initiatives and stronger gross margin leverage (HMM performance) notwithstanding ongoing inflation. Management signaled a deliberate shift toward volume growth funded by brand-building investments and targeted couponing, aiming to improve competitiveness and capture share as price/mix contributed roughly in line with volume for the year. The call underscored expectations for Q1 FY2025 to be the toughest quarter due to lapping bases and added investment, with gradual profit improvement through the remainder of the year as volume trends improve. Free cash flow remained positive at $575.2 million for the quarter, and GIS ended the period with $418 million in cash and cash equivalents and an ample liquidity profile, supporting ongoing dividends and potential M&A activity aligned to strategic priorities.