Executive Summary
General Mills reported Q4 2024 US dollar results that reflect ongoing top-line softness vs. year-ago levels, with revenue of $4.7139 billion down 8.3% year over year and down 7.6% quarter over quarter. Gross profit was $1.6883 billion (gross margin 35.8%), while operating income reached $0.7792 billion and net income $0.5575 billion, translating to an EPS of $0.98. Annualized free cash flow stood at $575.2 million, supporting a dividend payout of 60.2% and a sizable share repurchase program ($400.8 million) during the period. Management commentary on the call (not available in the provided transcript) typically emphasizes pricing actions, portfolio discipline, and productivity initiatives, which are key to sustaining margins in a competitive environment. The balance sheet shows a total debt load of $13.315 billion with net debt around $12.897 billion and a cash balance of $418 million, yielding a leveraged but cash-generative profile. Liquidity metrics are modest near-term (current ratio 0.65; quick ratio 0.38), but robust operating cash flow and free cash flow underpin ongoing capital allocation to dividends and buybacks. Looking ahead, absent explicit quarterly guidance, the company’s path depends on input-cost dynamics, price realization, and mix shifts toward higher-margin categories and growth platforms (notably pet food and snacks) while managing leverage and balance sheet flexibility.
Key Performance Indicators
QoQ: -14.44% | YoY:-4.02%
QoQ: -16.80% | YoY:-6.38%
QoQ: -16.95% | YoY:-4.85%
Key Insights
Revenue: $4.7139B (-8.28% YoY; -7.56% QoQ) | Gross Profit: $1.6883B (margin 35.82%) | Operating Income: $0.7792B (margin 16.53%) | Net Income: $0.5575B (net margin 11.83%) | EPS: $0.98 (diluted) | EBITDA: $0.8837B | Free Cash Flow: $0.5752B | Cash from Ops: $0.8637B | Dividends Paid: $0.3354B | Shares Repurchased: -$0.4008B | Net Debt: $12.897B | Cash End Period: $0.418B | Current Ratio: 0.651 | Quick Ratio: 0.381 | Debt-to-Capitalization: 0.586 | Dividend Payout: 60.2% | ROE: 5.93% | Net Debt-t...
Financial Highlights
Revenue: $4.7139B (-8.28% YoY; -7.56% QoQ) | Gross Profit: $1.6883B (margin 35.82%) | Operating Income: $0.7792B (margin 16.53%) | Net Income: $0.5575B (net margin 11.83%) | EPS: $0.98 (diluted) | EBITDA: $0.8837B | Free Cash Flow: $0.5752B | Cash from Ops: $0.8637B | Dividends Paid: $0.3354B | Shares Repurchased: -$0.4008B | Net Debt: $12.897B | Cash End Period: $0.418B | Current Ratio: 0.651 | Quick Ratio: 0.381 | Debt-to-Capitalization: 0.586 | Dividend Payout: 60.2% | ROE: 5.93% | Net Debt-to-EBITDA: ~14.6x
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
4.71B |
-8.28% |
-7.56% |
| Gross Profit |
1.69B |
-4.39% |
-1.12% |
| Operating Income |
779.20M |
-4.02% |
-14.44% |
| Net Income |
557.50M |
-6.38% |
-16.80% |
| EPS |
0.98 |
-4.85% |
-16.95% |
Key Financial Ratios
operatingProfitMargin
16.5%
operatingCashFlowPerShare
$1.53
freeCashFlowPerShare
$1.02
dividendPayoutRatio
60.2%
Management Commentary
Transcript data for the QQ4 2024 period was not provided in the input. As such, no management quotes or specific commentary from the earnings call could be extracted. The analysis below relies on disclosed IFRS/GAAP-like figures and typical drivers for General Mills in a mature consumer staples backdrop. Investors should look for management color on price realization, cost discipline, portfolio mix shifts (notably pet foods and snacks), and any incremental steps toward productivity improvements in the next fiscal year.
Forward Guidance
No formal forward guidance was issued in the supplied data for QQ4 2024. In a typical GIS framework, investors should monitor: (1) price realization and mix shifts that could offset input-cost inflation, (2) commodity and supply chain cost trajectories, (3) ongoing productivity and cost-savings programs, (4) international growth potential in Europe, Asia, and other regions, and (5) capital allocation plans including dividend sustainability and potential further share repurchases. Given the leverage seen on the balance sheet, any improvement in cash conversion and deleveraging progress would be a positive catalyst. Expected factors to monitor: raw material costs (grains, dairy, sugar), currency movements, and consumer demand elasticity in core brands (Cheerios, Betty Crocker, Yoplait) and growth areas (Blue Buffalo pet foods, snacking).