General Mills (GRM.DE) delivered Q3 2025 results with revenue of $4.842 billion, flat year over year (YoY) at -0.12% and a sequential decline of -7.59% (QoQ). Gross profit registered $1.639 billion, translating to a gross margin of 33.85% (0.3385), down 2.99% YoY and 15.12% QoQ, signaling ongoing input cost pressure and mix effects. Operating income stood at $891.4 million, an increase of 7.20% YoY but down 17.30% QoQ, with operating margin around 18.41%. Net income was $625.6 million, up 7.88% YoY but down 21.38% QoQ, and trailing earnings per share (EPS, diluted) of $1.12, up 10.68% YoY but down 20.28% QoQ. The company generated robust operating cash flow of $531.9 million and free cash flow of $428.0 million, supported by capex of $103.9 million and dividends paid of $332.6 million, alongside modest share repurchases ($301.5 million) in the period. Balance sheet metrics show total assets of $32.706 billion, total debt of $14.187 billion and net debt of $13.666 billion, with cash and cash equivalents of $521.3 million. Liquidity remains modest (current ratio 0.667; quick ratio 0.437) and leverage is meaningful (debt-to-capitalization ~60.5%, debt-to-equity ~1.532). The payout ratio is approximately 53.2%, and the dividend yield is around 0.98%. Peer context suggests General Mills under a margin-lighting positioning relative to some large packaged foods peers, with higher gross margins observed at certain competitors, while cash generation remains a clear strength. Going forward, the company will likely rely on price/mix, productivity, and disciplined capital allocation to maintain cash flow and deleveraging while navigating input-cost volatility and competitive dynamics.