General Mills, Inc.

Management did not report quarterly revenue, EPS, or gross margin figures in the transcript provided. For fiscal 27, General Mills expects about $3 billion of cumulative cost savings through fiscal 2030, including $750 million in fiscal 27. Kofi Bruce said fiscal 27 inflation is expected at 4% to 5%, assumes about $100 a barrel oil on the uncovered portion of the year, and includes tariff refunds that are described as modest and immaterial. He also said net inflation should be negative early in the year and progressively improve into Q2 and Q3, and that some modest pressure on gross margin is expected, with operating margin under somewhat more pressure than gross margin.

Jeff Harmening framed fiscal 26 as the first step in a two-step plan: fix base pricing and value perception first, then use that stronger foundation to improve marketing, innovation, and renovation. He said the company exited the year with better household penetration and base volume, and he sounded confident that fiscal 27 will be better despite a still-stressed consumer. He emphasized stronger brand remarkability, sharper execution, and a more aggressive productivity agenda as the path to sustainable shareholder value.

Kofi Bruce focused on the shape of fiscal 27 and the cost/inflation bridge. He said the company expects $4% to 5% inflation, assumes about $100 oil on the uncovered portion of the year, and is about 8 to 9 months covered, which limits near-term volatility. He also said the company expects some modest gross margin pressure, that tariff refunds are not expected to be material, and that better price/mix and less volume pressure would drive performance toward the high end of the organic sales range.

Analysts pressed management on the pivot from price-led actions in fiscal 26 to innovation-led growth in fiscal 27, and management said the base pricing work was necessary to restore competitiveness and make innovation work better. Questions also focused on category growth, share trends, and whether volumes can turn positive; management said the consumer remains pressured and that they are not assuming a better category backdrop. On specific businesses, management flagged Totino’s and Wilderness as problem areas, while saying Pet inventory sell-in remains a low single-digit headwind because faster-growing channels hold less inventory.