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General Mills Stock Falls 22% in 2026 on Q1 Earnings

SEC / General Mills2 min read6 sources

Why is General Mills stock falling in 2026?

General Mills (GIS) stock has fallen 22% in 2026 to $36.32, heading into Wednesday's Q1 earnings where analysts expect adjusted profit to drop 16% as private-label trade-down pressures branded food margins.

Key numbers

Q1 FY2027 EPS consensus$0.72-16.3% vs Q1 FY2026 actual of $0.86
Q1 FY2027 revenue consensus$4.33B-4.3% vs Q1 FY2026 actual of $4.52B
FY2027 adjusted EPS guidance$3.00–$3.20vs $3.55 adj. EPS in FY2026
NA Retail Q1 revenue estimate$2.45B-6.7% YoY, steepest segment decline
GIS stock year-to-date-22%from $46.53 on Jan 1 to $36.32
FY2026 adjusted gross margin33.5%-100 bps vs FY2025

What happened

General Mills (GIS) stock has fallen 22% in 2026 to $36.32, heading into Wednesday's Q1 earnings where analysts expect adjusted profit to drop 16% as private-label trade-down pressures branded food margins. Wall Street's consensus calls for Q1 FY2027 earnings of $0.72 per share on revenue of $4.33 billion — both figures below the year-ago quarter. North America Retail, the company's largest segment, is expected to see a 6.7% drop in sales, the sharpest decline of any business unit. On September 8, General Mills reaffirmed its full-year adjusted EPS guidance of $3.00 to $3.20, a range that already sits below the $3.55 earned in fiscal 2026.

Why it matters

General Mills is one of America's biggest packaged food makers, and its quarterly results are a live test of whether consumers are still trading down from name brands to cheaper store labels. After 18 months of elevated food costs, the company cut prices on many products to win shoppers back — Wednesday's report will show whether that strategy is protecting margins. A miss or guidance cut could drag the broader consumer-staples sector, which has already lagged the wider market in 2026.

Who this affects

Marketbearish
Medium impact
Consumer-staples stocks face wider pressure if results disappoint.
Companybearish
Medium impact
Falling volume and EPS hurt GIS shareholders.
Competitorsmixed
Low impact
Conagra, Campbell's face similar private-label and demand headwinds.
Industrybearish
Medium impact
Branded food margins across the sector face private-label pressure.

General Mills vs Campbell's, Conagra, J.M. Smucker

General MillsGIS:NYSE$19.4B-22%11.8x
The Campbell's Co.CPB:NASDAQ$6.4B-10%11.5x
Conagra BrandsCAG:NYSE$7.4B——
J.M. SmuckerSJM:NYSE$12.9B+13%11.9x

As of 2026-09-19

How we got here

  1. Q1 FY2026 adj. EPS $0.86 beats est.; organic sales -3% as price cuts begin.

  2. FY2026 full year: revenue $18.4B (-5%); adj. EPS $3.55, down 16%.

  3. General Mills reaffirms FY2027 adj. EPS guidance of $3.00–$3.20 at Barclays.

  4. Q1 FY2027 earnings due pre-market; consensus $0.72 EPS, $4.33B revenue.

What to watch

  • North America Retail volume trend vs. expected -6.7% sales decline.2026-09-23
  • Management commentary on whether $3.00–$3.20 FY2027 EPS range holds.2026-09-23
  • Private-label share in cereal and snacks — key pricing-power signal.Q4 2026

Educational content only. Not investment advice.

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