GIS — what changed in the latest 10-K

Text added vs the prior filing · source: 10-K · 2026-07-01

• For 160 years, General Mills has been making food the world loves. We are a leading global manufacturer and marketer of branded

• consumer foods with more than 100 brands in 100 countries across six continents. In addition to our consolidated operations, we have

• 50 percent interests in two strategic joint ventures that manufacture and market food products sold in approximately 120 countries

• We manage and review the financial results of our business under four operating segments: North America Retail; International; North

• America Pet; and North America Foodservice. See Management’s Discussion and Analysis of Financial Condition and Results of

Text removed vs the prior filing · source: 10-K · 2025-06-26

• business under four operating segments: North America Retail; International;

• products that provide great taste, nutrition, convenience, and

• the Consolidated Financial Statements in Item 8 of this report unless the context

• Certain terms used throughout this report are defined in a glossary in Item 8 of

• arrangements for certain products and to serve certain types

Text added vs the prior filing · source: 10-K · 2026-07-01

• Our business is subject to various risks and uncertainties. Any of the risks described below could materially, adversely affect our

• The categories in which we participate are very competitive, and if we are not able to compete effectively, our results of

• The human and pet food categories in which we participate are very competitive. Our principal competitors in these categories are

• manufacturers, as well as retailers with their own branded and private label products. Competitors market and sell their products

• through brick-and-mortar stores and e-commerce. All of our principal competitors have substantial financial, marketing, and other

Text removed vs the prior filing · source: 10-K · 2025-06-26

• customers, please see Note 8 to the Consolidated Financial Statements in Item 8 of this

• Concerns with the safety and quality of our products could cause consumers

• buying our products or cause production and delivery disruptions.

• existing categories, our growth and profitability could be adversely

• Our results may be negatively impacted if consumers do not maintain

Text added vs the prior filing · source: 10-K · 2026-07-01

• We are a global packaged foods company. We develop distinctive value-added food products and market them under unique brand

• names. We work continuously to improve our core products and to create new products that meet consumers’ evolving needs and

• preferences. In addition, we build the equity of our brands over time with strong consumer-directed marketing, innovative new

• products, and effective merchandising. We believe our brand-building approach is the key to winning and sustaining leading share

• Our fundamental financial goal is to generate competitively differentiated returns for our shareholders over the long term. We believe

Text removed vs the prior filing · source: 10-K · 2025-06-26

• Our long-term growth objectives are to deliver the following performance

• mid-single-digit annual growth in adjusted operating profit;

• mid- to high-single-digit annual growth in adjusted diluted earnings per share

• free cash flow conversion of at least 95 percent of adjusted net earnings

• cash return to shareholders of 80 to 90 percent of free cash flow,

Text added vs the prior filing · source: 10-K · 2026-07-01

• We are exposed to market risk stemming from changes in interest and foreign exchange rates and commodity and equity prices.

• Changes in these factors could cause fluctuations in our earnings and cash flows. In the normal course of business, we actively manage

• our exposure to these market risks by entering into various hedging transactions, authorized under established policies that place

• controls on these activities. The counterparties in these transactions are generally highly rated institutions. We establish credit limits

• for each counterparty. Our hedging transactions include but are not limited to a variety of derivative financial instruments. For

Text removed vs the prior filing · source: 10-K · 2025-06-26

• and equity market-risk-sensitive instruments outstanding as of May 25,

• statements, including statements contained in our filings with the

• caution you not to place undue reliance on any such forward-looking statements.

• and political unrest in foreign markets and economic uncertainty

• should also consider the risk factors that we identify in Item 1A of this report, which could also