Selected Financial Data
since 2005
Income Statement
General Mills Inc., selected items from income statement, long-term trends
US$ in thousands
| 12 months ended: | Net sales | Operating profit | Net earnings attributable to General Mills |
|---|---|---|---|
| May 26, 2019 | 16,865,200) | 2,515,900) | 1,752,700) |
| May 27, 2018 | 15,740,400) | 2,509,300) | 2,131,000) |
| May 28, 2017 | 15,619,800) | 2,566,400) | 1,657,500) |
| May 29, 2016 | 16,563,100) | 2,707,400) | 1,697,400) |
| May 31, 2015 | 17,630,300) | 2,077,300) | 1,221,300) |
| May 25, 2014 | 17,909,600) | 2,957,400) | 1,824,400) |
| May 26, 2013 | 17,774,100) | 2,851,800) | 1,855,200) |
| May 27, 2012 | 16,657,900) | 2,562,400) | 1,567,300) |
| May 29, 2011 | 14,880,200) | 2,774,500) | 1,798,300) |
| May 30, 2010 | 14,796,500) | 2,606,100) | 1,530,500) |
| May 31, 2009 | 14,691,300) | 2,322,900) | 1,304,400) |
| May 25, 2008 | 13,652,100) | 2,227,800) | 1,294,700) |
| May 27, 2007 | 12,441,500) | 2,057,800) | 1,143,900) |
| May 28, 2006 | 11,640,000) | 1,966,000) | 1,090,000) |
| May 29, 2005 | 11,244,000) | 2,270,000) | 1,240,000) |
Based on: 10-K (reporting date: 2019-05-26), 10-K (reporting date: 2018-05-27), 10-K (reporting date: 2017-05-28), 10-K (reporting date: 2016-05-29), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-25), 10-K (reporting date: 2013-05-26), 10-K (reporting date: 2012-05-27), 10-K (reporting date: 2011-05-29), 10-K (reporting date: 2010-05-30), 10-K (reporting date: 2009-05-31), 10-K (reporting date: 2008-05-25), 10-K (reporting date: 2007-05-27), 10-K (reporting date: 2006-05-28), 10-K (reporting date: 2005-05-29).
Revenue and profitability trends from 2005 to 2019 reveal a cycle of expansion, contraction, and subsequent stabilization. Net sales grew consistently for nearly a decade, peaking in 2014 before experiencing a multi-year decline and a recent recovery phase.
- Net Sales Performance
- A long-term growth trend is observed from 2005, where sales were 11.24 billion USD, reaching a peak of 17.91 billion USD in 2014. This period of expansion was followed by a contraction phase between 2015 and 2017, with sales dipping to a low of 15.62 billion USD. A recovery trend emerged thereafter, with sales rising to 16.87 billion USD by 2019.
- Operating Profit Trends
- Operating profit demonstrated greater stability than top-line revenue. After an initial dip in 2006, operating profit generally trended upward, peaking at 2.96 billion USD in 2014. A notable decline occurred in 2015, where profit dropped to 2.08 billion USD, though it recovered quickly to stabilize between 2.51 billion USD and 2.71 billion USD from 2016 through 2019.
- Net Earnings Volatility
- Net earnings attributable to the parent company exhibited the highest degree of variance. Earnings grew from 1.24 billion USD in 2005 to 1.86 billion USD in 2013. A sharp decline is evident in 2015, with earnings falling to 1.22 billion USD. This was followed by a significant surge to a period high of 2.13 billion USD in 2018, before retreating to 1.75 billion USD in 2019.
The relationship between net sales and operating profit indicates a compression of operating margins over the long term. While sales increased by approximately 50% between 2005 and 2014, operating profit grew by only 30% in the same period. Furthermore, the disconnect between the stability of operating profit and the volatility of net earnings suggests that non-operating factors, such as tax adjustments or one-time financial charges, significantly influenced the bottom line, particularly during the 2015 downturn and the 2018 peak.
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Balance Sheet: Assets
General Mills Inc., selected items from assets, long-term trends
US$ in thousands
| Current assets | Total assets | |
|---|---|---|
| May 26, 2019 | 4,186,500) | 30,111,200) |
| May 27, 2018 | 4,123,700) | 30,624,000) |
| May 28, 2017 | 4,061,400) | 21,812,600) |
| May 29, 2016 | 3,937,200) | 21,712,300) |
| May 31, 2015 | 3,785,700) | 21,964,500) |
| May 25, 2014 | 4,393,500) | 23,145,700) |
| May 26, 2013 | 4,298,900) | 22,658,000) |
| May 27, 2012 | 3,691,400) | 21,096,800) |
| May 29, 2011 | 3,902,000) | 18,674,500) |
| May 30, 2010 | 3,480,000) | 17,678,900) |
| May 31, 2009 | 3,534,900) | 17,874,800) |
| May 25, 2008 | 3,620,000) | 19,041,600) |
| May 27, 2007 | 3,053,700) | 18,183,700) |
| May 28, 2006 | 3,176,000) | 18,207,000) |
| May 29, 2005 | 3,055,000) | 18,066,000) |
Based on: 10-K (reporting date: 2019-05-26), 10-K (reporting date: 2018-05-27), 10-K (reporting date: 2017-05-28), 10-K (reporting date: 2016-05-29), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-25), 10-K (reporting date: 2013-05-26), 10-K (reporting date: 2012-05-27), 10-K (reporting date: 2011-05-29), 10-K (reporting date: 2010-05-30), 10-K (reporting date: 2009-05-31), 10-K (reporting date: 2008-05-25), 10-K (reporting date: 2007-05-27), 10-K (reporting date: 2006-05-28), 10-K (reporting date: 2005-05-29).
The analysis of asset trends from 2005 to 2019 reveals a general expansion of the balance sheet, characterized by a steady increase in liquidity and a significant structural shift in total asset composition toward the end of the period.
- Current Asset Growth
- Current assets exhibited a gradual upward trajectory over the fifteen-year period, rising from 3,055,000 thousand US$ in 2005 to 4,186,500 thousand US$ in 2019. A notable peak occurred in 2014 at 4,393,500 thousand US$, followed by a brief contraction in 2015 before returning to a steady growth pattern. This indicates a long-term increase in the company's short-term resource base.
- Total Asset Expansion
- Total assets remained relatively stable between 2005 and 2011, fluctuating around the 18 billion US$ mark. A growth phase was observed between 2012 and 2014, where assets peaked at 23,145,700 thousand US$. Following a period of slight decline and stabilization between 2015 and 2017, a substantial increase occurred in 2018, with total assets jumping to 30,624,000 thousand US$, before settling slightly at 30,111,200 thousand US$ in 2019.
- Asset Composition and Structural Shift
- The relationship between current assets and total assets shifted significantly over time. From 2005 to 2017, current assets typically represented between 15% and 20% of total assets. However, the sharp increase in total assets in 2018—which was not matched by a corresponding increase in current assets—led to a reduction in the proportion of liquid assets relative to the total balance sheet. This suggests a significant accumulation of non-current assets, such as long-term investments, property, plant, equipment, or intangible assets, during the 2018 fiscal year.
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Balance Sheet: Liabilities and Stockholders’ Equity
General Mills Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in thousands
| Current liabilities | Total liabilities | Notes payable and long-term debt | Stockholders’ equity | |
|---|---|---|---|---|
| May 26, 2019 | 7,087,100) | 22,191,800) | 14,490,000) | 7,054,500) |
| May 27, 2018 | 7,341,900) | 23,355,400) | 15,818,600) | 6,141,100) |
| May 28, 2017 | 5,330,800) | 16,216,200) | 9,481,700) | 4,327,900) |
| May 29, 2016 | 5,014,700) | 15,559,600) | 8,430,900) | 4,930,200) |
| May 31, 2015 | 4,890,100) | 15,792,900) | 9,223,900) | 4,996,700) |
| May 25, 2014 | 5,423,500) | 15,156,200) | 8,785,800) | 6,534,800) |
| May 26, 2013 | 5,293,900) | 14,562,000) | 7,969,100) | 6,672,200) |
| May 27, 2012 | 3,843,200) | 13,366,300) | 7,429,600) | 6,421,700) |
| May 29, 2011 | 3,659,200) | 12,062,300) | 6,885,100) | 6,365,500) |
| May 30, 2010 | 3,769,100) | 12,030,900) | 6,425,900) | 5,402,900) |
| May 31, 2009 | 3,606,000) | 12,457,800) | 7,075,500) | 5,174,700) |
| May 25, 2008 | 4,856,300) | 12,583,500) | 6,999,500) | 6,215,800) |
| May 27, 2007 | 5,845,100) | 11,725,800) | 6,206,100) | 5,319,100) |
| May 28, 2006 | 6,138,000) | 11,299,000) | 6,049,000) | 5,772,000) |
| May 29, 2005 | 4,184,000) | 11,257,000) | 6,192,000) | 5,676,000) |
Based on: 10-K (reporting date: 2019-05-26), 10-K (reporting date: 2018-05-27), 10-K (reporting date: 2017-05-28), 10-K (reporting date: 2016-05-29), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-25), 10-K (reporting date: 2013-05-26), 10-K (reporting date: 2012-05-27), 10-K (reporting date: 2011-05-29), 10-K (reporting date: 2010-05-30), 10-K (reporting date: 2009-05-31), 10-K (reporting date: 2008-05-25), 10-K (reporting date: 2007-05-27), 10-K (reporting date: 2006-05-28), 10-K (reporting date: 2005-05-29).
An examination of the financial position from 2005 to 2019 reveals a significant expansion of the balance sheet, characterized by a substantial increase in total liabilities and a volatile trajectory for stockholders' equity. The most prominent shift occurred between 2017 and 2018, where total liabilities escalated from approximately 16.2 billion US dollars to over 23.3 billion US dollars, marking the highest leverage point in the observed period.
- Long-Term Debt Trends
- Notes payable and long-term debt maintained a steady upward trajectory for much of the period, rising from 6.19 billion US dollars in 2005 to 9.48 billion US dollars in 2017. A sharp increase is noted in 2018, where long-term debt surged to 15.82 billion US dollars, representing a growth of approximately 66% in a single year. Although this figure moderated to 14.49 billion US dollars by 2019, the overall debt burden remained significantly higher than the historical baseline.
- Current Liabilities Fluctuations
- Current liabilities exhibited more volatility than long-term debt. After peaking early in 2006 at 6.14 billion US dollars, they declined to a low of 3.61 billion US dollars by 2009. A gradual recovery followed, culminating in a peak of 7.34 billion US dollars in 2018. This suggests periodic shifts in short-term financing strategies or changes in operational working capital requirements.
- Stockholders' Equity Dynamics
- Stockholders' equity demonstrated a non-linear pattern. The value remained relatively stable between 5.17 billion and 6.67 billion US dollars from 2005 to 2014. However, a contraction occurred between 2014 and 2017, with equity falling to a period low of 4.33 billion US dollars. This downward trend was reversed abruptly in 2018 and 2019, with equity climbing to 7.05 billion US dollars by the end of the period.
The relationship between liabilities and equity indicates a strategic shift toward higher leverage, particularly toward the end of the timeline. While equity recovered strongly in the final two years, the disproportionate increase in total liabilities, driven primarily by long-term debt, suggests a heightened reliance on borrowed capital to fund operations or strategic investments.
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Cash Flow Statement
General Mills Inc., selected items from cash flow statement, long-term trends
US$ in thousands
| 12 months ended: | Net cash provided by operating activities | Net cash (used) provided by investing activities | Net cash provided (used) by financing activities |
|---|---|---|---|
| May 26, 2019 | 2,807,000) | (556,500) | (2,176,400) |
| May 27, 2018 | 2,841,000) | (8,685,400) | 5,445,500) |
| May 28, 2017 | 2,313,300) | (646,900) | (1,645,500) |
| May 29, 2016 | 2,629,800) | 93,400) | (2,285,600) |
| May 31, 2015 | 2,542,800) | (1,602,200) | (1,384,800) |
| May 25, 2014 | 2,541,000) | (561,800) | (1,824,100) |
| May 26, 2013 | 2,926,000) | (1,515,400) | (1,140,200) |
| May 27, 2012 | 2,407,200) | (1,870,800) | (666,600) |
| May 29, 2011 | 1,526,800) | (715,100) | (936,600) |
| May 30, 2010 | 2,181,200) | (721,200) | (1,503,800) |
| May 31, 2009 | 1,828,200) | (288,900) | (1,404,500) |
| May 25, 2008 | 1,729,900) | (442,400) | (1,093,000) |
| May 27, 2007 | 1,751,200) | (597,100) | (1,398,100) |
| May 28, 2006 | 1,771,000) | (292,000) | (1,405,000) |
| May 29, 2005 | 1,711,000) | 496,000) | (2,385,000) |
Based on: 10-K (reporting date: 2019-05-26), 10-K (reporting date: 2018-05-27), 10-K (reporting date: 2017-05-28), 10-K (reporting date: 2016-05-29), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-25), 10-K (reporting date: 2013-05-26), 10-K (reporting date: 2012-05-27), 10-K (reporting date: 2011-05-29), 10-K (reporting date: 2010-05-30), 10-K (reporting date: 2009-05-31), 10-K (reporting date: 2008-05-25), 10-K (reporting date: 2007-05-27), 10-K (reporting date: 2006-05-28), 10-K (reporting date: 2005-05-29).
The cash flow profile demonstrates a consistent capacity to generate liquidity from core operations, accompanied by periodic significant capital allocations and a long-term strategy of returning capital to shareholders.
- Operating Cash Flow Trends
- Net cash provided by operating activities exhibited a general upward trajectory over the analyzed period. From 2005 to 2009, cash generation remained relatively stable, fluctuating between 1.7 billion and 1.8 billion USD. A notable shift occurred after 2011, where operating cash flows climbed to a higher plateau, consistently exceeding 2.3 billion USD from 2012 through 2019, with a peak of 2.9 billion USD in 2013. This indicates a strengthening of the company's primary ability to generate cash from its business activities.
- Investing Activity Patterns
- Investing activities were characterized by consistent net outflows, reflecting ongoing capital expenditures or acquisitions. While most years saw outflows ranging from several hundred million to 1.8 billion USD, a significant anomaly occurred in 2018 with a net cash usage of 8.7 billion USD. This represents an extreme deviation from the historical norm, suggesting a major strategic investment or acquisition during that fiscal year. Other periods of intensified investing activity are observed in 2012 and 2015.
- Financing Activity Dynamics
- For the majority of the period, financing activities resulted in net cash outflows, indicating a persistent focus on debt repayment or shareholder distributions. These outflows typically ranged between 666 million and 2.3 billion USD. However, a sharp reversal occurred in 2018, where financing activities provided a net inflow of 5.4 billion USD. This inflow closely correlates with the massive investing outflow in the same year, suggesting that the significant investment was funded through the issuance of new debt or equity.
Overall, the financial data reveals a robust operational foundation that supports both regular capital returns and occasional large-scale strategic investments. The correlation between the 2018 investing and financing spikes highlights a specific period of aggressive balance sheet expansion to fund growth, while the steady rise in operating cash flows suggests improved operational efficiency and scale over the fifteen-year horizon.
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Per Share Data
General Mills Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| May 26, 2019 | 2.92 | 2.90 | 1.96 |
| May 27, 2018 | 3.69 | 3.64 | 1.96 |
| May 28, 2017 | 2.82 | 2.77 | 1.92 |
| May 29, 2016 | 2.83 | 2.77 | 1.78 |
| May 31, 2015 | 2.02 | 1.97 | 1.67 |
| May 25, 2014 | 2.90 | 2.83 | 1.55 |
| May 26, 2013 | 2.86 | 2.79 | 1.32 |
| May 27, 2012 | 2.42 | 2.35 | 1.22 |
| May 29, 2011 | 2.80 | 2.70 | 1.12 |
| May 30, 2010 | 2.32 | 2.24 | 0.96 |
| May 31, 2009 | 1.96 | 1.90 | 0.86 |
| May 25, 2008 | 1.93 | 1.85 | 0.78 |
| May 27, 2007 | 1.65 | 1.59 | 0.72 |
| May 28, 2006 | 1.53 | 1.45 | 0.67 |
| May 29, 2005 | 1.67 | 1.54 | 0.62 |
Based on: 10-K (reporting date: 2019-05-26), 10-K (reporting date: 2018-05-27), 10-K (reporting date: 2017-05-28), 10-K (reporting date: 2016-05-29), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-25), 10-K (reporting date: 2013-05-26), 10-K (reporting date: 2012-05-27), 10-K (reporting date: 2011-05-29), 10-K (reporting date: 2010-05-30), 10-K (reporting date: 2009-05-31), 10-K (reporting date: 2008-05-25), 10-K (reporting date: 2007-05-27), 10-K (reporting date: 2006-05-28), 10-K (reporting date: 2005-05-29).
1, 2, 3 Data adjusted for splits and stock dividends.
An examination of per-share financial performance between 2005 and 2019 reveals a general upward trajectory in both earnings and dividends, characterized by significant consistency in distributions alongside periodic volatility in profitability.
- Earnings per Share Performance
- Basic and diluted earnings per share exhibited a long-term growth trend despite several intermittent contractions. Basic EPS rose from 1.67 in 2005 to a peak of 3.69 in 2018. Notable fluctuations occurred in 2012 and 2015, where earnings experienced temporary declines before returning to growth. The narrow and consistent spread between basic and diluted earnings suggests a limited impact from dilutive securities on the overall per-share profitability.
- Dividend Growth Patterns
- Dividend per share demonstrated a consistent and uninterrupted annual increase for the majority of the analyzed period. Starting at 0.62 in 2005, distributions grew steadily every year until reaching 1.96 in 2018, a level that was maintained through 2019. This linear progression indicates a disciplined capital return strategy focused on steady growth.
- Earnings-to-Dividend Correlation
- A divergence is observed between the volatility of earnings and the stability of dividend payments. While earnings per share fluctuated—most notably during the decline to 2.02 in basic EPS in 2015—dividends continued to increase. This pattern reflects a prioritization of dividend stability, ensuring predictable shareholder returns regardless of short-term earnings variance.
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