Item 1. Financial Statements.

Consolidated Statements of Earnings

GENERAL MILLS, INC. AND SUBSIDIARIES

(Unaudited) (In Millions, Except per Share Data)

	Quarter Ended				Nine-Month Period Ended
	Feb. 22, 2026		Feb. 23, 2025		Feb. 22, 2026		Feb. 23, 2025
Net sales	$4,436.7		$4,842.2		$13,815.0		$14,930.4
Cost of sales	3,069.8		3,203.1		9,222.8		9,671.4
Selling, general, and administrative expenses	812.9		844.4		2,500.4		2,551.5
Divestitures loss (gain), net	5.0		(95.9)		(1,049.4)		(95.9)
Restructuring, transformation, impairment, and other exit costs (recoveries)	24.4		(0.8)		162.8		2.6
Operating profit	524.6		891.4		2,978.4		2,800.8
Benefit plan non-service income	(15.3)		(13.9)		(46.1)		(41.6)
Interest, net	128.4		136.3		387.1		384.5
Earnings before income taxes and after-tax (loss) earnings from joint ventures	411.5		769.0		2,637.4		2,457.9
Income taxes	99.9		152.4		654.7		504.6
After-tax (loss) earnings from joint ventures	(6.1)		14.4		(58.9)		63.6
Net earnings, including earnings attributable to noncontrolling interests	305.5		631.0		1,923.8		2,016.9
Net earnings attributable to noncontrolling interests	2.4		5.4		3.5		15.7
Net earnings attributable to General Mills	$303.1		$625.6		$1,920.3		$2,001.2
Earnings per share – basic	$0.57		$1.14		$3.57		$3.60
Earnings per share – diluted	$0.56		$1.12		$3.56		$3.57

See accompanying notes to consolidated financial statements.

Consolidated Statements of Comprehensive Income

GENERAL MILLS, INC. AND SUBSIDIARIES

(Unaudited) (In Millions)

	Quarter Ended				Nine-Month Period Ended
	Feb. 22, 2026		Feb. 23, 2025		Feb. 22, 2026		Feb. 23, 2025
Net earnings, including earnings attributable to noncontrolling interests	$305.5		$631.0		$1,923.8		$2,016.9
Other comprehensive income (loss), net of tax:
Foreign currency translation	12.3		6.2		(40.0)		(26.9)
Net actuarial gain (loss)	3.8		—		(3.7)		—
Other fair value changes:
Hedge derivatives	(1.5)		1.1		6.6		4.3
Reclassification to earnings:
Foreign currency translation	—		33.9		—		33.9
Hedge derivatives	2.3		(3.0)		(1.6)		(1.3)
Amortization of losses and prior service costs	11.4		11.2		39.8		34.5
Other comprehensive income, net of tax	28.3		49.4		1.1		44.5
Total comprehensive income	333.8		680.4		1,924.9		2,061.4
Comprehensive income attributable to noncontrolling interests	2.7		5.4		3.8		14.9
Comprehensive income attributable to General Mills	$331.1		$675.0		$1,921.1		$2,046.5

See accompanying notes to consolidated financial statements.

Consolidated Balance Sheets

GENERAL MILLS, INC. AND SUBSIDIARIES

(In Millions, Except Par Value)

	Feb. 22, 2026		May 25, 2025
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$785.5		$363.9
Receivables	1,857.1		1,795.9
Inventories	1,755.7		1,910.8
Prepaid expenses and other current assets	490.3		464.7
Assets held for sale	—		740.4
Total current assets	4,888.6		5,275.7
Land, buildings, and equipment	3,492.1		3,632.6
Goodwill	15,634.4		15,622.4
Other intangible assets	7,030.1		7,081.4
Other assets	1,357.9		1,459.0
Total assets	$32,403.1		$33,071.1
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$3,634.4		$4,009.5
Current portion of long-term debt	2,138.3		1,528.4
Notes payable	837.3		677.0
Other current liabilities	2,075.3		1,624.0
Liabilities held for sale	—		18.4
Total current liabilities	8,685.3		7,857.3
Long-term debt	10,992.1		12,673.2
Deferred income taxes	2,129.7		2,100.8
Other liabilities	1,239.0		1,228.6
Total liabilities	23,046.1		23,859.9
Stockholders’ equity:
Common stock, 754.6 shares issued, $0.10 par value	75.5		75.5
Additional paid-in capital	1,188.6		1,218.8
Retained earnings	22,525.4		21,917.8
Common stock in treasury, at cost, shares of 220.9 and 212.2	(11,902.0)		(11,467.9)
Accumulated other comprehensive loss	(2,544.2)		(2,545.0)
Total stockholders’ equity	9,343.3		9,199.2
Noncontrolling interests	13.7		12.0
Total equity	9,357.0		9,211.2
Total liabilities and equity	$32,403.1		$33,071.1

See accompanying notes to consolidated financial statements.

Consolidated Statements of Total Equity

GENERAL MILLS, INC. AND SUBSIDIARIES

(Unaudited) (In Millions, Except per Share Data)

	Quarter Ended
	Feb. 22, 2026				Feb. 23, 2025
	Shares		Amount		Shares		Amount
Total equity, beginning balance			$9,328.8				$9,449.2
Common stock, 1 billion shares authorized, $0.10 par value	754.6		75.5		754.6		75.5
Additional paid-in capital:
Beginning balance			1,170.9				1,182.0
Stock compensation plans			(0.3)				(9.6)
Unearned compensation related to stock unit awards			(8.1)				2.3
Earned compensation			26.1				20.2
Ending balance			1,188.6				1,194.9
Retained earnings:
Beginning balance			22,550.8				21,340.3
Net earnings attributable to General Mills			303.1				625.6
Cash dividends declared ($0.61 and $0.60 per share)			(328.5)				(329.9)
Ending balance			22,525.4				21,636.0
Common stock in treasury:
Beginning balance	(221.0)		(11,908.6)		(202.4)		(10,873.3)
Shares purchased, including excise tax of $— and $2.9 million	—		(0.2)		(4.8)		(304.4)
Stock compensation plans	0.1		6.8		0.1		8.9
Ending balance	(220.9)		(11,902.0)		(207.1)		(11,168.8)
Accumulated other comprehensive loss:
Beginning balance			(2,572.2)				(2,523.8)
Comprehensive income			28.0				49.4
Ending balance			(2,544.2)				(2,474.4)
Noncontrolling interests:
Beginning balance			12.4				248.5
Comprehensive income			2.7				5.4
Distributions to noncontrolling interest holders			(1.4)				(4.5)
Ending balance			13.7				249.4
Total equity, ending balance			$9,357.0				$9,512.6

See accompanying notes to consolidated financial statements.

Consolidated Statements of Total Equity

GENERAL MILLS, INC. AND SUBSIDIARIES

(Unaudited) (In Millions, Except per Share Data)

	Nine-Month Period Ended
	Feb. 22, 2026				Feb. 23, 2025
	Shares		Amount		Shares		Amount
Total equity, beginning balance			$9,211.2				$9,648.5
Common stock, 1 billion shares authorized, $0.10 par value	754.6		75.5		754.6		75.5
Additional paid-in capital:
Beginning balance			1,218.8				1,227.0
Stock compensation plans			(20.1)				(18.9)
Unearned compensation related to stock unit awards			(75.0)				(79.4)
Earned compensation			64.9				66.2
Ending balance			1,188.6				1,194.9
Retained earnings:
Beginning balance			21,917.8				20,971.8
Net earnings attributable to General Mills			1,920.3				2,001.2
Cash dividends declared ($2.44 and $2.40 per share)			(1,312.7)				(1,337.0)
Ending balance			22,525.4				21,636.0
Common stock in treasury:
Beginning balance	(212.2)		(11,467.9)		(195.5)		(10,357.9)
Shares purchased, including excise tax of $4.4 and $7.7 million	(10.0)		(504.7)		(13.5)		(909.6)
Stock compensation plans	1.3		70.6		1.9		98.7
Ending balance	(220.9)		(11,902.0)		(207.1)		(11,168.8)
Accumulated other comprehensive loss:
Beginning balance			(2,545.0)				(2,519.7)
Comprehensive income			0.8				45.3
Ending balance			(2,544.2)				(2,474.4)
Noncontrolling interests:
Beginning balance			12.0				251.8
Comprehensive income			3.8				14.9
Distributions to noncontrolling interest holders			(2.1)				(17.3)
Ending balance			13.7				249.4
Total equity, ending balance			$9,357.0				$9,512.6

See accompanying notes to consolidated financial statements.

Consolidated Statements of Cash Flows

GENERAL MILLS, INC. AND SUBSIDIARIES

(Unaudited) (In Millions)

	Nine-Month Period Ended
	Feb. 22, 2026		Feb. 23, 2025
Cash Flows - Operating Activities
Net earnings, including earnings attributable to noncontrolling interests	$1,923.8		$2,016.9
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	416.1		403.4
After-tax loss (earnings) from joint ventures	58.9		(63.6)
Distributions of earnings from joint ventures	32.9		30.9
Stock-based compensation	65.6		67.1
Deferred income taxes	139.4		(13.5)
Pension and other postretirement benefit plan contributions	(21.3)		(23.0)
Pension and other postretirement benefit plan costs	(20.4)		(9.9)
Divestitures gain, net	(1,049.4)		(95.9)
Restructuring, transformation, impairment, and other exit costs (recoveries)	109.1		(3.4)
Changes in current assets and liabilities, excluding the effects of the acquisition and divestitures	(129.4)		55.8
Other, net	88.9		(58.2)
Net cash provided by operating activities	1,614.2		2,306.6
Cash Flows - Investing Activities
Purchases of land, buildings, and equipment	(355.5)		(405.1)
Acquisition, net of cash acquired	—		(1,417.3)
Proceeds from divestitures	1,830.2		241.8
Investments in affiliates, net	(40.6)		6.6
Proceeds from disposal of land, buildings, and equipment	5.2		1.0
Other, net	(6.4)		(5.6)
Net cash provided (used) by investing activities	1,432.9		(1,578.6)
Cash Flows - Financing Activities
Change in notes payable	160.9		397.0
Issuance of long-term debt	—		1,500.0
Payment of long-term debt	(1,279.7)		(500.0)
Proceeds from common stock issued on exercised options	0.4		38.4
Purchases of common stock for treasury	(500.3)		(901.9)
Dividends paid	(987.2)		(1,008.4)
Distributions to noncontrolling interest holders	(2.1)		(17.3)
Other, net	(36.4)		(117.5)
Net cash used by financing activities	(2,644.4)		(609.7)
Effect of exchange rate changes on cash and cash equivalents	18.9		(15.0)
Increase in cash and cash equivalents	421.6		103.3
Cash and cash equivalents - beginning of year	363.9		418.0
Cash and cash equivalents - end of period	$785.5		$521.3
Cash Flows from changes in current assets and liabilities, excluding the effects of the acquisition and divestitures:
Receivables	$(43.3)		$(95.7)
Inventories	140.6		59.5
Prepaid expenses and other current assets	(21.2)		139.6
Accounts payable	(350.4)		(136.7)
Other current liabilities	144.9		89.1
Changes in current assets and liabilities	$(129.4)		$55.8

See accompanying notes to consolidated financial statements.

GENERAL MILLS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(1) Background

The accompanying Consolidated Financial Statements of General Mills, Inc. (we, us, our, General Mills, or the Company) have been

prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information

and with the rules and regulations for reporting on Form 10-Q. Accordingly, they do not include certain information and disclosures

required for comprehensive financial statements. In the opinion of management, all adjustments considered necessary for a fair

presentation have been included and are of a normal recurring nature, including the elimination of all intercompany transactions.

Operating results for the fiscal quarter ended February 22, 2026, are not necessarily indicative of the results that may be expected for

the fiscal year ending May 31, 2026.

These statements should be read in conjunction with the Consolidated Financial Statements and footnotes included in our Annual

Report on Form 10-K for the fiscal year ended May 25, 2025. The accounting policies used in preparing these Consolidated Financial

Statements are the same as those described in Note 2 to the Consolidated Financial Statements in that Form 10-K.

Certain reclassifications to our previously reported financial information have been made to conform to the current period

presentation.

Certain terms used throughout this report are defined in the “Glossary” section below.

(2) Acquisition and Divestitures

During the first quarter of fiscal 2026, we completed the sale of our United States yogurt business to Groupe Lactalis S.A. and

recorded a pre-tax gain of $1,046.5 million.

During the third quarter of fiscal 2025, we completed the sale of our Canada yogurt business to Sodiaal International and recorded a

pre-tax gain of $95.9 million. In the first quarter of fiscal 2026, we recorded a sale price adjustment that resulted in a $7.9 million

increase to the pre-tax gain.

During the third quarter of fiscal 2025, we acquired NX Pet Holding, Inc., representing Whitebridge Pet Brands’ North American

premium cat feeding and pet treating business, for a purchase price of $1.4 billion (Whitebridge Pet Brands acquisition). We financed

the transaction with cash on hand and new debt. We consolidated Whitebridge Pet Brands into our Consolidated Balance Sheets and

recorded goodwill of $1,086.7 million, an indefinite-lived intangible asset for the Tiki Pets brand totaling $289.0 million, and a finite-

lived customer relationship asset of $31.0 million. The goodwill is included in the North America Pet segment and is not deductible

for tax purposes. The pro forma effects of this acquisition were not material. The consolidated results are reported in our North

America Pet operating segment on a one-month lag. In fiscal 2026, we recorded a $31.9 million decrease to goodwill, primarily related

to adjustments to certain purchase accounting liabilities upon finalization of income tax returns recorded in the second quarter of fiscal

On March 16, 2026, subsequent to the end of the third quarter of fiscal 2026, we entered into a definitive agreement to sell our

business in Brazil to Café Três Corações S.A. (3corações) for a base purchase price of R$800.0 million, subject to certain specified

deductions and customary post-closing adjustments. The sale is anticipated to close by the end of calendar 2026, subject to regulatory

approvals and other customary closing conditions. We expect to record a pre-tax loss on the sale, which will include the recognition of

accumulated foreign currency translation losses that totaled $622.1 million as of February 22, 2026. Additionally, as of February 22,

2026, we have $238.3 million of net deferred tax assets held in Brazil.

(3) Restructuring, Transformation, Impairment, and Other Exit Costs

Restructuring, transformation, and impairment charges (recoveries) were as follows:

	Quarter Ended				Nine-Month Period Ended
In Millions	Feb. 22, 2026		Feb. 23, 2025		Feb. 22, 2026		Feb. 23, 2025
Supply chain actions	$25.1		$—		$75.4		$—
Other intangible asset impairment	—		—		52.9		—
Charges (recoveries) associated with restructuring and transformation actions previously announced	7.7		(0.6)		47.9		3.6
Total	$32.8		$(0.6)		$176.2		$3.6

In the third quarter of fiscal 2026, we did not undertake any new restructuring or transformation actions. We recorded $25.1 million of

restructuring charges in the third quarter of fiscal 2026 and $75.4 million of restructuring charges in the nine-month period ended

February 22, 2026, related to the multi-year organizational initiative to increase the competitiveness of our supply chain approved in

the second quarter of fiscal 2026. In the third quarter of fiscal 2026, we increased the estimate of restructuring charges that we expect

to incur related to these supply chain actions due to the identification of additional opportunities. As a result, we expect to incur a total

of approximately $96 million of restructuring charges for this initiative, of which approximately $28 million will be cash. These

charges are expected to consist of approximately $66 million of asset write-offs and $30 million of other costs, including severance.

We expect these actions to be completed by the end of fiscal 2029.

We recorded $7.7 million of restructuring and transformation charges in the third quarter of fiscal 2026 and $47.9 million of

restructuring and transformation charges in the nine-month period ended February 22, 2026, related to actions previously announced.

We recorded a $0.6 million net recovery of restructuring charges in the third quarter of fiscal 2025 and $3.6 million of restructuring

charges in the nine-month period ended February 23, 2025, related to restructuring actions previously announced. We expect these

actions to be completed by the end of fiscal 2028.

We paid net $67.1 million of cash in the nine-month period ended February 22, 2026, related to restructuring and transformation

actions. We paid net $7.0 million of cash in the same period of fiscal 2025.

In the second quarter of fiscal 2026, we recorded a $52.9 million non-cash impairment charge related to our Uncle Toby’s brand

intangible asset. Please see Note 4 for additional information.

Restructuring, transformation, and impairment charges (recoveries) are recorded in our Consolidated Statements of Earnings as

follows:

	Quarter Ended				Nine-Month Period Ended
In Millions	Feb. 22, 2026		Feb. 23, 2025		Feb. 22, 2026		Feb. 23, 2025
Restructuring, transformation, impairment, and other exit costs (recoveries)	$24.4		$(0.8)		$162.8		$2.6
Cost of sales	8.4		0.2		13.4		1.0
Total restructuring, transformation, and impairment charges (recoveries)	$32.8		$(0.6)		$176.2		$3.6

The roll forward of our restructuring, transformation, and other exit cost reserves, included in other current liabilities, is as follows:

In Millions	Total
Reserve balance as of May 25, 2025	$77.1
Fiscal 2026 charges, including foreign currency translation	4.7
Utilized in fiscal 2026	(28.8)
Reserve balance as of Feb. 22, 2026	$53.0

The restructuring, transformation, and other exit cost reserves balance as of February 22, 2026, is primarily related to severance costs.

The charges recognized in the roll forward of our reserves for restructuring, transformation, and other exit costs do not include items

charged directly to expense (e.g., asset write-offs, asset impairment charges, and the gain or loss on the sale of restructured assets) and

other periodic exit costs recognized as incurred, as those items are not reflected in our restructuring, transformation, and other exit cost

reserves on our Consolidated Balance Sheets.

(4) Goodwill and Other Intangible Assets

The components of goodwill and other intangible assets are as follows:

In Millions		Feb. 22, 2026		May 25, 2025
Goodwill		$15,634.4		$15,622.4
Other intangible assets:
Intangible assets not subject to amortization:
Brands		6,780.2		6,816.7
Intangible assets subject to amortization:
Customer relationships and other finite-lived intangibles		421.3		420.9
Less accumulated amortization		(171.4)		(156.2)
Intangible assets subject to amortization, net		249.9		264.7
Other intangible assets		7,030.1		7,081.4
Total		$22,664.5		$22,703.8

Based on the carrying value of finite-lived intangible assets as of February 22, 2026, annual amortization expense for each of the next

five fiscal years is estimated to be approximately $20 million.

The changes in the carrying amount of goodwill during the nine-month period ended February 22, 2026, were as follows:

In Millions		North America Retail		North America Pet		North America Foodservice		International (a)		Corporate and Joint Ventures		Total
Balance as of May 25, 2025		$6,323.5		$7,149.5		$755.5		$951.7		$442.2		$15,622.4
Divestiture		(4.7)		—		(0.2)		—		—		(4.9)
Purchase accounting adjustments		—		(31.9)		—		—		—		(31.9)
Other activity, primarily foreign currency translation		0.3		—		—		33.1		15.4		48.8
Balance as of Feb. 22, 2026		$6,319.1		$7,117.6		$755.3		$984.8		$457.6		$15,634.4

(a)The carrying amounts of goodwill within the International segment as of May 25, 2025, and February 22, 2026, were net of

accumulated impairment losses of $117.1 million. For additional information, see Note 6 to the Consolidated Financial Statements

included in our Annual Report on Form 10-K for the fiscal year ended May 25, 2025.

The changes in the carrying amount of other intangible assets during the nine-month period ended February 22, 2026, were as follows:

In Millions		Total
Balance as of May 25, 2025		$7,081.4
Impairment charge		(52.9)
Other activity, primarily foreign currency translation and amortization		1.6
Balance as of Feb. 22, 2026		$7,030.1

Our annual goodwill and indefinite-lived intangible assets impairment test was performed on the first day of the second quarter of

fiscal 2026. As a result of lower future sales and profitability projections for the business supporting our Uncle Toby’s brand

intangible asset, we determined that the fair value of the brand intangible asset no longer exceeded its carrying value and recorded a

$52.9 million non-cash impairment charge. We recorded the impairment charge in restructuring, transformation, impairment, and other

exit costs in our Consolidated Statements of Earnings. Our estimate of the fair value was determined based on a discounted cash flow

model using inputs which included our long-range cash flow projections for the business, the royalty rate, the weighted-average cost

of capital rate, and the tax rate. The fair value is a Level 3 asset in the fair value hierarchy.

All other intangible asset fair values were substantially in excess of the carrying values. In addition, while having significant coverage

as of our fiscal 2026 assessment date, the Progresso, Nudges, True Chews, and Kitano brand intangible assets had risk of decreasing

coverage. We will continue to monitor these businesses for potential impairment.

(5) Inventories

The components of inventories were as follows:

In Millions	Feb. 22, 2026		May 25, 2025
Finished goods	$1,755.7		$1,883.9
Raw materials and packaging	493.9		460.0
Grain	107.2		112.5
Excess of FIFO over LIFO cost	(601.1)		$(545.6)
Total	$1,755.7		$1,910.8

(6) Risk Management Activities

Many commodities we use in the production and distribution of our products are exposed to market price risks. We utilize derivatives

to manage price risk for our principal ingredients and energy costs, including grains (oats, wheat, and corn), oils (principally soybean),

dairy products, natural gas, and diesel fuel. Our primary objective when entering into these derivative contracts is to achieve certainty

with regard to the future price of commodities purchased for use in our supply chain. We manage our exposures through a

combination of purchase orders, long-term contracts with suppliers, exchange-traded futures and options, and over-the-counter options

and swaps. We offset our exposures based on current and projected market conditions and generally seek to acquire the inputs at as

close as possible to or below our planned cost.

We use derivatives to manage our exposure to changes in commodity prices. We do not perform the assessments required to achieve

hedge accounting for commodity derivative positions. Accordingly, the changes in the values of these derivatives are recorded in cost

of sales in our Consolidated Statements of Earnings.

Although we do not meet the criteria for cash flow hedge accounting, we believe that these instruments are effective in achieving our

objective of providing certainty in the future price of commodities purchased for use in our supply chain. Accordingly, for purposes of

measuring segment operating performance, these gains and losses are reported in unallocated corporate items outside of segment

operating results until such time that the exposure we are managing affects earnings. At that time, we reclassify the gain or loss from

unallocated corporate items to segment operating profit, allowing our operating segments to realize the economic effects of the

derivative without experiencing any resulting mark-to-market volatility, which remains in unallocated corporate items.

Unallocated corporate items for the quarters and nine-month periods ended February 22, 2026, and February 23, 2025, included:

	Quarter Ended				Nine-Month Period Ended
In Millions	Feb. 22, 2026		Feb. 23, 2025		Feb. 22, 2026		Feb. 23, 2025
Net gain (loss) on mark-to-market valuation of certain commodity positions	$14.7		$16.0		$9.4		$(18.3)
Net loss on commodity positions reclassified from unallocated corporate items to segment operating profit	1.8		7.3		1.6		43.6
Net mark-to-market revaluation of certain grain inventories	0.7		(0.1)		1.7		(1.5)
Net mark-to-market valuation of certain commodity positions recognized in unallocated corporate items	$17.2		$23.2		$12.7		$23.8

As of February 22, 2026, the net notional value of commodity derivatives was $140.5 million, of which $82.1 million related to

energy inputs and $58.4 million related to agricultural inputs. These contracts relate to inputs that generally will be utilized within the

next 12 months.

We also have net investments in foreign subsidiaries that are denominated in euros. As of February 22, 2026, we hedged a portion of

these investments with €3,645.1 million of euro-denominated bonds.

During the fourth quarter of fiscal 2025, we entered into a €750.0 million notional amount interest rate swap to convert our €750.0

million fixed-rate notes due April 17, 2032, to a floating rate.

During the second quarter of fiscal 2025, in advance of planned debt financing, we entered into $350.0 million of treasury locks. The

treasury locks were terminated during the second quarter of fiscal 2025, in conjunction with the Company’s issuance of $750.0 million

of fixed-rate notes due January 30, 2035. Upon termination, a gain of $0.1 million was recognized in AOCI and will be amortized

through interest expense over the respective term of the debt.

During the second quarter of fiscal 2025, we entered into a $750.0 million notional amount interest rate swap to convert our $750.0

million of fixed-rate notes due January 30, 2030, to a floating rate.

During the second quarter of fiscal 2025, our $500.0 million notional amount interest rate swap to convert our $500.0 million of fixed-

rate notes due November 18, 2025, to a floating rate was called by the counterparty prior to the maturity date. The previously existing

swap was designated as a fair value hedge, and concurrent with the swap being called, we ceased recording market value adjustments

to the associated hedged debt.

The fair values of the derivative positions used in our risk management activities and other assets recorded at fair value were not

material as of February 22, 2026, and were Level 1 or Level 2 assets and liabilities in the fair value hierarchy. We did not significantly

change our valuation techniques from prior periods.

We offer certain suppliers access to third-party services that allow them to view our scheduled payments online. The third-party

services also allow suppliers to finance advances on our scheduled payments at the sole discretion of the supplier and the third party.

We have no economic interest in these financing arrangements and no direct relationship with the suppliers, the third parties, or any

financial institutions concerning these services, including not providing any form of guarantee and not pledging assets as security to

the third parties or financial institutions. All of our accounts payable remain as obligations to our suppliers as stated in our supplier

agreements. As of February 22, 2026, $1,380.5 million of our total accounts payable were payable to suppliers who utilize these third-

party services. As of May 25, 2025, $1,427.5 million of our total accounts payable were payable to suppliers who utilize these third-

party services.

(7) Debt

The components of notes payable and their respective weighted-average interest rates were as follows:

	Feb. 22, 2026				May 25, 2025
In Millions	Notes Payable		Weighted- Average Interest Rate		Notes Payable		Weighted- Average Interest Rate
U.S. commercial paper	$832.6		3.7%		$669.4		4.5%
Financial institutions	4.7		4.0		7.6		5.8
Total	$837.3		3.7%		$677.0		4.5%

To ensure availability of funds, we maintain bank credit lines and have commercial paper programs available to us in the United States

and Europe.

The following table details the credit facilities and lines of credit we had available as of February 22, 2026:

In Millions	Borrowing Capacity		Borrowed Amount
Committed credit facility expiring October 2029	$2,700.0		$—
Uncommitted credit facilities and lines of credit	776.8		4.7
Total	$3,476.8		$4.7

The credit facilities contain covenants, including a requirement to maintain a fixed charge coverage ratio of at least 2.5 times. We were

in compliance with all credit facility covenants as of February 22, 2026.

Long-Term Debt

The fair values and carrying amounts of long-term debt, including the current portion, were $12,848.4 million and $13,130.4 million,

respectively, as of February 22, 2026. The fair value of long-term debt was estimated using market quotations and discounted cash

flows based on our current incremental borrowing rates for similar types of instruments. Long-term debt is a Level 2 liability in the

fair value hierarchy.

In the third quarter of fiscal 2026, we repaid €600.0 million of 0.45 percent fixed-rate notes due January 15, 2026, using proceeds

from the issuance of commercial paper and cash on hand.

In the second quarter of fiscal 2026, we repaid €500.0 million of 0.125 percent fixed-rate notes due November 15, 2025, with cash on

hand.

In the fourth quarter of fiscal 2025, we issued €750.0 million of 3.6 percent fixed-rate notes due April 17, 2032. We used the net

proceeds to repay $800.0 million of 4.0 percent fixed-rate notes due April 17, 2025, and a portion of our outstanding commercial

paper, as well as for general corporate purposes.

In the third quarter of fiscal 2025, we repaid $500.0 million of 5.241 percent fixed-rate notes due November 18, 2025, using proceeds

from the issuance of commercial paper.

In the second quarter of fiscal 2025, we issued $750.0 million of 4.875 percent fixed-rate notes due January 30, 2030. We used the net

proceeds to fund the Whitebridge Pet Brands acquisition.

In the second quarter of fiscal 2025, we issued $750.0 million of 5.25 percent fixed-rate notes due January 30, 2035. We used the net

proceeds to fund the Whitebridge Pet Brands acquisition.

In the second quarter of fiscal 2025, we issued €250.0 million of floating-rate notes due April 22, 2026. We used the net proceeds to

repay €250.0 million of floating-rate notes due November 8, 2024.

In the second quarter of fiscal 2025, we issued €500.0 million of floating-rate notes due October 22, 2026. We used the net proceeds to

repay €500.0 million of floating-rate notes due November 8, 2024.

Certain of our long-term debt agreements contain restrictive covenants. As of February 22, 2026, we were in compliance with all of

these covenants.

(8) Noncontrolling Interest

During the fourth quarter of fiscal 2025, we purchased the outstanding General Mills Cereals, LLC (GMC) Class A limited

membership interests (GMC Class A Interests) from the third-party holder for $252.8 million. The GMC Class A Interests represented

our principal noncontrolling interest. The third-party holder of the GMC Class A Interests received quarterly preferred distributions

from available net income based on the application of a floating preferred return rate to the holder’s capital account balance

established in the most recent mark-to-market valuation. On June 1, 2024, the floating preferred return rate was reset to the sum of the

three-month Term SOFR plus 261 basis points.

(9) Stockholders’ Equity

The following tables provide details of total comprehensive income:

	Quarter Ended						Quarter Ended
	Feb. 22, 2026						Feb. 23, 2025
	General Mills				Noncontrolling Interests		General Mills				Noncontrolling Interests
In Millions	Pretax	Tax	Net		Net		Pretax	Tax	Net		Net
Net earnings, including earnings attributable to noncontrolling interests			$303.1		$2.4				$625.6		$5.4
Other comprehensive income (loss):
Foreign currency translation	$(14.1)	$26.1	12.0		0.3		$2.5	$3.7	6.2		—
Net actuarial gain	3.8	—	3.8		—		—	—	—		—
Other fair value changes:
Hedge derivatives	(1.4)	(0.1)	(1.5)		—		2.3	(1.2)	1.1		—
Reclassification to earnings:
Foreign currency translation (a)	—	—	—		—		33.9	—	33.9		—
Hedge derivatives (b)	0.6	1.7	2.3		—		(3.7)	0.7	(3.0)		—
Amortization of losses and prior service costs (c)	14.6	(3.2)	11.4		—		14.1	(2.9)	11.2		—
Other comprehensive income	$3.5	$24.5	28.0		0.3		$49.1	$0.3	49.4		—
Total comprehensive income			$331.1		$2.7				$675.0		$5.4

(a) Loss reclassified from AOCI into earnings is reported in divestitures loss (gain), net.

(b) Loss (gain) reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and selling, general, and administrative (SG&A) expenses for

foreign exchange contracts.

(c) Loss reclassified from AOCI into earnings is reported in benefit plan non-service income.

	Nine-Month Period Ended						Nine-Month Period Ended
	Feb. 22, 2026						Feb. 23, 2025
	General Mills				Noncontrolling Interests		General Mills				Noncontrolling Interests
In Millions	Pretax	Tax	Net		Net		Pretax	Tax	Net		Net
Net earnings, including earnings attributable to noncontrolling interests			$1,920.3		$3.5				$2,001.2		$15.7
Other comprehensive (loss) income:
Foreign currency translation	$(83.4)	$43.1	(40.3)		0.3		$9.5	$(35.6)	(26.1)		(0.8)
Net actuarial loss	(3.7)	—	(3.7)		—		—	—	—		—
Other fair value changes:
Hedge derivatives	8.8	(2.2)	6.6		—		6.6	(2.3)	4.3		—
Reclassification to earnings:
Foreign currency translation (a)	—	—	—		—		33.9	—	33.9		—
Hedge derivatives (b)	(2.6)	1.0	(1.6)		—		(2.9)	1.6	(1.3)		—
Amortization of losses and prior service costs (c)	50.4	(10.6)	39.8		—		43.2	(8.7)	34.5		—
Other comprehensive income (loss)	$(30.5)	$31.3	0.8		0.3		$90.3	$(45.0)	45.3		(0.8)
Total comprehensive income			$1,921.1		$3.8				$2,046.5		$14.9

(a) Loss reclassified from AOCI into earnings is reported in divestitures loss (gain), net.

(b) Gain reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and selling, general, and administrative (SG&A) expenses for foreign

exchange contracts.

(c) Loss reclassified from AOCI into earnings is reported in benefit plan non-service income. In the second quarter of fiscal 2026, a $6.7 million loss related to a curtailment was reclassified

from AOCI into earnings and is reported in Restructuring, transformation, impairment, and other exit costs (recoveries) in our Consolidated Statements of Earnings.

Accumulated other comprehensive loss balances, net of tax effects, were as follows:

In Millions	Feb. 22, 2026		May 25, 2025
Foreign currency translation adjustments	$(917.0)		$(876.7)
Unrealized loss from hedge derivatives	(2.4)		(7.4)
Pension, other postretirement, and postemployment benefits:
Net actuarial loss	(1,678.7)		(1,726.8)
Prior service credits	53.9		65.9
Accumulated other comprehensive loss	$(2,544.2)		$(2,545.0)

(10) Stock Plans

We have various stock-based compensation programs under which awards, including stock options, restricted stock, restricted stock

units, and performance awards, may be granted to employees and non-employee directors. These programs and related accounting are

described in Note 12 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended

May 25, 2025.

Compensation expense related to stock-based payments recognized in the Consolidated Statements of Earnings was as follows:

	Quarter Ended				Nine-Month Period Ended
In Millions	Feb. 22, 2026		Feb. 23, 2025		Feb. 22, 2026		Feb. 23, 2025
Compensation expense related to stock-based payments	$26.3		$20.5		$65.6		$67.1

Compensation expense related to stock-based payments recognized in the Consolidated Statements of Earnings includes amounts

recognized in restructuring, transformation, impairment, and other exit costs in fiscal 2026.

Windfall (shortfall) tax benefits from stock-based payments in income tax expense in our Consolidated Statements of Earnings were as

follows:

	Quarter Ended				Nine-Month Period Ended
In Millions	Feb. 22, 2026		Feb. 23, 2025		Feb. 22, 2026		Feb. 23, 2025
Windfall (shortfall) tax benefits from stock-based payments	$0.4		$1.1		$(1.2)		$5.9

As of February 22, 2026, unrecognized compensation expense related to non-vested stock options, restricted stock units, and

performance share units was $138.5 million. This expense will be recognized over 24 months on average.

Net cash proceeds from the exercise of stock options less shares used for withholding taxes and the intrinsic value of options exercised

were as follows:

	Nine-Month Period Ended
In Millions	Feb. 22, 2026		Feb. 23, 2025
Net cash proceeds	$0.4		$38.4
Intrinsic value of options exercised	$—		$11.0

We estimate the fair value of each option on the grant date using a Black-Scholes option-pricing model, which requires us to make

predictive assumptions regarding future stock price volatility, employee exercise behavior, dividend yield, and the forfeiture rate. We

estimate our future stock price volatility using the historical volatility over the expected term of the option, excluding time periods of

volatility we believe a marketplace participant would exclude in estimating our stock price volatility. We also have considered, but did

not use, implied volatility in our estimate, because trading activity in options on our stock, especially those with tenors of greater than

6 months, is insufficient to provide a reliable measure of expected volatility. Our method of selecting the other valuation assumptions

is explained in Note 12 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year

ended May 25, 2025.

The estimated fair values of stock options granted and the assumptions used for the Black-Scholes option-pricing model were as

follows:

	Nine-Month Period Ended
	Feb. 22, 2026		Feb. 23, 2025
Estimated fair values of stock options granted	$9.45		$13.26
Assumptions:
Risk-free interest rate	4.2	%	4.5	%
Expected term	8.0 years		8.5 years
Expected volatility	22.3	%	21.6	%
Dividend yield	4.7	%	3.8	%

The total grant date fair value of restricted stock unit awards that vested during the period was as follows:

	Nine-Month Period Ended
In Millions	Feb. 22, 2026		Feb. 23, 2025
Total grant date fair value	$109.2		$111.3

(11) Earnings Per Share

Basic and diluted earnings per share (EPS) were calculated using the following:

	Quarter Ended				Nine-Month Period Ended
In Millions, Except per Share Data	Feb. 22, 2026		Feb. 23, 2025		Feb. 22, 2026		Feb. 23, 2025
Net earnings attributable to General Mills	$303.1		$625.6		$1,920.3		$2,001.2
Average number of common shares – basic EPS	536.6		552.6		538.1		556.6
Incremental share effect from: (a)
Stock options	—		1.0		0.1		1.4
Restricted stock units and performance share units	0.7		1.4		1.0		1.8
Average number of common shares – diluted EPS	537.3		555.0		539.2		559.8
Earnings per share – basic	$0.57		$1.14		$3.57		$3.60
Earnings per share – diluted	$0.56		$1.12		$3.56		$3.57

(a)Incremental shares from stock options, restricted stock units, and performance share units are computed by the treasury stock

method. Stock options, restricted stock units, and performance share units excluded from our computation of diluted EPS because

they were not dilutive were as follows:

	Quarter Ended				Nine-Month Period Ended
In Millions	Feb. 22, 2026		Feb. 23, 2025		Feb. 22, 2026		Feb. 23, 2025
Anti-dilutive stock options, restricted stock units, and performance share units	12.4		5.3		11.6		4.7

(12) Share Repurchases

Share repurchases were as follows:

	Quarter Ended				Nine-Month Period Ended
In Millions	Feb. 22, 2026		Feb. 23, 2025		Feb. 22, 2026		Feb. 23, 2025
Shares of common stock	—		4.8		10.0		13.5
Aggregate purchase price	$0.2		$304.4		$504.7		$909.6

During the first quarter of fiscal 2026, we entered into two accelerated share repurchase (ASR) agreements with an unrelated third-

party financial institution to repurchase an aggregate of $500.0 million of our shares of common stock. Under the ASR agreements, we

paid an aggregate of $500.0 million and received an initial delivery of 7.5 million shares of our common stock in the first quarter of

fiscal 2026.

The first ASR agreement was settled in the first quarter of fiscal 2026 with a final delivery of 1.2 million additional shares. The second

ASR agreement was settled in the second quarter of fiscal 2026 with a final delivery of 1.3 million additional shares. We received a

total of 10.0 million shares at an average price of $49.92, not including costs of execution or excise tax, under the ASR agreements.

(13) Statements of Cash Flows

Our Consolidated Statements of Cash Flows include the following:

	Nine-Month Period Ended
In Millions	Feb. 22, 2026		Feb. 23, 2025
Net cash interest payments	$375.2		$302.2
Net income tax payments	$346.6		$444.6

(14) Retirement and Postemployment Benefits

Components of net periodic benefit expense (income) are as follows:

	Defined Benefit Pension Plans				Other Postretirement Benefit Plans				Postemployment Benefit Plans
	Quarter Ended				Quarter Ended				Quarter Ended
In Millions	Feb. 22, 2026		Feb. 23, 2025		Feb. 22, 2026		Feb. 23, 2025		Feb. 22, 2026		Feb. 23, 2025
Service cost	$10.6		$12.9		$0.6		$1.0		$1.8		$1.8
Interest cost	72.8		76.6		4.2		5.3		0.8		1.0
Expected return on plan assets	(101.3)		(104.9)		(8.4)		(9.0)		—		—
Amortization of losses (gains)	26.2		25.0		(6.4)		(5.1)		0.1		(0.3)
Amortization of prior service costs (credits)	0.3		0.3		(5.3)		(5.5)		(0.3)		(0.3)
Other adjustments	—		—		—		—		2.0		3.0
Net expense (income)	$8.6		$9.9		$(15.3)		$(13.3)		$4.4		$5.2

	Defined Benefit Pension Plans				Other Postretirement Benefit Plans				Postemployment Benefit Plans
	Nine-Month Period Ended				Nine-Month Period Ended				Nine-Month Period Ended
In Millions	Feb. 22, 2026		Feb. 23, 2025		Feb. 22, 2026		Feb. 23, 2025		Feb. 22, 2026		Feb. 23, 2025
Service cost	$31.5		$38.8		$1.8		$3.2		$5.2		$5.3
Interest cost	218.5		230.0		12.6		15.9		2.6		3.0
Expected return on plan assets	(303.9)		(314.9)		(25.2)		(26.9)		—		—
Amortization of losses (gains)	78.7		75.0		(19.4)		(15.4)		0.2		—
Amortization of prior service costs (credits)	0.9		1.0		(15.9)		(16.6)		(0.8)		(0.8)
Other adjustments	—		—		—		—		6.1		8.1
Curtailment loss (gain)	6.7		—		(0.5)		—		—		—
Net expense (income)	$32.4		$29.9		$(46.6)		$(39.8)		$13.3		$15.6

(15) Income Taxes

On July 4, 2025, legislation known as the One Big Beautiful Bill Act (OBBBA) was signed into law. The OBBBA makes changes to

the United States corporate income tax system, including, among other provisions, the immediate expensing of research and

development expenditures, and 100 percent bonus depreciation on qualified property. The impacts of the OBBBA are reflected in our

results for the nine-month period ended February 22, 2026, and there was no material impact to our income tax expense. As of the

nine-month period ended February 22, 2026, we expect certain provisions of the OBBBA will change the timing of cash tax payments

in the current fiscal year and future periods.

In December 2021, the Organization for Economic Cooperation and Development (OECD) established a framework, referred to as

Pillar 2, designed to ensure large multinational enterprises pay a minimum 15 percent level of tax on the income arising in each

jurisdiction in which they operate. Numerous countries have already enacted the OECD model rules effective for taxable years

beginning after December 31, 2023, which for us was fiscal 2025. There was no material impact on our consolidated financial

statements. Several other countries have enacted or drafted legislation that is not yet effective for us, and we do not expect this

legislation to have a material impact on our consolidated financial statements. We will continue to monitor for new legislation and

guidance and evaluate potential impact on our consolidated financial statements.

During the second quarter of fiscal 2024, we received a notice of proposed adjustment from the Internal Revenue Service associated

with a capital loss from fiscal 2019. We believe that we have meritorious defenses against this assessment and will vigorously defend

our position. We do not expect the resolution of the proposed adjustment to have a material impact on our financial position or

liquidity.

(16) Business Segment and Geographic Information

We operate in the packaged foods industry. Our operating segments are as follows: North America Retail, International, North

America Pet, and North America Foodservice.

Our North America Retail operating segment reflects business with a wide variety of grocery stores, mass merchandisers, membership

stores, natural food chains, drug, dollar and discount chains, convenience stores, and e-commerce grocery providers. Our product

categories in this business segment include ready-to-eat cereals, soup, meal kits, refrigerated and frozen dough products, dessert and

baking mixes, frozen pizza and pizza snacks, snack bars, fruit snacks, savory snacks, and a wide variety of organic products including

ready-to-eat cereal, frozen vegetables, meal kits, fruit snacks, and snack bars.

Our International operating segment consists of retail and foodservice businesses outside of the United States and Canada. Our product

categories include super-premium ice cream and frozen desserts, meal kits, salty snacks, snack bars, dessert and baking mixes, shelf-

stable vegetables, and pet food products. We also sell super-premium ice cream and frozen desserts directly to consumers through

owned retail shops. Our International segment also includes products manufactured in the United States for export, mainly to

Caribbean and Latin American markets, as well as products we manufacture for sale to our international joint ventures. Revenues from

export activities are reported in the region or country where the end customer is located.

Our North America Pet operating segment includes pet food products sold primarily in the United States and Canada in national pet

superstore chains, e-commerce retailers, grocery stores, regional pet store chains, mass merchandisers, and veterinary clinics and

hospitals. Our product categories include dog and cat food (dry foods, wet foods, fresh foods, and treats) made with whole meats,

fruits, vegetables, and other high-quality natural ingredients. Our tailored pet product offerings address specific dietary, lifestyle, and

life-stage needs and span different product types, diet types, breed sizes for dogs, life-stages, flavors, product functions, and textures

and cuts for wet and fresh foods.

Our North America Foodservice segment consists of foodservice businesses in the United States and Canada. Our major product

categories in our North America Foodservice operating segment are ready-to-eat cereals, snacks, frozen meals, unbaked and fully

baked frozen dough products, baking mixes, and bakery flour. Many products we sell are branded to the consumer and nearly all are

branded to our customers. We sell to distributors and operators in many customer channels including foodservice, vending, and

supermarket bakeries.

Our chief operating decision maker (CODM) is the Chairman of the Board and Chief Executive Officer. The CODM predominantly

uses segment operating profit in the annual planning process which includes segment operating profit performance targets. The

CODM assesses progress against performance targets by comparing segment operating profit actual-to-plan variances on a monthly

basis. The performance assessment completed by the CODM is used to determine whether resource allocations require adjustment and

contributes to the determination of incentive compensation.

Operating profit for these segments excludes unallocated corporate items, gain or loss on divestitures, and restructuring,

transformation, impairment, and other exit costs. Results from certain businesses managed by our Strategic Growth Office are

included within corporate and other net sales and unallocated corporate items within operating profit. Unallocated corporate items also

include corporate overhead expenses, variances to planned North American employee benefits and incentives, certain charitable

contributions, restructuring initiative project-related costs, gains and losses on corporate investments, and other items that are not part

of our measurement of segment operating performance. These include gains and losses arising from the revaluation of certain grain

inventories and gains and losses from mark-to-market valuation of certain commodity positions until passed back to our operating

segments. These items affecting operating profit are centrally managed at the corporate level and are excluded from the measure of

segment profitability reviewed by executive management. Under our supply chain organization, our manufacturing, warehouse, and

distribution activities are substantially integrated across our operations in order to maximize efficiency and productivity. As a result,

fixed assets and depreciation and amortization expenses are neither maintained nor available by operating segment.

Our operating segment results were as follows:

	Quarter Ended February 22, 2026
In Millions	North America Retail		International		North America Pet		North America Foodservice		Total
Segment net sales	$2,596.4		$696.3		$640.5		$496.4		$4,429.6
Corporate and other net sales									7.1
Total net sales									$4,436.7
Cost of sales	1,758.9		526.7		400.9		397.9
Selling, general, and administrative expenses	401.4		136.0		136.8		42.2
Segment operating profit	$436.1		$33.6		$102.8		$56.3		$628.8
Unallocated corporate items									74.8
Divestiture loss									5.0
Restructuring, transformation, impairment, and other exit costs									24.4
Operating profit									$524.6

	Quarter Ended February 23, 2025
In Millions	North America Retail		International		North America Pet		North America Foodservice		Total
Segment net sales	$3,009.1		$651.3		$623.7		$555.3		$4,839.4
Corporate and other net sales									2.8
Total net sales									$4,842.2
Cost of sales	1,926.5		493.6		386.3		430.7
Selling, general, and administrative expenses	434.5		139.7		135.2		42.3
Segment operating profit	$648.1		$18.0		$102.2		$82.3		$850.6
Unallocated corporate items									55.9
Divestiture gain									(95.9)
Restructuring, transformation, impairment, and other exit recoveries									(0.8)
Operating profit									$891.4

	Nine-Month Period Ended February 22, 2026
In Millions	North America Retail		International		North America Pet		North America Foodservice		Total
Segment net sales	$8,105.2		$2,185.4		$1,910.9		$1,594.9		$13,796.4
Corporate and other net sales									18.6
Total net sales									$13,815.0
Cost of sales	5,218.1		1,606.8		1,163.7		1,233.7
Selling, general, and administrative expenses	1,204.5		450.9		408.4		129.5
Segment operating profit	$1,682.6		$127.7		$338.8		$231.7		$2,380.8
Unallocated corporate items									289.0
Divestitures gain, net									(1,049.4)
Restructuring, transformation, impairment, and other exit costs									162.8
Operating profit									$2,978.4

	Nine-Month Period Ended February 23, 2025
In Millions	North America Retail		International		North America Pet		North America Foodservice		Total
Segment net sales	$9,347.2		$2,058.9		$1,795.6		$1,721.5		$14,923.2
Corporate and other net sales									7.2
Total net sales									$14,930.4
Cost of sales	5,786.8		1,562.4		1,066.0		1,318.4
Selling, general, and administrative expenses	1,304.3		433.8		368.7		130.8
Segment operating profit	$2,256.1		$62.7		$360.9		$272.3		$2,952.0
Unallocated corporate items									244.5
Divestiture gain									(95.9)
Restructuring, transformation, impairment, and other exit costs									2.6
Operating profit									$2,800.8

Net sales for our North America Retail operating units were as follows:

	Quarter Ended				Nine-Month Period Ended
In Millions	Feb. 22, 2026		Feb. 23, 2025		Feb. 22, 2026		Feb. 23, 2025
U.S. Meals & Baking Solutions	$1,091.8		$1,130.4		$3,326.0		$3,404.6
Big G Cereal & Canada (a)	743.4		1,060.7		2,389.8		3,371.0
U.S. Snacks	761.2		818.0		2,389.4		2,571.6
Total	$2,596.4		$3,009.1		$8,105.2		$9,347.2

(a) Upon completion of the United States yogurt business divestiture, the former U.S. Morning Foods and Canada operating units were

combined into a new Big G Cereal & Canada operating unit. Prior period amounts have been recast to conform to the current

period presentation. This did not result in a change to the composition of our reportable segments or information reviewed by our

CODM.

Net sales by class of similar products were as follows:

	Quarter Ended				Nine-Month Period Ended
In Millions	Feb. 22, 2026		Feb. 23, 2025		Feb. 22, 2026		Feb. 23, 2025
Snacks	$962.6		$996.0		$3,030.2		$3,157.8
Cereal	762.7		762.8		2,321.1		2,385.4
Convenient meals	730.3		754.1		2,208.1		2,228.1
Pet	678.1		651.7		2,019.8		1,880.1
Dough	618.6		647.5		1,854.6		1,887.9
Baking mixes and ingredients	476.1		467.5		1,480.1		1,501.8
Super-premium ice cream	147.7		137.5		544.9		514.0
Yogurt	—		333.1		102.0		1,082.8
Other	60.6		92.0		254.2		292.5
Total	$4,436.7		$4,842.2		$13,815.0		$14,930.4