General Mills, Inc.

General Mills Inc. (GIS) reported fiscal third-quarter 2026 results on Wednesday morning, missing Wall Street expectations on both the top and bottom lines. The consumer staples giant posted adjusted earnings per share (EPS) of $0.64, falling short of the $0.73 consensus estimate. Net sales declined 8% year-over-year to $4.4 billion, slightly below the $4.41 billion forecasted by analysts, as the company grappled with divestiture impacts and shifting retailer inventory levels.

The quarterly performance was significantly hampered by the divestiture of North American yogurt businesses and inventory headwinds in the North America Retail and North America Pet segments. Organic net sales fell 3%, trailing retail sales by 1.5 points. Adjusted gross margins contracted by 280 basis points to 30.6%, driven by higher input costs and unfavorable trade expense timing, though partially offset by price realization.

Despite the Q3 miss, General Mills Inc. (GIS) reaffirmed its full-year fiscal 2026 financial targets. The company expects organic net sales to decline between 1.5% and 2%, with adjusted diluted EPS projected to decrease 16% to 20% in constant currency. Management anticipates a portion of the North American inventory headwinds to reverse in the fourth quarter.

Traders are monitoring the stock as it remains near 52-week lows following the report. The broader market is also preparing for high-impact releases later today and tomorrow from mega-caps including Micron Technology Inc. (MU), Alibaba Group Holding Limited (BABA), and Accenture plc (ACN). Other notable movers this morning include Jabil Inc. (JBL) and Williams-Sonoma Inc. (DE) (WSM).