General Mills Inc (NYSE:GIS) is set to report its second-quarter earnings before the market opens on Wednesday, offering insights into consumer food spending.
Here are the earnings estimates, what experts are saying ahead of the report and key items to watch.
General Mills Earnings Estimates
Analysts expect the consumer goods giant to report Q2 revenue of $4.78 billion, down from $5.24 billion in last year's second quarter, according to data from Benzinga Pro.
The company has beaten analyst revenue estimates in five of the last 10 quarters, including the most recent first quarter.
Analysts expect General Mills to report second-quarter earnings per share of $1.02, down from $1.40 in last year's second quarter.
The company has beaten analyst estimates for earnings per share in more than 10 straight quarters.
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What Experts Are Saying
General Mills could provide an in-line quarter and reiterate full-year guidance, RBC Capital analyst Nik Modi said in a new investor note.
The analyst said this would be a "positive for the stock."
"Progress towards a recovery should be rewarded," Modi said.
Modi said that the November quarter in the North American Retail sector could see a year-over-year sales decline. The decline could be better than in past quarters and indicate improving trends.
"Valuation remains depressed, which is in part due to poor fundamentals in the packaged food space, but GIS is one of few companies that have been actively cutting price to restore volumes."
The analyst expects General Mills to show improvement for both North American Retail and North American Pet segments in the quarter.
Modi highlights General Mills stock having a lower price-to-earnings multiple to its packaged food peer group and trading at a discount to peers over the last five years.
Freedom Capital Markets Chief Market Strategist Jay Woods said General Mills shares have struggled in 2025 and an earnings report might not change things.
"The stock doesn't tend to be volatile when reporting results. The average move is +/- 2.9%," Woods writes in a weekly newsletter.
Woods said that General Mills shares have traded lower after each of the last four quarterly earnings results, with an average decline of 2.75%.
“In fact, shares have only rallied twice over their last 10 reports.”
Key Items to Watch
General Mills posted a double beat in the first quarter, with both revenue and earnings per share beating analyst estimates.
Analysts have been lowering their price targets on General Mills ahead of the report, and expectations could be low for the company. A double beat and any potential higher guidance could spark a rally in shares.
For the pet segment, General Mills has been targeting the fast-growing fresh pet segment and expanding its Blue Buffalo brand. Analysts and investors will be looking to see if the pet category is growing and how General Mills is positioned for the future.
General Mills briefly discussed the impact of weight-loss drugs during its October investor day. The company could use earnings and the conference call to highlight new products or product changes that could address potential shifts in consumer shopping behavior from this disruptor.
GIS Price Action: General Mills stock is up 0.4% to $47.26 on Tuesday, within its 52-week trading range of $45.15 to $67.35. General Mills shares are down 25.8% year-to-date in 2025.
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