General Mills, Inc. (GIS) Cash Flow Statement
Where GIS’s cash came from and went, FY2026
May 31, 2026 · U.S. dollars- Cash from operations
- $2.17B −25.8% vs FY2025
- Capital expenditures
- $539.9M 2.9% of revenue
- Free cash flow
- $1.63B 8.8% margin
- Returned to shareholders
- $1.82B 112% of free cash flow
- Change in cash
- $127.8M cash at year-end $491.7M
Cash from operations
$2.17B
Capital expenditures
−$539.9M
Acquisitions & other
+$1.80B
Dividends
−$1.32B
Share buybacks (net)
−$500.3M
Net borrowing (repayment)
−$1.43B
Other financing
−$73.7M
Currency & other
+$18.4M
Change in cash
$127.8M
Drawn to scale: where the cash came from and how it was used. Hover for values.
GIS operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
GIS cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $2.31BFY2017 | $2.17BFY2026 | −0.7%/yr | |
| Capital expenditures | $684.4MFY2017 | $539.9MFY2026 | −2.6%/yr | |
| Free cash flow | $1.73BFY2017 | $1.63BFY2026 | −0.7%/yr | |
| Free cash flow margin | 11.1%FY2017 | 8.8%FY2026 | −2.3 pts | |
| Operating cash flow / net income | 1.36FY2017 | 1.26FY2025 | −0.10 | |
| Stock-based compensation | $95.7MFY2017 | $79.4MFY2026 | −2.1%/yr | |
| Dividends paid | $1.14BFY2017 | $1.32BFY2026 | +1.7%/yr | |
| Share buybacks (net) | $1.65BFY2017 | $500.3MFY2026 | −12.4%/yr | |
| Capex / revenue | 4.4%FY2017 | 2.9%FY2026 | −1.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
GIS cash flow by activity
OperatingInvestingFinancingChange in cash
GIS net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
GIS cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$85.3M | $2.32B | $2.52B | $2.61B | $2.73B | $2.35B | $2.21B | $1.79B | $2.16B | $1.70B |
| Depreciation & amortization | $555.2M | $539.0M | $552.7M | $546.6M | $570.3M | $601.3M | $594.7M | $620.1M | $618.8M | $603.6M |
| Stock-based compensation | $79.4M | $91.7M | $95.3M | $111.7M | $98.7M | $89.9M | $94.9M | $84.9M | $77.0M | $95.7M |
| Change in working capital | −$478.3M | $192.4M | $10.6M | −$48.9M | $277.4M | −$155.9M | $793.9M | −$7.5M | $542.1M | −$194.2M |
| Other non-cash items | $2.10B | −$223.8M | $125.4M | −$440.4M | −$365.3M | $101.9M | −$18.1M | $323.3M | −$559.9M | $107.1M |
| Cash from operating activities | $2.17B | $2.92B | $3.30B | $2.78B | $3.32B | $2.98B | $3.68B | $2.81B | $2.84B | $2.31B |
| Investing activities | ||||||||||
| Capital expenditures | −$539.9M | −$625.3M | −$774.1M | −$689.5M | −$568.7M | −$530.8M | −$460.8M | −$537.6M | −$622.7M | −$684.4M |
| Investments (net) | — | −$1.79B | −$1.20B | −$346.4M | $15.4M | $15.5M | −$486.2M | −$556.5M | −$8.69B | $13.0M |
| Acquisitions & other investing | $1.80B | $625.3M | $774.1M | $689.5M | −$1.14B | $2.5M | $460.8M | $537.6M | $622.7M | $24.5M |
| Cash from investing activities | $1.26B | −$1.79B | −$1.20B | −$346.4M | −$1.69B | −$512.8M | −$486.2M | −$556.5M | −$8.69B | −$646.9M |
| Financing activities | ||||||||||
| Dividends paid | −$1.32B | −$1.34B | −$1.36B | −$1.29B | −$1.24B | −$1.25B | −$1.20B | −$1.18B | −$1.14B | −$1.14B |
| Share repurchases & issuance (net) | −$500.3M | −$1.20B | −$2.00B | −$1.40B | −$876.8M | −$301.4M | −$3.4M | −$1.1M | −$601.6M | −$1.65B |
| Net borrowing (repayment) | −$1.43B | $1.72B | $1.14B | $133.4M | −$385.8M | −$960.8M | −$917.2M | −$1.22B | $6.28B | $1.03B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$73.7M | −$360.5M | −$49.7M | $154.0M | $3.9M | −$206.9M | $174.9M | $227.4M | $909.4M | $106.6M |
| Cash from financing activities | −$3.31B | −$1.18B | −$2.27B | −$2.40B | −$2.50B | −$2.72B | −$1.94B | −$2.18B | $5.45B | −$1.65B |
| Summary | ||||||||||
| Net change in cash | $127.8M | −$54.1M | −$167.5M | $16.1M | −$935.8M | −$172.6M | $1.23B | $51.0M | −$367.1M | $2.4M |
| Cash at end of period | $491.7M | $363.9M | $418.0M | $585.5M | $569.4M | $1.51B | $1.68B | $450.0M | $399.0M | $766.1M |
| Free cash flow | $1.63B | $2.29B | $2.53B | $2.09B | $2.75B | $2.45B | $3.22B | $2.27B | $2.22B | $1.73B |
| Free cash flow margin | 8.8% | 11.8% | 12.7% | 10.4% | 14.5% | 13.5% | 18.2% | 13.5% | 14.1% | 11.1% |
| Capex / revenue | 2.9% | 3.2% | 3.9% | 3.4% | 3.0% | 2.9% | 2.6% | 3.2% | 4.0% | 4.4% |
| Operating cash flow / net income | — | 1.26 | 1.31 | 1.06 | 1.21 | 1.27 | 1.66 | 1.57 | 1.31 | 1.36 |
| Aug '26 | May '26 | Feb '26 | Nov '25 | Aug '25 | May '25 | Feb '25 | Nov '24 | Aug '24 | May '24 | Feb '24 | Nov '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $398.1M | −$2.01B | $303.1M | $414.3M | $1.20B | $302.0M | $631.0M | $802.3M | $583.6M | $559.7M | $676.3M | $602.3M |
| Depreciation & amortization | $139.8M | $139.1M | $139.4M | $138.0M | $138.7M | $135.6M | $134.3M | $129.5M | $139.6M | $140.5M | $146.4M | $128.6M |
| Stock-based compensation | $21.8M | $40.1M | $26.3M | $24.2M | $15.1M | $24.6M | $20.5M | $26.3M | $20.3M | $18.6M | $18.2M | $23.2M |
| Change in working capital | −$251.5M | −$357.9M | −$175.5M | −$3.7M | $58.8M | $136.6M | −$116.5M | $279.9M | −$107.6M | $20.2M | $156.5M | $291.3M |
| Other non-cash items | −$10.4M | $2.74B | $104.6M | $246.5M | −$1.02B | $12.8M | −$137.4M | −$87.5M | −$11.7M | $124.7M | −$54.3M | $72.3M |
| Cash from operating activities | $297.8M | $552.0M | $397.9M | $819.3M | $397.0M | $611.6M | $531.9M | $1.15B | $624.2M | $863.7M | $943.1M | $1.12B |
| Investing activities | ||||||||||||
| Capital expenditures | −$90.5M | −$184.4M | −$102.4M | −$143.6M | −$109.5M | −$220.2M | −$103.9M | −$160.9M | −$140.3M | −$288.5M | −$191.7M | −$152.2M |
| Investments (net) | — | — | — | — | $1.69B | −$216.3M | −$1.27B | −$157.9M | −$148.0M | −$689.8M | −$191.4M | −$180.7M |
| Acquisitions & other investing | −$25.4M | $9.7M | −$3.6M | −$12.3M | $109.5M | $220.2M | $103.9M | $160.9M | $140.3M | $288.5M | $191.7M | $152.2M |
| Cash from investing activities | −$115.9M | −$174.7M | −$106.0M | −$155.9M | $1.69B | −$216.3M | −$1.27B | −$157.9M | −$148.0M | −$689.8M | −$191.4M | −$180.7M |
| Financing activities | ||||||||||||
| Dividends paid | −$330.5M | −$328.1M | −$328.4M | −$327.9M | −$330.9M | −$330.3M | −$332.6M | −$338.0M | −$337.8M | −$335.4M | −$337.0M | −$342.5M |
| Share repurchases & issuance (net) | — | $0 | −$200,000 | −$100,000 | −$500.0M | −$301.0M | −$301.5M | −$300.4M | −$300.0M | −$400.8M | −$300.2M | −$800.9M |
| Net borrowing (repayment) | — | −$306.9M | $121.7M | −$585.7M | −$654.8M | $325.0M | −$357.3M | $1.52B | $238.0M | — | — | $315.1M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $120.9M | −$35.6M | −$3.3M | −$13.3M | −$21.5M | −$264.1M | −$40.4M | −$26.4M | −$29.6M | $391.5M | −$116.8M | −$11.1M |
| Cash from financing activities | −$209.6M | −$670.6M | −$210.2M | −$927.0M | −$1.51B | −$570.4M | −$1.03B | $851.5M | −$429.4M | −$344.7M | −$754.0M | −$839.4M |
| Summary | ||||||||||||
| Net change in cash | −$27.9M | −$293.8M | $102.1M | −$269.5M | $589.0M | −$157.4M | −$1.77B | $1.82B | $50.1M | −$170.6M | −$5.2M | $102.9M |
| Cash at end of period | $463.8M | $491.7M | $785.5M | $683.4M | $952.9M | $363.9M | $521.3M | $2.29B | $468.1M | $418.0M | $588.6M | $593.8M |
| Free cash flow | $207.3M | $367.6M | $295.5M | $675.7M | $287.5M | $391.4M | $428.0M | $989.6M | $483.9M | $575.2M | $751.4M | $965.5M |
| Free cash flow margin | 4.7% | 8.0% | 6.7% | 13.9% | 6.4% | 8.6% | 8.8% | 18.9% | 10.0% | 12.2% | 14.7% | 18.8% |
| Capex / revenue | 2.1% | 4.0% | 2.3% | 3.0% | 2.4% | 4.8% | 2.1% | 3.1% | 2.9% | 6.1% | 3.8% | 3.0% |
| Operating cash flow / net income | 0.75 | — | 1.31 | 1.98 | 0.33 | 2.03 | 0.84 | 1.43 | 1.07 | 1.54 | 1.39 | 1.86 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
GIS cash generation
In fiscal 2026 (ended May 31, 2026), General Mills generated $2.2 billion of cash from operations (down 25.8%) and spent $539.9 million on capital expenditures, leaving free cash flow of $1.6 billion, 8.8% of revenue. It returned $1.8 billion to shareholders through dividends ($1.3 billion) and net share buybacks ($500.3 million). Cash and equivalents rose by $127.8 million over the year.
Related: GIS income statement, GIS balance sheet, GIS dividend history. See the GIS stock overview for the latest quote and news.
GIS cash flow FAQ
What is General Mills's free cash flow?
General Mills's free cash flow was $1.6 billion in fiscal 2026: $2.2 billion of operating cash flow minus $539.9 million of capital expenditures It was $2.3 billion a year earlier..
How much cash does General Mills generate from operations?
General Mills generated $2.2 billion of cash from operating activities in fiscal 2026.
How much does General Mills spend on capital expenditures?
General Mills spent $539.9 million on capital expenditures in fiscal 2026, 2.9% of revenue, compared with $625.3 million the year before.
How much stock does General Mills buy back?
General Mills spent $500.3 million on net share repurchases in fiscal 2026.
How much does General Mills pay in dividends?
General Mills paid $1.3 billion in dividends in fiscal 2026, 80.9% of free cash flow.