Cat food and pet treats led growth at General Mills last quarter

General Mills reported $4.9 billion (€4.5B) net sales in the second quarter of fiscal year (FY2026), which ended on 23 November 2025, down 7% year-over-year (YoY). This decline includes a 6-point headwind from the net impact of divestitures and acquisitions.

Organic net sales also dropped 1% due to unfavorable organic net price realization and mix. Meanwhile, operating profit, which was $728 million (€670M) for the period, sank 32%, and adjusted operating profit of $848 million (€780M) was down 20% in constant currency.

According to the firm, the acquisition of the North American Whitebridge Pet Brands business in Q3 2025 impacted the year-to-date financial results between FY2025 and FY2026.

Double-digit growth

The North America pet segment registered double-digit growth of 11% to $660 million (€607M) in net sales for Q2, while organic net sales were up 1%. The company points out that this growth includes a 10-point benefit from the North American Whitebridge Pet Brands acquisition.

By category, net sales for both cat food and pet treats saw double-digit growth, while dog food declined by low single digits.

The pet segment also saw a 12% decline in operating profit to $123 million (€113M), driven by higher input costs and higher selling, general and administrative (SG&A) expenses, which included investments to support the launch of Love Made Fresh, a line of refrigerated, natural dog food from Blue Buffalo.

This was partially offset by favorable net price realization and higher mix and volume.

H1 overview

For the first half of the fiscal year (H1), total net sales were down 7% to $9.4 billion (€8.6B). Operating profit, on the other hand, grew 29% to $2.5 billion (€2.3B). 

The result was primarily driven by a $1.1 billion (€970M) gain on divestitures, but partially offset by lower gross profit dollars and higher restructuring, transformation, impairment, and other exit costs.

During the period, the pet segment’s net sales increased by 8%, reaching $1.3 billion (€1.2B), while organic net sales slipped by 2%. Segment operating profit also dropped by 9% to $236 million (€217M) for similar reasons as in Q2.

Guidance and pet food investments

For FY2026, General Mills reaffirmed its guidance, expecting organic net sales to range between 1% decline and 1% growth. Adjusted operating profit and adjusted diluted earnings per share (EPS) are both expected to decline by 10% to 15% on a constant-currency basis.

As part of its strategic plan for FY2026, the pet segment will see increased investment, particularly in improving the Blue Buffalo business and pursuing new opportunities from the Love Made Fresh launch, the recently acquired Tiki Cat business and the rollout of Edgard & Cooper in the US.

“Our investments in remarkability are working, helping restore organic volume growth in North America Retail this quarter and driving strong competitiveness across each of our segments,” says Jeff Harmening, Chairman and CEO of General Mills.

“With improved momentum in the first half and confidence in our plans to drive further improvement in the rest of the year, we are reaffirming our full-year fiscal 2026 outlook,” he concludes.