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General Mills cash flow, quarter by quarter

Latest: Q1 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$207M in Q1 FY27 · $1.5B over twelve months

Operating cash flow$298M
Capital spending−$90.5M
Free cash flow+$207M
Cash / net income0.7×
Cash conversion cycle-17 days

Analysis

In Q1 FY27, General Mills generated $298M of operating cash flow and spent $90.5M on capital projects, leaving free cash flow of $207M.

Over the twelve months to Aug 30, 2026, operating cash flow was $2.1B; the largest uses were dividends ($1.3B), other financing ($882M), capital spending ($521M); besides operations, cash came from net borrowing (+) / repaid (−) ($179M), asset & business sales ($28.8M); the cash balance fell by $489M.

Operating cash flow was $298M against net income of $398M — 0.7× profit, less cash than reported earnings, worth checking against working capital. The largest differences: inventory −$261M, depreciation & amortization +$140M, prepaid and other assets +$90.4M.

Its cash conversion cycle was -17 days (receivables 35 + inventory 64 − payables 117): suppliers fund its working capital.

Free cash flow

General Mills: free cash flow by quarterGeneral Mills: free cash flow by quarter$990MQ2 FY25$428MQ3 FY25$391MQ4 FY25$288MQ1 FY26$676MQ2 FY26$296MQ3 FY26$368MQ4 FY26$207MQ1 FY27
Operating cash flow less capital spending.
General Mills: operating cash flow against capital spendingGeneral Mills: operating cash flow against capital spendingOperating cash flowCapital spending$1.2B$161MQ2 FY25$532M$104MQ3 FY25$612M$220MQ4 FY25$397M$110MQ1 FY26$819M$144MQ2 FY26$398M$102MQ3 FY26$552M$184MQ4 FY26$298M$90.5MQ1 FY27
Latest (Q1 FY27): Operating cash flow $298M, Capital spending $90.5M.

Capital allocation, year by year

General Mills: where the cash came from (up) and went (down), by fiscal yearGeneral Mills: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY22: Operating cash flow $3.3BFY22: Net borrowing −$386MFY22: Shares issued $162MFY22: Asset sales $77.4MFY22: Capital spending −$569MFY22: Acquisitions −$1.2BFY22: Buybacks −$877MFY22: Dividends −$1.2B$3.6BFY22FY23: Operating cash flow $2.8BFY23: Net borrowing $133MFY23: Shares issued $232MFY23: Asset sales $634MFY23: Capital spending −$690MFY23: Acquisitions −$252MFY23: Buybacks −$1.4BFY23: Dividends −$1.3B$3.8BFY23FY24: Operating cash flow $3.3BFY24: Net borrowing $1.1BFY24: Shares issued $25.5MFY24: Asset sales $800KFY24: Capital spending −$774MFY24: Acquisitions −$452MFY24: Buybacks −$2.0BFY24: Dividends −$1.4B$4.5BFY24FY25: Operating cash flow $2.9BFY25: Net borrowing $1.7BFY25: Shares issued $43.0MFY25: Asset sales $243MFY25: Capital spending −$625MFY25: Acquisitions −$1.4BFY25: Buybacks −$1.2BFY25: Dividends −$1.3B$4.9BFY25FY26: Operating cash flow $2.2BFY26: Net borrowing −$1.4BFY26: Shares issued $500KFY26: Asset sales $1.8BFY26: Capital spending −$540MFY26: Buybacks −$500MFY26: Dividends −$1.3B$4.0BFY26
Over these 5 years operating cash flow totalled $14.5B; the largest uses were dividends ($6.5B) and buybacks ($6.0B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$433M
Debt$13.7B
Net debt$13.2B
Due within a year$1.2B

General Mills funds itself: free cash flow was $1.5B over the last twelve months, and $433M of cash and investments stands against $13.7B of debt ($1.2B due within a year, 0.3× covered by cash).

Where the cash came from and went

General Mills: sources (+) and uses (−) of cash, Q1 FY27General Mills: sources (+) and uses (−) of cash, Q1 FY27Dividends−$330MOperating cash flow$298MNet borrowing (+) / repaid (−)$133MCapital spending−$90.5MCash drawn (+) / kept (−)$27.9MOther investing−$25.4MOther financing−$11.8MExchange rates−$200K
General Mills: sources (+) and uses (−) of cash, TTM to Q1 FY27General Mills: sources (+) and uses (−) of cash, TTM to Q1 FY27Operating cash flow$2.1BDividends−$1.3BOther financing−$882MCapital spending−$521MCash drawn (+) / kept (−)$489MNet borrowing (+) / repaid (−)$179MOther investing−$60.4MAsset & business sales$28.8MExchange rates$13.8MBuybacks−$300KShares issued$300K

From profit to cash

General Mills: net income to operating cash flow, Q1 FY27General Mills: net income to operating cash flow, Q1 FY27Net income$398MDepreciation & amortization$140MStock-based pay$21.8MDeferred taxes−$18.0MReceivables−$58.5MInventory−$261MPayables−$32.1MPrepaid and other assets$90.4MOther liabilities$9.8MOperating cash flow$298M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q1 FY273564117-17
Q4 FY263760120-23
Q3 FY263856112-17
Q2 FY263559110-17
Q1 FY263660118-21
Q4 FY253655114-23
Q3 FY253454110-23
Q2 FY253155109-23

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q1 FY27$298M−$90.5M——−$330M$133M—$27.9M$207M
Q4 FY26$552M−$184M——−$328M−$307M$100K$294M$368M
Q3 FY26$398M−$102M—−$200K−$328M$122M$100K−$102M$296M
Q2 FY26$819M−$144M—−$100K−$328M−$4.7M$100K$270M$676M
Q1 FY26$397M−$110M—−$500M−$331M−$655M$200K−$589M$288M
Q4 FY25$612M−$220M−$2.0M−$301M−$330M$325M$4.6M$157M$391M
Q3 FY25$532M−$104M−$1.4B−$302M−$333M−$357M$4.6M$1.8B$428M
Q2 FY25$1.2B−$161M—−$300M−$338M$16.3M$24.4M−$1.8B$990M

General Mills: income statement and cash flow

General Mills, Q1 FY27: revenue $4.4B (-3% year over year), operating margin 14.4%. The chart follows the revenue to costs, profit and cash.

General Mills: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.