On Wednesday, General Mills posted its 2026 second quarter fiscal report, detailing an overall decline in earnings and sales. Net sales decreased 7% year-over-year, to $4.9 billion, and operating profit saw a 32% decrease, to $728 million. Organic net sales experienced a 1% decrease; net earnings attributable to General Mills, of $413 million, were down 48%, and diluted earnings per share (EPS) fell 45%, to $0.78.

The company noted the six-month outcome was anticipated for several reasons, notably the selling of its yogurt business in June to Lactalis. (The yogurt business had contributed approximately $1.2 billion to General Mills’ 2025 net sales.)

Another contributing factor is the company’s investments in “brand remarkability” initiatives for the fiscal year 2026, with an aim to “restore volume-driven organic net sales growth.” These growth investments are projected to generate a 25% increase in sales from new products in fiscal year 2026. 

While the above factors will likely hurt operating profit and earnings per share in the next fiscal year, General Mills believes they will lead to “stronger, more sustainable, and more profitable growth over the long term.”

Amid a “volatile operating environment,” the company is delivering results ahead of expectations in the second quarter, according to chairman and CEO Jeff Harmening. 

He said in a press release that, “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.”