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Side-by-side financial comparison of General Mills (GIS) and Kellanova (K), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
General Mills is the larger business by last-quarter revenue ($4.9B vs $3.3B, roughly 1.5× Kellanova). Kellanova runs the higher net margin — 8.5% vs 9.5%, a 1.0% gap on every dollar of revenue. On growth, Kellanova posted the faster year-over-year revenue change (0.8% vs -7.2%). General Mills produced more free cash flow last quarter ($675.7M vs $359.0M). Over the past eight quarters, General Mills's revenue compounded faster (-2.4% CAGR vs -9.0%).
General Mills, Inc. is an American multinational manufacturer and marketer of branded consumer foods sold through retail stores. Founded on the banks of the Mississippi River at Saint Anthony Falls in Minneapolis, the company originally gained fame for being a large flour miller. It is headquartered in Golden Valley, Minnesota, a suburb of Minneapolis.
Kellanova, formerly known as the Kellogg Company, is an American multinational food manufacturing company owned by Mars Inc. headquartered in Chicago, Illinois. The renaming took effect on October 2, 2023, and the company's North American cereal operations were spun off to form the WK Kellogg Co at the same time.
GIS vs K — Head-to-Head
Income Statement — Q2 2026 vs Q3 2025
| Metric | | |
|---|---|---|
| Revenue | $4.9B | $3.3B |
| Net Profit | $413.0M | $309.0M |
| Gross Margin | 34.8% | 33.3% |
| Operating Margin | 15.0% | 13.9% |
| Net Margin | 8.5% | 9.5% |
| Revenue YoY | -7.2% | 0.8% |
| Net Profit YoY | -48.1% | -15.8% |
| EPS (diluted) | $0.78 | $0.88 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $4.9B | — | ||
| Q3 25 | $4.5B | $3.3B | ||
| Q2 25 | $4.6B | $3.2B | ||
| Q1 25 | $4.8B | $3.1B | ||
| Q4 24 | $5.2B | $3.1B | ||
| Q3 24 | $4.8B | $3.2B | ||
| Q2 24 | $4.7B | $3.2B | ||
| Q1 24 | $5.1B | $3.2B |
| Q4 25 | $413.0M | — | ||
| Q3 25 | $1.2B | $309.0M | ||
| Q2 25 | $294.0M | $299.0M | ||
| Q1 25 | $625.6M | $304.0M | ||
| Q4 24 | $795.7M | $365.0M | ||
| Q3 24 | $579.9M | $367.0M | ||
| Q2 24 | $557.5M | $344.0M | ||
| Q1 24 | $670.1M | $267.0M |
| Q4 25 | 34.8% | — | ||
| Q3 25 | 33.9% | 33.3% | ||
| Q2 25 | 32.4% | 34.0% | ||
| Q1 25 | 33.9% | 34.3% | ||
| Q4 24 | 36.9% | 37.7% | ||
| Q3 24 | 34.8% | 36.4% | ||
| Q2 24 | 35.8% | 36.4% | ||
| Q1 24 | 33.5% | 32.2% |
| Q4 25 | 15.0% | — | ||
| Q3 25 | 38.2% | 13.9% | ||
| Q2 25 | 11.1% | 13.7% | ||
| Q1 25 | 18.4% | 13.9% | ||
| Q4 24 | 20.6% | 17.0% | ||
| Q3 24 | 17.2% | 14.1% | ||
| Q2 24 | 16.5% | 15.4% | ||
| Q1 24 | 17.9% | 12.3% |
| Q4 25 | 8.5% | — | ||
| Q3 25 | 26.7% | 9.5% | ||
| Q2 25 | 6.5% | 9.3% | ||
| Q1 25 | 12.9% | 9.9% | ||
| Q4 24 | 15.2% | 11.7% | ||
| Q3 24 | 12.0% | 11.4% | ||
| Q2 24 | 11.8% | 10.8% | ||
| Q1 24 | 13.1% | 8.3% |
| Q4 25 | $0.78 | — | ||
| Q3 25 | $2.22 | $0.88 | ||
| Q2 25 | $0.53 | $0.85 | ||
| Q1 25 | $1.12 | $0.87 | ||
| Q4 24 | $1.42 | $1.05 | ||
| Q3 24 | $1.03 | $1.05 | ||
| Q2 24 | $0.98 | $1.00 | ||
| Q1 24 | $1.17 | $0.78 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $683.4M | $240.0M |
| Total DebtLower is stronger | $12.2B | $4.3B |
| Stockholders' EquityBook value | $9.3B | $4.2B |
| Total Assets | $32.5B | $15.6B |
| Debt / EquityLower = less leverage | 1.31× | 1.02× |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $683.4M | — | ||
| Q3 25 | $952.9M | $240.0M | ||
| Q2 25 | $363.9M | $354.0M | ||
| Q1 25 | $521.3M | $330.0M | ||
| Q4 24 | $2.3B | $694.0M | ||
| Q3 24 | $468.1M | $569.0M | ||
| Q2 24 | $418.0M | $272.0M | ||
| Q1 24 | $588.6M | $242.0M |
| Q4 25 | $12.2B | — | ||
| Q3 25 | $12.2B | $4.3B | ||
| Q2 25 | $12.7B | $4.3B | ||
| Q1 25 | $11.8B | $5.0B | ||
| Q4 24 | $12.4B | $5.0B | ||
| Q3 24 | $11.4B | $5.1B | ||
| Q2 24 | $11.3B | $5.0B | ||
| Q1 24 | $11.0B | $4.4B |
| Q4 25 | $9.3B | — | ||
| Q3 25 | $9.5B | $4.2B | ||
| Q2 25 | $9.2B | $4.1B | ||
| Q1 25 | $9.3B | $3.9B | ||
| Q4 24 | $9.2B | $3.8B | ||
| Q3 24 | $9.3B | $3.6B | ||
| Q2 24 | $9.4B | $3.3B | ||
| Q1 24 | $9.4B | $3.2B |
| Q4 25 | $32.5B | — | ||
| Q3 25 | $33.0B | $15.6B | ||
| Q2 25 | $33.1B | $15.9B | ||
| Q1 25 | $32.7B | $15.5B | ||
| Q4 24 | $33.4B | $15.6B | ||
| Q3 24 | $31.8B | $15.8B | ||
| Q2 24 | $31.5B | $15.3B | ||
| Q1 24 | $30.9B | $15.3B |
| Q4 25 | 1.31× | — | ||
| Q3 25 | 1.29× | 1.02× | ||
| Q2 25 | 1.38× | 1.05× | ||
| Q1 25 | 1.28× | 1.28× | ||
| Q4 24 | 1.35× | 1.32× | ||
| Q3 24 | 1.23× | 1.40× | ||
| Q2 24 | 1.20× | 1.51× | ||
| Q1 24 | 1.17× | 1.40× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $819.3M | $503.0M |
| Free Cash FlowOCF − Capex | $675.7M | $359.0M |
| FCF MarginFCF / Revenue | 13.9% | 11.0% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 3.0% | 4.4% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | 1.98× | 1.63× |
| TTM Free Cash FlowTrailing 4 quarters | $1.8B | $599.0M |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $819.3M | — | ||
| Q3 25 | $397.0M | $503.0M | ||
| Q2 25 | $611.6M | $169.0M | ||
| Q1 25 | $531.9M | $116.0M | ||
| Q4 24 | $1.2B | $467.0M | ||
| Q3 24 | $624.2M | $553.0M | ||
| Q2 24 | $863.7M | $376.0M | ||
| Q1 24 | $943.1M | $364.0M |
| Q4 25 | $675.7M | — | ||
| Q3 25 | $287.5M | $359.0M | ||
| Q2 25 | $391.4M | $21.0M | ||
| Q1 25 | $428.0M | $-60.0M | ||
| Q4 24 | $989.6M | $279.0M | ||
| Q3 24 | $483.9M | $410.0M | ||
| Q2 24 | $575.2M | $234.0M | ||
| Q1 24 | $751.4M | $209.0M |
| Q4 25 | 13.9% | — | ||
| Q3 25 | 6.4% | 11.0% | ||
| Q2 25 | 8.6% | 0.7% | ||
| Q1 25 | 8.8% | -1.9% | ||
| Q4 24 | 18.9% | 8.9% | ||
| Q3 24 | 10.0% | 12.7% | ||
| Q2 24 | 12.2% | 7.3% | ||
| Q1 24 | 14.7% | 6.5% |
| Q4 25 | 3.0% | — | ||
| Q3 25 | 2.4% | 4.4% | ||
| Q2 25 | 4.8% | 4.6% | ||
| Q1 25 | 2.1% | 5.7% | ||
| Q4 24 | 3.1% | 6.0% | ||
| Q3 24 | 2.9% | 4.4% | ||
| Q2 24 | 6.1% | 4.4% | ||
| Q1 24 | 3.8% | 4.8% |
| Q4 25 | 1.98× | — | ||
| Q3 25 | 0.33× | 1.63× | ||
| Q2 25 | 2.08× | 0.57× | ||
| Q1 25 | 0.85× | 0.38× | ||
| Q4 24 | 1.45× | 1.28× | ||
| Q3 24 | 1.08× | 1.51× | ||
| Q2 24 | 1.55× | 1.09× | ||
| Q1 24 | 1.41× | 1.36× |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
GIS
| Snacks | $1.0B | 21% |
| Convenient Meals | $827.0M | 17% |
| Cereal | $791.2M | 16% |
| Dough | $720.9M | 15% |
| Pet | $698.7M | 14% |
| Baking Mixes And Ingredients | $556.0M | 11% |
| Super Premium Ice Cream | $175.8M | 4% |
| Other Product | $73.3M | 2% |
K
| Retail Channel Snacks | $2.0B | 62% |
| Retail Channel Cereal | $678.0M | 21% |
| Noodlesand Other | $280.0M | 9% |
| Frozen And Specialty Channels | $275.0M | 8% |
