Conagra Brands vs General Mills: Revenue, Profit and Business Model
Conagra Brands reported $11.3B of revenue in FY2026 and — of net income. General Mills reported $18.4B of revenue in FY2026 and a net loss of $87.6M.
Latest financial snapshot
Conagra Brands
- Latest revenue
- $11.3B (FY2026)
- Net income
- —
- Net margin
- 0.0%
- Revenue growth
- +0.2% a year, FY2021–FY2026
General Mills
- Latest revenue
- $18.4B (FY2026)
- Net income
- -$87.6M
- Net margin
- -0.5%
- Revenue growth
- +1.9% a year, FY2017–FY2026
Financial summary
Conagra Brands
Conagra's net sales peaked at $12.28 billion in fiscal 2023 and have since declined: $12.05 billion in fiscal 2024, $11.61 billion in fiscal 2025, and $11.28 billion in fiscal 2026, partly because of divestitures such as Chef Boyardee. Fiscal 2026 brought a reported operating margin of (14.4)% and a diluted loss of $4.00 per share because of non-cash goodwill and brand impairments; on an adjusted basis, operating margin was 11.3% and EPS was $1.72. In July 2026 the company cut its annualized dividend 50% to $0.70 per share to repay debt faster and reinvest in brands and supply chain. Q1 fiscal 2027 (ended August 30, 2026) net sales fell 1.4% to $2.6 billion, while net income rose 6.0% to $174 million and adjusted EPS was $0.41.
General Mills
Revenue peaked at $20.09 billion in fiscal 2023 after inflation-driven price increases, then slipped to $19.86 billion in fiscal 2024, $19.49 billion in fiscal 2025 and $18.42 billion in fiscal 2026 as volumes weakened and the company sold its North American yogurt businesses. Net earnings were $2.3 billion to $2.7 billion a year from fiscal 2020 to fiscal 2025 before the fiscal 2026 impairments produced a small GAAP loss. For fiscal 2027, General Mills guides organic net sales of down 1.5% to up 0.5%, adjusted operating profit down 8% to 13% in constant currency, and adjusted EPS of $3.00 to $3.20. It paid about $330 million in dividends in Q1 fiscal 2027.
Revenue and profit by year
Conagra Brands
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $11.3B | — | 0.0% | -2.9% | Source |
| FY2025 | $11.6B | — | 0.0% | -3.6% | Source |
| FY2024 | $12.1B | — | 0.0% | -1.8% | Source |
| FY2023 | $12.3B | — | 0.0% | +6.4% | Source |
| FY2022 | $11.5B | — | 0.0% | +3.1% | Source |
| FY2021 | $11.2B | — | 0.0% | — | Source |
General Mills
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $18.4B | -$87.6M | -0.5% | -5.4% | Source |
| FY2025 | $19.5B | $2.3B | 11.8% | -1.9% | Source |
| FY2024 | $19.9B | $2.5B | 12.6% | -1.2% | Source |
| FY2023 | $20.1B | $2.6B | 12.9% | +5.8% | Source |
| FY2022 | $19B | $2.7B | 14.3% | +4.8% | Source |
| FY2021 | $18.1B | $2.3B | 12.9% | +2.8% | Source |
| FY2020 | $17.6B | $2.2B | 12.4% | +4.5% | Source |
| FY2019 | $16.9B | $1.8B | 10.4% | +7.1% | Source |
| FY2018 | $15.7B | $2.1B | 13.5% | +0.8% | Source |
| FY2017 | $15.6B | $1.7B | 10.6% | — | Source |
Where the revenue comes from
Conagra Brands
- Grocery and Snacks
Major segment
Shelf-stable foods, snacks, sauces, cooking sprays, desserts, and pantry brands sold mainly through retail channels.
- Refrigerated and Frozen
Major segment
Frozen meals, frozen vegetables, refrigerated products, and convenience foods including Birds Eye, Healthy Choice, and Marie Callender's.
- International
Smaller segment
Conagra brands and products sold outside the United States through retail and distribution partners.
- Foodservice
Smaller segment
Food products sold to restaurants, commercial kitchens, convenience channels, and other away-from-home customers.
General Mills
- North America Retail
Largest segment
Revenue comes from cereal, snacks, meals, baking products, refrigerated dough, and other branded foods sold through retailers.
- International
Global segment
Revenue comes from branded food products sold outside North America through company operations, distributors, and joint-venture-related channels.
- North America Pet
Pet segment
Revenue comes primarily from Blue Buffalo and related pet-food brands sold through mass retail, pet specialty, and e-commerce channels.
- North America Foodservice
Foodservice segment
Revenue comes from products sold to schools, restaurants, convenience stores, bakeries, and commercial foodservice operators.
Business model and strategy
Conagra Brands
How it makes money
Conagra is a branded consumer packaged goods company. It owns the brands, runs a North American manufacturing and cold-chain network, and sells finished products mainly to retailers such as Walmart, which has historically been its largest customer at roughly a quarter of net sales.
Growth strategy
Under CEO John Brase, Conagra's stated priorities are restoring margins, increasing investment behind brands and supply chain, reducing complexity, and rebalancing capital allocation toward debt reduction, which is why the dividend was cut. On the product side, it focuses on frozen meals and vegetables, protein-rich snacks such as Slim Jim, Duke's, and Fatty meat sticks, and seeds such as David and BIGS.
Competitive advantage
Conagra's advantage is scale in the U.S. freezer aisle and long-established brands. Frozen food needs plants, cold storage, and refrigerated distribution that small entrants struggle to fund, and Conagra holds leading positions in frozen single-serve meals, frozen vegetables, and meat snacks.
General Mills
How it makes money
General Mills makes money by manufacturing branded foods and selling them wholesale to retailers, distributors and foodservice operators, then supporting those brands with advertising, promotions and new product launches. It reports four segments: North America Retail (cereal, snacks, baking, meals and refrigerated dough sold through U.S.
Growth strategy
Under its 'Accelerate' strategy, General Mills is reshaping the portfolio toward pet food and away from slower categories. It bought Blue Buffalo in 2018 for about $8 billion, Tyson's pet treats business in 2022 and Whitebridge Pet Brands (Edgard & Cooper and Tiki Pets) in 2025, while selling its U.S. yogurt business to Lactalis and its Canadian yogurt business to Sodiaal in 2025.
Competitive advantage
General Mills' edge is a portfolio of long-established brands with high household penetration, deep relationships with retailers such as Walmart, Kroger and Costco, and national manufacturing and distribution scale. That scale funds a large Holistic Margin Management (HMM) cost program, targeted at $750 million of savings in fiscal 2027, and a broader goal of $3 billion in total cost savings by fiscal 2030.
Questions about Conagra Brands vs General Mills
Which company has higher revenue — Conagra Brands, Inc. or General Mills, Inc.?
Conagra Brands, Inc. reported $11.3B (FY2026), while General Mills, Inc. reported $18.4B (FY2026). By last reported revenue, General Mills, Inc. is the larger business, with Conagra Brands, Inc. reporting a smaller revenue base.
What is the market cap of Conagra Brands, Inc. vs General Mills, Inc.?
Conagra Brands, Inc.'s market capitalisation stands at $6.5B, while General Mills, Inc.'s is $17.9B. General Mills, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Conagra Brands, Inc..
Which is more financially efficient — Conagra Brands, Inc. or General Mills, Inc.?
Conagra Brands, Inc. generates $648k / employee in revenue per employee, while General Mills, Inc. generates $614k / employee. Conagra Brands, Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Conagra Brands, Inc. and General Mills, Inc. make money?
Conagra Brands, Inc. and General Mills, Inc. generate revenue in fundamentally different ways. Conagra Brands, Inc.: Conagra is a branded consumer packaged goods company. General Mills, Inc.: General Mills makes money by manufacturing branded foods and selling them wholesale to retailers, distributors and foodservice operators, then supporting those brands with advertising, promotions and new product launches.
Which company is valued higher relative to revenue — Conagra Brands, Inc. or General Mills, Inc.?
On a price-to-sales (P/S) basis, Conagra Brands, Inc. trades at 0.6x P/S and General Mills, Inc. at 1.0x P/S. General Mills, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Conagra Brands, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Conagra Brands, Inc. bigger than General Mills, Inc.?
By last reported revenue, General Mills, Inc. ($18.4B (FY2026)) is the larger company compared to Conagra Brands, Inc. ($11.3B (FY2026)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Conagra Brands vs General Mills overview