Danone vs General Mills: Revenue, Profit and Business Model
Danone reported ~$30.8B of revenue in FY2025 and ~$2.1B of net income. General Mills reported $18.4B of revenue in FY2026 and a net loss of $87.6M.
Latest financial snapshot
Danone
- Latest revenue
- ~$30.8B (FY2025)
- Net income
- ~$2.1B
- Net margin
- 6.7%
- Revenue growth
- +3.0% a year, FY2021–FY2025
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
Danone
After activist investors pushed out Emmanuel Faber in 2021, CEO Antoine de Saint-Affrique's Renew Danone plan shifted the focus to volume-led growth, margin rebuilding and portfolio pruning. The numbers have followed: recurring operating margin rose from 12.2% in 2022 to 13.4% in 2025, recurring EPS reached EUR3.80 and the 2025 dividend was raised 4.7% to EUR2.25. Reported net income - Group share fell 9.7% to ~$2.06B (EUR1.825B) in 2025 because non-recurring charges rose to ~$819M (EUR725M) at operating level. In H1 2026 recurring EPS grew 0.9% to EUR1.92 and free cash flow was ~$1.02B (EUR0.9B).
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
Danone
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$30.8B | ~$2.1B | 6.7% | -0.3% | Source |
| FY2024 | ~$30.9B | ~$2.3B | 7.4% | -0.9% | Source |
| FY2023 | ~$31.2B | ~$986.5M | 3.2% | -0.2% | Source |
| FY2022 | ~$31.3B | ~$1.1B | 3.4% | +13.9% | Source |
| FY2021 | ~$27.4B | ~$2.1B | 7.8% | — | 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
Danone
- Essential Dairy and Plant-Based (EDP)~50%
Yogurts, fermented drinks, desserts, coffee creamers and plant-based alternatives under Activia, Actimel, Oikos, Danette, Alpro, Silk and International Delight. Danone's largest category by sales.
- Specialized Nutrition~30%
Infant and early-life nutrition (Aptamil, Nutrilon, Cow & Gate) and adult and pediatric medical nutrition (Nutricia, Fortimel, Neocate, Kate Farms). Danone's highest-margin category.
- Waters~20%
Natural mineral, functional and flavored waters including Evian, Volvic, Badoit, Aqua, Mizone and Bonafont.
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
Danone
How it makes money
Danone makes money by selling branded, health-positioned food and drinks through supermarkets, pharmacies, hospitals and online channels in more than 120 markets. Essential Dairy and Plant-Based (yogurts, fermented drinks, coffee creamers, plant-based milks) is the largest category by sales;
Growth strategy
Renew Danone Chapter 2 targets mid-single-digit like-for-like growth by scaling high-growth health platforms: high-protein yogurt and drinks, adult medical nutrition in the U.S. and Europe, gut-health and microbiome products, and functional nutrition.
Competitive advantage
Danone's edge is scientific credibility tied to brands: decades of microbiome and early-life nutrition research behind Activia, Actimel, Aptamil and Nutricia, plus prescription and hospital channels in medical nutrition that are hard for mass-market rivals to enter.
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 Danone vs General Mills
Which company has higher revenue — Danone S.A. or General Mills, Inc.?
Danone S.A. reported ~$30.8B (FY2025), while General Mills, Inc. reported $18.4B (FY2026). By last reported revenue, Danone S.A. is the larger business, with General Mills, Inc. reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Danone S.A. vs General Mills, Inc.?
Danone S.A.'s market capitalisation stands at $43.5B, while General Mills, Inc.'s is $17.9B. Danone S.A. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to General Mills, Inc..
Which is more financially efficient — Danone S.A. or General Mills, Inc.?
Danone S.A. generates $343k / employee in revenue per employee, while General Mills, Inc. generates $614k / employee. General Mills, 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 Danone S.A. and General Mills, Inc. make money?
Danone S.A. and General Mills, Inc. generate revenue in fundamentally different ways. Danone S.A.: Danone makes money by selling branded, health-positioned food and drinks through supermarkets, pharmacies, hospitals and online channels in more than 120 markets. 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 — Danone S.A. or General Mills, Inc.?
On a price-to-sales (P/S) basis, Danone S.A. trades at 1.4x P/S and General Mills, Inc. at 1.0x P/S. Danone S.A. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to General Mills, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Danone S.A. bigger than General Mills, Inc.?
By last reported revenue, Danone S.A. (~$30.8B (FY2025)) is the larger company compared to General Mills, Inc. ($18.4B (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 Danone vs General Mills overview