General Mills vs Kellanova: Revenue, Profit and Business Model
General Mills reported $18.4B of revenue in FY2026 and a net loss of $87.6M. Kellanova reported $12.7B of revenue in FY2024 and $1.3B of net income.
Latest financial snapshot
General Mills
- Latest revenue
- $18.4B (FY2026)
- Net income
- -$87.6M
- Net margin
- -0.5%
- Revenue growth
- +1.9% a year, FY2017–FY2026
Kellanova
- Latest revenue
- $12.7B (FY2024)
- Net income
- $1.3B
- Net margin
- 10.5%
- Revenue growth
- -0.2% a year, FY2016–FY2024
Financial summary
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.
Kellanova
Kellanova's last standalone Form 10-K reported FY2024 net sales of $12.749 billion, down 2.8% from $13.122 billion in FY2023, and net income of $1.343 billion, up from $951 million. Figures for 2021 and later reflect continuing operations after the WK Kellogg Co spin-off; earlier years are the legacy Kellogg Company. Mars paid $83.50 per share in cash, valuing Kellanova at about $35.9 billion including debt. Since the December 11, 2025 close, Kellanova no longer files quarterly or annual results with the SEC, and Mars, a private company, does not break out Kellanova's numbers.
Revenue and profit by year
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 |
Kellanova
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2024 | $12.7B | $1.3B | 10.5% | -2.8% | Source |
| FY2023 | $13.1B | $951M | 7.2% | +3.7% | Source |
| FY2022 | $12.7B | $960M | 7.6% | +7.7% | Source |
| FY2021 | $11.7B | $1.5B | 12.7% | -14.7% | Source |
| FY2020 | $13.8B | $1.3B | 9.1% | +1.4% | Source |
| FY2019 | $13.6B | $960M | 7.1% | +0.2% | Source |
| FY2018 | $13.5B | $1.3B | 9.9% | +5.4% | Source |
| FY2017 | $12.9B | $1.3B | 9.8% | -0.9% | Source |
| FY2016 | $13B | $699M | 5.4% | — | Source |
Where the revenue comes from
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.
Kellanova
- Snacking Brands
largest contributor
Pringles, Cheez-It, Pop-Tarts, Rice Krispies Treats, RXBAR, and other snack brands drove the growth profile that made Kellanova attractive to Mars Snacking.
- International Cereal and Noodles
meaningful global base
Kellanova kept Kellogg's international cereal brands and noodle businesses after the North American cereal spin-off, giving it a global grocery footprint beyond U.S. snacks.
- Frozen and Plant-Based Foods
smaller portfolio segment
Frozen breakfast and plant-based products added category breadth but were smaller than the company's global snacks platform.
Business model and strategy
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.
Kellanova
How it makes money
Kellanova makes money by manufacturing branded packaged foods and selling them to grocery chains, mass merchants, club stores, convenience stores, foodservice operators and e-commerce retailers in roughly 180 markets.
Growth strategy
Before the sale, Kellanova's stated plan was to grow its biggest snack brands (Pringles, Cheez-It, Pop-Tarts, Rice Krispies Treats) faster than its other categories, expand Cheez-It internationally, and keep building in emerging markets, especially Africa through Multipro.
Competitive advantage
Kellanova's edge is a small number of very large brands with global reach. Pringles sells in more than 140 countries using a single, standardized product and tube format, and Cheez-It is one of the leading cracker brands in the U.S. That brand scale, plus decades of retailer relationships and an emerging-markets footprint in Africa, Latin America and Asia, is what Mars paid a premium for.
Questions about General Mills vs Kellanova
Which company has higher revenue — General Mills, Inc. or Kellanova?
General Mills, Inc. reported $18.4B (FY2026), while Kellanova reported $12.7B (FY2024). By last reported revenue, General Mills, Inc. is the larger business, with Kellanova 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 General Mills, Inc. vs Kellanova?
General Mills, Inc. has a market capitalisation of $17.9B. A public market cap figure for Kellanova was not available (it may be privately held).
Which is more financially efficient — General Mills, Inc. or Kellanova?
General Mills, Inc. generates $614k / employee in revenue per employee, while Kellanova generates $554k / 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 General Mills, Inc. and Kellanova make money?
General Mills, Inc. and Kellanova generate revenue in fundamentally different ways. 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. Kellanova: Kellanova makes money by manufacturing branded packaged foods and selling them to grocery chains, mass merchants, club stores, convenience stores, foodservice operators and e-commerce retailers in roughly 180 markets.
Is General Mills, Inc. bigger than Kellanova?
By last reported revenue, General Mills, Inc. ($18.4B (FY2026)) is the larger company compared to Kellanova ($12.7B (FY2024)). 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 General Mills vs Kellanova overview