Business Segment And Geographic Information

9 Months Ended

Feb. 22, 2026

Segment Reporting [Abstract]

Business Segment and Geographic Information

Business Segment and Geographic Information

We operate in the packaged foods industry. Our operating segments are as follows: North America Retail, International, North

America Pet, and North America Foodservice. 

Our North America Retail operating segment reflects business with a wide variety of grocery stores, mass merchandisers, membership

stores, natural food chains, drug, dollar and discount chains, convenience stores, and e-commerce grocery providers. Our product

categories in this business segment include ready-to-eat cereals, soup, meal kits, refrigerated and frozen dough products, dessert and

baking mixes, frozen pizza and pizza snacks, snack bars, fruit snacks, savory snacks, and a wide variety of organic products including

ready-to-eat cereal, frozen vegetables, meal kits, fruit snacks, and snack bars.

Our International operating segment consists of retail and foodservice businesses outside of the United States and Canada. Our product

categories include super-premium ice cream and frozen desserts, meal kits, salty snacks, snack bars, dessert and baking mixes, shelf-

stable vegetables, and pet food products. We also sell super-premium ice cream and frozen desserts directly to consumers through

owned retail shops. Our International segment also includes products manufactured in the United States for export, mainly to

Caribbean and Latin American markets, as well as products we manufacture for sale to our international joint ventures. Revenues from

export activities are reported in the region or country where the end customer is located.

Our North America Pet operating segment includes pet food products sold primarily in the United States and Canada in national pet

superstore chains, e-commerce retailers, grocery stores, regional pet store chains, mass merchandisers, and veterinary clinics and

hospitals. Our product categories include dog and cat food (dry foods, wet foods, fresh foods, and treats) made with whole meats,

fruits, vegetables, and other high-quality natural ingredients. Our tailored pet product offerings address specific dietary, lifestyle, and

life-stage needs and span different product types, diet types, breed sizes for dogs, life-stages, flavors, product functions, and textures

and cuts for wet and fresh foods.

Our North America Foodservice segment consists of foodservice businesses in the United States and Canada. Our major product

categories in our North America Foodservice operating segment are ready-to-eat cereals, snacks, frozen meals, unbaked and fully

baked frozen dough products, baking mixes, and bakery flour. Many products we sell are branded to the consumer and nearly all are

branded to our customers. We sell to distributors and operators in many customer channels including foodservice, vending, and

supermarket bakeries.

Our chief operating decision maker (CODM) is the Chairman of the Board and Chief Executive Officer. The CODM predominantly

uses segment operating profit in the annual planning process which includes segment operating profit performance targets. The

CODM assesses progress against performance targets by comparing segment operating profit actual-to-plan variances on a monthly

basis. The performance assessment completed by the CODM is used to determine whether resource allocations require adjustment and

contributes to the determination of incentive compensation.

Operating profit for these segments excludes unallocated corporate items, gain or loss on divestitures, and restructuring,

transformation, impairment, and other exit costs. Results from certain businesses managed by our Strategic Growth Office are

included within corporate and other net sales and unallocated corporate items within operating profit. Unallocated corporate items also

include corporate overhead expenses, variances to planned North American employee benefits and incentives, certain charitable

contributions, restructuring initiative project-related costs, gains and losses on corporate investments, and other items that are not part

of our measurement of segment operating performance. These include gains and losses arising from the revaluation of certain grain

inventories and gains and losses from mark-to-market valuation of certain commodity positions until passed back to our operating

segments. These items affecting operating profit are centrally managed at the corporate level and are excluded from the measure of

segment profitability reviewed by executive management. Under our supply chain organization, our manufacturing, warehouse, and

distribution activities are substantially integrated across our operations in order to maximize efficiency and productivity. As a result,

fixed assets and depreciation and amortization expenses are neither maintained nor available by operating segment.

Our operating segment results were as follows:

	Quarter Ended February 22, 2026
In Millions	North America Retail	International	North America Pet	North America Foodservice	Total
Segment net sales	$2,596.4	$696.3	$640.5	$496.4	$4,429.6
Corporate and other net sales					7.1
Total net sales					$4,436.7
Cost of sales	1,758.9	526.7	400.9	397.9
Selling, general, and   administrative expenses	401.4	136.0	136.8	42.2
Segment operating profit	$436.1	$33.6	$102.8	$56.3	$628.8
Unallocated corporate items					74.8
Divestiture loss					5.0
Restructuring, transformation, impairment,   and other exit costs					24.4
Operating profit					$524.6

	Quarter Ended February 23, 2025
In Millions	North America Retail	International	North America Pet	North America Foodservice	Total
Segment net sales	$3,009.1	$651.3	$623.7	$555.3	$4,839.4
Corporate and other net sales					2.8
Total net sales					$4,842.2
Cost of sales	1,926.5	493.6	386.3	430.7
Selling, general, and   administrative expenses	434.5	139.7	135.2	42.3
Segment operating profit	$648.1	$18.0	$102.2	$82.3	$850.6
Unallocated corporate items					55.9
Divestiture gain					(95.9)
Restructuring, transformation, impairment,   and other exit recoveries					(0.8)
Operating profit					$891.4

	Nine-Month Period Ended February 22, 2026
In Millions	North America Retail	International	North America Pet	North America Foodservice	Total
Segment net sales	$8,105.2	$2,185.4	$1,910.9	$1,594.9	$13,796.4
Corporate and other net sales					18.6
Total net sales					$13,815.0
Cost of sales	5,218.1	1,606.8	1,163.7	1,233.7
Selling, general, and   administrative expenses	1,204.5	450.9	408.4	129.5
Segment operating profit	$1,682.6	$127.7	$338.8	$231.7	$2,380.8
Unallocated corporate items					289.0
Divestitures gain, net					(1,049.4)
Restructuring, transformation, impairment,   and other exit costs					162.8
Operating profit					$2,978.4

	Nine-Month Period Ended February 23, 2025
In Millions	North America Retail	International	North America Pet	North America Foodservice	Total
Segment net sales	$9,347.2	$2,058.9	$1,795.6	$1,721.5	$14,923.2
Corporate and other net sales					7.2
Total net sales					$14,930.4
Cost of sales	5,786.8	1,562.4	1,066.0	1,318.4
Selling, general, and   administrative expenses	1,304.3	433.8	368.7	130.8
Segment operating profit	$2,256.1	$62.7	$360.9	$272.3	$2,952.0
Unallocated corporate items					244.5
Divestiture gain					(95.9)
Restructuring, transformation, impairment,   and other exit costs					2.6
Operating profit					$2,800.8

Net sales for our North America Retail operating units were as follows:

	Quarter Ended		Nine-Month Period Ended
In Millions	Feb. 22, 2026	Feb. 23, 2025	Feb. 22, 2026	Feb. 23, 2025
U.S. Meals & Baking Solutions	$1,091.8	$1,130.4	$3,326.0	$3,404.6
Big G Cereal & Canada (a)	743.4	1,060.7	2,389.8	3,371.0
U.S. Snacks	761.2	818.0	2,389.4	2,571.6
Total	$2,596.4	$3,009.1	$8,105.2	$9,347.2

(a) Upon completion of the United States yogurt business divestiture, the former U.S. Morning Foods and Canada operating units were

combined into a new Big G Cereal & Canada operating unit. Prior period amounts have been recast to conform to the current

period presentation. This did not result in a change to the composition of our reportable segments or information reviewed by our

CODM.

Net sales by class of similar products were as follows:

	Quarter Ended		Nine-Month Period Ended
In Millions	Feb. 22, 2026	Feb. 23, 2025	Feb. 22, 2026	Feb. 23, 2025
Snacks	$962.6	$996.0	$3,030.2	$3,157.8
Cereal	762.7	762.8	2,321.1	2,385.4
Convenient meals	730.3	754.1	2,208.1	2,228.1
Pet	678.1	651.7	2,019.8	1,880.1
Dough	618.6	647.5	1,854.6	1,887.9
Baking mixes and ingredients	476.1	467.5	1,480.1	1,501.8
Super-premium ice cream	147.7	137.5	544.9	514.0
Yogurt	—	333.1	102.0	1,082.8
Other	60.6	92.0	254.2	292.5
Total	$4,436.7	$4,842.2	$13,815.0	$14,930.4