General Mills Q4 Preview: Will Pet Food, Dye-Free Push Win Over Investors?

Food company General Mills Inc. GIS will likely highlight its recent news of eliminating food dyes in its products in future years when the company reports fourth-quarter financial results before the market opens on Wednesday.

Here's a look at analyst estimates, what analysts are saying ahead of the report, and the key items to watch.

Earnings Estimates: Analysts expect General Mills to report fourth-quarter revenue of $4.59 billion, down from $4.85 billion in last year's fourth quarter, according to data from Benzinga Pro.

The company missed analyst estimates for revenue in the third quarter, but has beaten the estimate in six of the last 10 quarters overall.

Analysts expect General Mills to report fourth-quarter earnings per share of 71 cents, down from $1.01 in last year's fourth quarter. The company has beaten analyst estimates for earnings per share in more than 10 straight quarters.

Read Also: FDA Targets Synthetic Food Dyes In Sweeping Nutrition Overhaul

What Analysts Are Saying: Weakness in consumer packaged food could be offset by the company's pet food division, Goldman Sachs analyst Bonnie Herzog said in a March note.

The analyst said the global premium pet food market is expected to grow around 5% through 2030, thanks to volume and pricing growth.

Herzog reiterated a Buy rating on General Mills with a $68 price target.

The analyst said General Mills' pet food business could help the company with organic sales growth. Herzog also highlighted General Mills’ acquisition of Whitebridge, which could continue the company's history of growing market share through acquisition.

Here are other recent analyst ratings on General Mills and their price targets:

• Morgan Stanley: Maintained Underweight rating, lowered price target from $53 to $51.
• Bank of America: Maintained Buy rating, lowered price target from $68 to $63.
• Wells Fargo: Maintained Equal-Weight rating, lowered price target from $61 to $55.
• UBS: Maintained Sell rating, lowered price target from $54 to $52.

Key Items to Watch: While many investors and analysts will be watching the top-line and bottom-line figures, extra attention could also be paid to the company's recent announcement about removing certified colors.

General Mills announced it would remove certified colors from all U.S. cereals and foods served in K-12 schools by summer 2026 and from its entire U.S. retail portfolio by the end of 2027.

The news comes with pressure from HHS Secretary Robert F. Kennedy Jr. for food companies to remove certain items that may be harmful to children and adults.

"Today, the vast majority of our foods are made without certified colors and we're working to ensure that will soon apply to our full portfolio," General Mills CEO Jeff Harmening said.

While the move could be costly for the company, it could also win over consumers seeking out healthier food options. By being proactive and not waiting for mandatory changes enforced by the HHS, the move could also keep the company in a positive place for the current White House administration.

Pet food could be another area to watch, as Herzog mentioned ahead of the quarter. General Mills recently announced several new launches from its Blue Buffalo and Edgard & Cooper brands, including fresh pet food by Blue Buffalo.

Edgard & Cooper, a leading European premium pet food brand, will launch in the U.S. in July with an exclusive retail partnership with PetSmart.

"Pet parents are redefining how they feed and treat their pets, and at General Mills, we're listening and continuing to bring trusted, high-quality natural solutions to a rapidly evolving marketplace," General Mills North America Pet segment president Liz Mascolo said.

In the third quarter, North American Pet segment sales were flat, while North American Retail segment sales were down 7% year over year, and International segment sales were down 4% year over year. Investors will look to see if pet food is again a point of strength.

GIS Price Action: General Mills stock was down 0.6% to $53.13 at the time of publication on Tuesday, compared to a 52-week trading range of $52.39 to $75.90. It is down 16.4% year-to-date in 2025.

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