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ember2024-05-260000040704us-gaap:InventoryValuationReserveMember2023-05-280000040704us-gaap:InventoryValuationReserveMember2025-05-262026-05-310000040704us-gaap:InventoryValuationReserveMember2024-05-272025-05-250000040704us-gaap:InventoryValuationReserveMember2023-05-292024-05-260000040704us-gaap:InventoryValuationReserveMember2026-05-31\n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\nFORM 10-K\n\n☑ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR\n\nTHE FISCAL YEAR ENDED MAY 31, 2026\n\n☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFOR THE TRANSITION PERIOD FROM __________ TO __________\n\nCommission file number: 001-01185\n\n________________\n\nGENERAL MILLS, INC.\n\n(Exact name of registrant as specified in its charter)\n\nDelaware\n\n41-0274440\n\n(State or other jurisdiction of\n\n(I.R.S. Employer\n\nincorporation or organization)\n\nIdentification No.)\n\nNumber One General Mills Boulevard\n\nMinneapolis, Minnesota\n\n55426\n\n(Address of principal executive offices)\n\n(Zip Code)\n\n(763) 764-7600\n\n(Registrant’s telephone number, including area code)\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of each class\n\n \n\nTrading Symbol(s)\n\n \n\nName of each exchange\n\non which registered\n\nCommon Stock, $.10 par value\n\n \n\nGIS\n\n \n\nNew York Stock Exchange\n\n1.500% Notes due 2027\n\n \n\nGIS 27\n\n \n\nNew York Stock Exchange\n\n3.907% Notes due 2029\n\nGIS 29\n\nNew York Stock Exchange\n\n3.650% Notes due 2030\n\nGIS 30A\n\nNew York Stock Exchange\n\n3.600% Notes due 2032\n\nGIS 32\n\nNew York Stock Exchange\n\n3.850% Notes due 2034\n\nGIS 34\n\nNew York Stock Exchange\n\n4.750% Series A Fixed-to-Fixed Reset\n\nRate Junior Subordinated Notes due 2056\n\nGIS 56\n\nNew York Stock Exchange\n\n5.250% Series B Fixed-to-Fixed Reset\n\nRate Junior Subordinated Notes due 2056\n\nGIS 56A\n\nNew York Stock Exchange\n\nSecurities registered pursuant to Section 12(g) of the Act: None\n\nIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☑ No ☐\n\nIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☑\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities\n\nExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),\n\nand (2) has been subject to such filing requirements for the past 90 days.\n\nYes ☑ No ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted\n\npursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to\n\nsubmit such files). Yes ☑  No ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller\n\nreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller\n\nreporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated filer\n\n☑\n\nAccelerated filer\n\n☐\n\nNon-accelerated filer\n\n☐\n\nSmaller reporting company\n\n☐\n\nEmerging growth company\n\n☐\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for\n\ncomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\nIndicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness\n\nof its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered\n\npublic accounting firm that prepared or issued its audit report. ☑\n\nIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the\n\nregistrant included in the filing reflect the correction of an error to previously issued financial statements. ☐\n\nIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based\n\ncompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b). ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).\n\nYes ☐ No ☑\n\nAggregate market value of Common Stock held by non-affiliates of the registrant, based on the closing price of $48.33 per share as\n\nreported on the New York Stock Exchange on November 21, 2025 (the last business day of the registrant’s most recently completed\n\nsecond fiscal quarter): $25,787 million.\n\nNumber of shares of Common Stock outstanding as of June 15, 2026: 533,708,396 (excluding 220,904,932 shares held in the\n\ntreasury).\n\nDOCUMENTS INCORPORATED BY REFERENCE\n\nPortions of the registrant’s Proxy Statement for its 2026 Annual Meeting of Shareholders are incorporated by reference into Part III.\n\n3\n\nTable of Contents\n\nPage\n\nPart I"}