Earned & PaidGeneral Mills
General Mills spent $874M on advertising and marketing in fiscal 2026, up 3.1% on the year before and +45% since 2019. That's 4.7% of revenue, more than in 2019: leaning in.
Marketing spend by year
Bars: advertising and marketing expense, $B (10-K). Line: spend as a share of revenue.
What they told investors
“But what I'm most excited about when it comes to media is just how we're modernizing our approach to marketing and communications.”management · 2027 Q1 · transcript
“So while media spend is up modestly, I think what is -- what I'm more encouraged by is just the work that we've done in order to show up to consumers in a more relevant way in culture.”Dana McNabb · 2027 Q1 · transcript
“our marketing is taking place at the lower end of the funnel, closer to the point of purchase, that is going to be our focus.”Jeffrey Harmening · 2026 Q3 · transcript
“we are getting back to the levels of activity—whether it is on the marketing side and innovation and media spending, or whether it is our price competitiveness—that we saw before.”Jeffrey Harmening · 2026 Q3 · transcript
“The reason for the pricing is to make sure that the other elements of your marketing mix work as well as you want.”management · 2026 Q2 · transcript
What the 10-K says about marketing
- investing in brand “We believe our brand-building approach is the key to winning and sustaining leading share” 10-K, Jul 1, 2026
Say vs do
General Mills's management has talked about its marketing budget, but in ways annual filings can't check: one quarter, one brand or channel, or the mix.
What they said
“But what I'm most excited about when it comes to media is just how we're modernizing our approach to marketing and communications.”
Management on the 2027 Q1 earnings call, Sep 23, 2026 · transcript
Can't tell from annual filings It's about part of the business; filings report one company-wide number.
“So while media spend is up modestly, I think what is -- what I'm more encouraged by is just the work that we've done in order to show up to consumers in a more relevant way in culture.”
Dana McNabb on the 2027 Q1 earnings call, Sep 23, 2026 · transcript
Can't tell from annual filings It's about part of a year; filings report full years.
“our marketing is taking place at the lower end of the funnel, closer to the point of purchase, that is going to be our focus.”
Jeffrey Harmening on the 2026 Q3 earnings call, Mar 18, 2026 · transcript
Can't tell from annual filings Filings don't split brand from performance or report spend by channel.
What they did
| Year | Marketing spend | Change | Share of revenue |
|---|---|---|---|
| FY2026 | $874M | +3.1% | 4.7% |
| FY2025 | $848M | +2.8% | 4.3% |
| FY2024 | $825M | +1.9% | 4.2% |
| FY2023 | $810M | +17.4% | 4.0% |
| FY2022 | $690M | -6.3% | 3.6% |
| FY2021 | $736M | +6.4% | 4.1% |
Against its peers. Compared with the 11 other CPG advertisers we track (Procter & Gamble, Coca-Cola, PepsiCo, Colgate-Palmolive, Kimberly-Clark and 6 more): since 2019 its marketing spend went +45% (peer median +35%); its share of revenue moved +1.2 pts (median +0.5); last year +3.1% (median -0.6%).
In interviews, its leaders made 223 statements about marketing: 23 argued for investing in brand and 0 for cutting.
How we check: a statement gets a verdict only when it's clearly about the size of the whole company's marketing budget over a full fiscal year; we compare it with the advertising and marketing expense in that year's 10-K. Statements about one quarter, one brand or channel, or the mix between brand and performance can't be checked against annual filings.
What they say about media
The marketing channels it talks about using for itself on earnings calls and in its 10-Ks and 10-Qs, since 2019; counts are statements, not spending.
- Influencers & creators “We have stepped up our use of influencers to maximize reach and engagement, almost double that, and that will get even more used over the course of the year.” Dana McNabb on the earnings call · Sep 23, 2026 · source
- Creative campaigns “So I think it's too early to see if the Love Made Fresh advertising, which, by the way, is really good, is going to rub off on the rest of the core.” Jeffrey Harmening on the earnings call · Dec 17, 2025 · source
- Audio & podcasts “This is where the Kelsey Brothers spontaneously mentioned on their podcast for favorite cereals for Reese's Puffs, Cinnamon Toast Crunch, Lucky Charms.” Dana McNabb on the earnings call · Dec 18, 2024 · source
- Experiential & events “We also launched a new Kelcey mix new product, and we got great in-store activation from both and four times the media impressions that we did this time last year.” Dana McNabb on the earnings call · Dec 18, 2024 · source
- Sponsorships & athletes “We've got a sponsor in the Olympics in many countries, and then Totino's has some good marketing.” Jeffrey L. Harmening on the earnings call · Jun 26, 2024 · source
In the news
- Exclusive: General Mills names consumer PR agency PR Week UK · paywall · Sep 23, 2026 · agency move
Agency moves
- Exclusive: General Mills names consumer PR agency Sep 23, 2026