Dollar Amounts
USD (Millions)
Balance sheet data in USD (millions)
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Over the five-year span (2021–2025) General Mills’ total assets were relatively stable, edging up from $31.84bn to $33.07bn (+3.9%). That stability masks year-to-year movement: assets dipped in 2022, recovered through 2023–24, and jumped in 2025. Liabilities fell early (2021→2022) but then rose each year thereafter, ending at $23.86bn in 2025 (+11.2% vs. 2021). As a result the company’s balance-sheet financing mix shifted toward greater leverage: liabilities/ assets rose from ~67% in 2021 to ~72% in 2025, while equity/assets fell from ~29.7% to ~27.8%. Stockholders’ equity peaked at $10.54bn in 2022 (up ~11% vs. 2021) and then declined to $9.20bn by 2025 (a ~2.9% drop vs. 2021). The divergence between rising liabilities and only modest asset growth suggests the post‑2022 increase in leverage was driven by higher borrowings or growth in payables/working capital (or shareholder distributions such as buybacks/dividends and/or earnings pressure), rather than a large asset expansion. In the consumer-packaged-goods context, this pattern is consistent with firms managing inflationary input costs, inventory and working-capital swings or using debt to fund strategic actions; the resulting higher leverage modestly increases financial risk even if assets remain stable.
This analysis is for informational purposes only and does not constitute financial advice or recommendations for any investment decisions. Please consult with a qualified financial professional for personalized guidance.