MEDIUMOutside partyCustomer
31%
Walmart (North America Retail segment)
“10-K Item 1: '31 percent of net sales of our North America Retail segment'”
GIS · Concentration risk · 10-K extracted
General Mills (GIS) concentration risks
Updated
The most significant concentration General Mills discloses is Walmart (North America Retail segment) at 31%, classified MEDIUM by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: General Mills’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 4 disclosed concentrations
HIGH0
MEDIUM2
LOW2
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMBuilt-inCommodity
wheat and oats
“10-K Item 1: 'various commodity markets, principally wheat and oats'”
LOWOutside partyCustomer
22%
Walmart (consolidated)
“10-K Item 1: 'Walmart Inc. and its affiliates (Walmart) accounted for 22 percent of our consolidated net sales'”
LOWBuilt-inGeographic
19%
outside the United States
“10-K Item 1A: 'In fiscal 2025, 19 percent of our consolidated net sales were generated outside of the United States.'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-08-23General Mills' concentration risk is dominated by a single retail partner, though its scale differs sharply depending on the lens. Within the North America Retail segment, Walmart accounted for 31% of net sales, a medium-share dependency that makes that segment's performance meaningfully tied to a single retailer's shelf space and purchasing decisions. At the consolidated level, that same relationship shrinks to 22% of net sales — still notable, but a low-share exposure once diluted across General Mills' full portfolio of segments. On the input side, the company is exposed to various commodity markets, principally wheat and oats, a medium-share, structural exposure tied to agricultural pricing cycles rather than any single counterparty. Geographic diversification is a relative strength: only 19% of fiscal 2025 consolidated net sales were generated outside the United States, a low-share exposure that limits, though does not eliminate, currency and cross-border risk. Netted together, Walmart is the customer to watch — material at the segment level even if diluted at the consolidated level — while the wheat/oats commodity exposure is the more macro-cyclical risk, and international exposure is the smallest of the four.
For the engine’s reasoning on GIS’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Packaged Foods
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| CENT | Central Garden & Pet Company | 1 | 1 | 2 | 4 |
| CENTA | Central Garden & Pet Company | 1 | 1 | 2 | 4 |
| CPB | The Campbell's Company | 1 | 1 | 1 | 3 |
| GIS● | General Mills, Inc. | 0 | 2 | 2 | 4 |
| CAG | ConAgra Brands, Inc. | 0 | 1 | 0 | 1 |
| BRBR | BellRing Brands, Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.