What General Mills, Inc. told the SEC could break it.

Walmart (incl. affiliates) was 22% of consolidated net sales (31% of North America Retail) and 24% of accounts receivable in FY2025; the five largest customers were 55% of net sales — heavy retail-customer concentration.

“During fiscal 2025, customer concentration was as follows: Percent of total Consolidated North America Retail North America Foodservice International North America Pet Walmart (a): Net sales 22 % 31 % 10 % 2 % 18 % Accounts receivable 24 % 8 % 8 % 15 % Five largest customers: Net sales 55 % 54 % 27 % 66 %”

General Mills depends on price-volatile commodities for raw materials, packaging and energy (4% input-cost inflation in FY2025/2024, ~3% expected FY2026 pre-tariff); inability to offset via productivity/pricing pressures margins.

“Price changes for the commodities we depend on for raw materials, packaging, and energy may adversely affect our profitability. The principal raw materials that we use are commodities that experience price volatility caused by external conditions such as weather, climate change, product scarcity, limited sources of supply, commodity market fluctuations, currency fluctuations, trade tariffs ... pandemics, war ... and changes in governmental agricultural and energy policies and regulations.”

Newly enacted U.S. tariffs (China, Canada, Mexico and others, plus retaliation) are expected to add a gross risk of 1-2% of cost of goods sold, which General Mills is attempting to mitigate.

“We expect approximately 3 percent input cost inflation in fiscal 2026 before the impact of newly enacted tariffs. We expect the gross risk of newly enacted tariffs to be 1 to 2 percent of cost of goods sold, and we are attempting to mitigate tariff risk through various methods.”

Many General Mills product lines are made at a single location or sourced from a single supplier; failures by third-party ingredient/packaging suppliers, contract manufacturers or distributors could impair its ability to make or sell products.

“Many of our product lines are manufactured at a single location or sourced from a single supplier. The failure of third parties on which we rely, including those third parties who supply our ingredients, packaging, capital equipment and other necessary operating materials, contract manufacturers, commercial transport, distributors, contractors, and external business partners, to meet their obligations to us, or significant disruptions in their ability to do so, may negatively impact our operations.”